Bitcoin Desk Clock is a Real-time crypto ticker display. 500+ cryptocurrencies, select the end of your favorite to enjoy the ride! Portable, elegant, unstoppable, It will show you bitcoin price, bitcoin news and bitcoin price USD.
http://bitcoindeskclock.com/
Project: Bitcoin - Revolution in International Payment ProcessingDinesh Kumar
Executive Summary
“Bitcoin is a remarkable cryptographic achievement and the ability to create something that is not duplicable in the digital world has enormous value.” Eric Schmidt, Executive chairman Alphabet
Bitcoin is a digital, decentralized, partially anonymous currency, not backed by any government or other legal entity, and not redeemable for gold or other commodity. It relies on peer-to-peer networking and cryptography to maintain its integrity. Its proponents argue that Bitcoin has many properties that could make it an ideal currency for mainstream consumers and merchants. For example, bitcoins are highly liquid, have low transaction costs, can be used to send payments quickly across the internet, and can be used to make micropayments. This new currency could also hold the key to allowing organizations such as Wikileaks, hated by governments, to receive donations and conduct business anonymously.
Amazingly, as of October 2011, a bitcoin (currency ticker BTC) is worth about two U.S. Dollars (USD), there are about $20 million worth of bitcoins in existence, there are probably around 20,000 Bitcoin users, and over $300,000 worth of bitcoins are traded every day.
Although the Bitcoin economy is flourishing, users are anxious about Bitcoin’s legal status and the possibility of a government crackdown. Some point to Bitcoin’s ability, like all digital and anonymous currencies, to facilitate money laundering, tax evasion, and trade in illegal drugs and child pornography. Indeed, the U.S. government prosecuted and shut down the creators of e-gold, a digital currency backed by gold, under state and federal laws for conspiracy to commit money laundering, and also for providing services to those involved in “child exploitation, credit card fraud, and wire (investment) fraud”. Others point to governments’ purported interests in protecting their economies and monopolies on minting new money. These individuals point to the successful prosecution and conviction of the creator of the Liberty Dollar, a paper and coin based currency backed by gold and other precious metals.
Hence, no faith or trust towards the financers or politicians was required in case of Bitcoin, but only in Nakamoto’s well-designed algorithms. Not only the public ledger of Bitcoin, i.e. the ‘block chain’ seemed to fend off fraud, but also kept the money supply of Bitcoin growing at a predictable rate due to the prearranged release of the virtual currency. The Bitcoin network came into existence with the release of open source Bitcoin client and with the issuance of the first Bitcoin. Satoshi mined 18 the first 50 Bitcoin which are famously known as the “Genesis Block”.
In the same year the exchange rate of Bitcoin was first published by liberty standard at $1 for 1,309.03 BTC. Within a couple of years, around February 2011, Bitcoin achieved dollar parity and was now being accepted all over the world as a mode of payment for a plethora of products.
Here is the Bitcoin Report. The report involves every aspect of Bitcoin that one need to understand Bitcoin from scratch. Following are the contents that are being covered by the report:-
· Abstract
· Introduction
· History and its Creation
· Working of Bitcoin
· Advantages
· Disadvantages
· Challenges to Bitcoin
· Scope of Bitcoin
· Conclusion
Hope this will help
Project: Bitcoin - Revolution in International Payment ProcessingDinesh Kumar
Executive Summary
“Bitcoin is a remarkable cryptographic achievement and the ability to create something that is not duplicable in the digital world has enormous value.” Eric Schmidt, Executive chairman Alphabet
Bitcoin is a digital, decentralized, partially anonymous currency, not backed by any government or other legal entity, and not redeemable for gold or other commodity. It relies on peer-to-peer networking and cryptography to maintain its integrity. Its proponents argue that Bitcoin has many properties that could make it an ideal currency for mainstream consumers and merchants. For example, bitcoins are highly liquid, have low transaction costs, can be used to send payments quickly across the internet, and can be used to make micropayments. This new currency could also hold the key to allowing organizations such as Wikileaks, hated by governments, to receive donations and conduct business anonymously.
Amazingly, as of October 2011, a bitcoin (currency ticker BTC) is worth about two U.S. Dollars (USD), there are about $20 million worth of bitcoins in existence, there are probably around 20,000 Bitcoin users, and over $300,000 worth of bitcoins are traded every day.
Although the Bitcoin economy is flourishing, users are anxious about Bitcoin’s legal status and the possibility of a government crackdown. Some point to Bitcoin’s ability, like all digital and anonymous currencies, to facilitate money laundering, tax evasion, and trade in illegal drugs and child pornography. Indeed, the U.S. government prosecuted and shut down the creators of e-gold, a digital currency backed by gold, under state and federal laws for conspiracy to commit money laundering, and also for providing services to those involved in “child exploitation, credit card fraud, and wire (investment) fraud”. Others point to governments’ purported interests in protecting their economies and monopolies on minting new money. These individuals point to the successful prosecution and conviction of the creator of the Liberty Dollar, a paper and coin based currency backed by gold and other precious metals.
Hence, no faith or trust towards the financers or politicians was required in case of Bitcoin, but only in Nakamoto’s well-designed algorithms. Not only the public ledger of Bitcoin, i.e. the ‘block chain’ seemed to fend off fraud, but also kept the money supply of Bitcoin growing at a predictable rate due to the prearranged release of the virtual currency. The Bitcoin network came into existence with the release of open source Bitcoin client and with the issuance of the first Bitcoin. Satoshi mined 18 the first 50 Bitcoin which are famously known as the “Genesis Block”.
In the same year the exchange rate of Bitcoin was first published by liberty standard at $1 for 1,309.03 BTC. Within a couple of years, around February 2011, Bitcoin achieved dollar parity and was now being accepted all over the world as a mode of payment for a plethora of products.
Here is the Bitcoin Report. The report involves every aspect of Bitcoin that one need to understand Bitcoin from scratch. Following are the contents that are being covered by the report:-
· Abstract
· Introduction
· History and its Creation
· Working of Bitcoin
· Advantages
· Disadvantages
· Challenges to Bitcoin
· Scope of Bitcoin
· Conclusion
Hope this will help
It's a presented presentation by MPA student of King's Own Institute.
Students were Manisha Manandhar, Kumar Magar, Rakesh Maharjan, Nishan Jung Karki, Madan Bahadur Bista and Bikash Tamang.
The main motivation for publishing this paper is to create a model able to predict bitcoin’s price behavior or, more modestly, able to identify its future values within a confidence interval. Such models exist today for other assets and our thinking is to apply them to bitcoin.
Introductory lesson for the Bitcoin and Blockchain Technology course of Milano Bicocca University (2017)
Video (in Italian) available at https://goo.gl/tbB4Pu
Big-Crypto: Big Data, Blockchain and Cryptocurrency. Hossein Hassani, Xu Huan...eraser Juan José Calderón
Big-Crypto: Big Data, Blockchain and Cryptocurrency
Hossein Hassani, Xu Huang and Emmanuel Silva
.Abstract:
Cryptocurrency has been a trending topic over the past decade, pooling tremendous
technological power and attracting investments valued over trillions of dollars on a global scale.
The cryptocurrency technology and its network have been endowed with many superior features
due to its unique architecture, which also determined its worldwide efficiency, applicability and
data intensive characteristics. This paper introduces and summarises the interactions between two
significant concepts in the digitalized world, i.e., cryptocurrency and Big Data. Both subjects are at the
forefront of technological research, and this paper focuses on their convergence and comprehensively
reviews the very recent applications and developments after 2016. Accordingly, we aim to present
a systematic review of the interactions between Big Data and cryptocurrency and serve as the
one stop reference directory for researchers with regard to identifying research gaps and directing
future explorations.
Keywords: Big Data; cryptocurrency; Bitcoin; blockchain; review
Indian crypto ecosystem garnering international attention despite rbi fiascohellenjones2
Given the international attention that the Indian crypto community has garnered and steady change instances of the government bodies, the Indian crypto community has their hopes pinned on the outcome of the case. For more information visit this link. http://bit.ly/2Ocjm4O
On 2nd March 2015, we held our first Expert Briefing, inviting a limited number of London's leading finance and technology journalists to learn more about the world of digital money over a few drinks.
These slides are from Garrick Hileman's State of Bitcoin presentation.
