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The document provides instructions for requesting writing assistance from HelpWriting.net. It outlines a 5-step process: 1) Create an account with a password and email; 2) Complete a 10-minute order form with instructions, sources, and deadline; 3) Review bids from writers and choose one based on qualifications; 4) Review the completed paper and authorize payment if satisfied; 5) Request revisions to ensure satisfaction and receive a refund if plagiarized.
Pakistan Independence Day Essays Free. Online assignment writing service.Kris Hallengren
This summarizes the steps involved in requesting writing assistance from HelpWriting.net:
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The document discusses an economic analysis conducted to determine the benefits of developing a new rail inspection application. It estimates the application would save 6 hours of inspection time per week, equivalent to 84 more inspections per year. This represents a 27.63% increase in inspections. It then calculates the cost savings from preventing accidents compared to the $70,840 estimated cost to develop the application. It recommends developing the application if it can be afforded, or exploring cost sharing across jurisdictions to make it financially feasible.
The passage discusses how the field of psychology has become more complex as new discoveries are made daily. As new findings are published, they provide better understanding of individuals and society. Compared to its early days, the schools of thought in psychology have greatly expanded. While each school focuses on different topics, their ideas sometimes overlap. The list of possible psychological disorder diagnoses has increased tremendously from the original broad categories. As psychology explored the human mind in more depth, our understanding of various conditions has developed. Schizophrenia-like personality disorder is discussed as an example, explaining its historical conceptualization and current diagnostic approach.
Critical Essay On The Poisonwood Bible. Online assignment writing service.Becky Smith
Here are some key arguments that could be made in favor of environmental conservation:
- Environmental conservation is necessary to support human life and well-being. A healthy environment provides clean air, water, food and other resources that people depend on for survival. Degrading the environment puts these necessities at risk.
- Biodiversity has intrinsic value and we have a moral obligation to protect other species and ecosystems. Mass extinctions due to human activity undermine the natural world that took billions of years to evolve. Future generations should be able to experience diverse life on Earth.
- Environmental conservation makes economic sense. Ecosystem services such as water filtration by wetlands save on infrastructure costs. Tourism revenue comes from visiting natural areas. Green industries create
Essay On Holi In English Pdf.pdfEssay On Holi In English PdfAmy Colantuoni
The document discusses the steps to request and receive a paper writing service from HelpWriting.net:
1. Create an account with a password and email.
2. Complete a 10-minute order form providing instructions, sources, and deadline.
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004 Thesis Statement For Narrative Essay Example Thatsnotus. Reflective Essay: How to write a thesis statement for a personal narrative. 009 Essay Example Thesis Statement For Narrative Thatsnotus. ️ Examples of narrative essay. Narrative Essay Writing Guide: Topics .... Personal Narrative Thesis Statements. Who can write my thesis - Write My Thesis for Me. 006 Personal Narrative Essay Examples Wwwgalleryhipcom Example L Thesis .... Fascinating Narrative Essay Thesis Thatsnotus. UNTOWL Narrative Essays Example With Thesis Statement Essays Narrative. Narrative essay: Narrative statement example. Sample narrative essay. Writing a Compelling Personal Narrative Essay: Tips and Examples .... Narrative Essay PDF Essays Narrative. 007 Thesis Statement For Narrative Essay Example Thatsnotus. 003 Mla Format Narrative Essay Example Inspirationa Report Template For .... 002 Thesis Statement For Narrative Essay Example Thatsnotus. Tips on How to Write a Narrative Essay: Expert Advice at KingEssays. What is a narrative essay definition. What is a Narrative Essay: How .... Narrative Essay: Sample thesis essay. 27 Thesis Statement Narrative Essay Examples Image - scholarship. Descriptive essay: Thesis statement examples for narrative essays. How to Write a Thesis for a Narrative Essay Synonym - What is thesis .... How to write a thesis statement for narrative essay - How to Write a .... Writing a Narrative Essay. Narrative Essay Thesis Statement Examples - How to make a thesis .... Narrative Essay Thesis Statement Examples - Thesis Title Ideas for College. Thesis statement for a narrative essay essay service Narrative Essay Thesis Statement Examples Narrative Essay Thesis Statement Examples
The document provides instructions for requesting writing assistance from HelpWriting.net. It outlines a 5-step process: 1) Create an account with a password and email; 2) Complete a 10-minute order form with instructions, sources, and deadline; 3) Review bids from writers and choose one based on qualifications; 4) Review the completed paper and authorize payment if satisfied; 5) Request revisions to ensure satisfaction and receive a refund if plagiarized.
Pakistan Independence Day Essays Free. Online assignment writing service.Kris Hallengren
This summarizes the steps involved in requesting writing assistance from HelpWriting.net:
1. Create an account with a valid email and password.
2. Complete a 10-minute order form providing instructions, sources, deadline, and attaching a sample work if desired.
3. Writers will bid on the request and the client can choose a writer based on qualifications, history, and feedback.
4. The client receives the paper and can request revisions until satisfied, at which point they authorize final payment. The site guarantees original, high-quality work or a full refund.
The document discusses an economic analysis conducted to determine the benefits of developing a new rail inspection application. It estimates the application would save 6 hours of inspection time per week, equivalent to 84 more inspections per year. This represents a 27.63% increase in inspections. It then calculates the cost savings from preventing accidents compared to the $70,840 estimated cost to develop the application. It recommends developing the application if it can be afforded, or exploring cost sharing across jurisdictions to make it financially feasible.
The passage discusses how the field of psychology has become more complex as new discoveries are made daily. As new findings are published, they provide better understanding of individuals and society. Compared to its early days, the schools of thought in psychology have greatly expanded. While each school focuses on different topics, their ideas sometimes overlap. The list of possible psychological disorder diagnoses has increased tremendously from the original broad categories. As psychology explored the human mind in more depth, our understanding of various conditions has developed. Schizophrenia-like personality disorder is discussed as an example, explaining its historical conceptualization and current diagnostic approach.
Critical Essay On The Poisonwood Bible. Online assignment writing service.Becky Smith
Here are some key arguments that could be made in favor of environmental conservation:
- Environmental conservation is necessary to support human life and well-being. A healthy environment provides clean air, water, food and other resources that people depend on for survival. Degrading the environment puts these necessities at risk.
- Biodiversity has intrinsic value and we have a moral obligation to protect other species and ecosystems. Mass extinctions due to human activity undermine the natural world that took billions of years to evolve. Future generations should be able to experience diverse life on Earth.
- Environmental conservation makes economic sense. Ecosystem services such as water filtration by wetlands save on infrastructure costs. Tourism revenue comes from visiting natural areas. Green industries create
Essay On Holi In English Pdf.pdfEssay On Holi In English PdfAmy Colantuoni
The document discusses the steps to request and receive a paper writing service from HelpWriting.net:
1. Create an account with a password and email.
2. Complete a 10-minute order form providing instructions, sources, and deadline.
3. Writers will bid on the request and the client can choose a writer based on qualifications.
4. The client receives the paper and can request revisions until satisfied. Payment is made upon approval.
The document discusses the steps involved in requesting writing assistance from the website HelpWriting.net. It outlines 5 steps: 1) Create an account with a password and email, 2) Complete a 10-minute order form providing instructions, sources, and deadline, 3) Review bids from writers and choose one, placing a deposit, 4) Review the completed paper and authorize final payment, and 5) Request revisions to ensure satisfaction, with the option of a full refund for plagiarized work. The document encourages choosing this service with confidence that needs will be fully met.
This document summarizes the steps to request writing assistance from the website HelpWriting.net. It involves creating an account, completing an order form with instructions and deadline, and reviewing writer bids before selecting one and making a deposit. The customer then reviews the completed paper and can request revisions if needed before authorizing final payment. The website promises original, high-quality content and refunds for plagiarized work.
6 Best Images Of Printable Elsa And Castle Craft - FreShannon Williams
The chapter discusses how children acquire language from birth through age five, noting that infants begin by cooing and babbling before saying their first words around age one, and that between ages two and five vocabulary and grammar skills rapidly advance as children move from using two-word phrases to forming complex sentences. Critical periods in language development are outlined, emphasizing the importance of social interaction and environmental stimulation during the first few years of life for normal language acquisition.
Business Law-Sample Paper With Solutions-Updated LAlicia Stoddard
The document discusses electronic archives and their impact on guides. It describes some existing systems that augment physical guides with electronic elements like notes, tags, or projected images to allow for multimodal interaction. Systems like RASA allow military teams to collaborate on guides during field training by writing notes or using voice commands. Books with Voices embeds RFID tags in books to play related audio histories when scanned. Overall, augmenting physical guides with electronic data provides benefits like improved collaboration, robustness, and user acceptance compared to solely digital or physical guides.
50 Informative Essay Introducti. Online assignment writing service.Cherie King
This document outlines 5 steps for requesting and receiving writing assistance from the website HelpWriting.net:
1. Create an account with a password and email.
2. Complete a 10-minute order form providing instructions, sources, deadline, and sample work.
3. Review bids from writers and choose one based on qualifications.
4. Review the completed paper and authorize payment if satisfied.
5. Request revisions to ensure satisfaction, with a refund option for plagiarized work.
Sample SOP For Australian Student Visa FormatWendy Robertson
The document discusses the history of human rights in Canada throughout the 20th century. It notes that while Canada is often seen as a leader in human rights, its history shows disregard for human rights in some cases. Specifically, it cites excessive prejudice against immigrants at the start of the century and racism against Chinese immigrants, who were denied the right to vote and subject to school segregation, as examples where Canada did not respect human rights. The document suggests this history reveals how perceptions of Canada do not always align with its actual treatment of human rights in the past.
The document provides instructions for creating an account and submitting a paper writing request on the HelpWriting.net website. It outlines a 5-step process: 1) Create an account with an email and password. 2) Complete a form with paper details, sources, and deadline. 3) Writers will bid on the request and the customer can choose a writer. 4) The customer receives the paper and can request revisions if needed. 5) HelpWriting.net guarantees original, high-quality content and refunds are offered for plagiarized work.
Extended Essay Topics Media. Online assignment writing service.Megan Williams
The document discusses a reflective essay about dining at a Mexican restaurant called Mangos. The writer describes their positive experience at Mangos, from the welcoming atmosphere and decor that evoked Mexican culture, to the authentic and tasty menu items like homemade chips and salsa. The friendly service from staff further enhanced the diner's enjoyment of an authentic Mexican food experience at Mangos.
10+ Argumentative Essay Outline Templates - PDF. Sample Essay Outlines - 34+ Examples, Format, Pdf | Examples. Argumentative Essay Outline Format [12 Best Examples]. Check my Essay: Argumentative essay writing examples. Free Printable Essay Outline Template - Printable Templates. 37 Outstanding Essay Outline Templates (Argumentative, Narrative .... 30+ Essay Outline Templates - (Free Samples, Examples and Formats). How to Write an Argumentative Essay Step By Step - Gudwriter. 004 Sample Argumentative Essay Outline Example ~ Thatsnotus. Argument Paper Outline Template - The Best Way to Create a Powerful .... example of an outline for an argumentative essay. Outline of Argumentative Essay. examples of argument essays | Argumentative essay, Essay examples .... Argumentative Essay Outline: Guide, Template, & Examples. Argumentative Essay Outline. Argumentative Essay Outline - 9+ Examples, Format, Pdf | Examples. 37+ Best Outline Examples in MS Word | Google Docs | Apple Pages | PDF. 39+ Essay Outline Templates - PDF, DOC. 14 Best Images of College Essay Outline Worksheet - Essay Research .... A Sample Argumentative Essay. Sample Argument Outline - How to create an argument Outline? Download .... ⭐ Definition argument essay outline. 10 Argumentative Essay Outline .... Argument outline | Generic Outline for the Argumentative Source Paper .... Argumentative Essay Outline Template Pdf - APPLEESSAY. Outline of an Argumentative Essay - Introduction A. Background .... sample argumentative essay with outline Argument Essay Outline Example
Senator John Walsh wrote an article in the New Yorker addressing allegations that he plagiarized parts of his 2007 U.S. Army War College master's thesis. Walsh acknowledges that some of the unattributed passages in his thesis were taken from other sources without proper citation. He takes responsibility for the lapses and states that he should have worked harder to properly cite the sources. However, he maintains that he did not intend to use someone else's work as his own or seek credit for their ideas.
Walsh discusses the process of writing his thesis while also serving in the military during
How To Write A Scientific Paper (With Pictures) - WikiCrystal Jackson
The future of Canada's energy industry is uncertain but will likely involve a transition away from fossil fuels towards renewable energy sources. Climate change concerns are increasing pressure on the oil and gas sector, while public support is growing for cleaner alternatives like solar, wind, and hydroelectric power. However, fossil fuels will still play an important role in the coming decades as renewable technologies continue to advance. The energy industry and governments will need to balance economic and job concerns with environmental sustainability as the country's energy mix evolves.
The Canadian energy industry currently relies heavily on oil, natural gas, and coal production. However, these fossil fuels contribute significantly to
The document provides instructions for creating an account and submitting a request for writing assistance on the HelpWriting.net site. It involves a 5-step process: 1) Create an account with a password and email, 2) Complete a 10-minute order form providing instructions, sources, and deadline, 3) Review bids from writers and choose one, 4) Review the completed paper and authorize payment, 5) Request revisions to ensure satisfaction and a refund is offered for plagiarized work. The process aims to match requests with qualified writers and allow customers to receive customized assistance and revisions.
Essay On Dashain Festival In Nepali LanguagePatty Loen
The document provides instructions for requesting writing assistance from HelpWriting.net in 5 steps:
1. Create an account with a password and email.
2. Complete a 10-minute order form with instructions, sources, and deadline.
3. Review bids from writers and choose one based on qualifications.
4. Review the completed paper and authorize payment if pleased.
5. Request revisions until fully satisfied, with a refund option for plagiarism.
The document provides steps for creating an account and submitting a request for an assignment writing service on the website HelpWriting.net. It outlines 5 steps: 1) Create an account by providing a password and email. 2) Complete a 10-minute order form with instructions, sources, and deadline. 3) Review bids from writers and choose one based on qualifications. 4) Review the completed paper and authorize payment if satisfied. 5) Request revisions to ensure satisfaction, with a full refund option for plagiarized work.
English Essay Life In A Big City. Online assignment writing service.Tanya Collins
The document provides instructions for using a writing service to get help with assignments. It outlines 5 steps: 1) Create an account; 2) Submit a request with instructions and deadline; 3) Review bids from writers and choose one; 4) Review the completed paper and authorize payment; 5) Request revisions to ensure satisfaction and get a refund if plagiarized.
China heavily censors the internet to control the flow of information. The Great Firewall of China blocks access to thousands of websites deemed politically sensitive or socially undesirable. This includes Google, Facebook, Twitter and YouTube. The government also employs thousands of censors to monitor and delete posts on social media that do not align with the Chinese Communist Party's ideology. Citizens who try to circumvent the firewall using VPNs may face legal punishment. While censorship limits the free exchange of ideas, the Chinese government views it as necessary to maintain social stability and power.
Evaluation Essays Examples. How To Write ALisa Riley
The document discusses how Okonkwo from Chinua Achebe's novel Things Fall Apart exhibits traits of a classic Greek hero, as he is a proud and formidable man driven by a fear of weakness and a desire for personal glory, though these qualities ultimately lead to his downfall. It notes a sense of impending doom surrounds Okonkwo from the beginning, hinting that all will not end well for him.
Does History Repeat Itself Essay. Online assignment writing service.Melanie Dunkel
The document provides instructions for requesting writing assistance from HelpWriting.net. It outlines a 5-step process: 1) Create an account with a password and email. 2) Complete a 10-minute order form providing instructions, sources, and deadline. 3) Review bids from writers and select one. 4) Review the completed paper and authorize payment. 5) Request revisions to ensure satisfaction, with the option of a full refund for plagiarized work.
PART B Please response to these two original posts below. Wh.docxsmile790243
PART B
Please response to these two original posts below. When
responding to these posts, please either expand the
thought, add additional insights, or respectfully disagree
and explain why. Remember that we are after reasons
and arguments, and not simply the statement of
opinions.
Original Post 1
Are human lives intrinsically valuable? If so, in virtue of what? (Is
it our uniqueness, perhaps, or our autonomy, or something else?)
To begin, I would like to remind us that being intrinsically valuable
means having values for just being us and nothing else. I believe
that human lives are intrinsically valuable in virtue of our
uniqueness. As a bio nerd, I would like to state the fact that there
are a lot of crossover events during meiosis, which create trillions
of different DNA combinations. Hence, from a biological
standpoint, without considering other aspects, being you is
already valuable because you are that one sperm that won the
race and got fertilized. On a larger scale, there are hardly two
people whose look and behaviors are the same in the same
family, unless they are identical twins. However, identical twins
still act differently and have differences (such as fingerprints).
