Does the virtual currency Bitcoin have a sustainable future to replace existing fiat monetary systems and act as a decentralized international currency?

Angol, Jordan (2015) Does the virtual currency Bitcoin have a sustainable future to replace existing fiat monetary systems and act as a decentralized international currency? BSc dissertation, University of Portsmouth.

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    Abstract

    This dissertation aims to explore and discuss the decentralized peer-to-peer e-cash system known as Bitcoin, and whether it has the potential of a sustainable future to act as a denationalized international currency. Bitcoin was first introduced as a peer-to-peer e-cash system in 2008 by someone using the name Satoshi Nakamoto and released to the public in January 2009. This literature-based dissertation begins by primarily understanding the basics of Bitcoin, followed by its origins. Furthermore, the decentralized peer-to-peer e-cash system itself will be analyzed, leading onto current criticisms of the P2P e-cash system and contrasting worldwide attempts to regulate it. As virtual-currencies are constantly evolving, the future is filled with many new opportunities as well as many challenges, therefor the risks and complications of the virtual P2P e-cash system will be discussed with an emphasis, as two popular narratives have emerged in regards to Bitcoin over the past few years; Virtual currencies are the wave of the future for payment systems; and digital currencies provide a powerful new tool for criminals and terrorist financiers to move and store illicit funds, out of reach of the law enforcement and other authorities. This dissertation is an attempt to gain the understanding of how Bitcoin is developing, how the community is shaping Bitcoin and if Bitcoin has a sustainable future to become a denationalized international currency.

    Item Type: Dissertation
    Departments/Research Groups: Faculty of Creative and Cultural Industries > School of Creative Technologies
    Depositing User: Jane Polwin
    Date Deposited: 01 Jul 2015 15:59
    Last Modified: 01 Jul 2015 15:59
    URI: http://eprints.port.ac.uk/id/eprint/17570

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