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Research Paper On Bitcoin

2505 Words11 Pages

Bitcoin, how can we use it? National Taiwan University Department of Information Management December 16th, 2014 Electronic Commerce Edmund Wu Ming-Hui Huang, PhD A03749241 Table of Contents 1. INTRODUCTION 1 2. BITCOIN, HOW DOES IT WORK? 1 3. BITCOIN FOR BUSINESS 2 4. BITCOIN IN PRACTICES 3 5. BITCOIN TODAY AND FUTURE 5 6. TRUST 6 7. CONCLUDING REMARKS 7 8. REFERENCES 8 1. Introduction Bitcoin has been a hot-topic the recent years and it has been implemented in more and more online stores. The Bitcoin value has fluctuated a lot since its entrance, 2009, and the popularity has grown since then. Bitcoin is a virtual currency, which adopts a decentralized demand and supply concept, which has not occurred before. …show more content…

Bitcoin today and future Figure 4. A sample of companies that accepts Bitcoin Today it is a vast selection of companies and charities that accept Bitcoin as payment (see figure 4), mainly of them as online payment. Well-known companies, such as Etsy, Zynga, Subway and Tesla etc. are accepting Bitcoin, and the list is growing (Bitcoin Values, 2014). It seems like Bitcoin got some traction and companies use it for getting attention. There are even companies that have Bitcoin as main business, and also special ATM machines that you can use Bitcoin with. The market for Bitcoin is still maturing and yet is it not a commonly used payment method for the mass. Figure 5. Sign in a Subway restaurant Virtual currencies, maybe as follow-on to Bitcoin, will revolutionize finance, well beyond the Internet’s profound effect on how people interact with content. Hurlburt and Bojanova (2014) debate about that peer-to-peer financial networking will become the trusted party, overtaking the traditional role of banking. With peer-to-peer finance, payments are sent straight from one party to another without passing through a financial institution. If virtual currency begins to make banking as we know it outdated, the trend could quickly prove disruptive to the economy (Hurlburt & Bojanova,

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