Strengths And Weaknesses Of Bitcoin

Strengths And Weaknesses Of Bitcoin
I. INTRODUCTION Claimed to be the successor of the Internet for its booming popularity, Bitcoin
has recently surpassed yet another benchmark. The Economist reports on the 25th of May 2017 that
one bitcoin is now valued more than twice the price of an ounce of Gold, more precisely and less
figuratively, more than $2,600. However, Bitcoin's revolutionary idea stems from the way it builds
its own cryptosystem. Disregarding the bank or any central authority for that manner, Bitcoin sows a
global, interconnected network of peers that tries to reach consensus despite adversity. It boils down
to the Byzantine Generals Problem that, in many ways, emulates the real challenges any distributed
system must face. Voting in the presence of propagation delays, ... Show more content on
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The miner gets a reward, a portion of the system's transactions becomes public so everyone can read
it, and accordingly verify if everything is in order. All seems to work in theory, but as we shall see,
some of what Bitcoin brings to the table isn't always theoretically proven. Indeed, some of the
implementations, despite being unproven are rather pragmatic, yet still fall under scrutiny and the
vast umbrella of research. Like any system, Bitcoin has its strengths and weaknesses. A booming
popularity now eggs the question: will Bitcoin be scalable in the future? Just because the mass is
bombarded by articles claiming Bitcoin is the new revolution does not make it prone to attacks. In
fact, quite the contrary, thanks to its popularity and the digital aspect of the currency, we can expect
attackers to multiply and try to take advantage of every available vulnerability at each adequate time
to steal bitcoins, or more generally, disrupt the entire system. Many alternatives, less popular than
the original, have been erected. Their roles and takes vary depending on the issue they want to
tackle. This article will focus on cryptocurrencies that were based off the Blockchain. Alternative
chains and protocols/extensions will be discussed; however, altcoins will
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Technology And The Bitcoin Revolution
Blockchain Technology and the Bitcoin Revolution Chris Hokett, University of Oklahoma/Boise
State University Kai Huang, Boise State University Jacob Margrave, Boise State University The
bitcoin and its underlying technology known as the blockchain, are currently being recognized as
the beginning of a new "industrial revolution". This technology has resulted in making the bitcoin
the first–ever decentralized currency in existence. The digital currency itself is created as a reward
in a competition in which users offer their computing power to verify and record bitcoin transactions
into the blockchain. This activity is referred to as mining, and successful miners are rewarded with
transaction fees and newly created bitcoins. Besides being obtained by mining, bitcoins can be
exchanged for other currencies, products, and services. When sending bitcoins, users can pay an
optional transaction fee to the miners.This may expedite the transaction being confirmed. The future
of finance could be dominated by blockchain technologies. A traceable global currency complete
with an efficient infrastructure will not only result in massive cost reduction for all market
participants, it will change global banking. Bitcoin will do for payments what email did for
communication. Although blockchain technology may have a bright future ahead, there are still
major hurdles for it to overcome, particularly when it comes to its legality. Already, some countries
have already put massive restrictions

Currency Money For Digital Currency And Advantages Of...
From commodity money to digital currency & advantages and disadvantages of different forms of
money
1. Introduction
Throughout the history we can see different standards of values and structures of using money, for
example commodities (gold, silver, cooper, salt), paper money, credit card, mobile phone banking
services via SMS, Euro currency in 23 countries, Bitcoin or most latest Facebook Credits.
There was an interesting and very accurate assumption made by J. Surowiecki (2012), he wrote that
"Over the ages, money has become more abstract, virtual and digital". As we could see above, the
money developed from gold, paper money, credit card to virtual Bitcoin or Facebook Credits.
The first part of the essay will be focused on the ... Show more content on Helpwriting.net ...
There were some attempts to address the meaning of money, most of the definition include that
money is the medium of exchange, as it is the most important purpose of money. However, as
described by F. A Bradford (1932), because of using money as a medium of exchange it
consequently performs additional functions as it will be discussed later. Moreover, W. E. Mason
(1976) demonstrated in his work that the empirical definition of money has several flaws. For
example it is the confusion of concept and quantity of money, confusion of supply and demand, lack
of empirical evidence for empirical definition or the confusion of empirical verification with
hypothesization.
Definition of money according to F. A. Bradford (1932): "Money is anything which is devoted to
use primarily as a medium of exchange and which, because of this use, performs certain other useful
functions".
Definition of money by Professor Taylor (Cited in Money, 1932, p.3): "Money is something which
is especially designed for, and devoted to, serving as a medium of exchange or because of its being
a recognized medium of exchange or because of the nature of the substance from which it is made.
"Money is, in other words, a complete abstraction–one that we are all intimately familiar with but
whose growing complexity defies our comprehension."(J. Surowiecki, 2012)
The last definition of money was based on the Kublai Khan's believe, that money can have any kind
of form or can be

Professional Issues And Ethics Of Accounting
Professional Issues and Ethics in Accounting To: Dr. Linda Zucca, CPA, Ph.D. Cryptocurrency Wei
Hu Yang Liu Kent State University November 16, 2014 Abstract The paper talks about the invention
and growth of cryptocurrency, its accounting treatment, audit implications combined with tax
implications, and analysis of the potential problems and the direction the technology is headed in the
future. This paper also presents the accounting rules for foreign currency and investments. Bitcoin
was a software–based online payment system. Also, it was designed to be a virtual currency that
would remedy the need other traditional currencies encounter when used online, a need for a third
party to verify the transaction and ensure the ... Show more content on Helpwriting.net ...
As Nakamoto described, "We propose a solution to the double–spending problem using a peer–to–
peer distributed timestamp server to generate computational proof of the chronological order of
transactions. We define an electronic coin as a chain of digital signatures. Each owner transfers the
coin to the next by digitally signing a hash of the previous transaction and the public key of the next
owner and adding these to the end of the coin." (Nakamoto, 2008) Bitcoin now has the largest
market capitalization among all kinds of crytocurrency. Bitcoin 's success has generated a number of
other crypto–currencies including Litecoin, Peercoin, and Namecoin, etc. Bitcoin, an electronic
currency, is established by computers producing a string of unique numbers through complicated
math problems. Bitcoin is sold on unregulated exchanges and acknowledged by an increasing
number of people and businesses due to the fast speed and low transaction cost. One Bitcoin is now
valued at about $500 and other crypto–currencies hold less value. The trend is that cryptocurrencies
are attracting more interest as potential investments. A distinguishing feature of crypto–currency is
that it is not issued or backed by government. So it is difficult for government to manipulate or
interfere with. Governments around the world hold different perspectives

Advantages And Disadvantages Of Bitcoin
Crypto–currency is universal, the fee for transactions are cheap, there is a potential for making
money from investing and it is going to be the new way of the world. According to Merriam–
Webster.com, cryptocurrency is, "any form of currency that only exists digitally, that usually has no
central issuing or regulating authority but instead uses a decentralized system to record transactions
and manage the issuance of new units, and that relies on cryptography to prevent counterfeiting and
fraudulent transaction" (Merriam–Webster). There is a global problem with converting money
between countries and this will solve it. Everyone needs to invest in crypto–currency because there
is not only potential to make money but it is the answer to simplifying world–wide trade, making it
the new way of the world.
The most commonly known crypto–currency is Bitcoin. In the article, "Introduction to Bitcoin: At
Issue" from Opposing View Points in Context it reports that, Bitcoin was invented in 2009 and
remains to be the popular ("Introduction to Bitcoin"). Amelia Schwanke who works for BANK of
New York Mellon Corp. explains how Bitcoin was created shortly after Lehman Brothers Holding
Inc. went bankrupt by someone who goes by the alias, Satoshi Nakamoto in response to economic
occurrences (Schwanke). It is interesting to think about how the Great Recession was a ripple in
changing what the future currency is going to be. Schwanke says, "Those who created Bitcoin were
anti–establishment and

