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Will Cryptocurrency outcast traditional money?
Saroj Bhandari
MBA 588
Questions
• What are the main business challenges to accept bitcoin or
cryptocurrency?
• What is the impact of this cryptocurrency in the business world
replacing the traditional money fiat?
• Will cryptocurrency bring more value in terms of monetary
transactions and resolving and dealing with taxation?
• Does it handle the crime going online like fraudulent activities
buying and selling of arms and illegal items?
Overview
• Background
• Conventional Currency VS Cryptocurrency
• Pros & Cons of Cryptocurrency
• Regulations
• Risk and Failures
• Business Ethical Complications
Background and Introduction
• A cryptocurrency is a digital or virtual currency
designed to work as a medium of exchange.
• Bitcoin is one of the popular form of
cryptocurrency which is peer-to peer electronic
cash.
• In 2009, software engineer Satoshi Nakamoto
introduced Bitcoin.
• Can be sent directly from one party to another
party without going to any financial institution .
• It is decentralized meaning no servers involved
and no central controlling occurrence.
• It can be stored in crypto wallets which for
instance bitcoin wallets.
• 1 Bitcoin = 3809.76 usd
• Other Cryptocurrencies- Bitcoin cash, Ethereum,
Bitcoin Wallets
Conventional Currency VS Cryptocurrency
Fiat Money (Present)
• Issued by government.
• Unlimited supply and can be
produced more by the government
when necessary.
• Physical way of exchange money.
• Form of coin or paper.
• Centralized and control by the law
and banks.
• It's value is determined by the
market and regulation.
Cryptocurrency
• Created by computers.
• Limited supply and has a set
of maximum.
• A digital way of money
exchange.
• Presented by private and
public piece of code.
• Decentralized and not
controlled by any single entity
or government.
• It's value is not determined by
the supply and demand.
www.coinbase.com
PROS AND CONS OF
CRYPTOCURRENCY
Pros of Cryptocurrency
• Most cryptocurrencies are built from the bottom up with security and
privacy in mind. This means users can expect transactions to be
private and secure despite non-identifying transaction data being
public.
• Cryptocurrency is legal and, if it is claimed correctly for tax
purposes, opens up another avenue for transactions.
• Cryptocurrency has low transaction costs compared to other digital
payment methods like PayPal
• Cryptocurrency is decentralized, meaning it can’t be deflated or
inflated due to the choices of a central government.
• Transactions are quick, permanent, and hard to fake, this eliminates
a lot of the fraud issues banks deal with.
Cons of Cryptocurrency
• Cryptocurrency is only accepted by certain vendors. Between that
and fluctuating prices the money saved in transaction costs could be
negligible.
• Cryptocurrency mining (at least in proof-of-work systems) is a CPU
intensive process that requires an extraordinary amount of resources
for no purpose beyond regulating coin creation and encryption.
• The cryptocurrency market is volatile, the value of coins can change
wildly in a short amount of time. In 2014 the value of bitcoin ranged
between about $30 and $1000.
• If something goes wrong with a transaction or if a coin is lost there
is no way to recover it. If someone does steal coins there is no way
to rectify the issue.
• There is no way to recover coins if they are lost and there is no
Regulations
• IRS
◦ Cryptocurrency is
not “real” currency,
but
◦ Cryptocurrency is
property
◦ Taxable based
on fair market
value
◦ Capital
gains/losses
• Courts
• ◦ Bitcoin cases referred to it as
“virtual currency”
• ◦ Seemingly treat it as variation
on regular currency, rather than
property
• ◦ E.g. “Bitcoin is a decentralized
digital currency that may be used
to purchase goods and services
online….” Securities and Exchange
Commission vs. Shavers, E.D.
Tex., No. 4:13-CV-416 (Sept. 18,
2014)
• Are these
conflicting
classifications a
problem?
• ◦ What
cryptocurrency is
classified as
influences its
regulation ?