The event was sponsored by Elliptic, Circle and General Bytes.
Naos Blockchain presents this report with the following objectives:
1. Describe the evolution of the crypto market and give a
comprehensive summary of the current market situation.
2. Provide detailed information regarding major factors
influencing the market. Drivers, restraints, opportunities,
and challenges.
3. Present the outlook as perceived by the NAOS Team.
This report was created at the beginning of 2019, therefore all data up to February 2019 is historical data, with the base
year for calculations being 2018.
Socialism and the Blockchain. Volume 8, Issue 4 de Future Internet, de Steve ...eraser Juan José Calderón
Socialism and the Blockchain
Volume 8, Issue 4 de Future Internet, de Steve Huckle *and Martin White.
Abstract: Bitcoin (BTC) is often cited as Libertarian. However, the technology underpinning Bitcoin, blockchain, has properties that make it ideally suited to Socialist paradigms. Current literature supports the Libertarian viewpoint by focusing on the ability of Bitcoin to bypass central authority and provide anonymity; rarely is there an examination of blockchain technology’s capacity for decentralised transparency and auditability in support of a Socialist model. This paper conducts a review of the blockchain, Libertarianism, and Socialist philosophies. It then explores Socialist models of public ownership and looks at the unique cooperative properties of blockchain that make the technology ideal for supporting Socialist societies. In summary, this paper argues that blockchain technologies are not just a Libertarian tool, they also enhance Socialist forms of governance.
Sunstone Capital, Avalanche 2014 - Bitcoin: Primer, State of Play, DiscussionYacine Ghalim
Every winter, Sunstone hosts an offsite event with the participation of executives from our portfolio companies, fellow VCs, and various thought leaders.
The event is designed to mix informal networking, stimulating discussions around key topics shaping our industry, and intense skiing. We find that the best inspiration and ideas are generated when you least expect it, and in company with people that challenge your thinking.
This year's edition took us to Courmayeur in the Italian Alps, and Bitcoin was on the list of topics we discussed. Here are the supporting slides from our Jan 24th presentation "Bitcoin: Primer, State of Play, Discussion".
http://www.sunstone.eu
Overview of bitcoin regulation challenges and opportunities.
The research focused on ineffective controls used by western regulators to control Bitcoin and cryptocurrency .
The cryptocurrencies were designed to be medium of exchange. The blockchain technology on which cryptocurrencies are based on offers many possibilities for computer science and all future businesses. For the past decade experts as well as laypeople have been experiencing cryptocurrencies in extremes. They either have a very positive attitude or a very negative attitude towards them. Experts who have very positive attitudes towards them believe that cryptocurrencies create new ways of conducting business and new ways of trust relationships are managed. Experts who have very negative attitudes towards them often emphasize the fact that they are often linked to negative connotations such as being a tool for criminal activities or skipping social responsibilities such as tax avoidance and corruption. They also emphasize the fact that it is a new, unexplored technology and an unstable market. The blockchain technology on which cryptocurrencies are based on offers man possibilities for computer science and all future businesses. For the past decade experts as well as laypeople have been experiencing cryptocurrencies in extremes. There are more than 1,600 cryptocurrencies in circulation today, with a combined market cap of over 289 billion, according to Coin Market Cap data. Investors around the world are eager to trade in this rapidly growing space, and a slew of cryptocurrency platforms have emerged to meet the need for infrastructure to support the exchange of digital currencies. Though they call themselves exchanges, from an investors standpoint they function similarly to e brokerages and their rapid rise is reminiscent of the explosion of electronic discount brokerage firms during the dotcom bubble of the late 1990s. Dr. Chandrakant N. Kokate "Cryptocurrency: Advantages and Disadvantages" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-7 | Issue-1 , February 2023, URL: https://www.ijtsrd.com/papers/ijtsrd52656.pdf Paper URL: https://www.ijtsrd.com/economics/financial-economics/52656/cryptocurrency-advantages-and-disadvantages/dr-chandrakant-n-kokate
It's a presented presentation by MPA student of King's Own Institute.
Students were Manisha Manandhar, Kumar Magar, Rakesh Maharjan, Nishan Jung Karki, Madan Bahadur Bista and Bikash Tamang.
The main motivation for publishing this paper is to create a model able to predict bitcoin’s price behavior or, more modestly, able to identify its future values within a confidence interval. Such models exist today for other assets and our thinking is to apply them to bitcoin.
Introductory lesson for the Bitcoin and Blockchain Technology course of Milano Bicocca University (2017)
Video (in Italian) available at https://goo.gl/tbB4Pu
Big-Crypto: Big Data, Blockchain and Cryptocurrency. Hossein Hassani, Xu Huan...eraser Juan José Calderón
Big-Crypto: Big Data, Blockchain and Cryptocurrency
Hossein Hassani, Xu Huang and Emmanuel Silva
.Abstract:
Cryptocurrency has been a trending topic over the past decade, pooling tremendous
technological power and attracting investments valued over trillions of dollars on a global scale.
The cryptocurrency technology and its network have been endowed with many superior features
due to its unique architecture, which also determined its worldwide efficiency, applicability and
data intensive characteristics. This paper introduces and summarises the interactions between two
significant concepts in the digitalized world, i.e., cryptocurrency and Big Data. Both subjects are at the
forefront of technological research, and this paper focuses on their convergence and comprehensively
reviews the very recent applications and developments after 2016. Accordingly, we aim to present
a systematic review of the interactions between Big Data and cryptocurrency and serve as the
one stop reference directory for researchers with regard to identifying research gaps and directing
future explorations.
Keywords: Big Data; cryptocurrency; Bitcoin; blockchain; review
Indian crypto ecosystem garnering international attention despite rbi fiascohellenjones2
Given the international attention that the Indian crypto community has garnered and steady change instances of the government bodies, the Indian crypto community has their hopes pinned on the outcome of the case. For more information visit this link. http://bit.ly/2Ocjm4O
On 2nd March 2015, we held our first Expert Briefing, inviting a limited number of London's leading finance and technology journalists to learn more about the world of digital money over a few drinks.
These slides are from Garrick Hileman's State of Bitcoin presentation.
The event was sponsored by Elliptic, Circle and General Bytes.
Naos Blockchain presents this report with the following objectives:
1. Describe the evolution of the crypto market and give a
comprehensive summary of the current market situation.
2. Provide detailed information regarding major factors
influencing the market. Drivers, restraints, opportunities,
and challenges.
3. Present the outlook as perceived by the NAOS Team.
This report was created at the beginning of 2019, therefore all data up to February 2019 is historical data, with the base
year for calculations being 2018.
Socialism and the Blockchain. Volume 8, Issue 4 de Future Internet, de Steve ...eraser Juan José Calderón
Socialism and the Blockchain
Volume 8, Issue 4 de Future Internet, de Steve Huckle *and Martin White.
Abstract: Bitcoin (BTC) is often cited as Libertarian. However, the technology underpinning Bitcoin, blockchain, has properties that make it ideally suited to Socialist paradigms. Current literature supports the Libertarian viewpoint by focusing on the ability of Bitcoin to bypass central authority and provide anonymity; rarely is there an examination of blockchain technology’s capacity for decentralised transparency and auditability in support of a Socialist model. This paper conducts a review of the blockchain, Libertarianism, and Socialist philosophies. It then explores Socialist models of public ownership and looks at the unique cooperative properties of blockchain that make the technology ideal for supporting Socialist societies. In summary, this paper argues that blockchain technologies are not just a Libertarian tool, they also enhance Socialist forms of governance.
Sunstone Capital, Avalanche 2014 - Bitcoin: Primer, State of Play, DiscussionYacine Ghalim
Every winter, Sunstone hosts an offsite event with the participation of executives from our portfolio companies, fellow VCs, and various thought leaders.
The event is designed to mix informal networking, stimulating discussions around key topics shaping our industry, and intense skiing. We find that the best inspiration and ideas are generated when you least expect it, and in company with people that challenge your thinking.
This year's edition took us to Courmayeur in the Italian Alps, and Bitcoin was on the list of topics we discussed. Here are the supporting slides from our Jan 24th presentation "Bitcoin: Primer, State of Play, Discussion".
http://www.sunstone.eu
Overview of bitcoin regulation challenges and opportunities.
The research focused on ineffective controls used by western regulators to control Bitcoin and cryptocurrency .
