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1st video
I kind of knew what inflation and deflation were before watching this but it cleared it up so much.
Just Wondering: Why does the Fed hire members of major banks? Wouldn't this encompass and encourage bias in the system? Also, what system do we use in Australia?

2nd Video
Advantages:
Easier to trade online and if possible set up hard forms of transactions
No money is taken by bank fees or other forms of by-payment.
Disadvantages:
Used for less prominent and possibly illegal trades.
Privately owned, therefore possible to corruption.

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1st video
Learned about inflation and deflation in this video as i never understood what it meant before.
Question: What makes a good member of the fed and why should people believe they will do their job properly?

2nd video
Advantages of bitcoin-
=Cheaper and quicker way to trade
=Takes out the middle man from transactions
Disadvantages
=With no records being kept it is easy for shady business to happen
=Some buy lots to keep with only few in circulation

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The first video taught me about inflation and deflation in our economic system, which I didn't previously know. I thought it was interesting to learn where and how money was made and that it wasn't run by the government.
Question: If too much inflation happened in the economy would it be possible to get the economy back to normal?
Advantages:
- With Bitcoin there is only one currency therefore it will cost the same amount no matter what country you are in
- Bitcoin transactions can be completed quickly and for the people who got in first they would make a really good profit from it.
Disadvantages:
- Transactions are not approved or watched by banks/ governments, so it is easier for shady/dodgy businesses to use
- Some people who got into the Bitcoin market are making great profits, meanwhile it is harder and expensive for others to get in on it, so they would most likely lose money.

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1st Video:
It was surprising to learn about this type of government. I didn't really previously know precisely where money was made, how much was made and why. I learnt more about inflation and deflation and what they mean, and also how much is needed to sustain the economy well enough.

Question: Is the FED system used in Australia? Is there another system of deciding how much money is produced?

2nd Video:
Advantages:
1. Bitcoin reduces the risk of money being stolen by a 'middleman' as money is note stored in a bank where you must trust people with your passwords and personal information to keep your money safe.

2. There is only one currency of Bitcoin, so everything, in every country costs the same. There is no exchange rate so that products in one country can not be bought cheaper in another country.

3. People cannot fake paying and they cannot steal or not pay at all. Bitcoin makes sure a valid transaction has been put through before people receive their purchase.

Disadvantages:
1. Bitcoin can be used by dodgy people in shady businesses such as drug dealing and/or illegal weapon selling.

2. Future problems may arise because there is only a limited amount of Bitcoin to be sold and bought, and used to sell and buy.

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Video 1
In Video 1, I found it interesting to see that the Fed were the force behind deciding what the money is worth. I also learned that although inflation may seem annoying, the right amount is needed to sustain and maintain a strong and supportive economy. However, too much inflation would negatively impact the economy, as would deflation of any sort.

Question: Is this way of deciding the worth of currency and the system with Fed, the same in Australia?

Video 2
Advantage 1:
Bitcoin is a safe and easy way to make online transactions. There is no middle-man that uses credit card and personal details which makes it safer to use because criminals cannot access bank accounts numbers and other details used for hacking and crime.

Advantage 2:
The bitcoin is a very quick way to pay and is very profitable for those who got into it first. It does not need to pass anyone and therefore can go straight to the transaction.

Disadvantage 1:
The bitcoin currency and other currencies like it, make it easy for dodgy and shady businesses (such as drug dealers and weapon dealers) to operate because there is no surveillance such as the government.

Disadvantage 2:
It is designed to have a limited amount ever in circulation, which will cause problems such as rich people buying more and getting richer and richer, and poorer people not being able to afford any in the inflating market and not benefit in any way

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- List two advantages and two disadvantages of trading Bitcoin.

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- Leave a comment about one take-away from this clip and one question you have for future learning.

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What gives a dollar bill its value? - Doug Levinson

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Video 1
It suprised me to learn that a little bit of inflation is needed to maintain a strong economy however it is needed to be kept just right to avoid reaching disruptive levels. Question: Why is the printing of money run by a private enterprise not linked to the government?

Video 2
Advantage one: There is no middle man involved so you don't have to worry about money being stolen or your personal details being shared.
Advantage two: It would be a quicker easier way to spend money as it wouldn't have to go through and government or bank.
Disadvantage one: some people are losing out on this market as it is very expensive to get into now and others are profiting greatly as they got in early.
Disadvantage two: There is only a certain amount of bitcoin which could cause problems down the track

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video 1
I found it interesting that the group of people, know as the Fed, controlled the legal currency in that country and not the politicians and the government. it is also interesting to note that a small portion of inflation is needed o maintain a strong economy.
question: why was it decided to introduce Fiat Money and who decided it was time to change policy?
video2
nobody controls Bitcoin, therefore, it reduces cost and time and will also remove the middleman. as there is only one currency it is usable in most countries which will reduce the chance of fraud
disadvantages
with more people using Bitcoin, it will reduce the need for globe currency which has the possibility of destroying the economy. by only having a certain number of Bitcoin the currency is restricted in the available limit of usage.