Follow blockchain research across journals, conferences, and preprint repositories.
12,736 results · page 527 of 531
Nancy Neslund
This paper will explore the recent development of digital (aka virtual or crypto-) currenciesâcurrencies which are creatures of the Internet, have no issuing or governing body, are self-authenticating, and can be used worldwide by members of the general public to engage in the same types of direct, one-to-one transactions that daily occur using government-issued currencies
Ilon Oliveira
Bitcoinâs nature makes regulation extremely difficult for international governments. The currencyâs resistance to regulation also makes it appealing to people who want freedom from government or central bank control. However, given the rapidly moving growth and emerging uses of Bitcoin, governments will need to take action sooner rather than later, to prevent fraud and protect Bitcoin users.
Neus Llansola Ordaz
Syftet med denna uppsats aÌr att undersoÌka Bitcoins egenskaper och funktioner samt diskutera dess eventuella paÌverkan paÌ dagens ekonomiska system. Den forskning som publicerats paÌ aÌmnet undersoÌker fraÌmst tekniska och saÌkerhetsmaÌssiga detaljer, det aÌr daÌrfoÌr intressant att analysera ur en ekonomisk synvinkel. Genom att anvaÌnda makroekonomisk teori ska jag foÌrsoÌka klargoÌra om Bitcoin kan konkurrera med dagens valutor. Bitcoins volatilitet i vaÌrde goÌr det tvivelaktigt, en volatilitet som inte kan kontrolleras. Bitcoin uppfyller delar av de funktioner och egenskaper som definierar en valuta enligt makroekonomisk teori, men inte lika maÌnga som fiatpengar och Bitcoin boÌr daÌrfoÌr inte kunna konkurrera med dagens valutor. Fiatpengar aÌr att foÌredra aÌven i andra omraÌden som acceptans och saÌkerhet. Bitcoin aÌr baÌttre ur ett kostnadsperspektiv, dock under specifika omstaÌndigheter som saÌllan uppfylls. Bitcoin kommer daÌrfoÌr tills vidare fungera som ett alternativ betalningssystem och valuta foÌr personer och foÌretag som aÌr villiga att ta de risker som medfoÌljer.
Brittemira Abdi
Begreppet pengar har funnits sedan vi började anvÀnda varor och rÄvaror som betalningsmedel. I tusentals Är har mÀnniskor tagit för vana att anvÀnda pengar till att handla med varor och tjÀnster. Utvecklingen av pengar som ett verktyg för handel började med anvÀndandet av kakao frön, snÀckor och andra föremÄl som ansÄgs vÀrdefulla, som sen har utvecklats till anvÀndningen av Àdla metaller, som guld och silver. Under de senaste Ärhundradena har vi anvÀnt fiat valuta och nu, med utvecklingen av Internet, kan vi vara pÄ vÀg in i nÀsta steg i utvecklingscykeln av pengar. In kommer Bitcoin, som Àr den första decentraliserade digitala valuta som anvÀnder kryptering. Syftet med denna uppsats Àr att undersöka de positiva och negativa aspekterna av Bitcoin, och kommer att undersöka hur framtiden ser ut för uppfinningen av denna. kryptovaluta.
Kevin Dowd
No abstract is available for this record.
Cara R. Baros
Over the past few years, virtual money has emerged via the Internet. Although currently unregulated, Internal Revenue System Notice 2014-21 will most likely cause virtual money to lose its mass appeal in the United States. Historically, other means of tax avoidance, including barter transactions and bearer bonds, have suffered the same fate. Virtual money will likely have more success as a technology than as a means of value.
