Follow blockchain research across journals, conferences, and preprint repositories.
9,726 results · page 367 of 406
Alexandra Anna Lakatos
Focusing on international and Hungarian experiences, the author provides an overview of IT-related crimes and the Bitcoin-phenomenon.
Shashwat Gangwal
This paper analyses the effect of adding Bitcoin, to the portfolio (stocks, bonds, Baltic index, MXEF, gold, real estate and crude oil) of an international investor by using daily data available from 2<sup>nd</sup> of July, 2010 to 2<sup>nd of</sup> August, 2016. We conclude that adding Bitcoin to portfolio, over the course of the considered period, always yielded a higher Sharpe ratio. This means that Bitcoin’s returns offset its high volatility. This paper, recognizing the fact that Bitcoin is a relatively new asset class, gives the readers a basic idea about the working of the virtual currency, the increasing number developments in the financial industry revolving around it, its unique features and the detailed look into its continuously growing acceptance across different fronts (Banks, Merchants and Countries) globally. We also construct optimal portfolios to reflect the highly lucrative and largely unexplored opportunities associated with investment in Bitcoin.
Sha Wang, Jean‐Philippe Vergne
Cryptocurrencies have become increasingly popular since the introduction of bitcoin in 2009. In this paper, we identify factors associated with variations in cryptocurrencies' market values. In the past, researchers argued that the "buzz" surrounding cryptocurrencies in online media explained their price variations. But this observation obfuscates the notion that cryptocurrencies, unlike fiat currencies, are technologies entailing a true innovation potential. By using, for the first time, a unique measure of innovation potential, we find that the latter is in fact the most important factor associated with increases in cryptocurrency returns. By contrast, we find that the buzz surrounding cryptocurrencies is negatively associated with returns after controlling for a variety of factors, such as supply growth and liquidity. Also interesting is our finding that a cryptocurrency's association with fraudulent activity is not negatively associated with weekly returns-a result that further qualifies the media's influence on cryptocurrencies. Finally, we find that an increase in supply is positively associated with weekly returns. Taken together, our findings show that cryptocurrencies do not behave like traditional currencies or commodities-unlike what most prior research has assumed-and depict an industry that is much more mature, and much less speculative, than has been implied by previous accounts.
George Allayannis, Aaron Fernstrom
This technical note explains what blockchain is, what it allows, as well as discusses its advantages and potential issues to consider further. It also provides an example of an application in which blockchain technology is used and describes regulatory and governance considerations. It can be used in a financial institutions or fintech course along with a case on digital currencies. Excerpt UVA-F-1810 Rev. Dec. 7, 2017 An Introduction to Blockchain I love this stuff—bitcoin, blockchain technology—and what the future holds…huge new markets and products will be built on these platforms. Abby Johnson, CEO of Fidelity Introduction . . .
Bryan Abdón Mendoza Muñoz, Kelly Muñoz, Dasha Villasis
Extensive research is carried out on the two most important cryptocurrencies at world level, the Ether (Ethereum) and the Bitcoin with the passage of time has been positioned in this medium, this due to the great consensus that had the Ethereum in the course of the last three years
Tim Schmidt
Die vorliegende Arbeit setzt sich mit dem Thema der Bitcoin als Kapitalanlage auseinander. Damit der Leser ein erforderliches Verständnis für die komplexe Thematik der Kryptowährung aufbaut, wird zunächst auf die Grundkonzeption der Bitcoin eingegangen. Hierbei erfolgt insbesondere eine Beschreibung des speziellen Peer-to-Peer- Netzwerk und die grundlegende Technologie der Blockchain. Die Analyse der Bitcoin als Anlageklasse beginnt mit der Preisentwicklung sowie der Untersuchung zugehöriger Einflussfaktoren auf Angebot und Nachfrage. Mittels einer Korrelationsanalyse werden die Bitcoin-Renditen anschließend ins Verhältnis zu traditionellen Anlageklassen gesetzt. Hinsichtlich der Fähigkeit, als krisenfestes Investment für Aktienkursrückgänge zu dienen, erfolgt eine historische Gegenüberstellung der Digitalwährung mit der Anlage in Gold. Hierfür werden die entsprechenden Kursentwicklungen während ausgewählter makroökonomischer und politischer Ereignisse der jüngeren Vergangenheit beobachtet. Die Untersuchung ergibt, dass die Anlageklassen Aktien und Gold eine überwiegend konträre Entwicklung aufweisen, was mit der negativen Korrelation erklärt werden kann. Unter zusätzlicher Zuhilfenahme einer Regressionsanalyse von S&P500 und Bitcoin-Preis-Index wird der kaum vorhandene Zusammenhang zwischen beiden Anlagen ersichtlich. Die ermittelten niedrigen Korrelationen zu den Vergleichsobjekten zeigen daher auf, dass die Bitcoin eine alternative und separate Anlageklasse darstellt. Unter Einbezug verschiedener deskriptiver Kennzahlen lässt sich zudem ableiten, dass die Bitcoin über ein hohes Risikopotenzial verfügt und primär als spekulative Anlage einzuordnen ist. Zur Quantifizierung dieses Risikos wird die Standardabweichung der Bitcoin-Renditen vom Erwartungswert gemessen. Die Untersuchungsergebnisse bestätigen dabei das enorme Risiko. Zur Bestimmung des tatsächlichen Verlustrisikos wird weiterhin auf das Risikomaß des Value-at-risk zurückgegriffen.