The Pros And Cons Of Bitcoin
Problem Statement
Exchange rates are the important tools in the global economy. The exchange rate activity will affect
the price of every country's imports and exports, as well as the value of every overseas investment.
A weak currency makes exports cheaper to foreigners, which can lead to higher exports and job
creation in the export sector. Consumers use exchange rates to calculate the cost of goods produced
in other countries. How much a currency is worth in relation to another currency is determined by
the supply and demand for currencies in the foreign exchange market. Following the global
financial crisis of 2008–2009, tensions among countries over exchange rate policies arguably
broadened. Some policymakers and analysts have expressed ... Show more content on
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From the history of Iraqi Swiss Dinar that had no backing by either commodities or government
entities indicates that Bitcoin may succeed. But, the potential users and investors should be aware of
the many risks inherent in using new technology like Bitcoin.
Suggestion for Further Research
One of the main limitations within this study was time. This meant that the sample size and number
of participants is relatively small. This meant that there was limited time to conduct interview,
gather observations and request follow–up interviews to explore any aspects of the study that
jumped out as us during the data collection phase. Therefore, with more time, the coverage of study
can be more wider and the scope of the study can be more comprehensive. Additional and next
study can be in perspective of law and regulation in Malaysia whether supported to implement
Bitcoin openly or not. The vast majority of currencies are backed by government, commodities or
both. That it may exist in a legal gray area about its legal status. Furthermore, other legal issues that
have not been analyzed including tax evasion, money laundering,

What´s a Barter Practice?
Money is a medium that can be exchanged for goods and services. It is also a measure of an effort
made by an individual person, or a group of people. To be more specific, the money could be used
as a medium of exchange, unit of account, and a store of value. People in the past did their best in
order to have an acceptable life. For instance, they hunted foods, harvested crops, and their shelters
were built by them. Each person was specialized for one aspect, such as building a house, selling
different types of food, selling the machines used to build, and so on. This created the idea of
exchanging the goods and the services. In addition, each work done was given a value. People
developed money at different stages of time which popularize several types of money. When metals
were available in big amounts, coins came into existence later it was replaced by the paper money.
At different times, several objects were used as the medium of exchange. So, the kinds of money
have changed according to the needs and availability of means. Five stages of money development
will be discussed in this paper. The five topics are exchanging goods, the development of gold and
silver coins, the invention of paper money, electronic money, and a prediction for the future of the
money.
Barters: Exchanging goods: A barter practice is a habit of exchanging goods and services. This
practice has been in practice from a long before money was made up. People used to trade goods
and services for other

Disadvantages Of Demonetization
DEMONETIZATION
Demonetization is the act of stripping out a currency unit as legal tender. It happens when change of
national currency takes place. The form of money in circulation is pulled out and discarded, which
might or often are replaced with new notes and coins. Many a times, a country replaces the old
currency with the new ones completely. There can be several reasons why a government wants to
enforce demonetization. Some of them are to discourage a cash–dependent economy, to counter
inflation, to counter corruption and crime (terrorism, tax evasion), to encourage trade, etc.
There are several advantages linked with the process of demonetization.
The biggest and impactful advantage of demonetization is that it helps the government to locate
those people who are the owners of large bulks of unaccounted cash on which no income tax has
been registered. This money is earned by corruption and illegal businesses this is also because many
people who indulge in earning black money keep them as cash in their houses, villas or in some
other secret places. the implementation of demonetization results in discarding all that cash because
it has no value and those people are left with two options ; to deposit the money in bank accounts
and pay taxes on such large amount or allowing the value of ... Show more content on
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because of very slow procedure many people suffer serious problem. Everyone has their livelihood
and problems so they have deal with it anyhow. The demonetization also leads to currency
destruction. Individuals have burnt their cash and discarded the same which is a loss to economy
.the government has to bear the cost of printing and circulating new currency. This directly affects
the tax payers because the cost of printing new currency is deducted from the taxes they

Bitcoin : The Bitcoin Future
Paul Gumienny
KPMG, LLP
2015 Winter Internship
The Bitcoin Future Bitcoin is a new currency that was introduced in 2009 by an unknown person
using the alias "Satoshi Nakamoto" who left the project in 2010 (Business Insider, 2014). Currently,
Bitcoin is maintained by developers and a community of volunteers around the world. The
interesting thing about this currency is that it is completely digital, that means that all transactions
occur only through the internet and therefore it does not belong to any central authority, like the
government. No one owns the Bitcoin network except all the Bitcoin users throughout the world.
Companies and individuals may use this digital currency to pay for goods or services without
involving a ... Show more content on Helpwriting.net ...
Users can also transfer bitcoins to one another through their computers or mobile apps. The Bitcoin
currency mined, purchased, or received by the user is stored in what is called a "digital wallet"
(Bitcoin, 2015). This virtual bank account permits users to use the currency the same way they
would use their government issued currency (like the US Dollar). Bitcoin allows its users to send
and receive money anywhere in the world. There are no borders to cross, bank holidays, or any
other sort of other limitations when transferring this digital currency between two different users.
Bitcoin transactions are stored in something called the "block chain", which is essentially a giant
public ledger that records every transaction and provides a method to exchange value online for two
people. For any transaction to go through and be stored in the block chain, it has to be verified by
the Bitcoin network through some complex mathematical algorithms that take 10 minutes to
compute (Bitcoin.org, 2015). The block chain contains cryptography that generates high level of
security, so no one can spend funds from another user's wallet. Since Bitcoin has a limited amount
in circulation, its price changes with the level of demand and supply. It is quick, simple, and easy –
that is why it has started to gain more and more popularity in the last few months.
However, there are a few negative aspects with this

The Contribution Of The Creation Of Money Essay
The creation of money is possibly one of the greatest accomplishments of human civilization. Since
the beginning of humanity, individuals have used money as a way to pay for goods and services.
Over the years, money has been used in various forms and continuously changes to best fit modern
society. Our society no longer has to depend on gold coins, cocoa beans, or anything else of intrinsic
value that has been used in the past. In today's society, we use paper currency, which is fairly
convenient and easy to carry around with us. Over the past decade, our economy has experienced
tremendous changes due to the introduction of new cutting edge technologies. Millennials are
accustomed to a digital world and most likely will experience the transition from paper money to
digital money. The advancements in technology over the past several years has allowed consumers
the opportunity to buy and sell goods over a computer network known as the Internet. The internet
is a much more convenient way of shopping compared to fighting crowds of people at your local
mall during the holidays. We must start to prepare ourselves for the digital age of currency, an age in
which a small amount of our money will actually be tangible. Many individuals are concerned about
the privacy and security issues that may arise from the transition to digital currency. However, the
more research you do on digital payments, the more you will realize that it is very safe and efficient
when compared to paper money.

