This document provides an overview of Bitcoin, including:
- Bitcoin is a cryptocurrency based on peer-to-peer networks that allows for anonymous and low-cost cross-border transactions.
- Regulators face unique challenges in regulating Bitcoin due to its complex computer code and decentralized structure without a central authority.
- While Bitcoin provides benefits like low transaction fees, it has also been used for illegal activities due to its anonymity, which is a concern for regulators.
What is bitcoin? How does it work? How can you make money out of it? The bitcoin basics for Filipinos who want to understand and invest in the new digital currency.
Bitcoin is a digital currency created in 2009. It follows the ideas set out in a white paper by the mysterious Satoshi Nakamoto,Bitcoin is a decentralised electronic currency which is not backed by any other currency as it is a stand-alone currency traded against other currencies.
Welcome to our channel,
A cryptocurrency (or cryptocurrency) is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions,
control the creation of additional units, and verify the transfer of assets. Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems. This channel was created to share news and opportunities related to crypto space.
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what's cryptocurrency all about?
What's cryptocurrency?
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Bit Coin is the only one of the global online currency. This Presentation mainly about on bitcoin works,how created bitcoin,who is control this,exchanges of this coins,who is established this type of coin.
What is bitcoin? How does it work? How can you make money out of it? The bitcoin basics for Filipinos who want to understand and invest in the new digital currency.
Bitcoin is a digital currency created in 2009. It follows the ideas set out in a white paper by the mysterious Satoshi Nakamoto,Bitcoin is a decentralised electronic currency which is not backed by any other currency as it is a stand-alone currency traded against other currencies.
Welcome to our channel,
A cryptocurrency (or cryptocurrency) is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions,
control the creation of additional units, and verify the transfer of assets. Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems. This channel was created to share news and opportunities related to crypto space.
Check our website: https://www.everythingcrypto.club/
Join our private channel group: http://bit.ly/2YoWzFr
Follow us on social media :
Youtube : https://bit.ly/3bkoeiE
Instagram: https://www.instagram.com/everythingincrypto
Telegram : https://t.me/everythingincrypto
vkontakte : https://vk.com/public184024328
Twitter : https://twitter.com/everythingcryp5
Medium : https://medium.com/everythingincrypto
Linkedin: https://www.linkedin.com/company/everythingcrypto
what's cryptocurrency all about?
What's cryptocurrency?
What does cryptocurrency mean?
What does crypto mean?
#everythingcrypto #whatscryptocurrency #cryptocurrency #bitcoin #crypto #ethereum #freecrypto #freebitcoin #earnfreetoken #earnfreebitcoin
Bit Coin is the only one of the global online currency. This Presentation mainly about on bitcoin works,how created bitcoin,who is control this,exchanges of this coins,who is established this type of coin.
This Presentation gives an Overview of the Bitcoin Technology used today to make online transactions possible which are very secure, fast and tax-free. This shows the future scope of the Bitcoins.
This article contains information about history of Bitcoin cryptocurrency. What is Bitcoin? Whom was it created by? This article resumes the whole history of Bitcoin since 2008 to 2018.
It was my first presentation on cryptocurrency during my sophomore year in college. This presentation covers the basic understanding of cryptocurrency, working of cryptocurrency, bitcoin, blockchain and it's the difference between normal currency and cryptocurrency.
Learn the process of fast and secure transactions using content-ready Bitcoin PowerPoint Presentation Slides. Highlight the concept to the audience of decentralized network that lets you the transfer of digital values such as currency and data. Incorporate ready-made bitcoin PPT templates for various topics such as bitcoin contract blockchain process, pillars of blockchain technology, sending receiving money over bitcoin, blockchain peer-to-peer verification, blockchain bitcoin master plan, and more. This deck comprises of topics such as working of a distributed ledger, smart contract, privacy, use cases, industrial blockchain benefits, blockchain limitations, etc. These templates are completely customizable. Edit color, icon, text and font size of the templates as per your need. Get access to the cryptocurrency blockchain PowerPoint presentation graphics to make your audience understand the concept of digital cash and cash electronic system. Analysts, investors, businessmen and someone who wants to invest in bitcoin should get access to this complete bitcoin PowerPoint presentation to comprehend this form of investment. Our Bitcoin Powerpoint Presentation Slides focus on concerted effort. They help build a harmonious group.
