Review of literature on bitcoin pdf

review of literature on bitcoin pdf

Abhimanyu Verma. ECB notes that while the virtual currencies may be subject to price, financial, payment. Babaioff et al. Heston, T.

Discover the world’s research

The world has globalized and so are the operations bticoin the business carrying out in the market of this world. As suggested by TReid and Harriganworld is now a global village. The importance of economy and currency cannot be neglected. Where there raised a situation where the business is taking place without any consideration of boundaries and walls, there should be easy availability of currency as. Several approaches have been made towards making the payment method easier and faster.

Much more than documents.

review of literature on bitcoin pdf
We use cookies to offer you a better experience, personalize content, tailor advertising, provide social media features, and better understand the use of our services. We use cookies to make interactions with our website easy and meaningful, to better understand the use of our services, and to tailor advertising. For further information, including about cookie settings, please read our Cookie Policy. By continuing to use this site, you consent to the use of cookies. We value your privacy.

Uploaded by

The world has globalized bitcoun so are the operations and the business carrying out in the market of this world. As suggested by TReid and Harriganworld is now a global village.

The importance of economy and currency cannot bitcoih neglected. Where there raised a situation where the business is taking place without any consideration of boundaries and walls, there should be easy availability of currency as. Several approaches have been made towards making the payment method easier and faster.

The concept of e-money and e-commerce has long been used in the market Mkiers et al. Revieww situation has witnessed the importance of mobile wallet and transfer of money revifw applications in mobile phones. All these things are welcoming an approach towards a kind of money that could be used in the business. One such concept is the introduction of Bitcoin. The literature review section is done to evaluate the concepts related to the topic of research.

In order to gain a lot of information, various academic materials are consulted. The theories and models proposed by eminent scholars are taken into consideration for gaining a fruitful result.

All these things are important at liteerature time on conducting a research. Bitcoin is a digital currency designed for the recent market scenario. The currency was created in the year The idea set out behind the creation of the coin is bittcoin use the white paper by one of the mysterious individual Satoshi Nakamoto, whose identity has not yet been recognized Nakamloto The idea of the named of Bitcoin is that a paper is termed as bit and the currency as the coin.

The concept behind the litterature of Bitcoin is the easy transfer of the money without paying a large amount of transaction fees. In the view point of Ron and Shamirthe traditional online payment charges some amount of transaction amount that is to be paid to the bank or other financial organization related to the transaction. As pointed out by Bbitcoin et al. It is shown only as balance in the pf of the user of the Bitcoin profile. The balance is maintained keeping all the accounting in mind such as hitcoin ledger or the balance sheet.

At the time of transaction, a kind of verification is done as to undertake that the transaction of the money has been done without any kind of trouble or mishandling. The coin was available in various denominations as swell such as millibitcoin and microbitcoin.

There have been more that 21 millions of bitcoins issued till Literatue The Bitcoin operates in the manner as the ATM that includes a string of numbers or letters attached in a particular fashion.

A pin is often offered to the user of the Bitcoin account for carrying out any kind of monetary transaction with any person throughout the review of literature on bitcoin pdf Androulaki et al. However, in the yearIRS declared that all digital currencies are to be charged with certain amount of transaction charges. Any gain or loss suffered in the Bitcoin will b considered as the gain or loss of the country as a.

Thus, the transaction is to be included ppdf the GDP of the country. This created an alarm among the users of the digital money. The miners were the main users of this currency. These miners thought of getting a decentralized authority of the money without any intervention of the government barber et al. For the same reason, a new Bitcoin system has been approach.

The amount was fixed to the miners but periodically it has been seen that the value of this digital money was declining day by day. There was provision bitccoin blocking the payment to the person by the means of options available in the app. The currency was recognised as the future currency because the transaction was very easy. One has to install an app in their smart phone literaturw the account was automatically created following a limit steps of instructions.

Thus, lending and borrowing or in fact making payment has become very easy for the users. As from the view point of Bicoin and Wattenhoferthis electronic oon of money would increase the literatuee of the economic condition and the transfer of money taking place.

This would reduce the rate of corruption and the ill practices that became very relevant in the society. However, the same concept was not very true and in fact arguments were made by Miller et al. One of the main advantages that were considered that the whole transaction could be easily recognized by the means of digital transaction became one major reason to worry about the monetary balance of the GDP of the country.

The miners using the currency find it very useful because it does not require any kind of specialized form to make it a currency. This could even save energy that are required for the production of the currency used in the market in the recent scenario. The minders were using efficient processors to keep a check of the things related to the transaction of the money through bitcoin. The easy handling of money and the online transaction could be considered as the strengths of the currency Velde However, the fear of creation of the corrupt world and the malpractices arising due to the same the major weaknesses literatrue this new digitalized currency.

Like any other money, bitcoin also shows ups and downs in its value of share. It rebiew based on the perception of the buyers and the sellers that the rate of the currency was literatur. No centralized banks would make any approaches towards the acceptance of the money Yermack In fact there have been situations when the rise and fall of the value of the currency has been evident.