Since we are raised in different families, we are taught different
things and have different cultures. In general, we all have
different genetic information, appearances, personalities, senses
of humor, ambitions, talents, interests and life experiences. These
characteristics make up our “unique individual value” and make
us so unique and irreplaceable.
I would also love to discuss how our diversities enrich and
contribute to society, but that would be a talk about our extrinsic
values.
Original Post 2
Are human lives intrinsically valuable? If so, in virtue of what? (Is
it our uniqueness, perhaps, or our autonomy, or something else?)
I believe that human lives are intrinsically valuable due to a
number of reasons. Firstly, human lives aren’t replaceable. You
can’t replace a human being with another just like you can
replace a broken laptop with brand new one. Part of the reason
why we tend to think this way is that we were nurtured with the
notion that there is, indeed, a special value to human life. This
could be in virtue of our uniqueness-- the fact that we are
sentient and capable of complex thoughts and emotions
separates us from any other species on this planet. From a
scientific standpoint, this is also one of the reasons as to why
humans became the dominant species in today’s age.
Moreover, human lives aren’t disposable. I think this is largely due
to us humans having the ability to empathize with others. We
understand that it’s morally inappropriate to take the life of
another individual even if they’re complete strangers because
they’re another human being like us who has their own thoughts,
values, memories, and stories. In a way, we have a strong
emotional connection to our own species. As .
Part C Developing Your Design SolutionThe Production Cycle.docxsmile790243
Part C Developing Your Design
Solution
The Production Cycle
Within the four stages of the design workflow there are two distinct parts.
The first three stages, as presented in Part B of this book, were described
as ‘The Hidden Thinking’ stages, as they are concerned with undertaking
the crucial behind-the-scenes preparatory work. You may have completed
them in terms of working through the book’s contents, but in visualisation
projects they will continue to command your attention, even if that is
reduced to a background concern.
You have now reached the second distinct part of the workflow which
involves developing your design solution. This stage follows a production
cycle, commencing with rationalising design ideas and moving through to
the development of a final solution.
The term cycle is appropriate to describe this stage as there are many loops
of iteration as you evolve rapidly between conceptual, practical and
technical thinking. The inevitability of this iterative cycle is, in large part,
again due to the nature of this pursuit being more about optimisation rather
than an expectation of achieving that elusive notion of perfection. Trade-
offs, compromises, and restrictions are omnipresent as you juggle ambition
and necessary pragmatism.
How you undertake this stage will differ considerably depending on the
nature of your task. The creation of a relatively simple, single chart to be
slotted into a report probably will not require the same rigour of a formal
production cycle that the development of a vast interactive visualisation to
be used by the public would demand. This is merely an outline of the most
you will need to do – you should edit, adapt and participate the steps to fit
with your context.
There are several discrete steps involved in this production cycle:
Conceiving ideas across the five layers of visualisation design.
Wireframing and storyboarding designs.
Developing prototypes or mock-up versions.
219
Testing.
Refining and completing.
Launching the solution.
Naturally, the specific approach for developing your design solution (from
prototyping through to launching) will vary hugely, depending particularly
on your skills and resources: it might be an Excel chart, or a Tableau
dashboard, an infographic created using Adobe Illustrator, or a web-based
interactive built with the D3.js library. As I have explained in the book’s
introduction, I’m not going to attempt to cover the myriad ways of
implementing a solution; that would be impossible to achieve as each task
and tool would require different instructions.
For the scope of this book, I am focusing on taking you through the first
two steps of this cycle – conceiving ideas and wireframing/storyboarding.
There are parallels here with the distinctions between architecture (design)
and engineering (execution) – I’m effectively chaperoning you through to
the conclusion of your design thinking.
To fulfil this, Part C presents a detailed breakdown of the many design
.
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The document discusses the steps involved in requesting writing assistance from the website HelpWriting.net. It outlines 5 steps: 1) Create an account with a password and email, 2) Complete a 10-minute order form providing instructions, sources, and deadline, 3) Review bids from writers and choose one, placing a deposit, 4) Review the completed paper and authorize final payment, and 5) Request revisions to ensure satisfaction, with the option of a full refund for plagiarized work. The document encourages choosing this service with confidence that needs will be fully met.
This document summarizes the steps to request writing assistance from the website HelpWriting.net. It involves creating an account, completing an order form with instructions and deadline, and reviewing writer bids before selecting one and making a deposit. The customer then reviews the completed paper and can request revisions if needed before authorizing final payment. The website promises original, high-quality content and refunds for plagiarized work.
6 Best Images Of Printable Elsa And Castle Craft - FreShannon Williams
The chapter discusses how children acquire language from birth through age five, noting that infants begin by cooing and babbling before saying their first words around age one, and that between ages two and five vocabulary and grammar skills rapidly advance as children move from using two-word phrases to forming complex sentences. Critical periods in language development are outlined, emphasizing the importance of social interaction and environmental stimulation during the first few years of life for normal language acquisition.
Business Law-Sample Paper With Solutions-Updated LAlicia Stoddard
The document discusses electronic archives and their impact on guides. It describes some existing systems that augment physical guides with electronic elements like notes, tags, or projected images to allow for multimodal interaction. Systems like RASA allow military teams to collaborate on guides during field training by writing notes or using voice commands. Books with Voices embeds RFID tags in books to play related audio histories when scanned. Overall, augmenting physical guides with electronic data provides benefits like improved collaboration, robustness, and user acceptance compared to solely digital or physical guides.
50 Informative Essay Introducti. Online assignment writing service.Cherie King
This document outlines 5 steps for requesting and receiving writing assistance from the website HelpWriting.net:
1. Create an account with a password and email.
2. Complete a 10-minute order form providing instructions, sources, deadline, and sample work.
3. Review bids from writers and choose one based on qualifications.
4. Review the completed paper and authorize payment if satisfied.
5. Request revisions to ensure satisfaction, with a refund option for plagiarized work.
Sample SOP For Australian Student Visa FormatWendy Robertson
The document discusses the history of human rights in Canada throughout the 20th century. It notes that while Canada is often seen as a leader in human rights, its history shows disregard for human rights in some cases. Specifically, it cites excessive prejudice against immigrants at the start of the century and racism against Chinese immigrants, who were denied the right to vote and subject to school segregation, as examples where Canada did not respect human rights. The document suggests this history reveals how perceptions of Canada do not always align with its actual treatment of human rights in the past.
The document provides instructions for creating an account and submitting a paper writing request on the HelpWriting.net website. It outlines a 5-step process: 1) Create an account with an email and password. 2) Complete a form with paper details, sources, and deadline. 3) Writers will bid on the request and the customer can choose a writer. 4) The customer receives the paper and can request revisions if needed. 5) HelpWriting.net guarantees original, high-quality content and refunds are offered for plagiarized work.
Extended Essay Topics Media. Online assignment writing service.Megan Williams
The document discusses a reflective essay about dining at a Mexican restaurant called Mangos. The writer describes their positive experience at Mangos, from the welcoming atmosphere and decor that evoked Mexican culture, to the authentic and tasty menu items like homemade chips and salsa. The friendly service from staff further enhanced the diner's enjoyment of an authentic Mexican food experience at Mangos.
10+ Argumentative Essay Outline Templates - PDF. Sample Essay Outlines - 34+ Examples, Format, Pdf | Examples. Argumentative Essay Outline Format [12 Best Examples]. Check my Essay: Argumentative essay writing examples. Free Printable Essay Outline Template - Printable Templates. 37 Outstanding Essay Outline Templates (Argumentative, Narrative .... 30+ Essay Outline Templates - (Free Samples, Examples and Formats). How to Write an Argumentative Essay Step By Step - Gudwriter. 004 Sample Argumentative Essay Outline Example ~ Thatsnotus. Argument Paper Outline Template - The Best Way to Create a Powerful .... example of an outline for an argumentative essay. Outline of Argumentative Essay. examples of argument essays | Argumentative essay, Essay examples .... Argumentative Essay Outline: Guide, Template, & Examples. Argumentative Essay Outline. Argumentative Essay Outline - 9+ Examples, Format, Pdf | Examples. 37+ Best Outline Examples in MS Word | Google Docs | Apple Pages | PDF. 39+ Essay Outline Templates - PDF, DOC. 14 Best Images of College Essay Outline Worksheet - Essay Research .... A Sample Argumentative Essay. Sample Argument Outline - How to create an argument Outline? Download .... ⭐ Definition argument essay outline. 10 Argumentative Essay Outline .... Argument outline | Generic Outline for the Argumentative Source Paper .... Argumentative Essay Outline Template Pdf - APPLEESSAY. Outline of an Argumentative Essay - Introduction A. Background .... sample argumentative essay with outline Argument Essay Outline Example
Senator John Walsh wrote an article in the New Yorker addressing allegations that he plagiarized parts of his 2007 U.S. Army War College master's thesis. Walsh acknowledges that some of the unattributed passages in his thesis were taken from other sources without proper citation. He takes responsibility for the lapses and states that he should have worked harder to properly cite the sources. However, he maintains that he did not intend to use someone else's work as his own or seek credit for their ideas.
Walsh discusses the process of writing his thesis while also serving in the military during
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The future of Canada's energy industry is uncertain but will likely involve a transition away from fossil fuels towards renewable energy sources. Climate change concerns are increasing pressure on the oil and gas sector, while public support is growing for cleaner alternatives like solar, wind, and hydroelectric power. However, fossil fuels will still play an important role in the coming decades as renewable technologies continue to advance. The energy industry and governments will need to balance economic and job concerns with environmental sustainability as the country's energy mix evolves.
The Canadian energy industry currently relies heavily on oil, natural gas, and coal production. However, these fossil fuels contribute significantly to
The document provides instructions for creating an account and submitting a request for writing assistance on the HelpWriting.net site. It involves a 5-step process: 1) Create an account with a password and email, 2) Complete a 10-minute order form providing instructions, sources, and deadline, 3) Review bids from writers and choose one, 4) Review the completed paper and authorize payment, 5) Request revisions to ensure satisfaction and a refund is offered for plagiarized work. The process aims to match requests with qualified writers and allow customers to receive customized assistance and revisions.
Essay On Dashain Festival In Nepali LanguagePatty Loen
The document provides instructions for requesting writing assistance from HelpWriting.net in 5 steps:
1. Create an account with a password and email.
2. Complete a 10-minute order form with instructions, sources, and deadline.
3. Review bids from writers and choose one based on qualifications.
4. Review the completed paper and authorize payment if pleased.
5. Request revisions until fully satisfied, with a refund option for plagiarism.
The document provides steps for creating an account and submitting a request for an assignment writing service on the website HelpWriting.net. It outlines 5 steps: 1) Create an account by providing a password and email. 2) Complete a 10-minute order form with instructions, sources, and deadline. 3) Review bids from writers and choose one based on qualifications. 4) Review the completed paper and authorize payment if satisfied. 5) Request revisions to ensure satisfaction, with a full refund option for plagiarized work.
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The document provides instructions for using a writing service to get help with assignments. It outlines 5 steps: 1) Create an account; 2) Submit a request with instructions and deadline; 3) Review bids from writers and choose one; 4) Review the completed paper and authorize payment; 5) Request revisions to ensure satisfaction and get a refund if plagiarized.
China heavily censors the internet to control the flow of information. The Great Firewall of China blocks access to thousands of websites deemed politically sensitive or socially undesirable. This includes Google, Facebook, Twitter and YouTube. The government also employs thousands of censors to monitor and delete posts on social media that do not align with the Chinese Communist Party's ideology. Citizens who try to circumvent the firewall using VPNs may face legal punishment. While censorship limits the free exchange of ideas, the Chinese government views it as necessary to maintain social stability and power.
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The document discusses how Okonkwo from Chinua Achebe's novel Things Fall Apart exhibits traits of a classic Greek hero, as he is a proud and formidable man driven by a fear of weakness and a desire for personal glory, though these qualities ultimately lead to his downfall. It notes a sense of impending doom surrounds Okonkwo from the beginning, hinting that all will not end well for him.
Does History Repeat Itself Essay. Online assignment writing service.Melanie Dunkel
The document provides instructions for requesting writing assistance from HelpWriting.net. It outlines a 5-step process: 1) Create an account with a password and email. 2) Complete a 10-minute order form providing instructions, sources, and deadline. 3) Review bids from writers and select one. 4) Review the completed paper and authorize payment. 5) Request revisions to ensure satisfaction, with the option of a full refund for plagiarized work.
Similar to Laureate Education (Producer). (2013c). Levy family Episodes 5 [V.docx (20)
PART B Please response to these two original posts below. Wh.docxsmile790243
PART B
Please response to these two original posts below. When
responding to these posts, please either expand the
thought, add additional insights, or respectfully disagree
and explain why. Remember that we are after reasons
and arguments, and not simply the statement of
opinions.
Original Post 1
Are human lives intrinsically valuable? If so, in virtue of what? (Is
it our uniqueness, perhaps, or our autonomy, or something else?)
To begin, I would like to remind us that being intrinsically valuable
means having values for just being us and nothing else. I believe
that human lives are intrinsically valuable in virtue of our
uniqueness. As a bio nerd, I would like to state the fact that there
are a lot of crossover events during meiosis, which create trillions
of different DNA combinations. Hence, from a biological
standpoint, without considering other aspects, being you is
already valuable because you are that one sperm that won the
race and got fertilized. On a larger scale, there are hardly two
people whose look and behaviors are the same in the same
family, unless they are identical twins. However, identical twins
still act differently and have differences (such as fingerprints).
Since we are raised in different families, we are taught different
things and have different cultures. In general, we all have
different genetic information, appearances, personalities, senses
of humor, ambitions, talents, interests and life experiences. These
characteristics make up our “unique individual value” and make
us so unique and irreplaceable.
I would also love to discuss how our diversities enrich and
contribute to society, but that would be a talk about our extrinsic
values.
Original Post 2
Are human lives intrinsically valuable? If so, in virtue of what? (Is
it our uniqueness, perhaps, or our autonomy, or something else?)
I believe that human lives are intrinsically valuable due to a
number of reasons. Firstly, human lives aren’t replaceable. You
can’t replace a human being with another just like you can
replace a broken laptop with brand new one. Part of the reason
why we tend to think this way is that we were nurtured with the
notion that there is, indeed, a special value to human life. This
could be in virtue of our uniqueness-- the fact that we are
sentient and capable of complex thoughts and emotions
separates us from any other species on this planet. From a
scientific standpoint, this is also one of the reasons as to why
humans became the dominant species in today’s age.
Moreover, human lives aren’t disposable. I think this is largely due
to us humans having the ability to empathize with others. We
understand that it’s morally inappropriate to take the life of
another individual even if they’re complete strangers because
they’re another human being like us who has their own thoughts,
values, memories, and stories. In a way, we have a strong
emotional connection to our own species. As .
Part C Developing Your Design SolutionThe Production Cycle.docxsmile790243
Part C Developing Your Design
Solution
The Production Cycle
Within the four stages of the design workflow there are two distinct parts.
The first three stages, as presented in Part B of this book, were described
as ‘The Hidden Thinking’ stages, as they are concerned with undertaking
the crucial behind-the-scenes preparatory work. You may have completed
them in terms of working through the book’s contents, but in visualisation
projects they will continue to command your attention, even if that is
reduced to a background concern.
You have now reached the second distinct part of the workflow which
involves developing your design solution. This stage follows a production
cycle, commencing with rationalising design ideas and moving through to
the development of a final solution.
The term cycle is appropriate to describe this stage as there are many loops
of iteration as you evolve rapidly between conceptual, practical and
technical thinking. The inevitability of this iterative cycle is, in large part,
again due to the nature of this pursuit being more about optimisation rather
than an expectation of achieving that elusive notion of perfection. Trade-
offs, compromises, and restrictions are omnipresent as you juggle ambition
and necessary pragmatism.
How you undertake this stage will differ considerably depending on the
nature of your task. The creation of a relatively simple, single chart to be
slotted into a report probably will not require the same rigour of a formal
production cycle that the development of a vast interactive visualisation to
be used by the public would demand. This is merely an outline of the most
you will need to do – you should edit, adapt and participate the steps to fit
with your context.
There are several discrete steps involved in this production cycle:
Conceiving ideas across the five layers of visualisation design.
Wireframing and storyboarding designs.
Developing prototypes or mock-up versions.
219
Testing.
Refining and completing.
Launching the solution.
