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1
Chen, Wanjing, Zewei Lin, and Jiahao Chen. "Follow the Best Strategy to be a Smarter Trader." BCP Business & Management 22 (July 15, 2022): 189–95. http://dx.doi.org/10.54691/bcpbm.v22i.1228.
Повний текст джерелаАнотація:
Market traders often buy and sell volatile assets to maximize total returns. We have developed an optimal trading strategy model using gold and bitcion daily price streams to meet this need. Based on a sliding window, we use the ARIMA model to predict the daily prices of gold and bitcoin, respectively. Meanwhile, the Granger causality test results showed that they were not cointegrated in the short term. We construct a multi-objective dynamic trading sub-model that considers maximum investment value, minimum trading frequency, and minimum trading risk factors based on historical and forecast sequences. Finally, we validate the optimal trading strategy model using the efficient frontier and conclude that the model is accurate.
2
de Graaf, Tycho. "The Qualification of Bitcoins as Documentary Intangibles." European Review of Private Law 27, Issue 5 (October 1, 2019): 1051–73. http://dx.doi.org/10.54648/erpl2019057.
Повний текст джерелаАнотація:
It is unclear how bitcoins should be qualified from a legal perspective. This qualification is, among other things, relevant to determine how bitcoins should be transferred, pledged, attached and executed. In this article, bitcoins and bitcoin transfers are explained from a technical perspective and subsequently qualified from a contract and property law perspective. Given the borderless nature of bitcoins and its underlying bitcoin technology, these subjects are dealt with in an international manner, often drawing upon legal concepts which form the backbone of most if not all legal systems, especially those in the EU. In this article, the following conclusions are reached. First of all, from a contract law perspective, the bitcoin network qualifies as a multi-party contract to which the various participants (users, miners and nodes) accede by participating in the network for the first time and, in doing so, accept the third-party rights clause stipulated in that agreement in their favour. Secondly, from a property law perspective, the rights with respect to the bitcoins credited to a bitcoin address are put to bearer at the same moment these bitcoins are so credited. They are put to the bearer of the value bearer on which the private key associated with that bitcoin address is stored. That value bearer embodies the right of that bearer to perform the work necessary to transfer the bitcoins on that bitcoin address, more specifically vis-à-vis the miners to validate that transaction and vis-à-vis the nodes to verify the work of the winning miner. Those bitcoin rights can be transferred, pledged, attached and executed by possession of the value bearer.
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KILIÇ, Ethem. "Analysis of the Relationship Between Bitcoin and the Futures Market." Gaziantep University Journal of Social Sciences 21, no. 3 (July 31, 2022): 1457–70. http://dx.doi.org/10.21547/jss.1079462.
Повний текст джерелаАнотація:
Çalışmanın temel amacı bitcoin ile BIST30 vadeli, altın vadeli ve döviz vadeli işlemler piyasası arasındaki volatilite etkileşimini araştırmaktır. Bu doğrultuda 25.07.2010 – 13.02.2022 dönemine ait haftalık veriler kullanılmıştır. Bitcoin ile BIST30 vadeli, altın vadeli ve döviz vadeli işlemler piyasası arasındaki volatilite etkileşimini araştırmak için çok değişkenli GARCH modellerinden DCC-GARCH modeli kullanılmıştır. Bitcoin, BIST30 vadeli, altın vadeli ve döviz vadeli işlemler piyasasında meydana gelen volatilitenin kalıcı olduğu tespit edilmiştir. Bitcoin ile BIST30 vadeli işlemler piyasası arasında çift yönlü, altın ve döviz vadeli işlemler piyasasında bitcoin’e doğru tek yönlü volatilite etkileşimi bulunmaktadır. Bitcoin ve BIST30 vadeli işlemler piyasası, altın vadeli işlemler piyasasından bitcoine doğru negatif yönlü etkileşim mevcuttur. Fakat döviz vadeli işlemler piyasasından bitcoine doğru volatilite etkileşimi ise pozitif yönde olduğu saptanmıştır.
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Keerthiga, Ms M., and Dr M. Thinesh Kumar. "A Study on the Impact of Bitcoin on the Indian Economy." International Journal for Research in Applied Science and Engineering Technology 10, no. 4 (April 30, 2022): 3437–43. http://dx.doi.org/10.22214/ijraset.2022.42079.
Повний текст джерелаАнотація:
Abstract: The silence of the RBI on the regulatory status of bitcoins may prove to be damaging. An industry has grown around bitcoins in India- traders, exchanges and merchants who accept payments in bitcoins. Bitcoins have already gained wide acceptance around the world- hence banning them would not be an option in India. Instead, this industry would need to be regulated. The sooner this is done, the better. A bitcoin is a virtual currency first introduced in the year 2008 by an anonymous group called Satoshi Nakamoto. It’s an open source peer-to-peer cryptographical system (direct connections without an intermediary) where transactions happen through a public ledger called blockchain, handling users’ data anonymously. Eight years since its introduction, bitcoin is today the most widely used and accepted digital currency.By categorically reiterating that cryptocurrencies could not be part of the ‘payment process’, India buries the economic possibilities of crypto as a currency. However, the positive focus on blockchain technology is redeeming the bitcoin
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Kamis, Nur Syaedah, Mardziyah Mohd Isa, and Nur Syamilah Md Noor. "CAN MUSLIM INHERIT BITCOIN? DISCOVERING THE CONTINUITY OF DIGITAL ASSET IN PERLIS." International Journal of Islamic Business 7, no. 2 (December 31, 2022): 44–51. http://dx.doi.org/10.32890/ijib2022.7.2.3.
Повний текст джерелаАнотація:
Day by day the numbers of Bitcoins owners are increasing and as the time lapses, they also will face the death. In Perlis, Bitcoins is recognised as a wealth (mal) and subject to zakat by State Fatwa Committee of Perlis. Hence, this paper aims to discover the inheritability of bitcoin according to Shariah in Perlis. As a result, this study employed a qualitative research approach by interview in order to discover the inheritability of bitcoin as a mal according to Shariah. Purposive sampling was used in the study. The finding of this study indicated that the existing fatwa on bitcoin is silent on the inheritance ruling of bitcoin. The researcher urged that this inheritance ruling must be tabled and gazetted by the state fatwa committee of Perlis in order to ensure the continuity of bitcoin to the next generation. Therefore, this study has contributed in comprehensive Shariah views behind the permissibility of Bitcoin in Perlis and provides some important policy implication for the regulator and state fatwa committee of Perlis to fulfil the lacuna in the fatwa related to bitcoin.
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Rahman, S. M. Atikur, Iqtiar Md Siddique, and Eric D. Smith. "Analyzing Bitcoin's Decentralization: Coefficient of Variation Approach and 21 Million Divisibility." Advancement of IoT in Blockchain Technology and its Applications 2, no. 3 (August 8, 2023): 8–17. http://dx.doi.org/10.46610/aibtia.2023.v02i03.002.
Повний текст джерелаАнотація:
Bitcoin, a decentralized digital currency, has received a lot of interest due to its potential to challenge the traditional financial system. This study applies a coefficient of variation analysis with an emphasis on the idea of dividing the entire supply by 21 million to determine the degree of decentralization for Bitcoin. The coefficient of variation is a statistical indicator of diffusion, making it possible to analyze how many Bitcoins different stakeholders hold. We can learn more about the degree of wealth concentration or distribution among Bitcoin users by examining the degree of decentralization using this method. This research calculates the coefficient of variation using publicly available information on Bitcoin addresses and the holdings linked to those addresses. The findings will contribute to the ongoing discourse on Bitcoin's decentralization and shed light on the potential impact of the fixed supply of 21 million Bitcoins on wealth distribution within the Bitcoin network.
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Arsov, Aleksandar. "Bitcoin as an Innovative Payment Currency in Germany: Development of the e-Gold Standard." Journal of International Business Research and Marketing 2, no. 2 (2017): 33–42. http://dx.doi.org/10.18775/jibrm.1849-8558.2015.22.3005.
Повний текст джерелаАнотація:
Recent years have witnessed the advances of e-money systems such as Bitcoin, PayPal and various forms of stored-value cards. This paper adopts a mechanism design approach to identify some essential features of different payment systems that implement and improve the constrained optimal resource allocation in Germany. Bitcoin is a digital, decentralized, partially anonymous currency, not backed by German or any government or other legal entity, and not redeemable for gold or other commodities. Bitcoin relies on peer-to-peer networking and cryptography to maintain its integrity. Compared to most currencies or online payment services, such as PayPal, bitcoins are highly liquid, have low transaction costs, and can be used to make micropayments in Germany. Although the Bitcoin economy is flourishing, Bitcoin users are anxious about Bitcoin’s legal status. This paper examines a few relevant legal issues. The research question is to investigate how supplementary digital terminating currency Bitcoin can provide a superior fallback position as e-gold standard in Germany and worldwide. Digital self-liquidating e-Gold ounce could be distributed immediately to voters by using swipe cards used by some governments for transit facilities. Bitcoins as e-Gold ounce do not provide a viable medium of exchange because of the cost of their purchase, creation and/or exchange.