The World 's First Idea For A Credit Card
In the year 1949, a businessman by the name of Frank McNamara, conceived the world's first idea
for a credit card. The idea was intended for when McNamara went out for an important diner. While
he was out, he realized he had left his wallet at home and was unable to pay for the dinner so he
needed something that could allow him to come back and pay for the balance later. Overtime
McNamara's credit card idea has evolved into an electronic way of making payments, we now use
credit cards to purchase groceries at the local market and make payments online since handing cash
through the Internet is virtually impossible. This small dinner idea was created for the purpose of
basically generating and IOU for a man who forgot his money at home has ... Show more content on
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A centralized financial system is when a government assigns all economic responsibility to a
specific entity within its branches of government. Some say the Federal Reserve is the most
powerful entity within the United States government. Leaders within our government have the
ability to manipulate the Dollar's value in order to try and control the economy's flow of goods and
services. If the economy is seeing a spike in prices at the grocery store that means there is inflation
and the Federal Reserve can withhold dollars from entering the system – creating a lower amount of
available dollars to spend, ultimately increasing the value of the dollar and lowering the prices at the
grocery store back down to normal. The value of the American dollar can be a very powerful tool
when it comes to the government trying to balance the American economy, the Federal Reserve
could use this same strategy to manipulate the financial system when it comes to the desired amount
of goods being imported or exported between the United States and other nations.. This being said,
the money in your pocket is susceptible to becoming trivial in the matter of hours, days, weeks, or
months. This has been seen before in the late 1970's and early

Essay On Bitcoins
Guide For Bitcoin Gambling Websites Bitcoins are increasing in popularity as a banking option with
US gamblers and gambling websites. In some cases, Bitcoins is actually the best banking option on
the market for US players. Gamblers from other countries should also seriously consider using
Bitcoins for their gambling purposes. If you are a newbie to bitcoins, this guide is for you. Bitcoins
operate slightly differently from other currencies and those differences will be explained on this
page. Even if you are familiar with how bitcoins work, you will also find some useful info here. If
you are currently using Bitcoins, we will examine the best sites to use them at and we will also look
at the advantages and disadvantages of using this ... Show more content on Helpwriting.net ...
Every 10 minutes a block of Bitcoins are created. Initially, one block contained 25 Bitcoins, but
since last year that has been reduced by 50%, with each block now containing 12.5 Bitcoins. Bitcoin
blocks will be periodically cut in half on a continual basis until 21 million Bitcoins are mined,
which is expected to happen by 2040. Bitcoin's value, similar to other currencies, is determined by
supply and demand. One Bitcoin is valued at $824 as of the writing of this guide, but in the past,
they have reached values over $1,000. When they first came out in 2009, for only $27, you could
purchase 5,000 Bitcoins. If you are using Bitcoins as an investment vehicle, it should be noted that
they are volatile. You should only use a small portion of your discretionary investment money to
invest in Bitcoins at this time. When we say volatile, what do we mean? The value of Bitcoins can
fluctuate drastically and often without reason. How volatile can they be? The price of a Bitcoin
plummeted 50% overnight in 2009. Keep in mind that the value of Bitcoins can fluctuate when
making deposits or withdrawals at gambling websites. In some cases, that could give you extra
funds for gambling. When you decide to convert Bitcoins into a different currency might also be a
gamble on its own. Best Places To Buy and Sell Bitcoins Similar to other investments, exchanges
are used to buy and sell Bitcoins. (Exchanges are marketplaces set up for

Advantages And Disadvantages Of Black Money
In an attempt to reduce black money, Prime minister Narendra Modi has withdrawn two major
currency denominations – Rs 1000 and Rs 500 notes. This change has resulted in a boost in digital
means of transactions. At the same time there are a lot more ramifications for the larger public.
OBJECTIVES
Stop cash funded terrorism.
Reforms:Banking sector needs.
Curb black money.
Move towards cashless economy.
Other than the expected results, few interesting changes has occurred due to this initiative. Like,
barter system is making a comeback in rural India with the demonetization drive. According to the
Wall Street Journal a trader in Orissa gave a kilo of potatoes and cauliflower in exchange for half a
kilo of honey. Another interesting observation was people selling their old Rs 500 and Rs 1000
notes on eBay and OLX. You ... Show more content on Helpwriting.net ...
Within 7 days of of announcement of demonetization, Paytm has witnessed over 7 million
transactions worth Rs 120 crore a day.
DISADVANTAGES
The biggest disadvantage of demonetization is the chaos among public since everybody wants to
get rid of demonetized notes.
Removing the old currency from the economy and printing new ones enough to replace the old
ones is an expensive process, to be funded by the government. If the benefit derived by
demonetization is not enough to put off this cost, it will end up giving negative results.
Another problem is that majority of times this move is targeted towards black money but if people
have not kept cash as their black money and rotated or used that money in other asset classes like
real estate, gold and so on then there is no guarantee that demonetization will help in catching
corrupt people.
Despite the efforts taken, black money is already back in the economy in the form of new
currencies. So the long term benefits that we are aiming for may not actually be achieved by this
sudden

Pros And Cons Of Cryptocurrency
The famous digital cryptocurrency over the internet is bitcoin that has eased the online transactions.
It's a global phenomenon and misunderstood by bankers, governments and many companies. This is
why understanding the basic of it is as mandatory as the virtual money itself.
What is cryptocurrency?
Cryptocurrency is a virtual or digital currency which is a secure option since it uses cryptography.
Also called for transaction block chain, no one can counterfeit it. It is an electronic medium of
exchange, and maybe the future of currency. It's the line of codes that create value as well as money
for its holder. It is policed by a method called mining.
Its origin.
Nick Szabo worked on the first electronic system, Bit Gold, from the years 1998 to 2005. However,
the first notable mention of the ... Show more content on Helpwriting.net ...
And that's how the transaction is completed.
Pros and cons of digital coins.
Cons.
The digital currency, like bitcoins, can be stored offline on the local hardware, and the process is
known as cold storage. The person handling bitcoins, or any other cryptocurrency, should be careful
not to use hot storage, or internet storage, since anyone can steal it. However, if people losses the
hardware data of currency, they can never recover the coins. And this is why in today's date, about
30 billion dollars are missing or dislocated over the internet.
Digital coins are not controlled by any government or an organization. That means even criminals
use cryptocurrency so that the government cannot trace their leads. And this property made is
popular. It has already created numerous scams all round the world and many investors loose
thousands of dollars because of this disadvantage.
The complexity of digital currency makes it immune to forgery. There have been many
counterfeiting efforts made to manipulate the system. But its security has been made good enough to
resist the forgery.

A Brief Note On Bitcoin And The New Wave Of Money
Michael Rodriguez James Maughn English 1A 20 May 2015 Bitcoins Bitcoin is to be said in small
circles of the internet and the new wave of money but looking at its past may give us second
thoughts about whole heartedly accepting bitcoins. What was once considered obscure in 2009 is
now making headlines all over the news with FBI shutdowns, and bankruptcies. The instability to
establish itself as legitimate currency is troubling. Even though its constantly on the headlines, to be
honest the triumph of bitcoins is less likely going to take over as the primary source of income. The
causes of why bitcoin got hyped up. A small of amount of people who completely understand how
bitcoin works is incredibly small and this also counts its users as ... Show more content on
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The Federal Reserve allows the assurance of the right quantity of dollars, just enough to keep
commerce and trading going without going into hyperinflation. But Bitcoin on the other hand is
another type of game entirely. its been the first and more famous of large growing family what I'm
saying is there is other type of crpytocurrencies than bitcoin. Other type of currencies include
Litecoin, Feathercoin, Songcoin( "Used in the Music Industry"), Auroracoin (used in Iceland) and
Dogecoin (" Like a kids version of bitcoin"), even though there is other type of cryptocurrencies,
Bitcoin is the largest of them all. Its inception can be traced back to 2008 in a paper written by
pseudonymous Satoshi Nakamoto. Which recently last year Newsweek claimed to have the found
the mysterious nakamoto, But he denied all of the reports, so after seven years the whole thing still
remains a mystery. According to the official website, Bitcoin is "a peer–to–peer, decentrailized,
digital currency whose implementation reilies on principles of cryptography to validate every
transaction and generation of the currency itselt". What this means is that Bitcoin and the rest are
digital currencies created and transferred by networking computers with no one in

