MEMORANDUM
To: Mark Hearn
From: Deborah Murdock
Class: CBA 350-01 Business Communications 9:15 TT
Semester: Spring 2014
Subject: Individual Presentation
Topic: Bitcoin
Presentation: To be presented April 1, 2014
Due Dates: Memo of Transmittal through Appendix A (03/11/2014) Appendices B-D (04/01/2014)
Please accept the attached report for the CBA 350-01 Business Communications class, which meets on Tuesday and Thursday at 9:15 A.M., during the Spring 2014 semester. The topic of this presentation is Bitcoin. This paper is scheduled to be presented April 1, 2014 at our regularly scheduled class. The due date for Appendices B-D is March 20, 2014 at our regularly scheduled class.
This report was prepared in accordance with the guidelines you mentioned in class as well as the examples on your web site. The report contains a memo of transmittal, a title page, a table of contents, an executive summary, and a references page. The references and the in text parenthetical citations follow the APA format. This report also includes four appendices:
Appendix A contains copies of references
Appendix B contains PowerPoint slides
Appendix C contains PowerPoint note pages
Appendix D contains PowerPoint handouts.
Microsoft Word 2007 and Microsoft PowerPoint 2007 were used to prepare this presentation.
BITCOIN
Presented by Debbie Murdock
Presented for Dr. Mark Hearn
CBA 350-01 Business Communication
TT 09:15-10:45
Spring 2014
Bitcoin
TABLE OF CONTENTS
EXECUTIVE SUMMARY iv.
INTRODUCTION 1
The Origin of Bitcoin 1
The Bitcoin Process 2
Transactions 2
Mining 3
Nakamoto’s Currency Limitations 4
Digital Wallets 5
Obtaining Bitcoin 6
Transaction Processing 7
Problematic Issues 7-10
SUMMARY 10-11
REFERENCES 12
APPENDIX A: References Copies 14
APPENDIX B: PowerPoint Slides 15
APPENDIX C: PowerPoint Note Pages 16
APPENDIX D: PowerPoint Handouts 17
LIST OF FIGURES
Figure 1: Mining Pools – Hash Rate Distribution as of March 8, 2014
Figure 2: Bitcoin Closing Prices on Bitstamp 11/24/13 – 3/15/14
Bitcoin
EXECUTIVE SUMMARY The concept of a global, cyber currency is in its infancy. Recent start-ups LiteCoin and Dogecoin are examples. There is only one, Bitcoin , which seems to be gaining momentum as a new currency. Anonymous hacker named “Satoshi Nakamoto” proposed the cyber-currency in his November 2008 paper “ Bitcoin – A peer-to-peer Electronic Cash System.” Nakamoto’s motive was to eliminate the problems associated with fiat currency. He created and recorded the first “genesis” block of 50 Bitcoins, establishing the first transactions of the cyber currency. Bitcoin was created through the utilization of the digital transaction process. There are several consecutive steps in Bitcoin’s development. This paper will explain the origins of Bitcoin, its creation and transaction processes, and explore the idea that Bitcoin may become the currency of the future.
Bitcoin
Introduction
Global publicity has recently sparked interest in an innovative new cyber currency called Bitcoin. What is “Bitcoin”? How does it work? How will it affect domestic currency? Is Bitcoin a good option for banking? The truth is individuals who do not have a good understanding of information technology and finance might find the concept of cyber-currency hard to grasp.
