Bitcoin Analysis On The Bitcoin Industry

Cryptocurrency is a digital asset that serves as a medium of exchange with no central authority and was created to prevent the issue of double spending. This problem is solved with the use of blockchains where miners confirm transactions on a public ledger. As of today, there are over 1,000 different types of cryptocurrencies, and at least 600 of these have listed market caps of over $100,000. Bitcoin, Ethereum and Litecoin are top cryptocurrencies trading today with their combined market cap topping $331B. Bitcoin, created in 2009, is the biggest cryptocurrency and has recently reached a net value of over $270 billion, with much of its growth being in the last few months. This has led to much

Consumers tend to be comfortable with virtual transactions and they also prefer payments using electronic systems to cash. There is an increase of accessing personal information to online platform (DeVries, 2016). However, the awareness of customer is likely to be a limiting factor for cryptocurrency to adapt into monetary market. According to Consumer Cryptocurrency Survey, there is only 6% of participants “very” familiar with cryptocurrency, particularly Bitcoin (PwC 's Financial Services Institute, 2015).

The most famous cryptocurrency, Bitcoin (BTC), has surpassed a $5k USD market value on October 12th. People who boarded the bandwagon early are now rejoicing on their fruitful intuition. After several years of unfulfilled promises, the cryptocurrency market has shown huge growth in the past couple of months.

Currency acts as a store of value, a medium of exchange and a unit of account. Physical currencies are promissory notes payable to the bearer on demand. Digital currencies are internet-based form of currency. They represent both developments in payment systems and a new type of currency. Digital currencies, in hypothesis, serve as money, at present day they act as money to a small amount of individuals and institutions. It has been often questioned as whether the decentralised digital currency, such as Bitcoin and Litecoin, will emerge as the preferred method of payment for Internet Services or will remain a superficial payment method compared to well established existing payment systems.

Bitcoin is a network that enables a different type of payment system it is used a lot for purchasing objects of the dark web and completely digital money. It is the first peer-to-peer payment network that is powered by its users with no central authority or middlemen (someone who buys goods from producers and sells them to retailers or consumers). From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.

First, if it's still an international concept for you, cryptocurrency is any of a number of digital money that can be made use of for online deals without intermediaries such as financial institutions. Without financial institutions, cryptocurrency can be traded and made use of for business between 2 or even more individuals without the oversight-- as well as expense-- of those intermediaries.

Bitcoin is known as the very first decentralized digital currency, they're basically coins that can send through the Internet. 2009 was the year where bitcoin was born. The creator's name is unknown, however the alias Satoshi Nakamoto was given to this person.

Bitcoins, referred as magic internet money, the new currency of the future; the question is when is it going to become socially acceptable? Created in 2009, the Bitcoin is forcing world governments to react to the phenomenon of digital currency. The Bitcoin, valued today at $480.42, making it the most valued currency around the world by several hundred dollars. If this is true, why does no one invest nor pays attention to the threads of the miracle Bitcoin? Warren E. Buffett, investing titan, commented one day on the Bitcoin stating that it’s just a “mirage” and that any person thinking to invest in it should “stay away.” Many other Fortune 500 companies like J.P. Morgan and Wells Fargo have also taken opposition against the Bitcoin with the same reasons as Warren Buffett himself.

Bitcoin (BTC), a cryptocurrency, is a type of digital currency which was introduced in 2009 by pseudonymous developer "Satoshi Nakamoto". Since then 12 million bitcoins have come into existence with a current market cap of around 8 billion USD [1]. The algorithm is designed as to allow only 21 million BTC to come into existence ever. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network [2]. Bitcoin is not the first attempt. But none have managed before to take off so dramatically and with such wide adoption to achieve escape velocity. The questions which are important now are how the bitcoin managed this success in

Nowadays, the Internet has implemented great impacts on people’s life, and it also has changed the business world significantly. In order for companies to cope up with the changing customer demands, they must adopt new technologies not only to support their business functions but also to reduce paper works, reduce costs, and provide better services. Bitcoin is a currency of the Internet, distributed, worldwide, decentralized digital money that be developed as a new payment method. In Australia, the regulator has defined Bitcoin as property instead of currency for accounting purposes (King, 2015 February). Although Bitcoins are not materially existed, it can be exchanged for goods and services at places that accept it, the same way you would give someone a dollar for a cookie.

Bitcoin is virtual currency system created by a computer programmer using the alias Satoshi Nakamoto and is defined by its lack of a physical form (Craig, Murphy, and Seitzinger). Bitcoin is not a form of legal tender backed by any sort of government body nor is it supplied, regulated, or restricted by a bank (Craig, Murphy, and Seitzinger). An outline of Nakamoto’s bitcoin system was published in October of 2008 before it was released a few months later in January of 2009 as an open source; in layman terms, the computer code became open to the public, revolutionizing the concept of virtual currency (“An Abridged History…”). The bitcoin system successfully implemented a direct peer to peer transaction service derived from the principles of cryptography, or the secret exchange of information by enciphering and deciphering code (Merriam Webster). Bitcoin is a private, decentralized network that ensures all aspects of the exchange are executed by the users of the system, rather than by a central controlling entity, effectively eliminating the need for parties to use traditional online payment systems, such as PayPal or other credit

Litecoin – is the second largest cryptocurrency in terms of capitalization in the market today. It reached a market cap of $1 billion by the end of the year, 2013. The litecoin was primarily created as an improvement to the Bitcoin, the market leader. Among the added features are - mining capabilities with the use of an ordinary desktop computer, faster processing time (2.5 minutes versus 10 minutes for Bitcoin), and a maximum limit (84 million versus 21 million) which is four times more than Bitcoin, its leading rival.

To start off primarily, Bitcoin is a digital currency as opposed to physical currency that we’re accustomed to and use in our daily life. Straight off their site, Bitcoin is described as a pseudo-anonymous, P2P technology operating with no central authority or banks, it’s open-source, public, owned by no one and open for everybody to take part; but what does that all mean? “Bitcoin is the leader in a new generation of emerging currencies known as “cryptocurrencies” which aim to, among other things, facilitate the movement of money electronically while still maintaining a sense of privacy,” (Hobson)

Blockchain Technology supports a distributed ledger system and maintains a growing list of records that are confirmed by the participating people. In blockchain framework, each transaction is recorded in public ledger and stores the information of the transaction. In Current scenario, all the currency transactions between persons or entities are centralized and controlled by some other organizations (Interoperability team). Transferring money will needs bank and merchants who process the payments and they charge fee for each transaction. This is the common phenomenon in every domain and this complexity is simplified by Blockchain technology by creating decentralized environment where no interoperability team is required to control the

Ethereum is an open generic blockchain platform developed by the Ethereum Foundation, a Swiss nonprofit organization [11]. It supports permissionless transactions on both public and private network, which means anybody is allowed to participate in the network. Ethereum works on the premise that all participants have to reach a consensus over the order of all transactions that have taken place and have access to all entries ever recorded. It uses tokens via smart contracts code written in Solidity and ether as currency. To prevent double-spending transactions, it enforces a proof of work (PoW) by the miners. However, this normally has an effect on its performance [10].