The cryptocurrencies were designed to be medium of exchange. The blockchain technology on which cryptocurrencies are based on offers many possibilities for computer science and all future businesses. For the past decade experts as well as laypeople have been experiencing cryptocurrencies in extremes. They either have a very positive attitude or a very negative attitude towards them. Experts who have very positive attitudes towards them believe that cryptocurrencies create new ways of conducting business and new ways of trust relationships are managed. Experts who have very negative attitudes towards them often emphasize the fact that they are often linked to negative connotations such as being a tool for criminal activities or skipping social responsibilities such as tax avoidance and corruption. They also emphasize the fact that it is a new, unexplored technology and an unstable market. The blockchain technology on which cryptocurrencies are based on offers man possibilities for computer science and all future businesses. For the past decade experts as well as laypeople have been experiencing cryptocurrencies in extremes. There are more than 1,600 cryptocurrencies in circulation today, with a combined market cap of over 289 billion, according to Coin Market Cap data. Investors around the world are eager to trade in this rapidly growing space, and a slew of cryptocurrency platforms have emerged to meet the need for infrastructure to support the exchange of digital currencies. Though they call themselves exchanges, from an investors standpoint they function similarly to e brokerages and their rapid rise is reminiscent of the explosion of electronic discount brokerage firms during the dotcom bubble of the late 1990s. Dr. Chandrakant N. Kokate "Cryptocurrency: Advantages and Disadvantages" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-7 | Issue-1 , February 2023, URL: https://www.ijtsrd.com/papers/ijtsrd52656.pdf Paper URL: https://www.ijtsrd.com/economics/financial-economics/52656/cryptocurrency-advantages-and-disadvantages/dr-chandrakant-n-kokate
Crypto-Currencies: Can Investors Rely on them as Investment Avenue?Dr. Amarjeet Singh
The purpose of this study is to examine investors’ perceptions about investing in crypto-currencies. We think that investors trust in crypto-currencies is largely driven by crypto-currency comprehension, trust in government, and transaction speed. This is the first study to examine crypto-currencies from the investor’s perspective. Following that, we discover important antecedents of crypto-currency confidence. Second, we look at the government's role in crypto-currencies. The importance of this study is: first, crypto-currencies have the potential to disrupt the current economic system as the debate is all about impact of decentralization of transactions; thus, further research into how it affects investors trust is essential; and second, access to crypto-currencies. Finally, if Fin-Tech companies or banks want to enter the bitcoin industry may not attract huge advertising costs as well as marketing to soothe clients' concerns about investing in various digital currencies The research sheds light on indecisiveness in the context of marketing aspects adopted by demonstrating investors are aware about the crypto.
The adoption of bitcoins technology: The difference between perceived future ...IJECEIAES
Bitcoin is a decentralized system that tries to become a solution to the shortcomings of fiat and gold-based currencies. Considering its newness, the adoption level of bitcoin is yet understood. Hence, several variables are proposed in this work in examining user perceptions regarding performance expectancy, effort expectancy, trust, adoption risk, decentralization and social influence interplay, with the context of user’s future expectation and behavioral intentions to use bitcoins. Data were gathered from 293 completed questionnaire and analised using AMOS 18. The outcomes prove the sound predictability of the proposed model regarding user’s future expectations and intentions toward bitcoins. All hypotheses were supported, they were significantly affecting the dependent variables. Social influence was found as the highest predictor of behavioral intention to negatively utilize bitcoins. The significant impact of social influence, adoption risk and effort expectancy which affect behavioral intention to use bitcoins the most, are demonstrated in this study. Bitcoins should thus, present an effective, feasible and personalized program which will assist efficient usage among users. Additionally, the impacts of social influence, adoption risk and perceived trust on behavioral intention to utilize new technology were compared, and their direct path was tested together, for the first time in this context.
Research Paper
Dr Daniel Barreto's class: Leading Trends in IT.
Grade: 97%
Co-written by Christina Rentschler, Victor Gardrinier and Dean Rauschenbusch.
Date: 08/2017
Cryptocurrency Market Movement and Tendency Forecasting using Twitter Emotion...ijtsrd
Bitcoin was initially described to the public in a paper released in 2008 under the identity Satoshi Nakamoto. The first ever Bitcoin transaction took place on January 3, 2009. Its success paved the way for the development of similar digital currencies in the years that followed. There are more than 12,500 different cryptocurrencies, according to CoinMarketcap 2021. This is mostly owing to the extraordinary volatility of the market, which drew many individuals to take an interest and participate in it in the hopes of making money. Twitter has emerged as a common meeting place for those interested in cryptocurrencies. In a noteworthy move, Twitter announced on September 23, 2021, a new feature that would enable users to tip other users using their Bitcoin Lightning wallets. In spite of the fact that this new technology may have far reaching effects on our lives in the future, there is not a great deal of writing on the subject of cryptocurrencies. Even if there arent many rules in place yet for trading cryptocurrencies, a social media sentiment study might help fill in the gaps in our understanding of what influences bitcoin prices. In this study, we examine whether or not analyzing Twitter sentiment can reliably foretell changes in the value digital currencies. Seven of the most widely used cryptocurrencies have their own Twitter discussions and price histories gathered. After that was done, the Valence Aware Dictionary for Sentiment Reasoning was used to conduct an analysis of the datas emotional content VADER . We used the Augmented Dicky Fuller ADF , Kwiatkowski Phillips, Schmidt, and Shin KPSS , and Granger Causality tests to identify time series that were stationary. However, the bullishness ratio revealed that Ethereum and Polkadot prices were predicted despite the fact that swings in Bitcoin, Cardano, XRP, and DOGE prices tend to vary attitude. At last, we use Vector Autoregression VAR to look at the predictability of price returns, and we discover that two of the seven cryptocurrencies can have their prices predicted with a high degree of accuracy. Exactness of price forecasts for Polkadot and Ethereum, respectively, was 99.17 and 99.67 . A. Esakki Elango | E. Manohar ME | S. Vishnu Durga "Cryptocurrency Market Movement and Tendency Forecasting using Twitter Emotion and Information Quantity" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-7 | Issue-2 , April 2023, URL: https://www.ijtsrd.com.com/papers/ijtsrd55091.pdf Paper URL: https://www.ijtsrd.com.com/management/other/55091/cryptocurrency-market-movement-and-tendency-forecasting-using-twitter-emotion-and-information-quantity/a-esakki-elango
Cryptocurrency Market Movement and Tendency Forecasting using Twitter Emotion...ijtsrd
Bitcoin was initially described to the public in a paper released in 2008 under the identity Satoshi Nakamoto. The first ever Bitcoin transaction took place on January 3, 2009. Its success paved the way for the development of similar digital currencies in the years that followed. There are more than 12,500 different cryptocurrencies, according to CoinMarketcap 2021. This is mostly owing to the extraordinary volatility of the market, which drew many individuals to take an interest and participate in it in the hopes of making money. Twitter has emerged as a common meeting place for those interested in cryptocurrencies. In a noteworthy move, Twitter announced on September 23, 2021, a new feature that would enable users to tip other users using their Bitcoin Lightning wallets. In spite of the fact that this new technology may have far reaching effects on our lives in the future, there is not a great deal of writing on the subject of cryptocurrencies. Even if there arent many rules in place yet for trading cryptocurrencies, a social media sentiment study might help fill in the gaps in our understanding of what influences bitcoin prices. In this study, we examine whether or not analyzing Twitter sentiment can reliably foretell changes in the value digital currencies. Seven of the most widely used cryptocurrencies have their own Twitter discussions and price histories gathered. After that was done, the Valence Aware Dictionary for Sentiment Reasoning was used to conduct an analysis of the datas emotional content VADER . We used the Augmented Dicky Fuller ADF , Kwiatkowski Phillips, Schmidt, and Shin KPSS , and Granger Causality tests to identify time series that were stationary. However, the bullishness ratio revealed that Ethereum and Polkadot prices were predicted despite the fact that swings in Bitcoin, Cardano, XRP, and DOGE prices tend to vary attitude. At last, we use Vector Autoregression VAR to look at the predictability of price returns, and we discover that two of the seven cryptocurrencies can have their prices predicted with a high degree of accuracy. Exactness of price forecasts for Polkadot and Ethereum, respectively, was 99.17 and 99.67 . A. Esakki Elango | E. Manohar ME | S. Vishnu Durga "Cryptocurrency Market Movement and Tendency Forecasting using Twitter Emotion and Information Quantity" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-7 | Issue-2 , April 2023, URL: https://www.ijtsrd.com.com/papers/ijtsrd55091.pdf Paper URL: https://www.ijtsrd.com.com/management/other/55091/cryptocurrency-market-movement-and-tendency-forecasting-using-twitter-emotion-and-information-quantity/a-esakki-elango
Investment in Cryptocurrencies: A comparative study. International Journal of...Olawale Daniel
Technology has created a significant difference in the lives of the people due to paradigm shift from offline activities to online activities. Cryptocurrency is a digital coin money based on the concept of cryptography encryption and electronic connectivity to function. Cryptocurrency is one of the best inventions in the context of financial sector. Being a decentralised currency, it also opposes the intervention of central banks and digital currencies by them. It transforms the virtual trade market by introducing a free rein trading mechanism that operates without the involvement and regulation of a third party. Digital currencies in today’s scenario become need of the hour thus this paper compares the most prevalent cryptocurrencies of India on the basis of market capitalization rate. The paper also aims to study the key characteristics of the digital currencies.
