...alemán Contenido Abstract ................................................................................................................................. 1 Introducción .......................................................................................................................... 3 El sistema bancario y su moneda........................................................................................ 3 El comercio electrónico ...................................................................................................... 4 Bitcoin: La revolución ........................................................................................................ 5 Metodología ........................................................................................................................... 6 Criptomonedas - Definición y alcance .............................................................................. 7 Bitcoin - Definición y alcance ............................................................................................ 7 Control y funcionamiento ............................................................................................... 8 Blockchain - Definición y alcance.................................................................................... 13 Registro de la propiedad Virtual ................................................................................... 16 Smart Contracts...
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...BitCoin the Future of Currency Currency is basically anything that is accepted as a medium for exchange. The common concept of currency is a physical note or coin of a certain denomination regulated and guaranteed by particular government or bank. Everyone around the world uses and depends on currency on a daily basis, hundreds of millions of transactions transacted by hundreds of millions of people whose individual wealth depends on the stability of their currency. The stability of any currency is dependent on many economic factors the most implicit being the stability of the issuing government. If the government who is backing the tender is unstable then the value of its money will directly be affected. Another huge factor in the value of a countries currency is inflation. Inflation is dependent on many factors, most of which are subsequent to the nature of an economic cycle. Some inflation is a by-product of the regulation, de-regulation and/or government monetary policy. What if there was a new currency that was not associated with a nation, government or bank? What if there was unified currency that allowed the wealth of one person to directly compare or exchange with to the wealth of another regardless of geographic location? This “new” currency has recently been developed and it is called the Bitcoin. The Bitcoin and its concept is extremely progressive and is not considered a savior currency that will solve any monetary problems; however, this paper will outline the...
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...Title: Why Bitcoin Roulette Took iGaming By Storm Description: Whether it’s free Bitcoin roulette or placing actual wagers, you will surely enjoy the advantages of playing the classic game alongside cryptocurrency payments. Keyword: free Bitcoin roulette Roulette is one of the oldest wagering activities that continue its fame all over the world for centuries, including European and Western countries. The game was first introduced in France back in the 17th century. The meaning of the world Roulette in the French language is ‘Little Wheel’. In the game, one wheel with is used to spin and roll a ball; the ball lands on any of the 36 or 37 (American Roulette) numbered slots marked on the wheel. Each slot is painted either black or white and has...
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... Crime in Currency: CryptoCurrencies, which are not legal tender in any country and are not issued or backed by any government — have become an important factor in global funds transfers. But features associated with these so-‐called ‘cryptocurrencies,’ such as transaction anonymity and irreversibility of payments, have made them extremely attractive to cybercriminals, drug dealers, money launderers and those involved in global terrorist funding. The most popular crypto currency today is the bitcoin. In the medieval ages, the Silk Road was used by traders for commerce between the Oriental and European world. It was used by Marco Polo to discover Xanadu, the court of the Great Kublai Khan. In the modern era, a new ‘Silk Road’ had emerged, one that was used by traders of illicit substances to fund terrorist activities through the 'Deep Web' i.e. parts of the Internet one should never visit. The currency of their illegal trade is the Bitcoin. Though the Silk Road has ...
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...impacted global finances? Internet and World Currency – Bitcoins and Illegal purchases over the web By Harvey T. Mayorga Panther ID 2191830 FIN6644 Instructor: Dr. Krishna Dandapani ABSTRACT The subject of this project is going to be Bitcoins. I will be researching and going about how Bitcoins work, how good or bad can bitcoins be and its involvement in illegal purchases over the internet. SUMMARY Page 2 Abstract 4 What are Bitcoins? 6 Bitcoins Timeline 7 Bitcoins good or bad? 9 Who is using Bitcoins? – Bitcoins and illegal transactions 11 Silk Road and Bitcoins 13 Bitcoins and the US Economy 14 Income Statement 16 Balance Sheet 18 Cash Flow 19 Bitcoins today 21 Where to Buy Bitcoins? 22 Articles What Are Bitcoins? Bitcoin is an innovative payment network and a new kind of money. It was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Bitcoins is an online payment system introduced in 2009 as an open-source software. It is a peer to peer or P2P system where users can transact directly without needing an intermediary. Transactions are verified by network nodes and recorded in the block chain or public distributed ledger. This ledger uses its own unit of account, bitcoin. The system works without a central repository or single administrator, which has led the US Treasury to categorize it as a decentralized virtual currency. (www.wikipedia.com, 2015) Bitcoins are stored in a digital wallet. This wallet can exists in...
