Bitcoin: Money Revolution or speculative bubble? Preface
In recent years, the price of bitcoin has skyrocketed and the market has developed rapidly. As of March 28, 2018, the closing price of bitcoin is $8039.86/piece, the total circulation volume is 16.95 million, and the circulation market value is $120.148 billion, accounting for 45.84% of the total market value of mainstream digital currency. According to the global bitcoin Development Research Report, China's bitcoin transactions account for 80% of the global bitcoin transactions. According to the report's sample survey of users of fire coin, 80.77% of bitcoin investors aim at short-term profits, and only 13.81% of users choose long-term holdings.DJMINER
Why is bitcoin developing rapidly? Is there a long-term investment value? This paper will introduce the technical basis, historical development, market status, domestic and foreign regulatory policies of bitcoin at the textbook level, and analyze the reasons for the sharp rise of bitcoin, investment value and risk.
Bitcoin is a typical representative of decentralized virtual currency, which creates the blockchain technology, with the characteristics of decentralization, limited total amount, transaction security, and information disclosure. Bitcoin came into being in the financial crisis in 2008 because of the fear of central banks and the distrust of inflationary currencies. In October 2009, the first published bitcoin exchange rate was 1 US dollar to 1309.03 bitcoins. The calculation method is to generate the power consumption of a bitcoin. With the influx of speculative funds, deregulation, and the recognition of countries as digital currencies and means of payment, bitcoin once rose to 19187.78 USD / PC in 2017. Since it came out nine years ago, it has risen sharply and plummeted, forming a variety of branch coins and Shanzhai coins.
Speculative demand is the internal reason for the soaring price of bitcoin, including exchange in disguised form, ICO financing and other trading activities. Compared with developed countries such as the US, the relatively loose regulation of special currencies is an important external factor for the continued expansion of asset bubbles in bitcoin. Comparing the four characteristics of real currency, it is found that bitcoin is not as good as gold and other real currencies in terms of universal acceptance and value stability, but it can meet the value uniformity and separability, and has the incomparable advantages in portability and portability. The biggest obstacle for bitcoin to replace credit currency is the decentralization. Bitcoin without credit foundation can not perform the function of currency well. Using bitcoin technology for reference, the primary starting point of research and development of central bank digital currency is to supplement and replace the traditional physical currency.DJMINER
While recognizing bitcoin's technological innovation, we should pay attention to the risks arising from its own operation mechanism. For new things, we should observe more and learn more, and guard against risks at the same time. In order to ensure the safety of Chinese investors' funds and maintain the stability of the financial market, the government of China has gradually tightened the supervision over the special currency trading activities, and it is expected that the development of private cryptocurrencies will be limited. At the same time, the research and development of digital currency by the people's Bank of China is taking the lead in the world. Bitcoin and other virtual currencies have been included in their own regulatory system. While recognizing the risks of virtual currencies, we cannot deny the innovation and development potential of blockchain technology. The research and development of the central bank's digital currency complies with the development needs of the times, takes the national credit as the guarantee, adheres to the principle of centralized management, and maintains the national currency sovereignty while providing efficient services.
Risk tip: bitcoin can't be traded due to too strict supervision; Internet hackers bring a lot of risk events; bitcoin prices fluctuate violently, which makes it difficult to stably perform monetary functions_DJMINER
Why is bitcoin developing rapidly? Is there a long-term investment value? This paper will introduce the technical basis, historical development, market status, domestic and foreign regulatory policies of bitcoin at the textbook level, and analyze the reasons for the sharp rise of bitcoin, investment value and risk.
Bitcoin is a typical representative of decentralized virtual currency, which creates the blockchain technology, with the characteristics of decentralization, limited total amount, transaction security, and information disclosure. Bitcoin came into being in the financial crisis in 2008 because of the fear of central banks and the distrust of inflationary currencies. In October 2009, the first published bitcoin exchange rate was 1 US dollar to 1309.03 bitcoins. The calculation method is to generate the power consumption of a bitcoin. With the influx of speculative funds, deregulation, and the recognition of countries as digital currencies and means of payment, bitcoin once rose to 19187.78 USD / PC in 2017. Since it came out nine years ago, it has risen sharply and plummeted, forming a variety of branch coins and Shanzhai coins.
Speculative demand is the internal reason for the soaring price of bitcoin, including exchange in disguised form, ICO financing and other trading activities. Compared with developed countries such as the US, the relatively loose regulation of special currencies is an important external factor for the continued expansion of asset bubbles in bitcoin. Comparing the four characteristics of real currency, it is found that bitcoin is not as good as gold and other real currencies in terms of universal acceptance and value stability, but it can meet the value uniformity and separability, and has the incomparable advantages in portability and portability. The biggest obstacle for bitcoin to replace credit currency is the decentralization. Bitcoin without credit foundation can not perform the function of currency well. Using bitcoin technology for reference, the primary starting point of research and development of central bank digital currency is to supplement and replace the traditional physical currency.DJMINER
While recognizing bitcoin's technological innovation, we should pay attention to the risks arising from its own operation mechanism. For new things, we should observe more and learn more, and guard against risks at the same time. In order to ensure the safety of Chinese investors' funds and maintain the stability of the financial market, the government of China has gradually tightened the supervision over the special currency trading activities, and it is expected that the development of private cryptocurrencies will be limited. At the same time, the research and development of digital currency by the people's Bank of China is taking the lead in the world. Bitcoin and other virtual currencies have been included in their own regulatory system. While recognizing the risks of virtual currencies, we cannot deny the innovation and development potential of blockchain technology. The research and development of the central bank's digital currency complies with the development needs of the times, takes the national credit as the guarantee, adheres to the principle of centralized management, and maintains the national currency sovereignty while providing efficient services.
Risk tip: bitcoin can't be traded due to too strict supervision; Internet hackers bring a lot of risk events; bitcoin prices fluctuate violently, which makes it difficult to stably perform monetary functions_DJMINER
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