Bitcoin

The Bitcoin

Introduction to Banking and Insurance

Submitted to

Shakila Aziz

Asst. Professor - Finance

School of business and economics

Submitted by

MD. Mahfuzur Rahman

111 132 101

Section

Date of submission: August 17th 2016

United International University

Research on Documentary and Other sources

I researched the following documentaries and sources to gather information about Bitcoin

1. Bitcoin: The End of Money as We Know It

2. The Rise and Rise of Bitcoin

3. I am Satoshi

4. Various other YouTube videos

I found the following information about Bitcoin:

Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.

It’s the first example of a growing category of money known as crypto currency.

Bitcoin can be used to buy things electronically. In that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally.

However, Bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized. No single institution controls the Bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money.

A software developer called Satoshi Nakamoto proposed Bitcoin, which was an electronic payment system based on mathematical proof. The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees.

Necessary qualities of money

The documentary talks about Bitcoin the end of money as we know it stresses these following five points about the ideal characteristics of money

* Scarcity: It is difficult to acquire. In order to maintain its value, money must have a limited supply....