Is cryptocurrency really the future of money? Bitcoin is the first and most famous cryptocurrency that exploded in late 2013 when the price per Bitcoin exceeded $1200. This is an explanation of what cryptocurrency is and how payments are processed
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
What is cryptocurrency?, Blockchain, Bitcoin, Bitcoin Mining, Facts about Bitcoin Different types of cryptocurrencies, Cryptocurrency in India, Supreme court on cryptocurrency. Advantages and disadvantages of cryptocurrencies, Do we Invest?, Conclusion.
Cryptocurrencies - A Serious IntroductionDrake Emko
A high level overview of the world of Cryptocurrencies, liberally illustrated with Doge memes.
This was a lightning talk (5-7 minutes), so it scratches the surface, hopefully enough to get you interested in the world of cryptocoins.
It begins with the basic definitions, the reasons to use and accept cryptocurrency, the main currencies (Bitcoin, Litecoin, Dogecoin), the many altcoins and their distinguishing factors, and finally introduces you to cryptocoin mining (producing your own coins using your computer).
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.
This Presentation gives an Overview of the Bitcoin Technology used today to make online transactions possible which are very secure, fast and tax-free. This shows the future scope of the Bitcoins.
This article contains information about history of Bitcoin cryptocurrency. What is Bitcoin? Whom was it created by? This article resumes the whole history of Bitcoin since 2008 to 2018.
It was my first presentation on cryptocurrency during my sophomore year in college. This presentation covers the basic understanding of cryptocurrency, working of cryptocurrency, bitcoin, blockchain and it's the difference between normal currency and cryptocurrency.
Learn the process of fast and secure transactions using content-ready Bitcoin PowerPoint Presentation Slides. Highlight the concept to the audience of decentralized network that lets you the transfer of digital values such as currency and data. Incorporate ready-made bitcoin PPT templates for various topics such as bitcoin contract blockchain process, pillars of blockchain technology, sending receiving money over bitcoin, blockchain peer-to-peer verification, blockchain bitcoin master plan, and more. This deck comprises of topics such as working of a distributed ledger, smart contract, privacy, use cases, industrial blockchain benefits, blockchain limitations, etc. These templates are completely customizable. Edit color, icon, text and font size of the templates as per your need. Get access to the cryptocurrency blockchain PowerPoint presentation graphics to make your audience understand the concept of digital cash and cash electronic system. Analysts, investors, businessmen and someone who wants to invest in bitcoin should get access to this complete bitcoin PowerPoint presentation to comprehend this form of investment. Our Bitcoin Powerpoint Presentation Slides focus on concerted effort. They help build a harmonious group.
Is cryptocurrency really the future of money? Bitcoin is the first and most famous cryptocurrency that exploded in late 2013 when the price per Bitcoin exceeded $1200. This is an explanation of what cryptocurrency is and how payments are processed
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
What is cryptocurrency?, Blockchain, Bitcoin, Bitcoin Mining, Facts about Bitcoin Different types of cryptocurrencies, Cryptocurrency in India, Supreme court on cryptocurrency. Advantages and disadvantages of cryptocurrencies, Do we Invest?, Conclusion.
Cryptocurrencies - A Serious IntroductionDrake Emko
A high level overview of the world of Cryptocurrencies, liberally illustrated with Doge memes.
This was a lightning talk (5-7 minutes), so it scratches the surface, hopefully enough to get you interested in the world of cryptocoins.
It begins with the basic definitions, the reasons to use and accept cryptocurrency, the main currencies (Bitcoin, Litecoin, Dogecoin), the many altcoins and their distinguishing factors, and finally introduces you to cryptocoin mining (producing your own coins using your computer).
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.
there are many risk factors hidden in this world which hinders the health of the person and causes lung cancer at very faster rate. almost all the possible risk factors of lung cancer is detailed in these slides
Traditional form of money involves bank fees and is controlled by the government. Though this financial
oversight is necessary to enable secure transactions the complexity has risen manifold. Most of the time this
complexity turns away a great idea from becoming a reality. Moreover, according to Businessweek, half of
the world doesn’t own a bank account and are happy with that. This makes lending money even more
difficult. Consequently, addressing societal problem becomes time consuming and difficult. With the rise of
mobile and internet, a new form of currency known as crypto currency is presenting a new, democratic way
of leveraging the power and reach of internet and mobile to solve poverty and unemployment. This
academic research paper will analyze the power of crypto currency specifically the Bitcoins to solve current
social issues by the growing breed of radical social entrepreneurs known as Bitpreneurs.