Explaining the Bit in Bitcoin Essay example
Explaining the Bit in Bitcoin On your way to work, you stop by the gas station to fill your car with
gas. When it comes time to pay, instead of pulling out your credit or debit card, you enter your
Bitcoin information. What is Bitcoin? Is it just another online payment method like PayPal, or is
Bitcoin something more? Googling "Bitcoin" returns a vague answer that defines Bitcoin as a peer–
to–peer crypto–currency. This "answer" only raises more questions. The problem with defining
crypto–currency lies in the fact that the term itself is linked with Bitcoin. Crypto–currency is used as
a general definition for Bitcoin and other similar online currencies. Knowing what the term crypto–
currency stands for still does not answer the ... Show more content on Helpwriting.net ...
To fully comprehend Bitcoin, one must understand the process of becoming a Bitcoin user and the
block chain. The first step to becoming a Bitcoin user requires a decision be made on what type of
digital wallet service to use. One form of this is an online wallet service. Charles Babbage, a
mathematician, engineer and writer for the The Economist details this downside in his blog post
titled the "Bits and Bob" "This means trusting the provider of that service not to cheat, or go out of
business, taking clients' savings with it" (par 3). The other method is to download a personal digital
wallet on the user's computer. If the user does not back up the drive in which the digital wallet is
stored, there is a chance that the Bitcoins could be lost. The next step requires the user to join the
Bitcoin network. This is where Bitcoin starts to differ from normal currency. Bitcoin is a peer–to–
peer network. Krohn–Grimberghe and Christoph Sorge from the University of Paderborn, Germany
states that "Bitcoin was designed as a completely decentralized 'electronic cash' system" (2). Edwin
Jacobs a writer for the Journal of Internet Banking and Commerce also writes about this in his
article "Bitcoin: A Bit Too Far?" The main point here is that there is no central bank controlling the
Bitcoin currency (Jacobs 2). Instead, each user plays an equal role in the

The Impact Of Bitcoin On The World Of Currency And Forex
Article 1 – The History of Bitcoin In the world of currency and forex, the core credentials of what
makes up the market seldom changes. However, in 2008 a brand new currency arrived in the form
of bitcoin, with this cryptocurrency certainly working to upset the apple cart. Widely considered to
be the most volatile currency in the world, during 2015 over 100,000 bitcoin based transactions took
place, which shows that usage levels of the cryptocurrency is growing. Considering how the
commodity is maturing, many sectors (including retail and gambling) are now warming up to the
idea of adopting bitcoin. Looking back through time it is clear that this cryptocurrency has been on
quite the journey, with the following taking an in–depth look at the rich history of bitcoin. The
foundations of bitcoin were created all the way back in 2008, when three men came together to
create and eventually patent a new form of digital encryption. Taking this base, Satoshi Nakamoto
would go on to create the cryptocurrency we know today as bitcoin. This vision was one of true
digital innovation, something that had the potential to create a currency that was strictly electronic
in execution. Working off of a mining system, the very first block of currency created was dubbed
"Genesis". Just a few weeks later the first bitcoin transaction would take place between Nakamoto
and Hal Finney, a noted cryptographic activist and program developer. In 2009, bitcoin would
become a more legitimate currency in

Bitcoin And Its Impact On The Economy
Introduction Vast and rapid improvements to the digital world allow intellectual property to form the
basis for the economy today. (Harris, 1998) Entrepreneurs enter into the industry exploiting this new
source of demand, driven by its large consumer base. Discovered after E–gold, Bitcoin emerged as
the new age of digital currency. Its practicality and benefits led it to catch on quickly as an
alternative manner of payment. (Mullan, 2014) Though not recognized as an official currency, the
fact that it is immune to manipulation of any third party, including central government, attracts
potential many investers and opportunists. On one hand, Bitcoin has made an impact on the
productivity and efficiency of business as it increases mobility and speed of transactions.
Conversely, critics question the validity and sustainability of this innovation, as it rests purely on
consumer confidence and mutual agreement. This essay will examine the Bitcoin and its impact on
the economy; thereafter use theories of economists Schumpeter and Kirzner to evaluate the
entrepreneurship nature of Bitcoin and its sustainability. Bitcoin and Its Context Bitcoins first
emerged in 2009, when Satoshi Nakamoto published its specification, in a cryptography mailing list.
(Bitcoin.org, 2014) Bitcoins are seen as digital tokens used as electronic versions of cash. (Mullan,
2014) To perform a transaction, Bitcoin users have to download client software and create online
wallets, either on electronic devices

Other Accounting Implications For Bitcoin
Other Accounting Implications for Bitcoin
Bitcoin is a digital currency, but it is not issued by any central banks. There is no general accepted
regulatory rule to guide market participants concerning how they should treat Bitcoin. Governments
in different countries have inconsistent and changing attitudes towards cryptocurrency. For example,
by the end of 2013, Chinese central bank announced that the Bitcoin was not treated as currency and
the central bank prohibited financial institutions from investing in the digital currencies as well as
their derivatives. While in the United States, Bitcoin was regarded as a legal method of exchange on
November 2013. However, the Internal Revenue Service (IRS) changed their attitude towards
Bitcoin, ... Show more content on Helpwriting.net ...
According to FASB, securities can be divided into three categories: trading securities, available–
for–sale securities, and held–to–maturity securities. Since most of investors will not hold Bitcoin for
a long time, we might classify it as either trading securities or available–for–sale securities based on
how long investors will hold the coin.
The accounting rules for trading securities require investors to report the security at its fair market
value. Moreover, unrealized holding gains and losses are included as part of the investor's net
income. In the meantime, any discount or premium included in the transaction should be amortized.
The accounting rules for available–for–sale securities also require investors to report the security at
fair market value. However unrealized holding gains or losses should not be reported until the
security is sold. Furthermore, FASB ASC 320–10–40–1 provides guidance that a transfer of
securities should be treated as a sale. Thus we hold that Bitcoin transactions may have the same
format: a debit to cash is recorded for the sale process, and a credit is made to remove the Bitcoin
off the book.
From the tax standpoint, the virtual currencies can be divided into different portions. The first part is
the digital currencies that are treated as investments. Earned Bitcoin is taxable for the investors.
Earned income through the exchange of

Bitcoin 's Impact On The World
Since Bitcoin 's arrival online in 2009 cryptocurrencies have become immensely popular throughout
the world. This paper will examine how the various cryptocurrencies come into being and how their
creators utilize them for their businesses. With Bitcoin 's meteroric rise at the beginning of 2013 a
large number of competing currencies have been developed with some targeting specific niches to
dominate while others have been formed to simply imitate Bitcoin. The most ambitious
cryptocurrencies have aimed to not only imitate Bitcoin 's success but to completely displace its
status as the gold standard of the cryptocurrency world. These various cryptocurrencies will be
examined and their creation and function will be discussed in this essay. ... Show more content on
Helpwriting.net ...
Bitcoin was developed by multiple individuals with Satoshi Nakamoto being most often credited
due to his publication of the first Bitcoin specification proof of concept in 2009 (bitcoin.org).
Bitcoin is highly decentralized and as such the Bitcoin network is not owned by any one person but
is controlled by all Bitcoin users. The cryptocurrencies that followed have tried in various ways to
implement their predecessors success; these are referred to as altcoins. Altcoin is the name given to
all cryptocurrencies except Bitcoin, essentially all altcoins are cryptocurrencies but not all
cryptocurrencies are altcoins. Cryptocurrencies are generated by "mining" which involves utilizing
processing power to work through the algorithms used in the coin causing "blocks" to be released.
These blocks contain a set number of coins as a reward for working through the algorithm. One of
the main difference between national currencies and digital currencies such as bitcoin is that
national currencies can be produced in limitless numbers whereas cryptocurrencies have set
amounts. For instance Bitcoin is limited to 21 million coins, which means that eventually they will
all be mined out. This happens over very long periods of time however as the more algorithms are
solved and blocks released the rewards get increasingly small. Subsequent blocks contain fewer and
fewer coins and tend to halve of a certain