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...Bitcoin is a software-based online payment system described by Satoshi Nakamotoin 2008 and introduced as open-source software in 2009.Payments are recorded in a public ledger using its own unit of account,which is also called bitcoin.Payments work peer-to-peer without a central repository or single administrator, which has led the US Treasury to call bitcoin a decentralized virtual currency.Although its status as a currency is disputed, media reports often refer to bitcoin as a cryptocurrency or digital currency Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into the public ledger. Called mining, individuals or companies engage in this activity in exchange for transaction fees and newly created bitcoins.Besides mining, bitcoins can be obtained in exchange for fiat money, products, and services. Users can send and receive bitcoins electronically for an optional transaction fee using wallet software on a personal computer, mobile device, or a web application. Bitcoin as a form of payment for products and services has seen growth,and merchants have an incentive to accept the digital currency because fees are lower than the 2–3% typically imposed by credit card processors. The European Banking Authority has warned that bitcoin lacks consumer protections.Unlike credit cards, any fees are paid by the purchaser not the vendor. Bitcoins can be stolen and chargebacks are impossible. Commercial...
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...Bitcoin: Safe For All Users? Abstract Bitcoin is a decentralized digital currency that has been rising in popularity since 2009. It was created by a programmer with the pseudonym Satoshi Nakamoto. It is a peer-to-peer currency that allows individuals to transact without the involvement of an institution, in most cases the central bank. It uses cryptography to verify transactions and also governs the production of the currency itself. The users are kept anonymous as there is no need for personal information, only the two keys are needed (Public key and Private Key) for transactions. Transactions are kept in an online public ledger (Blockchain) which is available for everyone to see as long as they are on the Bitcoin network. The transactions...
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...* Acceptance -Bitcoin was created to remove fiscal responsibility and trust from centralized figures such as central banks, governments and other third parties -It’s often criticized for its bubble like behavior as demonstrated during June to October of the year 2011 where negative publicity mainly due to security issues and hacking incidents, saw the value of the Bitcoin plummet 90% of its current value. -Its second bubble burst in April 2013 where its value dropped from then $260USD to $130USD in a matter of only 6 hours. -Bitcoins history is shrouded in uncertainty from its founder Satoshi Nakamoto’s disappearance, to its ability to keep users anonymous which in turn influences illicit conduct -However, supporters of the crypto-currency argue that Bitcoin’s decentralized figure is what allows it to be more secure than other modern-day currency such as credit cards and it allows for easier transactions. In contrast, it is debatable whether it can be stable in comparison to other traditionally used currencies. -Acceptance of the Bitcoin being a legitimate form of currency has been acknowledged by various entrepreneurs as well as the fact that it is labeled as legal tender in Germany. Although with this fact, the cryptocurrency is slowly becoming more centralized as regulations are put on it in the countries of practice * Knowledge -The mining of bitcoin follows standard supply and demand economics which closely relates to that of a gold standard in terms of value ...