Naturally, the specific approach for developing your design solution (from
prototyping through to launching) will vary hugely, depending particularly
on your skills and resources: it might be an Excel chart, or a Tableau
dashboard, an infographic created using Adobe Illustrator, or a web-based
interactive built with the D3.js library. As I have explained in the book’s
introduction, I’m not going to attempt to cover the myriad ways of
implementing a solution; that would be impossible to achieve as each task
and tool would require different instructions.
For the scope of this book, I am focusing on taking you through the first
two steps of this cycle – conceiving ideas and wireframing/storyboarding.
There are parallels here with the distinctions between architecture (design)
and engineering (execution) – I’m effectively chaperoning you through to
the conclusion of your design thinking.
To fulfil this, Part C presents a detailed breakdown of the many design
.
PART A You will create a media piece based around the theme of a.docxsmile790243
PART A:
You will create a media piece based around the theme of “alternative facts.
Fake News:
Create a
series of 3
short, “fake news” articles or news videos. They should follow a specific theme. Make sure to have a clear understanding of WHY your fake news is being created (fake news is used by people, groups, companies, etc to convince an unsuspecting audience of something. It’s supposed to seem real, but the motivation behind it is to deceive. As part of this option, consider what your motivations are for your deception).
Part A: should be around 750 words for written tasks (or 250 for each 3 part task)
PART B:
The focus for this assignment is to demonstrate a
clear understanding of media conventions
, as well as
purpose
and
audience
. Therefore, along with your media product, you’ll also be required to submit a short
reflection
detailing why you created your product and for whom it was intended. You must discuss and analyze the elements within your media product (including why & how you used the persuasive techniques of ethos, logos and pathos) as well as the other elements of media you used and why.
.
Part 4. Implications to Nursing Practice & Implication to Patien.docxsmile790243
Part 4. Implications to Nursing Practice & Implication to Patient Outcomes
Provide a paragraph summary addressing the topics implications to nursing practice and patient outcomes. This section is NOT another review of the literature or introduction of new topics related to the PICOT question.
You may find if helpful to begin each topic with -
Nurses need to know …
Important patient outcomes include …
Example
– please note this is an older previous students work and so some references are older than 5 years.
Be sure to provide the PICOT question to begin this post.
PICOT Question:
P=Patient Population
I=Intervention
C=Comparison
O=Outcome
T=Time (duration):
In patients in the hospital, (P)
how does frequently provided patient hand washing (I)
compared with patient initiated hand washing (C)
affect hospital acquired infection (O)
within the hospital stay (T)
Implications to Nursing Practice & Patient Outcomes
Nurses need to know that they play a significant role in the reduction of hospital acquired infection by ensuring by health care workers and patients wash hands since nurses have the most interactions with patients. Implementing hand hygiene protocol with patients can enhance awareness and decrease healthcare associated infection (HAI). Both nurses and patients need to know that HAI is associated with increased morbidity and mortality as well cost of treatment and length of hospital stay. Nurses and patients also need to know that most HAI is preventable. Gujral (2015) notes that proper hand hygiene is the single most important, simplest, and least expensive means of reducing prevalence of HAI and the spread of antimicrobial resistance. Nurse and patient hand washing plays a vital role in decreasing healthcare costs and infections in all settings.
References
Gujral, H. (2015.) Survey shows importance of hand washing for infection prevention. American Nurse Today, 10 (10), 20. Retrieved from hEp://www.nursingworld.org/AmericanNurseToday
.
PART AHepatitis C is a chronic liver infection that can be e.docxsmile790243
PART A
Hepatitis C is a chronic liver infection that can be either silent (with no noticeable symptoms) or debilitating. Either way, 80% of infected persons experience continuing liver destruction. Chronic hepatitis C infection is the leading cause of liver transplants in the United States. The virus that causes it is blood borne, and therefore patients who undergo frequent procedures involving transfer of blood are particularly susceptible to infection. Kidney dialysis patients belong to this group. In 2008, a for-profit hemodialysis facility in New York was shut down after nine of its patients were confirmed as having become infected with hepatitis C while undergoing hemodialysis treatments there between 2001 and 2008.
When the investigation was conducted in 2008, investigators found that 20 of the facility’s 162 patients had been documented with hepatitis C infection at the time they began their association with the clinic. All the current patients were then offered hepatitis C testing, to determine how many had acquired hepatitis C during the time they were receiving treatment at the clinic. They were considered positive if enzyme-linked immunosorbent assay (ELISA) tests showed the presence of antibodies to the hepatitis C virus.
Health officials did not test the workers at the hemodialysis facility for hepatitis C because they did not view them as likely sources of the nine new infections. Why not?
Why do you think patients were tested for antibody to the virus instead of for the presence of the virus itself?
Ref.: Cowan, M. K. (2014) (4th Ed.). Microbiology: A Systems Approach, McGraw Hill
PART B
Summary:
Directions for the students: There are 4 essay questions. Please be sure to complete all of them with thorough substantive responses. Current APA Citations are required for all responses.
1. Precisely what is microbial death?
2. Why does a population of microbes not die instantaneously when exposed to an antimicrobial agent?
3. Explain what is wrong with this statement: “Prior to vaccination, the patient’s skin was sterilized with alcohol.” What would be a more correct wording?
4. Conduct additional research on the use of triclosan and other chemical agents in antimicrobial products today. Develop an opinion on whether this process should continue, providing evidence and citations to support your stance.
.
Part A post your answer to the following question1. How m.docxsmile790243
Potential negative reactions from others to an adolescent questioning their sexual identity or gender role could negatively impact their social environment, behavior, and self-esteem. As social workers, we can play a role in creating a supportive environment for these adolescents by educating families and communities, advocating for inclusive policies, and providing counseling and resources to help adolescents accept themselves and develop coping strategies.
PART BPlease response to these two original posts below..docxsmile790243
PART B
Please response to these two original posts below. When responding to
these posts, please either expand the thought, add additional insights, or
respectfully disagree and explain why. Remember that we are after reasons
and arguments, and not simply the statement of opinions.
Original Post 1
"What is moral relativism? Why might people be attracted to it? Is
it plausible?"
First of all, moral relativism is the view that moral truths are
subjective and depend on each individual's standpoints. Based
on this, everyone's moral view is legitimate. This can be attracted
because it sounds liberating and there is no need to argue for a
particular position. Moral relativism seems convincing in some
cases. For example, some people are okay with giving money to
homeless people, thinking that it's good to provide for the people
in need. Some people, on the other hand, claim that they can
work to satisfy their own needs. Moral relativism works well in
these cases because they all seem legitimate. However, there are
cases that moral relativism does not seem reasonable. For
example, child sacrifice in some cultures seems cruel and
uncivilized to most people. Hence, moral relativism is not
absolutely true.
Original Post 2
“Is your death bad for you, specifically, or only (at most) for others? Why
might someone claim that it isn’t bad for you?”
I'd start off by acknowledging what the two ancient philosophers,
Lucretius and Epicurus, outlined about death. They made the
point that death isn't necessarily bad for you since no suffering
takes place and that you yourself don't realize your own death. In
this way, one could make the claim that death isn't intrinsically
bad for you.
Another perspective I wanted to add was the influence of death
(both on you and others around you). Specifically, the event of
death itself may not be bad for you, but the idea of impending
death could impact one's life. Some may live freely, totally care-
free, accepting of death and enjoy life in the moment. Others may
be frightened by the idea of death that they live in constant fear
and hence death causing their mental health to take its toll. In
this way, I'd argue that death could, in fact, be bad for you. One
common reason for being afraid of death is the fear of being
forgotten. Not to mention the death of an individual certainly
affects others; death doesn't affect one's life but also all that is
connected to it. Focusing back to the point, it's clear that the
very idea of death directly affects the concerned individual. The
fact that those who live in fear of death are looking for legacies
and footprints to leave after they leave this world is telling of how
death could be arguably bad for you before it even happens.
PART A
Pick one or more questions below and write a substantive post
with >100 words. Please try to provide evidence(s) to support
your idea(s).
Questions:
• Do we have a duty to work out whe.
Part A (50 Points)Various men and women throughout history .docxsmile790243
Part A (50 Points):
Various men and women throughout history have made important contributions to the development of statistical science. Select any one (1) individual from the list below and write a 2 page summary of their influence on statistics. Be specific in detail to explain the concepts they developed and how this advanced our understanding and application of statistics.
Florence Nightingale
Francis Galton
Thomas Bayes
Part B (50 Points):
Select any one statistical concept you learned in this course and explain how it can be applied to our understanding of the Covid-19 pandemic (2 pages). You should use a specific example and include at least one diagram to illustrate your answer.
Please note: Your work must be original and not copied directly from other sources. No citations are needed. Be sure to submit this assignment in Blackboard on the due date specified.
.
This document discusses urinary tract infections (UTIs). It begins with a matching exercise identifying structures of the urinary system. The second part addresses UTIs in more detail. It defines a UTI, discusses the microorganisms that cause UTIs and where they enter the body. It also explains common signs and symptoms of UTIs, as well as diagnostic tests and treatments. The document concludes by noting that UTIs are more common in women and describes some ways women can reduce their risk.
Part A Develop an original age-appropriate activity for your .docxsmile790243
The document describes developing two original age-appropriate activities for preschoolers. The first activity uses either Froebel's cube gift, parquetry gift, or Lincoln Logs and identifies two skills it develops. The second activity promotes the same skills but is based on the Montessori method. The summary describes each activity and notes two key differences between them.
Part 3 Social Situations2. Identify multicultural challenges th.docxsmile790243
Part 3: Social Situations
2. Identify multicultural challenges that your chosen individual may face as a recent
refugee.
• What are some of the issues that can arise for someone who has recently
immigrated to a new country?
• Explain how these multicultural challenges could impact your chosen individual’s
four areas of development?
3. Suggest plans of action or resources that you feel should be provided to this family to
assist them in proper develop
Part 3: Social Situations
• Proposal paper which identifies multicultural challenges that your chosen individual may face as a recent refugee.
• Suggested plan of action and/or resources which should be implemented to address the multicultural challenges.
• 2-3 Pages in length
• APA Formatting
• Submission will be checked for plagiaris
.
Part A (1000 words) Annotated Bibliography - Create an annota.docxsmile790243
Part A
(1000 words): Annotated Bibliography - Create an annotated bibliography that focuses on ONE particular aspect of current Software Engineering that face a world with different cultural standards. At least seven (7) peer-reviewed articles must be used for this exercise.
Part B
(3000 words):
Research Report
- Write a report of the analysis and synthesis using the
(Part A
) foundational
Annotated Bibliography
.
Part C (500 words): Why is it important to try to minimize complexity in a software system.
Part D (500 words): What are the advantages and disadvantages to companies that are developing software products that use cloud servers to support their development process?
Part E (500 words): Explain why each microservice should maintain its own data. Explain how data in service replicas can be kept consistent?
.
Part 6 Disseminating Results Create a 5-minute, 5- to 6-sli.docxsmile790243
Part 6: Disseminating Results
Create a 5-minute, 5- to 6-slide narrated PowerPoint presentation of your Evidence-Based Project:
· Be sure to incorporate any feedback or changes from your presentation submission in Module 5.
· Explain how you would disseminate the results of your project to an audience. Provide a rationale for why you selected this dissemination strategy.
Points Range: 81 (81%) - 90 (90%)
The narrated presentation accurately and completely summarizes the evidence-based project. The narrated presentation is professional in nature and thoroughly addresses all components of the evidence-based project.
The narrated presentation accurately and clearly explains in detail how to disseminate the results of the project to an audience, citing specific and relevant examples.
The narrated presentation accurately and clearly provides a justification that details the selection of this dissemination strategy that is fully supported by specific and relevant examples.
The narrated presentation provides a complete, detailed, and specific synthesis of two outside resources related to the dissemination strategy explained. The narrated presentation fully integrates at least two outside resources and two or three course-specific resources that fully support the presentation.
Written Expression and Formatting—Paragraph Development and Organization:
Paragraphs make clear points that support well-developed ideas, flow logically, and demonstrate continuity of ideas. Sentences are carefully focused—neither long and rambling nor short and lacking substance. A clear and comprehensive purpose statement and introduction is provided which delineates all required criteria.
Points Range: 5 (5%) - 5 (5%)
Paragraphs and sentences follow writing standards for flow, continuity, and clarity.
A clear and comprehensive purpose statement, introduction, and conclusion is provided which delineates all required criteria.
Written Expression and Formatting—English Writing Standards:
Correct grammar, mechanics, and proper punctuation.
Points Range: 5 (5%) - 5 (5%)
Uses correct grammar, spelling, and punctuation with no errors.
Evidenced Based Change
Leslie Hill
Walden University
Introduction/PurposeChange is inevitable.Health care organizations need change to improve.There are challenges that need to be addressed(Baraka-Johnson et al. 2019).Challenges should be addressed using evidence-based research.These changes enhance professionalism therefore improving quality of care and quality of life.The purpose of this paper is to identify an existing problem in health care and suggest a change idea that would be effective in addressing the problem. The paper also articulates risks associated with the change process, how to distribute the change information and how to implement change successfully.
Organizational CultureThe Organization is a hospice facilityOffers end of life care for pain and symptom managementThe health care providers cu.
Part 3 Social Situations • Proposal paper which identifies multicul.docxsmile790243
Part 3: Social Situations • Proposal paper which identifies multicultural challenges that your chosen individual may face as a recent refugee. • Suggested plan of action and/or resources which should be implemented to address the multicultural challenges. • 2-3 Pages in length • APA Formatting • Submission will be checked for plagiarism
Part 3: Social Situations 2. Identify multicultural challenges that your chosen individual may face as a recent refugee. • What are some of the issues that can arise for someone who has recently immigrated to a new country? • Explain how these multicultural challenges could impact your chosen individual’s four areas of development? 3. Suggest plans of action or resources that you feel should be provided to this family to assist them in proper development.
.
Part 3 Social Situations 2. Identify multicultural challenges that .docxsmile790243
Part 3: Social Situations 2. Identify multicultural challenges that your chosen individual may face as a recent refugee. • What are some of the issues that can arise for someone who has recently immigrated to a new country? • Explain how these multicultural challenges could impact your chosen individual’s four areas of development? 3. Suggest plans of action or resources that you feel should be provided to this family to assist them in proper development.
Part 3: Social Situations • Proposal paper which identifies multicultural challenges that your chosen individual may face as a recent refugee. • Suggested plan of action and/or resources which should be implemented to address the multicultural challenges. • 2-3 Pages in length • APA Formatting • Submission will be checked for plagiarism
.
Part 2The client is a 32-year-old Hispanic American male who c.docxsmile790243
Part 2
The client is a 32-year-old Hispanic American male who came to the United States when he was in high school with his father. His mother died back in Mexico when he was in school. He presents today to the PMHNPs office for an initial appointment for complaints of depression. The client was referred by his PCP after “routine” medical work-up to rule out an organic basis for his depression. He has no other health issues except for some occasional back pain and “stiff” shoulders which he attributes to his current work as a laborer in a warehouse. the “Montgomery- Asberg Depression Rating Scale (MADRS)” and obtained a score of 51 (indicating severe depression). reports that he always felt like an outsider as he was “teased” a lot for being “black” in high school. States that he had few friends, and basically kept to himself. He also reports a remarkably diminished interest in engaging in usual activities, states that he has gained 15 pounds in the last 2 months. He is also troubled with insomnia which began about 6 months ago, but have been progressively getting worse. He does report poor concentration which he reports is getting in “trouble” at work.
· Decision #1: start Zoloft 25mg orally daily
· Which decision did you select?
· Why did you select this decision? Support your response with evidence and references to the Learning Resources.
· What were you hoping to achieve by making this decision? Support your response with evidence and references to the Learning Resources.
· Explain any difference between what you expected to achieve with Decision #1 and the results of the decision. Why were they different?
· Decision #2: Client returns to clinic in four weeks, reports a 25% decrease in symptoms but concerned over the new onset of erectile dysfunction
*add Augmentin Wellbutrin IR 150mg in the morning
· Why did you select this decision? Support y our response with evidence and references to the Learning Resources.
· What were you hoping to achieve by making this decision? Support your response with evidence and references to the Learning Resources.
· Explain any difference between what you expected to achieve with Decision #2 and the results of the decision. Why were they different?
· Decision #3: Client returns to clinic in four weeks, Client stated that depressive symptoms have decreased even more and his erectile dysfunction has abated
· Client reports that he has been feeling “jittery” and sometimes “nervous”
*change to Wellbutrin XL 150mg daily
· Why did you select this decision? Support your response with evidence and references to the Learning Resources.