Vesna Harasic
IntroductionThe Internet revolutionized the world like nothing before. It allowed for various forms of communication and connectivity, yet produced a number of social, legal, and economic challenges. Evidently, scholars began to theorize that the Internet would lead to the development of new forms of digital currency.1 And, they were right.This Note focuses on the regulatory status of a digital called Bitcoin.2 Specifically, it explores whether Bitcoin may be regulated as a security under various domestic securities laws. Part II summarizes the unique characteristics of Bitcoin and its current regulatory classification. Part III analyzes the securities laws of the United States, the United Kingdom (U.K.), Brazil, and Japan- four regional leaders in financial regulation. Part III also applies these laws to Bitcoin, arguing that Bitcoin does not fit squarely within the securities definitions of any country. Lastly, Part IV suggests a possible solution to regulating Bitcoin in the United States under a quasi-security framework. It recommends that the Securities and Exchange Commission (SEC) define Bitcoin as a quasisecurity and pass regulations aimed solely at Bitcoin regulation, rather than trying to incorporate it into existing legislation. By promulgating new rules, the SEC can effectively spearhead the effort towards global Bitcoin regulation.I.Bitcoin's Unique Characteristics and Current Regulatory ClassificationThis Section explains what Bitcoin is and how it works. It discusses the unique characteristics of Bitcoin, and gives a brief overview of its varying legal status around the world.A.Entering the Bitcoin MarketBitcoin is the first digital currency that allows two parties to directly exchange single monetary units without going through a central payment system.3 The Bitcoin system is regulated entirely by computer software.4 It awards bitcoins to users through a program that solves various mathematical proofs and takes increasing amounts of computational power.5 Once users take time to download this program and use their computers to generate solutions, new bitcoins are issued.6 However, as the number of users in the system increases, the mathematical proofs become more difficult, which eventually slows down the production of bitcoins over time.7 Today, due to Bitcoin's popularity, few users acquire bitcoins through the mining process; rather, they acquire bitcoins in exchange for goods and services,8 or they purchase them directly through online exchanges.9B.Bitcoin TransfersOnce a user enters the Bitcoin market, he or she may choose to engage in Bitcoin transfers. Transfers occur through a network operated by thousands of computers, similar to a music-sharing system like iTunes or Spotify.10 Bitcoins are sent from one computer to another through individual messages. Each message has a personal identifier called an address,12 and each address has an associated pair of public and private keys, consisting of a string of numbers and letters.13 When an individual transfers bitcoins to a recipient, the recipient sends his or her address to the transferor.14 The transferor then adds the address and the amount of bitcoins to the transfer message.15 Finally, the transferor signs the message with his or her private key, and announces the public key to the recipient for signature verification.16In addition, the Bitcoin system provides a built-in mechanism to prevent individuals from copying and pasting the same digital addresses over and over again-a process that is often referred to as double spending.17 The traditional answer to the double-spending problem was a central clearinghouse, such as a bank, to keep a database of all transfers made in an account. However, Bitcoin found a way to alter this approach.18 After a transfer is completed, the system automatically broadcasts the time of the transfer and adds it to the Bitcoin block chain. âŠ
Patrick Kirby
No abstract is available for this record.
Maria Letizia Perugini, Cesare Maioli
The English version of this paper can be found at: http://ssrn.com/abstract=2526472 . Italian Abstract: La grande diffusione dei bitcoin avvenuta negli ultimi due anni ha messo in luce una serie di questioni legate all'utilizzo degli strumenti di pagamento anonimo in internet. Se da un lato la rete vede in questa nuova utility una forma di moneta elettronica, l'analisi giuridica del fenomeno individua una concorrente natura di commodity, rispetto cui sono da sottolineare i risvolti di rischio legati all'uso degli strumenti derivati e al pericolo di bolla speculativa. Il forte incremento e la volatilitĂ che caratterizzano il cambio dei bitcoin contro le monete tradizionali sembrano infatti da considerarsi legati, piĂč che al grande successo riscosso in rete da questo efficiente strumento, alle attivitĂ di investimento di alcuni fondi hedge e a decisioni di tipo istituzionale intervenute nel corso del tempo. Nell'articolo che segue si analizzeranno i bitcoin nella loro duplice veste: la valutazione economica sarĂ relativa alle caratteristiche di volatilitĂ peculiari del target di analisi mentre le considerazioni espresse a livello strutturale saranno riferibili agli strumenti di questo genere in quanto tali. English Abstract: The considerable diffusion of bitcoins over the Internet that took place in the last two years has highlighted some important issue about the use of anonym tools of payment in e-commerce. Even though bitcoins are largely considered to be a digital currency, the legal and economic analysis draws the attention to a concomitant structure of financial commodity with risky features related to derivative instruments making the possibility of a bubble a case to consider. The significant growth in value and the intense volatility characterizing bitcoins are more likely to be the consequence of remarkable investments made by hedge funds and the effect of specific Institutional measures, than the outcome this efficient instrument has achieved on the Internet. The following article is analyzing bitcoins in their twofold nature: the structural considerations we will express are referred to virtual coins in general, whereas the financial evaluation is related to the specific volatility of our analysis target.