ADOPTION OF CRYPTOCURRENCY, A NOVEL ENTRANT TO ASSET CLASS: MEASURING THE PER...IAEME Publication
The cryptocurrency market in India grew to an overwhelming stature of USD 6.6 billion in May 2021 from USD 923 million in April 2020. Cryptocurrency adoption has increased 800% since last year, according to a report by Chainalysis. Crypto assets have emerged as a new asset class. Millennials are adopting cryptocurrency as an investment avenue due to its unprecedented price appreciation. This paper explores crypto adoption using Technology Acceptance Model. A quantitative methodology utilising surveys is adopted. The perception is measured on variables: usefulness, ease of use, and security. Self- administered questionnaires were distributed among 125 millennials for data collection. Respondents were selected based on their willingness to respond. Analysis reveals that Perceived Usefulness, Perceived Ease of Investing in Cryptocurrency, and Perceived risk have a significant effect on Behavioural intention to invest in cryptocurrencies. The contribution of this research paper will help the organisations understand the end-user perception towards cryptocurrency and factors impacting its adoption, which would further assist when offering cryptocurrency services to facilitate investment in it and other transactions.
From Bitcoin to Blockchain: Industry Review April 2017 from OLMA NEXT LtdOLMA Capital Management
When the Bitcoin cryptocurrency was released in 2009, its underpinning, the blockchain distributed ledger system was the real technological breakthrough, a formulation that promises to change the basis of all types of transactions globally.
Blockchain technology has paved the way for an Internet of Transactions. Blockchain technology has already proved its worth in such areas as means of payment, interbank exchanges and international remittances. Touted as the next digital revolution, blockchain technology has the potential to transform traditional industries and alter society through disintermediation of trade. Any situation that involves an intermediary that is expensive or fallible represents an opportunity to create a blockchain application case. No industry is immune to the blockchain’s disruption potential.
In 2017, the blockchain technology is at an inflection point. The industry is in a state of transition and must move to Blockchain 2.0, which means the adoption of more sophisticated applications, such as micro-payments and smart contracts. Having outgrown its original bitcoin community, the majority of blockchain applications have yet to pass beyond the prototype stage to make blockchain technology the greatest restructuring technology of the next decade.
Pan ZhaoEngl106-I7324 March 2020Can cryptocurrencies becomemelyvalg9
Pan Zhao
Engl106-I73
24 March 2020
Can cryptocurrencies become a standard, widely accepted form of payment? Why or why not?
Cryptocurrency is a digital asset that is used as a medium of exchange like other currencies. It is used to secure financial transactions. This currency is not controlled by any central agency like other currencies are controlled by financial institutes and banks. Due to decentralized controlling system it is not the ownership of anyone. But it is extensively used by some people and earn good gains from it. This attracts the attention of people because it does not have processing fees, the return of investing in this currency is greater than any other currency. Therefore, people want that it should be accepted as a standard for payment.
Cryptocurrency is a new internet-based medium of exchange that uses a cryptographic function for any kind of financial transaction. It is based on blockchain technology that is extensively used to gain transparency, immutability, and decentralization. The distinctive feature of cryptocurrency is that it is not controlled by the central authorities of any country. Its decentralized feature makes it theoretically immune to the old ways of government interferences and control. It can be directly sent between two parties through public and private keys. Hence, only a minimum transfer fee is required to carry out this transaction. This makes it cheap as compared to traditional financial institutions that charge a huge amount on the transfer of even the minimum amount. It is now one of the globally renowned e – currency that brings sheer into the global economic system.
But this currency is still a centre of discussion due to its limited use. Critics of cryptocurrency stated that the market of cryptocurrency is going to doomed because of its lack of acceptance. Hence, to investigate this question, the research of different scholars is summarized in this paper. The literature is explored regarding the paper to persuade about the facts of this currency that will educate them on the information on this current.
The first article that I choose form literature discussed the aspects of cryptocurrency which makes it violate and create resistance to be used as a standard of payment. (Vejacka, 2014) stated that it is a virtual currency that is based on electronic communication but as per the response of policymakers and economists. Vejačka’s main claim in the paper is that due to high violation and low liquidity characteristics along with its only association with the electronic world makes this currency weak that can’t be used as payment standard. The findings of the author are based on the volatility of cryptocurrency and compared it with the volatility of commodities, main stock indices, and major currency pairs. Hence, the author used past trend analysis for the valuation of cryptocurrency and other commodities. Thus, the findings of this study show that the exchange rate volatility of cryptocurr ...
Crypto currencies usage is growing in a more connected world. The traditional banking industry is being disrupted by a decentralized network, rich in computing resources and connectivity.
Full quality version here -> https://www.scribd.com/document/333257162/Crypto-Currency-Mining-Science
Cryptocurrency - Bitcoin and the Lightning NetworkTeam 1Pr.docxmydrynan
Cryptocurrency - Bitcoin and the Lightning Network
Team 1
Project Report
By
University of the Cumberlands
Cryptography
09/29/2019
1
Table of Contents
BLOCKCHAIN
BITCOIN
ADVANTAGES & DISADVANTAGES
PROBLEMS OF BITCOIN
VOLATILITY
SCALABILITY
USABILITY
BITCOIN LIGHTNING NETWORK
TIMESTAMPING
SPECIFICATIONS AND IMPLEMENTATIONS
ADVANTAGES & DISADVANTAGES OF LIGHTNING NETWORK
CONCLUSION
Blockchain
A blockchain is a growing list of records, called blocks, that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.
Blockchain was invented by Satoshi Nakamoto in 2008.
Blockchain is considered as the most fundamental and most important aspect of Bitcoin. The blockchain is a distributed database of records of all transactions or digital event that have been executed and shared among participating parties which contains every single record of each transaction. Blockchain Technology first came to light when a person or Group of individuals name ‘Satoshi Nakamoto’ published a white paper on “BitCoin: A peer to peer electronic cash system in 2008. Blockchain Technology Records Transaction in Digital Ledger which is distributed over the Network thus making it incorruptible. Anything of value like Land Assets, Cars, etc. can be recorded on Blockchain as a Transaction.” (Gupta, 2019)
3
Bitcoin
Bitcoin (₿) is a cryptocurrency. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.
How it works?
Bitcoin (₿) is a type of cryptocurrency. It is a digital currency that is decentralized and works without a central repository (bank) or an administrator. Funds can be sent from one user to another on the peer-to-peer bitcoin network.
“Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.” (Bitcoin, 2019)
4
Advantages
1. Greater Liquidity Relative to Other Cryptocurrencies
Bitcoin in the most popular cryptocurrency, that has greater liquidity than its peers. This allows users to retain most of its inherent value when converting to fiat currencies, such as the U.S. dollar and euro. On the other hand, most other cryptocurrencies either can’t be exchanged directly for fiat currencies or lose substantial value during such exchanges.
2. Increasingly Wide Acceptance as a Payment Method
Most of the merchants accept Bitcoin payments, it’s possible to buy virtually any physical item using Bitcoin units. Bitcoin’s growing mainstream acceptance is likely to be a big help, if you’re serious abou.
Investing in Cryptocurrency.
