Follow blockchain research across journals, conferences, and preprint repositories.
9,726 results · page 348 of 406
Aldo Drago
Blockchain is still a big unknown, even for some professionals. Blockchain and the Distributed Ledger Technology (DLT) have been made infamous by Bitcoin, a digital payment and peer-to-peer monetary transaction system that bypasses banks and third party endorsements. But DLT and the Blockchain protocol can be used for other purposes.
Aleksandr Berdyshev
The history of creating bitcoin cryptocurrencies has been considered, the main features of cryptocurrencies and cryptocurrency market have been identified. Based on the identification of features of the blockchain technology, the possibilities of making settlements outside the traditional financial system have been determined. Special attention has been paid to the issue of legal regulation of cryptocurrency in various countries. According to the results of a study of current trends in the cryptocurrency market, in the conditions of a significant decline in the market value of bitcoin in 2018, as the flagship of the cryptocurrency market, prospects for its development have been determined
Melanie L. Fein
No abstract is available for this record.
Julia Reynolds, Leopold SSgner, Martin Wagner, Dominik Wied
This paper applies recently developed procedures to monitor and date so-called "financial marketdislocations", defined as periods in which substantial deviations from arbitrage parities take place. In particular, we focus on deviations from the triangular arbitrage parity for exchange rate triplets from a cointegration perspective. Due to increasing attention on and importance of mispricing in the market for cryptocurrencies, we include the cryptocurrency Bitcoin in addition to fiat currencies. We do not find evidence for substantial deviations from the triangular arbitrage parity when only traditional fiat currencies are concerned, but document significant deviations from triangular arbitrage parities in the newer markets for Bitcoin. We confirm the importance of our results for portfolio strategies by showing that a currency portfolio that trades based on our detected break-points outperforms a simple buy-and-hold strategy.
М. А. Магомедов, A.M. Alikberova
No abstract is available for this record.
Yanfeng Wang, Feng Li, Jinya Hu, Dong Zhuang
This paper addresses recognizing fraud users on a Bitcoin exchange website-bitcoin-otc. According to online rating records provided by the website, some users behave significantly different from others. Seeing that, the classical K-means clustering algorithm is proposed to identify these abnormal users. K-means algorithm is an unsupervised clustering algorithm that clusters users based on feature similarity. Therefore, performance of K-means algorithm relies on the features. This paper explored and found the best collection of features based on real record data, e.g., mean of total ratings sent. Since the selected features are not observed for record set, the website should offer these features for potential traders.
Enrico Tedeschi, Håvard D. Johansen, Dag Johansen
This thesis describes a longitudinal study of Bitcoin,\nthe perhaps most popular blockchain based system today.\nPublic blockchains have emerged as a plausible messaging substrate\nfor applications that require highly reliable communication.\nHowever, sending messages over existing blockchains can be cumbersome\nand costly as miners require payment to establish consensus on the\nsequence of messages, since the electricity consumption\nneeded to run miners is not negligible.\nThe blockchain protocol requires an always\ngrowing size of the information stored in it so its scalability is\nthe biggest problem. For that reason we decided to\ncollect and store data locally in our own data structure,\nnecessary for the analysis,\nallowing us to save up to 10 times the amount of disk space.\nToday, systems using the blockchain protocol are emerging,\nand cryptocurrencies are a glaring example\nof its implementation. Bitcoin\nrepresents the largest cryptocurrency on market,\nand it has to face a massive scale due to its popularity,\nhaving in 2012 about fifty thousands\ntransaction per day and reaching now,\nin 2017, more than three hundred fifty\nthousands of transactions\napproved every day.\n\nThis massive scale in the system leads to a saturation\nof the messaging substrate, hence performance issues.\nIn this thesis we will focus also on the Bitcoin network\nperformance, in particular, transaction throughput and\nlatency.\nFrom 2009 to 2017 a lot of analyses on\nthe blockchain have been performed,\nenhancing the considerable change in\nthe block size limit,\nfrom 256 bytes to 1MB,\nas an attempt to overcome scalability problems.\nDifferent papers were published, discussing\nwhether changing or not the block size limit.