Huan Meng
Bitcoin is a digital currency which is based on P2P network and open source software. It is avirtual currency without any control by any centralized organization. New Bitcoins are issuedby lots of specified algorithms. The whole Bitcoin network utilizes the distributed database toverify and record all the transactions through the nodes in the P2P network in which thedouble spending is prevented. No person or organization is able to control Bitcoin based on adecentralized P2P network and algorithm. The cryptographic functions of Bitcoin are designedto allow only the real Bitcoin owner to pay and transfer, and ensure the anonymity andmarketability.The purpose of this thesis is to analyze the security architecture and services for the Bitcoin system and describe of all the features and infrastructures of the whole Bitcoin network. A whole establishment demo including wallet client, mining server with GUI and mining client is implemented. Further improvement will be suggested and recommended for the system
John Michael Grant
This paper explores legal and economic issues related to a fascinating new technology called the blockchain protocol. The most popular and important blockchain commodity is currently bitcoin (Part I). Bitcoin is intuitively understood as a âvirtual currency.â However, it is possible that bitcoin fails to meet an economistâs definition of money (Part II). In Part III, I survey the academic literature and conduct an empirical study of my own that compares bitcoin prices and other assets from July 12, 2013 until December 16, 2014. Ultimately, I conclude that bitcoin is not money and does not behave like money. Later, I analyze two potential legal questions connected to the question of whether bitcoin is money: how will bitcoin derivatives be regulated? (Part IV), and whether transferred bitcoins are free of security interests under Article 9 of the Uniform Commercial Code (Part V).
Joe Walton
Cryptocurrency â including a particular initial denomination known as Bitcoins â has received since 2009 wide and growing publicity in technology, finance, U.S. and international law enforcement, as well as general public journalism and popular press. This recent popular press coverage of cryptocurrency (how and from where do Bitcoins originate?, how much is one worth today or tomorrow?, will it last with all the stumbling implementation and technical intricacies?, purchasing illegal drugs and guns with Bitcoins!) overshadows cryptocurrencyâs applicability to financial and currency system theories which have been developed and predicted for decades or more: the fundamental theory of currency; currency denationalization; a return to an international standard monetary unit (before nationalized fiat); the inefficiency of costly 3rd-party-trust currency models; and global concerns about currency hegemonies as well as political influence of monetary policy, and currency hedge/speculation. As the moral panic of Bitcoin and similar initial implementations of cryptocurrency fade and cryptocurrency systems gain traction underground or aboveground anywhere in the world, U.S. and international public policymakers and regulators will need to surveil, understand, and evolve public policy to accommodate any aspect of cryptocurrency which develops from technical novelty to realization of predicted grand monetary theories. Some of those areas of evolution include: national central bank monetary control; public sector dependence (oversight, taxing, fees) on private sector financial models and structures; and viability of traditional national and international law enforcement techniques U.S. federal and major subnational public sector policymakers and regulators must remain vigilant for and educated about cryptocurrency usage whether in nationalized or denationalized use cases or they risk missing early opportunities to shape the rapidly changing landscape of digital financial systems in the U.S and abroad. This vigilance and awareness could be in the form of continued congressional hearings and regulatory surveillance. But a more proactive approach including federal grants for research and study of cryptocurrency, promotion of national and international symposia regarding currency technology and implications should be pursued. The nature of cryptocurrencyâs raison d'ĂȘtre and early-adopter motivation foretells a disruptive network-effect adoption despite entrenched interestsâ efforts at preclusion similar to numerous recent technical innovations in the private sector like music or other intellectual property downloads, retail shopping, taxis services, hotel lodging, traditional print journalism, and traditional communication systems.
