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Blockchain
&
Cryptocurrencies
BUS702
What will you Learn
Blockchain, Cryptocurrency, Bitcoin and History along with what
happens till the date.
Introduction
01
How Bitcoin works, Differences between bitcoin address and
mail address, Transaction of Bitcoin.
Behind Mechanism of Bitcoin
02
Advantages and Disadvantages of Bitcoin, Bitcoin as Industry,
Making Purchases and Investing in Bitcoins
How to and Legal works in Australia
03
Economy, Investing in Bitcoin, Financial reaction about Bitcoin
along with Securities of Bitcoin
Financial Markets and Securities
04
Meet Our Team
Blockchain
Blockchain
• It is the world’s largest leading software platform for
digital assets.
• It is first created by an anonymous scientist Satoshi
Nakamoto in 2008.
• It was designed to implement the process of bitcoin
and other cryptocurrencies.
Money, Cryptocurrency and Bitcoin
Money is a measure of value and medium of
exchange and Regulates by Government
Authorities.
Bitcoins is the lead in the pack of
Cryptocurrencies.
Cryptocurrency is a virtual currency carried out
digitally using cryptographical functions.
Cryptocurrency is independent of
Government Authorities / Financial
Institutions.
What is Bitcoin?
First innovative creation of blockchain in 2009.
Works like a distributed peer-to-peer
network where NO PHYSICAL BITCOINS.
Relies in a Blockchain where, no specific laws for
protection of money.
Has NO currency and same all over the
world.
Evolution of Bitcoin
1. Since past six
months in 2017,
the price of bitcoin
has risen up
2. Experts targeting
up to $10,000 or
even more of
500000% of bitcoin
to increase
Bitcoin
Price
History of Bitcoins
Booming market
2016: Ethereum and ICOs
2017: Bitcoin reaches
$10,000 and continues to
grow
2010 : Bitcoin is valued for
the first time.
2011: Rival Cryptocurrencies
emerge
2013 : Bitcoin Price
Crashes
2014 : Scams and Theft
Bitcoin Begins
1. Invented by Satoshi
Nakamoto (Still
Mysterious)
2009
2010
-
2011
2013
-
2014
2016
-
2017
2020
Bitcoin in 2020
Continuous rise and development of bitcoins.
Attracting many businesses
Online stores accepting bitcoins for the purchase.
For example, Tech giant Microsoft accepts bitcoin
payment methods for its products like games,
apps and movies.
CheapAir, an American flight booking service
allows bitcoin payment system.
Factors Affecting Prices
Supply and Demand
Peers and Media
Political Changes
Changes in Rules of Bitcoin
Other Altcoins
Litecoin
Litecoin
Ethereum
Many More
• Similar to bitcoin,
same
decentralized
currency used for
transferring
money
• It covers larger
amount of money
compared to
bitcoin
• Exhibits faster
transaction rates
• Created by former
Google Engineer
Charles Lee in
October 2011,
• One of the famous
cryptocurrency
wallet broker in
USA , Mr Charles
Lee
• Left Google and
joined Coinbase
• A cryptocurrency
that has its block
time faster than
bitcoin i.e. 14 to
15 seconds
• Ethereum
releases its block
rewards same
year
• There are
currently more
than 1900
different
cryptocurrencie
s and Today
there are 1,920
to be precise. at
least as of
today.
References
I. Collins, J. (2016). A bit about bitcoin. Journal of
Accountancy, 221(3),89.
II. Grinberg, R., 2012. Bitcoin: An innovative alternative
digital currency. Hastings Sci. & Tech. LJ, 4, p.159.
III. Lo, S. and Wang, J.C., 2014. Bitcoin as money?
IV. Nakamoto S. (2008) A Peer-to-
Peer electronic Cash System, https :// bitcoin.org/bitcoin.p
df
V. ASIC (2018a), ‘Cryptocurrencies’, Moneysmart site, 24 Oc
tober.
VI. WJ Luther - Journal of Institutional Economics, 2019 -
cambridge.org
How Does Bitcoin
Works
How Does Bitcoin Work?
Bitcoin is the name of P2PProtocol.
It is known as opensource project.
From a users perspective, Bitcoin is
nothing more than a mobile app or
computer program that provides a personal
bitcoin wallet and enables a user to send
and receive bitcoins.