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Yuspin, Wardah, and Sakia Agia Salsabella. "The Validity of Bitcoins According to the Islamic Law." Law and Justice 6, no. 2 (March 24, 2022): 112–28. http://dx.doi.org/10.23917/laj.v6i2.17178.
Повний текст джерелаАнотація:
The presence of bitcoin invites many uncertainties, such as concerning its legality and the statement that bitcoin is not an official currency in Indonesia. Objective: This research aims to analyze the bitcoins in the perspective of the Islamic Law. Method: This research uses the literature review method. The literary materials obtained are in the form of scientific papers, online media, books, etc. that concerns the analyzed object. Findings: The circulation of bitcoin in Indonesia as a medium of exchange cannot be regarded as a currency, as it does not fulfill the terms and conditions for something to be called money. The bitcoin’s function does not commensurate with the function of money in the concept of the Islamic economy, as it tends to be a traded commodity rather than a facility of transactional exchange. In the perspective of Islamic law, the speculative use of bitcoins may bring one to the risk of violating the law on gharar (uncertainty, hazard); dharar (a transaction that may bring loss to a party); and qimar (game of chance). No authority guarantees bitcoins, and this causes harm. In conclusion, bitcoins produce more harm than good. Thus, its usage is prohibited by Islamic law. Function: This research provides an explanation of the legality of bitcoins, that may aid the Indonesian society to decide whether or not they can use bitcoins according to the law and th sharia. Novelty: There has not been any researches that study the same topic as that discussed in this article.
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B Bhat, Rajani. "Bitcoin - A Boon to Economy or Bane to Sustainability." Shanlax International Journal of Commerce 7, no. 4 (October 1, 2019): 42–47. http://dx.doi.org/10.34293/commerce.v7i4.598.
Повний текст джерелаАнотація:
Since the formation of Bitcoin in 2009, various private digital currencies have been presented. Bitcoin is by a long shot the best one. It has been getting a great deal of media consideration, and its all out market worth has arrived at 20 billions USD in March 2017. More importantly, a number of central banks started recently to explore the adoption of cryptocurrency and blockchain technologies for retail and large-value payments. Bitcoin is a digital currency based on a peer-topeer payment system managed by an open source software and characterized by lower transaction costs, greater security and scalability than fiat money and no need of a central bank. In spite of criticisms about illegal uses and social consequences, it is attracting the interest of the scientific as well as economic community. Be that as it may, notwithstanding Bitcoin’s worth, the paper clarified, physical stores have been delayed to acknowledge it as a technique for installment. Subsequently, a few lookers are getting to be critical about whether this tech-trendy person digital money, which everybody has known about however the vast majority don’t genuinely comprehend, will ever supplant conventional cash. Only one exchange can use as much vitality as a whole family unit does in seven days, and there are around 300,000 exchanges each day. That vitality request is usually met through petroleum product vitality sources, which, alongside contaminating air and water, radiate ozone harming substances that reason environmental change. At the end of the day, Bitcoins are adding to the warming of the climate without giving a noteworthy open advantage consequently. Some Bitcoin lovers guarantee that it will in the long run become a standard money, and that the cryptogovernance framework whereupon it’s manufactured could really support the earth. In any case, the Bitcoin market is unstable, its future dinky. Off-the-rack PCs used to be incredible enough to mine Bitcoins. Presently, on the grounds that the math issues are so perplexing, they should utilize particular equipment called Application Specific Integrated Circuit, or ASIC. These mining machines are huge and run hot, and the individuals who use them—either Bitcoin mining organizations or Bitcoin devotees cooperating—utilize a great deal of power to do as such. Organizations and associations that mine bitcoin will once in a while have a huge number of these machines pressed into far reaching distribution centers. Hence, the present study is an attempt to define and evaluate the current trends of the literature concerned with the sustainability of bitcoin, considering the environmental impacts and economic aspects. The study is divided into four parts – first part explains the concept of bitcoin in detail with its history. The second part of the study details the statement of the problem. The third part deals with results and discussions and the last is the concluding part. In the results and discussion part, the data dealing with trends in the value of bitcoin in USD and in Indian markets are exhibited. The main exchanges dealing with bitcoin in India are then given and the number of bitcoins available and their market capitalisation worldwide is shown.
From the analysis, it is very clear that the value of bitcoin has tremendously increased over the period of time. One of the main allegations against the bitcoin trading is its fluctuating volatility depicted. It’s because of this issue, that bitcoins are considered to be very dangerous commodity to be traded. Also, form the point of sustainability, it emerges that the transition of the whole monetary system in the new cryptocurrency will result in an unacceptable amount of energy consumed to mine new bitcoins and to maintain the entire virtual monetary system, and probably bitcoin will remain a niche currency.
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Afrinanda, Rizky, Lusiana Efrizoni, Wirta Agustin, and Rahmiati Rahmiati. "Hybrid Model for Sentiment Analysis of Bitcoin Prices using Deep Learning Algorithm." MATRIK : Jurnal Manajemen, Teknik Informatika dan Rekayasa Komputer 22, no. 2 (March 24, 2023): 309–24. http://dx.doi.org/10.30812/matrik.v22i2.2640.
Повний текст джерелаАнотація:
Bitcoin is a decentralized digital currency, which is not controlled by a single authority or government. Bitcoin uses blockchain technology to verify transactions and guarantee user security and privacy. The fluctuating value of bitcoin is influenced by opinions that develop because many people use these opinions as a basis for buying or selling bitcoins. Knowledge to find out the market conditions of bitcoin based on public opinion is very necessary. This study aims to develop a hybrid model for bitcoin sentiment analysis. The dataset used came from comments on the Indodax website chat room, as many as 2890 data were successfully collected, then do data preprocessing, translate to english, text labeling and used hybrid parallel CNN and LSTM using word embedding glove 100 dimensions. Results of the experiments conducted, at 90:10 data splitting and 100 epochs is the best model with 88% accuracy, 86% precision, 78% recall and 81% f1-score, while the classification of opinion text comments on indodax chat results in 64.22% neutral comments, 21.14% positive comments and 14.63% negative comments. Based on research results, use of a parallel hybrid model provides a high accuracy value in classifying text, from these results positive comments are more than negative so that investors are advised to buy bitcoins.
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Sukamulja, Sukmawati, and Cornelia Olivia Sikora. "THE NEW ERA OF FINANCIAL INNOVATION: THE DETERMINANTS OF BITCOIN’S PRICE." Journal of Indonesian Economy and Business 33, no. 1 (March 14, 2018): 46. http://dx.doi.org/10.22146/jieb.30646.
Повний текст джерелаАнотація:
Financial innovation has entered a new era in which a digitalized system and cryptocurrency have been created. This paper examines the factors that influence the price movement of bitcoin. This is not a legal currency in Indonesia; the Indonesian government has not made any regulations legalizing bitcoin’s use, but it has also not issued any new laws to prohibit the trade in bitcoins and other digital currencies. The demand for, and price growth of, bitcoin are interesting matters to study, especially for Indonesians who still have questions about the progress of Bitcoin transactions and the factors that influent them. In Indonesia itself, without any protection from the government, the bitcoin price on December 14, 2017 had already reached more than IDR224.5 million, compare to IDR60 million in October 2017. Bitcoin is the first peer-to-peer currency, and was introduced by Satoshi Nakamoto in 2008. Since its inception, bitcoin has served more than 17 million users, including Indonesians. Bitcoin behaves in a different manner, compared to traditional currencies and the one that affects bitcoin’s price is its attractiveness for investors. The Vector Error Correction Model (VECM) is applied to analyze the short-term and long-term influences. VECM is used in this research because the data is stationary in the first difference and has a cointegration relationship. To make the interpretation clearer, the impulse response function and variance decomposition also are included in this research. The result indicates that the macroeconomic indicator, represented by the Dow Jones Industrial Average (DJIA), the demand for bitcoins and the gold price influence bitcoin’s price fluctuations in the short-run and long-run. Bitcoin’s supply does not influence its price fluctuation in the long-run but does influence it in the short-run. The implication of this research is bitcoin could compete as an alternative investment compared to the capital markets and gold.