All these situations created a situation of dilemma among the users of the currency. There has been introduction of various kinds of money transferring apps and accounts for the sake of making the process of transaction and payment easier.

The concept of paytm, paypal and many other such apps and options developed by major successful industries have been considering the introduction of the same technique as an advanced approach to fight against the corrupt practices resulting in the creation of bitoin money that are getting deposited in major bank accounts Kriostoufek It must be kept in mind that the concepts behind the creation of these digital account is that some amount of money is stored in the account of these application from the main bank account and the user can use the same money for the sake of purchasing or transferring the money to.

In the era of globalization, online shopping has become an important component in the present scenario. Thus any means of making payment directly through the online applications is a more welcome feature to be concerned of Garman literatkre al. However, the concept of Bitcoin is something different. It requires the complete creation of a new form of money that has no physical evidence at all.

All kind of transaction is carried on online and a balance sheet is maintained by the miners that in online as. The usage of these apps is increasing day by day. Mostly the teenagers are the major users of these apps who do not like to visit the banks for mere transaction of money. These apps have indeed made life much easier and simpler. However, when the money is transferred from the account of the person to the so called digital bank, for a particular time being, the money remains in the account of the online app Hirst et al.

It is during this time that the major corrupt practice can take place and the company reviw the online sight might fly away with all the money of the user within a blink of an eye. The consumers will even not have any kind of situation of complaining against the site because the terms and conditions are set in respect of their own benefits. These are the situations that are creating trust issues among the users as well the government and the digital form of money is not getting accepted by rebiew people Beck With industrialization and post industrialization, the business and market became wider and far reaching.

The advent of open economy and globalization has opened the sphere for the marketer to operate in any part of hitcoin world. The same approach has been made by many big and small companies to spread their wings not only in revidw domestic sphere but also internationally. The companies are taking the opportunity of the market and the population of a particular liherature and are expanding their business in those markets.

With better strategic plan and implementation of certain promotional and advertising efforts the companies are capturing the market where they expanded and in some instances they are becoming dominant towards the other available companies in the same market. As stated by Beckthat it is the companies of the developed nations who take literrature advantage of their power and om and went to the market of the developing countries.

Looking at literatuge purchasing capabilities and the bitcooin availability, the same product is marketed in the new environment and the companies are benefited. It has also been argued by Fujita and Thissethat the companies of the developing countries also take the advantage of the market of the developed nations and make approach to sell their products in their market.

Several examples can be given of such situations and companies. In fact, these companies are taking the advantage of merging with the existing companies in the particular country and operate under the name of the same company as one of the sister company or subsidiaries. These scenarios are quiet common and with the passage of litfrature, more and more companies are following the same path for their business expansion.

In fact, one of the strategic plans of the companies have been to expand their business in bitcoib global sphere. Abiding by the rules and regulations of the guidelines stated by the government, the companies are making better approaches towards the globalization process. In the scenario of globalization, an easy payment method is indeed needed and all this called bjtcoin the digitalization of money.

In fact, the online companies like Amazon, eBay are accepting payment literaturs the form of digital currency. It has become really efficient and easy for the consumers to make payment of what they are purchasing. Apart pdr purchasing things, other things such as paying the bills of electricity or mobile phones or any rview of payment can be made easily by the means of online payment.

All these changing scenarios are welcoming the concept of digital money but at the same time it is creating a situation of trust issue and increasing corrupt practises in the current market scenario. The concept related to the topic of research has been analysed in literatuure literature review section.

However, literature review is not a merely a reading of the various concepts put forwarded by these scholars but it is much more than it. It helps a person to critically analyze the situations and derive a better conclusion of the facts and figures. It helped to create an argumentative approach towards various theories and analysis made on the topic.

The information gathered vitcoin the various secondary sources such as the books, journals and even news articles related to the topic literatuee discussion made the concept clear.

There is no doubt that in the age of globalization and open economy there is no doubt that the world and the consumers are looking for an advanced and new kind of money or currency. Again with the advent of smart phone connecting with people has become much easier.

The number of smart phone users has surpassed the expected number and the same is helping in connecting the world.

Better approaches are bjtcoin made towards making the globalized situation much easier. One approach has to be made towards the currency because no transaction is possible without the means of money. The revie is no more dependent on the barter system but all that is required is money. However, with the digitalization of almost everything, complete digitalization of currency can be made possible in future.

Thus, it can be concluded saying that the digitalization of the money is not a bad idea and in the present scenario such prospects are really welcomed.


Looking for the full-text?

Dec Benchmark Int J. The total amount of Litecoin that is available for mining and ln is four times the amount of Bitcoin, meaning there will be quadruple the amount of Litecoin available to Bitcoin. Purpose: This paper aims to examine the key regulatory challenges impacting blockchains, innovative distributed technologies, in the European Union EU and the USA. Authors like Bamert et al. Horacio Marmoto.

Comments

Post a Comment