How Does
Bitcoin Works?
Part 2
Blockchain
Bitcoin Wallet
Transaction – Private
Key
Bitcoin Address
Mining - Processing
Transactions
Transaction means
transferring the
value between the
Bitcoin wallets,
which store the
data in a secret way
that is called private
key; private key is
used for signing the
transaction by
giving the
mathematical proof.
Transactions
The transaction is
valid when the usage
of miner agrees the
longest record of the
transaction. That’s
why every block
related with hash that
rely on the hash of
previous block
a@mail.com b@mail.com
1HH5jh8VR94DFYu9Yd24XkNJS2H1rL7ZZD 36XG4h3QwcNw8xikrzSZbifCzKS3GpuAMf
Bitcoin
Wallet
Hot Storage Wallet
and
Cold Storage Wallet.
ReferencesI. Abhishek Kurve, 2017. 4 Different Types of Bitcoin Wallets You
can Use. [Online]
Available at: https://beebom.com/types-of-bitcoin-wallets/
[Accessed 19 February 2017].
II. Bitcoin.org, n.d. How it works?. [Online]
Available at: https://bitcoin.org/en/how-it-works
III. Wiki, 2018. Bitcoin. [Online]
Available at: https://en.bitcoin.it/wiki/Bitcoin
[Accessed 19 September 2018].
IV. MoneyMorning, n.d. MONEYMORNING. [Online]
Available at: https://www.moneymorning.com.au/investment-
guides/how-does-bitcoin-work-edx
V. Paul Gil, 2019. Lifewire. [Online]
Available at: https://www.lifewire.com/what-are-bitcoins-
2483146
[Accessed 14 November 2019].
Bitcoin
&
Bitcoin cash
Bitcoin and Bitcoin Cash
1.Peer-to-peer electronic cash
system
2.Represented as BCH
3.Virtual (Digital) currency
4.Transformation that is changing
the way individuals think about
and utilize money.
Introduction to Bitcoin Cash
• In search of better alternative, numerous
clients, organizations and even investors
left Bitcoin
• to overcome this problem, bitcoin cash
came into existence raising the block size
limit to 8MB as a component of a huge on-
chain scaling approach.
• Bitcoin's block size stays at one megabyte
i.e. 250,000 transactions a day, Bitcoin
Cash has expanded the breaking point to
8MB,
Problem with Bitcoin
• The 1 mb block size limit was
causing problem in transaction
• Technically simple to raise the
block size but no agreement in the
community
• hit the ‘invisible wall’ in 2017
• Increased fee, untrustworthy,
delay in confirmation of
transactions.
• Market coverage decreased 95%
to as low as 40%.
Differences
Transactions
Fee and Speed of
Transactions
Security
Wallets and
Trades
Advantages and Disadvantages
 Free Transaction
 Security and Control
 Transparency of
Information
 Generally very low
transaction fees
 Fewer Risks for
Merchants
 No Risk of “Charge-
backs”
Advantages
Advantages and Disadvantages
 Not widely accepted
 Risk and Volatility
 No Chargebacks or Refunds
 No legal status
Disadvantages
References
I. Bitcoin.com, 2017. What is Bitcoin? [online] Available
at:<https://www.Bitcoin.com/info/what-is-Bitcoin>
[accessed 4 January 2018]
II. BitcoinCash, 2018. The best money in the world. [online]
Available at:<https://www.Bitcoincash.org/> [accessed 2
January 2018]
III. Grinberg, R., 2012. Bitcoin: An innovative alternative
digital currency. Hastings Sci. & Tech. LJ, 4, p.159.
IV. https://cs.stanford.edu/people/eroberts/cs181/projects/201
0-11/DigitalCurrencies/advantages/index.html
Bitcoin as Industry
Bitcoin as Industry
More than 550 cryptocurrencies since
bitcoin (2009)
2018 : 273 million
2019: 293.66 Million
2025: 477.05 Million
Compound Annual Growth Rate: 8.3 %
Market Trends
Largely occupied by Banking
Financial services and
Insurance (BFSI)
15,558 Businesses Accepting
Bitcoins
Fast and Cheap
Save billions of paper cost
Market Trends
Market Trends
Is Bitcoin legal?