Ruiping Liu, Zhichao Shao, Guodong Wei
No abstract is available for this record.
Thomas Linder, Stephan Meyer
Die Digitalisierung hat unseren Alltag fest im Griff: Ferien werden im Internet gebucht, Informationen online beschafft, die klassischen Adressbücher durch Facebook und LinkedIn ersetzt, Flugtickets direkt auf das Smartphone geladen und Neuigkeiten im Internet gelesen. Auch im Bereich des Zahlungsverkehrs schreitet die Entwicklung schnell voran. Internet Banking, elektronische Kartenbezahlsysteme und Fintech-Produkte haben die Art der Dienstleistungserbringung grundlegend verändert. In diesem Umfeld wurde im Jahr 2009 die erste, damals noch weitgehend unbekannte virtuelle Peer-to-Peer Währung mit der Bezeichnung «Bitcoin» zum digitalen Leben erweckt.
Jane Susskind
[B]lockchain technology provides a cryptographically secure and transparent method for transferring “digital assets.” Although blockchain technology is most commonly recognized as the technology that underpins virtual currencies, such as Bitcoin, it may also hold the key to facilitating secure online elections in America. To preface the need for blockchain voting, Part II addresses the current problems with voting in the United States. Part III provides an elementary explanation of blockchain. Parts IV and V outline current election laws and explain how implementing blockchain voting would very likely comply with these laws. Transitioning to a new voting system, however, does not come without challenges. Thus, the remainder of Part V outlines valid concerns with and counterarguments against blockchain voting. Part VI advocates for congressional action, tracing the failed regulation of Bitcoin back to the lack of uniform guidance. The time is ripe for modernization, yet current proposals for online voting lack the sophistication necessary to implement a secure and trusted system. Thus, Part VII of this Comment proposes that Congress pass a bill authorizing the use of blockchain voting and incentivizing states to modernize voting systems using this innovative technology.
Nicolas Jacquemart, Stephan Meyer
No abstract is available for this record.
Dr Craig S Wright
No abstract is available for this record.
Andrey Fedorovski, Rostislav Berlinskii, Vladislav Ashikhmin
The presentation is dedicated to problems and approaches in the legal regulation of the use of one of the cryptocurrencies -Bitcoin. Currently Bitcoin causes bigger interest among the world society, which is connected, in particular, with the highly increased exchange rate of this cryptocurrency. A number of countries have already formed a well-defined position and created a legal basis for development or for a complete or partial restriction of this cryptocurrency. But at the moment the most part of the world countries do not have a legal and regulatory framework of Bitcoin. In this presentation there is an analysis identifying pros and cons of this cryptocurrency and also the consequences of its further integration into the biggest world countries. Besides, our group has considered the experience of the number of countries in which the legal regulation of this cryptocurrency is established. The research offers a way for the further legal regulation of Bitcoin in Russia.
Xiang Li
In December 2013 the People's Bank of China announced the restriction of Bitcoin from being involved in any services offered by financial institutions in China, fearing that the speculative risks inherent in Bitcoin is too new for Chinese investors and may endanger the national financial system. This article reviews the Bitcoin's evolvement both as currency and as investment asset around the world. Also, the regulatory treatment for Bitcoin in America is discussed. Then I used detrended ratios to compare the volatility of Bitcoin market and China's stock market, concluding that the risks inherent in Bitcoin are not unacceptable for Chinese investors. Moreover, I searched into the relationship between Bitcoin return and some fundamental economic variables, finding that Bitcoin doesn't have enough correlation with the national economic system to depress investors further during an economic downturn and that Bitcoin actually has excellent diversification benefit as portfolio component.
