Bitcon as a future currency
Datsyuk, Mikhail (2013)
2013
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2023070624533
https://urn.fi/URN:NBN:fi:amk-2023070624533
Tiivistelmä
The aim of the thesis is to introduce the Bitcoin system. This new financial system which is not yet exacted as an official currency in real financial world. In addition, the new alternative crypto currencies will be introduced.
The Bitcoin currency was issued as alternative underground currency created by Satoshi Nakamoto. The idea of creating the payment system was to make anonymous payments directly to the person without any official financial agencies like banks and/or governments.
The analysis shows the first steps of Bitcoin development issues from the pilot and when it became more popular within its users in the world. The further Bitcoin conquered the global market, became even more popular on the Chinese and American exchanges.
In the beginning the generation of Bitcoin currency was done by CPU. The heavy duty calculation further on has been done by AMD video cards. With development, the technologies became cheaper and an effective solution was issued by ASIC miner. This allowed for higher capacity of mining Bitcoins and lower electricity consumption. On the other hand, the extensive amount of ASIC miners participating in the calculation dramatically dropped the possibility of gaining the Bitcoin.
This thesis discusses the currency's capacity potential and its ability to handle the world financial system by itself. The doubts are being also discussed about the legal nature of the financial system and expectations by society. The work cannot give the final results nor the predictions of Bitcoin future development, but it allows to understand how the system works and make one's own conclusions.
The Bitcoin currency was issued as alternative underground currency created by Satoshi Nakamoto. The idea of creating the payment system was to make anonymous payments directly to the person without any official financial agencies like banks and/or governments.
The analysis shows the first steps of Bitcoin development issues from the pilot and when it became more popular within its users in the world. The further Bitcoin conquered the global market, became even more popular on the Chinese and American exchanges.
In the beginning the generation of Bitcoin currency was done by CPU. The heavy duty calculation further on has been done by AMD video cards. With development, the technologies became cheaper and an effective solution was issued by ASIC miner. This allowed for higher capacity of mining Bitcoins and lower electricity consumption. On the other hand, the extensive amount of ASIC miners participating in the calculation dramatically dropped the possibility of gaining the Bitcoin.
This thesis discusses the currency's capacity potential and its ability to handle the world financial system by itself. The doubts are being also discussed about the legal nature of the financial system and expectations by society. The work cannot give the final results nor the predictions of Bitcoin future development, but it allows to understand how the system works and make one's own conclusions.