Diana Sirila
No abstract is available for this record.
Maria Letizia Perugini, Cesare Maioli
The considerable diffusion of bitcoins over the Internet that took place in the last two years has highlighted some important issue about the use of anonym tools of payment in e-commerce. Even though bitcoins are largely considered to be a digital currency, the legal and economic analysis draws the attention to a concomitant structure of financial commodity with risky features related to derivative instruments making the possibility of a bubble a case to consider. The significant growth in value and the intense volatility characterizing bitcoins are more likely to be the consequence of remarkable investments made by hedge funds and the effect of specific Institutional measures, than the outcome this efficient instrument has achieved on the Internet. The following article is analyzing bitcoins in their twofold nature: the structural considerations we will express are referred to virtual coins in general, whereas the financial evaluation is related to the specific volatility of our analysis target.
Ole Christian Andreas Valstad, Kristian Vagstad
Alloreactivity after transplantation is associated with profound immune suppression, and consequent opportunistic infection results in high morbidity and mortality. This immune suppression is most profound during GVHD after bone marrow transplantation where an inflammatory cytokine storm dominates. Contrary to current dogma, which avers that this is a T-cell defect, we demonstrate that the impairment lies within conventional dendritic cells (cDCs). Significantly, exogenous antigens can only be presented by the CD8(-) cDC subset after bone marrow transplantation, and inflammation during GVHD specifically renders the MHC class II presentation pathway in this population incompetent. In contrast, both classic and cross-presentation within MHC class I remain largely intact. Importantly, this defect in antigen processing can be partially reversed by TNF inhibition or the adoptive transfer of donor cDCs generated in the absence of inflammation.
DĆŸemail ZorniÄ, Ć emsudin PlojoviÄ, Enis UjkanoviÄ, Senadin PlojoviÄ
Bitcoin is actually a new kind of money. It is a brand new concept and it is a digital currency that is not issued by a central bank. Bitcoin is not created by a corporation. Instead, anyone who participates in the Bitcoin network - anyone who uses the Bitcoin software on his computer and communicates with a network of other people, who are doing the same thing, all these people together perform the function normally performed by a central bank. In this paper, we will try to bring closer the currency Bitcoin. Researchers are recommended to conduct research about Bitcoin, in order to receive objective advantages and disadvantages of Bitcoin as a currency.
Ajibola Ogunbadewa
No abstract is available for this record.
Mateusz Wiatr
This article is about one type of cryptocurrencybitcoin.The main topic of this work is a level of risk connected with cryptocurrency market.The work consists of theory, a definition of cryptocurrency and bitcoins, an analysis of risk level in this kind of investments on cryptocurrency market and a bibliography. A definition of cryptocurrency and bitcoinsA Cryptocurrency is a modern digital medium of exchange.It is a new decentralized, limited and peer-to-peer payment system.Most cryptocurrencies are created to introduce new units of currency, whose total amount is limited.All cryptocurrencies use cryptography to control the creation and transfer of money.The first cryptocurrency was Bitcoin, created in 2008 and introduced in 2009.Nowadays it is the most popular cryptocurrency which is used as an open source software.The creator of Bitcoin was Satoshi Nakamoto, a person or a group of people.Nakamoto published a work on The Cryptography Mailing list in which he described the Bitcoin currency.Next year, the first Bitcoin software was launched on the network, which started Bitcoin's flow.Bitcoins are introduced to the market by a process called mining.In this process engage computer network participantsusers who provide their computing power, next verify and record payments into a network in exchange for minted bitcoins and transaction fees.Bitcoins are transferred by wallet software
Paolo Tasca, Calebe de Roure
No abstract is available for this record.