One of the first countries to join the bitcoin hype
AUSTRAC: regulator of cryptocurrency exchange
Labelled bitcoin transaction as legal since 2013 by
RBA
New Laws to control cryptocurrency adopt in 2018
But.. ?
Legality Questioned?
Is under review by
Australian Securities and
Investment Commission
Not Recognizes as legal
tender and Use is legal under
compliance with obligations
under Australian Law
Bitcoin; an asset, not a
currency (Australian
Tax Office)
Controversies and
Illegal Online Purchases
Bitcoin – Non-cash Payment
Can be easily paid
through bitcoin wallet
As easy as cash for
electronic payments
Can be accessed within
minutes through internet
Different from other non-
cash payments like
frequent flayer points
Non
Cash
Bitcoin – As Currency
Matches currency
description but not that
simple
Neither physical
currency nor e-currency
May be new term:
cryptocurrency?
Currency
Making Purchase
 Xbox Games from Microsoft
 Movies and Apps in Microsoft
 Bitcoin Real state
 Tesla Car
 Flight Tickets
Purchases
Investment in Bitcoin
Scarce
Resource
Easy to Use No Intermediate
costs
Transaction is
cost Beneficial
What do you say?
Risky
Investment?
What do you say?
Risky Investment?
Market Fluctuation
Cybertheft
Fraud
Regulations
ReferencesI. Adroit Lawyers, 2014. BITCOIN AS CURRENCY UNDER
AUSTRALIAN LAW. [Online]
Available at: http://www.adroitlawyers.com.au/bitcoin-currency-
corps-act/
[Accessed 29 July 2014].
II. Anon., n.d. Bitcoin Australia. [Online]
Available at: https://bitcoin.com.au/
III. Buyabitcoin.com.au, 2017. 3 Interesting Things You can Buy
with Bitcoin. [Online]
Available at: https://buyabitcoin.com.au/blog/3-interesting-things-
can-buy-bitcoin/
[Accessed 26 September 2017].
IV. Owen Burek, 2018. How to Buy Boitcoin in 7 steps. [Online]
Available at: https://www.savethestudent.org/make-money/how-
to-buy-bitcoin.html
[Accessed 14 November 2018].
Reaction and
Market of Bitcoin
Reaction on Bitcoin
1.Different than traditional banking
systems
2.Reaction towards Bitcoin mostly relies
on the laws and regulations towards
digital payment
3.Reaction towards Bitcoin
- Curiosity
- Ignorance
- Suspicions of Criminal
Reaction on Bitcoin
Big 4 Banks in Australia:
1. Commonwealth Bank of Australia
(CBA): Strict against Bitcoin
2. The Australia and New Zealand
Banking Group (ANZ): mixed
perspectives
3. National Australia Bank (NAB): In
favor and promoting
4. Westpac: Follows strict rules
01 Ignoring middleman during financial transaction
02 Differentiating the transaction between dollar and other
currency
03 Ignoring the barriers of entry and Hard to Regulate
04 Helps establish more international transactions
Effects on Economy and
Business
Investing in Bitcoin - Australia
100%
0%
Blind Growth
No decline
0
5000000
10000000
15000000
20000000
25000000
1/1/2012 1/1/2013 1/1/2014 1/1/2015 1/1/2016 1/1/2017 1/1/2018
BITCOIN WALLET ADDRESS GROWTH
# of addresses on the Bitcoin network
Risks of Bitcoin
F
RL
T
Risks linked with Technology
Threat of Cybertheft & Variability in Pricing
Fraud in Virtual Currency
Lack of Consumer Protection
ReferencesI. Deering, S. (2019) ‘Is Bitcoin illegal in Australia’, Crypto News Australia.
