Transcript: Decentralized electronic currency Created by Satoshi Nakamoto 16 million of bitcoins in 2016 Not controlled by a single organization or government but by the community No banks, no middlemen Inconveniences The End! AP Macroeconomics Monday, June 19th, 2017 Works Cited How is produced Bitcoins? What Is Bitcoin? Bitcoins is produced according to a predefined algorithm Users have a bitcoin wallet on their phones as a mobile app or on their computers as a computer program The bitcoin can be exchanged all over the world, with any computer or smartphone, without any banking intermediary Low fees Transparent and neutral Anonymity of the transactions Universality of the model Speed of transfers Possibility to make a "gift" to anyone No limit of amount "Bitcoin News, Prices, Charts, Guides & Analysis - CoinDesk." CoinDesk RSS. CoinDesk, 2014. Web. 27 Oct. 2014. <http://www.coindesk.com/>. "Frequently Asked Questions." FAQ. Bitcoin Project, 2009. Web. 27 Oct. 2014. <https://bitcoin.org/en/faq#is-bitcoin-legal>. "What Is Bitcoin ?" Bitcoin.com: Current Bitcoin Value & New User Information. Blockchain, 2014. Web. 27 Oct. 2014. <http://bitcoin.com/#bitcoin_value>. Yellin, Tal, Dominic Aratari, and Jose Paglieri. "What Is Bitcoin?" CNNMoney. Cable News Network, n.d. Web. 27 Oct. 2014. <http://money.cnn.com/infographic/technology/what-is-bitcoin/>. Merbouhi Fares Today's Horoscope Illegal activity Volatility of Bitcoin Security Few sellers agree to be paid in bitcoin Bitcoin Advantages Advantages and Inconveniences
Transcript: WordClouds Bitcoin Presentation Actually There Are Other Currencies Like A Bitcoin
Transcript: Companies that accept Bitcoin include but are not limited to: Walmart Target Reddit Amazon Bitcoin can be mined by anyone. Bitcoin is can only be found on the internet By: 78240 Large companies now accept Bitcoin. BITCOIN Bitcoin is very secure and has a low risk of being stolen Bitcoin is used internationally Fragments of Bitcoin are being received every minute A single Bitcoin is worth$357.
Transcript: How do we define value? Apple EU Which of these have most value? The Core of Bitcoins Samsung Digital Currency Prime Minister Coorporate Will a decentralized finance system be part of the future? Mt. Gox * Based on articles from The Guardian and The New York Times Facebook Global economy US Google Silk Road Fraud Money Twitter FBI Japan The use of Bitcoins Global economy Technology Currency Investors Centralized Decentralized
Transcript: Decentraliserad elektronisk valuta Den är inte kontrollerad av en enskild organisation eller regering Varken banker eller mellanhand används Fria marknaden Förtroende för centrala myndigheter Uppbyggnaden av ekonomin Om du inte kan slå dem Samhällseffekter Kryptering Works Cited Kunskapsgymnasiet Torsdag, April 12, 2018 Slutsats Resultat Historiskt bakgrund The Mining Process Historisk Prejudikat USB mine Vad är Bitcoin? Bör Bitcoin Regleras? Vad är dess samhällseffeker? Valon Dragusha Teori och metod Läran om Bitcoin Ekonomisk tillväxt Samhällsstrukturen Ny era Frågeställningar software listens for transactions and performs complex calculations transactions are confirmed by being included in a block with a mathematical proof of work takes about 10 minutes to find a block every new block builds upon the previous block, so miners can't cheat or process fraudulent transactions because a block of invalid data would be rejected 6 confirmations, or 6 new blocks built after the one containing your transaction is considered safe Tips och tricks Vad är Bitcoin? Framväxandet av kryptovalutor new bitcoins are created as a result of mining created at a decreasing, predictable rate each year, the number created is halved bitcoin issuance will halt completely when the amount in circulation reaches 21 million Analys Financial Crimes Enforcement Network (FinCEN) bitcoin users are safe from regulation creating or acquiring bitcoins to exchange for goods and services bitcoin miners may be subject to regulation creating or acquiring bitcoins to sell for real currency Internal Revenue Service (IRS) individuals/businesses will have to report bitcoin sales as taxable income taxed as property, not currency Syfte "Bitcoin News, Prices, Charts, Guides & Analysis - CoinDesk." CoinDesk RSS. CoinDesk, 2014. Web. 27 Oct. 2014. <http://www.coindesk.com/>. "Frequently Asked Questions." FAQ. Bitcoin Project, 2009. Web. 27 Oct. 2014. <https://bitcoin.org/en/faq#is-bitcoin-legal>. "What Is Bitcoin ?" Bitcoin.com: Current Bitcoin Value & New User Information. Blockchain, 2014. Web. 27 Oct. 2014. <http://bitcoin.com/#bitcoin_value>. Yellin, Tal, Dominic Aratari, and Jose Paglieri. "What Is Bitcoin?" CNNMoney. Cable News Network, n.d. Web. 27 Oct. 2014. <http://money.cnn.com/infographic/technology/what-is-bitcoin/>. Bitcoin Syfte och frågeställningar mining rig
Transcript: Digital Currency Instant Peer-to-Peer transactions Lower transaction fees Use worldwide Account cannot be frozen Transactions are irreversible by design Use coinMap to find locations. No prerequisites or limits! Things to Keep in Mind: People commonly buy and sell Bitcoins through exchanges. Bitcoin exchanges are not highly regulated You create an account and link your bank account. When you want to sell, you make sure your wallet is loaded with your Bitcoins, and pretty much all you have to do is click “sell.” Conduct Bitcoin transactions offline Simply pass it to another person. The End The list keeps growing: Lamborghini Mansions Zynga Games Items in Overstock.com Gift Cards Many more! Bitcoin What is Bitcoin? Bitcoin is the first decentralized digital currency. The "Internet's version of money" The original Bitcoin software was made by Satoshi Nakamoto in 2008 It is also referred to as a “crypto-currency.” How does it work? Generated over the internet by people through mining Mining is the process of solving complex math problems Built-in limit of 21 million Bitcoins Transactions are stored in the Blockchain A public ledger that records all transactions in chronological order Each Bitcoin is defined by a public address and a private key. You can save them in a wallet- digital or physical Possibility and excitement do not translate into economic reality — not necessarily. Ultimately, only time will tell whether Bitcoin is a viable long-term currency. How do you buy or sell Bitcoins? Advantages: What can you buy with Bitcoin?
