Bitcoin Risks And Opportunity : Bitcoin

According to Campbell (2011), bitcoin is a form of digital currency, created and held electronics with no one to control it. It is the first demoralization peer to peer payment network with digital currency without any associating with any banking institution, any nation, or any centralized source of origin. Bitcoins are described as the "digital coins” that can sent through the internet. They are created as a reward for payment processing work in which users offer their computing power. It is to verify and record payments into the public ledger. Bitcoin can be used for buying and selling products or service where they also can be exchange for fiat money. On the whole, the bitcoins prices are set up by the market demand and supply. All the bitcoins and users have their own unique identity and each transaction is recorded in a public ledger according to European Parliamentary Research Service, 2014. This public ledger acts as a digital financial record book with a record of all Bitcoin transactions in chronological order. Users can use bitcoins network by downloading the free and open source software. It has a publicly available control code. By buying bitcoins with conventional money on one of the exchange platforms, users

A cryptocurrency is a form of monetary units that acts similarly to any currencies in the world. It is a computer generated data that forms itself into a store of value. According to Kimura (2017), “A cryptocurrency is basically money on software platforms.” One of the great examples is Bitcoin. It was the first cryptocurrency that existed and appeared in 2009. Soon, many other cryptocurrency such as Litecoin and Ethereum started to appear in the global market.

As the year of 2018 approaches, technology is advancing quickly to come up with new software’s and devices. These new inventions are helping individuals and corporations succeed in their path to innovation. With new devices like the iPhone X, people are starting to get a feel of what the future looks like. Apple brought out the device with features like face recognition and other great qualities that might make people say, “This is the future”. Devices like the new iPhone are leading to new lifestyles with less effort needed from the individual; however, other devices and software have been developed to improve life on a global level. For example, virtual currency is the leading innovation available now that is creating a big change on the global scale. It is reshaping, improving, and building economies for many countries, thus leading to the change of the overall world economy. It is rapidly rising since the population of the world is growing more aware of its existence and utilities. One can safely say that virtual currency is making positive change to the world and is building the structure of future monetary systems.

Bitcoin is an amazing currency that can be unpredictable in movement. It can skyrocket in value and also go down in value depending on the movement of the market and it has the capacity to solve many of the negative issues our legal currencies are suffering from.

The miner gets a reward, a portion of the system’s transactions becomes public so everyone can read it, and accordingly verify if everything is in order. All seems to work in theory, but as we shall see, some of what Bitcoin brings to the table isn’t always theoretically proven. Indeed, some of the implementations, despite being unproven are rather pragmatic, yet still fall under scrutiny and the vast umbrella of research. Like any system, Bitcoin has its strengths and weaknesses. A booming popularity now eggs the question: will Bitcoin be scalable in the future? Just because the mass is bombarded by articles claiming Bitcoin is the new revolution does not make it prone to attacks. In fact, quite the contrary, thanks to its popularity and the digital aspect of the currency, we can expect attackers to multiply and try to take advantage of every available vulnerability at each adequate time to steal bitcoins, or more generally, disrupt the entire system. Many alternatives, less popular than the original, have been erected. Their roles and takes vary depending on the issue they want to tackle. This article will focus on cryptocurrencies that were based off the Blockchain. Alternative chains and protocols/extensions will be discussed; however, altcoins will

Since the creation of Bitcoin in 2009, cryptocurrencies have gained an increasing amount of media attention. Ever since Bitcoin first began trading, investors as well as miners have proclaimed the positive and negative aspects of the virtual currency, though the fluctuation in price of Bitcoin has been very difficult to determine. This research paper look analyzes some of the issues that must be addressed to ensure the future of Bitcoin.

With its debut in 2008, Bitcoin represents the first form of Digital Currency. The currency was the resulting financial reward from computer-generated ‘mining’ or solving of special cryptographic coding puzzles, thus forming encrypted and unique blockchains (or blocks of code and confirmation data to communicate back with other finished coins or processing centers). The currency was formatted to be completely decentralized from control, while offering a means for low-cost transactions via a global peer-to-peer network requiring no intermediaries (such as banks or payment processors), and presumed

Due to the rapid development of a cryptocurrency environment, the value of Bitcoin is becoming even stronger. Unlike other digital currency, Bitcoin is constantly showing its positive dynamics in terms of price and public acceptance. It becomes obvious after recent exchange rate increase, which is 1113.5$ now according to CEX.io.

The future of finance could be dominated by blockchain technologies. A traceable global currency complete with an efficient infrastructure will not only result in massive cost reduction for all market participants, it will change global banking. Bitcoin will do for payments what email did for communication. Although blockchain technology may have a bright future ahead, there are still major hurdles for it to overcome, particularly when it comes to its legality. Already, some countries have already put massive restrictions

Antifragile as the coding used is public, meaning the public can find and fix bugs and and the more people try to attack the system, the more it is protected by those invested in it with the mathematical knowledge to solve to the hacking attempts.

The term Bitcoin first came to light around 2008. Bitcoin is a digital form of currency (aka cryptocurrency) that can be traded on the internet around the world and it quickly stroked the interest of IT savvy enthusiast for its cleverness and libertarian who saw it as means of non-governmental controlled currency, but the “icing on the cake” was Bitcoin can be used anonymously. This in turn has attracted the dark side of illegal trades of narcotics, weapons and a varying sort of illegal services to adopt the use of this new age digital currency. Using Bitcoin helps to hide the illegal transaction trails. (Corderoy, 2016)

It is important to note, that while Bitcoin can be very difficult to understand, most people don't fully understand most of today’s

The virtual and the real economic worlds are intermingling more than ever before, raising the possibility that cryptocurrency might eventually replace the government-run system of euros, dollars and yen. Before extensively explaining why Bitcoin, a virtual currency, will have a financial impact, we must first understand what it is exactly. Bitcoin is an online digital currency, created in 2009 by a Japanese man with the pseudonym “Satoshi Nakamoto”.¹ While many believe this currency is backed by a physical institution or pegged by a commodity, it is simply a mathematical algorithm free of regulation that acts as an alternative to the banking system. With digital currency such as Bitcoin, there is no central bank or government to trust, you’ve just got to trust the math. People are losing faith in traditional credit unions and are looking for new stores of value. CryptoCurrency allows anybody to have a bank in their pocket. Simply put, the way the internet changed how the world communicates, bitcoin changes the way money works.

The article “The problem with Bitcoin” is on software Bitcoin which designed to revive money. This article represents how the software works, how it can be dangerous. The Bitcoin network launched in 2009 by Satoshi Nakamoto who has disappeared after a year and nobody knows who he actually was. He designed crypto –currency to decrease the interference of corruption. However, both researcher and criminals are aware of ways to do corruption.

Unlike dollars and Euros, bitcoins are wholly virtual. They are being touted as substitutes for normal currencies in the years to come. This is evidenced by the growing number of organizations and business establishments that are accepting cryptocurrencies. Bitcoins are the most popular cryptocurrencies. This virtual currency was created in 2009 by a mysterious figure only identifiable as Nakamoto Satoshi. His true identity has never been known. Bitcoins have appreciated in value from the cents they were worth in 2009 to the current of $20,000 apiece in December 2017. Bitcoins are decentralized as they are not regulated by any central authority. It represents a peer-to-peer method of payment where a