(Online). Available from: https://cryptonews.com.au/guides/is-bitcoin-illegal-in-
australia [Accessed on January 9, 2020]
II. Bitcoin. Bitcoin Usage Charts. (Online). Available from:
https://bitcoin.stackexchange.com/questions/919/bitcoin-usage-charts
[Accessed on January 9, 2020]
III. McCann, C. (2018). 12 Graphs That Show Just How Early The
Cryptocurrency Market Is. (online) Available from:
https://medium.com/@mccannatron/12-graphs-that-show-just-how-early-the-
cryptocurrency-market-is-653a4b8b2720 [Accessed on January 9, 2020]
IV. Herlean, G. (2018) ‘The Top Ten Risk Of Bitcoin Investing (And How To Avoid
Them)’ Forbes (Online). Available From:
https://www.forbes.com/sites/forbesfinancecouncil/2018/12/05/the-top-10-
risks-of-bitcoin-investing-and-how-to-avoid-them/#603cf2f52407 [Accessed on
January 9, 2020]
V. Matthews, K. (2018) ‘5 Ways Bitcoin Effect The Economy’, technobuffalo,
(online). Available from: https://www.technobuffalo.com/5-ways-bitcoin-affects-
the-economy [Accessed on January 9, 2020]
Bitcoin Security &
Privacy
Introduction
There are number of privac
y and security risks th
at comes along this virt
ual currency e.g risk of
hacking
Public and private keys
Bitcoin does not have any physi
cal existence that makes it
difficult to safeguard them
01 Theft From
Storage
Device
 Private keys and sensitive information
 How to avoid from theft ?
 Australian bitcoin holding bank
02 Theft From
Coinbase
Accounts
 Coinbase accounts
 Danger of hacking
 Protection of coinbase accounts
 Two way authentication
03 Theft from
Email
 Private keys are on risk of being stolen
 Don’t share private keys
04 Theft from
Unreliable
Third Party
 Unreliable exchane or mining market
 Nicehash,one of the largest crytocurrency mining
place got hacked on Dec 06,2017
 How to avoid such incident / Hot wallet and cold
Theft
How to Secure
Double exchanges of blockchain and distorting the bitcoin
represent the most serious issue. A protected wallet is
expected to tackle such security issues. The security of the
electronic wallet in cell phones must be checked as cell
phones have gotten well known.
 The base innovation should likewise be confirmed since
vulnerabilities vary as per the programming language and
stage utilized for the improvement of the electronic wallet
condition.
The electronic wallet must have measures for secure
rebuilding whenever encroached by an assailant, check of a
double introduced for self-insurance, and assurance of the
rest of the information for reclamation.
How to Secure
The mining process of the Bitcoin is potentially vulnerable
under attacks like 51% attacks and ‘Selfish-mining’ attacks. To
provide security against the attack on mining process, the
framework of Bitcoin protocols needs to be changed and
since the Bitcoin is indeed a decentralized cryptocurrency.
We should be careful of the bitcoin company with which we
choose to do the business.
It can be stored offline like in USB.
While transferring the fund to someone, one should confirm
the wallet address is genuine.
Thank you
Any Questions?

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Blockchain and Cryptocurrency

  • 2. What will you Learn Blockchain, Cryptocurrency, Bitcoin and History along with what happens till the date. Introduction 01 How Bitcoin works, Differences between bitcoin address and mail address, Transaction of Bitcoin. Behind Mechanism of Bitcoin 02 Advantages and Disadvantages of Bitcoin, Bitcoin as Industry, Making Purchases and Investing in Bitcoins How to and Legal works in Australia 03 Economy, Investing in Bitcoin, Financial reaction about Bitcoin along with Securities of Bitcoin Financial Markets and Securities 04
  • 5. Blockchain • It is the world’s largest leading software platform for digital assets. • It is first created by an anonymous scientist Satoshi Nakamoto in 2008. • It was designed to implement the process of bitcoin and other cryptocurrencies.
  • 6. Money, Cryptocurrency and Bitcoin Money is a measure of value and medium of exchange and Regulates by Government Authorities. Bitcoins is the lead in the pack of Cryptocurrencies. Cryptocurrency is a virtual currency carried out digitally using cryptographical functions. Cryptocurrency is independent of Government Authorities / Financial Institutions.
  • 7. What is Bitcoin? First innovative creation of blockchain in 2009. Works like a distributed peer-to-peer network where NO PHYSICAL BITCOINS. Relies in a Blockchain where, no specific laws for protection of money. Has NO currency and same all over the world.