Instructor: Roger Royse, Founder of Royse Law Firm
Course Title: The Business Basics of Blockchain, Cryptocurrencies, and Tokens
Location: Stanford Continuing Studies
Week: 3 (of 7)
The third session focuses specifically on cryptocurrencies. We will discuss the history of digital currencies from Bitcoin to Ether and others. We will review core concepts and terms and more highlight the major events in cryptocurrency space, new opportunities and existing problems that remain to be solved.
Bitcoin as an Ethical Dilemma closing case (Question below article).pdfarjunhassan8
Bitcoin as an Ethical Dilemma closing case (Question below article)
Bitcoin is an open-source, peer-to-peer digital currency introduced to the world on January 3,
2009, by developer Satoshi Nakamoto. The cryptocurrency is based on a protocol and software
that allows instant peer-to-peer transactions and worldwide payments with minimal costs. In its
few years of existence, bitcoin has seen unprecedented media coverage, a rollercoaster ride of
epic spikes and epic plunges, and adopters from major retailers to lemon stands (e.g., Amazon,
Target, Victoria\'s Secret, and Whole Foods). Bitcoin has also been covered by numerous major
news organizations (e.g., ABC, CNBC, Forbes, Fox News, Reuters) as the most popular form of
virtual currency.
At the same time, ethical concerns exist with this new digital currency. The coupling of no
regulations, virtually free movement of value, and a Ponzi scheme–like system have led
renowned economist Paul Krugman to suggest that “bitcoin is evil.” At the basic level, Krugman
says that “to be successful, money must be both a medium of exchange and a reasonably stable
store of value.” He continues to say that “it remains completely unclear why bitcoin should be a
stable store of value.” Joining in the discussion, Charlie Stross, the British writer of science
fiction, says that “bitcoin looks like it was designed as a weapon intended to damage central
banking and money issuing banks, with a Libertarian political agenda in mind—to damage
states\' ability to collect tax and monitor their citizens\' financial transactions.”
What is the difference between bitcoin and normal currency, such as the U.S. dollar? Bitcoin is
an unregulated peer-to-peer digital currency that is not backed by any other commodity such as
gold or silver. Bitcoins exist almost entirely in the digital, online world, although some bitcoins
have actually been privately minted. The U.S. dollar, like many other stable currencies, are paper
or coin currency issued by a national reserve–type bank (in the United States, it is the Federal
Reserve Bank). This means that dollars are really Federal Reserve Notes that are printed or
minted at the U.S. Bureau of Engraving and Printing. The dollar is so-called fiat money, which
means that dollars derive their value from the U.S. government regulation or law. Interestingly,
the United States decided in 2014 that bitcoins will be taxed as property, not currency, for
International Revenue Services (IRS) purposes. The IRS defined bitcoin as a “convertible
currency that can be used as a medium of exchange, a unit of account, and/or a store of value.”
Technically, Bitcoin with a capitalized “B” refers to the technology and network associated with
the currency, while bitcoin with a lower case “b” refers to the actual currency. The philosophy
underlying the bitcoin is complete mistrust in authority or control—basically a perfectly
stateless, market-based approach, with no country or region-level bank intervention. It is .
This e-book is a comprehensive guide to crypto-quantum, the revolutionary technology that enables secure communication, data storage, and authentication. It provides an in-depth look at the cryptographic algorithms that make crypto-quantum secure, and how they can be used in a variety of applications. It also covers the basics of quantum computing and its implications for the future of cryptography. With the help of this e-book, you can gain the knowledge and skills to apply this emerging technology to your own projects.
An Introduction to Bitcoin-The Digital Form of currencyBirju Besra
This PPT give an introduction to cryptocurrency Bitcoin. It is a digital form of currency. It is a decentralized currency , that is no central govt. or authority controls it. It is a direct peer to peer money transaction.