Catherine Martin Christopher
Bitcoin is making near-daily headlines, whether about its volatile exchange rate, the regulatory issues it raises, or its criminal associations. As the public becomes familiar with the idea of virtual currencies, many people struggle to understand why users exchange government-backed (ârealâ) currencies for Bitcoin. This article explores the appeal and danger of investing in Bitcoin for speculative gain, for moral purposes, for its spending power, and for its criminal applications.
Austin Hill
Bitcoin, a virtual currency invented in 2009, was created as a peer-to-peer currency that eliminated the need for a third party authority, such as banks or government, to be involved in monetary transactions. Having no intrinsic value but carrying no government guarantees relegates bitcoin and its competitors to the perpetual role of investment opportunity, deriving value not from a practical use, but from a nominal, dollar value. This will continue to be the case until the U.S. Government sanctions virtual currency as a viable store of value. Because the dollar plays such a large role in the worldâs economy, other countries will not adopt virtual currency technology unless the U.S. does so first. Substantial populations around the world must embrace bitcoin as a significant source of value before any monetary authority will relinquish the power associated with fiat currency. There are, however, many aspects of the virtual-currency model created by bitcoin that could be useful in improving the efficiency of money movement around the United States and the globe, through transaction memory, low transaction cost, and secure account information.
Benton E. Gup
Some forms of money have been used since 2,200 BC. What constitutes money evolved from commodities with intrinsic value, such as gold, to commodity- backed paper money. In the United States, this was replaced by âfiatâ money issued by the Federal government that is âlegal tenderâ for all debts public and private. Eventually, payments evolved to credit cards, debit cards, and various forms of electronic payments. Virtual currencies, such as Bitcoin, are the latest innovation. They act like money but have no intrinsic value and are not legal tender. This article examines the pros and cons of Bitcoins.
Vladimir Dinic
Bitcoin is the first decentralized peer-to-peer crypto-currency founded in 2009. Its main specificity is the fact that there is no issuer of this currency. On the other hand, the supply of this currency is software-programmed and limited. Among other things, its main features are relatively secure payments, low transaction costs, anonymity, inability of counterfeiting, irreversibility of transactions, but also extremely unstable exchange rate. Despite many advantages, the use of this currency is subject of numerous discussions, as this currency offers the possibility of performing various abuses and criminal activities. The future of this and other currencies in this regard depends on both security and privacy of these currencies, and legal regulation of such payments.
Marko MaloviÄ
Bitcoin, a peculiar crypto-currency has been the loudest buzzword in global finance over the last year or so, both for its spectacular and seemingly robust appreciation trend as well as for more recent equally ostentatious demise. After reviewing the history of bitcoin and \nspecificities of its cyber-construct, this paper adds to the critical analysis of bitcoin as an international \ncurrency alternative. Lately, its volatility has been so excessive that it arguably cannot serve as a store \nof value. In addition, notwithstanding bitcoin's rising if bumpy credibility as a medium of exchange, since it has been immediately converted (by chief vendors) in either of the leading world currencies upon payment due to its extraordinary exchange rate volatility, bitcoin's unit of account potential appears to be dubious too. Moreover, bitcoin's next to none correlation with other major currencies' movements renders it unsuitable for managing FX risk or hedging purposes. Finally, having in mind that it lacks formal reserves or deposit-insurance scheme to back it up yet it's also prone to hacking, \nbitcoin resembles and behaves more like a pyramidal investment vehicle than a global currency alternative. Nevertheless, technology that made it be may still spawn an evolution in the way we posses things, transfer ownership and pay for goods and services in the near IT-ridden future.