Cultural Background Of Bitcoin And Bitcoin

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

With the increasing multicultural population developing cultural competency has been a dynamic challenging process for healthcare providers to find a common ground between the individual and provider and is the goal for delivering holistic, cultural sensitivity care throughout every health care setting (Engebretson, n.d.). Throughout this paper I will discuss the four generations by defining and describing them, explain which group I belong to and how I fit within that generation group. I will further discuss another group which I do not belong and explain how each generational group can learn from each other.

The Second Law of Thermodynamics (also called the Law of Entropy) states that, generally, the universe moves from order and structure to a state of disorder. What we witness around is staggering complexity. Complexity has found its way into economics too. Eric Beinhocker, the author of “The Origin of Wealth”, estimates that in New York City alone, there are some 10 billion SKUs, or distinct commodities, being traded in a day. This is why, when an invention as simple as bitcoins was created, it made the economy uneasy. Over the past years, there has been an increase in interst in the cryptocurrency system by financial institutions and governments. However, their position is typically stated by “I like blockchain but not bitcoin.”

Wall Street is going gaga for blockchain. According to a recent report from the World Economic Forum (WEF), over $1.4 bn has been invested in blockchain technology in the past three years, with over 90 firms coalescing into rival groups. The motivation is clear. Distributed ledger technology, commonly known as blockchain, and the underlying idea behind crypto-currency bitcoin, promises to revolutionize the infrastructure of modern finance and investment.

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.

Many people who have heard of bitcoins struggle to understand how it can have an actual, tangible dollar value. The idea of money not backed by any government or authority having value sounds absurd. For that matter, most people fail to think about the value of any traditional ‘fiat’ currency. After all it is just paper isn’t it?

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.

In December 2013, after a series of governments’ legislation was passed, the price of Bitcoin crashed. While many hoped for a revival, the prices continued to plummet until they reached low of $200. In one short year, the price had fallen to one-sixth of its previous high (“Complete Bitcoin’s Price Chart”). This fall proved what many thought; Bitcoin was a hoax.

Bitcoins first emerged in 2009, when Satoshi Nakamoto published its specification, in a cryptography mailing list. (Bitcoin.org, 2014) Bitcoins are seen as digital tokens used as electronic versions of cash. (Mullan, 2014) To perform a transaction, Bitcoin users have to download client software and create online wallets, either on electronic devices

The crisis had exposed many of the shortcomings in the existing financial and political systems, creating a large desire for alternatives (Popper IV). Many saw Bitcoin as the answer as it was free of any sort of central government.

As a result, these retailers often pass the cost onto the consumers. Bitcoin helps tackle the problem, not only by lowering the transaction fee, but also by splitting it between the consumer and the retailer. Retailers accepting Bitcoin can immediately convert it to dollars and the transactions either occur with no fees or very low fees (down to fractions of pennies) which lead to higher profit margins. This should be partially reflected in a decrease in the cost of the goods purchased with bitcoins. For consumers, it means faster payments than cash, credit, and debit transactions. Paying with bitcoins also spares the consumer possible ATM transaction fees. Bitcoin’s transactions either occur with no fees or very low fees (down to fractions of pennies). Bitcoin has also positively impacted international remittance. The money is currently handled by several intermediaries

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 a technologically innovative solution for some common economic issues as well as fraud and identify theft. This cryptographic digital currency simultaneously provides users a method to exchange money for free or a nominal fee which is mutually beneficial for retailers and consumers. Bitcoin digital currency is similar to physical cash stored in a digital form. It is the first fully implemented cryptocurrency protocol utilizing an open source peer-to-peer payment system. As a transfer protocol, it fundamentally functions as a money transfer medium that sends bitcoins from user to user without the need of a third-party intermediary and the system is protected by peer-reviewed cryptographic algorithms. The value of one bitcoin is based on supply and demand by people willing to use and accept this payment. The price of bitcoins went from approximately 1,000 bitcoins for $1.00 USD. The price is currently around $450 for one bitcoin but continues to fluctuate and is expected to continue rising. To simplify transactions, there is a mobile app for smartphones that allow you to send/receive funds by scanning the buyer’s unique QR code. These purchases have proven to be cost-effective for both the retailer and the consumer.

It’s important to note that since Bitcoins are produced without the involvement of governments or banks, they avoid taxes. Lastly, the cap of 21 million bitcoins has driven the value of a single coin up as shown by the below graph depicting expected growth of coins over time.