Bitcoin Crash => Wake up and Smell the tulips - When will the Bitcoin Bubble ...Erik Steiner
The Bitcoin bubble continues to grow - eventually, it will burst. Provides background on underpinnings of currency and money, explains Bitcoin - what it is, how it is produced etc. - examines advantages and disadvantages of Bitcoin, and analyzes the Bitcoin scheme providing substantiation for a Ponzi like effort on part of the anonymous Bitcoin inventors.
#bitcoin
My interest in Bitcoin stems from my ongoing research into failure – personal, corporate, institutional. Having had the opportunity to experience the dot.com bubble firsthand and then three ensuing global financial crises, I was deeply intrigued by the Bitcoin phenomenon and moved to create this presentation.
Bitcoins : all you need to know and get started with BitcoinSharjeel Khawaja
Bitcoin is a digital asset designed by its inventor, Satoshi Nakamoto, to work as a currency. It is commonly referred to with terms like digital currency, digital cash, virtual currency, electronic currency, or cryptocurrency.
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. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending.
http://pwc.to/1fsT9Uu
Le Bitcoin est une monnaie numérique peer-to-peer qui connait un essor mondial. En 2013, le Bitcoin a obtenu 3,4 millions de mentions sur internet. Aux États-Unis, plusieurs petites et grandes entreprises du divertissement, des médias et des télécommunications ont entrepris des expériences avec cette nouvelle monnaie. PwC a donc mené une enquête auprès des consommateurs en ligne pour recueillir des informations sur la sensibilisation, les attitudes et les comportements liés au Bitcoin.
The Coin Perspective can better comprehend the market cap potential of alternative coins according to The Coin Perspective. This is for you if you’ve ever wondered, “If coin X had the market cap of coin Y, what would it be worth?”
What is the next cryptocurrency to boom?
Calvaria (RIA) is a new cryptocurrency play that has the potential to soar in 2023. Reimagining Staking For Explosive Growth at Oryen Network. Exciting Meme Coin Project Pumping Since IEO: Tamadoge (TAMA). Metropoly – Crypto Presale with 5 Star Reviews and Expert Favorite.
What coin is most searched?
Global searches for bitcoin total more than 29 million each month. It has the highest market cap and is the most widely used coin.
A cryptocurrency is a type of digital currency that is created and controlled using sophisticated encryption methods, or cryptography. With the invention of Bitcoin in 2009, cryptocurrency made the transition from an intellectual concept to (virtual) reality.
While interest in Bitcoin grew over the years, it really came to the attention of investors and the media in April 2013, when it reached a record high of $266 per bitcoin after increasing by a factor of ten in just the previous two months.
At its height, Bitcoin’s market value exceeded $2 billion, but a 50% decline soon after triggered a heated discussion over the future of cryptocurrencies in general and Bitcoin in particular.
Will these alternative currencies eventually replace traditional ones and attain the same level of ubiquity as dollars and euros? Or are cryptocurrencies a short-lived trend that will soon fizzle out? Bitcoin contains the solution.
Future of Cryptocurrency
As institutional money joins the market, several economic analysts forecast a significant change in the crypto market. 3 There is also a chance that cryptocurrencies will be listed on the Nasdaq, which would lend blockchain and its potential applications as a substitute for traditional currencies even more credibility.
Some claim that a confirmed exchange traded fund is all that cryptocurrency needs (ETF). 5 There is little doubt that an ETF would make it simpler for people to invest in Bitcoin, but there still needs to be a demand for cryptocurrency investments, which may not be produced automatically by a fund.Future of Cryptocurrency
As institutional money joins the market, several economic analysts forecast a significant change in the crypto market. 3 There is also a chance that cryptocurrencies will be listed on the Nasdaq, which would lend blockchain and its potential applications as a substitute for traditional currencies even more credibility.
Some claim that a confirmed exchange traded fund is all that cryptocurrency needs (ETF). 5 There is little doubt that an ETF would make it simpler for people to invest in Bitcoin, but there still needs to be a demand for cryptocurrency investments, which may not be produced automatically by a fund.
This presentation by Morris Kleiner (University of Minnesota), was made during the discussion “Competition and Regulation in Professions and Occupations” held at the Working Party No. 2 on Competition and Regulation on 10 June 2024. More papers and presentations on the topic can be found out at oe.cd/crps.
