Article summary Example | Topics and Well Written Essays - 500 words - 3

Summary - Article Example As an online currency, Bitcoin serves as a mode of currency in a digital format that can be used by anyone online to receive and make payments for goods and services bought online. It works and can be used just like a regular currency. Anyone can start using bitcoin. The process of using bitcoins begins with having an online wallet which can be downloaded online for free. Just like the physical wallet where it can be kept anywhere in the house, the digital wallet can be stored as file in hard drives, USB and even smartphones and users can also have several digital wallets similar to having multiple bank accounts. The transaction involving bitcoin online however is different from the traditional mode of payment. The system have volunteers called miners who checks the transaction using bitcoin and decides whether to approve or decline it. If approved, it is then recorded to a blockchain which is a ledger that contains the history of such wallet. The Vice President and economist with the St. Louis Fed David Andolfatto explained that bitcoin is a good investment by citing its stability compared to traditional currency. As an example, he cited the trend of the purchasing power of purchasing power of each currency to 100: the yen, the euro, the U.S. dollar and the Zimbabwean dollar. The currencies were extremely volatile compared to bitcoin underscoring the stability of the currency. The theory of nominal exchange rate indeterminacy was cited to help explain why bitcoin is a good investment. It was cited that there is no single economic theory that dictates the relative price of two intrinsically two objects such as bitcoin and currency. The value assigned to currencies therefore are relative. Bitcoin in fact is secure compared to regular currencies because the presence of digital wallet in someone else’s computer will allow the transaction history of such digital wallet to be viewed and therefore, could be linked and traced to its users which could help

The Doctrine of Frustration Essay Example | Topics and Well Written Essays - 2500 words

The Doctrine of Frustration - Essay Example However, this has created many problems in practice as the common law position law stipulates that obligations due prior to the frustrating event remain in operation5, which has fuelled conflict as to the nature of obligations that remain operative notwithstanding the applicability of frustration. On this basis, whilst the theoretical guidance appears to be clear in that the doctrine of frustration will be invoked on rare occasions which fall under the above circumstances, however in light of the fact that there is no definitive list of frustrating events and the doctrine has been developed on a case by case basis, it is far from clear as to what constitutes frustration in reality6. Moreover, there has been much controversy as to when the doctrine should apply, the main issue is the fact that the courts determine when an event is sufficiently frustrating to merit judicial interference, which results in termination of the contract7. Indeed academic debate is polarised as to the circumstances in which frustration should be applicable8. Furmston highlights the five central theories advanced to clarify an area of law9 and the focus of this analysis is to critically review the applicability of the doctrine of frustration in practice and in particular consider whether the doctrine has been applied sufficiently widely in practice. Firstly, it is necessary to discuss the background and evolution of frustration as a doctrine in order to understand the complexities of its application today.