Essay on money laundering
Money laundering is the routing of illegal profits from bank to bank to disguise its existence. The
illegal profits are usually made through activities such as drug trafficking, prostitution rings, illegal
arms sales, and various other things. Unfortunately money laundering is a serious crime that is still
prevalent in the United States and other countries. The Russian mafia, the Triad or Chinese mafia,
and the Columbian drug cartel are just a few of the groups that partake in money laundering. No one
knows exactly how much money is laundered yearly but it is estimated to be about $100 billion in
the United States. The United States is not the only country affected by these numbers. The
estimated amount of ... Show more content on Helpwriting.net ...
Most of the money laundered today is done by some sort of organized crime, whether it is a drug
cartel, illegal arms sale, smuggling, prostitution rings, the Mafia, or corporations. Organized crime
has existed in the United States for many years. Some of the organized crime groups known for
money laundering are: the Russian Mafia, the Triad, other wise known as the Chinese Mafia and the
Yakuza. All of these groups are known for a variety of illegal activities that involve receiving
substantially high profits. Some of these activities may include drug trafficking, illegal arms sale,
and various other things. Recently law enforcement has discovered that corporations have been
helpers in laundering money. This discovery leads back to the Black Market Peso Exchange. These
corporations do not have a direct involvement with the laundering, but are a helping hand at times.
Many times corporations are the supplier of goods for the broker. The perks that go along with being
the supplier entail getting an exchange rate better than the market. An example of this is if a
corporation has pesos that they need to exchange back into dollars, and the exchange rate is 1,000
pesos for 1 U.S. dollar, the broker may discount the rate to 880 pesos for 1 U. S. dollar.
The initial stage occurs when a criminal, or a group of criminals, involved in an illegal activity
make a substantial sum of money. The money is then put into the

The Future Of The Us Dollar
The Future of the US Dollar in the International Market A society based on trade was established as
early as 4000 B.C.E. (Hunt 6). However, the end of the Cold War marked the beginning of a new
stage, an economy fully supported by globalization (Gilpin 10–12). This new beginning for the
economy made the international markets the central focus of the economy. Since the gold standard
had crushed, the US dollar became the official exchange standard and also the most used currency in
the world. Currently, its status of international currency remains the same, but the international
market has changed so much that there are factors that leave its future uncertain. The role of the US
dollar as an international currency is at risk because of the ... Show more content on Helpwriting.net
...
This decrease can be due to the economic problems that the United States faced during the decade
of the 2000's, the Financial Market Crisis, and is still battling to recover from, or due to the increase
of power and popularity of other countries and their currencies, such as the countries that make up
the European Union (Goldberg). "The concept of the world money is organically linked to an
understanding of the world market as the fundamental framework of global capitalism where profit
rates are equalized and an average world market rate of profit is established" (Ivanova 51–52). The
world market became the main focus of the world's super–power countries as well as developing
countries. As Karl Marx's theory of money establishes, money is not only a measure of value or a
medium of change, when it becomes world money, it becomes "the absolute social materialization
of wealth as such (universal wealth)" (qtd. in Ivanova 51). One of the main characteristics of world
money that applies to the US dollar today is that it is a dominant currency in international financial
markets that is also used "hand–to–hand" in foreign countries (Auboin). Bitcoin was created in 2009
as an international currency to make digital transactions easier and faster(Yellin). "This
computerized money exists only as strings of digital code" ("A New Specie"). This currency is used
without intermediaries

Bitcoin And Digital Forms Of Currency
The idea of Bitcoin and other virtual forms of currency have sparked a great deal of interest lately
amongst the public. In addition, virtual forms of currency have become a media sensation. It's a new
elusive concept that is gaining popularity amongst financial consumers. Over $5 billion in Bitcoin
and other decentralized currency are currently in circulation. However, how many people actually
understand what the concept of Bitcoin is, or other decentralized currency? Even many who own
Bitcoin/other decentralized forms of currency and utilize it in their daily transaction often time do
not know how the system work. Recently there were new stories of government interference with
Bitcoin businesses. Most consumer have no understanding of why. This general writing requirement
attempts to explain the background of Bitcoin and decentralized currency; it further defines why
Bitcoin is in popular use; and finally the paper calls for United States government to take an active
role in the international regulation of this growing financial scheme. Furthermore, I will address if
there is any existing law that can be drawn to parallel the legal regulations that will need to be
utilized in the regulation of Bitcoin. What type of laws can be created and how will be they be used?
I will then look at what law currently are in existence that have an effect on Bitcoin. Bitcoin became
recognized as a legitimate currency that needed to be under regulation within the United States in
early

Bitcoins
Introduction
A digital or virtual currency that uses peer–to–peer technology to facilitate instant payments.
Bitcoin is a type of alternative currency known as a cryptocurrency and it uses cryptography for
security, making it difficult to counterfeit.
Bitcoin issuance and transactions are carried out collectively by the network, with no central
authority.
The total number of Bitcoins that will be issued is capped at 21 million to ensure they are not
devalued by limitless supply.
They are divisible to 8 decimal places; Bitcoin fractions are called satoshis.
Users store their Bitcoins in a digital wallet, while transactions are verified by a digital signature
known as a public–encryption key.
History
"The term Bitcoin was ... Show more content on Helpwriting.net ...
It attracts many users because Transaction are anonymous
Bitcoin bank Flexcoin shuts down after it lost bitcoins value
 Vietnam restricts use of bit coin, the government of Vietnam has banned its banks from using bit
coins stating that virtual currency is not a legal tender in the communist nation .They also started
that the ownership ,trading and use of bit coin carry potential threats for its uses.
 RBI asks people to be cautious about bit coins. The RBI cautioned the people of India regarding
certain concerns about bit coin as the virtual money has extremely appreciated and depreciated in
the current months. The RBI also stated that regulations come only when people are doing certain
business and we come to understand that something wrong has happening.
 For bit coin to be succeeded, it has to embrace the government.
According to a report written by Mr. Joe Noura stated that bit coin is a new form of payment system
which is not connected to any currency or government
Significance
In the wake of the global economic crisis, Bitcoins has emerged as an alternative money system,
which sidesteps the banks and gives the influence back to the individual. The initiative has a lot of
critics as well as supporters, but regardless of whether Bitcoins succeeds as a money system, it has
already had a great influence on our future understanding of money.
The sudden rise–and–fall of Bitcoin has made lots

What is Cryptocurrency?
What is Cryptocurrency? Cryptocurrency is a digital currency that uses cryptography for security
purposes to make it hard for unscrupulous people to counterfeit. It is considered as fiat currency
where its value is dependent upon its acceptance as medium of exchange. Cryptocurrency is neither
owned nor tied down to any country or can be affected by inflation and Central Bank policies. The
transfer of currency from one person to another is done through public and private keys. Like
Bitcoins, its most prominent example, transfers are cryptographically signed each time it is
transferred. The value of the currency is dependent upon supply and demand and its price
movements may be compared with that of gold and other precious metals. History of
Cryptocurrency The first form of cryptocurrency was the Bitcoin that was invented in 2009. It is a
currency that is defined by cryptography, rather than its country of origin like the American dollar,
Indian rupee, or Japanese Yen. Satoshi Nakamoto is said to be the pseudonym of an entity that
created the Bitcoin software, Bitcoin–Qt. Nakamoto is believed to represent a diverse group of
people rather than an individual, whose involvement in the original Bitcoin software does not seem
to extend beyond mid–2010. Nakamoto is said to possess roughly one million Bitcoins which is
equivalent to $1.1 billion as of December 2013. Mining of Cryptocurrency (Bitcoins) The operation
of the earliest form of cryptocurrency, the Bitcoin, is