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...BITCOIN CASE STUDY CONTRABAND AND DRUG MONEY – NEGATIVE IMPACT UK BANKS WONT ACCEPT BITCOIN BUSINESS MODELS MORE PEOPLE ARE OPTING FOR BITCOIN POOR COUNTRIES – LARGE FX TRANSFERS CASE FACTS CHEAPER AND FASTER THAN CONVENTIONAL CURRENCY HAS RISKS AS NO SINGLE RESPONSIBLE ENTITY NO INTERNATIONAL STABILITY DIGITAL CURRENCY NEGATIVE POSITIVE Research about legislation regarding the Bitcoin and other crypto-currencies EUROPEAN COMMISION WILL CHECK BITCOIN FOR MONEY LAUNDERING AND FINANCING TERRORIST ORGANISATIONS AFTER MT GOX TRAGEDY JAPANESE GOVERNMENT WILL REGULATE BITCOIN ACTIVITY US FINCEN IS WORKING WITH IRS TO DEVELOP PROGRAMS FOR TAX EXAMINERS TAIWAN FINANCIAL SUPERVISORY COMMISSION WILL REMAIN NEUTRAL TOWARDS BITCOIN WASHINGTON STATE DEPARTMENT OF FINANCIAL REGULATIONS HAS ISSUED NEW WARNING TO POTENTIAL BUYERS OF DIGITAL CURRENCIES RUSSIA PLANS TO PENALISE THE CONVERSION OF DIGITAL CURRENCIES INTO THE ROUBLE Other new forms of virtual economy Digital currencies such as bitcoin are known as "decentralized digital currencies," meaning that there is no central point of control over the money supply. LITECOIN DARKCOIN PEERCOIN DOGECOIN PRIMECOIN The table below shows the market capitalization and price of the digital currencies NAME MARKETCAP PRICE BITCOIN $4,754,296,898 $349.81 LITECOIN $121,860,749 $3.53 DARKCOIN $20,112,825 $0.00 PEERCOIN $14,882,010 $0.68 DOGECOIN $11,066,538 $2.24 PRIMECOIN $961,543 $0.12 Would you accept to be paid in...
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...Tax Issues Relating to Bitcoins Wipula Kurudugahamada Research in Taxation Professor Richard L. Russell April 9, 2015 Tax issues relating to Bitcoins 1. Introduction What are the flat currencies? The currencies created by a government. Then there is a central regulatory agency responsible for the issue. The accepted characteristics of present day use money are included a store of value, a unit of account, and a medium of exchange. However, the supplies of currencies are governed and authorized by the central bank on behalf of the government. However, after the mortgage crisis in 2008 the money supply increased sharply therefore the confidence in the government issued currency declined among the people. At this point, the paper by Satoshi Nakamoto was published online describing the “Bitcoin” for the first time. In the opinion of Nakamoto, the major problem with conventional currency today and discussed the easiness of bitcoins.1 In a nutshell, Bitcoin is an electronic cash system started in 2009. Therefore, it is new to the market. Still most of the countries have been studying the system and how it operates. But it is not fully accepted in a lot of countries as a legal tender. There are more than hundred thousand vendors in the market today who accepts bitcoins as a currency. There are more than sixty thousand in the USA.2 However, until March, 2014 IRS notice 2014-21 came into operation; the bitcoin was treated as currency in the USA for tax purposes...
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...Llama Casino What does one think of when the words “Llama” and “Casino” come to form a word? Clearly a puzzling name for those who hear it about it for the first time, Llama Casino, which started in 2013 offers Bitcoin gamers a variety of games they can choose from. Upon entering, the site allows for easy navigation despite the countless number of games offered. Backed by Experience Well categorized games according to type and software provider are a huge plus. Multiple dialect options such as Swedish, Italian, and Spanish are available for users who might prefer it over English. With Betsoft providing software for a number of games found on Llama Casino, players are assured of high quality and cutting edge game animation. After all, they are one of the well-known providers among...
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...Page 1: Invented in 2008, Bitcoin is not the first attempt at an all-digital, cryptographically based currency. Others have existed in one form or another for nearly fifty years, but have either failed to take off or dramatically crashed and burned. Bitcoin is the first cryptocurrency with the deep structure, wide adoption, and trading momentum to achieve escape velocity. In practice, Bitcoin blends credit cards' ease of digital transfer with the relative anonymity of a cash handoff. Like all currencies, the problems it poses are both practical and metaphysical; like cash or credit, Bitcoin is somehow both more and less real than the goods it is traded for. Until now, the most well-known of these goods have been illegal drugs, like those on Silk Road. But the drug marketplace's shutdown gives Bitcoin a chance to gain some much-needed legitimacy. Page2: Bitcoin's future potential was a hot topic last year at emTech, an MIT conference on emerging technologies. In a panel hosted by MIT Technology Review's Tom Simonite, MIT economist David Johnson and BitPay CEO Stephen Pair discussed Bitcoin's complex relationship with paper currencies, credit, and state authority. Johnson noted that buyers and sellers, banks and governments all care deeply about what money is used for. Money's use carries associations of value, which in turn helps establish whether a currency, a payment form, and a social model for transactions are legitimate. "It's hard to bring any of them on board if the money...