• ◦ Example: Paying
employee in bitcoin
Regulation : Upcoming
• United States :Uniform Law Commission to discuss draft model law
specific to cryptocurrencies
• California :A bill regulating cryptocurrencies made it through
numerous rounds of voting but was rendered inactive by veto
• Massachusetts : Nothing yet, but the Massachusetts Office of
Consumer Affairs and Business Regulation issued a consumer alert
to inform consumers about the dangers of virtual currencies
• Various initiatives aiming at state cooperation
Regulation: International
• UK: Government says that it plans to regulate soon oBangladesh o
Outlawed bitcoin
• Japan: Considering regulation, such as a licensing scheme for
exchanges
• China: Prohibited financial institutions from handling cryptocurrencies
• European: Central Bank o Advised financial institutions to trade in
cryptocurrencies until they are regulated
• Brazil: Does not regulate cryptocurrencies
RISKS & FAILURES
• Purchase of illegal goods :Sites such as Silk Road offer many
goods such as drugs and fake IDs,Silk Road gone, but many other
DarkNet markets in its place.
• Supporting criminal activity :Cryptocurrencies can be used to
anonymously purchase goods, launder money from illegal activity,
and purchase illegal services.
• Hackers: Cryptocurrencies are targets for highly sophisticated
hackers, who have been able to breach advanced security systems.
• Cost: Cryptocurrencies can cost consumers much more to use than
credit cards or even regular cash, often due to price volatility.
Business Ethical Complications
• Bad User Experience: Payments are done with cryptocurrencies
which can be headache for the people due to unknown of new
technology and extra fee with the business has to imply lot of effort
in resources and creating environment.
• Market is yet unregulated : Its not quite spread all over the world,
so it created unrealistic approach to do the business trade in for the
currency and every country has their own rule for it.
• Business Taxes can increase: Cryptocurrency can be valued as
company assets so paying taxes can be increased as its volatile
and has not fixed exchange rates.
• Expensive: It can cost lot of money to set up the payments method
for the business hubs to integrate with the system. Business hub
need to install dedicated system to utilize blockchains and do the
THANK YOU

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Will Cryptocurrency Outpace Traditional Money

  • 1. Will Cryptocurrency outcast traditional money? Saroj Bhandari MBA 588
  • 2. Questions • What are the main business challenges to accept bitcoin or cryptocurrency? • What is the impact of this cryptocurrency in the business world replacing the traditional money fiat? • Will cryptocurrency bring more value in terms of monetary transactions and resolving and dealing with taxation? • Does it handle the crime going online like fraudulent activities buying and selling of arms and illegal items?
  • 3. Overview • Background • Conventional Currency VS Cryptocurrency • Pros & Cons of Cryptocurrency • Regulations • Risk and Failures • Business Ethical Complications
  • 4. Background and Introduction • A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. • Bitcoin is one of the popular form of cryptocurrency which is peer-to peer electronic cash. • In 2009, software engineer Satoshi Nakamoto introduced Bitcoin. • Can be sent directly from one party to another party without going to any financial institution . • It is decentralized meaning no servers involved and no central controlling occurrence. • It can be stored in crypto wallets which for instance bitcoin wallets. • 1 Bitcoin = 3809.76 usd • Other Cryptocurrencies- Bitcoin cash, Ethereum,
  • 6. Conventional Currency VS Cryptocurrency Fiat Money (Present) • Issued by government. • Unlimited supply and can be produced more by the government when necessary. • Physical way of exchange money. • Form of coin or paper. • Centralized and control by the law and banks. • It's value is determined by the market and regulation. Cryptocurrency • Created by computers. • Limited supply and has a set of maximum. • A digital way of money exchange. • Presented by private and public piece of code. • Decentralized and not controlled by any single entity or government. • It's value is not determined by the supply and demand.
  • 7.