This presentation was uploaded with the author’s consent.
0x01 - Newton's Third Law: Static vs. Dynamic AbusersOWASP Beja
f you offer a service on the web, odds are that someone will abuse it. Be it an API, a SaaS, a PaaS, or even a static website, someone somewhere will try to figure out a way to use it to their own needs. In this talk we'll compare measures that are effective against static attackers and how to battle a dynamic attacker who adapts to your counter-measures.
About the Speaker
===============
Diogo Sousa, Engineering Manager @ Canonical
An opinionated individual with an interest in cryptography and its intersection with secure software development.
Acorn Recovery: Restore IT infra within minutesIP ServerOne
Introducing Acorn Recovery as a Service, a simple, fast, and secure managed disaster recovery (DRaaS) by IP ServerOne. A DR solution that helps restore your IT infra within minutes.
Have you ever wondered how search works while visiting an e-commerce site, internal website, or searching through other types of online resources? Look no further than this informative session on the ways that taxonomies help end-users navigate the internet! Hear from taxonomists and other information professionals who have first-hand experience creating and working with taxonomies that aid in navigation, search, and discovery across a range of disciplines.
Sharpen existing tools or get a new toolbox? Contemporary cluster initiatives...Orkestra
UIIN Conference, Madrid, 27-29 May 2024
James Wilson, Orkestra and Deusto Business School
Emily Wise, Lund University
Madeline Smith, The Glasgow School of Art
23. The current issue and full text archive
of this journal is available on Emerald
Insight at:
www.emeraldinsight.com/1359-
0790.htm
JFC
22,2
24. Bitcoin And Modern Alchemy:
In Code We Trust
Jeffrey Simser
Government of Ontario, Toronto, Canada
25. Abstract
• Purpose – This paper aims to explore the challenge posed by Bitcoin to
regulators, particularly anti-money laundering regulators. Bitcoin is a
crypto-currency based on open-source software and protocols that
operates in peer-to-peer networks as a private irreversible payment
mechanism. The protocol allows cross-border payments, for large and
small items, with little or no transactional costs.
• Design/methodology/approach – Case studies and case law
are examined as are relevant reports by regulators.
26. Cont……….
• Findings – Bitcoin is based on complex computer code supported by a
robust community in a peer-to-peer network. Unlike other virtual
currencies, Bitcoin appears to have obtained purchase and as such poses
unique challenges to regulators.
• Research limitations/implications – Bitcoin is at a nascent stage
and the evolution of the virtual currency is difficult to predict
• Practical implications – Those who study financial systems, anti-
money laundering regimes and asset forfeiture laws will have an interest
in this topic.
• Originality/value – This is a new and emerging currency; there is
limited literature on the implications of this currency to anti-money
laundering systems.
27. Cont……….
• Unlike credit card transactions, which leave a digital trail, Bitcoin
transactions are designed to be anonymous and untraceable.
• When you transfer Bitcoins to someone else, it is as if you handed over a
paper bag filled with $100 bills in a dark alley.
• Sure enough, as best as any one can tell, the main use of Bitcoin so far,
other than as a target for speculation (on the markets),has been online
versions of those dark alley exchanges, with Bitcoins traded for narcotics
and other illegal items (Krugman, 2013).
28. Introduction
• The Library of Alexandria, by the third century BC, was
believed to hold the sum of human knowledge; today there is
enough information floating around the world, big data, to
give every single person alive 320 times as much information
as that great library held, 1,200 Exabyte worth (Cukier and
Mayer-Schoenberger, 2013). Big data offers unique
opportunities to solve problems, potentially threatens our
privacy and creat unique challenges.
29. Cont……
• Consider the drama in2013 surrounding Edward Snowden (The highest
mountain in Wale), who worked for a National Security Agency contractor.
• In May 2013, he landed in Hong Kong with at least four computers loaded
with US government secrets.
• In June, he met with reporters and leaked a number of documents that
revealed that the US government had accessed data and documentation
from telecommunication entities, like Verizon, and Web sites like Google
and Facebook.
• At the time of writing, Snowden has fled to Moscow where he remains
(Gidda, 2013;Myers and Kramer).