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Chen, Kuo-Shing, and Shen-Ho Chang. "Volatility Co-Movement between Bitcoin and Stablecoins: BEKK–GARCH and Copula–DCC–GARCH Approaches." Axioms 11, no. 6 (May 29, 2022): 259. http://dx.doi.org/10.3390/axioms11060259.
Повний текст джерелаАнотація:
This paper aims to investigate and measure Bitcoin and the five largest stablecoin market volatilities by incorporating various range-based volatility estimators to the BEKK- GARCH and Copula-DCC-GARCH models. Specifically, we further measure Bitcoins’ volatility related to five major stablecoins and examine the connectedness between Bitcoin and the stablecoins. Our empirical findings document that the connectedness between Bitcoin and stablecoin market volatility behaviors exhibits the presence of stable interconnection. This study is of particular importance since it is crucial for market participation in the ongoing crypto assets to be informed about both the volatility patterns of major cryptocurrencies and the relative volatility of Bitcoin against the stablecoin markets. Eventually, we find that there is no systematic evidence for the various parity deviations of the stablecoins that are profoundly impacted by Bitcoin volatility. Thus, Bitcoin and the largest stablecoin Tether could stabilize together. However, Bitcoin shall not be generalized to other stablecoins in terms of stability results.
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Almarashdeh, Ibrahim, Kamal Eldin Eldaw, Mutasem Alsmadi, Fahad Alghamdi, Ghaith Jaradat, Ahmad Althunibat, Malek Alzaqebah, and Rami Mustafa A. Mohammad. "The adoption of bitcoins technology: The difference between perceived future expectation and intention to use bitcoins: Does social influence matter?" International Journal of Electrical and Computer Engineering (IJECE) 11, no. 6 (December 1, 2021): 5351. http://dx.doi.org/10.11591/ijece.v11i6.pp5351-5366.
Повний текст джерелаАнотація:
Bitcoin is a decentralized system that tries to become a solution to the shortcomings of fiat and gold-based currencies. Considering its newness, the adoption level of bitcoin is yet understood. Hence, several variables are proposed in this work in examining user perceptions regarding performance expectancy, effort expectancy, trust, adoption risk, decentralization and social influence interplay, with the context of user’s future expectation and behavioral intentions to use bitcoins. Data were gathered from 293 completed questionnaire and analised using AMOS 18. The outcomes prove the sound predictability of the proposed model regarding user’s future expectations and intentions toward bitcoins. All hypotheses were supported, they were significantly affecting the dependent variables. Social influence was found as the highest predictor of behavioral intention to negatively utilize bitcoins. The significant impact of social influence, adoption risk and effort expectancy which affect behavioral intention to use bitcoins the most, are demonstrated in this study. Bitcoins should thus, present an effective, feasible and personalized program which will assist efficient usage among users. Additionally, the impacts of social influence, adoption risk and perceived trust on behavioral intention to utilize new technology were compared, and their direct path was tested together, for the first time in this context.
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Wang, Kai, Jun Pang, Dingjie Chen, Yu Zhao, Dapeng Huang, Chen Chen, and Weili Han. "A Large-scale Empirical Analysis of Ransomware Activities in Bitcoin." ACM Transactions on the Web 16, no. 2 (May 31, 2022): 1–29. http://dx.doi.org/10.1145/3494557.
Повний текст джерелаАнотація:
Exploiting the anonymous mechanism of Bitcoin, ransomware activities demanding ransom in bitcoins have become rampant in recent years. Several existing studies quantify the impact of ransomware activities, mostly focusing on the amount of ransom. However, victims’ reactions in Bitcoin that can well reflect the impact of ransomware activities are somehow largely neglected. Besides, existing studies track ransom transfers at the Bitcoin address level, making it difficult for them to uncover the patterns of ransom transfers from a macro perspective beyond Bitcoin addresses. In this article, we conduct a large-scale analysis of ransom payments, ransom transfers, and victim migrations in Bitcoin from 2012 to 2021. First, we develop a fine-grained address clustering method to cluster Bitcoin addresses into users, which enables us to identify more addresses controlled by ransomware criminals. Second, motivated by the fact that Bitcoin activities and their participants already formed stable industries, such as Darknet and Miner , we train a multi-label classification model to identify the industry identifiers of users. Third, we identify ransom payment transactions and then quantify the amount of ransom and the number of victims in 63 ransomware activities. Finally, after we analyze the trajectories of ransom transferred across different industries and track victims’ migrations across industries, we find out that to obscure the purposes of their transfer trajectories, most ransomware criminals (e.g., operators of Locky and Wannacry) prefer to spread ransom into multiple industries instead of utilizing the services of Bitcoin mixers. Compared with other industries, Investment is highly resilient to ransomware activities in the sense that the number of users in Investment remains relatively stable. Moreover, we also observe that a few victims become active in the Darknet after paying ransom. Our findings in this work can help authorities deeply understand ransomware activities in Bitcoin. While our study focuses on ransomware, our methods are potentially applicable to other cybercriminal activities that have similarly adopted bitcoins as their payments.
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Aman, Kumar Dhiman, and Kumar Ajay. "Blockchain Technology: Opportunities and Challenges in Various Domains." i-manager’s Journal on Software Engineering 17, no. 2 (2022): 20. http://dx.doi.org/10.26634/jse.17.2.19175.
Повний текст джерелаАнотація:
Blockchain has been used in non-financial applications since it was first introduced with Bitcoin. Bitcoin uses peer-topeer technology to operate without a central authority or banks; the management of transactions and the issuance of bitcoins is carried out collectively by the network. Bitcoin is open source; its design is public, no one owns or controls bitcoin, and anyone can participate. In blockchain technology, no intermediaries are used to establish a decentralized system. Based on literature reviews, this paper discusses blockchain technology concepts, mechanisms, applications, opportunities, and other relevant solutions for real-world problems. Blockchain concepts are discussed in this paper using healthcare, education, and logistics examples. Finally, it will discuss the various blockchains, their permissions, architectures, and emerging features.
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Meynkhard, Artur. "Fair market value of bitcoin: halving effect." Investment Management and Financial Innovations 16, no. 4 (November 28, 2019): 72–85. http://dx.doi.org/10.21511/imfi.16(4).2019.07.
Повний текст джерелаАнотація:
The purpose of this article is to analyze the effect that halving has on the fair market value of bitcoins. The main hypothesis of the study is that the decline in the cost of miners’ remuneration for mining is a significant factor that affects the price of cryptocurrencies. The article examines the factors that regulate the issuing process. The significance of a limited supply of bitcoin is detailed in the article, as well as the mechanism for the implementation of the issue of new bitcoins. The study compares the historical inflation data of the US dollar and the projected data on the inflation of bitcoin. The article analyzes the main technical element of cryptocurrency – halving – when the miner’s reward is halved. This analysis includes the mathematical methods of statistical data processing. Research results show that reducing remuneration by half every four years leads to an increased market value of the cryptocurrency. This relationship is clearly illustrated by the Kendall rank correlation method. The results of the study can have a significant impact on the fundamental assessment of bitcoin and can also enable investors to assess any of the existing and operating cryptocurrencies according to this method.
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Makarov, I., and A. Schoar. "Blockchain analysis of the Bitcoin market. (Part 1) (The article published both in original and Russian translation)." Scientific and Technical Libraries, no. 9 (October 4, 2022): 84–111. http://dx.doi.org/10.33186/1027-3689-2022-9-84-97.
Повний текст джерелаАнотація:
This article presents a detailed analysis of the Bitcoin network (Bitcoin) and its main participants, carried out by authoritative experts - Igor Makarov from the London School of Economics and Antoinette Shoart from the Massachusetts Institute of Technology - on behalf of the National Bureau of Economic Research (NBER) - a private organization in the United States. The Bitcoin network is defined as a new database that includes a large number of public and proprietary sources for linking bitcoin addresses to real objects and an extensive set of algorithms for extracting information about the behavior of major market participants. The analysis of the Bitcoin ecosystem consisted of three main stages. First, the volume of transactions and the network structure of the main participants in the blockchain are analyzed. Secondly, the concentration and regional composition of miners who carry out verification (verification) and ensure the integrity of the blockchain registry (ledger, ledger) are documented. Thirdly, the concentration of ownership of the largest holders of bitcoins is considered.
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Wągrowska, Aleksandra. "Opodatkowanie kryptowaluty podatkiem od towarów i usług na przykładzie bitcoina." Doradztwo Podatkowe - Biuletyn Instytutu Studiów Podatkowych 5, no. 309 (May 31, 2022): 23–25. http://dx.doi.org/10.5604/01.3001.0015.8619.