Transcript: email@example.com CRYPTOCURRENCY LE HAI YEN BITCOIN: THE NEW GLOBAL CURRENCY ? Bitcoin firstname.lastname@example.org PROOF BY EVIDENCE PROOF BY EVIDENCE email@example.com PROOF BY EXPERTS PROOF BY EXPERTS firstname.lastname@example.org ALEX Alex Hern Technology features writer at the Guardian Bitcoin and cryptocurrencies – what digital money really means for our future Cryptocurrencies could achieve their ambitions and become a new kind of money widely used of daily life email@example.com NJIT New Jersey Institute of Technology The state's public polytechnic university and a leader in STEM education, research, economic development, and service. Could Bitcoin become a new global currency? Bitcoin is accepted as a form of payment in a lot of countries around the world. Bitcoin has the potential to become the new global currency. firstname.lastname@example.org KELD Keld Jensen Managing director of Center for Negotiation Ltd. Associate professor at Thunderbird School of Global Management at ASU. The 100 Top Thought Leaders in Trust globally 2016 Forget Bitcoin; Trust Currency Is The New Currency That Will Make You Wealthy Don't believe in the future of cryptocurrency. Because there is a more reliable currency. email@example.com PROOF BY ANALYSIS PROOF BY ANALYSIS firstname.lastname@example.org PROS PROS - With a decentralized system of currency, governments or banks don’t have any ties to the currency. - Easy to transfer around the world in no time, tax free et inexpensive. - Banks cannot use an individual’s saved bitcoins for their own investments and government-related economic downturns (like in Greece) won’t affect bitcoin's value. email@example.com CONS CONS Bitcoins are not tied to a centralized institution, their prices fluctuate dramatically. Users may choose Bitcoins to pay for illegal goods and services, primarily through the online darknet marketplace Silk Road. Bitcoins are stored in virtual and wallets can be hacked by tech-savvy hackers. firstname.lastname@example.org PROOF OF EXAMPLES PROOF BY EXAMPLES email@example.com CHINA CHINA: China is currently pushing for a new global currency The recent economic downturn in the US put a damper on the dollar and China want a new global currency that would be free from American influence. firstname.lastname@example.org EU EU: The European Union (EU) noted that cryptocurrency like Bitcoin should be exempt from certain taxes in a similar fashion to hard cash - this is a major boost to Bitcoin’s viability as a currency email@example.com OTHERS Six countries that just said "No" to Bitcoin : Bangladesh, Bolivia, Ecuador, Kyrgyzstan and Nepal It is illegal to use any currency that is not issued and controlled by a government or an authorized entity. firstname.lastname@example.org CONCLUSION CONCLUSION Despite the promising features, the regulators still need time to investigate before making a decision whether bitcoin could be a global currency email@example.com BIBLIOGRAPHY ANNOTATED BIBLIOGRAPHY firstname.lastname@example.org https://www.theguardian.com/technology/2018/jan/29/cryptocurrencies-bitcoin-blockchain-what-they-really-mean-for-our-future Alex Hern wrote a article for the website. He presented a lot of information about Bitcoin and how Bitcoin works. He thought that Cryptocurrencies could achieve their ambitions and become a new kind of money widely used of daily life. https://graduatedegrees.online.njit.edu/resources/mba/mba-infographics/could-bitcoin-become-a-new-global-currency/ New Jersey Institute of Technology provided statistics numbers and confirm that Bitcoin is accepted as a form of payment in a lot of countries around the world. It’s clear that Bitcoin has the potential to become the new global currency. https://www.forbes.com/sites/keldjensen/2018/04/21/forget-bitcoin-trust-currency-is-the-new-currency-that-will-make-you-wealthy/#3632e9a63324 Keld Jensen thinks otherwise. In his article, he wrote that he does not believe in the future of cryptocurrency. He wants people to forget about the bitcoin because there is a more reliable currency. THANK email@example.com THANK YOU FOR YOUR ATTENTION