Bitcoin is back in the headlines after a three-year respite. It’s discussed on CNBC
daily, and political figures, financial gurus and regulatory officials are repeatedly
asked for their opinion. At this point, much attention has been focused on what
Bitcoin is and how it works, but that in some ways, is the easy part. Assuming the
underlying blockchain technology works, is Bitcoin or any other of the
cryptocurrencies something investors should consider for their portfolios? That’s
the more difficult question.
Bitcoin is a decentralized electronic cash system using peer-to-peer networking to enable payments between parties without relying on mutual trust. It was first described in a paper by Satoshi Nakamoto (widely presumed to be a pseudonym) in 2008. Payments are made in bitcoins (BTC's), which are digital coins issued and transferred by the Bitcoin network.
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Bitcoin Desk Clock
1. See discussions, stats, and author profiles for this publication at: https://www.researchgate.net/publication/343675556
Bitcoin and Cryptocurrency: Challenges, Opportunities and Future Works
Article in Journal of Asian Finance Economics and Business · August 2020
DOI: 10.13106/jafeb.2020.vol7.no8.695
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696
(Ciaian et al., 2016; Kristoufek; 2013; Hong, 2017) and as
for alternative instrument for a country’s bailout mechanism
(Bouri et al., 2017) and use for employees’ wages (Angel
McCabe, 2015). Despite that, there are also researchers
pointing on the risk and drawbacks of using this digital coin,
in term of lack of regulation (Cheung et al., 2015; Böhme
et al., 2015), high electricity bill due to energy consumption
(Hayes, 2017; Vranken, 2017), lack of security (Bradbury,
2013; Conte De Leon et al., 2017) and other issues such
as anonymity (Androulaki et al., 2013) and switching cost
(Luther, 2015).
1.1. Background and History
Nakamoto introduced Bitcoin in 2009 and had initially
brought up 50 Bitcoin in circulation. In this early phase, the
hype was taken lightly only from the computer enthusiasts
around the world (Wallace, 2011). In 2010, Mt Gox, a
Japanese company had created a platform in using Bitcoin
as trading mechanism with 20 coins changing hand at 4.951
cents. The total volume was approximately one U.S dollar.
As the use of Bitcoin had increased, the price had escalated
tremendously, and at the time this paper was written, the
price had surged drastically to U.S dollar of 6,777 (Bitcoin
Chart, 2018).
According to Bohme et al (2015), the basis of the bitcoin
value is based on scarcity. It serves as the foundation to put
a value to any form of money. In the current practice of
using the fiat currency, the monetary authority or the central
bank hold and reserve the money. Central bank of a country
has the power in adjusting the circulation of money and its
absolute quantity. The bank is able to produce only limited
amount of these paper money for regulating fiscal economic
of a country, therefore creating scarcity. This scarcity will be
recorded in the bank bookkeeping and will be preserved by
the legal rules.
The big question that arise as Bitcoin was introduced, are
these cryptocurrencies considered as real money? According
to Ali et al. (2014), the history has outlined that money
must have the following criteria: (1) A store of value. It is
a purchasing power that users can manipulate to buy goods
in the current time to the future. (2) A medium of exchange.
The ability to make payments and (3) A unit of account. The
value that can be measured of any goods for sale. Money
theoretically must meet all these criteria but it is not always
the case. Analyzing Bitcoin and other cryptocurrency in
their current form, all the three criteria are debatable. One
can postulate that it does have a store value due to the ability
for purchasing power, but due to uncertainty, one cannot
estimate whether Bitcoin can be used in the future as it is
being used now. For medium of exchange, some can justify
that cryptocurrency can be used for a medium of exchange,
but to others the goods that can be exchanged are limited.
If all these three criteria are set to be the pre-requirement
for any commodity to be given the stature of money,
therefore it should be accepted within the context of its use
and application. Radford (1945) reported that cigarettes
met all these criteria during the hard time of World War 2
where prisoners in war camps used it for transaction. Further
back in time, cooking salt can be regarded as having value
in the time of Roman empire where the troops wages were
paid in salt. As for cryptocurrency, it can be regarded as
money to people who are computer and internet enabled.
The problem lies on the fact that only a small fraction of
the people worldwide has the access to internet devices.
Therefore, within this context, similar to the prisoner in
the war camp and the Roman troops, cryptocurrency only
is limited to those having access to the internet. Ali et al.
(2014) reported that only about 20,000 Bitcoin holders in the
United Kingdom with only 300 transactions each day. This
number would be even smaller in emerging and developing
countries due to the lack of internet access.
Bohme et al. (2015) suggested that cryptocurrency,
particularly Bitcoin is more of a platform for payment
rather than currency due to its real time convertible to a
conventional currency in fixed value. This cryptocurrency is
different from other assets in term of its portfolio analysis,
risk management and sentiment analysis (Dyhrberg, 2016).
Compared to other assets such as gold, property, stocks and
equity, cryptocurrency does possess similar portfolio in term
of having certain value. Cryptocurrency however, resembles
people’s sentiment as when the value elevates with more
and more people willing to accept them as payment.
These differences create various opportunities to the
market where investors and stakeholders alike can benefit
from it. Therefore, to acknowledge cryptocurrency as the
replacement for the fiat money in today’s economics is still
premature and requires further understanding in application,
theoretically and practically.
1.2. Mining and the Blockchain System
How was cryptocurrency initially gained or received?
As to fiat money, it is issued by the central bank, while
cryptocurrency is created by mining via the blockchain using
cryptography technology. This is the method of issuing new
cryptocurrency. The blockchain system consisting of users,
developers, miners, node maintainers and the interactions
that ensure the functionality of the distributed ledgers
(Dos Santos, 2017). Such mining process requires miners
to have capital expenses in purchasing the software and
hardware. The software includes GUIMiner, BFGminer
and CGminer are the examples used in Bitcoin mining
(Kethineni et al., 2017). While the hardware’s are AntMiner,
Avalon and ASICMiner. Mining of other currencies that uses
many different algorithm requires the use of high-end and
4. Muhammad Ashraf FAUZI, Norazha PAIMAN, Zarina OTHMAN / Journal of Asian Finance, Economics and Business Vol 7 No 8 (2020) 695–704 697
high-speed graphic cards. For a new miner, one needs to
register a wallet and an encrypted banking online that can
store and accept the cryptocurrency (Kethineni et al., 2017).
When a miner is able to solve the puzzle in the blockchain
system, the digital coins will be rewarded and transferred to
the wallet that has been predetermined earlier.
According to many of the cryptocurrency protocols,
the way mining works is by validating transaction by
linking to the block that was accepted earlier (O’Dwyer
Malone, 2014). The blockchain technology will record every
transaction in its unit (Eyal Sirer, 2014). A unique ID is
assigned on each block and the block preceding it. This is
called the proof of work protocol. Proof of work is a protocol
of verifying a transaction and informing others about it. Users
or miners have to do work in validating or proofing that they
are the real identities. These works revolve around algorithm
and puzzle that can be solved by computers mathematical
process (Tschorsch Scheuermann, 2016). Proof of work
adapted in cryptocurrency working principle is to replace the
centralized payment system imposed by the banking system.
The main basis of this system is to charge the user i.e. the
service requester in solving a problem that is considered
to be hard to solve compared to verifying it (Becker et al.,
2013). By this, proof of work principle would be able to limit
the access to any given service in mining and trading the
cryptocurrency.
Miners would have to solve the puzzle embedded in
the block, which contain the hash of the previous block,
the current block transaction hash and address that will be
rewarded after the puzzle is solved. This is the basic of the
mining process. This in turn created a block chain, a trace of
the transaction that happened. This blockchain technology
will prevent any fraudsters to double spend of cryptocurrency
by tampering the transactions in the ledger (Vranken, 2017).
2. Critics of Cryptocurrency
There have been considerable critics of cryptocurrency,
one of them is whether it is a form of an asset currency. In
its current form, having the ability to perform monetary
transaction, according to Kim (2017), bitcoin and
cryptocurrencies are much closer and meet the definition of
currency. Even though cryptocurrencies do have complete
criteria of the three main characteristics of currency which
are store value, unit of account and method of transaction, it
does have majority of the elements.