The Origin of Bitcoin
Bitcoin is a new “decentralized” crypto-currency that utilizes a peer-to-peer system, open source algorithms, cryptographic techniques, and digital signatures to support its legitimacy. An anonymous hacker pen named “Satoshi Nakamoto” was extremely frustrated with the global money crisis occurring in the late 2000’s (The Basics on Bitcoin: 11 Things to Know About This Suddenly “Hot” Digital
cryptocurrencies is Bitcoin. Bitcoins are a digital, or virtual, currency that uses peer-to-peer technology to facilitate instant payments that was created in 2009 by Nakamoto, (2008). Since Bitcoins are not a fiat currency (currency that a government has declared to be legal tender, but is not backed by a physical commodity), they are not controlled by a single entity like a central bank and are therefore sometimes referred to as a decentralized currency Spagnuolo, (2013) Bitcoin attempts to overcome…
become of bitcoins? Problems at the Tokyo-based Mt. Gox bitcoin exchange, once the world’s largest, have come to a head, leaving the virtual currency and peer-to-peer payment system in a state of flux and threatening to undermine much of the acceptance bitcoins have garnered over the past year or so. The Mt. Gox Web site has been shut down, and the organization’s Twitter feed has been cleared amid reports that the exchange was hacked, resulting in the theft of hundreds of thousands of bitcoins. Bitcoin…
referred to as a virtual currency, electronic money, or a cryptocurrency because cryptography is used to control its creation and transfer.[4][5] Conventionally, the capitalized word "Bitcoin" refers to the technology and network, whereas lowercase "bitcoin" refers to the digital currency.[6] The Bitcoin system is not controlled by a single entity, like a central bank, and this has led the US Treasury to call bitcoin a decentralized currency.[7] Bitcoins are created by a process called mining, in…
Hello World, Macroeconomics Professor Buddha It is possible to steal bitcoins; theft has been documented on numerous occasions. At other times, Bitcoin exchanges have shut down, taking their clients' bitcoins with them. A Wired study showed that 45 percent of Bitcoin exchanges end up closing.[103] On 19 June 2011, a security breach of the Mt. Gox Bitcoin exchange caused the nominal price of a bitcoin to fraudulently drop to one cent on the Mt. Gox exchange, after a hacker allegedly used credentials…
Bitcoin is a digital coin. It was the first decentralized digital currency and introduced by a Japanese software developer, Satoshi Nakamoto in the year 2009. As the new payment mechanism it has some characteristics that slightly different with the normal coin. Bitcoin operate with no central authority or bank as middle man because they are digital, so any transaction does not happen in their business. It’s also means that no transaction fees to the user but you need to pay for processing fees.…
while others view it as a threat to global security. Many entrepreneurial minds have seen the potential in such a space, and have taken to setting up online shops, which sell Assault Rifles, forged passports, stolen PayPal accounts, counterfeit money (Euros, U.S. Dollars, Yen, Pounds, anything really), and many more illegal commodities. Many wonder how such a thing can be possible, because even though it is on this Deep Web, it is still on the internet. It is made possible through an internet browser…
shopping medium. Online shopping has been evolving over the years with rising concerns about its security; it can be made more secure by keeping a track of the sellers, using authentic online sites for shopping and with the introduction of online money to make fraud minimal or impossible. Many people are concerned about fraud in online shopping due to which they do not do it. Since online shopping is becoming more famous each day, I believe that people should be taught about how to keep themselves…
Have you ever been afraid to go to the grocery store alone? Have you ever felt like you were being watched, or someone was following you? As a matter of face, there’s a reason why, there are women and children being robbed of their freedom every day. For instance, in simple places like your local grocery store or movie theatre there could be someone waiting to take you from your normal life and sell you into slavery. As a result of expanding gang activity and devastated families we should enforce…
blockchain-based and those using DAGs---are often associated with cryptocurrencies. The first widely known application of a cryptographically secured chain of blocks using Merkle trees to group several transactions together and resistant to Sybil attacks was Bitcoin (BTC), conceptualised in…
We are living in a rapidly developing high-tech world, where technology is a yardstick for a country’s social or economic development. Countries that have invested sufficiently in promoting emerging technologies over the past decade are the ones that have developed successfully. If we may look at the US, western countries, even in Asia like China, Malaysia, Japan and India are booming in the technology industry. In comparison, Pakistan lags development due to being underdeveloped in the technology…