Т.V. Merkulova, J. M. Masliy
The main focus of this article is the analysis of the global cryptocurrency market as an integrated system of cryptocurrencies and infrastructures that ensure their functioning. In particular, the general state of the cryptocurrency market and its current trends have been considered. The main part of the analysis was conducted on the structure of the global cryptocurrency market and its main components. Based on the indicator of cryptocurrency market capitalization, leading cryptocurrencies have been defined. They currently represent 80% of the world cryptocurrency market. These include Bitcoin, Ethereum, Ripple, Bitcoin Cash, Cardano, Litecoin and NEM. Key players in the cryptocurrency market infrastructure have been also determined, they support and contribute to the development of the market of almost every cryptocurrency. These include miners, full nodes, exchanges, wallets and payment companies. The main market indicators for each leading cryptocurrencies such as: the market share and its change over the year, the degree of influence of the cryptocurrency on the state of the global market, the dynamics of prices and their volatility have been analyzed. The infrastructure of the market of each cryptocurrency has been estimated on the basis of indicators of the reliability of the infrastructure and its trade opportunities. The study showed a high growth rate of Bitcoin and along with it a number of significant altcoins over the past year, which had a favorable effect on the state of the common cryptocurrency market. Almost every cryptocurrency showed positive trends. Ripple is the absolute record holder of price growth over the past year, followed by NEM. Bitcoin and Ethereum are the least financially risky ones in terms of volatility. In addition, Ethereum has the most reliable infrastructure, and Bitcoin has the most secured by exchanges and wallets. Cardano showed the highest growth rates in a short period of time. In general, these phenomena are positive forerunners for the cryptocurrency industry.
Tom Johansson, Viktor Charpentier
All human interaction can be depicted as exchanges. We exchange trivial information, feelings, assets and more. Valuable exchanges have one thing in common; they all require some degree of trust. In today’s society we rely on institutionalized trust when commencing an exchange of value. Typically, this role is filled by a vast ecosystem consisting of commercial banks, clearinghouses and other third parties. The recent rise of Bitcoin, Ethereum and consequent attention on the underlying technology, blockchain, questions the future of current ecosystem. This report aims at uncovering what blockchain is, what different implementations are currently available and how it would affect today’s ecosystem. It does so through semistructured interviews with actors within the current ecosystem as well as weighing in the views of blockchain evangelists. It highlights five key aspects that are crucial when implementing blockchain technology within the existing banking paradigm. Today’s organized societies require law and order which, to a large extent, is limited within the realm of public blockchain technology. With the insight of society’s infrastructural limitations, this paper argue that the current transaction system of our society favors a permissioned implementation with trusted nodes. Such a system would result in more efficient financial markets and lower costs of transacting. However, this paper acknowledge the virtues and reasons behind the rise of public blockchains. Given recent developments within the field and interesting concepts, the report does not dare to exclude a future of banking relying on public blockchain technology as the underlying database.
Hélder Sebastião, António Portugal Duarte, Gabriel Guerreiro
This paper analyses the price discovery process in the USD/Bitcoin market since the Mt.Gox bankruptcy until the aftermath of the hack attack on Bitfinex (01-Mar-2014 until 30-Nov-2016).The Geweke feedback measures, estimated pairwise using hourly returns, show that there is a positive relationship between the total feedback and market share, measured by trading volume, that most of the information is transmitted between exchanges within an hour, at least for the main four exchanges (Bitfinex, Bitstamp, BTC-e and ItBit), while lagged feedback runs mainly from the major exchange.Other minor exchanges seem to react to price information with some delay and are thus considered as merely satellite exchanges.Bitfinex stands out as the most important exchange in transmitting information to the market: the relative importance of the lagged feedback from Bitfinex to the market is 18.29% while the lagged feedback from the market to Bitfinex accounts only for 0.60% of the total feedback.The volatility in the major exchange in each pair is the main factor explaining the feedback measures, sustaining the claim that the information-based component of volatility increases with the relative dimension of the exchange.
Aleksi Aaltonen
This thesis is a descriptive statistical analysis of cryptocurrency market and its relation within cryptocurrencies and across asset classes, using correlation functions, orthogonalized impulse response functions and OLS regressions. Consistent with Wang (2014), bitcoin does not suffer from a liquidity trap, even though bitcoin is a decentralized system. This thesis concludes that bitcoin has a lead effect on only 2 out of 8 of the top cryptocurrencies, endowing diversification benefits within cryptocurrency market. This paper provides evidence on cryptocurrency market’s and US equity market’s impulse response dynamics which are insignificant, consistent with Gangwal’s (2016) results that adding cryptocurrencies to a diversified portfolio will yield to a higher Sharpe ratio. Lastly, the study reports bitcoin momentum factor having an impact on banking and financial industries’ excess returns.
