Los motivos históricos y económicos que han llevado a programar el protocolo Bitcoin se encuentran en la actualidad con una interesante fase evolutiva de los algoritmos de encriptación para la identificación de datos y la transmisión de derechos, tratándose de un sistema que presenta aspectos jurídicos dignos de mención.
The main objective of this diploma thesis is to find out the potential of digital currencies to replace contemporary fiat currency. Specifically, the thesis is focused on cryptocurrency Bitcoin, which currently has the highest market value. The thesis is divided into three main chapters. The first one focuses on money itself and its function, not only today but also throughout the history. Second chapter explains substance and functioning of Bitcoin, as well as its role in the current monetary system. Likewise the question of regulatory measures and competition of altcoins is being examined. Final part analyses the future of digital currencies and it compares pros and cons of Bitcoin and money we use today. Furthermore, it is discussed whether Bitcoin is the next bubble in the financial market. In the end, main problems which Bitcoin and other cryptocurrencies deal with are mentioned and a possible future development is outlined.
The purpose of this study is to examine the importance of the Christening Gift today, what gifts are appropriate and if the christening gift mirrors social relationships as well as how individuals ...
Bitcoins introducerades for ganska exakt 5 ar sedan har fler och fler foretag utanfor den traditionella banksektorn borjat erbjuda vaxlingstjanster av Bitcoins. Den internationella omsattningen ber ...
The peer-to-peer digital currency Bitcoin has gained increased prominence since its 2008 launch. Economists have not thoroughly studied the currency, however, and researchers have not tested the efficient market hypothesis (EMH) on Bitcoin exchanges despite the abundance of exchanges and trading data. This paper tests for runs in returns and for the day-of-the-week effect that researchers have observed in traditional financial markets as well as whether the moving average convergence/divergence (MACD), relative strength index (RSI), or filter technical trading can outperform a buy-and-hold strategy. Although the trading rules do not outperform the buy-and-hold strategy, a robust day-of-the-week effect emerges and autocorrelation in returns suggestions a violation of the EMH. The mixed results do not definitely answer the question of whether the bitcoin market achieves weak-form efficiency.
Bakgrund: Riksbanken har haft sedelmonopol sedan 1897, vilket har inneburit att de sedan dess har haft ensamrätt att ge ut pengar. Den teknologiska utvecklingen och den ökade användningen av internet har lett till att virtuella samfund har utvecklats och i vissa fall har dessa samhällen skapat sin egen valuta. Bitcoin är världens första helt decentraliserade valuta och baserades i början av sin existens på teknisk nyfikenhet för en handfull hobbyister. Under de senaste åren har efterfrågan på bitcoins ökat vilket i sin tur har lett till att kursen stigit explosivartat.Syfte: Syftet med uppsatsen är att kartlägga och analysera de transaktionskostnader som kan uppstå när Bitcoin används som betalningsmedel, samt jämföra dessa kostnader med de transaktionskostnader som är förenade med användandet av traditionella betalningsmedel. Genomförande: Studien har genomförts genom en blandning av ett kvalitativt och ett kvantitativt tillvägagångssätt samt genom en bearbetning av transaktionskostnadsteorin inom ramen för ny institutionell teori. Empirin består av tre delar där studien inleds med en litteraturstudie för att läsaren ska få en inblick i vad Bitcoin är och hur valutan fungerar. Därefter presenteras det kvalitativa angreppssättet i form av semistrukturerade intervjuer och avslutningsvis presenteras studiens kvantitativa angreppsätt i form av en enkätstudie för att kartlägga användandet av bitcoin.Slutsats: Studien visar att transaktionskostnaderna för Bitcoin är högre än för traditionella betalningsmedel i och med att valutan i dagsläget är beroende av den traditionella infrastrukturen för betalningar samt att dess användare därutöver frånsäger sig det skyddsnät som traditionella betalningsmedel omfattas av. För att Bitcoin ska bli ett etablerat betalningsmedel krävs det att de grundläggande funktionerna för pengar uppfylls. Något som studien visar är bristfälligt i nuläge
The bachelor thesis deals with potential of digital currency Bitcoin to become universally accepted medium of exchange and with advantages, which its usage would bring to economy. In the thesis there are analysed factors important for its future progression. There are identified both positive and negative factors. Among the positive ones there is pseudonymity, low transaction costs, protection against government actions and inovative potential in the field of financial services. Among the negative ones there is the question of the system security, network effect, the risk of government against Bitcoin itself and high volatility. Volatility of bitcoin valu is identified as the major disadvantage of the currency. Next part of theoretical part deals with the confusion about virtual currencies and regression theorem. Logical analysis suggests that this confusion is caused by wrong interpretation of regression theorem, which is mostly caused by improper understanding of the term direct use. In the next part, Bitcoin is analysed from the view of the Austrian business cycle theory. Because of the inability of performing credit expansion, Bitcoin is identified as currency significantly limiting the strenght of business cycles. Practical part analysis the developement of volatility in time and its dependence on events and spekulative demand. The hypothesis, that high volatility of bitcoin value is caused by immaturity of the technology is not confirmed.