  • 9. PROS AND CONS OF CRYPTOCURRENCY
  • 10. Pros of Cryptocurrency • Most cryptocurrencies are built from the bottom up with security and privacy in mind. This means users can expect transactions to be private and secure despite non-identifying transaction data being public. • Cryptocurrency is legal and, if it is claimed correctly for tax purposes, opens up another avenue for transactions. • Cryptocurrency has low transaction costs compared to other digital payment methods like PayPal • Cryptocurrency is decentralized, meaning it can’t be deflated or inflated due to the choices of a central government. • Transactions are quick, permanent, and hard to fake, this eliminates a lot of the fraud issues banks deal with.
  • 11. Cons of Cryptocurrency • Cryptocurrency is only accepted by certain vendors. Between that and fluctuating prices the money saved in transaction costs could be negligible. • Cryptocurrency mining (at least in proof-of-work systems) is a CPU intensive process that requires an extraordinary amount of resources for no purpose beyond regulating coin creation and encryption. • The cryptocurrency market is volatile, the value of coins can change wildly in a short amount of time. In 2014 the value of bitcoin ranged between about $30 and $1000. • If something goes wrong with a transaction or if a coin is lost there is no way to recover it. If someone does steal coins there is no way to rectify the issue. • There is no way to recover coins if they are lost and there is no
  • 12. Regulations • IRS ◦ Cryptocurrency is not “real” currency, but ◦ Cryptocurrency is property ◦ Taxable based on fair market value ◦ Capital gains/losses • Courts • ◦ Bitcoin cases referred to it as “virtual currency” • ◦ Seemingly treat it as variation on regular currency, rather than property • ◦ E.g. “Bitcoin is a decentralized digital currency that may be used to purchase goods and services online….” Securities and Exchange Commission vs. Shavers, E.D. Tex., No. 4:13-CV-416 (Sept. 18, 2014) • Are these conflicting classifications a problem? • ◦ What cryptocurrency is classified as influences its regulation ? • ◦ Example: Paying employee in bitcoin
  • 13. Regulation : Upcoming • United States :Uniform Law Commission to discuss draft model law specific to cryptocurrencies • California :A bill regulating cryptocurrencies made it through numerous rounds of voting but was rendered inactive by veto • Massachusetts : Nothing yet, but the Massachusetts Office of Consumer Affairs and Business Regulation issued a consumer alert to inform consumers about the dangers of virtual currencies • Various initiatives aiming at state cooperation
  • 14. Regulation: International • UK: Government says that it plans to regulate soon oBangladesh o Outlawed bitcoin • Japan: Considering regulation, such as a licensing scheme for exchanges • China: Prohibited financial institutions from handling cryptocurrencies • European: Central Bank o Advised financial institutions to trade in cryptocurrencies until they are regulated • Brazil: Does not regulate cryptocurrencies
  • 15. RISKS & FAILURES • Purchase of illegal goods :Sites such as Silk Road offer many goods such as drugs and fake IDs,Silk Road gone, but many other DarkNet markets in its place. • Supporting criminal activity :Cryptocurrencies can be used to anonymously purchase goods, launder money from illegal activity, and purchase illegal services. • Hackers: Cryptocurrencies are targets for highly sophisticated hackers, who have been able to breach advanced security systems. • Cost: Cryptocurrencies can cost consumers much more to use than credit cards or even regular cash, often due to price volatility.
  • 16. Business Ethical Complications • Bad User Experience: Payments are done with cryptocurrencies which can be headache for the people due to unknown of new technology and extra fee with the business has to imply lot of effort in resources and creating environment. • Market is yet unregulated : Its not quite spread all over the world, so it created unrealistic approach to do the business trade in for the currency and every country has their own rule for it. • Business Taxes can increase: Cryptocurrency can be valued as company assets so paying taxes can be increased as its volatile and has not fixed exchange rates. • Expensive: It can cost lot of money to set up the payments method for the business hubs to integrate with the system. Business hub need to install dedicated system to utilize blockchains and do the