Повний текст джерелаАнотація:
Wraz z pojawieniem się nowych technologii waluty wirtualne (ang. virtual currency – VC), w tym bitcoin (BTC), stały się przedmiotem powszechnego obrotu. Mając na uwadze cechy charakterystyczne bitcoina, w niniejszym artykule autorka podejmuje próbę przeanalizowania opodatkowania kryptowaluty (ang. crypto-currency).
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Guzmán, Alexander, Christian Pinto-Gutiérrez, and María-Andrea Trujillo. "Trading Cryptocurrencies as a Pandemic Pastime: COVID-19 Lockdowns and Bitcoin Volume." Mathematics 9, no. 15 (July 27, 2021): 1771. http://dx.doi.org/10.3390/math9151771.
Повний текст джерелаАнотація:
This paper examines the impact of COVID-19 lockdowns on Bitcoin trading volume. Using data from Apple mobility trends and several time-series econometric models, we find that investors became active participants during the COVID-19 pandemic period and traded more bitcoins on days with low mobility associated with lockdown mandates. These results remain robust after controlling for stocks and gold returns, the VIX index, and the level of attention and sentiment toward Bitcoin, as measured by Google search frequencies and the tone of Tweets discussing Bitcoin. These results suggest that when individual investors have ample free time on their hands, they trade cryptocurrencies as a pastime and use the Bitcoin market as a form of entertainment. Moreover, our results have important implications concerning investors’ herding behavior and overconfidence leading to noise trader risks and bubbles typically accompanied by high trading volume in cryptocurrency markets.
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Stavroyiannis, Stavros. "Value-at-risk and related measures for the Bitcoin." Journal of Risk Finance 19, no. 2 (March 19, 2018): 127–36. http://dx.doi.org/10.1108/jrf-07-2017-0115.
Повний текст джерелаАнотація:
Purpose The purpose of this paper is to examine the value-at-risk and related measures for the Bitcoin and to compare the findings with Standard and Poor’s SP500 Index, and the gold spot price time series. Design/methodology/approach A GJR-GARCH model has been implemented, in which the residuals follow the standardized Pearson type-IV distribution. A large variety of value-at-risk measures and backtesting criteria are implemented. Findings Bitcoin is a highly volatile currency violating the value-at-risk measures more than the other assets. With respect to the Basel Committee on Banking Supervision Accords, a Bitcoin investor is subjected to higher capital requirements and capital allocation ratio. Practical implications The risk of an investor holding Bitcoins is measured and quantified via the regulatory framework practices. Originality/value This paper is the first comprehensive approach to the risk properties of Bitcoin.
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Sicignano, Gaspare Jucan. "Money Laundering using Cryptocurrency: The Case of Bitcoin!" ATHENS JOURNAL OF LAW 7, no. 2 (March 31, 2021): 253–64. http://dx.doi.org/10.30958/ajl.7-2-7.
Повний текст джерелаАнотація:
The bitcoin, one of the most discussed topics in recent years, is a virtual currency with enormous potential and can be used almost immediately with no intervention from financial institutions. It has spread rapidly over the last few years, and all financial and governmental institutions have warned of the risk of its use for money laundering. The paper focuses on this aspect in order to understand if any purchases of bitcoins, using illicit money, can come under the anti-money laundering criminal law. Keywords: Bitcoin; Money laundering; Italian law; Cryptocurrency.
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Rowland, Zuzana, Petr Suler, and Bohdana Cajkovicova. "Bitcoin: an alternative currency to pay for goods and services or a useful investment tool?" SHS Web of Conferences 129 (2021): 03026. http://dx.doi.org/10.1051/shsconf/202112903026.
Повний текст джерелаАнотація:
Research background: Bitcoin is defined as digital money in a peer-to-peer decentralized payment network, an amalgam hybrid between fiat and commodity currency without a real value. This digital currency is also independent of any government or currency administration. Purpose of the article: This article explores whether bitcoin works as a medium of exchange or relates to assets, focusing on its current use and future utility regarding its characteristics. Methods: Analysing bitcoin statistical features, we found no connection with traditional asset categories such as stock, bonds and commodities either in intermediate time, or periods of financial crises. Findings & Value added: The study suggests that investors’ abiding interest in bitcoins can have a positive impact on their liquidity in the real time.
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Owais Qarni, Muhammad, and Saqib Gulzar. "Return spillover across Bitcoin markets and foreign exchange pairs dominated in major trading currencies." Business & Economic Review 12, no. 3 (September 15, 2020): 123–60. http://dx.doi.org/10.22547/ber/12.3.5.
Повний текст джерелаАнотація:
This study examines the dynamic nature of return spillover across Bitcoins indices and foreign exchange pairs denominated in 6 major trading currencies. The findings of spillover index, Spillover Asymmetry Measure (SAM) and frequency connectedness methodologies indicate that return spillover across Bitcoin markets and foreign exchange pairs dominated in six major trading currencies is very low. The intra-market return spillover for the Bitcoin markets and foreign exchange pairs is found to be significant. Presence of asymmetry in the return spillover is also found. Evidence indicates that return spillover are dominated in short horizon, with significant spillover occurring within 4 days of an event. The low integration of Bitcoin markets with the foreign exchange markets provide significant implication for portfolio diversification and risk minimization.
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Gajdek, Seweryn. "Bitcoin as an example of cryptocurrency – current state and perspectives." Annals of Marketing Management and Economics 4, no. 2 (December 31, 2018): 47–56. http://dx.doi.org/10.22630/amme.2018.4.2.16.
Повний текст джерелаАнотація:
The idea of anonymous digital money existing outside of traditional banking system lasts at least 40 years. It appeared as soon as technological solutions, which such a system requires, became available. The article analyses the genesis of the crypto-currencies and technological solutions implemented into the Bitcoin digital currency. The article shows current state of the Bitcoin market and changes in its price, market capitalisation and number of transactions during last decade of operations of the crypto-currency market. Although there are difficulties in using Bitcoins, which include technical background and resulting from the high volatility of prices of this currency, the continuing upward trend of the Bitcoin price and the average daily number of transactions shows that interest in this currency is growing. Bitcoin features that attract new users are a large dose of anonymity, security of funds guaranteed by the extremely high computing power of the Bitcoin network, the speed of transactions and their low cost associated with the exclusion of a financial intermediary. The features of this money and data from the market allow to expect that Bitcoin will gain more individual and institutional users.
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Savchuk, S. B., T. A. Shiltsova, and V. A. Khinko. "THE PRINCIPLE OF THE CREATION OF KRIPTOVALJUTY BASED ON ELLIPTIC CURVES AND FACETS OF PROMOTION BITKOINA." Scientific bulletin of the Southern Institute of Management, no. 3 (October 7, 2018): 83–87. http://dx.doi.org/10.31775/2305-3100-2018-3-83-87.
Повний текст джерелаАнотація:
The article deals with the question of the creation and popularization of kriptovaljuty from a mathematical point of view. In particular it is a question of bitcoin, which is the most known kind of cryptocurrency today. This theme is important enough at present as in a society there is a demand for the decentralised alternative instrument of payment which irrespective of the state and on sense reminds system of the gold standard with the limited offer of currency. In the presented work the basic accent is made not only on occurrence history of bitcoin, but also on an action mathematical apparatus of cryptosystem. The elliptic curves are considered as the main tool of cryptography which is base at working out bitcoin. One of the basic properties of the given curves, and also a principle of their application are resulted at creation cryptocurrency. Mathematical formulas of calculation of a public key from a private key, process mining of bitcoins and their exchange for the goods and services are specified. The purposes of creation of specialised electronic stock exchanges on which bitcoins began to be on sale for the basic world currencies are described. The main reasons of use of the elliptic curves taken as a principle of work cryptosystem are allocated.
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Mikeladze, Aleksandre. "Bitcoins within Georgia’s Money Laundering Scheme." European Journal of Economics and Business Studies 9, no. 1 (October 6, 2017): 9. http://dx.doi.org/10.26417/ejes.v9i1.p9-16.
Повний текст джерелаАнотація:
Bitcoins’ technology brings a new level of innovation to business and communication across the world. However, the advantages of a virtual currency payment system face the threat from criminal activities occurring over a pseudonymous network where there is virtually no current regulation to cover illegal transactions. The current situation in Georgia is as follows: the second Bitcoin’s processing datacenter has opened in Georgia. While the virtual money is new even in developed countries, more unusual it is for Georgia, where local economists are more skeptical toward cryptocurrency. Therefore, they believe that electronic money is not controlled by any central bank that gives a lot of opportunities for illegal transactions. According to the Georgian experts, bitcoin is a very risky currency that can be used for money laundering, as it is completely uncontrolled. However, the Georgian central bank system claims that bitcoins are not dangerous, and the lack of awareness gives rise to talk about money laundering. The biggest challenge seems to be regulation of Bitcoin without hindering the potential for growth. While there is usually certainly a chance that Bitcoin could fail or be pushed out of existence by a more innovative technology, policymakers must be careful not to hinder a technology that could change the way global economy functions.