30. Cont…….
• A curious link between Snowden and a virtual currency, called Bitcoin,
emerged as a lesser known part of the narrative.
• When WikiLeaks founder Julian Assange praised Snowden as a hero,
Bitcoin donations to WikiLeaks increased from $20 a day to $700 a day.
• WikiLeaks, an organization devoted to whistleblower had initially been
funded by donations through credit cards and PayPal, a source of funding
choked off in 2010; the organization now accepts Bitcoin (Ross, 2013;
Grinberg,2013).
• This curious (demanding a high stander of excellence) virtual currency,
which is designed to allow anonymous transactions, has drawn serious
attention from regulators, particularly in respect to anti-money laundering
(AML) regimes.
31. How The Transaction Is ?
• Those wanting to buy or sell Bitcoin can do so through online exchanges, like
Mt. Gox, which will allow one to exchange fiat currency like Yen or Euros for
Bitcoin.
Mt. Gox
• Mt. Gox is the largest Bitcoin exchange provider; at the time of writing
(July 2013), they processed over 50% of Bitcoin transactions.
• The Tokyo-based entity was started in 2010 as a forum to trade cards for
the game “Magic”.
• The supporting affidavit alleged that Mt. Gox violated US laws because
they opened accounts in a fiat currency, exchanged those accounts into a
crypto-currency (Bitcoin) and, following transactions, allowed users to
withdraw fiat currency.
• Mt. Gox then announced a strategic partnership with an entity called Coin
Lab for business in Canada and the USA.
32. Alternatively Exchangement
• One can accept Bitcoin in exchange for goods or services;
• The currency works through open-source software and various e-wallets
can be downloaded to your phone or computer.
• A Las Vegas company has built a kiosk, which looks very much like as ATM,
where consumers can convert cash into Bitcoin (Posadzki, 2013).
33. Bitcoin Association
• The paper explores this virtual currency;
Bitcoin that has been associated with:
Drug dealers
Gold bugs
Fraudsters
Terrorists
Whistleblowers
Pornographer,
Internet freedom activists
Unregulated gaming enterprises, and
A man with four computers full of information that the American
government does not want in the public domain.
34. What is Bitcoin?
• Bitcoin is a crypto-currency based on open- source software and protocols
that operate in peer-to-peer networks as a private irreversible payment
mechanism.
Crypto-Currency
A secret supporter, follower, uncountable and covert currency.
Protocols
The minutes or the official record of a negotiation or transaction on legal
basis and the subsequent agreements based on it.
It’s also an accepted code of conduct and acceptable behavior in a given
situation or group.
35. • The protocol allows cross-border payments, for large and small items, with
little or no transactional costs.
• The Bitcoin transactional system is often described as an anonymous
system, although it might be more accurate to describe the system as one
in which users can invoke privacy.
• The ledger of account for all Bitcoin transactions is public and distributed.
• Actors in the system have a “public” key to access Bitcoin and can use any
combination of 33 letters and numbers to publicly describe themselves
36. What is Money?
• Almost 80 years later, our conventional notion of money remains a
relatively simple intellectual construct:
• Money is a dispassionate quantitative device that enables “unfettered
individuals” to “behave as rational participants in market transaction” ,
where money allows for simple distinctions of “price and quantity”
(Zelizer, 2013).
• Money is a means of exchange, a store of value and a unit of account.
• Money is “something we can use to buy stuff that has a standard that
does not change much” (O’Brien, 2013)
37. Emerging Of Bitcoin
• When the gold standard was abandoned, the power of the state ensured
that paper currency had value.
• Bitcoin has neither feature.
So, how does it have value?
• Bitcoin emerged from a confluence of events: the 2008 financial crisis
diminished trust in financial institutions, governments pressured private
intermediaries, like credit card companies, to cut off the flow of funds to
WikiLeaks; there was dissatisfaction with some processing intermediaries,
like PayPal.
• Finally, the financial intermediaries, like Western Union, charges fees for
cross-border transactions.
38. Virtual Currencies
1. World of War craft Gold
• World of Warcraft Gold is a virtual currency used in a computer
role-playing game.
• Players can obtain the “gold” when they set up an account or they can
earn gold in the course of playing the game.