\nIn addition, the Bitcoin price increased\nfrom ~0.7$ to more than 7.000$,\nmaking the system even more desirable for\nminers, but causing several complications\nin the fee and reward mechanism.\nWe evaluate and discuss possible ways to improve this fee\nmechanism in order to guarantee more revenue for miners along\nwith an user fee optimization.\n\nWe finally present our own system for\nlongitudinal analysis on the Bitcoin blockchain,\nBAS. It generates a dataset\nwhich contains a significant portion of\nthe whole blockchain, updated on September 2017.\nWe discuss our results and compare them with\nother evaluations from past years, considering\nthree main key points: scalability,\nperformance and fees/costs.\nWe discuss how scalability affects performance,\nand how the costs and fees are dependent\nfrom them both.\nWe want also to take into consideration\nthe environmental impact of Bitcoin\nand how it affects the coming\nof new cryptocurrencies.\nWe evaluate and\npropose, using machine learning techniques,\ntwo different cost prediction models that aim to\npredict bandwidth for upcoming transactions\naccording the fee they are willing to pay, and\nthe expected revenue for miners according to\nthe time spent mining.\nThese models can\nbe used by application to throttle network traffic to optimize\nmessage delivery. We also discuss\nwhether the block size limit should be increased for a higher\nthroughput or not.
Hans-Peter Deutsch
No abstract is available for this record.
Rui Fernandes
Blockchain is a relatively new technology created for Bitcoin’s network to store transaction records happening in it. The system is redundant and distributed, making it difficult for corrupt transactions. Without doubt the greatest use case of this technology is cryptocurrencies, however is wrong to restrict this tool only to the financial area. Many use cases are also being developed for business areas like digital identity and technological areas like IoT and many other areas. Due to the complexity, privacy and bureaucracy of certain processes in many areas a new technology rise called Smart Contracts, computational code programmable to meet certain conditions. These digital contracts act like traditional contracts, with the difference of its automaticity, where the need for a notary and certified people to validate signatures can be erased. So, the point of this thesis is to understand the concept of Blockchain and Smart Contracts and how they can be integrated together in other business and technological areas to improve and increase the efficiency of the organizational processes. After that, to create a demonstration case that show all the potential behind these technologies in a business area.
Ignat Baranov
A significant increase in the cash value of Bitcoin in the beginning of 2017 led to growth in people’s interest in cryptocurrency. The uniqueness of this type of money is that the transaction occurs only with the approval of a network of participants, and the funds themselves are beyond the control of any state. At the same time, the Russian government, represented by the Ministry of Finance, did not approve a cryptocurrency until 2018. Despite the large number of studies that reveal the main advantages and disadvantages of cryptocurrency, as well as the motivation of the participants, the issue of building trust in cryptocurrencies remains relevant. The main goal of this study is to identify the mechanisms of trust building among the participants of the cryptocurrency market. The research information base was based on 15 semi-structured interviews with active participants of the cryptocurrency market. Based on collected data, a typology of cryptocurrency users was made, and ways of managing risks in interacting with the market and insight into the role of the state in this market were examined. Cryptocurrency users can be divided into those who use it for consumption of various goods (including those who are prohibited in the territory of the Russian Federation) and those who seek to derive financial benefit from the current market situation. Although both groups exist in the same market, they have different expectations: consumers strive to ensure that the cryptocurrency exchange rate remains stable, whereas the other group hopes for a long period of high exchange-rate volatility to increase their own earnings. The position that the local state should take is an important factor of trust for each of the groups represented. Cryptocurrencies are still at an early stage of development. A large group of people on the market is trying to monetize the weaknesses that exist at the moment. Over time, the situation on the cryptocurrency market stabilizes, and it can then move to a qualitatively different stage of development.
