Bitcoin is regarded as the largest crypto-currency. It was first introduced in 2009, and is the cryptocurrency most widely traded. In 1998, Wei Dai described Bitcoin as an implementation of the crypto-currency concept on the cypherpunks mailing list. Dai has suggested a new form of money that uses cryptography rather than a central authority to control its creation and transactions. In 2009 Satoshi Nakamoto released the Bitcoin specification and proof of concept in a cryptography mailing list.
Payments are made through a Bitcoin wallet application that resides on a user's computer or mobile device, and a person only has to enter the Bitcoin address and payment amount of the recipient before pressing the send to complete payment. A competitive and decentralized process called "mining" creates new bitcoins Bitcoin miners use specialized equipment to process transactions and protect the network, and collect new bitcoins in return. The Bitcoin protocol ensures the creation of new bitcoins at a fixed rate making the bitcoin mining process a very competitive business.
While attackers go after Bitcoin-related sites, there is a significant distinction between the Bitcoin network's security and the Bitcoin exchanges. Within the Bitcoin protocol itself, none has ever found a crucial flaw that would enable a user inside the Bitcoin network to fraudulently generate coins or counterfeit transactions. That said, various Bitcoin exchanges have been compromising throughout the lifetime of the virtual currency, and as the value of a Bitcoin increases, so is the risk of using exchanges.
Many blockchains have not been developed to accommodate the traffic of a large number of users, an problem that market players have to tackle for digital currencies in order to gain greater mainstream use. In addition, the regulatory climate is highly complicated due to the fact that many nations have different sets of laws, ensuring that global regulations are deeply fragmented. The digital currency can be a big value store in areas of the world suffering from massive economic instability, because these regions will see their native currencies witnessing dramatic value shifts overnight.
Bitcoin might eventually replace the U.S. dollar as the world's reserve currency, but the digital currency will need to make strides in some crucial ways for that to happen. Currencies act as an exchange medium, as a store of value and as an account unit. While the U.S. dollar has been well established in these specific areas, some analysts have voiced doubts that Bitcoin could fulfill those key roles.
What is Bitcoin and how does cryptocurrencies (bitcoin) work? Do you think this is an alternative...
Bitcoin and other cryptocurrencies have recently gained increasing prominence and popularity in the United States and across the globe. Do you think bitcoin currently works well as a currency? Why or why not? Does bitcoin satisfy the textbook requirements to be considered "money?" Do you own any bitcoin? Are you using or have you used bitcoin to make purchases? Finally, do you think bitcoin will increase in popularity and use in the future?
Bitcoin and other cryptocurrencies have recently gained increasing prominence and popularity in the United States and across the globe. Do you think bitcoin currently works well as a currency? Why or why not? Does bitcoin satisfy the textbook requirements to be considered "money?" Do you own any bitcoin? Are you using or have you used bitcoin to make purchases? Finally, do you think bitcoin will increase in popularity and use in the future?
Software Provider (the “Company”) supports and sells computer software. The Company accepts cryptocurrencies (e.g., Bitcoin, Ether, Ripple) as payment for the sale of its computer software. The Company holds its cryptocurrencies partially for investment (e.g., expectation that they will appreciate in value) and partially to use in the future to purchase goods or services. Cryptocurrency is a new type of value and payment method that is different from fiat currency (e.g., U.S. dollars and foreign currencies). Presently, cryptocurrencies have no...
Cryptocurrencies saw a huge increase in price between the beginning and end of 2017 due in large part to a speculative bubble. It can be useful to think of cryptocurrencies as foreign currencies. For the sake of this question, assume that all cryptocurrencies are converted to Bitcoin before being exchanged for domestic currencies (this means that you can think of "cyrptocurrencies” as a single type of foreign currency). a) (5 points) What would happen to the price of cryptocurrencies if...
How would you explain what BitCoin is to your parents or grandparents? 2) Why does the SEC not like the idea of a BitCoin exchange traded fund (ETF)? 3) Do you think BitCoin will still be around 5 years from now? 4) Regardless of your answer to #3 above, what other legitimate uses are there for the technology behind BitCoin (i.e. the distributed ledger and blockchain)?
1) How would you explain what BitCoin is to your parents or grandparents? 2) Why does the SEC not like the idea of a BitCoin exchange traded fund (ETF)? 3) Do you think BitCoin will still be around 5 years from now? 4) Regardless of your answer to #3 above, what other legitimate uses are there for the technology behind BitCoin (i.e. the distributed ledger and blockchain)?
Explain about Cryptocurrency such as Bitcoin, Ethereum and Ripple? How can this digital currency improve business transactions? Do you think the government should govern this?
Can you convert Bitcoin to Cash?If so how? Does Bitcoin have other cryptocurrency rivals? If so, who? How big is the Bitcoin market in dollars?
Bitcoin… Is it a bird? Is it a plane? No, it’s a …. According to the Collins dictionary, Bitcoin is “a system of open source peer-to-peersoftware for the creation and exchange of (payment in) a certain type of cryptocurrency” Transactions of bitcoin are verified and recorded in public distributed ledger called blockchain. Bitcoin is going through an identity crisis! The SEC treats Bitcoin as a security or money. FinCEN treats Bitcoin as currency. The IRS treats Bitcoin as property. The...
Please answer each with 4-5 sentences. Q8a. What is BitCoin? Who created BitCoin? Q8b. How do acquire BitCoin? Q8c. Can you use BitCoin to buy things? Q8d. Can BitCoin be taxed? Q8e. During the last year, BitCoin’s value went from $5000 to $20,000 in days and back down to $1200. Why is it so volatile? Q8f. Are there any other cybercurrencies? If yes, name them. Q9. Read up on blockchain. https://blockgeeks.com/guides/what-is-blockchain-technology/ There are other websites and videos explaining blockchain. Q9a....