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NIRMALA, G., S. MATHAN, K. KARTHICK, and D. AKASHRAJA. "PREDICTION OF BITCOIN PRICE USING MACHINE LEARNING ALGORITHMS." YMER Digital 21, no. 05 (March 5, 2022): 17–21. http://dx.doi.org/10.37896/ymer21.05/03.
Повний текст джерелаАнотація:
This project is implemented to predict the Bitcoin price accurately taking into consideration various parameters that affects the Bitcoin value. Bitcoins are put away in an advanced wallet which is essentially similar to a virtual financial balance. it is important to anticipate the estimation of Bitcoin so right venture choices can be made. The cost of Bitcoin doesn’t rely upon the business occasions or mediating government not at all like securities exchange. Most measurable procedures pursue the worldview of deciding a specific probabilistic model that best portrays watched information among a class of related models. Likewise, most AI systems are intended to discover models that best fit information. By gathering information from different reference papers and applying in real time. Each and every project has its own set of methodologies of bitcoin price prediction. Machine learning models can likely give us the insight we need to learn about the future of Crypto currency. It will not tell us the future but it might tell us the general trend and direction to expect the prices to move.
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Cocco, Luisanna, Roberto Tonelli, and Michele Marchesi. "An Agent Based Model to Analyze the Bitcoin Mining Activity and a Comparison with the Gold Mining Industry." Future Internet 11, no. 1 (January 2, 2019): 8. http://dx.doi.org/10.3390/fi11010008.
Повний текст джерелаАнотація:
In this paper, we present an analysis of the mining process of two popular assets, Bitcoin and gold. The analysis highlights that Bitcoin, more specifically its underlying technology, is a “safe haven” that allows facing the modern environmental challenges better than gold. Our analysis emphasizes that crypto-currencies systems have a social and economic impact much smaller than that of the traditional financial systems. We present an analysis of the several stages needed to produce an ounce of gold and an artificial agent-based market model simulating the Bitcoin mining process and allowing the quantification of Bitcoin mining costs. In this market model, miners validate the Bitcoin transactions using the proof of work as the consensus mechanism, get a reward in Bitcoins, sell a fraction of them to cover their expenses, and stay competitive in the market by buying and divesting hardware units and adjusting their expenses by turning off/on their machines according to the signals provided by a technical analysis indicator, the so-called relative strength index.
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Kjærland, Frode, Aras Khazal, Erlend Krogstad, Frans Nordstrøm, and Are Oust. "An Analysis of Bitcoin’s Price Dynamics." Journal of Risk and Financial Management 11, no. 4 (October 15, 2018): 63. http://dx.doi.org/10.3390/jrfm11040063.
Повний текст джерелаАнотація:
This paper aims to enhance the understanding of which factors affect the price development of Bitcoin in order for investors to make sound investment decisions. Previous literature has covered only a small extent of the highly volatile period during the last months of 2017 and the beginning of 2018. To examine the potential price drivers, we use the Autoregressive Distributed Lag and Generalized Autoregressive Conditional Heteroscedasticity approach. Our study identifies the technological factor Hashrate as irrelevant for modeling Bitcoin price dynamics. This irrelevance is due to the underlying code that makes the supply of Bitcoins deterministic, and it stands in contrast to previous literature that has included Hashrate as a crucial independent variable. Moreover, the empirical findings indicate that the price of Bitcoin is affected by returns on the S&P 500 and Google searches, showing consistency with results from previous literature. In contrast to previous literature, we find the CBOE volatility index (VIX), oil, gold, and Bitcoin transaction volume to be insignificant.
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Irwin, Angela S. M., and George Milad. "The use of crypto-currencies in funding violent jihad." Journal of Money Laundering Control 19, no. 4 (October 3, 2016): 407–25. http://dx.doi.org/10.1108/jmlc-01-2016-0003.
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Purpose The purpose of this paper is to look at current discourse on the topic of crypto-currencies, more specifically Bitcoins, and their application to funding acts of terror. The paper clearly establishes the risks posed by this new payment technology and value transfer system to assist in the process of funding, planning and implementing acts of terror. Design/methodology/approach Publications, blogs and sites published and administered by terrorists groups and their supporters are examined to determine their interest in leveraging emerging payment and value transfer systems to facilitate the funding, planning and implementation of terror attacks. Press releases and other publications are also examined to determine whether crypto-currencies have been used by these groups in fund raising, fund transfer or recent terror attacks. Findings Although it is difficult to find concrete evidence of largescale use of Bitcoins and other crypto-currencies by terrorist groups and their supporters, there is strong evidence to suggest that they have been linked to a number of terror attacks in Europe and Indonesia. Supporters of Islamic State of Iraq and Syria (ISIS), jihadists and terrorist organisations are actively looking to and promoting the use of new and emerging technologies, such as Bitcoin, to mitigate some of the risks associated with traditional fund transfer methods. Some websites associated with terrorist organisations have started to collect donations in Bitcoins. Many Bitcoin ATMs and Bitcoin exchanges are located in countries that have seen significant numbers of foreign fighters join ISIS in the Middle East and are also positioned in countries that have seen increased risk of terror attack. These present a significant risk because they allow for the seamless, anonymous transfer of funds to and from terrorist groups and their supporters. The paper highlights the need for further in-depth research into reliable ways to circumvent the current difficulties experienced in differentiating illicit transactions from legitimate ones and establishing reliable means of attribution. Originality/value Using a document published by ISIS, which provides would-be jihadists detailed instructions on how they can get to Syria or Iraq without being detected, a set of models were created showing how this could be achieved using Bitcoins alone. From this scenario, red flag indicators and suspicious behaviour models have been created to determine whether they can be identified during detailed analysis of the Bitcoin blockchain which will be conducted in later stages of research.
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Lv, Haotian, Yujie Mou, and Jiasheng Li. "Gold or Bitcoins based on ARIMA." BCP Business & Management 23 (August 4, 2022): 271–76. http://dx.doi.org/10.54691/bcpbm.v23i.1361.
Повний текст джерелаАнотація:
To be or not to be is the question that Hamlet thinks about day and night. Gold or Bitcoins is an inescapable choice for investors. With the ever rising and falling price of gold and bitcoin, making good trading decisions is of paramount importance. In this paper, we systematically investigate how data can be used to quantify the factors that influence trading and make the final decision. We build time series with the prices of gold and bitcoin for the past five years. We obtained forecast curves with excellent fit by seasonality analysis and ARIMA time series model forecasts.
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Terando, William D., Bryan Cataldi, and Brian E. Mennecke. "Impact of the IRC Section 475 Mark-to-Market Election on Bitcoin Taxation." ATA Journal of Legal Tax Research 15, no. 1 (February 1, 2017): 66–76. http://dx.doi.org/10.2308/jltr-52053.
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ABSTRACT IRS Notice 2014-21 provides that virtual convertible currencies, including Bitcoins, be treated as property rather than currency, and the general tax principles applicable to property transactions apply to all related transactions. In this paper, we suggest that the ambiguity created by relying on taxpayer intent/use creates an opportunity for Bitcoin traders to approximate the benefits of foreign currency designation under IRC Section 988 by making the IRC Section 475 mark-to-market (MTM) election. We suggest that the IRC Section 475 MTM election is appropriate for bitcoin traders as it allows them to convert unrealized losses into ordinary deductions and approximate foreign currency tax accounting treatment. We also suggest electing IRC Section 475 provides only marginal benefit to bitcoin dealers by accelerating pre-existing business losses to earlier periods through the mark-to-market adjustment.
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García-Medina, Andrés, and Toan Luu Duc Huynh. "What Drives Bitcoin? An Approach from Continuous Local Transfer Entropy and Deep Learning Classification Models." Entropy 23, no. 12 (November 26, 2021): 1582. http://dx.doi.org/10.3390/e23121582.
Повний текст джерелаАнотація:
Bitcoin has attracted attention from different market participants due to unpredictable price patterns. Sometimes, the price has exhibited big jumps. Bitcoin prices have also had extreme, unexpected crashes. We test the predictive power of a wide range of determinants on bitcoins’ price direction under the continuous transfer entropy approach as a feature selection criterion. Accordingly, the statistically significant assets in the sense of permutation test on the nearest neighbour estimation of local transfer entropy are used as features or explanatory variables in a deep learning classification model to predict the price direction of bitcoin. The proposed variable selection do not find significative the explanatory power of NASDAQ and Tesla. Under different scenarios and metrics, the best results are obtained using the significant drivers during the pandemic as validation. In the test, the accuracy increased in the post-pandemic scenario of July 2020 to January 2021 without drivers. In other words, our results indicate that in times of high volatility, Bitcoin seems to self-regulate and does not need additional drivers to improve the accuracy of the price direction.