Asress Adimi Gikay
Several years after the inception of the most dominant cryptocurrency, bitcoin, the European Central Bank in 2015 indicated the need for establishing legal clarity by relevant authorities through explaining how the current legal framework applies to cryptocurrencies. Three years later, no meaningful step has been taken by any of the European Union (EU) institutions including the parliament. By examining the EU’s legal framework governing payments services, including the Single Euro Payment Area (SEPA) Regulation, the Electronic Money Directive, the Payment Services Directive and the proposed AML/CTF Directive, this article concludes that (a) because the existing payment services laws apply to payments effected in currencies (legal tenders) and cryptocurrencies are not defined as currencies under the EU law or the laws of member states, they do not cover cryptocurrencies. It also argues that it is impossible to design sui generis payments services law for cryptocurrencies without curbing their essential features, especially decentralization. Lastly, the article proposes centralization and the creation of state cryptocurrency as possible solutions moving forward and examines their strengths and challenges.
Christian Dinges
No abstract is available for this record.
Diego de Miguel, M.S. Ruíz Rodríguez
El crecimiento exponencial de los bitcoins ha llevado a la necesidad de la AEAT de potenciar sus herramientas de seguimiento de las transacciones relacionadas con monedas virtuales, y a la Dirección General de Tributos a pronunciarse (aunque de manera escasa) sobre su tributación. En materia de imposición directa, las rentas derivadas de la compraventa y de minado de bitcoins tributarán como rendimientos de actividades económicas en el Impuesto sobre la Renta de las Personas Físicas (o, en su caso, como ganancias/pérdidas patrimoniales) o como ingresos en el Impuesto sobre Sociedades. Desde el punto de vista del Impuesto sobre el Valor Añadido, la compraventa de bitcoins se considera una actividad sujeta y exenta, mientras que el minado de bitcoins no tendría la consideración de prestación de servicios onerosa en el sentido de la jurisprudencia del Tribunal de Justicia de la Unión Europea. En el Impuesto de Actividades Económicas, tales actividades deberán incluirse, como regla general, en el epígrafe 831.9 de la sección primera, «Otros servicios financieros n.c.o.p.» y en materia del Impuesto sobre el Patrimonio, los bitcoins deberán ser declarados por su valor de mercado a 31 de diciembre de cada año. Finalmente, y respecto del modelo 720, el Anteproyecto de Ley de Medidas de Prevención y Lucha contra el Fraude Fiscal contempla expresamente la obligación de informar sobre la tenencia de monedas virtuales situadas en el extranjero.
Julien Prat, Benjamin Walter
No abstract is available for this record.
Nikolaus Hautsch, Christoph Scheuch, Stefan Voigt
Distributed ledger technologies replace central counterparties with time-consuming consensus protocols to record the transfer of ownership. This settlement latency slows down cross-market trading and exposes arbitrageurs to price risk. We theoretically derive arbitrage bounds induced by settlement latency. Using Bitcoin orderbook and network data, we estimate average arbitrage bounds of 121 basis points, explaining 91% of the cross-market price differences, and demonstrate that asset flows chase arbitrage opportunities. Controlling for inventory holdings as a measure of trust in exchanges does not affect our main results. Blockchain-based settlement without trusted intermediation thus introduces a non-trivial friction that impedes arbitrage activity.
Russell Stanley Q. Geronimo
On February 6, 2017, the Bangko Sentral ng Pilipinas (“BSP”) issued the Guidelines for Virtual Currency Exchanges (BSP Circular No. 944, or “Circular”), providing the rules and regulations governing operations of Virtual Currency (“VC”) Exchanges in the Philippines. The Circular is incorporated as Section 4512N of the Manual of Regulations for Non-Bank Financial Institutions (“MORNBFI”). This article provides an overview of the Circular.
Melanie L. Fein
No abstract is available for this record.
Hayden Covington, Young B. Choi
Bitcoin and blockchain are two new and innovative technologies that may be confusing. This purpose of this paper is to differentiate these two new technologies and explain their functionalities. The concept of Bitcoin “mining” will be addressed, as well as the impact it has had on the hardware market. Finally, the benefits and concerns of implementing blockchain and Bitcoin will be provided. Despite the concerns, both blockchain and Bitcoin provide a plethora of possible new technological advanced, both in the terms of digital currencies as well as other avenues.