· What were you hoping to achieve by making this decision? Support your response with evidence and references to the Learning Resources.
· Explain any difference between what you expected to achieve with Decision #3 and the results of the decision. Why were they different?
Explain how ethical considerations might impact your treatment plan and communication with clients.
Conclusion.
Part 2For this section of the template, focus on gathering deta.docxsmile790243
Part 2:
For this section of the template, focus on gathering details about common, specific learning disabilities. These disabilities fall under the IDEA disability categories you researched for the chart above. Review the textbook and the topic study materials and use them to complete the chart.
Learning Disability Definition Characteristics Common Assessments for Diagnosis Potential Effect on Learning and Other Areas of Life Basic Strategies for Addressing the Disability
Attention Deficit Hyperactivity Disorder (ADHD)
Auditory Processing Disorder (APD)
Dyscalculia
Dysgraphia
Dyslexia
Dysphasia/Aphasia
Dyspraxia
Language Processing Disorder (LPD)
Non-Verbal Learning Disabilities
Visual Perceptual/Visual Motor Deficit
.
Part 2 Observation Summary and Analysis • Summary paper of observat.docxsmile790243
Part 2: Observation Summary and Analysis • Summary paper of observation findings for each area of development and connection to the observed participant. • Comprehensive description of the observed participant. • Analyzed observation experience with course material to determine whetherthe participant is developmentally on track for each area of development. • 4 Pages in length • APA Formatting • Submission will be checked for plagiarism
Part 2: Observation Summary and Analysis 1. Review and implement any comments from your instructor for Part 1: Observation. 2. Describe the participant that you observed. • Share your participant’s first name (can be fictional name if participant wants to remain anonymous), age, physical attributes, and you initial impressions. 3. Analyze your observation findings for each area of development (physical, cognitive, social/emotional, and spiritual/moral). • Explain how your observations support the 3-5 bullets for each area of development that you identified in your Development Observation Guidefrom Part 1: Observation. • Explain whether or not your participant is developmentally on track for each area of development. 4. What stood out the most to you about the observation? 5. Include at least 2 credible sources
.
Part 2 Observation Summary and Analysis 1. Review and implement any.docxsmile790243
Part 2: Observation Summary and Analysis 1. Review and implement any comments from your instructor for Part 1: Observation. 2. Describe the participant that you observed. • Share your participant’s first name (can be fictional name if participant wants to remain anonymous), age, physical attributes, and you initial impressions. 3. Analyze your observation findings for each area of development (physical, cognitive, social/emotional, and spiritual/moral). • Explain how your observations support the 3-5 bullets for each area of development that you identified in your Development Observation Guidefrom Part 1: Observation. • Explain whether or not your participant is developmentally on track for each area of development. 4. What stood out the most to you about the observation? 5. Include at least 2 credible sources
Part 2: Observation Summary and Analysis • Summary paper of observation findings for each area of development and connection to the observed participant. • Comprehensive description of the observed participant. • Analyzed observation experience with course material to determine whetherthe participant is developmentally on track for each area of development. • 4-6 Pages in length • APA Formatting • Submission will be checked for plagiarism
.
Part 2Data collectionfrom your change study initiative,.docxsmile790243
Part 2:
Data collection
from your change study initiative, sample, method, display of the results of the data itself, process, and method of analysis (graphs, charts, frequency counts, descriptive statistics of the data, narrative)
Part 3: Interpretation of the results of the Data
Collection and
Analysis, address likely resistance, and provide recommendations for continuing
the study
or evaluating your change study/initiative.
.
LAND USE LAND COVER AND NDVI OF MIRZAPUR DISTRICT, UPRAHUL
This Dissertation explores the particular circumstances of Mirzapur, a region located in the
core of India. Mirzapur, with its varied terrains and abundant biodiversity, offers an optimal
environment for investigating the changes in vegetation cover dynamics. Our study utilizes
advanced technologies such as GIS (Geographic Information Systems) and Remote sensing to
analyze the transformations that have taken place over the course of a decade.
The complex relationship between human activities and the environment has been the focus
of extensive research and worry. As the global community grapples with swift urbanization,
population expansion, and economic progress, the effects on natural ecosystems are becoming
more evident. A crucial element of this impact is the alteration of vegetation cover, which plays a
significant role in maintaining the ecological equilibrium of our planet.Land serves as the foundation for all human activities and provides the necessary materials for
these activities. As the most crucial natural resource, its utilization by humans results in different
'Land uses,' which are determined by both human activities and the physical characteristics of the
land.
The utilization of land is impacted by human needs and environmental factors. In countries
like India, rapid population growth and the emphasis on extensive resource exploitation can lead
to significant land degradation, adversely affecting the region's land cover.
Therefore, human intervention has significantly influenced land use patterns over many
centuries, evolving its structure over time and space. In the present era, these changes have
accelerated due to factors such as agriculture and urbanization. Information regarding land use and
cover is essential for various planning and management tasks related to the Earth's surface,
providing crucial environmental data for scientific, resource management, policy purposes, and
diverse human activities.
Accurate understanding of land use and cover is imperative for the development planning
of any area. Consequently, a wide range of professionals, including earth system scientists, land
and water managers, and urban planners, are interested in obtaining data on land use and cover
changes, conversion trends, and other related patterns. The spatial dimensions of land use and
cover support policymakers and scientists in making well-informed decisions, as alterations in
these patterns indicate shifts in economic and social conditions. Monitoring such changes with the
help of Advanced technologies like Remote Sensing and Geographic Information Systems is
crucial for coordinated efforts across different administrative levels. Advanced technologies like
Remote Sensing and Geographic Information Systems
9
Changes in vegetation cover refer to variations in the distribution, composition, and overall
structure of plant communities across different temporal and spatial scales. These changes can
occur natural.
Main Java[All of the Base Concepts}.docxadhitya5119
This is part 1 of my Java Learning Journey. This Contains Custom methods, classes, constructors, packages, multithreading , try- catch block, finally block and more.
Executive Directors Chat Leveraging AI for Diversity, Equity, and InclusionTechSoup
Let’s explore the intersection of technology and equity in the final session of our DEI series. Discover how AI tools, like ChatGPT, can be used to support and enhance your nonprofit's DEI initiatives. Participants will gain insights into practical AI applications and get tips for leveraging technology to advance their DEI goals.
The simplified electron and muon model, Oscillating Spacetime: The Foundation...RitikBhardwaj56
Discover the Simplified Electron and Muon Model: A New Wave-Based Approach to Understanding Particles delves into a groundbreaking theory that presents electrons and muons as rotating soliton waves within oscillating spacetime. Geared towards students, researchers, and science buffs, this book breaks down complex ideas into simple explanations. It covers topics such as electron waves, temporal dynamics, and the implications of this model on particle physics. With clear illustrations and easy-to-follow explanations, readers will gain a new outlook on the universe's fundamental nature.
How to Add Chatter in the odoo 17 ERP ModuleCeline George
In Odoo, the chatter is like a chat tool that helps you work together on records. You can leave notes and track things, making it easier to talk with your team and partners. Inside chatter, all communication history, activity, and changes will be displayed.
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
How to Setup Warehouse & Location in Odoo 17 InventoryCeline George
In this slide, we'll explore how to set up warehouses and locations in Odoo 17 Inventory. This will help us manage our stock effectively, track inventory levels, and streamline warehouse operations.
How to Manage Your Lost Opportunities in Odoo 17 CRMCeline George
Odoo 17 CRM allows us to track why we lose sales opportunities with "Lost Reasons." This helps analyze our sales process and identify areas for improvement. Here's how to configure lost reasons in Odoo 17 CRM
Exploiting Artificial Intelligence for Empowering Researchers and Faculty, In...Dr. Vinod Kumar Kanvaria
Exploiting Artificial Intelligence for Empowering Researchers and Faculty,
International FDP on Fundamentals of Research in Social Sciences
at Integral University, Lucknow, 06.06.2024
By Dr. Vinod Kumar Kanvaria
This presentation was provided by Steph Pollock of The American Psychological Association’s Journals Program, and Damita Snow, of The American Society of Civil Engineers (ASCE), for the initial session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session One: 'Setting Expectations: a DEIA Primer,' was held June 6, 2024.
How to Build a Module in Odoo 17 Using the Scaffold MethodCeline George
Odoo provides an option for creating a module by using a single line command. By using this command the user can make a whole structure of a module. It is very easy for a beginner to make a module. There is no need to make each file manually. This slide will show how to create a module using the scaffold method.
How to Build a Module in Odoo 17 Using the Scaffold Method
Laureate Education (Producer). (2013c). Levy family Episodes 5 [V.docx
1. Laureate Education (Producer). (2013c). Levy family: Episodes
5 [Video file]. Baltimore, MD: Author.
Note: The approximate length of this media piece is 2 minutes.
Levy Family: Episode 5
Levy Family: Episode 5 Program Transcript
FEMALE SPEAKER: It was such an intense story. I just kept
seeing things the way he did, you know. The weird green of his
night-vision goggles, his sergeant screaming for Jake to kill
him. I just keep seeing it all in my head.
[MUSIC PLAYING]
MALE SPEAKER: Why, do you think?
FEMALE SPEAKER: Why what?
MALE SPEAKER: Why do you think you keep thinking about
this story, this particular case?
FEMALE SPEAKER: I don't know, maybe because it's so vivid.
You know, I went home last night, turned on the TV to try to
get my mind off it. And a commercial for the Marines came on,
and there was all over again-- the explosion, the screams, the
man dying. Such a nightmare to live with, and he's got a baby
on they way.
MALE SPEAKER: Could that be it, the baby?
FEMALE SPEAKER: Maybe. That's interesting you say that. I
mean, the other vets I work with are older, and they have grown
kids. But Jake is different.
I just keep picturing him with a newborn. And I guess it scares
me. I wonder if he'll be able to deal with it.
Levy Family: Episode 5 Additional Content Attribution
MUSIC:
Music by Clean Cuts
3. Cryptocurrencies and the Anonymous Nature of Transactions on
the Internet by Elizabeth Anne Casale. This article enlightens us
that bitcoin is a currency that is not supported by any
bureaucracy, utilizes cryptography for safety and is hard to
fake. It tells us how bitcoin has small state direction and raises
concern for its task as a mode of trade for offensive actions.
Regarding the theme of how bitcoin deals with offenders and
somehow hard for law enforcement due to less regulative, I
utilized an insightful review by Catherine Martin Christopher,
titled, Why Prosecuting Digital Currency Exchanges Won’t Stop
Online Money Laundering. In this review Catherine .captures
the U.S. anti-money laundering acts and defines Bitcoin as cash
laundering scheme and how it is hard for law enactment agents
to deal with issue. She concludes her review by giving
proposals on how to approach digital cash traders. Her analysis
guided this study by giving insight on confrontations that both
the law enactment officers and digital cash exchangers go
through.
Additionally, Evan Hewitt in Bringing Continuity to
Cryptocurrency enlightens us that since Bitcoin is currently
extending in acceptance, it is probable that states on all levels
to try and regulate the cryptocurrency so as to evade criminal
deals and also safeguard the user. Finally, Abdur Chowdhury
and Barry K. Mendelson in Virtual Currency and the Financial
System analytically clarify on Bitcoin by discussing its
responsibility and probable future utilization and the threats
connected to this kind of digital currency. The two writers sum
up their work by giving proposals to deal with policy creators’
concerns while giving room for additional inventiveness in the
Bitcoin network. This is a really detailed journal that provides a
deeper comprehentions of the issue on digital currency thus
informing this study significantly.
Here, writers portray digital currency and more specifically
bitcoins as a digital trade that is highly rising, though it is
associated with a lot of risks, it still has a role to play in a
country’s finance system. Looking forward, I intend to utilize
4. certain reviews such as, but not limited to; “Tethered money:
managing digital currency transactions,” (2015) written by
Gideon Samid, “Bitcoin basics: buying, selling, creating and
investing Bitcoins: the digital currency of the future,” (2014) by
Benjamin Tideas and “Digital gold: bitcoin and the inside story
of the misfits and millionaires trying to reinvent money,”
(2016) by Nathaniel Popper.
Significance of the problem
Names:
The problem addressed in the paper is the risks associated with
digital currency. The problems created by digital currency
include the increase in money laundering, loss of virtual money
since the details can be deleted, and high inflation. The
5. problems caused by the digital currently occur due to various
reasons such as lack of effective regulations and the
susceptibility of the digital currency to abuse by criminals. It
has been difficult to address the problems caused by digital
currency because criminal justice system does not effectively
target digital criminals. Instead, it focuses on implementing
more laws that target the law abiding individuals instead of
criminals (Christopher, 2014).
This problem is worthy research because of the increase in
the incidences of online money laundering. In addition, it has
negative affected the financial system of the country because of
the high inflation rate since the central bank has little control
over the digital currency (Moore, 2013). In addition, theft of
digital money has been reported many times. For instance, there
have been several high-profile theft on Bitcoin Company. The
exchange closure risk also worsens the issue. For instance,
about 18 currency exchanges were closed leaving depositors
stranded.
The problem is currently affecting a large population
because with technological advancements, a large number of
people is using the internet. The problem especially affects poor
people in rural area because they cannot access the services of
the traditional banks. In addition, poor people in rural areas are
also using the digital currency because of their low cost charges
(Chowdhury & Mendelson, 2013). The problem is worth
solving because failure to address it on time, more people will
be affected in future because of the high rate of usage of
technology.
References
Christopher, C. (2014). Whack a Mole : Why prosecuting digital
currency exchanges wont stop online money laundering. Lewis
& Clark Law Review. Vol 18: 1
Chowdhury, A. & Mendelson, B. (2013). Virtual Currency and
the financial system: The case of Bitcom. Department of
Economics.
6. Moore, T. (2013). The promise and perils of digital currencies.
International Journal of Critical Infrastructure Protection.
Vol 6: 147-149.
Proposing a Topic for Research
Purpose and Audience
In this first writing project, your purpose will be to persuade
your instructor to approve your research topic. Because this
topic will be the problematic issue that you will eventually
propose a solution to at the end of the semester, it’s important
to first prove that this topic is significant, complex, and truly
worth researching for several months. Furthermore, your
proposal should prove that you have a clear plan for how you
will conduct your research on this topic. Your purpose for the
proposal is not, however, to argue for a solution to your topic.
Save that for your final project of the semester.
Choosing a Topic for Your Proposal
You will be using the same topic for the entire semester, so try
to choose a problematic issue that personally affects you or
really interests you. This doesn't have to be a huge, worldwide
problem, but it should be something public that affects enough
people that you'll be able to research it thoroughly with a
variety of sources. This issue should also be something that
doesn’t have an easy answer. It could be something from your
major or field of study, an issue that’s currently in the news, a
personal problem that many people face, or something that
affects a discourse community to which you belong.
Once you have a topic in mind, you’ll come up with a research
question. There's a good chance that your research question will
evolve as you do your research, and that's not a problem.
Revising your research question shows flexibility, and it's also a
7. good sign that your understanding of your topic is growing and
evolving as you learn more.
Genre
In academia, research proposals are a common genre for
scholars who are trying to prove the significance of their
research, and secure funding to continue their research. Like all
writing, the length, content, components, and design of your
proposal will depend on your audience and purpose. In this
case, because your audience is your instructor, you will write a
relatively concise proposal requesting approval for your topic.
As your reader, I should be able to read your proposal and
easily get a clear understanding of your topic and why it’s
important and worthwhile.
Content and Organization
A proposal such as this often places emphasis on efficient,
concise writing and clear document design to allow quicker
reading for a busy audience. Your proposal must include clearly
labeled sections for each of the following components:
· Cover Page and Title: Here is the place to demonstrate
originality and creativity
· Abstract: In 50 to 100 words, try to summarize your project
· Significance of the Problem: Why is this problem a problem?
What causes this problem? Why hasn’t it been solved yet? What
kinds of disagreements does this problem cause? Why is this
problem important and worthy of research? Are a great number
of people affected by this problem? Who are they? Why is this
problem worth solving?
8. · Research Question and Thesis: What is the question (or
questions) that you’re trying to answer through your research?
What is your tentative response? What is the solution that you
will potentially propose?
· Sources and Research Methods: Which types of sources have
you used so far? Which types of sources do you plan to use?
Why will these sources be the most useful for learning more
about your topic? (Don’t just say, “I’m going to look at some
books and websites.” Build your credibility as a researcher by
being specific and naming authors, articles, publications, or
other sources.)
· Works cited page in MLA format or any other format you are
comfortable with. Keep it consistent.