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Quintino, Derick, Jessica Campoli, Heloisa Burnquist, and Paulo Ferreira. "Efficiency of the Brazilian Bitcoin: A DFA Approach." International Journal of Financial Studies 8, no. 2 (April 20, 2020): 25. http://dx.doi.org/10.3390/ijfs8020025.
Повний текст джерелаАнотація:
Bitcoin’s evolution has attracted the attention of investors and researchers looking for a better understanding of the efficiency of cryptocurrency markets, considering their prices and volatility. The purpose of this paper is to contribute to this understanding by studying the degree of persistence of the Bitcoin measured by the Hurst exponent, considering prices from the Brazilian market, and comparing with Bitcoin in USD as a benchmark. We applied Detrended Fluctuation Analysis (DFA), for the period from 9 April 2017 to 30 June 2018, using daily closing prices, with a total of 429 observations. We focused on two prices of Bitcoins resulting from negotiations made by two different Brazilian financial institutions: Foxbit and Mercado. The results indicate that Mercado and Foxbit returns tend to follow Bitcoin dynamics and all of them show persistent behavior, although the persistence in slightly higher for the Brazilian Bitcoin. However, this evidence does not necessarily mean opportunities for abnormal profits, as aspects such as liquidity or transaction costs could be impediments to this occurrence.
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Ehrke-Rabel, Tina, and Lily Zechner. "VAT Treatment of Cryptocurrency Intermediation Services." Intertax 48, Issue 5 (May 1, 2020): 498–514. http://dx.doi.org/10.54648/taxi2020046.
Повний текст джерелаАнотація:
The bitcoin blockchain was construed as a self-regulating system that would eliminate financial institutions serving as trusted third parties. Instead however, various new intermediaries emerged carrying out economic activities related to the blockchain. The most common 'gateways' are cryptocurrency exchange platforms and wallet providers. Moreover, bitcoin's main purpose has shifted from means of payment to speculation. In this article, the authors assess how the mentioned gateways are to be treated for value added tax purposes and challenge the Hedqvist-decision of the European Court of Justice against the backdrop of how bitcoins are being used today. Bitcoin, Ethereum, blockchain, cryptocurrency, token, exchange platform, wallet provider, intermediation, agent, undisclosed agent
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Dias, Daniel Durante Francisco, and Pedro Alberto Alves Maciel Filho. "Pode a bitcoin facilitar o cometimento do crime de lavagem de dinheiro?" Brazilian Journal of Development 8, no. 12 (December 13, 2022): 78715–30. http://dx.doi.org/10.34117/bjdv8n12-124.
Повний текст джерелаАнотація:
Umas das inovações que vêm gerando discussões na seara jurídica tratam-se das criptomoedas, especialmente da bitcoin, que é a criptomoeda precursora e com mais valor de mercado. A tecnologia da bitcoin garante um funcionamento descentralizado e, portanto, com total ausência de controle, tornando-a imune à soberania Estatal. Tal ausência de controle Estatal é visto por muitos como uma oportunidade para o cometimento de crimes, portanto, o problema e objeto central da presente investigação trata-se do surgimento da bitcoin, que em razão de suas caraterísticas únicas trouxe consigo novos desafios ao Direito Penal. Desta forma, questiona-se: pode a bitcoin facilitar o cometimento do crime de lavagem de dinheiro? Tem-se como hipótese que a bitcoin em razão de suas características, em especial as relativas à descentralização, poderia facilitar o cometimento do crime de lavagem de dinheiro, vez que um dinheiro oriundo de crime poderia se transformar em bitcoins, perdendo, portanto, o vínculo com o crime anterior praticado, ou seja, ocorrendo neste caso a lavagem de dinheiro utilizando-se da bitcoin. No tocante a metodologia, será utilizado o método lógico dedutivo a partir da revisão bibliográfica, buscando conceitos técnicos tanto da tecnologia quanto do Direito. Como resultado, a pesquisa demonstrou a hipótese como parcialmente verdadeira, pois, embora a bitcoin seja um facilitador, na realidade não é o melhor facilitador por ter formas de rastreio das transações realizadas, ficando atrás de métodos tradicionais utilizados pelo crime, como por exemplo, a lavagem de dinheiro com moedas correntes.
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Saputro, Janu Ilham, Ade Agung Rahmadani, Diaz Mauludin Sriyono, Hizkia Yuliyanto, and Nia Adelina Silaban. "Human Development and the Business Model Impact of Bitcoin Transactions." Blockchain Frontier Technology 2, no. 2 (November 11, 2022): 64–69. http://dx.doi.org/10.34306/bfront.v2i2.212.
Повний текст джерелаАнотація:
This essay provides characteristics of three emerging business models to comprehend the logic and importance of business model design about the impact of bitcoin transactions on human development. This essay argues that a business model is a social construction that describes how value is produced, and that value production requires human agency. The creation of value through a human agency is demonstrated by the use of bitcoins. Some businesses are changing how they conduct business as a result of the decentralization of financial transactions in a global internet information architecture. The highest volume of cryptocurrency exchanged to date, bitcoin, is supported by this infrastructure. It seems that bitcoin is having an impact on new company models. However, little is known about the development of these models and their implications. This paper provides a theoretical framework for understanding the logic and worth of business models about the use of bitcoin and human agency. It examines the impact of bitcoin transactions on human development. The results show that where people have access to the internet, there is a favorable association between bitcoin transactions and human development. Cluster analysis is used to analyze the logic and value of business model design from the bitcoin effect based on various variables. The evolving paradigms that each of these nations represents are divided into three groups. This paper's contribution is to reveal the bitcoin effect, which is evident in the new business models it makes possible. Based on the logic of its design, this can be used as a lens to analyze the value produced by a bitcoin business model.
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Makarov, I., and A. Schoar. "Blockchain analysis of the Bitcoin market. (Part 3)." Scientific and Technical Libraries, no. 11 (December 14, 2022): 135–74. http://dx.doi.org/10.33186/1027-3689-2022-11-135-152.
Повний текст джерелаАнотація:
The detailed analysis of the Bitcoin network and its main participants. The expert authors (Igor Makarov, London School of Economics, Antoinette Schoar, MIT Sloan School of Management) completed the study authorized by the National Bureau of Economic Research (NBER), the US-based private agency. The Bitcoin network is defined as a new database comprising many of public and proprietary sources to link bitcoin address to real object, and an extensive set of algorithms to extract information on market key players behavior. Three major pieces of analysis of the Bitcoin eco-system were conducted. First, the authors analyze the transaction volume and network structure of the main participants on the blockchain. Second, they document the concentration and regional composition of the miners which are the backbone of the verification protocol and ensure the integrity of the blockchain ledger. Finally, they analyze the ownership concentration of the largest holders of Bitcoin. The researchers found that 1/3 of all bitcoins issued were owned by 10,000 individual investors. They conclude that the high concentration makes the first cryptocurrency market vulnerable to hypothetical hacker attack. The translator notes that paraphrasing English text in Russian was rather challenging due to the newness of the financial agenda and introduction of the term entity extensively used in the Western countries though new to Russia. Nevertheless, it is necessary to introduce readers to the bitcoin technology which will be also practical and useful for the library and information community.
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Koziuk, Viktor. "What do cross-country Bitcoin holdings tell us? Monetary and institutional discontent vs financial development." Investment Management and Financial Innovations 19, no. 1 (February 21, 2022): 168–85. http://dx.doi.org/10.21511/imfi.19(1).2022.13.
Повний текст джерелаАнотація:
Cryptocurrencies show tremendous growth by market capitalization, however Bitcoin cross-country holdings are still in question. The purpose of the paper is to show that inflation discontent with the rule of law failures can explain why residents of different countries are prone to cryptocurrency holdings. The level of financial development is also considered. A hypothesis is proposed for more complex and segmented motives of Bitcoin holdings, tested by the OLS method. Single- and multi-factor regressions with independent variables are used, which can validate cross-country Bitcoin holdings in terms of inflation discontent, quality of institutions and financial development. Regression results confirm the idea of more segmented motives to hold Bitcoins. First, the hedge against inflation motive is rooted in the institutional weakness of central banks, and the regression results show that inflation variables are the most significant. Second, the hedge against institutional risks of asset ownership motive, based on the lack of rule of law and the relevant variable, is best performing among other institutional variables. Third, it is wrong to neglect financial development. However, it only plays a role in interaction with better innovation performance, meaning that crypto investors try not only to diversify their portfolios, but also to profit from involving in a sector with promising technological perspectives. The main takeaway is that institutional factors help explain why people in countries with worsened inflation and institutional performance tend to hold a large fraction of Bitcoins in assets. Obviously, monetary and institutional fragility is underestimated in the general discussion about the nature of digital money.