`` Gold Grab `` : Relationship Between Robber Barons Jay...
Reed Karaim in "Gold Grab" analyzes the relationship between robber barons Jay Gould and Jim
Fisk. They were partners in crime. In 1869, they were working on a plan to rob the U.S. gold
market. This article focuses on how Gould and Fisk use their connections with inside people
including President Grant, to change gold prices. This led to the economy collapsing on September
24th, 1869, this day is famously known as Black Friday. Jay Gould was most comfortable in his
home. He was very secretive about his life. He had come from an innocent background, only to rise
as a "ruthless financial predator" (Karaim 57). Jim Fisk was a ladies man who liked to keep up a
good look. His mustache was always perfect and his outfits were like a nice ... Show more content
on Helpwriting.net ...
In order to corner gold, someone had to keep treasury from selling so they had to get close with the
highest power. Their way in was through Abel Corbin, President Grants brother–in–law. For a
payment of 1.5 million dollars, Corbin agreed to help with the scheme. They wanted to take over the
United States treasury and control everything. Gould's idea was that if the treasury didn't sell any
gold the price could go from $130 to $150 and this would help the economy. President Grant, by
this time, was part of the scheme. He was not fully aware of everything going on but he knew
enough. Grant had realized that Gould made a bribe attempt and was outraged by it. This led Gould
to realize that his plan may have been falling apart. He figured the only way out before the collapse
of the market was to betray his partner. So he did what he felt he could do to save himself. Soon
after this the price collapsed into the $130's and continued to mumble. More and more men were
becoming poor at the gold exchange. As the minutes passed, this is the day that would become
known as Black Friday. The crash lasted for several months on Wall Street and for years in other
places. They lost a total of about 100 million dollars. A lot of the big men who were involved
escaped punishment. Fisk was questioned but claimed he had no idea, he said that his brokers were
working on their own. Corbin lived and

The History Of Bitcoins Is A Very Interesting One With
The history of Bitcoins is a very interesting one with its dramatic and unexpected rise. In recent
years it has attracted the attention of many entities to include the media, law enforcement, investors,
and even criminals. The book, Digital Gold: Bitcoin and the Inside Story of the Misfits and
Millionaires Trying to Reinvent Money looks into these stories of the individuals who sought to
create a new global currency. Journalist Nathaniel Popper compiles the stories behind the rise of
bitcoins into a timeline. By telling these stories it provides a more in depth look into the various
motives and intentions of those who supported bitcoin. Bitcoin attention has been mainly due to two
of the most significant benefits, the extreme amounts of ... Show more content on Helpwriting.net ...
The crisis had exposed many of the shortcomings in the existing financial and political systems,
creating a large desire for alternatives (Popper IV). Many saw Bitcoin as the answer as it was free of
any sort of central government. Although not specifically stated in the book, there are many pros
and cons I personally saw in using Bitcoins as a form of currency. Similar to gold, a major problem
that bitcoin has as a currency is the fact that it there is a finite limit to it as mentioned above. This
creates numerous issues compared to fiat money. For example, if the currency is saved in large
quantities, thus removing it from use, this will then make individual Bitcoins more valuable, as they
become scarcer. This will then cause deflation, as you can buy more with less, incentivizing people
to hold on to bitcoins more, as they will be worth more in the future. This will continue to propel
itself until the Bitcoins will effectively become useless as people lose faith in the currency. This is
where typically fiat money triumphs, as governments have the ability to push money into the
economy in order to continue growth and combat the risk of deflation. Another huge issue, as stated
in the book, with Bitcoins as a currency, is at its current stage it is not widely used. Thus, is highly
volatile, and this will most likely be the case for some time as this currency is in its infant stages. A

Papers On Cryptocurrency
Cryptocurrency Most people who are interested in technology have heard of Bitcoin. Many might
not know the ins and outs of what it is or how it's used, but they've at least heard of it. As someone
who has taken an interest in computers, computer programming, and what's going on in the tech
world, I find the background and use of cryptocurrency extremely fascinating, if not a little
perplexing. U.S. Senator Thomas Carper expressed the public's opinion of cryptocurrency well in
saying "Virtual currencies, perhaps most notably Bitcoin, have captured the imagination of some,
struck fear among others, and confused the heck out of the rest of us." (Rosic, 2017). According to
an article written by Ameer Rosic, cryptocurrency is defined as "a medium ... Show more content on
Helpwriting.net ...
One of these that could make some people nervous is the complete anonymity and irreversibility of
the transactions. Most transactions use only anonymous usernames with no link to someone's real–
world identity, so if you are the victim of a scam, there is no way to trace down the person or get the
money refunded. This anonymity is also a con in the fact that this currency is the favored payment
method for criminals doing business online and on the dark web. Another possible con and major
concern with cryptocurrency is its volatility. According to CoinDesk's analysis of the top 3
cryptocurrencies over the past year, Bitcoin has gone from a low of $991.51 per coin in 2/2017 to a
high of $19,343.04 per coin in 12/2017 to $8,435.96 most recently on 2/11/18. Ethereum, the second
most popular cryptocurrency, has gone from a low of $12.68 in 2/2017 to a high of $1,304.86 in
1/2018 to $854.14 most recently on 2/11/18. LiteCoin, another less–widely used cryptocurrency,
was at a low of $42.58 in 8/17 to a high of $319.35 in 12/17 with the most recent value at $155.05
on 2/11/18 (CoinDesk 2018). With the increase in cryptocurrency futures trading, the volatility can
be expected to become more drastic in the

Digital Currencies And The Digital Currency Essay
Abstract
Currency acts as a store of value, a medium of exchange and a unit of account. Physical currencies
are promissory notes payable to the bearer on demand. Digital currencies are internet–based form of
currency. They represent both developments in payment systems and a new type of currency. Digital
currencies, in hypothesis, serve as money, at present day they act as money to a small amount of
individuals and institutions. It has been often questioned as whether the decentralised digital
currency, such as Bitcoin and Litecoin, will emerge as the preferred method of payment for Internet
Services or will remain a superficial payment method compared to well established existing
payment systems.
We take the position that digital currencies are a fad. As argument, we try to clarify the definition of
currency in general and explain what a "digital currency" really mean. Than we examine the
arguments for the digital currencies and at the end we present the evidences of perils of digital
currency.
1 Introduction
Digital currency is an Internet–based means of exchange different from physical currency such as
circulating printed paper currency and coins.[1] Digital currency allows for instant transactions and
boundaryless transfer–of–ownership. Both virtual currencies and cryptocurrencies are types of
digital currencies. Like traditional physical money these currencies may be used to buy physical
goods and services. Additionally, this digital currency could also be restricted

