By David LEE Kuo Chuen
Incorporating currencies, fee tools, and protocols that desktops use to speak to one another, electronic currencies are poised to develop in use and significance. TheHandbook of electronic Currency offers readers how to find out about topics open air their specialties and offers authoritative historical past and instruments for these whose basic resource of data is magazine articles. Taking a cross-country viewpoint, its finished view of the sector contains historical past, technicality, IT, finance, economics, felony, tax and regulatory atmosphere. should you come from varied backgrounds with varied questions in brain, The instruction manual of electronic Currency is a necessary beginning point.
- Discusses all significant suggestions and strategies linked to electronic currencies, their makes use of, and their regulations
- Presents destiny eventualities for the expansion of electronic currencies
- Written for regulators, crime prevention devices, tax gurus, marketers, micro-financiers, micro-payment companies, cryptography specialists, software program builders, enterprise capitalists, hedge fund managers, brands, bank card services, cash changers, remittance carrier companies, exchanges, and academics
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Extra info for Handbook of Digital Currency: Bitcoin, Innovation, Financial Instruments, and Big Data
According to the algorithms proposed by Nakamoto, new bitcoins are created and awarded to computer users who solve prespecified cryptographic problems. These problems become more difficult and less frequent over time. A transparent, decentralized registry tracks the ownership and subsequent transfers of every bitcoin after it is “mined” by its initial owners. Wallace (2011) reviews the early history of bitcoin and states that Nakamoto mined and introduced the first 50 units into circulation in 2009, essentially to demonstrate the method to a group of online observers.
Of course, there are technical solutions to all these and some cryptocurrencies have come up with the idea of proof of stake reducing the probability that any single person can use a quantum computer to overwrite the whole system. There are also attempts to lower the cost of mining so as to reduce the so-called 51% attack or gold finger problem. However, there is still no fool proof solution to the gold finger issue that if anyone with enough financial strength wishes to mess up the record, he or she can theoretically do it.
Com/currency/xbt-bitcoin. CHAPTER 2 Is Bitcoin a Real Currency? 1 INTRODUCTION Bitcoin became a fixture in world financial news in late 2013 and early 2014. The “virtual currency” had been launched 5 years earlier by computer hobbyists, and in late 2013, the US dollar exchange rate for one bitcoin rose more than fivefold in the space of a few weeks. 00. Two days of hearings were held by the US Senate Committee on Homeland Security and Governmental Affairs, and government regulators testified that algorithmic, stateless currencies like bitcoin had the potential to play useful roles in the commercial payment system (US Senate, 2013).