Bitcoin has recently got broad interest due to its continuous appreciation. This paper presents that Bitcoin is far enough to affect the status of the RMB based on the analysis of Bitcoin's credit rating and trading patterns. Bitcoin will neither change the number of the RMB nor impact China's financial system,but Bitcoin needs to be guarded against the risk of investment.
As a unique virtual currency,Bitcoin has become a new form of Internet finance,bringing shocks to the traditional monetary system. To some extent,Bitcoin has possessed the functions of entity money,with which it has a growing association. Bitcoin's involvement and applications are expanding,and its worldwide acceptance is also increasing. But Bitcoin is exerting great impact on the existing financial system and it is serving as a hotbed of various illegal activities. The totally different distribution mechanism of Bitcoin creates a nearly deformed industry in which investors lose their benefits for lack of security mechanism on the one hand while on the other hand they lose their senses for the gold-mining impulse. With regard to the novelty of Bitcoin,it is suggested that scientific and rational perspectives have to be taken,in-depth regulatory measures have to be explored,risk warning and proper guidance for investors have to be strengthened,and that comprehensive international cooperation have to be implemented so that the challenges of the virtual finance could be jointly coped with.
The problem of secure data erasure has been extensively studied in the past with a rich body of literature available. All existing software-based solutions can be summarized as following the same one-bit-return protocol: the deletion program performs data erasure and returns either success or failure. However, such a one-bit-return protocol turns the data deletion system into a black box – the user has to trust the outcome but cannot easily verify it. This is especially problematic when the deletion program is encapsulated within a Trusted Platform Module (TPM), and the user has no access to the code inside. In this paper, we initiate a study on how to delete secret data with public verifiability. This is a subject that has not been investigated before, partly because it seems intuitively impossible. In this paper, we show a solution is possible by applying appropriate cryptographic primitives. Based on combining DHIES, Chaum-Pedersen Zero Knowledge Proof and ECDSA, we present a Secure Storage and Erasure (SSE) protocol. The key idea in our solution is based on a “trust-but-verify ” paradigm, which is generally applicable to many security problems but has been largely neglected in the field of secure data deletion. Finally, we present a concrete implementation of the SSE system to demonstrate its practical feasibility. I.
Since emerging on the scene in 2009, the digital currency bitcoin has sparked an intense debate online and in the financial presses about its relative virtues and vices as well as its implications for the future of money. In this paper, I examine whether it is likely that bitcoin will emerge as money, i.e. a generally accepted medium of exchange. I outline its unique attributes and defects to explain both its surprising popularity and its limited prospects for attaining the status of money. I conclude that, although the odds of bitcoin itself ever becoming money are slim, the innovations that its unique programming protocol unleashes could potentially have profound and far-reaching implications for monetary institutions, particularly in nations with corrupt and poorly managed money.
This work presents an economic analysis of virtual currency and a system of payment known as Bitcoin. From many goals of this work, the main is to answer a question, whether the Bitcoins are to cause revolution at financial markets. To solve this I applied theoretical knowledge of Austrian school on the Bitcoin currency. Given this facts it has turned out, that the nature of Bitcoin truly is revolutionary. However, it would be wrong to assume, that the Bitcoins are to actually spark significant changes in current monetary system. For a better understanding of all circumstances, the development of an exchange and the evolution of money was involved in this work. From an economical perspective, it is obvious, that the Bitcoins certainly are a new kind of currency that flows beside money but also cannot replace it. It is the specificity of the system what creates barriers preventing Bitcoins from becoming more widespread and used more often. The benefits of this thesis lie in a complex economic analysis of Bitcoin currency and a prediction of its future development.