Usman Amjad, Tahseen Ahmed, Humera Tariq, Amir Hussain
Quantum computing has emerged as a new dimension with various applications in different fields like robotic, cryptography, uncertainty modeling etc. On the other hand, nature inspired techniques are playing vital role in solving complex problems through evolutionary approach. While evolutionary approaches are good to solve stochastic problems in unbounded search space, predicting uncertain and ambiguous problems in real life is of immense importance. With improved forecasting accuracy many unforeseen events can be managed well. In this paper a novel algorithm for Fuzzy Time Series (FTS) prediction by using Quantum concepts is proposed in this paper. Quantum Evolutionary Algorithm (QEA) is used along with fuzzy logic for prediction of time series data. QEA is applied on interval lengths for finding out optimized lengths of intervals producing best forecasting accuracy. The algorithm is applied for forecasting Taiwan Futures Exchange (TIAFEX) index as well as for Bitcoin crypto currency time series data as a new approach. Model results were compared with many preceding algorithms.
Ahmet Selçuk Dizkırıcı, Ahmet Gökgöz
Transaction volume of crypto currencies, which is generally known by Bitcoin, has reached a significant size worldwide, today. Though they are not recognized by law in common, yet; the crypto currencies attract firms due to their higher revenue rates, transferable skills and lower transaction costs. Today the firms can pay and collect their receivables by the crypto currencies also they invest in crypto currencies to benefit from exchange rates. The aim of the study is evaluating the accounting of Bitcoin in Turkey by presenting the process and features of crypto currencies, especially Bitcoin.
Nick Gogerty, Paul Johnson
No abstract is available for this record.
Olaf Schlotmann, Stefan Ulreich, Inka Zippe
No abstract is available for this record.
Jord Wokke, Nick Rodenrijs
Problem: Parallels have been drawn between the rise of the internet in 1990s and the present rise of bitcoin (cryptocurrency) and underlying blockchain technology. This resulted in a widespread of media coverage due to extreme price fluctuations and increased supply and demand. Garcia et al. (2014) argues that this is driven by several social aspects including word-of-mouth communication on social media, indicating that this aspect of social media effects individual attitude formation and intention towards cryptocurrency. However, this combination of social media of antecedent of consumer acceptance is limited explored, especially in the context of technology acceptance. Purpose: The purpose of this thesis is to create further understanding in the Technology Acceptance Model with the additional construct: social influence, first suggested by Malhotra et al. (1999). Hereby, the additional construct of social media influence was added to advance the indirect effects of social media influence on attitude formation and behavioural intention towards cryptocurrency, through the processes of social influence (internalization; identification; compliance) by Kelman. Method: This study carries out a quantitative study where survey-research was used that included a total sample of 250 cases. This sample consists of individuals between 18-37 years old, where social media usage is part of the life. As a result of the data collection, analysis was conducted using multiple regression techniques. Conclusion: Analysis of the findings established theoretical validation of the appliance of the Technology Acceptance Model on digital innovation, like cryptocurrency. By adding the construct of social media, further understanding is created in the behaviour of millennials towards cryptocurrency. The evidence suggests that there are clear indirect effects of social media on attitude formation and intention towards engaging in cryptocurrency through the processes of social influence. This study should be seen as preliminary, where future research could be built upon. More specifically, in terms of consumer acceptance of cryptocurrency and the extent of influence by social media.
Sneha Gullapalli
Cryptocurrencies are digital currencies that have garnered significant investor attention in the financial markets.The aim of this project is to predict the daily price, particularly the daily high and closing price, of the cryptocurrency Bitcoin.This plays a vital role in making trading decisions.There exist various factors which affect the price of Bitcoin, thereby making price prediction a complex and technically challenging task.To perform prediction, we trained temporal neural networks such as time-delay neural networks (TDNN) and recurrent neural networks (RNN) on historical time seriesthat is, past prices of Bitcoin over several years.Features such as the opening price, highest price, lowest price, closing price, and volume of a currency over several preceding quarters were taken into consideration so as to predict the highest and closing price of the next day.We designed and implemented TDNNs and RNNs using the NeuroSolutions artificial neural network (ANN) development environment to build predictive models and evaluated them by computing various measures such as the MSE (mean square error), NMSE (normalized mean square error), and r (Pearson's correlation coefficient) on a continuation of the training data from each time series, held out for validation.