2.1. Opportunities and Advantages
Being a relatively new commodity, the opportunities of
cryptocurrency looks promising. Despite having escalated
in term of its price and value, the fruits and the future
opportunities are still being sought after. The following
discusses on the realistic opportunities of cryptocurrency for
the users, investors and including the government.
2.1.1. Secure Technology
The blockchain is deemed to be one of the best platforms
and most sophisticated technology since the discovery of
the internet. It provides efficiency for online transaction,
in term of its security and confidentiality. Ying et al.
(2018) in their case study they concluded that, apart from
enabling the use of cryptocurrency, the blockchain is able
to protect confidential information and also eliminate the
intermediation from any institutions. Even though there
were reports stating that Bitcoin was found to reveal 40% of
the user’s identity (Androulaki et al., 2013). This report was
claimed after the users had followed the recommendation
set by Bitcoin. This issue of identity privacy is important
based on the features of the cryptocurrency that protect the
user’s profile by decentralizing system. Two flaws in this
study is that it does not use actual blockchain system but
simulation, and the simulation was only done in one faculty
only consisting of students. Other than this, no other studies
up to author’s reading that have revealed the flaws of using
Bitcoin and cryptocurrency that exposed the risk of exposing
user’s personal information
One of the risks in owning digital coins is double
transaction, which means somebody is able to issue two
transactions parallel by granting the same coin to two
different recipients (Tschorsch Scheuermann, 2016).
In the case of centralized and online transaction, the bank
operational system is able to detect such suspicious activity.
The blockchain technology is very secured. Fraudsters will
not be able to commit such crime because one cannot change
nor validate several ledgers at the same time (Bariviera et al.,
2017). According to a claim by Bentov et al. (2014), security
of the cryptocurrency can be broken if fraudsters are able to
control a huge amount stake in the proof of work hash power.
Hash power is the computing power controlling
capability. Khatwani (2018) stated that hash power is the
power needed by the cryptocurrency network to be function
continuously. The hash power is counted in an average
of 10 minutes that power is consumed. By controlling
majority of the stake in the proof of work, fraudsters can
double-spend on the same block by secretly preparing the
blockchain branch beforehand prior broadcasting it to the
chain network. Theoretically, fraud can be done in a large
scale provided that fraudsters are able to control at certain
percentage of the hash power. From the Bitcoin’s algorithm
of binomial random walk, fraudster is able to double spend if
they control 51% of the computing power (Shi, 2016). In the
proof of work protocol, the verification of whether there is
double transaction or not is based solely on the hash power,
instead the possibility of multiple fake identities (Tschorsch
5. Muhammad Ashraf FAUZI, Norazha PAIMAN, Zarina OTHMAN / Journal of Asian Finance, Economics and Business Vol 7 No 8 (2020) 695–704
698
Scheuermann, 2016). This has ensured that the issue of
fraudsters being able to control majority of the hash power is
undermining by the verification of other method rather than
relying solely on the hash power. The assumption is that it
is much more difficult in controlling majority of the system
hash power than controlling the identities of the majority.
Cryptocurrency algorithm is more secured and is
better than using credit cards. Even though it is still
understudied, cryptocurrency has much lower processing
fees with the secure transaction it provides. Van Alstyne
(2014) explained that using cryptocurrency is more secure
when doing transaction. The mechanism of transferring
cryptocurrency is by authentication by the buyers and
sellers. The authentication between both parties will
prevent fraudsters in forging any new transaction or
delaying any refund transaction. Compared to credit card,
these forge had happened and will continue to persist due to
its mechanism (Van Alstyne, 2014). The technology behind
credit card transaction is working within the cardholder,
merchant, merchant bank, credit card network, issuing
bank and service provider (Papadimitriou, 2009). For any
single transaction, the process is more complicated than
meets the eye. It has to go through to all these entities
before a transaction can be finalized. Fraudsters and
opportunity for committing fraud can exist in any of these
stages. Even though certain measures have been taken in
reducing credit card fraud (Van Vlasselaer et al., 2014), the
system is more vulnerable when compared to blockchain.
The system applied by the credit card technology is still
not secure as the cryptography technology possess by the
cryptocurrency.
Dos Santos (2017) stated that despite algorithmically
complicated, the blockchain system is not complex. The
complexity only exists in the node and mathematical puzzle
that will be solved by the mining process. Other than that,
the blockchain technology provides useful functions to
all users. It is unlikely to precede to chaotic system based
on the resilience and irreversibility. The records of digital
documents online and identification is well preserved within
the blockchain system for now and the near future (Dos
Santos, 2017).
2.1.2. Cost of Transaction
Throughout history, people have been using some kind
of monetary form for day-to-day transaction. As early as a
trading system, the barter system had got the business going,
where people exchanged or bartered their goods, with the
agreement from both sides. As the time changes, the fiat
money was designed for people to trade with ease, without
having to bring big commodities to trade.As the world enters
the 21st century, the cryptocurrency has taken the market by
storm. There have been big multinational companies using
Bitcoin as their form of currency, and even using it to pay the
employees monthly wages (Angel McCabe, 2015).
As the current cost of transaction, cryptocurrency
and Bitcoin transaction charges are lower compared to
other normal currencies. With the prominent features of
cryptocurrency, decentralized and deregulated, accounted
to its low cost of transaction (Kim, 2017). There have been
considerable issues in the current payment system that is
being practiced by credit and payroll cards. The interest
being charged for users who default on their payments is way
too high and that can jeopardize a user into financial despair
(Angel McCabe, 2015). This has not been the case for
cryptocurrency, where trading occurs when end to end users
agreed and only then will remittance of money be made.
In addition, cryptocurrency can be operated for 24 hours
a day, 7 days a week throughout the year. The data pricing
is available instantly whereby anyone in the world can trade
without any cost as long as the internet is accessible (Pieter
Vivanco, 2017). As the world is bombarded with recent
development of the internet of things (IoT) and reliance on
big data, having the ability to trade without time limitation
is an ease for users. This method of payment would facilitate
the younger generation who are in the future are expected to
become business owners and working within their own time
frame, without having to attach with conventional working
hours. This way of trading is also suitable for the internet
savvy without having to fork out additional cost that comes
with using other payment system.
2.1.3. High Return
The distinctive features of cryptocurrency and its ability
to suit to economic function making it a unique asset (Briere
et al., 2015). History shows that Bitcoin is a very volatile
currency but having substantial return for investors. Apart
from that, Bitcoin risk is low due to its proportion in many
and diversified portfolios. As known to investors, to make
profit from investment is by purchasing any commodities at
low price and sell at high. For those who had been holding
Bitcoin in its early days of introduction, they may have raked
in and profited from 1000-10000 percent of profit from what
they had invested (Bohme et al., 2015).
Ciaian et al. (2016) studied on both the traditional
currency determinants of supply and demand, and the
modern indicator such as currency attractiveness. He also
studied on the interaction between the determinants of price.
It is posited that due to the demand of the market, the price
of Bitcoin per se will be increased particularly when the
supply of Bitcoin in circulation is larger than what it is now.
After every four years when the amount of the Bitcoin will
be halved, it indicates lesser new Bitcoin will be introduced,
hence will be more stable. The scarcity of Bitcoin will only
make the price higher, apart being the major currency used
6. Muhammad Ashraf FAUZI, Norazha PAIMAN, Zarina OTHMAN / Journal of Asian Finance, Economics and Business Vol 7 No 8 (2020) 695–704 699
in a worldwide trading. At this stable period, Bitcoin will be
demanded by investors and users alike. Kristoufek (2013)
has shown that the price of Bitcoin has risen, parallel with
the queries search on Wikipedia and Google Trends. It shows
that the relationship of the search queries and Bitcoin price
is co-related. This indicates that as the mass gets to know
the existence of cryptocurrency, and how it can benefit them
in such a way, the price will reasonably be higher. In the
near future, when more people are computer and internet
oriented, the price of cryptocurrency will be stabilized and
thus people who had held on to their coins will reap the fruits
of their investment.
The use of cryptocurrency is simply like the use of fiat
money or by using credit cards in purchasing legitimate goods
from retailers. Apart from that, Wingfield (2013) suggests
that Bitcoin can be used for wider purposes. The popularity of
cryptocurrency, Bitcoin in particular was further accelerated
due to several particular events that implied on its usability
such as in the banking crisis in Cyprus from 2012 to 2013
and the European sovereign debt crisis (ESDC) of 2010-
2013 (Bouri et al., 2017). Cyprus had taken the steps in using
cryptocurrency into taking a bailout by making levy on bank
deposits. This is due to the insecurity of using traditional
deposits (Luther Salter, 2017).