  • 9. 1. Since past six months in 2017, the price of bitcoin has risen up 2. Experts targeting up to $10,000 or even more of 500000% of bitcoin to increase Bitcoin Price
  • 10. History of Bitcoins Booming market 2016: Ethereum and ICOs 2017: Bitcoin reaches $10,000 and continues to grow 2010 : Bitcoin is valued for the first time. 2011: Rival Cryptocurrencies emerge 2013 : Bitcoin Price Crashes 2014 : Scams and Theft Bitcoin Begins 1. Invented by Satoshi Nakamoto (Still Mysterious) 2009 2010 - 2011 2013 - 2014 2016 - 2017 2020
  • 11. Bitcoin in 2020 Continuous rise and development of bitcoins. Attracting many businesses Online stores accepting bitcoins for the purchase. For example, Tech giant Microsoft accepts bitcoin payment methods for its products like games, apps and movies. CheapAir, an American flight booking service allows bitcoin payment system.
  • 12. Factors Affecting Prices Supply and Demand Peers and Media Political Changes Changes in Rules of Bitcoin
  • 13. Other Altcoins Litecoin Litecoin Ethereum Many More • Similar to bitcoin, same decentralized currency used for transferring money • It covers larger amount of money compared to bitcoin • Exhibits faster transaction rates • Created by former Google Engineer Charles Lee in October 2011, • One of the famous cryptocurrency wallet broker in USA , Mr Charles Lee • Left Google and joined Coinbase • A cryptocurrency that has its block time faster than bitcoin i.e. 14 to 15 seconds • Ethereum releases its block rewards same year • There are currently more than 1900 different cryptocurrencie s and Today there are 1,920 to be precise. at least as of today.
  • 14. References I. Collins, J. (2016). A bit about bitcoin. Journal of Accountancy, 221(3),89. II. Grinberg, R., 2012. Bitcoin: An innovative alternative digital currency. Hastings Sci. & Tech. LJ, 4, p.159. III. Lo, S. and Wang, J.C., 2014. Bitcoin as money? IV. Nakamoto S. (2008) A Peer-to- Peer electronic Cash System, https :// bitcoin.org/bitcoin.p df V. ASIC (2018a), ‘Cryptocurrencies’, Moneysmart site, 24 Oc tober. VI. WJ Luther - Journal of Institutional Economics, 2019 - cambridge.org
  • 16. How Does Bitcoin Work? Bitcoin is the name of P2PProtocol. It is known as opensource project. From a users perspective, Bitcoin is nothing more than a mobile app or computer program that provides a personal bitcoin wallet and enables a user to send and receive bitcoins.
  • 17. How Does Bitcoin Works? Part 2 Blockchain Bitcoin Wallet Transaction – Private Key Bitcoin Address Mining - Processing
  • 18. Transactions Transaction means transferring the value between the Bitcoin wallets, which store the data in a secret way that is called private key; private key is used for signing the transaction by giving the mathematical proof.
  • 19. Transactions The transaction is valid when the usage of miner agrees the longest record of the transaction. That’s why every block related with hash that rely on the hash of previous block a@mail.com b@mail.com 1HH5jh8VR94DFYu9Yd24XkNJS2H1rL7ZZD 36XG4h3QwcNw8xikrzSZbifCzKS3GpuAMf
  • 21. ReferencesI. Abhishek Kurve, 2017. 4 Different Types of Bitcoin Wallets You can Use. [Online] Available at: https://beebom.com/types-of-bitcoin-wallets/ [Accessed 19 February 2017]. II. Bitcoin.org, n.d. How it works?. [Online] Available at: https://bitcoin.org/en/how-it-works III. Wiki, 2018. Bitcoin. [Online] Available at: https://en.bitcoin.it/wiki/Bitcoin [Accessed 19 September 2018]. IV. MoneyMorning, n.d. MONEYMORNING. [Online] Available at: https://www.moneymorning.com.au/investment- guides/how-does-bitcoin-work-edx V. Paul Gil, 2019. Lifewire. [Online] Available at: https://www.lifewire.com/what-are-bitcoins- 2483146 [Accessed 14 November 2019].
  • 23. Bitcoin and Bitcoin Cash 1.Peer-to-peer electronic cash system 2.Represented as BCH 3.Virtual (Digital) currency 4.Transformation that is changing the way individuals think about and utilize money.
