Report Group 1 - Bitcoin.docx - TON DUC THANG UNIVERSITY FACULTY OF FINANCE AND BANKING REPORT BITCOIN Lecturer Duyen Nguyen Money and Finance Group 1

Report Group 1 - Bitcoin.docx - TON DUC THANG UNIVERSITY...

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TON DUC THANG UNIVERSITY FACULTY OF FINANCE AND BANKING REPORT: BITCOIN Lecturer: Duyen Nguyen Money and Finance Group 1 List of numbers: 1 . Ph m T Uyên B16D0011 2 . Nguy n Hà Ph ng Mai B16D0021 ươ 3. Tr n Khánh Linh B16D0030 4 . Nguy n Th Huỳnh Nh 21600439 ư Ho Chi Minh, April 15 th , 2018 1
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Contents I. Introduction ..................................................................................................... 3 1. Who created Bitcoin? .................................................................................. 3 2. What is Bitcoin? .......................................................................................... 6 3. Digital Signature in Bitcoin ......................................................................... 6 4.But how does it work?.................................................................................7 5. Digital Gold in Bitcoin ................................................................................ 7 6. Evolution of Money .................................................................................... 9 II. Instruction .................................................................................................. 10 1. How to use Bitcoin .................................................................................... 10 2. How Bitcoin transaction works ................................................................. 12 III. The impact of Bitcoin ................................................................................ 12 1. Banking ..................................................................................................... 12 2. Finances and Economies ........................................................................... 14 a. Power to the Dark Web .......................................................................... 14 b. Speculations ........................................................................................... 14 c. Politicization of Money .......................................................................... 14 d. The Emergence of New Markets ............................................................ 15 3. Our life ...................................................................................................... 15 Big Impact 1: Fairness ............................................................................... 15 Big Impact 2: Wealth ................................................................................. 16 Big Impact 3: Access ................................................................................. 16 Big Impact 4: Ease .................................................................................... 17 Big Impact 5: Choice ................................................................................. 18 IV. SWOT analysis .......................................................................................... 18 1. Strengths + Opportunities .......................................................................... 18 2. Weaknesses + Threats ............................................................................... 21 V. Conclusion ................................................................................................. 24 2
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I. Introduction 1.Who created Bitcoin? 2010. In October 2008, Nakamoto published a paper on the cryptography mailing list at metzdowd.com describing the bitcoin digital currency. It was titled "Bitcoin: A Peer-to-Peer Electronic Cash System". In January 2009, Nakamoto released the first bitcoin software that launched the network and the first units of the bitcoin cryptocurrency , called bitcoins Satoshi Nakamoto released the Version 0.1 of bitcoin software on Sourceforge on 9 January 2009. Nakamoto claimed that work on the writing of the code began in 2007.The inventor of Bitcoin knew that due to its nature, the core design would have to be able to support a broad range of transaction types. The implemented solution enabled specialized codes and data fields from the start through the use of a predicative script . Nakamoto created a website with the domain name bitcoin.org and continued to collaborate with other developers on the bitcoin software until mid-2010. Around this time, he handed over control of the source code repository and network alert key to Gavin Andresen , transferred several related domains to various prominent members of the bitcoin community, and stopped his 3
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involvement in the project. Until shortly before his absence and handover, Nakamoto made all modifications to the source code himself. The inventor left a text message in the first mined block which reads 'The Times 3 January 2009 Chancellor on brink of second bailout for banks'. The text refers to a headline in TheTimes published on 3 January 2009. It is a strong indication that the first block was mined no earlier than this date. The genesis block has a timestamp of 18:15:05 GMT on 3 January 2009. This block is unlike all other blocks in that it doesn't have a previous block to reference.This
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