Research Requirements
While there is no limit on the number of sources you can use in
your proposal, you should include at least three academic, peer-
reviewed sources. These sources should help you define the
problem and its causes, demonstrate the problem's significance,
analyze the community affected by the issue you’re researching,
and come up with a tentative solution. Your sources should be
cited within the proposal and in a separate works cited page.
Grading criteria
In grading your proposal, I’ll be asking the following questions:
• Does the proposal clearly and thoroughly explain the problem
and its causes?
• Does the proposal use credible research to support the
explanation of the problem and its causes?
• Does the proposal explain the significance of the problem?
• Does the proposal use credible research to effectively prove
the significance?
9. • Are all sources incorporated effectively through a combination
of quoting, summarizing, and paraphrasing?
• Does the proposal state a clear, specific research question or
questions?
• Does the proposal provide a clear, specific explanation of the
types of sources that you will be using to research your topic?
Does the proposal also explain why these types of sources will
be the most appropriate for this topic?
• Are all sections of the proposal unified, coherent, and easy to
identify through their headings?
• Is the writing clear and free of errors? Does it show evidence
of thorough proofreading?
• Are all sources cited correctly, both in the proposal and in an
MLA-formatted works cited page?
Criteria
“B/C” Range Goals
“A” Range Goals
Cover Page and Title
Weight 5%
Title shows evidence of originality and creativity. Cover page is
properly formatted.
Title is extremely creative, original, and thought-provoking – it
sounds like the title of a professional article.
Abstract
Weight 15%
Abstract effectively defines an area of interest, summarizes
research problem, and captures readers’ interest by providing
thought-provoking background information, contextualizing,
facts, examples, quotes, and/or statistics, while remaining
concise.
10. The abstract does a masterful job of using dazzling language
and attention-grabbing examples to hook the reader into wanting
to read further about a clearly defined research problem.
Significance of the Problem
Weight 25%
The significance of the problem has been discussed and the
importance of research on that has been identified.
The writer goes beyond the simple identification of the problem
significance, and tries to go in-depth with different dimensions
of the issue with a critical perspective while acknowledging
competing narratives on the issue.
Question and Thesis
Weight 15%
The question and thesis do not reflect the author’s effort to
think outside the box, and his/her effort in learning about
various dimensions of the question at hand.
The question asked is sharp and demonstrates the author’s
genuine care for fixing the identified problem/ The thesis is
strong, clear, and indicative of the student’s willingness to take
risk and prior effort to understand the complexity of the issue at
hand.
Sources and Research Methods
Weight 10%
Description of research methods effectively demonstrates
logical plan for gathering sources, including at least one
primary source.
Section showcases exceptional research plan that goes into more
detail than that of the typical proposal.
Document Design
Weight 10%
Document employs effective use of design that is both visually
appealing and genre-appropriate. Single-spacing, clear
headings, bolding, font sizes, etc., make this proposal easy to
read for audiences with limited time for reviewing the proposal.
11. There is a well-organized works cited page at the end.
Project not only fulfills the basic requirements of visual design;
it looks downright eye-catching and professional.
Professionalism and Language
Weight 20%
Draft shows effective and appropriate use of syntax,
vocabulary, punctuation, and spelling in service of rhetorical
purpose.
Language, in addition to being nearly error-free, is
exceptionally dazzling. Sophisticated vocabulary, and / or
stellar command of sentence structure make the reading of this
project extremely engaging.
Total = /100
Cryptocurrencies and the Anonymous Nature of Transactions on
the Internet
By
Elizabeth Anne Casale
A PROJECT
submitted to
Oregon State University
University Honors College
12. in partial fulfillment of
the requirements for the
degree of
Honors Baccalaureate of Science in Business Administration
(Honors Scholar)
Presented June 1, 2015
Commencement June 2015
! 2!
13. ! 3!
AN ABSTRACT OF THE THESIS OF
Elizabeth Casale for the degree of Honors Baccalaureate of
Science in Business
Administration presented on June 1, 2015. Title:
Cryptocurrencies and the Anonymous
Nature of Transactions on the Internet
Abstract Approved:
Victor Tremblay
Bitcoin is a digital cryptocurrency, meaning that it is a currency
that is not backed
14. by any government, uses cryptography for security and is
difficult to counterfeit.
Bitcoin’s popularity stems from the fact that it has little
regulation and affords some
degree of anonymity in transactions. Bitcoin currently has little
governmental regulation
but greater regulation is expected, as Bitcoin has come under
scrutiny from federal
regulators because of its role as a medium of exchange for illicit
activities and the high
degree of anonymity it gives users. Some proponents of Bitcoin
welcome regulation, but
others feel that it inherently goes against the liberatarian aim of
a cryptocurrency.
Key Words: Bitcoin, Cryptocurrency, Regulation, Libertarian,
Digital, Anonymity,
Economic theory
Corresponding e-mail address: [email protected]
! 4!
16. Oregon State University
University Honors College
in partial fulfillment of
the requirements for the
degree of
Honors Baccalaureate of Science in Business Administration
(Honors Scholar)
Presented June 1, 2015
Commencement June 2015
! 6!
Honors Baccalaureate of Science in Business Administration
17. project of Elizabeth Anne
Casale presented on June 1, 2015.
APPROVED:
Victor Tremblay, Mentor, representing Economics
Elizabeth Schroeder, Committee Member, representing
Economics
Jon Chesbro, Committee Member, representing Economics
Toni Doolen, Dean, University Honors College
I understand that my project will become part of the permanent
collection of Oregon
State University, University Honors College. My signature
below authorizes release of
my project to any reader upon request.
Elizabeth Casale, Author
18. ! 7!
Table of Contents
Introduction!...........................................................................
.....................................................!9!
Background!............................................................................
..................................................!10!
What is
Bitcoin?!.................................................................................
...............................................!10!
The Need for
Bitcoin!..................................................................................
......................................!11!
How Does Bitcoin
Work?!....................................................................................
............................!11!
Why Do People Use
Bitcoin?!.................................................................................
.........................!13!
Anonymity!.............................................................................
...........................................................................!13!
Ability to Use World
Wide!......................................................................................
...................................!14!
Easier and Safer to Use than
Cash!......................................................................................
......................!15!
Non-
Counterfeitable!......................................................................
................................................................!15!
Pre-Determined
19. Supply!...................................................................................
.............................................!15!
Low Transaction
Costs!.....................................................................................
............................................!16!
The Weaknesses of
Bitcoin!..................................................................................
...........................!17!
Volatility!...............................................................................
.............................................................................!17!
Figure 1 All Time Bitcoin Price
Index!.....................................................................................
...........................!18!
Lack of
Recognition!...........................................................................
...........................................................!18!
Not Totally
Anonymous!............................................................................
...................................................!19!
Use for Illicit
Activities!...............................................................................
.................................................!20!
Wait
Time!......................................................................................
....................................................................!20!
Weaknesses of
Exchanges!..............................................................................
.............................................!21!
Competitors!...........................................................................
.............................................................!21!
Not Legal
Tender!...................................................................................
.........................................................!22!
20. Traditional Measures of Currency and
Bitcoin!...............................................................!22!
Bitcoin As a Medium of
Exchange!...............................................................................
.................!22!
Store of
Value!.....................................................................................
...............................................!23!
Unit of
Account!.................................................................................
................................................!24!
The Regulation of
Bitcoin!..................................................................................
...................!25!
Arguments for the Regulation of
Bitcoin!..................................................................................
..!26!
Decrease
Volatility!...............................................................................
..........................................................!26!
Increased
Recognition!...........................................................................
........................................................!26!
Strengthen
Exchanges!..............................................................................
.....................................................!26!
Arguments Against
Regulation!.............................................................................
.........................!28!
Decrease
Freedom!.................................................................................
.........................................................!28!
21. Use in Illicit
Transactions!...........................................................................
.................................................!29!
10. Bitcoin’s Core
Users!.....................................................................................
...................!30!
11. Affect of Regulation on Core
Users!..............................................................................!30!
12. Recommendations For
Regulation!.............................................................................
..!31!
13. The United States’ Position on
Bitcoin!........................................................................!31!
! 8!
14.
Conclusions!...........................................................................
.............................................!32!
Appendix!.......................................................................... .....
....................................................!34!
Definition of Key
Terms:!...................................................................................
.............................!34!
Works
Cited!.....................................................................................
........................................!36!
!
23. !
!
!
! 9!
!
Cryptocurrencies and the Anonymous Nature of
Transactions on the Internet
!
Introduction
!
Bitcoin!is!a!digital!cryptocurrency!that!was!created!by!Satoshi
!Nakamoto!in!2009.!
There!is!much!debate!as!to!whether!Satoshi!Nakamoto!is!a!rea
l!person,!or!a!
pseudonym,!as!the!person!identifying!as!Satoshi!Nakamoto!has
!never!been!revealed!
offline.!Cryptocurrencies!have!been!growing!in!popularity!sinc
e!that!time,!due!to!the!
ability!to!use!them!as!a!medium!of!exchange!for!anonymous!tr
ansactions!on!the!
26. effect. (Turpin 337) This means that any changes made to the
Bitcoin network must have
a majority vote in order to have that change be made. This is
meant to make it difficult to
make changes that would only benefit one party. However, the
overall code is also
available online for anyone to download and review.
A Bitcoin is a chain of digital signatures saved in a ledger.1
This chain of signatures
verifies the authenticity of the Bitcoin and records the history
of the transfer of
ownership. A user of Bitcoin has a wallet in which the bitcoins
are digitally stored. Each
wallet has a public key, and an address where another party can
send you bitcoins. It also
has a private key, which is what enables the wallet’s owner to
send bitcoins to someone
else (Turpin 338).
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
1!A!ledger!is!a!wallet!file!in!the!world!of!Bitcoin!
! 11!
The Need for Bitcoin
27. Bitcoin is a peer-to-peer electronic cash system, first proposed
by Satoshi Nakamoto
in his manifesto Bitcoin: A Peer-to-Peer Electronic Cash System
published on October
31, 2008. In his proposal, Nakamoto argues that an important
benefit of Bitcoin is that it
allows payments to be made without having to use a financial
institution as an
intermediary. The need for a peer-to-peer version of electronic
cash is necessary, in his
opinion, because of the “…inherent weaknesses of a trust based
model.” (Nakamoto, 1)
By creating a cryptographic proof, rather than relying on trust,
Nakamoto believes that
this system is more reliable. According to Nakamoto’s Bitcoin:
A Peer-to-Peer
Electronic Cash System, the system is advantageous because it
makes transactions
impractical to reverse, which protects sellers and buyers from
fraud, and is monitored by
a timestamp and chronological order of transactions to further
prevent fraud. The
timestamp records the time at which the transaction was made
and the block chain
28. records the transactions in the order they happen.
How Does Bitcoin Work?
Bitcoin is an electronic currency that can be used as payment
for a good or
service. The previous transaction, and the public key,2 of the
owner are then added to the
end of the “coin”, allowing the payee to verify a coin’s chain of
ownership (Nakamoto).
There are various steps taken to prevent the double spending of
a coin. The first
step is a timestamp server. A timestamp server takes a hash of a
block of items and then
publishes this in a public record. The timestamp verifies that
the data existed at a certain
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
2!A!public!key!is!used!to!send!and!receive!transactions!made!
using!Bitcoin.!
! 12!
point in time. Each timestamp includes the previous timestamps,
which forms a chain to
reinforce the history of the hash (Nakamoto).
The next step is a proof-of-work. The proof of work verifies
that the transaction
29. took place (Turpin 339). Every time a transaction is made, CPU
power is exerted to
complete the transaction. From here, the block value cannot be
undone without redoing
the work. Later blocks are chained to the previous blocks,
creating a chain of work that
acts as a public ledger of transactions.
To prevent fraud, or incorrect blocks being added to the block
chain, the proof-of-
work system is governed by one-CPU-one-vote (Nakamoto).
This means that the
majority decision is represented by the longest chain of blocks,
and that it has the greatest
amount of work invested in it and is also the block chain that
grows at the fastest rate.
This prevents fraud because it means that one would have to
posses enough computing
power to operate faster than the rest of the Bitcoin network and
would also have to be
able replicate past work, which is very difficult or impossible to
do. As the number of
Bitcoin miners (mining is discussed below) and hardware speeds
increase, the proof-of-
30. work difficulty is determined by an average targeting for
number of blocks per hour, and
if they are generating too fast, the difficulty increases.
(Nakamoto)
As an incentive to use the proof-of-work system, the first
transaction in the block
starts a new coin that is owned by the creator of the block. This
distributes coins into
circulation, since there is no central authority, and creates the
incentive to use CPU power
and electricity to create the block chain and add more coins into
circulation. There are a
predetermined number of bicoins, and after these are all
released into circulation, the
! 13!
incentive to exert CPU power to complete transactions will be
transaction fees
(Nakamoto). This process is known as “mining”, with those
taking part in the process
known as “miners.” The proof-or-work system is meant to
make it difficult for a
dishonest miner to try and process transactions in a fraudulent
way so as to double-spend
31. coins (Nakamoto).
Why Do People Use Bitcoin?
Bitcoin is used to complete transactions on the Internet.
Bitcoin has many aspects
that drive users to use it to complete their transactions. Bitcoin
is differentiated from
existing methods of payment on the Internet because it is
unregulated and operates
outside the traditional banking system. The motivations to use
Bitcoin are that it has the
ability to complete transactions anonymously, it can be used
world wide, it is easier to
carry than cash, it is non-counterfeitable, it has a fixed supply,
and has relatively low
transaction costs. Understanding the motivations for using
Bitcoin is an important aspect
of understanding Bitcoin’s core users. Below is a discussion of
some of the benefits that
lead people to choose to use Bitcoin.
Anonymity
One advantage of Bitcoin is its use for anonymous transactions.
When making a
transaction with Bitcoin, users do not have to give identifying
information other than
32. their key chain identifier. Their Bitcoin identities are also
pseudo-anonymous, meaning
that the transactions are mostly anonymous, but that it could be
possible to identify the
spender. (Meiklejohn) While the online identities are not
specifically tied to a certain
person, all transactions are completely transparent, because they
are posted to the block
ledger.
! 14!
When making a purchase with Bitcoin, a person is only
identified by their specific
key address, not by their name or other identifying information
such as in traditional
transactions made using mediums such as credit cards. This
makes Bitcoin popular with
those seeking to make purchases on the deep web. The deep web
is popular among those
seeking to purchase illicit substances on the Internet.3 Bitcoin
is the primary medium of
exchange for those making these transactions, because users do
not have to worry about
33. the transaction being tracked back to their name.
This anonymity is also favorable for people in crisis countries.
(Woo) It would be
advantageous to use Bitcoin for those who worry about having
their property unfairly
confiscated, or fear high taxes and regulations. The lack of
governmental control of
Bitcoin protects against that fear as people would not have to
worry about having their
bitcoins unduly taken.
The anonymity is also favorable for those who are potentially
looking to avoid
taxes or other regulations. By operating outside the traditional
banking system, it also
leads to the possibility of avoiding records being made of
someone’s purchase history.
This is advantageous for those who don’t want their purchase
history recorded.
Ability to Use World Wide
Another strength of Bitcoin is its ability to be used worldwide.
While each
country has individual regulations regarding Bitcoin, it can
technically be used from
34. anywhere worldwide. Bitcoin also reduces or eliminates the
need for currency exchange
when traveling abroad, because users can make their payments
in Bitcoin, without
worrying about acquiring the local currency.
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
3!See!Appendix!for!definition!of!Deep!Web!!
! 15!
Easier and Safer to Use than Cash
Bitcoin is also much easier and safer to carry than cash. It is
primarily available in
a virtual format, so it is not cumbersome for users to carry
around. As Bitcoins are a
digital currency, they are also relatively difficult for thieves to
steal. In a traditional
sense, someone would be unable to stop you on the street and
attempt to steal your coins.
The coins are stored in an encrypted format on an owner’s
computer, thus making them
relatively difficult to take. Since they are stored on one’s
computer, they are also easier to
keep track of than cash. It is also possible to store Bitcoins
online, in a mobile wallet, in
35. a paper wallet, or in a USB wallet as backups. Bitcoin
transactions are also completely
transparent, so the transaction history of a bitcoin can be
completely viewed since its
inception, so there are no questions about its ownership.
Non-Counterfeitable
Bitcoin is also a promising alternative to traditional currencies
because it is almost
impossible to counterfeit. (Woo) Because Bitcoins are created
through the mining process
governed by a predetermined series of algorithms, and have
very specific identifying
features, they are very difficult to counterfeit. The timestamp
server, proof-of-work, and
block chain all prevent the double spending of Bitcoin, and thus
make sure that the
transactions that are being made are authentic. Counterfeit
money led to a direct domestic
cost of $61 million in the United States in 2007. (Quercioli)
Thus, Bitcoin has lower costs
to its users than users of traditional currencies, such as the
dollar because of its relative
inability to be counterfeited.
