法定货币有自己的协议，通过利率和债券购买来稳定通胀，而由此产生的货币供应通常被忽视。然而，对于加密货币，货币供应不会对货币需求的变化做出反应，在相对固定的供应下，价值和价格会出现大幅波动(在过去11个月里，比特币的价格飙升了近8倍)。一些人认为，这正是比特币和其他加密货币不会取代比特币、使比特币作为货币变得不切实际的具体原因。然而，在货币政策糟糕、银行实力较弱的地区，加密货币已被证明是传统储备货币的一个有用替代品。例如，在肯尼亚，三分之一的人拥有一个比特币钱包，而在最近现金供应严重短缺的印度，更多的人已经转而使用比特币。如果一个特定的国家采用比特币取代本国货币，其他国家可能会感受到这种做法的连锁反应。一个国家的信贷周期越长，其贸易伙伴的繁荣和萧条就会越大。在采用加密货币的国家以外的外国人，也可能选择直接在该国境内存款，而放弃本国的银行——这可能会影响资金流入和流出本国，进一步放大信贷周期。比特币面临的最新困难，使加密货币被接管的前景目前看起来有些不切实际，但如果找到解决这些问题的办法，或者设计出一种具有更好协议的新货币，各国央行将不得不以某种方式解决这些难题。
澳洲金融assignment代写:法定货币
Fiat money has its own protocols that stabilise inflation using interest rates and bond-buying, and the money supply that results from this is generally ignored. With cryptocurrencies however, money supply does not respond to shifts in money demand and with a relatively fixed supply, large fluctuations in value and prices result (in the preceding 11 months the price of bitcoin has soared almost 8 fold5). This some argue, is specifically the reason Bitcoin and other cryptocurrencies will not take over2 and makes Bitcoin impractical as a money. Cryptocurrencies however have proven to be a useful alternative to traditional reserve currencies in places with poor monetary policy and weak banks. In Kenya for example, 1 in 3 people own a bitcoin wallet1, while in India, where recently there has been a significant shortage in cash supply, greater numbers of people have converted to the use of bitcoin.If a particular country were to adopt Bitcoin to replace its currency, the effects of doing so would likely be felt by others in a knock-on effect. A larger credit cycle in one country would mean larger booms and busts for its trading partners. Foreigners outside the country that adopted the cryptocurrency, may also opt to deposit directly within that country and desert their own country’s banks in doing so – this could affect the flow of capital into and out of a their home country, further amplifying the credit cycle. The latest difficulties with Bitcoin make the prospect of a crypto currency takeover seem fanciful at the moment, but if solutions to these problems were found or a new currency were devised with better protocols, central banks would have to resolve these dilemmas one way or another.