• The currency is needed to advance within game levels.
• That said, trading the gold in the real world is strictly prohibited under the
terms and conditions of the game; the currency operates in a closed
system.
39. Virtual Currencies
2.Facebook credits
• Facebook credits might be considered another form of virtual currency;
users can buy the credits, and in turn buy virtual goods with applications
in the Facebook platform.
• Facebook credits have a unidirectional flow, not unlike a stored-value
card, where a customer places money into the system and then can buy
goods and services.
40. Virtual Currencies
3. Finally, Second Life
• Finally, Second Life is an online game where players create avatars within
a virtual community.
• Players, through their avatars, can “live” a life that is entirely different
from their real world life.
•
• There is a self-contained economy with Second Life which uses Linden
Dollars as a virtual currency.
• As Linden Dollars can be converted back into fiat currency, it surfaces
issues similar to those raised by Bitcoin.
41. The Creation Of Bitcoin
• Bitcoin was first proposed in early 2009, through a research paper written
by “Satoshi Nakamoto” and posted on a cryptography listserv (Nakamoto,
2009).
• Nakamoto was unknown to the listserv’s veterans and little is known
about him (or her).
• His online profile claimed he resided in Japan; his e-mail address was
German; Nakamoto appears to be a pseudonym.
42. Bitcoin Alchemy
• Bitcoin is an Internet payment protocol which operates like a virtual currency.
• Bitcoin lacks a physical form and does not require the intermediation of
government or a private third party to settle transactions.
• At a basic level, a Bitcoin is simply a computer file, similar to a song or piece of
text, which can be stored on a computer; the virtual currency can be spent in a
fashion similar to sending an e-mail online.
• Users download open-source software and store Bitcoins, once acquired, in a
digital wallet on their computer or smart phone (or with a third-party
provider).
• The operation of the currency, at a technical level, is immensely complex.
43. Regulators and Institutions
• In March 2013, FinCEN (the Financial Crimes Enforcement Network),
America’s Financial Intelligence Unit, issued a guidance statement on virtual
currencies.
• FinCEN is responsible for the administration of anti-money laundering
(AML)provisions under the Bank Secrecy Act.
• The AML obligations mean that administrators and exchangers were now
subject to registration requirements, AML responsibilities, as well as record-
keeping and reporting obligations.
• He also cited concerns about the use of Bitcoin in illegal activity, including
“drug smuggling, money laundering, gun running and child
pornography”(CBC News 2013).
• As the Liberty Reserve Case shows, virtual currencies are a highly desirable
commodity in the criminal underworld.
44. Time Limit of Bitcoin
• The bitcoin only used for one time. The time limit for
the transaction in minimum limit is 10 minutes to 60
minutes and some time consume 3 days and nights
continuously.
45. Information Asymmetry
• Bitcoin is a highly complex system and the currency market is illiquid.
• Bitcoin users perform technically complex tasks within the decentralized
peer-to-peer network.
• There is a risk that some users, with superior technical knowledge, can
trade within formational advantages not available to those with less
sophisticated knowledge.
• The latter category of user can suffer losses through hacking, theft,
improvident trades, and so on.
46. Taxation
• One question that needs to be asked is how might taxation impact Bitcoin.
• Bitcoin is an anonymous currency used in a variety of goods and services
transactions.
• I suspect that the tax implications have not been deeply explored to date.
• If Bitcoin is to move from the fringes to the mainstream as a virtual
currency, then taxation authorities and institutional enterprises will need to
take this issue on board.
47. Conclusion
• In 2011, Wired magazine declared that Bitcoin had both risen and fallen.
• .The Atlantic Magazine claimed, in 2013, that Bitcoin was not a currency and compared
it to a dot-com stock in a bubble[26]
• .
• Bitcoin’s resilience and acceptance comes in no small part from the robust code and
more importantly from the support the currency garners in the computing community.
• Their patches to the technical alchemy of the code have generated trust amongst
Bitcoin users.
• Bitcoin offers an anonymous transactional mechanism that appeals to criminals and
others who want to evade the scrutiny imposed by AML rules; Bitcoin is a virtual paper
bag of $100 bills.
• For governments, Bitcoin’s decentralized operation and a lack of a central settling
authority make this a challenging form of currency to regulate.