Jean-Marc Seigneur, Hélie D'hautefort, G. Ballocchi
The number of crypto-currencies is increasing fast. On one hand, following the launch of Bitcoin in 2009, more than 1000 different crypto-currencies are listed in the crypto-currency markets. On the other hand, solutions like eCurrency exist to effectively create digital fiat currencies. There are solid economic reasons to introduce an optimized basket of fiat currencies as well, along the lines of the International Monetary Fund Special Drawing Rights, particularly for entities with global assets and liabilities or for individuals wishing to protect their purchasing power in a more and more global and multipolar world. Up to now this kind of solution was only accessible to a few large institutions due to the structure of the foreign exchange market. The main original contribution of this paper is to present the first use case of linking a managed basket of fiat currencies to a new crypto-token. The tokenisation and the use of blockchain will enable us to make it accessible to any individual gaining diversification while benefiting from good liquidity and low cost. After reviewing recent digital fiat currencies initiatives, we explain the economic rationale of our optimized currency basket and its effective implementation by means of an existing blockchain-based distributed computing platform, i.e., Ethereum. Our technological approach enables a wide range of uses of our currency basket, which would not be possible without crypto-tokens.
Mārtiņš Eizentāls
Mūsdienu globalizācijas apstākļos arvien vairāk naudas tiek pārskaitīta starptautiskos pārskaitījumos. Šādu pārskaitījumu veikšana izmaksā aptuveni 5% no kopējās pārskaitījuma summas, kā arī tie parasti aizņem vismaz pāris dienas, kas apgrūtina darījumu veikšanu starptautiskā līmenī. Bitcoin ir decentralizēta kriptovalūta, ar kuras palīdzību ir iespējams veikt pārskaitījumus bez distances ierobežojumiem caur internetu. Bitcoin pārskaitījumi parasti izmaksā zem 1% no darījuma summas, un pārskaitījums parasti aizņem 5 – 30 minūtes. Šajā darbā tiek apskatītas iespējas izmantot bitcoin pārskaitījumu sistēmu telekomunikāciju uzņēmuma SIA Telia Latvija interneta pakalpojumu norēķinam. Tiek analizēti potenciālie ieguvumi un norēķinu sistēmas ieviešanas izmaksas. Analīzes rezultāti liecina, ka bitcoin norēķinu sistēmas ieviešana veicinātu starptautisko klientu piesaisti un sekmētu uzņēmuma attīstību. Ieviešanas aptuveno izmaksu aprēķins ļauj secināt, ka sistēmas ieviešana atmaksātos mazāk kā piecu gadu laikā. Darbs sastāv no 60 lapām, tajā ir izmantoti 11 attēli, 4 tabulas un 55 literatūras avoti.
Bryan Maila, Rene Lugmaña, Elizabeth Vera
The Bitcoin to be a virtual currency and part of the cryptocurrencies had a fall, this was given by aspects such as speculation and fear of investors, the seasonality of cryptocurrencies by the so-called effect seasonal pattern that consists of abnormally high returns during the month of January compared to the rest of the year). On the other hand, there are the rules of governments and insecurity and the fear that they have reverse investments due to the accumulation of losses in their investments, including the people who use it as a means of payment and who do not have financial backing, cryptocurrencies is a subject where it is causing a lot of controversy at present that is very accelerated and entering countries considered great powers.
Laura S. Scherling
The digital art landscape has rapidly expanded since the passing of Visual Rights Act of 1990 (Baron, 1996; CAA, 2013). With the recent advent of blockchain technologies, derived from Nakamoto’s Bitcoin currency, new possibilities have emerged for the way artistic materials can be exchanged and how communications can be conducted. This research examines emerging applications for decentralized blockchain technologies in community-based art projects and digital art startups¬. The work of three organizations, ConsenSys, Ethereum, and Monegraph, is explored. Through the use of blockchain technologies, digital artists can create a traceable and tradable record of their work, while generating a critical discourse around the reproducibility of media. In this research, I investigate the potential uses of digital art in the blockchain and its educational value in visual arts education.
Yuefei Gao, Hajime Nobuhara
Decentralized trusted timestamping based on blockchains is used to protect a large variety of digital data. At present, in the case of trusted timestamping services, such related information is not included in the OP_RETURN field of a Bitcoin's transaction chain, which has a limited size (40 bytes). When OP_RETURN is extended, (e.g., with multiple OP_RETURN fields) the transaction is rejected by the Bitcoin network. We propose storing data in the blockchain by encoding into Bitcoin addresses. The transactions created by the proposed method are similar to the usual transactions; therefore, they will not be rejected. The proposed method expands the storage space to a maximum of N*20 bytes, thereby enabling the storage of additional information (e.g., file names, creator names, and keywords) as well as file hashes. We performed experiments with a picture and its copyright information. We set N =3, resulting in storage of 60 bytes of data. The experimental results indicate that the proposed method can timestamp a file in an average of 24 min at a possible cost of 0.24 USD. We believe that the proposed method can prove the existence and integrity of a digital file, which is helpful in copyright protection.
Павел Дробышев
No abstract is available for this record.
Heesik Choi, Cho Yang-Hyun
No abstract is available for this record.