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How Bitcoin Affects Global Economy? Dmu 1st Year Undergraduate Report

2349 words - 10 pages

Increasing value of Bitcoin and other cryptocurrencies. Is it a bubble or stable investment? How does it influence global and national economy?
INTRODUCTION TO REPORT:
This report explain economical aspects of Bitcoin and other cryptocurrencies, its stability, report describes potential boom scenarios, impacts on specific sectors (Banking, Tax, stock market) and answer an important question: Will the growing popularity of cryptocurrencies bring positive or negative outcomes on the global and national economy? In order to provide specific details and potential scenarios, various sources of information were used. In some examples only bitcoin is used as a most powerful cryptocurrency, however, relation between bitcoin and economic is very similar to other cryptocurrencies. Especially in terms of soft factors such as speculations, potential boom etc.
INTRODUCTION TO BITCOIN:
Bitcoin is a cryptocurrency, which was introduced in 2008, and established by unknown person – introducing himself as a Satoshi Nakamoto’s (Bernard, Z. 2017). According to main bitcoin website, those who want to start investing in cryptocurrencies need to install digital wallet and then unique bitcoin address will be provided (Bitcoin.org, nd). Bitcoin and other cryptocurrencies uses a block chain technology, where every transaction is saved, each transaction has its own unique sign, which is the personal proof of the transaction. (Bitcoin.org). According to its website, the block chain can be compare to the record book, which is available to every user.
Satoshi Nakamoto’s said in his article, it’s a peer-to-peer system, which able the users to send money directly, without need of control of any financial institution. (Nakamoto’s, S. nd, p1).
Figure 1
The process shown on the figure 1, was described in detail in the Satoshi Nakamoto’s article “Bitcoin: A peer-to-peer Electronic Cash System”. Each Bitcoin is built from different “digital signatures (Nakamoto’s, S. nd, p2)”. While the person wants to send the money to another, it is necessary to write the ‘hash’ of his previous transition and the ‘public key’ of the person he is sending money to. (Nakamoto’s, S. nd, p2). It is a proof that bitcoin wasn’t used more than one time, “after each transaction, the coin must be returned to the mint to issue a new coin, and only coins issued directly from the mint are trusted not to be double-spent (Nakamoto’s, S. nd, p2)”. The proof-of-work system helps to ensure cryptocurrency users that the transaction isn’t fake. Author claims that the longer transaction chain, the more authentic it is. (Arias, M. and Shin, Y., 2013). Bitcoin transaction also include the terms ‘mining’ and ‘miners’. “Miners use special software to solve math problems and are issued a certain number of bitcoins in exchange. This provides a smart way to issue the currency and also creates an incentive for more people to mine (Bitcoinmining.com, nd)”. So it is a proof that miners help protect bitcoin value and bitcoin...

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