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Sejal Anil Battuwar and Nagalakshmi S. "Cryptocurrency and Bitcoin as Buzzwords in Fintech: An In-Depth Review." Integrated Journal for Research in Arts and Humanities 2, no. 3 (May 18, 2022): 20–24. http://dx.doi.org/10.55544/ijrah.2.3.25.
Повний текст джерелаАнотація:
Unlike many other nascent technologies, Bitcoin seems to have progressed past the first phases of acceptability. This issue even impacted autos. It is probable that one of the key causes leading to the fall of cryptocurrencies is the fact that Bitcoin has begun to carve out a niche for itself. At this point, we cannot say if Bitcoin will ever attain broad adoption in global markets, although it is possible. (www.ijbmcnet.com) 8 The Bitcoin community has given itself the goal of infiltrating the mainstream via the development of new features and the resolution of long-standing difficulties, according to the Center for Contemporary Research. Not alone does Bitcoin have a committed following; other cryptocurrencies do as well. You may learn more about bitcoins and other cryptocurrencies by researching them. It would be advantageous to do study on the long-term influence of Bitcoin on the performance of fiat currencies, and then compare the results to those acquired in countries that are beginning to embrace government-issued cryptocurrencies. Microtransaction capabilities may enable bitcoin to satisfy a need in the economy that traditional state-sponsored currencies are unable to meet; nevertheless, this will require a thorough examination of the markets and the economy. Block chain technology, which underpins Bitcoin, may also be used to create smart contracts (Hileman, 2016). When a certain incident occurs, a pre-programmed payment is made. Given that this is often handled by the whole accounting department of the organisation, there is a lot of space for future progress in this area. Finally, a cryptocurrency is a kind of digital asset created when data is encrypted. Through the deployment of a cloud-based infrastructure, the music business has raised public awareness of digital property.
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LISIECKI, Leszek, and Kamil KUCHARSKI. "ANONYMITY OF BITCOIN AS A SECURITY THREAT." National Security Studies 7, no. 1 (May 12, 2015): 197–208. http://dx.doi.org/10.37055/sbn/135291.
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Proces globalizacji i rewolucji informacyjnej to zjawiska, które determinują rzeczywistość społeczno-gospodarczą współczesnego świata. Znalazły one praktyczne odzwierciedlenie w funkcjonowaniu systemów pieniężnych w globalnej gospodarce światowej, przede wszystkim w nowej postaci cyberwaluty, jaką jest bitcoin. Przedmiotem artykułu są przesłanki powstania, istota, zasady i sposób działania bitcoina. Jego cechy oraz coraz szerszy zakres funkcjonowania tej cyberwaluty mogą w przyszłości zagrażać bezpieczeństwu w wymiarze społecznym, gospodarczym i międzynarodowym.
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Ilk, Noyan, Guangzhi Shang, Shaokun Fan, and J. Leon Zhao. "Stability of Transaction Fees in Bitcoin: A Supply and Demand Perspective." MIS Quarterly 45, no. 2 (June 1, 2021): 563–692. http://dx.doi.org/10.25300/misq/2021/15718.
Повний текст джерелаАнотація:
Cryptocurrencies such as Bitcoin are breakthrough financial technologies that promise to revolutionize the digital economy. Unfortunately, their long-term adoption in the business world is imperiled by a lack of stability that manifests as dramatic swings in transaction fees and severe participant dissatisfaction. To date, there has been little academic effort to study how system participants react to volatility in fee movements. Our study addresses this research gap by conceptualizing the Bitcoin platform as a data space market and studying how market equilibrium forms between users who demand data space while trying to avoid transaction delays, and miners who supply data space while trying to maximize fee revenues. Our empirical analysis based on past bitcoin transactions reveals the existence of a relatively flat downward-sloping demand curve and a much steeper upward-sloping supply curve. Regarding users, the inelastic nature of demand signals the utility of Bitcoin as a niche platform for transactions that are otherwise difficult to conduct. This result challenges the belief that users may easily abandon Bitcoin technology given rising transaction costs. We also find that the use of bitcoins as a trading asset is associated with higher levels of tolerance to fees. Regarding miners, the comparatively elastic nature of supply indicates that higher fees stimulate mining by a larger magnitude than suppressing demand. This finding implies that, ceteris paribus, the Bitcoin system turns to self-regulate transaction fees in an efficient manner. Our work has implications for the management of congestion in blockchain-based systems and more broadly for the stability of cryptocurrency markets.
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Aliehyaei, Mehdi, Ali Tofighi, Marc A. Rosen, Hamed Afshari, Solmaz Gheisari, and Amir Safari. "Development a policy for the production of Bitcoins with renewable energy sources." Future Energy 3, no. 2 (May 15, 2024): 16–23. http://dx.doi.org/10.55670/fpll.fuen.3.2.2.
Повний текст джерелаАнотація:
Bitcoin, the first decentralized digital currency introduced by an anonymous person or group since 2008, has attracted worldwide attention. A significant number of economists have introduced Bitcoin as a new phenomenon in the 21st century that could reduce global inflation. Given the tens of thousands of digital currencies that have emerged since the advent of Bitcoin and its price growth trend over more than a decade, which are signs of the growth of this business. In addition to being money, Bitcoin has always been considered a tool for investing and storing value, which is why it is called digital gold. One of the most important problems in the production or extraction of Bitcoins is the high-power consumption by miners. If the energy sources of electricity generation are supplied by non-renewable energy sources, in addition to emitting air pollutant gases, it will increase greenhouse gases and consequently contribute to climate change. In this research, based on the idea of the authors, which is that the economic support of Bitcoin is energy, a strategy for producing Bitcoin from renewable energy sources is considered. First, the amount of electrical energy consumption by Bitcoin production is calculated based on statistical data, and then based on the price of electricity in different countries of the world and its global average, the base price of Bitcoin is calculated. In the following, four scenarios are proposed for the production of Bitcoin by electricity supplied from non-renewable energy sources. These scenarios include coal-fired steam power plants, natural gas-fired power plants, natural gas/oil gas-fired power plants, and dual-cycle (steam and gas cycles) natural gas-fired power plants. Based on the amount of electricity required to produce one Bitcoin, the amount of pollutants emitted to produce Bitcoin and its social costs are calculated. These costs should be added to the base cost of Bitcoin production if non-renewable energy sources are used to produce Bitcoin. Then, renewable energy sources for Bitcoin production based on the price of electricity generated by renewable energy sources are examined. Based on the analyses, how to choose the best renewable energy source to produce Bitcoin is presented as a scenario. This article briefly answers two key questions: 1. At what price of Bitcoin is it cost-effective for governments to produce it? 2. What is the best renewable energy source to produce it? These two questions can be useful in creating a roadmap and strategy for economists and governments.
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Veerpalu, Anne. "Decentralised Technology and Technology Neutrality in Legal Rules: An Analysis of De Voogd and Hedqvist." Baltic Journal of Law & Politics 11, no. 2 (December 1, 2018): 61–94. http://dx.doi.org/10.2478/bjlp-2018-0011.
Повний текст джерелаАнотація:
Abstract This article looks at whether the principle of technology neutrality can be applied to the centralised-decentralised scale in a manner similar to its application to the offline-online scale. The analysis is based on two cases of similar circumstances relating to bitcoin exchanges run by early adopters in Estonia and Sweden. The cases exhibit two different ex ante legislative approaches aimed at payments in currencies and the interpretation of the respective legislation by the judiciary in applying these rules to bitcoins and to the activity of exchanging bitcoins. The article examines whether the legal rules applied to the payment infrastructure of currencies were technology neutral and also implemented neutrally or whether, contrary to the principle, there was difference of treatment of decentralised technology outputs – bitcoins – from the centralised technology outputs – legal tender – irrelevant of the functional equivalence of these units of payment.
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Maram, Balajee. "Bitcoin Generation using Blockchain Technology." JOIV : International Journal on Informatics Visualization 2, no. 3 (April 20, 2018): 127. http://dx.doi.org/10.30630/joiv.2.3.109.
