Comprehending Bitcoin and Factors Affecting Its Price : Report
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Added on 2020-07-22
Comprehending Bitcoin and Factors Affecting Its Price : Report
Added on 2020-07-22
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Bitcoin as a real money: A statisticalapproachDissertation proposal
Research proposal title: Comprehending Bitcoin and factors affecting its priceABSTRACT Bitcoin is referred to as crypto currency as well as digital system for payment. It is beinginvented by the unknown programmer or group of programmers. The system is peer to peer aswell as transactions is taking place among the users in direct manner without absence ofintermediary. In the proposed research that aims at assessing the authenticity of using Bitcoin inexchange of a real currency descriptive research design would be applied. In addition to this useof secondary information will be done. Moreover for data analysis quantitative tool would beemployed. INTRODUCTION Research backgroundMoney possess three features that it acts as medium of exchange, a nominal monetaryunit and store of value. Bitcoin has beenprogressively satisfying all the following criteria as areason of increase in number of merchants specifically in case of online markets. Thisdemonstrates willingness to make its adoption as form of payment. The term Bitcoin is referredto as crypto currency as well as digital system for payment. It is being invented by the unknownprogrammer or group of programmers. The system is peer to peer as well as transactions istaking place among the users in direct manner without absence of intermediary. The verificationof the transaction is being done by the network nodes as well as recorded within the publicdistributed ledger that is referred to as block chain. Bitcoin is considered as the decentralizeddigital currency (Importance of bitcoin,2017). Besides being rewarded for mining, Bitcoin can beexchanged for the other currencies, products as well as services within the legal or blackmarkets. As of February 2015 more than 100000 merchants as well as vendors are acceptingBitcoin as the system for payment. Problem statementThe major issue in the present investigation is to identify whether Bitcoin can beconsidered as real currency. There are number of vendors that are not accepting Bitcoin. Thus,main emphasis is give on understanding it in terms of value relative to USD and impact thatinflation have on its value. Bitcoin can be used as hedging currency in crisis situation. Butcurrently, also people are in confusion whether Bitcoin must be used to make transactions.1
Answers of such questions will be identified through present research study. This is because atpresent people to a greater extent are involved in using technology that can make their workeasier. The particular technology is effective but has series of issues. It is significant that in-depth assessment of same is done so that suitable conclusion can be drawn. Research aim and objectiveAim: To developing broad understanding of Bitcoin and exploring trends related to cryptocurrency in terms of number of transactions, its value relative to USD and impact on inflation onsame.Objectives:To identify relationship between Bitcoin and USD.To identify number of crypto currency introduced.To identify trends in number of transaction of Bitcoin which will reflect number ofmining firms increase or decrease across the globe.To identify relationship between price of Bitcoin and number of vendors.To identify relationship between inflation and price of Bitcoin.Significance of the studyThe proposed research is suitable towards making in-depth analysis of the use of Bitcoinand trends prevailed in the market in relation to Bitcoin. Along with this assessment of Bitcoinon several grounds would result in creating greater awareness. The importance of proposedinvestigation has been stated in the manner as under: It assist that academicians in conducting PH.D. The proposed thesis provides adequateamount of information regarding the authenticity of using Bitcoin in exchange of a realcurrency.Along with this the investigation possess greater importance for the firms who areoperating online. The investigation would be significant for the thinkers as it reflects innovative knowledgein relation to tools that have been applied within the research. LITERATURE REVIEW As per the views of Hurlburt and Bojanova, (2014) Bitcoins are not being printed inphysical terms by the Central bank. If this is possible the can lead to devaluation of the currency.Rather community of the individual is engaged in creation of the money in digital terms that is2
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