Ha and Moon (2018) adapted a genetic programming in
evaluating the profit pattern in investing in cryptocurrency.
The finding shows that there were frequent and profitable
signals in the pattern from the analysis. It was further
simulated in trading with the pattern and the signals shows it
canbeprofitableforanygivenportfolioofthecryptocurrency.
Hong (2017) found that Bitcoin return was significant using
time series momentum. For a continuous 8 weeks, it was
found that there was a strong return on Bitcoin. Based on
the famous asset theories, the prediction was proven by the
evidence of empirical return continuation and reversal with
the predictability of the time series. As discussed, due to
the volatility of the cryptocurrencies, Bitcoin’s time length
continuation and reversal were shorter as compared to another
asset. Institutional investors can gain profit by investing in
Bitcoin contemplating with their portfolio as such in equities.
2.2. Challenges
Despite the opportunities in cryptocurrency, there are still
many challenges waiting to be faced by the cryptocurrency.
Onlookersandnewinvestorshaveprobablytakenprecautious
step whether to invest heavily or not is because the risk and
challenges pose by trading and investing in cryptocurrency.
2.2.1. Law
As the fiat money is concerned, it is safe for users to
use since it is regulated by the central bank of a country.
Every policy and the outcome of a country’s monetary
stand is within the full authority of the central bank. As for
cryptocurrency, anyone can have multiple account, with no
cost to create it. No proper centralized vetting procedures
and also not compulsory to use their real name (Böhme
et al., 2015). This process is rather vague where the notion
of illegal activities behind all the cryptocurrency registration
and trading might be a hoax in some way or another. Being
anonymous on the web is the perfect ground for criminals
and fraudsters in committing their action. Cybercriminals
would use this trading platform to perform their illegitimate
activities and to the extent of scamming and cheating.
Kethineni et al. (2017) believe that cryptocurrency is more
likely to be used by criminals in engaging with frauds such
as money laundering and drug trafficking. Despite the
blockchain technology is invented to facilitate users around
the world with easiness, criminals will always find ways to
make profit.
Previously, some regulatory authorities had declined
in endorsing Bitcoin as a currency for example in China
(Cheung et al., 2015). China had banned the application of
Bitcoin or any other digital currencies in financial institutions
and any forms of business. This action taken by the authority
is understandable because cryptocurrency trading and
business activities cannot be traced on its trading platform
and the anonymity of the personnel involved. Even though
some countries supported the use of digital currency, China
might have banned it due to its potential in rising economy
and being as one of world’s economic superpowers.
2.2.2. Electricity Bills
Apart from the initial cost of investing in the hardware,
other main expense a miner has to pay is the consumption
of energy (Hayes, 2017). It has been found that mining the
digital currency has taken up more electricity bills compared
to the rewards granted by solving a block (O’Dwyer
Malone, 2014). The mining of cryptocurrency has taken a
huge energy. The cost of mining differs from the hardware
performance. It is reported that the generation of electricity
from mining cryptocurrencies ranging from 10MW
(equivalent to a small power plant) to 3-6 GW (the estimated
energy consumes by small to medium size country such as
Bangladesh and Denmark) (Vranken, 2017).
Vranken (2017) stressed on the sustainability aspect
of cryptocurrencies. He explored that the proof of work in
mining these digital currencies is consuming high energy
and requires intensive computer capabilities. Nevertheless,
these sophisticated computers which include CPUs, GPUs
is necessary in mining within the blockchain to prevent
double spending that revolve around the security aspect. It
is expected that the mining activities will be slowed down
within the next decade, and only those with a substantial
7. Muhammad Ashraf FAUZI, Norazha PAIMAN, Zarina OTHMAN / Journal of Asian Finance, Economics and Business Vol 7 No 8 (2020) 695–704
700
up-to-date hardware will survive in the mining business and
the ability to reduce cost of electricity consumption.
Becker et al. (2013) encapsulated the cost of mining
cryptocurrency. Due to a vast majority of these currencies
adapting proof of work, it requires consuming large amount
of power due to the mathematical work by the hardware
involved. This is especially harmful in large scale mining
activities. This in turn, will make mining cryptocurrency as
the villain contributing to emission of carbon dioxide and
would destroy the earth through global warming. More
studies on the effect of cryptocurrency on the environment
should be studied. It is not worth sacrificing the earth for a
short-term profit. If proven that the mining process would do
more harm than good, the governments or even the United
Nation should intervene in ensuring the environment will not
be jeopardized.
2.2.3. Crash and Bubble
According to Fama (1970) an efficient market is where
past information is available that can fully reflect the prices
of its history. Cryptocurrency is said to be a weak form of
commodity because investors are not able to predict the
future prospect because there is no available information
from the past (Urquhart, 2016). This is true since the
inception of cryptocurrency has only emerged in 2009,
nearly a decade ago. An investment in this short length of
time surely has no past records and investors cannot rely on
the history to ensure the investment can be profitable. Fry
and Cheah (2015) and Urquhart (2016) postulated that, if
cryptocurrency have true form of account and storing value,
it would not be so volatile. Such as facing risk of crashes
and bubbles. It is anticipated that cryptocurrency would
reach its bubble face in the near future. Despite this, no real
bubble that would ultimately diminish Bitcoin or any other
cryptocurrency had actually happened.
The volatility returns for monthly average for
cryptocurrency as in Bitcoin is much higher gold. On
the other hand, the monthly highest volatilities for gold
and other currencies are higher than the lowest monthly
volatilities for Bitcoin (Dwyer, 2015). This volatility in
Bitcoin provides the indication that cryptocurrency would
be a non-confidence commodity for long term investment.
It provides the opportunity for bubble and crash to happen
according to this trend of volatility according to Dwyer
(2015). Cheung et al. (2015) had investigated that Bitcoin
had suffered three big bubbles burst from 2011 to 2013
which had prolonged from 66 to 106 days. The biggest
scandal in this bubble tragedy had cost the Mt Gox exchange
(Yermack, 2013).
Prior research has shown that speculation can lead
to assets being destabilized (Blau, 2018). The volatility
possessed by Bitcoin price shows that it is driven by
trading marred by speculation. The speculation can possibly
eliminate its status as viable currency. The price of Bitcoin
in its early trading price was only a few cents, had climbed
to $1,132.26 towards the end of 2013. Few months later
the price plunged nearly 60% (Blau, 2018). This was a
clear sign of asset bubble. Due to only limited people using
Bitcoin as the main cryptocurrency today, it is difficult to
assess it as fair a value (Bariviera et al., 2017). There is no
account required to trade Bitcoin without any interest rates.
Worldwide, there are approximately less than 9000 retailers
who accept Bitcoin as mode of payment (Yermack, 2013).
This uncertain application of Bitcoin might lead to scam and
other scheme that can lead to lost in monetary investment.
Investors would like to make profits from cryptocurrency,
seeking for their potentially saving them from any risks of
speculation (Li et al., 2018). It is anticipated that bubbles
would eventually occur when the authorities and economic
policy intervene by not favoring the cryptocurrency, as
evident from the minor Bitcoin bubble burst in several cases
reported above.
2.2.4. Attack on network
Kshetri (2017) posited that technology of the blockchain
having decentralized feature has low susceptibility and
security. It opens the door to manipulation and forgery. The
blockchain technology has many challenges regarding its
identity and access management system related to Internet
of Things (IoT). The mining activities using pool creation
are vulnerable to two types of attack. It is either by malicious
pool members or pool operators. A Sybil attack targeting on
the network can be done by the malicious pool operators by
combining the resources in their pool. While malicious pool
members can potentially increase the computational power in
a particular mining pools and later in the future, destabilize it.
These users hop from one pool to another in order to sabotage
the pools mining returns and withholding the effectiveness of
the mined block (Conte De Leon et al., 2017).