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...BITCOINS (BTC) I. What are Bitcoins? • A currency that uses cryptographic techniques to allow money transfers directly between peers, rather than through a central authority like a bank. Bitcoin has been called a cryptocurrency because it is decentralized and uses cryptography to control transactions and prevent double-spending • Virtual currency designed for digital realm, generated using mining. • Mining means devoting computing resources to finding "blocks" of Bitcoins. Mining is very computationally intensive, to the point that any computer without a powerful graphics card is unlikely to mine any bitcoins in less than a few years. • “Gold for Nerds” II. Who created/invented Bitcoins? • Satoshi Nakamoto (alias) III. When did this Bitcoins created? • 2009 IV. What countries are investing in Bitcoins? • It seems like the majority of the activity comes from the US and China, with Australia, Japan, Europe and Brazil also regularly investing. (Nov. 18, 2013) V. Why did he created Bitcoins? • Satoshi Nakamoto wanted people to be able to exchange money electronically and securely without the need for a third party, such as a bank. He based Bitcoin on cryptographic techniques that allow you to be sure the money you receive is genuine, even if you don’t trust the sender. VI. How is it being created? • Through the used of complex computer algorithm and a software called “TOR” VII. How to mine Bitcoins? • To mine bitcoins, one must solve a 64-digit computer...
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...The Internet is praised as a modern technological break through, pushing human communication and productivity to unbelievable heights. With the benefits and excitement of the Internet constantly publicized however, the inherent disadvantages brought forth with this technology are dangerously overlooked, much to the advantage of the parties who are the source of these issues. With the necessary funding, governments can and have been known to conduct surveillance on their citizens via the Internet (Geer, 92-93). The Internet has also allowed nations to conduct espionage on each other, becoming a serious national security risk as a new platform over which warfare can be carried out has been created (Solis, 1-3). Although businesses can leverage the Internet to achieve an incredibly high degree of globalization, the integration of Internet technology into businesses has opened them up to financially driven cyber attacks, resulting in net losses of millions each year ("Cybercrime Becoming More Professional." 3). The globalization brought with the Internet is not selective; it is inherent. Gritzalis and Gurvirender argue that a massive underground economy has birthed where criminals are achieving new levels of sophistication and organization, optimizing their gains and deepening the losses of society (1-2). This paper will explore the argument proposed by Gritzalis and Gurvirender. Criminals who have adapted to the cybercrime market are becoming increasingly complex in their methods...
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...Since 2008, bitcoin adoption has been influenced by a diverse range of factors that have made it one of the most volatile currencies in the world. Yet, despite such volatility, more than 100,000 bitcoin transactions are taking place per day and the volume continues to grow due to the ‘permission less innovation’ provided by bitcoin’s underlying technology, the blockchain. A block chain or blockchain is a permissionless distributed database based on the bitcoin protocol that maintains a continuously growing list of transactional data records hardened against tampering and revision, even by operators of the data store's nodes. As the blockchain matures, bitcoin will increasingly resemble traditional financial services, with functions such as retail banking (circles) exchanges (coinbase) and payment processors (bitnet) are being created. But how did it all start off, and where will it go next? Here, we take a brief overview of the major milestones in the cryptocurrency’s brief history and look to where it might be headed in the future. Bitcoin was invented by Satoshi Nakamoto,]who published the invention on 31 October 2008 in a research paper called "Bitcoin: A Peer-to-Peer Electronic Cash System". It was implemented as open source code and released in January 2009. Bitcoin is often called the first cryptocurrency although prior systems existed. Bitcoin is more correctly described as the first decentralized digital currency. 2008 Three individuals, Neal Kin, Vladimir Oksman...
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