  • 24. Introduction to Bitcoin Cash • In search of better alternative, numerous clients, organizations and even investors left Bitcoin • to overcome this problem, bitcoin cash came into existence raising the block size limit to 8MB as a component of a huge on- chain scaling approach. • Bitcoin's block size stays at one megabyte i.e. 250,000 transactions a day, Bitcoin Cash has expanded the breaking point to 8MB,
  • 25. Problem with Bitcoin • The 1 mb block size limit was causing problem in transaction • Technically simple to raise the block size but no agreement in the community • hit the ‘invisible wall’ in 2017 • Increased fee, untrustworthy, delay in confirmation of transactions. • Market coverage decreased 95% to as low as 40%.
  • 26. Differences Transactions Fee and Speed of Transactions Security Wallets and Trades
  • 27. Advantages and Disadvantages  Free Transaction  Security and Control  Transparency of Information  Generally very low transaction fees  Fewer Risks for Merchants  No Risk of “Charge- backs” Advantages
  • 28. Advantages and Disadvantages  Not widely accepted  Risk and Volatility  No Chargebacks or Refunds  No legal status Disadvantages
  • 29. References I. Bitcoin.com, 2017. What is Bitcoin? [online] Available at:<https://www.Bitcoin.com/info/what-is-Bitcoin> [accessed 4 January 2018] II. BitcoinCash, 2018. The best money in the world. [online] Available at:<https://www.Bitcoincash.org/> [accessed 2 January 2018] III. Grinberg, R., 2012. Bitcoin: An innovative alternative digital currency. Hastings Sci. & Tech. LJ, 4, p.159. IV. https://cs.stanford.edu/people/eroberts/cs181/projects/201 0-11/DigitalCurrencies/advantages/index.html
  • 31. Bitcoin as Industry More than 550 cryptocurrencies since bitcoin (2009) 2018 : 273 million 2019: 293.66 Million 2025: 477.05 Million Compound Annual Growth Rate: 8.3 %
  • 32. Market Trends Largely occupied by Banking Financial services and Insurance (BFSI) 15,558 Businesses Accepting Bitcoins Fast and Cheap Save billions of paper cost
  • 35. Is Bitcoin legal? One of the first countries to join the bitcoin hype AUSTRAC: regulator of cryptocurrency exchange Labelled bitcoin transaction as legal since 2013 by RBA New Laws to control cryptocurrency adopt in 2018
  • 36. But.. ? Legality Questioned? Is under review by Australian Securities and Investment Commission Not Recognizes as legal tender and Use is legal under compliance with obligations under Australian Law Bitcoin; an asset, not a currency (Australian Tax Office) Controversies and Illegal Online Purchases
  • 37. Bitcoin – Non-cash Payment Can be easily paid through bitcoin wallet As easy as cash for electronic payments Can be accessed within minutes through internet Different from other non- cash payments like frequent flayer points Non Cash
  • 38. Bitcoin – As Currency Matches currency description but not that simple Neither physical currency nor e-currency May be new term: cryptocurrency? Currency
  • 39. Making Purchase  Xbox Games from Microsoft  Movies and Apps in Microsoft  Bitcoin Real state  Tesla Car  Flight Tickets Purchases
  • 40. Investment in Bitcoin Scarce Resource Easy to Use No Intermediate costs Transaction is cost Beneficial
  • 41. What do you say? Risky Investment?
  • 42. What do you say? Risky Investment? Market Fluctuation Cybertheft Fraud Regulations
  • 43. ReferencesI. Adroit Lawyers, 2014. BITCOIN AS CURRENCY UNDER AUSTRALIAN LAW. [Online] Available at: http://www.adroitlawyers.com.au/bitcoin-currency- corps-act/ [Accessed 29 July 2014]. II. Anon., n.d. Bitcoin Australia. [Online] Available at: https://bitcoin.com.au/ III. Buyabitcoin.com.au, 2017. 3 Interesting Things You can Buy with Bitcoin. [Online] Available at: https://buyabitcoin.com.au/blog/3-interesting-things- can-buy-bitcoin/ [Accessed 26 September 2017]. IV. Owen Burek, 2018. How to Buy Boitcoin in 7 steps. [Online] Available at: https://www.savethestudent.org/make-money/how- to-buy-bitcoin.html [Accessed 14 November 2018].
