North America is home to 23 countries, over half a billion people, and 26 official currencies. Of the 23 countries that are part of continental North America, 13 rank below the average global GDP per capita of around 11,000 USD annually.
Pre-spending of tax revenue is a problem that plagues taxpayers around the world and could easily be solved by wider adoption of legitimate cryptocurrency. Spending of this phantom tax revenue reduces accountability for monetary authorities and places undue strain on a tax base. Phantom tax is presumed future tax revenue which is spent prior to any tax payment being received. Experts commonly refer to pre-spending of phantom tax as deficit spending.
Blockchain is becoming a buzzword that has people around the whole world talking. Underlying the hype is a simple concept as timeless as binary code; which is still a key pillar in all things digital. Blockchain is an unalterable distributed ledger, comprised of timestamped blocks that are added to the chain chronologically. Within each block are numerous addresses which are owned by whoever possesses the corresponding private key.
Illegal capital outflow collectively costs nations around the world upwards of trillions in capital that is seldom recovered. Not to be confused with capital flight – which is an outflow of money that travels through the proper legal channels, illegal capital flight entails moving illicitly obtained wealth into another country in an attempt to obfuscate its origin and evade authorities. Illegal capital outflow affects both wealthy and poor nations on every continent aside from Antarctica. Cryptocurrency could either exacerbate this problem, or be the solution, depending on how it is adopted by the world.
The Great Digital Gold Capers: How Founders and Early Adopters Can Salt Cryptocurrency Mines for Self-Enrichment
Fast moving digital currency markets have seen their fair share of winners and losers who became so swept up by the promise of quick profit that their better judgement was gone with the wind. The long-term consequences of this mentality may be less apparent as the newly popularized digital currency industry rides a wave of public excitement, but as surely as all bubbles collapse, so too shall the bubbles that have been formed by the ‘tech-investor-esque’ mentality that has permeated the industry to its core. These aggressive early investors demand rapid growth and quick payoff, which has resulted in a litany of business failures throughout the industry.