Bitcoin: Economics, Technology, and Governance Böhme, Rainer; Christin, Nicolas; Edelman, Benjamin ...
The Journal of economic perspectives,
04/2015, Volume:
29, Issue:
2
Journal Article
Peer reviewed
Open access
Bitcoin is an online communication protocol that facilitates the use of a virtual currency, including electronic payments. Bitcoin's rules were designed by engineers with no apparent influence from ...lawyers or regulators. Bitcoin is built on a transaction log that is distributed across a network of participating computers. It includes mechanisms to reward honest participation, to bootstrap acceptance by early adopters, and to guard against concentrations of power. Bitcoin's design allows for irreversible transactions, a prescribed path of money creation over time, and a public transaction history. Anyone can create a Bitcoin account, without charge and without any centralized vetting procedure—or even a requirement to provide a real name. Collectively, these rules yield a system that is understood to be more flexible, more private, and less amenable to regulatory oversight than other forms of payment—though as we discuss, all these benefits face important limits. Bitcoin is of interest to economists as a virtual currency with potential to disrupt existing payment systems and perhaps even monetary systems. This article presents the platform's design principles and properties for a nontechnical audience; reviews its past, present, and future uses; and points out risks and regulatory issues as Bitcoin interacts with the conventional financial system and the real economy.
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BFBNIB, CEKLJ, INZLJ, IZUM, KILJ, NMLJ, NUK, ODKLJ, PILJ, PNG, SAZU, UL, UM, UPUK, ZRSKP
Although there are currently four retail central bank digital currencies in circulation, no central bank has yet issued the wholesale form of a central bank digital currency. There are good reasons ...to do so, however, and central banks have already conducted projects in this area. A wholesale central bank digital currency could be issued in different ways. This article presents two "polar" scenarios, with a restrained and an extensive use of the possibilities offered by recourse to distributed ledger technology. Their consequences for monetary policy are discussed, and some precautions for central banks that intend to launch a wholesale central bank digital currency are underlined.
This study empirically investigates the statistical characteristics and predictability of Bitcoin return and volatility. The distribution of Bitcoin returns and volatility display a fat right tail ...and high central parts. Bitcoin does not show the dynamic property of volatility persistence, contrary to stylized facts in financial time series. Also, the autoregressive model using past volatility does not well work in predicting changes in Bitcoin volatility for future periods. Investor sentiment regarding Bitcoin has a significant information value for explaining changes in Bitcoin volatility for future periods. These results suggest that Bitcoin appears to be an investment asset with high volatility and dependence on investor sentiment rather than a monetary asset.
•This study examines the statistical properties and predictability of Bitcoin return and volatility.•Distributional property of Bitcoin shows a fat right tail and high central parts.•Interestingly, dynamic property of Bitcoin does not show the general volatility persistence.•Investor sentiment on Bitcoin has an information effect to predict Bitcoin volatility.•Investor sentiment might play a crucial role in the predictability of Bitcoin price changes.
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GEOZS, IJS, IMTLJ, KILJ, KISLJ, NLZOH, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UILJ, UL, UM, UPCLJ, UPUK, ZAGLJ, ZRSKP
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CRYPTOCURRENCY EXCHANGE. BITCOIN– RISKS AND OPPORTUNITIES Dariusz Szydłowski; Bronisław Młodziejowski; Kamil Martyniak
Zeszyty Naukowe Wyższej Szkoły Finansów i Prawa w Bielsku-Białej,
07/2022, Volume:
26, Issue:
2
Journal Article
Peer reviewed
Open access
the article presents an outline of a virtual currency- cryptocurrency exchange and the possible risks and opportunities associated with it. The genesis of cryptocurrency was discussed on the example ...of bitcoin. The aim of the article is to present various aspects of functioning of bitcoin in association with the events influencing the growth of interest in it. The article presents the creation of bitcoin and the concept behind its creation. An analysis of the advantages and disadvantages of this cryptocurrency was carried out. Bitcoin as an entirely virtual currency, which is not subject to any state institution or central bank, requires much more trust from its users than traditional states’ currencies. Also, the method of storing bitcoins is far from traditional. The article also describes the technical steps for using said cryptocurrency.
Stemming from the recent evolutionary progress of the 5G wireless communication and Internet of Things (IoT) relevant technologies, the vision of the Internet of Connected Vehicles (IoCV) has become ...more apparent. On the basis of the state-of-the-art IoCV conceptual implementations, the location of the vehicles is one of the essential driven data of IoCV, and the location privacy issue needs to be taken into account. However, when scrutinizing into IoCV, noticeable challenges of location-aware scenario has raised. For IoCV, location is more than just query criteria like in Location-based Services (LBSs) of mobile Internet. It is also the underpinning data of various types of IoCV underlying mechanisms and functions. This difference makes preserving location privacy in IoCV quite different from the traditional privacy scenarios. In this paper, an overall analysis of end-user location privacy in IoCV was performed. To solve the location privacy dilemma, we proposed an intent prediction-based approach named LocJury, which benefits from the emerging concept of Intent-based Networking (IBN). LocJury provides location privacy by learning and estimate the intent of location access and will penalize those malicious location accesses. By simulating the conceptual IBN-based IoCV application scenario, which relies on the location accesses, the performance of LocJury is evaluated under various circumstances. The simulation result verified the effectiveness of our proposed method.
The Impact and Trend of Virtual Currency Raga Gottimukkala; John Jenq
Journal of systemics, cybernetics and informatics,
10/2021, Volume:
19, Issue:
5
Journal Article
Peer reviewed
Open access
Cryptocurrency, which falls into the category of virtual currency, has become increasingly popular in recent years. There are zero or very minimal transaction fees and the transactions are anonymous. ...In this report, we will discuss the impact of adopting the virtual currency in our society. We will investigate virtual currency by analyzing and comparing some top cryptocurrency stocks to see the trend and try to predict their futures. Specifically, Python Jupyter Notebook will be the tool to analyze the data. Data will be preprocessed and explored. Machine learning modules will be used to learn the datasets and the moving trends will be predicted.
Subject and Purpose of the Article: The aim of this study was to develop a framework for identifying the challenges of virtual currencies in the marketing of the Iranian banking industry.Research ...Method: In the qualitative stage, the foundation data theory was used. Qualitative stage sampling started with the available method and then continued with the snowball method. Data saturation was also obtained in 16 interviews. A total of 10 categories and 82 concepts were identified. In the quantitative stage, the first and second confirmatory factor analysis methods based on SPSS software and structural equation modeling were used.Research Findings: The results showed that the findings of the quality department have been fully confirmed by users. In addition, the results showed that causal conditions have a positive and significant effect on the main category. The main category has a positive and significant effect on strategies. Strategies have a positive and significant effect on outcomes. The interventionist conditions have a positive and significant effect on the consequences and finally the bed conditions have a positive and significant effect on the consequences.Conclusion, Originality and its Contribution to the Knowledge: Based on the results obtained using the data-based approach in this study, causal conditions have been identified as one of the important dimensions of digital currencies. The causal conditions identified in this study are a combination of three categories of technological, economic, and regulatory factors, and in particular, regulatory factors are of great importance in terms of application.
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