Another shortcoming of cryptocurrency is the attack
on the code-based. The founder, Nakamoto’s coding of
the network is open for bug attack. This network is now
maintained by a core group on the open source through the
Github. An attack had already happened in June 2013, where
the Bitcoin nodes were attacked by an unknown attacker on
its path that relayed the information on the network that did
not involve in mining activities (Bradbury, 2013). As the
history showed, future attack on the blockchain network is
imminent. Although being successful so far, fraudsters will
eventually find ways to attack on the cryptography network
of the blockchain, if this issue of vulnerability is not earnestly
addressed.
8. Muhammad Ashraf FAUZI, Norazha PAIMAN, Zarina OTHMAN / Journal of Asian Finance, Economics and Business Vol 7 No 8 (2020) 695–704 701
Future research on reducing the 51% attack on the
blockchain mining network should be further enhanced
(Shi, 2016). The security protocol should be better, if not the
same than the conventional centralized banking system in
protecting the customer’s monetary assets. Security aspect
of users warrants the ground-breaking testimonial from the
players in this new industry so that the confidence and trust
of the blockchain technology would allow it to be the norm
for users in doing their daily transaction via the internet.
In reducing the cost of mining the currency, a proof of
stake would provide lesser energy consumption in mining
these digital coins (Vranken, 2017). In proof of stake
methodology, a person needs to validate the coins that they
own and the amount possessed. The person needs to create
a transaction of their coins that they send to their account as
a reward with the information of predefined percentage. The
proof of stake resembles a raffle-like scheme that provide the
same chance for all miners. Furthermore, a hybrid method
that consists of both proof of work and proof of stake had
been suggested, by rewarding fraction of the proof of work
to all nodes that are active and at the same time the stake
determines the ticket gained to all raffle. Bentove et al.
(2014) suggested Proof of Activity (PoA) that combines
the proof of work and proof of stake. In PoA, the activity
term refers to active users that maintain the full online node
and the one that should be rewarded. Contrarily, in proof of
stake, offline users can still accumulate the coins over time
and this can lead to double spending of the same block. PoA
provides much better security in facing future threat on the
cryptocurrency. It has a bigger storage space and the network
communication permits low penalty. Plus, PoA also has low
transaction fees, consuming less energy and the topology of
the network can be improvised. Thus, PoA alternative serve
as a better platform for cryptocurrency due to its ability to
fend of double spending and most importantly the cost in
acquiring the cryptocurrency compared to proof of work.
The market has been plunged with many new
cryptocurrencies that had already made it into the market and
there are many still waiting to be released. There have been
manyemergingcurrenciesthatarechallengingandcompeting
Bitcoin in term of its price and market capitalization. Even
though at the time of writing, only Ethereum and Ripple
had reached three figure prices. Bornholdt and Sneppen
(2014) proposed a model called Moran process on new
emerging cryptocurrency. The model does simulation on the
market where the currencies are traded. The model is able
to simulate the constant rate of new mined coins, trading
activities of the agents and the communication among
users trading on the markets (Cocco et al., 2017). All the
currencies are interchangeable among themselves, with the
acknowledgement of the account holders. It was also found
that Bitcoin can be traded with other coins and the future
might see that the highly warranted Bitcoin be replaced
3. Discussion
The critics surrounding cryptocurrency have been raised
since the first day of its inception. The illegal activity
accusation of cryptocurrency was realized when the Silk
Road scandal has stopped its operation by the FBI. Silk
Road was a popular market where users trade using Bitcoin.
Silk Road was accused as a platform for business involving
drug and other illegal activities. But, according to Alstyne
(2014), the shutdown of Silk Road was not the fault of
Blockchain nor cryptocurrency. Instead, it was the criminals
and fraudster who had exploited this technology for their
own lust for profits, just like other platform that can benefit
them. The second such case was the Mt Gox where it has lost
money summed up to 350 million dollars (McMillan, 2014).
One would have imagined, before a system is fully
developed and becomes a trustworthy and robust technology,
time factor is a huge consideration. Cryptocurrency requires
ample time before it can be used and applied by the mass
people throughout the world. Even Paypal, the electronic
payment system that was introduced in the year 1999 had
several times been the target for fraudsters. It had actually
been attacked at least 5 times after being fully robust and
had established as an efficient and trustworthy electronic
payment system in the world (Jackson Grey, 2014).
As the history of the Bitcoin is concerned, the bubbles
are affected by the speculation and price drop was affected
by the intervention by the government and central monetary
agencies. Therefore, for the interest of the public in
anticipating the benefits of the cryptocurrency, government
should make a proper policies and regulation that can
safeguard the public interest as well as main players in the
economic market. A stabilized market would ensure that the
fiscal policy of a country can be balanced without subduing
the interaction from the central bank. All this depends on
how the government acts on the current cryptocurrency
market, either favoring or diminishing its existence once and
for all.
4.
Improvement and Future Work on
Cryptocurrencies
It is undeniable that the emergence of cryptocurrency
will play a significant role in the world’s economic fabric. It
is the fact that every economist, researchers, investors alike
has to act and considerable measures to strengthen their
knowledge on the blockchain technology in general (Fauzi
et al., 2019; Fauzi et al., 2018a). As cryptocurrency has not
yet reached maturity in term of time frame, further studies on
its technology, potential and risk should be studied to ensure
that the opportunities are not just a mere fluke. Also, the
upcoming challenges do not mitigate stakeholders into the
doldrums of financial failures.
9. Muhammad Ashraf FAUZI, Norazha PAIMAN, Zarina OTHMAN / Journal of Asian Finance, Economics and Business Vol 7 No 8 (2020) 695–704
702
by other fascinating coins that may have better features.
Therefore, studying on these features such as security, return
on investment and low mining cost can determine which of
the new and emerging digital coin can replace Bitcoin in the
near futures.
Future work on using the proof of work has been
discussed in Becker et al. (2013). One of it is to maximize
the byproduct of the proof of work by reusing it. Reusing
this byproduct in the sense that the resource in solving any
mathematical puzzle by an already awarded user can reuse
it by rewarding other user from the formulated solved
problem. Another suggestion is to use the energy generated
by the mining process from electrical energy to heat energy.
This can be realized in cold climate countries, where the
considerably high heat energy released from the computation
of solving the mathematical puzzle can be used to heat
residential houses and other household chores requiring heat
energy.
Dyhrberg (2016) has found that Bitcoin is able to hedge
against the financial stock market and the US dollars. It
was posited that similar to gold that does not depend on
the central authority, Bitcoin can diminish any risk in the
market. In the short term, Bitcoin’s active trading frequency
among users enables it by showing the hedging capabilities.
This indicates that Bitcoin has a clear and potential in the
portfolio analysis of the world stock market, as well as its
low risk management. Dyhrberg (2016) further suggests
that Bitcoin and gold are efficient instrument in reducing
the risk in investment. Although this statement is still rather
premature in valuing Bitcoin as the same par as gold, the
potential is there and opens the floodgate to the possibility
for future research.
It is realized that having considerable knowledge in the
blockchain technology would be essential in controlling
the negative impact of using cryptocurrency in day-to-day
activities (Fauzi, 2019). Hence, expertise in this field should
collaborate with policy makers and the government agencies
in making regulations and policies pertaining to a country’s
stand in using cryptocurrency. Knowledge management
among industry players and researchers should be enhanced
to make the people understand the potential and risk in
using cryptocurrency. Even experts from the institution of
higher learning should be engaged with the public as they
have the knowledge resource that facilitating the community
in having better knowledge on certain issues (Fauzi et al.,
2018b).
5. Conclusion
Cryptocurrencies are here to stay. The future of trading
lies well with new emerging technologies that are able to
benefit mankind. Needless to say that, users and industry
player can evaluate whether cryptocurrency can benefit
or harm them, in accordance with their objectives and
perspectives in owning it. This paper has reviewed the
opportunities in cryptocurrency in term of its security of its
technology, low transaction cost and high investment return.
For the challenges, the discussion revolved around law and
regulation, high energy consumption, possibility of crash and
bubble, and attacks on network. The improvement and future
work on cryptocurrency include improving the security
protocol, working on proof of activity, using the byproduct
of proof of work and applying the knowledge management
system. Looking at the positive outlook of the blockchain
technology and the prospect of government in regulating
cryptocurrency, more in-depth studies on several aspects
of cryptocurrency should be done. Taking the opportunities
from part of the pie in the cryptocurrency and blockchain
technology can be beneficial for researchers. From then,
application in using cryptocurrency in the best of its ability
would be one of the most prominent discoveries in the 21st
century.
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