Transcript: Cryptocurrency: Bitcoin A presentation delivered by Abrar, Dieter, Sam and Jay REFERENCES Anatomy of Financial Crises Introduction to CryptoCurrency Introduction to CryptoCurrency Who created Cryptocurrency? When was it created? Why was it created? David Chaum is a cryptographer who originally created Cryptocurrency Bitcoin was the first established cryptocurrency, there were many attempts to create cryptocurrency between 1998-2009; Bit Gold, and B Money A "Peer-t0-peer Electronic Cash System" would allow online payments to be sent directly from one party to another without a financial institution Bitcoin Overview Chart taken from BloomBerg Markets; Lam, Benhamou, Leung Introduction to Bitcoin Who created Bitcon? When it was created Why it was created The creator of Bitcoin is still a mystery to the world population a name regularly associated with the creation of Bitcoin is 'Satoshi Nakamoto'. It is unknown whether this is an individual or a group but what we do know is they hold 1 million Bitcoins worth $19 billion Bitcoin was created in 2009, originating from China Bitcoin was originally used for transactions on the black market such Silk Road. it allowed for the transactions origin and destination not to be traced Question? What was the first known Bitcoin transaction? a. Purchase a weapon b. Purchase two pizza's c. Purchase a house Is Bitcoin Money? Is Bitcoin Money? Bitcoin is not money Bitcoin is not money For a digital currency - or any currecny - to be considered money, it needs to fulfil the following functions, that is: medium of exchange, unit of account and store of value (see Dwyer 2014; Ali et al., 2014). Medium of exchange: Lo and Wang (2014): for Bitcoin to be used, it must be accepted. Unit of Account: Bitcoin's monthly volatility, from 2012 to 2014, was 265%; daily volatility was 200% whereas emerging market currencies displayed only 9%-20% volatility, over the same period (Lo and Wang, 2014). Cheung et al. (2015) argues this (volatility) diminishes any unit of account funtion of Bitcoin. Store of Value: Bitcoin hinges entirely on expectations. Thus, it is conducive to speculative. Hence, it is subject to bubbles. Bitcoin charts Bitcoin Charts (source: coinmarketcap (2018)) Bitcoin Charts (source: coinmarketcap (2018)) Bitcoin has demonstrated that it does meet the below criteria Bitcoin has demonstrated that it does meet the below criteria Medium of exchange: Bitcoin is accepted as a medium of exchange at a number of Multinational Companies including: Dell, Microsoft and the University of Cumbria. Unit of Account: The volatility of Bitcoin has always been associated with political/financial factors for example when China's central bank banned Bitcoin in 2013. According to the financial Times (2013) its value fell 11% as a result of this announcement. Store of Value: Bitcoin does not hinge on expectation, it is in fact backed by electricity Malone (2014) in the same way money is backed by gold. Venture Capitalist Gurley (2014) also states it is a even more beneficial store of value for underdeveloped nations. Geographical Bitcoin Stance Source: UK Business Insider Anonymity and Bitcoin Anonymity and Bitcoin Many merchants still don’t accept Bitcoin, a notable exception is Silk Road. Silk Road is an online market-place for a variety of goods but with a primary focus on drugs and other illegal substances (Barratt, 2012). The site ran from 2011 to 2013 Given the nature of the transaction, anonymity is a core issue – and Bitcoin is the solution (Meiklejohn et al., 2013). Christin (2012) found approximately 4.5% to 9% of Bitcoin exchanges constituted as a result of Silk Road related trades. To implement bitcoin as an active currency, its fundamental values will have to be amended, for example anonymity. How is Bitcoin money? How is Bitcoin money? All currencies have changing value on a daily basis and have been used to fund illegal activities. -Gold standard - there are a number of features in the composition of Bitcoin which makes it resemble the idea of money inherent in commodity theory. -Fiat money - the core aim of Bitcoin is to create a form of money that does not rely on trust in any central authority and so, Bitcoin is radically different from fiat money issued by a state. -Credit Money - credit money is nothing but the recording of the relation between creditor and debtor in a bookkeeping system. Similarily, the core of Bitcoin is the block chain, which functions as a public ledger registering the credits of the money users in the system. Is there a bubble? Is there a bubble? Bitcoin is a bubble Bitcoin is a bubble What are "bubbles": "Bubbles are not characterised by an exponential increase of price but rather by a faster-than-exponential growth of price" (Sornette et al., 2013); In 2017 alone, the price of Bitcoin increase by $1,000 9 time (see Kelly and Chavez-Dreyfuss, 2017). Overview: Cheah and Fry (2015) state Bitcoin has no fundamental nor intrinsic value; value is derived from
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