Current Issues Project : Apple Pay And Bitcoin
Juwan Latimer
Fin 320
Current Issues Project
1/17/2015
Apple Pay and Bitcoin are both relatively new means of payment that are catching the public eye.
Although they share some similarities, they are quite different in the way they work. Apple Pay is a
method of streamlining the payment process at credit card terminals, while Bitcoin is a completely
new form of digital currency, which offers its own means of payment.
Apple Pay is a means of payment created by Apple Inc that allows its users to pay using their
mobile devices such as the iPhone 6 and Apple Watch. Apple pay is very similar to paying for
transactions on a credit card except apple pay is completely digital. Users of apple pay can use their
mobile device at checkout to ... Show more content on Helpwriting.net ...
Once the user is authenticated by the iPhone, the transaction will complete successfully given that
funds are not insufficient or that there are no issues with the credit card company. Users will feel
their iPhones vibrate to signify that the transaction was successful. Users pay with the Apple Watch
in a similar fashion. Users hold their Apple Watch up to the sensor on the credit card terminal but
instead of pressing the home button, the user double clicks an elongated, silver, oval shaped button
located below the digital crown, which is a small circular structure with ridges (D'orazio).
Apple Pay connects to credit card terminals using near field communication. In order for near field
communication to work, both devices must contain a near field communication enabled chip which
allows data to be wirelessly transferred between devices. There are two methods of near field
communication. The first is two way communication in which data is exchanged between devices in
which near field communication chips are installed. The second is one way communication in which
data is only modified on only one of the devices. Apple Pay uses one way communication because it
utilizes the sensors on credit card terminals, which modify the data on the near field communication
chip located in the iPhone6 or Apple Watch. Near field communication enabled devices, like the
name suggests, can only communicate with devices that are very close to them and are no more than
a

United States Dollar and Currency Essay
1.
International Business Issue
– Can Bitcoin be a stable currency for international business?
Definition, Application, and Prospection
1)What is Bitcoin?
Bitcoin is an open source peer–to–peer payment network and digital currency introduced in 2009. It
is the first decentralized digital currency. It is the digital coin that you can send through the internet.
Compare to other alternatives, Bitcoins have a number of advantages.
Bitconins are transferred directly from person to person. This means that the fees are much lower
you can use them in every country. Bitcoins are generated all over the internet by anybody running a
free application called a bitcoin miner. Mining requires certain amount of work for each block of ...
Show more content on Helpwriting.net ...
It is almost 10000%.
The stability of bitcoin as a currency is still controversial. Thus, I would like to say that though
bitcoin has a lot of advantages, it has some definite weaknesses to be a substitute for currencies.
Firstly, there have been lots of different form of virtual currencies so far. And they all got shrunk. If
someone is a good programmer, anybody can make a new digital currency. If so, the advantage of
bitcoin which is that there is a limit for issuing amount will disappear.
Moreover, existing currencies are based upon each nation's control. Currency economies cannot
exist outside of taxation systems. As most all of the nations are operated by tax, governments will
not permit the free trade of electronic currency which is operated outside of taxation system.
Actually, the China Central Bank announced that as the bitcoin is not a genuine currency, it cannot
have a legal status. They also said that any financial institution or company cannot put a price of
bitcoin and guarantee products that related to bitcoin.
South Korea government also stated that the bitcoin is a product which cannot be protected by
Korean laws. Because the bitcoin has a possibility to be abused in many ways. It is against the
Korean real–name financial system and can be used as a money laundering.
Obviously, the bitcoin is one of the new flows in international business. However, it has many limits
to be a substitute for real currencies. Economy cannot be detached

Cashless Indi A New Beginning Essay
CASHLESS INDIA: A NEW BEGINNING
Introduction: The Indian Economy post Economic Reforms of 1991 has witnessed drastic growth
and development coupled with higher international integration at the global platform. Among
various other emerging markets, India promises higher investment returns, which can be further
attributed to many factors. The economy of India is seventh–largest in the world in terms of nominal
GDP and third–largest in terms of purchasing power parity(PPP). With the latest announcement of
Demonitisation on 8th November 2016, a new pathway towards a cashless economy has been laid
down before India. Looking upto economies like that of Sweden, which leads the race of becoming
a cashless economy, number of challenges lie ahead of India which may hinder its cashless dream.
Thus there is need to identify these challenges and recaliberate policies targeting them.
The Indian Rupee: Ancient India was one of the earliest issuers of coins in the world. The word
"Rupee" was derived from the Sanskrit word "Rūpyakam", meaning "wrought silver, a coin of
silver". During 19th century Indian Rupee was silver based currency unlike other stronger
economies who followed the Gold Standard. After independence, the Republic of India recognised
"Rupee" as its official currency and pegged it to the US dollar, as a part of the Bretton Woods
Agreement. In this arrangement, the US Dollar itself was backed by gold. This system however

The New Digital Currency Movement
In a world where information is at your fingertips, privacy and security are the new luxury. The
question then is posed as: How do we deal with the issue of trust and find a solution that will make
us feel safe online? The Blockchain could be your solution. What is the Blockchain? The
Blockchain is said to be a product of the new digital currency movement however others will argue
that cryptocurrencies are a direct result from the blockchain design. Let's explore further and then
you can determine which came first.
I will start by explaining the development of the blockchain followed by the purpose and process in
which it operates. Then, I will explain the blockchain in relation to cryptocurrencies and give a brief
description of the top ... Show more content on Helpwriting.net ...
To this day, no one knows who is the creator of the blockchain or the cryptocurrency Bitcon, but we
can derive, from the references in the portable document format on bitcoin.org, that the idea is not
original to the creator. Nonetheless, the creation of the file put forth a working idea for "a [...] peer–
to–peer version of electronic cash [that] would allow online payments to be sent directly from one
party to another without going through a financial institution" and" the network [would] timestamp
transactions by hashing them into an ongoing chain hashed–based–proof–of–work forming a record
that cannot be changed without redoing the proof–of–work" (Nakamoto, "Bitcoin").
What is the blockchain?
The blockchain is a very complex topic and like the internet you only need to know the basics of
how it works and not what goes behind the scenes, to have it running, because there would be others
with the capacity and knowledge to administer that part for the rest of us. Accordingly, I will
attempt to provide an explanation of what the blockchain is in the simplest form possible. A
blockchain is "a type of distributed ledger, comprised of unchangeable, digitally recorded data in
packages called blocks" ("Blockchain Technologies"). As illustrated by Ameer Rosic, the blockchain
is a block of data which is linked to a chain of other data blocks made available through a

Reasons For Bitcoins
Top 10 Extraordinary Reasons Why You Should Invest in Bitcoins Today Lately, there has been a lot
of talk on whether buying bitcoins is a good investment choice or whether it's a bubble waiting to
burst. The truth is that cryptocurrencies are here to stay. With every media outlet and investor
talking about bitcoins, will bitcoins turn out to be a blessing or a curse? The article discusses 7
reasons why bitcoins are set to grow in 2018 and why you should invest in them. 2017 was a very
good year for bitcoins. They rose in value to reach a high of $21,000 per bitcoin. Those who had
invested at the beginning of the year received abnormally high returns. The question most investors
are asking themselves is whether 2018 will also be a good ... Show more content on Helpwriting.net
...
This is because bitcoins are not affected by geopolitics or government fiscal rules. The dynamics of
bitcoins are determined by the demand and supply only. Some analysts think that in 2018, bitcoins
will hit a high of $60,000. 3. First Mover Advantage This is the age of digital currencies and
payments as seen by the number of people who are shunning traditional methods of payment.
Bitcoin was the first digital currency to be created. It therefore enjoys the advantage that it gained
popularity before any other cryptocurrency. Bitcoin has a very large presence across the globe as
compared to other digital currencies like Monero, Litecoins and Ripple. With the highest market
capitalization, bitcoins command about 60% of the cryptocurrency markets. This first mover
advantage is seen in the goodwill that bitcoins have generated among their customers. 4.
Regulations are Emerging It's a good thing that regulations guiding bitcoin usage are rising.
Governments and financial institutions are working on a formula to regulate the use of
cryptocurrencies. This means that governments are slowly waking up to the reality of bitcoins.
Governments are working on laws to ensure that gains made from cryptocurrencies are being taxed.
The presence of regulations mean that bitcoins will gain worldwide acceptance because of the
enhanced trust by the users. Regulations will ensure that the interests of investors are taken care of.
Regulation aims to offer basic protection. This eradicates