  • 45. Reaction on Bitcoin 1.Different than traditional banking systems 2.Reaction towards Bitcoin mostly relies on the laws and regulations towards digital payment 3.Reaction towards Bitcoin - Curiosity - Ignorance - Suspicions of Criminal
  • 46. Reaction on Bitcoin Big 4 Banks in Australia: 1. Commonwealth Bank of Australia (CBA): Strict against Bitcoin 2. The Australia and New Zealand Banking Group (ANZ): mixed perspectives 3. National Australia Bank (NAB): In favor and promoting 4. Westpac: Follows strict rules
  • 47. 01 Ignoring middleman during financial transaction 02 Differentiating the transaction between dollar and other currency 03 Ignoring the barriers of entry and Hard to Regulate 04 Helps establish more international transactions Effects on Economy and Business
  • 48. Investing in Bitcoin - Australia 100% 0% Blind Growth No decline 0 5000000 10000000 15000000 20000000 25000000 1/1/2012 1/1/2013 1/1/2014 1/1/2015 1/1/2016 1/1/2017 1/1/2018 BITCOIN WALLET ADDRESS GROWTH # of addresses on the Bitcoin network
  • 49. Risks of Bitcoin F RL T Risks linked with Technology Threat of Cybertheft & Variability in Pricing Fraud in Virtual Currency Lack of Consumer Protection
  • 50. ReferencesI. Deering, S. (2019) ‘Is Bitcoin illegal in Australia’, Crypto News Australia. (Online). Available from: https://cryptonews.com.au/guides/is-bitcoin-illegal-in- australia [Accessed on January 9, 2020] II. Bitcoin. Bitcoin Usage Charts. (Online). Available from: https://bitcoin.stackexchange.com/questions/919/bitcoin-usage-charts [Accessed on January 9, 2020] III. McCann, C. (2018). 12 Graphs That Show Just How Early The Cryptocurrency Market Is. (online) Available from: https://medium.com/@mccannatron/12-graphs-that-show-just-how-early-the- cryptocurrency-market-is-653a4b8b2720 [Accessed on January 9, 2020] IV. Herlean, G. (2018) ‘The Top Ten Risk Of Bitcoin Investing (And How To Avoid Them)’ Forbes (Online). Available From: https://www.forbes.com/sites/forbesfinancecouncil/2018/12/05/the-top-10- risks-of-bitcoin-investing-and-how-to-avoid-them/#603cf2f52407 [Accessed on January 9, 2020] V. Matthews, K. (2018) ‘5 Ways Bitcoin Effect The Economy’, technobuffalo, (online). Available from: https://www.technobuffalo.com/5-ways-bitcoin-affects- the-economy [Accessed on January 9, 2020]
  • 52. Introduction There are number of privac y and security risks th at comes along this virt ual currency e.g risk of hacking Public and private keys Bitcoin does not have any physi cal existence that makes it difficult to safeguard them
  • 53. 01 Theft From Storage Device  Private keys and sensitive information  How to avoid from theft ?  Australian bitcoin holding bank 02 Theft From Coinbase Accounts  Coinbase accounts  Danger of hacking  Protection of coinbase accounts  Two way authentication 03 Theft from Email  Private keys are on risk of being stolen  Don’t share private keys 04 Theft from Unreliable Third Party  Unreliable exchane or mining market  Nicehash,one of the largest crytocurrency mining place got hacked on Dec 06,2017  How to avoid such incident / Hot wallet and cold Theft
  • 54. How to Secure Double exchanges of blockchain and distorting the bitcoin represent the most serious issue. A protected wallet is expected to tackle such security issues. The security of the electronic wallet in cell phones must be checked as cell phones have gotten well known.  The base innovation should likewise be confirmed since vulnerabilities vary as per the programming language and stage utilized for the improvement of the electronic wallet condition. The electronic wallet must have measures for secure rebuilding whenever encroached by an assailant, check of a double introduced for self-insurance, and assurance of the rest of the information for reclamation.
  • 55. How to Secure The mining process of the Bitcoin is potentially vulnerable under attacks like 51% attacks and ‘Selfish-mining’ attacks. To provide security against the attack on mining process, the framework of Bitcoin protocols needs to be changed and since the Bitcoin is indeed a decentralized cryptocurrency. We should be careful of the bitcoin company with which we choose to do the business. It can be stored offline like in USB. While transferring the fund to someone, one should confirm the wallet address is genuine.