Повний текст джерелаАнотація:
There are limitations in client-server model of communication. Distributed architecture provides good accessibility to all the nodes in the network. A blockchain technology is follows distributed model. In the digital era, all the transactions are available in the digital form is called a ledger. This ledger belongs to all the users in the network are shared by all the users in the network. Every transaction is monitored and verified by every user in the network. The blockchain is a chain of blocks that contains a collection of transactions. Bitcoin is a cryptocurrency, depends on blockchain technology. The Bitcoins are generated from the mining of a block for the miner. Every user knows about each and every Bitcoin transaction in the blockchain network. The block is immutable, because every block is verified by each customer in the blockchain network. This is the initiation for new trend for security to the digital transactions in the world. This paper presents the logic in the blockchain and Bitcoin generation process using blockchain technology.
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Holzmann, Gustavo, and Michel Scotti. "Bitcoin." Academia de Direito 4 (September 29, 2022): 1451–75. http://dx.doi.org/10.24302/acaddir.v4.3288.
Повний текст джерелаАнотація:
Este trabalho tem a proposta de apresentar, de forma conceitual, os novos mecanismos monetários em formato de moedas eletrônicas, como as chamadas criptomoedas, bem como analisar a natureza jurídica do Bitcoin e seus efeitos no ordenamento jurídico brasileiro, verificando como o direito brasileiro classifica o instituto a priori. O método de pesquisa foi essencialmente o bibliográfico, analisando-se artigos científicos, documentos institucionais e doutrinas. Devido à especificidade técnica das criptomoedas, o estudo foi limitado a moeda eletrônica chamada de Bitcoin. Inicialmente apresentou-se uma breve história do surgimento dos Bitcoins de forma a esclarecer esta proposta inovadora de transação financeira eletrônica on-line. Posteriormente passou-se aos conceitos básicos, características e o modo de operação destes. Uma vez definidas as premissas técnicas indispensáveis ao presente estudo analisam-se as funções dos Bitcoins como dinheiro on-line, seus benefícios e desafios em relação à volatilidade, e principalmente os aspectos jurídicos em relação a segurança e funcionalidades do intuito. Conclui-se, que no futuro as transações financeiras serão totalmente digitais, livres de taxas e barreiras entre os usuários e que o acesso será totalmente independente de instituições financeiras. Assim, é de grande importância que as transações sejam efetuadas seguindo todos protocolos de segurança possíveis, oferecidos pela criptografia.
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Makarova, Mariana. "The influence of bitcoin ecosystem on digital economy." Economics, ecology, socium 2, no. 3 (November 8, 2018): 35–44. http://dx.doi.org/10.31520/2616-7107/2018.2.3-4.
Повний текст джерелаАнотація:
Introduction. Bitcoin is a digital, decentralized, partially anonymous currency, not supported by any government or legal entity and not provided with gold or other goods. It relies on a peer-to-peer network and cryptography to maintain its integrity. The proponents claim that Bitcoin has many properties that could make it an ideal currency for consumers and merchants in a modern digital economy.
Aim and tasks. The purpose of article was to determine and analyze impact of Bitcoin ecosystem on global digital economy. The research objectives were as follows: to specify the concept of Bitcoin ecosystem; to study the trends and prospects of cryptocurrencies development; to determine the role of Bitcoin as an alternative mean of preserving capital for investors – «gold bugs»; to compare the influence of gold and Bitcoin on development of a world financial system; to study the importance of Bitcoin and gold as financial assets of digital economy and the role of Bitcoin as a financial instrument inherent in this economy.
Research results. The concept of Bitcoin ecosystem, its main components, factors and risks of development in historical and logical aspects are considered. The tendencies and prospects of cryptocurrencies development, particullary Bitcoin, their influence on traditional E-commerce, conduction of micro-payments, calculations in a field of virtual games are investigated. The role of Bitcoin as an alternative mean of capital preservation for a certain type of investors is determined. The comparative analysis of an influence of gold and Bitcoin on development of world financial system in historical aspect has been carried out. The conclusions are made about role of cryptocurrency (bitcoin) and gold as financial assets of digital economy. The role of Bitcoin as a financial tool corresponding to service requirements of actors of digital economy is determined.
Conclusion. In last few years in many countries the large-scale Bitcoin-ecosystem and economy has developed with tens of millions of Bitcoins which daily change owners in electronic transactions. These funds still have a small amount relative to the rest of world's trading assets and economy.
Today, while the digital currencies work in the semi-legal field in most countries, they may be a danger to national securities laws, be an instrument for tax evasion, illegal banking, money laundering, illicit drug trafficking, etc. This ability should be considered as one of the most unsafe risks of the functioning for Bitcoin ecosystem.
But this is just the beginning of transformations for globalized system, since both society, economy and finance will become fully digital. The problem now is how to find right application for cryptocurrency, so that it becomes a paradigm of financial trust for humanity, as was previously with gold.
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Mittal, Alka. "AN ANALYTICAL STUDY OF PRESENT POSITION OF BITCOINS." International Journal of Research -GRANTHAALAYAH 5, no. 1 (January 31, 2017): 386–94. http://dx.doi.org/10.29121/granthaalayah.v5.i1.2017.1913.
Повний текст джерелаАнотація:
Bitcoin is a virtual currency that is created from computer code. It has no central bank and is not backed by any government. But it can be exchanged for goods and services or for any other currencies. They were launched in 2009 as a bit of software written under the name Satoshi Nakamoto. The present paper analyse the Indian Tax and legal considerations regarding Bit coins. It also analyse the problems and risks related with Bitcoins.
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Wiśniewska, Anna. "Waluty wirtualne w kontekście teorematu regresji Ludwiga von Misesa." Catallaxy 2, no. 1 (June 30, 2017): 37. http://dx.doi.org/10.24136/cxy.v2i1.4.
Повний текст джерелаАнотація:
Motywacja: Dynamiczny rozwój rynku walut wirtualnych, zapoczątkowany przez powstanie bitcoina, stawia przed teoretykami ekonomii wiele wyzwań. Jednym z problemów przez nich podnoszonych jest kwestia spełniania przez waluty wirtualne teorematu regresji. Problem ten jest główną przeszkodą w uznaniu określonych walut wirtualnych za pieniądz. Dotychczasowe badania w tym zakresie obejmują prawie wyłącznie bitcoina i jedynie sygnalizują problem przy okazji innych rozważań.Cel: Celem artykułu jest odpowiedź na pytanie, czy i w jakim stopniu waluty wirtualne spełniają teoremat regresji L. von Misesa.Wyniki: W artykule przyjęto założenie, że te kryptowaluty, powstałe w ramach projektów, których nie były bezpośrednim celem, mają większe szanse na posiadanie wartości niepieniężnej niż te, których wykreowanie było głównym celem projektu, tzn. takie, które miały za zadanie stać się pieniądzem. Przeprowadzona analiza studiów przypadku trzech kryptowalut: bitcoin, ether oraz factoid wykazała, że określenie wartości niepieniężnej poszczególnych walut wirtualnych, nie zawsze jest możliwe oraz zasadne. W przypadku bitcoina można uznać, że nie narusza on teorematu regresji, a wręcz posiada wiele cech niepieniężnych. Pozostałe dwie kryptowaluty, jak dotąd, nie pełnią funkcji płatniczej poza projektem, w ramach którego powstały.
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Pelucio-Grecco, Marta Cristina, Jacinto Pedro dos Santos Neto, and Diego Constancio. "Accounting for bitcoins in light of IFRS and tax aspects." Revista Contabilidade & Finanças 31, no. 83 (August 2020): 275–82. http://dx.doi.org/10.1590/1808-057x201909110.
Повний текст джерелаАнотація:
Abstract This essay presents recommendations in regard to accounting for operations that involve bitcoins, in compliance with the International Financial Reporting Standards (IFRS), and analyzes their main tax aspects. There is no specific pronouncement on the part of the International Accounting Standards Board (IASB) or from the Brazilian Accounting Pronouncements Committee (CPC) regarding the accounting treatment to be applied in operations that use these currencies. Bitcoin is of interest to economists as a virtual currency with the potential to disrupt existing payment systems and even monetary systems. This essay offers a contribution for standard-setters and the tax authority (fisco) by providing the basis for possible guidelines to be issued on the accounting treatment of bitcoin operations, as well as by defining the appropriate tax treatment; in addition, it makes a contribution for accounting professionals by suggesting the accounting policy to be adopted in these operations. Here, the analysis of the characteristics of bitcoins is compared with the guidelines and concepts of IFRS, in order to elaborate the recommendation for accounting treatment, and it suggests that the most adequate procedure would be that of foreign currency, which would go against the tax treatment adopted up until now by the Brazilian Internal Revenue Service (Receita Federal) or the Internal Revenue Service (IRS) of the United States of America (USA), which suggest treating virtual currencies as goods and not as currencies. It warrants mentioning that this contradiction may cause tax risks for taxpayers.