36. Pre-Determined Supply
There is also a finite number of bitcoins that will ever be
circulated. Bitcoins are
created at a preset rate that is proportionate to the number of the
blocks being added to
! 16!
the block chain. As miners use their CPU power to process the
transactions being made
with Bitcoin, they are rewarded with bitcoins as well as a small
fee charged from the
transaction. (Arias) The rate at which the supply of coins is
increased is also correlated
with the difficulty of the algorithmic proof-of-work problems.
These respond to the
increase in the number of miners and the computing power of
the network. As such, the
growth rate is cut in half every four years and will stop
approximately around the year
2140 when the supply of Bitcoins is capped at 21 million.
(Arias) Among some users of
Bitcoin there is uncertainty regarding the effect of the finite
supply. Proponents of
Bitcoin counter these concerns by presenting the idea that each
37. bitcoin can be split into
100 million satoshis, so it would not be difficult to continue
using Bitcoin. (Buterin) This
finite supply of bitcoin can reduce the fear of inflation and of
governmental interference
in the creation of money.
Low Transaction Costs
Bitcoin is advantageous for users because it has relatively low
transaction costs as
compared to using cash. The peer-to-peer nature of Bitcoin
means that a central
clearinghouse is not needed for transactions. Miners, who as
previously discussed, have
an incentive to play by the rules when posting transactions to
the ledger, process the
transactions. They have an incentive to play a role in processing
the transactions because
they receive bitcoin as a reward for helping to process the
transaction.
Bitcoin also has low transaction costs because it provides an
alternate payment
method to those who do not have or wish to use credit or debit
cards or other electronic
forms of payment. (Woo) The use of bitcoins to complete
38. transactions also appeals to
those who do not wish to place trust in a central banking
system. Because a
! 17!
predetermined algorithm for the creation of bitcoin governs
Bitcoin, the supply is not
affected by monetary policy or human decisions.
The Weaknesses of Bitcoin
While Bitcoin has many positive attributes that attract users, it
also has some
weaknesses. These include its volatility, wait time, and lack of
strong exchanges. These
weaknesses inhibit many people from using Bitcoin, and inhibit
Bitcoin’s use as a global
currency. Some of these weaknesses are what lead different
agencies to issue guidelines
on, and attempt to regulate Bitcoin.
Volatility
One of Bitcoin’s inherent weaknesses is its volatility. This
stems from Bitcoin’s
decentralized nature, and lack of a central regulatory agency.
Bitcoin is often affected by
39. speculation. The dollar conversion price has been very volatile
over its history, often
affected by governmental policy decisions regarding Bitcoin
and by the crashes of major
Bitcoin exchanges.
Its volatility is three to four times higher than a typical stock,
and its exchange
rate with the dollar is about ten times more volatile than that of
the Dollar with the Euro
and Yen. (Yermack) Please see Figure 1 below for the all time
price index for Bitcoin.
While other currencies, such as the Argentine Real and Mexican
Peso, have had large
fluctuations in value over time, they typically tend to stabilize
after a period of time.
Thus, as a store of value, Bitcoin is not a very stable choice for
those looking to safely
store their money.
! 18!
Figure 1 All Time Bitcoin Price Index
Data Available From:
40. http://www.coindesk.com/price/#2010-07-17,2015-04-
04,close,bpi,USD
Prices in USD$
Close data from 7/18/10 to 5/18/15
Standard Deviation= $240.34
Lack of Recognition
Bitcoin is also limited in that it is not yet widely accepted for
transactions. While
the overall adoption rate of Bitcoin has grown, it is not readily
accepted as tender by most
vendors. The average consumer would have to make vast
changes to their lifestyle in
order to try and use Bitcoin for all of their transactions. A
typical consumer would be
unable to go to their local grocer and pay for their groceries
using Bitcoin.
0!
200!
400!
600!
800!
41. 1000!
1200!
1400!
P
ri
ce
!(
$)
!
All!Time!Bitcoin!Price!Index!
! 19!
Companies such as Overstock.com, Expedia, Dell, and
Microsoft say that they
accept Bitcoin as payment for goods and services. (Davidson)
However, in practice these
companies do not technically accept Bitcoin. They typically
partner with an intermediary
to make Bitcoin transactions happen. When a customer pays in
Bitcoin, the company they
are purchasing the good or service from uses an intermediary to
convert the Bitcoin in
cash. (Davidson) Thus, these companies indirectly accept
Bitcoin in practice.
42. This process can be tedious for companies to organize. As long
as companies
want to convert the transaction payments from bitcoins into
dollars, they will be reliant
on third party currency converter sites. This can also present a
security issue for
companies, as any bank or government does not guarantee the
Bitcoin exchanges. This
also increases the cost of doing business using Bitcoin. It
requires companies to expend
the energy working to convert Bitcoin into another currency.
Not Totally Anonymous
While many choose to use Bitcoin because of its relative
anonymity, it does not
create a wholly anonymous transaction. A user’s public key
serves as their identifier.
When a transaction takes place the receiver (new owner) of the
Bitcoin adds their public
key (public identifier) to the list of previous transactions.
(Nakamoto) Thus, the Bitcoin
block chain creates a transparent ledger allowing the new owner
to identify the ownership
history of the bitcoin they now possess.
43. It is becoming increasingly more difficult for people to keep
their offline identity
separate from their online identity. However there are steps
users can take to keep their
offline identity from being tied to their Bitcoin usage. When
accessing the deep web
! 20!
using TOR4, a user is linked through multiple channels so that
the risk of traffic analysis
is reduced. However, when browsing the “clear” web, a user’s
IP address can fairly easily
be identified, thus a transaction could be linked back to an
individual.
Use for Illicit Activities
Some of Bitcoin’s early adopters were drawn to it because of
its ability to be used
to purchase illicit goods on the Internet. Most of these
transactions take place on the deep
web that is only accessible using the Onion Router. 5 Bitcoin is
the chosen medium of
exchange because it is not directly correlated with someone’s
offline name, and it is not
governed by any specific government agency. Bitcoin is known
44. to many as the means to
make these illicit transactions happen and this negative
publicity directly affects the
credibility of the currency. Many people thus are wary of using
Bitcoin because of its
negative press due to its association with illegal activities.
Wait Time
Another shortcoming of Bitcoin as a currency is that there is a
lag associated with
its use for transactions. To prevent double spending, the
payment must be verified. It
takes about 50 minutes for enough additional blocks to be added
to the block chain to
prevent double spending from happening. (Woo) For two
parties that know each other,
this is less of an issue because they trust each other and do not
have to wait to verify the
payment receipt. The person receiving the payment can quickly
see if the network has
accepted the transaction, but they cannot verify the payment.
(Nakamoto) For anonymous
transactions, there is the need to wait for the transaction to
verify, thus slowing down the
time it takes to complete a transaction. As there is no central
45. clearinghouse for
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
4!See!Appendix!for!definition!of!TOR!
5!See!Appendix!for!definitions!of!deep!web!!
! 21!
transactions, Bitcoin is likely to remain less than perfectly
liquid, thus hindering it’s
ability for large-scale adoption. (Woo)
Weaknesses of Exchanges
Bitcoin also suffers from the weak security of its major
exchanges. As Bitcoin is
not backed by a central bank, users of Bitcoin must trust using
third party exchanges.
Firstly, a user must accept the large fluctuations in exchange
rates that take place on these
currency exchanges. Secondly, the existing Bitcoin exchanges
have been subject to a
number of thefts that have resulted in large losses of currency.
In February of 2014, Mt. Gox, then one of the prominent
Bitcoin exchanges, was
hacked. In the hack, $470 million worth of bitcoins were stolen.
At the time, this
46. represented about 7% of the total bitcoins in circulation. (Sidel)
The hack of Mt. Gox
showcases the inherent risk in using Bitcoin exchanges. As no
government or regulatory
agency backs Bitcoin, those who had their bitcoins stolen do not
have many options for
legal recourse.
Competitors
Another threat to Bitcoin is its competitors.. Because Bitcoin is
an open source
project, it is relatively feasible to create similar projects, and
thus has inspired many
copycats. (Lee) Some of these other digital currencies include
Dogecoin, Litecoin, and
Dash (formerly known as Darkcoin). Cryptocurrenices other
than Bitcoin are often
known as “altcoins.” (Lee) This influx of competitors could
dilute Bitcoin’s value, as
users could choose to switch to other digital cryptocurrencies.
While Bitcoin remains the largest and most valuable digital
currently, this could
change depending on the regulatory horizon for Bitcoin. As
Bitcoin is the first and largest
digital cryptocurrency, it receives the most press, both positive
47. and negative, leading to
! 22!
more scrutiny than the other currencies. However, it is possible
that if Bitcoin were to
become more regulated than the other currencies, that users
could choose to switch. It is
also possible that a currency could be created that has more
favorable characteristics than
Bitcoin, or that a flaw in Bitcoin could be discovered leading
users to stop using Bitcoin.
Not Legal Tender
The greatest hindrance to Bitcoin’s ability to become an
international currency is that
it is not legal tender. Businesses are not required to accept
Bitcoins as payment because it
is not a recognized currency. This means that Bitcoin is really
only worth the value
perceived by its users. (Woo) Bitcoin is also fiat money because
it does because it is not
immediately convertible into coins or precious metals, like gold
or silver. (Mishkin, 56)
Thus, the value of Bitcoin could fluctuate widely over time as
reflected by what its users
48. think its worth at a particular time. This affects Bitcoin’s ability
to serve as a store of
value, thus undermining its ability to serve as global currency.
Traditional Measures of Currency and Bitcoin
In order to evaluate Bitcoin’s feasibility as a currency and the
effect regulation
would have, it is important to evaluate Bitcoin against some of
the traditional metrics of
currency. In economic terms, the measures of currency are
medium of exchange, store of
value, and unit of account.
Bitcoin As a Medium of Exchange
One of the traditional functions of currency is as a medium of
exchange. This
medium of exchange function is typically associated with the
acceptance of a currency as
payment for goods and services. The U.S. dollar serves this
purpose because it is widely
accepted in the payment for goods and services. The role of
medium of exchange also
! 23!
serves to promote economic efficiency and reduce the cost that
49. goes into conducting a
transaction.
Bitcoin can be used as medium of exchange because it is
accepted for
transactions. However, Bitcoin’s acceptance as a medium of
exchange is primarily
limited to transactions on the Internet. Many vendors that
accept Bitcoin as a method of
payment immediately convert it to another currency.
In some regards, Bitcoin reduces the costs going into a
transaction because it is a
peer-to-peer network. Transactions made using Bitcoin also do
not have to go through a
financial intermediary in order to be completed. However, there
is a lag time associated
with using Bitcoin because of the peer-to-peer nature, and this
does not necessarily
promote economic efficiency.
Overall, Bitcoin moderately acts as a medium of exchange
because it is accepted as
payment for goods and services. However, it does not
necessarily promote economic
efficiency because many vendors immediately convert Bitcoin
50. into a hard currency. Also,
various countries have differing levels or regulation regarding
what Bitcoin can be used
for, thus Bitcoin’s acceptability as a medium of exchange varies
from country to country.
However, Bitcoin can decrease transaction costs because it is
decentralized. Thus, Bitcoin
moderately meets the traditional measure of currency, medium
of exchange.
Store of Value
Another traditional metric of a currency is its use as a store of
value. Store of value
refers to the level of a medium of exchange’s ability to act as a
store of wealth. (Fisher,
11) The function of a store of value is to save purchasing power
from the time income is
acquired until the time that income is spent. (Mishkin, 55) Store
of value also relates to
! 24!
the liquidity of an asset. People often choose how they want to
store their assets based on
the liquidity they are looking for. As a medium of exchange,
money is the most liquid
51. asset because it does not have to be converted into anything else
in order to be used. The
measure of a store of value also depends on its ability to hold
its wealth dependent on the
price level.
Bitcoin does moderately have the ability to act as a store of
value. Bitcoin can be
saved to a person’s wallet and does not have to immediately be
used for another
transaction when received. However, Bitcoin can be extremely
volatile in terms of worth,
and in this regard is a weak store of value. In the period
between December 31, 2012 and
December 31, 2013, Bitcoin began around $13 US dollars,
fluctuated to over $1,000 US
dollars, and eventually fell to around $700 at the close of the
year. These large
fluctuations do not create consumer confidence in Bitcoin’s
ability to store and hold
value over a long period of time.
Bitcoin’s use as a store of value can compromise its viability as
a medium of
exchange because of the high volatility of the currency, largely
52. due to speculative
activities. (Woo) Users of Bitcoin have to be willing to tolerate
significant fluctuations in
the value of their investment. There is also speculation that
those primarily seeking to use
the currency for black market activities, as Bitcoin may help the
user to avoid certain
federal regulations, could use Bitcoin as a store of value, but it
is still risky given
Bitcoin’s volatility.
Unit of Account
Unit of account is used to measure the value of money in an
economy. (Fisher 11)
Unit of account also reflects the worth of the unit as a medium
of exchange. Bitcoin does
! 25!
have the ability to serve as a unit of account. It reflects the
value of an item, and can be
used to purchase items. However, part of the definition unit of
account includes the
ability for two parties to both be able to understand how much
the currency is worth.
53. Bitcoin does not really meet this because its value is solely
reflected by the value
consumers place on it.
Overall, Bitcoin moderately meets the measure of unit of
account. However, users
do still have to covert to another currency in many cases to
complete the majority of their
transactions.
The Regulation of Bitcoin
Money is typically regulated by a centralized federal agency.
The U.S. Dollar is
regulated by the Federal Reserve, which controls the supply of
money and the rate of
inflation. The United States Federal Reserve also creates
confidence in the banking
system for the general public because of its regulatory
constraint, and serves as a lender
of last resort for banks. Confidence in the banking system is
also created through the
Federal Deposit Insurance Corporation (FDIC). The FDIC
insures depositors in a
commercial bank or mutual savings fund up to $250,000.
(Mishkin, 47) If a financial
institution were to fail, the FDIC will pay off depositors up to
54. the value of $250,000.
Bitcoin is unregulated, as it was created outside of the
traditional confines of the
banking system. This lack of regulation can lead to lack of
confidence in Bitcoin as a
viable currency. An increase in regulation could increase the
confidence in Bitcoin,
decrease volatility, and strengthen the major Bitcoin exchanges.
! 26!
Arguments for the Regulation of Bitcoin
Decrease Volatility
A positive outcome of the regulation of Bitcoin is that it would
decrease the
volatility of the currency. If Bitcoin were backed by a central
bank or government, it
would help to reduce the amount of fluctuation of Bitcoin’s
value relative to real
currencies. By reducing the volatility of the currency, Bitcoin
would better serve as a
store of value. As a stable store of value, Bitcoin could come to
be more widely accepted
as a legitimate currency. Serving as a stable store of value
55. would also allow users of
Bitcoin to have faith in the currency, and not worry that the
value of their investment
could disappear overnight.
Increased Recognition
Increased regulation of Bitcoin would be a positive thing for
users because it
would increase the recognition of the currency. This would lead
to more businesses
accepting Bitcoin as means of payment for goods and services.
Businesses would also
feel more comfortable accepting Bitcoin as payment, knowing
that it has central backing
from a major regulatory agency. Regulations regarding how to
handle Bitcoin also help
individuals and businesses know that they are acting properly in
the eyes of the
government. However, this could potentially harm black market
users because it would
make it more difficult to complete their transactions.
Strengthen Exchanges
Increased regulation would also strengthen the security of
Bitcoin exchanges.
56. Many users of Bitcoin get their Bitcoins from using currency
exchangers as opposed to
! 27!
mining the currency themselves. Over the history of Bitcoin, the
exchanges have been
plagued with a series of hacks that have stolen sums that
number in the millions.
Increased regulation would strengthen these exchanges because
it would allow users of
the exchanges to know that their coins are backed by a central
regulatory agency.
Increased regulation would also take the step of decreasing the
likelihood of a
bank run. A bank panic or bank run occurs when people fear
that multiple banks will fail
simultaneously, so they withdraw their investments leading to
the point where banks fail.
This situation occurs in the absence of, or with, limited deposit
insurance and is caused
by asymmetric information. (Mishkin, 188) When Mt. Gox, one
of the prominent Bitcoin
exchanges, halted withdrawals on February 8, 2014, a digital
57. bank run occurred. Users
went to withdraw their money, and were unable to do so. Later
it was revealed that Mt.