Advantages And Disadvantages Of The Benefits Of Bitcoin
There are a few advantages that Bitcoin offers that makes different from the rest of the crypto
currencies and non–digital currencies. Freedom in Payment
With Bitcoin, it is possible to transfer money immediately, anywhere in the world at any given time.
There would not be any concerns about not getting the money immediately due to time differences
or bank holidays. Control and Security
Bitcoin users are in sole control of their money as there is no central authority that governs this
crypto currency. Payments made in Bitcoins are unable to be traced to the owner, as there is no
personal information being tied to the transactions made. This also protects the users of Bitcoin
from identity theft. As Bitcoin is a digital currency, it can be backed up and encrypted to ensure your
money would not be lost. Not only does this benefit the consumers, it also has benefits for the
merchants. As Bitcoin transactions are unable to be reversed and it does not ... Show more content
on Helpwriting.net ...
This would allow them to have a better understanding of the crypto currency that they are writing
about.
The second issue of the anonymity of Bitcoin ownership would be that extremists might use certain
online sites to conduct illegal transactions. With the development of Dark Wallet, it allows their
users to anonymise their Bitcoin transactions whereby they would mix another person's transaction
with yours, making it unable to trace whom exactly made that transaction. This would pose a huge
problem as now illegal transactions may be made freely and this may help extend the operations of
extremists such as ISIS. (http://www.bbc.com/news/technology–29283124)
Bitcoin has also been known to be the main source of currency for illegal drug trading online on
sites such as Silk Road. Authorities are finding it difficult to trace and arrest as all illegal
transactions as bitcoin transactions are cryptic and

North Carolina Gold Rush Research Paper
Origin
Money has been been a big central network in developing our country today. Back then people used
to barter items with others, so they could get different things they may need things like corn, fish,
wheat, and etc. Salt was another commodity money salt was very difficult to obtain mainly in the
inner countries and it is very good to cook with because it adds flavor to your food. In the south
people became so wealthy because they didn't use money either there was a system called "Mit'a"
from the age of 15 young Incan males had to do physical labor to state of a set of days. They built
public buildings and places in return the government all the basic necessities of life food, clothing,
tools, housing and, etc. The first known currency ... Show more content on Helpwriting.net ...
For Americans firsts 70 years private entities and not the federal government issued paper money.
Notes that was printed by the states chartered banks which could of been exchange for gold and
silver. From the founding of the United States passage of National Banking Act 8,000 different
countries issued currency which created a widely money supply facilitated rampant counterfeiting.
By establishing a single national currency the National Banking act eliminated the overwhelming
variety of paper money circulating throughout the country and created a system of banks chartered
by the federal government rather than by the states. The law also assisted the federal government in
financing the Civil War. Before gold and silver was discovered in the west the United States lacked
sufficient quantity of precious metals for minting coins. A 1793 law permitted spanish dollars and
other foreign coins to be a part of the American monetary system. Foreign coins was not banned
until 1857. The highest bill ever produced by the United States Bureau of Engraving and printing
was the $100,000 gold certificate. The money was printed between December 18, 1934 and January
9, 1935 with the picture of President Woodrow on the front. The notes wasn't available to the public
they were only use for transaction

Bip 91 Executive Summary
NEW YORK (Reuters) – Digital currency bitcoin on Friday averted a split into two currencies after
its network supported an upgrade to its software that would enhance its ability to process an
increasing number of transactions. Bitcoin's miners have signaled their support for the so–called
Bitcoin Improvement Proposal (BIP) 91, avoiding a split of bitcoin into two blockchains. The
miners represent a network of computer operators who secure the blockchain or a public ledger of
all bitcoin transactions BIP 91 is the first step toward a larger effort to upgrade bitcoin through a
software called SegWit2x. On Friday, the support for BIP 91 reached nearly 100 percent, exceeding
the required threshold of 80 percent, according to analysts and market participants. ... Show more
content on Helpwriting.net ...
Demand for bitcoin has grown in eight years to a market capitalization of more than $40 billion. But
fears about the bitcoin split dampened demand for bitcoin in recent weeks. After hitting record high
near $3,000, bitcoin dropped as low $1,830 BTC=BTSP on the Bitstamp platform. On Friday, it
traded at $2,647. The software upgrade attempts to address the bitcoin network's limitations in
processing millions of daily transactions. Bitcoin's network has not kept pace with its growth and is
unable to process all the transactions fast enough. "BIP 91 unleashes the next wave of innovation
because it has been a little bit stagnant of late for bitcoin," said Rob Viglione, co–founder of
ZenCash, a digital coin focused on privacy and security. Before BIP 91's endorsement, some bitcoin
investors feared it could split into two independent currencies because core developers of the
network and the miners each wanted different ways to increase bitcoin's

Chinese History : A Old Language
In a sense, Chinese is a very old language, the earliest characters was nearly 4000 years ago.
Chinese characters evolved into different writing forms in its long development history, such as the
seal character, official script, regular script and running script.
China 's earliest writing was pictographic, the aesthetic of calligraphy was based on pictographic，
gradually developed to structure and outline.
The main form of expression in calligraphy includes true, line, seal, scribe and regular script. The
scribe and regular script reflect static beauty, which is displayed in quite a comprehensive and
complete way. While seal strokes, official script reflect the inner emotion in calligraphy, which can
be abstracted and sublimed into a dynamic beauty.
China is one of the world 's first country to make currency, which contains shellfish, cloth–shaped
money, Knife–shaped money, circular–shapes money.
Since ancient times, emperors paid a lot attention on calligraphy which would used on coins. Many
characters on the coins were written by the emperor or some famous calligraphers.
Ancient Chinese coins reflects Oracle, seal script, Xiao Zhuan, running script, regular script
calligraphy clearly and comprehensively. Due to ancient emperors devoted particular care to
calligraphy on the coins, many characters were written by the emperor or well–known calligraphers.
Thus, the history of ancient currency is the best resources for study Chinese calligraphy.
Item 7 Balance scale

Modern And Innovative Market Analysis Essay
America is shifting to a completely digital economy. The modern and innovative market relies on
improvements to be made to stay fresh and new. This shift makes sense as so much of our lives have
become digital. Our homes' appliances can be turned on and off on our phones, our credit cards can
be scanned from our phones, typing is a corner stone application in public schools. However, the
push to digitize your wallet is a step that may be too risky to undertake in American society. Issues
that come from the loss of physical cash must be placed on the scale prior to the transition over. The
psychological, social–economic, and the logistical nature of the market and its participants seem to
be overlooked for the quest to modernize and presumable efficiently. While some may argue that
gradual phasing out of physical currency can promote ease of use and solve economic situations
found in the American economy, it is wrong to believe that the logical step is to change the nature of
our currency. It is important to know where humans are coming from up to this point in our history.
Knowing what the history of currency is and why civilization uses it helps explain the present. Since
the ancient Greeks, physical coins were used to convey a value in trade. They were made of tin,
nickel, and silver. Many currencies were, and some still are, represented an amount of wealth based
on the value compared to a valuable metal. The most common example of this commodification is
that of the gold

Strengths And Weaknesses Of Bitcoin

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