Gox had suffered from an elaborate heist with over $470 million
worth of Bitcoin taken.
Mt. Gox users were without legal recourse to try and get their
money back. Regulated
Bitcoin exchanges would reduce the likelihood of a bank run,
and would increase
confidence in using a Bitcoin exchange.
There has already been some movement in regulation and
recognition regarding
Bitcoin exchanges. In January of 2015, Coinbase launched
Lunar, a Bitcoin exchange.
Lunar is the first licensed U.S. based exchange. Coinbase is also
unique in that it claims
to have insurance, thus providing some sort of comfort to
potential users of the exchange.
(Bensinger) The announcement of an exchange with insurance
clearly had a positive
effect on the currency as the day of the announcement the price
of Bitcoin spiked 16%
relative to the U.S. dollar. (Clinch) Coinbase is licensed for use
in 24 states, and only
58. users in those states that are licensed can access Lunar. This
Bitcoin currency exchange is
! 28!
a strong step towards increasing the acceptance of the currency,
and creating the
perception that it is a legitimate currency.
Arguments Against Regulation
While the regulation of Bitcoin could help to cement it as a
legitimate currency,
some feel that it goes against the inherently libertarian aim of
Bitcoin. Bitcoin was
founded on the grounds of being a peer-to-peer medium of
exchange, governed by the
collaborative mining system. If Bitcoin were to be regulated,
avid users feel that it would
decrease the freedom of its use, a core reason bitcoin was
created. Regulation by the
United States would also require the government to associate
with something that has
been widely associated with illicit transactions.
Decrease Freedom
If Bitcoin were to be completely regulated by a government or
59. agency, it would
decrease the freedom Bitcoin allows its users. Many of
Bitcoin’s original adopters chose
the currency because it was separate from a specific government
or regulatory agency,
and was seen as being free from human intervention. As the
number of Bitcoins in
circulation depends on a pre-determined algorithm, the amount
cannot be altered to adjust
for depreciation or inflation.
Bitcoin came into being in 2009 during a time of recession.
Some early adopters
may have seen Bitcoin as a way to operate outside of the central
banking system that
could be manipulated by policy makers. While the supply of
Bitcoin would not be
affected by Bitcoin regulation, there would be interference by a
central bank or
government agency.
Satoshi Nakamoto created Bitcoin to serve as a purely peer-to-
peer electronic
cash system. (Nakamoto) Bitcoin was meant to cut financial
institutions out of the
60. ! 29!
transaction process because of the inherent trust the financial
system requires. When
online transactions using traditional mediums of exchange, such
as cash, are mediated by
a financial institution, non-reversible transactions are not
possible, and trust of the
financial system is required. (Nakamoto) By introducing
financial institutions or
governments into the Bitcoin transaction processes, an element
of trust in a financial
institution is again required for the transaction. Regulation thus
goes against the original
reason for the creation of Bitcoin.
Use in Illicit Transactions
U.S. regulation of Bitcoin would also involve the United States
to directly deal
with a currency that has been widely associated with illicit
transactions. Bitcoin played a
large role in facilitating the transactions that took place on the
Silk Road.6 The top three
largest categories of items sold on the Silk Road were “Weed”
(marijuana), “Drugs”
61. (encompasses narcotics or prescriptions the seller did not
categorize), and
“Prescriptions.” Of the top twenty categories on the website, the
four most popular
categories were related to drugs, and sixteen of the top twenty
were drug-related.
(Christin 8) The website generated more than $213 million in
illicit revenues during its
existence. (Luther) By regulating Bitcoin, the U.S. government
would be acknowledging
or would need to at least legally deal with a currency that is
used to facilitate illegal
transactions.
Regulation by the United States would also be seen as
detrimental by those
hoping to use Bitcoin to purchase illicit substances. Regulation
would make it harder to
complete these transactions on the clear web, however these
transactions could still
potentially be possible on the deep web.
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
6!See!Appendix!for!definition!of!the!Silk!Road!!
62. ! 30!
10. Bitcoin’s Core Users
It is difficult to find concrete data on whom exactly Bitcoin’s
core users are. One
user base is Libertarians, who appreciate Bitcoin because it is
unregulated by any central
bank or organization. Another core group of users are computer
programmers, who
appreciate Bitcoin because it is completely digital, and managed
by a series of complex
algorithms. And finally, another core user group are those who
use Bitcoin primarily for
illegal activities on the Internet. (Wilson) Overall, it is difficult
to track Bitcoin’s users
because many of them use Bitcoin on the Deep Web.
11. Affect of Regulation on Core Users
The issue of regulation of Bitcoin seems to divide users. Those
who regard Bitcoin as
the future of currency, and use it for primarily legal
transactions, will benefit the most
from Bitcoin regulation. Regulation could change how Bitcoin
is taxed, which would be
beneficial for those that hold large amounts of the currency, and
currently have it taxed as
63. property. Regulation would decrease the volatility of the
currency, making it a safer
investment and less risky to hold. It would also potentially
increase the security of
Bitcoin exchanges, which would make more people feel
comfortable changing hard
currency into virtual currency.
Those that use Bitcoin primarily for illicit activities will
probably deride regulation,
as it would decrease its usefulness as a medium of exchange for
those activities.
However, it would still be possible to use Bitcoin for illicit
transactions, as regulated
currencies are routinely used for illicit transactions every day.
! 31!
12. Recommendations For Regulation
The ideal route for regulation of Bitcoin seems to be the
regulation of Bitcoin
exchanges. As Bitcoin is based off of a computer algorithm, it
would be impossible to
regulate the creation and distribution of Bitcoin. It would also
be impossible to regulate
64. or tax every transaction that takes place because transactions
are made possible through
the peer-to-peer system. The regulation of exchanges is ideal
because it increases
consumer confidence in using the exchange, and helps decrease
the volatility of Bitcoin.
Decreased volatility then stabilizes Bitcoin as a medium of
exchange. A regulated
Bitcoin exchange would also decrease the instance of theft, thus
making it a safer
medium of exchange for users.
13. The United States’ Position on Bitcoin
It is legal to use Bitcoin in the United States, however it is not
regulated by the United
States government. A number of reports have been released by
the United States
Department of the Treasury regarding the treatment of Bitcoin
for tax and other purposes.
On March 18, 2013, the Department of the Treasury Financial
Crimes Enforcement
Network (FinCEN) released a notice providing guidance on
digital currencies. (FIN-
2013-G001) The notice relates how to apply the Banking
Secrecy Act to virtual
65. currencies. Regarding virtual currencies, FinCEN states:
In contrast [to real currency] ‘virtual’ currency is a medium of
exchange
that operates like a currency in some environments, but does not
have all
the attributes of real currency. In particular, virtual currency
does not have
legal tender status in any jurisdiction. This type of real currency
either has
an equivalent value in real currency, or acts as a substitute for
real
currency. (FIN-2013-G001)
Thus, the Department of the Treasury recognizes that virtual
currencies can serve as a
medium of exchange, but are not legal tender and thus do not
have to be accepted for
! 32!
payment for goods and services. The report also defines user,
exchanger, and
administrator for tax purposes. (FIN-2013-G001) Using the
virtual currency to purchase
real or virtual goods does not make one a money service
business, but being an
administrator or exchange of a virtual currency does make one a
money transmitter. For
66. purposes of a de-centralized virtual currency, a person who
“creates” (mines) the
currency is not a money transmitter, but those who create units
of the virtual currency and
then sell those units to another person in exchange for real
currency are money
transmitters. (FIN-2013-G001)
On March 25, 2014, the IRS released a report regarding the
treatment of virtual
currencies for tax purposes. The report states that virtual
currencies must be treated as
taxable property. The report acknowledges that people use
virtual currency to pay for
goods and services, and that it could also be used for investment
purposes. This helped to
further clarify the United States’ view of virtual currencies and
acknowledges that
Bitcoin is considered to be a convertible virtual currency.
(Notice 2014-21) The most
important aspect of this report is that it acknowledges that
miners of virtual currencies
must report the virtual currency as gross income. United States
taxpayers also have to
67. acknowledge capital gains or losses when exchanging virtual
currency for other property.
(Notice 2014-21)
14. Conclusions
Overall, the issue of regulation divides users because regulation
inherently goes
against the original aim of the currency. Bitcoin was created as
a peer-to-peer network,
managed by those individuals that take part in the mining and
block chain creation
process. While complete regulation would be beneficial for
some of Bitcoin’s core users,
! 33!
it is unlikely to happen. While it is possible to regulate certain
aspects, it is unlikely that
full regulation would be possible as Bitcoin is not controlled by
any central government
or regulatory agency. Bitcoin seems likely to continue to grow
in popularity, but is
unlikely to become a predominant global currency due to its
lack of regulation and
association with illicit activities on the Internet.
68. !
!
!
! 34!
Appendix
Definition of Key Terms:
Bitcoin-Refers to the concept of Bitcoin as a whole, or used
when discussing the network.
Example: The scope of Bitcoin is global.
bitcoin (lowercase)- Refers to bitcoin as a unit of measurement,
similar to the concept of
$1 bill. Example: I spent one bitcoin yesterday.
Blocks- Record that contains and confirms transactions
Block Chain- Public record of Bitcoin transactions in
69. chronological order
Clear Web or Visible Web- Everything you can find on the in
Internet using conventional
search engines that use web crawlers
Coin- Chain of digital signatures
Cryptocurrency- Digital currency that uses cryptography for
security, digital to
counterfeit and not regulated by a central authority
Cryptography- Area of mathematics that allows people to create
proofs that provide high
levels of security. In Bitcoin, it is used to prevent the theft of
someone else’s coins, and
also can be used to encrypt a user’s wallet.
Deep Web or Invisible Web -Term for some of the more
disreputable corners of the
Internet, typically only accessible through an encryption method
such as TOR
Hash Rate-The measuring unit of the processing power of the
network
Mining- The process of using computer hardware to do
mathematical calculations to
confirm transactions
Peer-to-peer (P2P)- Systems that work like an organized
collective group by allowing
individuals to directly interact with each other
Satoshi-Unit of measurement, 100 million satoshis=1 bitcoin
70. Silk Road- Website accessible only through The Onion Router.
Allowed users to
purchase illegal goods such as drugs, fake documents, and
stolen credit card numbers.
Was begun in February of 2011 and was closed by the Federal
Bureau of Investigation in
October of 2013. The site has re-emerged in many forms such as
Silk Road 2.0 and Silk
Road 3.0.
The Onion Router (TOR)-Originally developed with the United
States Navy in mind.
Works by routing transactions through various paths so that no
single route can link back
! 35!
to the destination. Creates a private pathway, and allows users
to browse the Internet
anonymously.
Wallet- Similar to a wallet in the physical world, allows you to
see your balance of
bitcoins, as well as send them to others
71. ! 36!
Works Cited
Arias, M., & Shin, Y. (2013, October 1). There Are Two Sides
to Every Coin-Even to the
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www.elsevier.com/locate/ijcip
Available online at www.sciencedirect.com
Discussion
The promise and perils of digital currencies
Tyler Moore
Computer Science and Engineering Department, Lyle School of
Engineering, Southern Methodist University,
P.O. Box 750122, Dallas, Texas 75275-0122, USA
77. Interest in digital currencies, especially Bitcoin, has exploded
over the past year. The cryptocurrency Bitcoin was created in
2009 by an anonymous entity operating under the pseudo-
nym Satoshi Nakamoto. Using cryptographic primitives to
create a digital currency is not particularly new – David
Chaum proposed electronic cash nearly thirty years ago.
What is different about Bitcoin is its success in gaining
adoption. More than $1 billion of Bitcoin currency is in
circulation, while Bitcoin startups are attracting tremendous
interest from venture capitalists.
But not all the attention attracted by digital currencies is
positive. In 2011, two U.S. Senators asked that Bitcoin be shut
down after they learned that it was used to pay for hard drugs
in an underground marketplace called The Silk Road.
Recently, the Costa-Rica-based digital currency, Liberty
Reserve, was closed down because it allegedly laundered
more than $6 billion on behalf of cyber criminals who had
turned to the currency as a favored means of exchange.
Bitcoin itself is frequently targeted by hackers, who exploit
operational security failures to steal from the “wallets” of
consumers and firms.
1. Why is there so much interest in digital
currencies?
One big reason is that digital currencies offer the prospect of
substantially reduced transaction fees for online purchases.
Nearly all online payments are made via payment-card net-
works. These payment platforms are so dominant that they
can charge high fees despite low operating costs. Responding
to consumer outrage, the United States recently passed
legislation limiting debit card interchange fees. The European
Union has proposed similar limits. The backers of new digital
currencies believe they can offer lower transaction fees
78. through technological innovation rather than regulation. Of
course, it remains to be seen if they can overtake the
entrenched payment networks of Visa and MasterCard.
The second reason is that digital currencies provide
greater anonymity than credit cards. In Bitcoin, for example,
accounts are pseudonymous and the protocol is designed to
encourage the use of new account numbers for each transac-
tion. These features are touted by Bitcoin supporters as a
guarantee of anonymity, which has drawn privacy-conscious
consumers – and criminals – to the currency. But they are
mistaken. Associating identities with Bitcoin addresses is
possible, particularly when interacting with online currency
exchanges.
The third reason is the decentralized design of Bitcoin and
other digital currencies that protects against inflation. Tradi-
tional currencies rely on a central bank to regulate the money
supply, introducing new money into circulation as needed.
The quantitative easing policies adopted by the U.S. Federal
Reserve have attracted criticism about potentially causing
inflation. Bitcoin, in contrast, uses cryptography to guarantee
a relatively fixed money supply, which is allowed to grow at
regular intervals. Periodically, the amount of money intro-
duced is halved, until no more Bitcoin currency is brought
into circulation. Hence, instead of central bank decisions
driven by human prognostications, Bitcoin relies on an
algorithm to limit the growth of the money supply. This
approach is very appealing to inflation “hawks” who have
literally bought into Bitcoin.
2. So what are the risks?
The principal risk is that digital currencies are highly suscep-
tible to abuse by criminals.
79. 1874-5482/$ - see front matter & 2013 Published by Elsevier
B.V.
http://dx.doi.org/10.1016/j.ijcip.2013.08.002
E-mail address: [email protected]
i n t e r n a t i o n a l j o u r n a l o f c r i t i c a l i n f r a s t r u
c t u r e p r o t e c t i o n 6 ( 2 0 1 3 ) 1 4 7 – 1 4 9
Merchants who sell dodgy goods or services using the
traditional payment system must avoid excessive chargeback
rates or they will be forced to pay higher transaction fees or
perhaps even be dropped altogether by their payment pro-
cessors. Criminals peddling fake antivirus software are
known to pay close attention to their chargeback rates, even
refunding bilked customers later in the month to stay under
the radar of payment processors. Unlicensed online pharma-
cies are also ever fearful of being targeted by law enforcement
who shut down their access to payment processors.
Given these obstacles, many criminals have moved to
digital currencies to process payments. Before its closure by
the FBI in October 2013, The Silk Road underground market-
place sold schedule drugs and narcotics without prescription,
relying on Bitcoin for all transactions. Thousands of online
Ponzi schemes called high-yield investment programs
(HYIPs) rely on obscure digital currencies such as Perfect
Money and, until it was shut down, Liberty Reserve.
Criminals also have begun to (ab)use digital currencies as
a platform for exchange. Like all of us, criminals desire
reliable bank accounts. But they want to register these
accounts without providing identifying information so that
their victims cannot seek recompense. Some less reputable
80. digital currencies gladly meet this requirement. Criminals in
underground forums frequently paid each other for goods
and services using the now-defunct Liberty Reserve. When it
was operational, Liberty Reserve was the “coin of the realm”
for many criminal entities. Notably, there has been almost no
evidence of criminals using Bitcoin for this purpose on a
large scale.
Still, digital currencies such as Bitcoin pose many risks to
consumers. Consumers looking to use digital currencies for
legitimate transactions can be bitten badly.
The biggest risk facing Bitcoin users is exchange-rate risk.
The Bitcoin-dollar exchange rate has fluctuated wildly. Dur-
ing its first few years of operation, exchange rates fluctuated
between $5 and $15. However, beginning in January 2013, the
currency rose inexorably, reaching a peak of over $250 in
early April before falling sharply. The currency has stabilized
somewhat in recent months, hovering around $100. While
Bitcoin's rise has benefited early adopters, consumers are
fearful of holding or spending the currency because its value
can change so rapidly.
Another risk for consumers is that, unlike traditional
online payments, many digital currencies (including Bitcoin
and Liberty Reserve) are designed to have irreversible trans-
actions. This is attractive to merchants because it can reduce
chargeback rates. But for consumers, the potential for harm is
substantial because fraudulent transactions cannot be
undone. Millions of consumers flocked to credit cards starting
in the 1970s because strong government regulation required
credit card companies to reimburse disputed transactions.
Absent such protection, digital currencies could see very low
adoption rates except in the minority of cases where other
benefits outweigh the risk.
81. Another related problem is that hackers who gain
unauthorized access to Bitcoin wallets can steal money,
leaving victims without any recourse. Several high-profile
Bitcoin thefts have targeted currency exchanges and other
entities that hold large amounts of the currency. This is
significant because many consumers, fearful of taking pos-
session of their Bitcoin assets, choose to leave their newly-
acquired currency in the control of the very exchanges from
which they purchased the currency.
This points to another Bitcoin-specific hazard: exchange-
closure risk. Since 2010, at least 40 currency exchanges that
convert Bitcoin to and from hard currencies for a small fee
have opened. Unfortunately, eighteen of these exchanges
have subsequently closed, leaving their Bitcoin depositors
in the lurch. Regression analysis has shown that increased
trading volume is associated with longer operating lifetimes
for exchanges. But trading volume is also positively corre-
lated with suffering security breaches – profitable exchanges
make valuable targets. Unfortunately, in the “Wild West” of
Bitcoin's ecosystem, consumers have no protection against
these and other risks.
3. Are there regulatory remedies that can
protect consumers?
Given the widespread criminality facilitated by digital cur-
rencies and perpetrated against consumers, one might expect
that little could be done by regulators and law enforcement to
mitigate the threats. But the prospects for oversight and
control are actually quite decent.
While Bitcoin was designed to be completely decentra-
lized, the reality is that a relatively small number of currency
exchanges facilitate most transactions. These exchanges are
82. essential to the functional operation of the Bitcoin ecosystem
because they are responsible for all transfers into and out of
Bitcoin from hard currencies. Most of these exchanges oper-
ate in countries with substantial financial oversight – the
largest exchange, Mt. Gox, is based in Japan.
Governments have begun to flex their muscle. The U.S.
Department of Homeland Security recently temporarily cut
off Mt. Gox's account with its U.S.-based payment processor
Dwolla for non-compliance with currency-exchange regula-
tions. The U.S. Treasury Department's Financial Crimes
Enforcement Network (FinCEN) recently issued guidance to
digital currencies on compliance with the Bank Secrecy Act.
Bitcoin exchanges have strong incentives to cooperate
with regulators in efforts such as these. One reason is purely
existential – a closure such as that of Liberty Reserve is a
future that no exchange desires to emulate. It is also quite
possible that exchanges will compete by providing better
protection of customer accounts. Mt. Gox has suffered multi-
ple security breaches, but in every case, it repaid consumers
and absorbed the loss. However, it is not clear that such
behavior would persist in the aftermath of a massive breach.
Another reason Bitcoin and other digital currency
exchanges will likely work with regulators and law enforce-
ment is that taking a stand against crime may well drive
criminals to use more lax currencies. The pessimistic corol-
lary is that, even if Bitcoin and other digital currencies do not
become criminal havens, less responsible currencies will
happily provide sanctuary, just like eGold, WebMoney and
Liberty Reserve did in the past. While regulators can exert
influence on the more responsible currencies, they will
i n t e r n a t i o n a l j o u r n a l o f c r i t i c a l i n f r a s t r u
c t u r e p r o t e c t i o n 6 ( 2 0 1 3 ) 1 4 7 – 1 4 9148
83. doubtless play a never-ending game of “whack-a-mole” with
the dodgier currency operators.
The bottom line is that digital currencies are a disruptive
technology. They can lower online payment fees and even
offer cryptographic guarantees about the money supply. But
the risks they introduce – from abuse by criminals to wide-
spread customer fraud – are substantial.
Technologists, policymakers and consumers must work
together to overcome the many risks and tame what is most
definitely another “Wild West.”
Tyler Moore is an Assistant Professor of
Computer Science and Engineering at
Southern Methodist University, Dallas,
Texas. His research interests include the
economics of information security, the
study of electronic crime, and the devel-
opment of policy for strengthening secur-
ity. He is a Director and Vice President of
the International Financial Cryptography
Association (IFCA) and Vice Chair of the
IFIP 11.10 Working Group on Critical Infrastructure Protection.
i n t e r n a t i o n a l j o u r n a l o f c r i t i c a l i n f r a s t r u
c t u r e p r o t e c t i o n 6 ( 2 0 1 3 ) 1 4 7 – 1 4 9 149
84. Department of Economics
Working Paper
College of Business Administration
Virtual Currency and the Financial System: The Case
of Bitcoin
By
Abdur Chowdhury
and
Barry K. Mendelson
Working Paper 2013-09
85. VIRTUAL CURRENCY AND THE FINANCIAL SYSTEM: THE
CASE OF BITCOIN
Abdur Chowdhury
Department of Economics
Marquette University
and
Barry K. Mendelson
Senior Investment Analyst
Capital Market Consultants, Inc.
Milwaukee, WI 53202
I. Introduction
Technological development and the increased use of the internet
have led to the
proliferation of virtual communities. Some of these
86. communities have created and
circulated their own currency for exchanging goods and
services. Bitcoin is currently the
most popular among these virtual or digital currencies and has
been in news recently
because of the wild fluctuations in its ‘value’ and also
significant venture capital investment
in entities associated with it.1 Bitcoin is relevant in several
areas of the financial system and
is therefore of interest to central banks, consumers and
investors.
Digital currencies are part of a broader group of virtual
currencies that include credit card
points, air miles, loyalty points and coupons (Chart 1). With the
advent of the Internet,
mobile devices and detailed consumer information, companies
are increasingly using
digital currencies as a marketing tool. As a result, there has
been a sharp increase in the use
of digital currencies, particularly for app-based coins and
tokens, mobile coupons, and
personal data exchanged for digital content. As these trends
evolve, digital currencies have
the potential to become more popular and compete with
87. traditional currencies.
This paper aims to provide some clarity in particular on Bitcoin,
its role and potential
future use in the financial system and the risks associated with
this form of digital
currency.. It will begin by providing a short introduction to the
Bitcoin network as well as
describe the benefits of allowing the Bitcoin network to develop
and innovate. It will
highlight concerns for consumers, policymakers and financial
regulators. Next it will
analyze the role that Bitcoin could play in the financial system.
The paper will conclude by
providing recommendations to address policymakers’ concerns
while allowing for further
innovation within the Bitcoin network. An initial comprehensive
overview of this kind is
absent from the existing literature. This paper intends to fill
that gap in the literature.
1 Bitcoin is not the only virtual currency on the Web. There are
others, such as Ripple, a new currency from a
startup called OpenCoin.com
88. II. Bitcoin Network
Bitcoin is the world’s first completely decentralized peer-to-
peer digital currency. A
software developer pseudo-named Satoshi Nakamoto published
the Bitcoin Protocol
(Nakamoto, 2008) which outlined the theory of a decentralized
currency. This was
followed in January 2009 by the release of the open-source
Bitcoin software, and the
mining of the first Bitcoins. It rocketed to prominence in 2013,
when the value of a Bitcoin
soared more than 10-fold in a two-month period, from $22 in
February to a record $266 in
April (Chart 2).2 The price of a Bitcoin again rose to a record
$710 on November 17, 2013,
before falling to $600 shortly thereafter. The nearly tripling of
the price since early
November was fueled by rising expectations that the virtual
currency will continue to gain
traction as an alternative to traditional methods of payment.3
At its peak, based on more
than 11.8 million Bitcoins issued, the digital currency boasted a
market value of over $2
89. billion (Chart 3).4
Since its creation, Bitcoin has evolved from a mathematical
proof of concept to a rapidly
expanding economic network. It is now being used in business
transactions around the
world. Businesses big and small have shown interest in
integrating the Bitcoin platform
into their operations and providing new services within the
Bitcoin economy. The
momentum behind Bitcoin is coming from around the world, as
amateur investors, venture
capitalists and technology enthusiasts pump money into
businesses that are trying to
figure out how to use Bitcoin to buy and sell goods and (Chart
4).5 A growing number of
2 Bitcoins come in whole or in fractional form. Each Bitcoin is
subdivided into 100 million smaller units called
satoshis, defined by eight decimal places.
3 The prices are as of the writing of this draft on the Tokyo-
based Mt. Gox exchange and on the Slovenia-based
Bitstamp Exchange.
4 The Bitcoin economy exceeded $8 billion at one point in
November, and investors and the U.S. Treasury are
beginning to give the virtual currency legitimacy.
90. 5 Sarah Needleman and Spencer Ante, “Bitcoin Startups begin
to Attract Real Cash,” Wall Street Journal, May 8,
2013.
merchants accept Bitcoin, because the transaction costs
associated with the currency are
generally lower than those for using credit or debit cards.
Instead of being made on a printing press or by a central
authority, Bitcoins are generated
by solving complicated algorithmic searches by powerful
computers, a process known as
mining.6 Most Bitcoin users do not mine, but purchase or trade
for their Bitcoin. Mining
doesn't affect the average Bitcoin user much, but is still a very
important part of the Bitcoin
ecosystem.
All newly mined Bitcoin, along with every transaction, are
publicly recorded. This record is
known as the blockchain. While the blockchain records
transaction details, it does not
record any personal identifying information about the senders or
recipients. The
blockchain is a critical feature to maintain the transparency of
the Bitcoin system, and
91. make counterfeiting or double spending impossible.
While Bitcoins are created through mining that pursuit is
getting increasingly complicated
and expensive, as companies and technology fans race to build
the powerful computers
required for Bitcoin production. There's a limit to the number of
Bitcoins that can be
mined. After the year 2140, no more Bitcoins will be created,
and the total amount ever
available is fixed at 21 million, more than half of which have
already been mined (Chart 5).
The Bitcoin scheme is technically designed in such a way that
its supply will increase at a
particular pace.
III. Theoretical Roots of Bitcoin
The theoretical roots of Bitcoin can be found in the Austrian
school of economics and its
6 Mining is the calculation of a hash of a block header, which
includes, among other things, a reference to the
previous block, a hash of a set of transactions and a nonce (a
32-bit/4-byte field whose value is set so that the
hash of the block will contain a run of zeros). If the hash value
is found to be less than the current target
92. (which is inversely proportional to the difficulty), a new block
is formed and the miner gets 50 newly
generated Bitcoins. If the hash is not less than the current
target, a new nonce is tried, and a new hash is
calculated. This is done millions of times per second by each
miner.
criticism of the current fiat money system and interventions
undertaken by governments
and other agencies, which, in their view, result in exacerbated
business cycles and massive
inflation (ECB, 2012).
Friedrich A. Hayek of the Austrian School argued that
governments should not have a
monopoly over the issuance of money. He instead suggested that
private banks should be
allowed to issue non-interest-bearing certificates based on their
own registered
trademarks. These certificates (i.e. currencies) should be open
to competition and would be
traded at variable exchange rates. Any currencies able to
guarantee a stable purchasing
power would eliminate other less stable currencies from the
market leading to a healthy
93. and efficient monetary system. Following this line of reasoning,
Bitcoin supporters believe
that, inspired by the former gold standard, Bitcoin could end the
money-creating monopoly
of central banks. Although the theoretical roots of the scheme
can be found in the Austrian
School of economics, Bitcoin has also raised serious concerns
among some of today’s
Austrian economists.7
IV. Why People Might Want to Use Bitcoins?
According to the supporters of Bitcoin, it holds much promise
as a way to lower transaction
costs for small businesses and global remittances, help alleviate
global poverty by
improving access to capital, protect individuals against capital
controls and censorship,
ensure financial privacy for oppressed groups, and spur
innovation (Brito and Castillo,
2013).
Firstly, Bitcoin is attractive to cost-conscious small businesses
looking for ways to lower
the transaction costs of doing business. Since Bitcoin facilitates
94. direct transactions without
a third party, it removes costly charges that accompany say, for
example, credit card
7 Their criticism covers two general aspects: a) Bitcoins have
no intrinsic value like gold; they are mere bits
stored in a computer; and b) the system fails to satisfy the
“Misean Regression Theorem”, which explains that
money becomes accepted not because of a government decree or
social convention, but because it has its
roots in a commodity expressing a certain purchasing power.
See Matonis (2011).
transactions. And because transactions are cheaper, Bitcoin
makes micropayments and
other innovations possible.
Secondly, as an inexpensive funds-transfer system, Bitcoin also
holds promise for the
future of low-cost remittances. In 2012, immigrants to
developed countries sent at least
$401 billion in remittances back to relatives living in
developing countries (World Bank,
2013)8. The amount of remittances is projected to increase
substantially in the near future.
Most of these remittances are sent using traditional brick-and-
95. mortar wire services such as
Western Union and MoneyGram, which charge steep fees
(9.0%) for the service and can
take several business days to transfer the funds. In contrast,
transaction fees on the Bitcoin
network tend to be less than 1% of the transaction.9 This
entrepreneurial opportunity to
improve global money transfers has attracted investments from
big-name venture
capitalists. Bitcoin allows for instantaneous, inexpensive
remittances, and the reduction in
the cost of global remittances for consumers could be
considerable.
Thirdly, Bitcoin also has the potential to improve the quality of
life for the world’s poorest
by improving access to basic financial services.10 According to
one estimate, 64 percent of
people living in developing countries lack access to these
services, perhaps because it is too
costly for traditional financial institutions to serve poor, rural
areas.11 Because of the
impediments to developing traditional branch banking in poor
areas, people in developing
96. countries have turned to mobile banking services for their
financial needs.12 Mobile
banking services in developing countries can be further
augmented by the adoption of
8 World Bank Payment Systems Development Group,
Remittance Prices Worldwide: An Analysis of Trends in
the Average Total Cost of Migrant Remittance Services
(Washington, DC: World Bank, 2013),
9 In the first quarter of 2013, the global average fee for sending
remittances was 9.05 percent (World bank,
2013). See, also, Andrew Paul, “Is Bitcoin the Next Generation
of Online Payments?,” Yahoo!Small Business
Advisor, May 24, 2013,
10 Muhammad Yunus, Banker to the Poor: Micro-lending and
the Battle againstWorld Poverty (New York:
Public Affairs, 2003).
11 Oya Pinar Ardic, Maximilien Heimann, and Nataliya
Mylenko, “Access to Financial Services and the Financial
Inclusion Agenda around the World” (Policy Research Working
Paper, World Bank Financial and Private
Sector Development Consultative Group to Assist the Poor,
2011).
12 The closed-system mobile payment service M-Pesa has been
particularly successful in countries such as Kenya,
Tanzania, and Afghanistan. See, for example, Jeff Fong, “How
Bitcoin Could Help the World’s Poorest People,”
PolicyMic,May 2013,
Bitcoin. As an open-system payment service, Bitcoin can
provide people in developing
97. countries with inexpensive access to financial services on a
global scale.
Fourthly, Bitcoin might also provide relief to people living in
countries with strict capital
controls. The total number of Bitcoins that can be mined is
capped and cannot be
manipulated. There is no central authority that can reverse
transactions or prevent the
exchange of Bitcoins between countries. Bitcoin therefore
provides an escape route for
people who desire an alternative to their country’s devalued
currencies or frozen capital
markets. For example, people in Argentina have adopted
Bitcoin in response to the
country’s dual burdens of a 25% inflation rate and strict capital
controls.13
Additionally, one of the most promising applications of Bitcoin
is as a platform for financial
innovation. The Bitcoin protocol contains the digital blueprints
for a number of useful
financial and legal services that programmers can easily
develop. Since Bitcoins are, at their
core, simply packets of data, they can be used to transfer, not
98. only currencies, but also
stocks, bets, and sensitive information.14 Some of the features
that are built into the Bitcoin
protocol include micropayments, dispute mediations, assurance
contracts, smart property,
etc.
V. Challenges Facing Bitcoin Users
Despite the benefits that it presents, Bitcoin has downside risks
potential users should
consider.15 Firstly, Bitcoin has weathered at least six
significant price adjustments since
2011.16 These adjustments resemble traditional speculative
bubbles: overoptimistic media
coverage of Bitcoin prompts waves of novice investors to pump
up Bitcoin prices.17 The
exuberance reaches a tipping point, and the value eventually
plummets (Brito and Castillo,
2013).
13 Jon Matonis, “Bitcoin’s Promise in Argentina,” Forbes, April
27, 2013,
14 Jerry Brito, “The Top 3 Things I Learned at the Bitcoin
Conference,” Reason, May 20, 2013.