The Role of Cryptocurrency in International Business
Nika Chitadze. Professor of the International
Black Sea University.
Director of the Center for International
Studies.
Abstract
Cryptocurrency is a type of
digital currency, the accounting of internal accounting units of which is
provided by a decentralized payment system (there is no internal or external
administrator or any of its analogs) (Greenberg, 2011), operating in a fully
automatic mode. By itself, the cryptocurrency does not have any special
material or electronic form - it is just a number that denotes the amount of
data of payment units, which is recorded in the corresponding position of the
information packet of the data transfer protocol and is often not even encrypted,
like all other information about transactions between system addresses.
Keywords: Bitcoin, Blockchain, Transaction
fee, Mining, Governance
Introduction
When talking about cryptocurrency,
first of all, it should be noted that everything can be used as money if people
agree on it and give the money the appropriate function. Humanity does not yet
know how the function of money can be changed in the future. Money must meet
several criteria, be a means of payment, a means of accumulating/storing value,
a means of accounting, etc. According to many experts, the impact of
cryptocurrencies is gradually increasing at this stage. The rubicon is
overcome, paper banknotes gradually fade into the past.
As it is known, money as the equivalent of universal
exchange has existed for many centuries, the conception of economic relations
led to its gradual development. People have agreed since the immemorial time to
carry out the process of exchange with each other. It was necessary to come up
with such a universal standard for something that could be exchanged for
everything. As a result, the idea of a universal equivalent unit was born and
developed. This unit was constantly changing at different stages of human
development with the changing level of progress of the society. At various
times it was wheat, commodities, gold coins, banknotes, and today it is already
a cryptocurrency.
The purpose of
this paper is to analyze the main
principles of the cryptocurrency functioning and its reflection on business
relations on the domestic and international levels.
Research
Questions:
1) How the
cryptocurrency, particulalrly bitcoin promotes the development of business
relations?
2) What are the
main strenghts and weaknesses of cryptocurrency?
3) What are the
main business operations, which are implemented in the framework of
cryptocurrency functioning?
With regards to the research Methods, the
following methods have been used:
1) Quantitative research methods were used in the research paper, particulalry determination the volume
of trade by cryptocurrencies etc.
2) Methods of comparative analysis – related to the analysis of the different trade operations by
cryptocurrencies etc.
3) Content analysis - the study of for example the content of the researches of leading specialists
in the field of business relations;
4) Narrative
analysis – related to the deep analysis of all those
processes, which are going on in the sphere of cryptocurrency business.
As for the methodological framework of the paper, the concept of the positive business will be
used. As it is known, a positive business
is one that creates value and can continue to develop products and
services that make a positive impact on society. In order to create economic
value, businesses need to think long term and determine how they can continue
to be a financially sustainable business.
With regards of the findings of the paper – it is detailly analyzed the different version
related to the role of cryptocurrency in the modern business relations.
The role of Bitcoin in
business relations
Bitcoin is a worldwide cryptocurrency and
electronic means of payment (Castillo, 2013). It is the first decentralized
digital currency. His invention relates to a person or group of people known as
Satoshi Nakamoto (The Economist, 2016), who publicly announced his invention in
late 2008 and published a document proving it, and has since launched it on a
computer network since 2009 (Joshua, 2014). The system is built on the
principle of P2P, which means that two computer systems can exchange
information with each other or one computer can provide information to the
other directly, without the involvement of any third party, bypassing the main
server; Transactions are verified in the appropriate systems of digital
networks and stored in a publicly independent database called a blockchain.
Bitcoin can be exchanged for different currencies, products and services (CNN
Money, 2015). By February 2015, it had already been accepted as a means of
payment by more than 100,000 commercial establishments. Bitcoin can also be
used for investment. According to a 2017 study by the University of Cambridge,
the number of unique and active users of the cryptocurrency wallet increased
from 2.9 million to 5.8 million between 2013 and 2017. Most users are Bitcoin
users (Hileman, 2017).
Terminology
The word bitcoin first appeared on white paper
(Nakamoto) in 2008. It is a combination of two words - "bit" - small
money and "coin" - coin (Oxford Dictionary, 2008).
Unit
of measurement
The basic unit of measurement for Bitcoin is the
word "Bitcoin" itself. Small bitcoins, or satoshes, represent one
hundredth of a bitcoin, it is the smallest unit of measurement of bitcoin (in 1
sato = 0.00000001 bitcoins (Mick, 2011)). It was named after its creator, Sato
Nakamoto.
Blockchain
A blockchain is a public database that records
completed transactions. It all happens without the intervention of a third
party. Blockchain functionality is provided by interconnected blocks on which
Bitcoin software is also based (Investopeadia, 2018). Network blocks perform
the following operations: determine the validity of transactions, add them to
the database, and then, for greater security, distribute these transactions to
other blocks. About six times an hour, a new set of authenticated transactions
is added to this chain of blocks, which quickly spreads to other blocks. This
helps the bitcoin platform to determine that a particular amount of bitcoin has
been spent and to exclude its so-called bitcoin. The problem of double
spending.
Transfer fee margin is different and it is
optional. Users should decide for themselves whether to use high-fee or low-fee
sites. The transaction price depends on the number of bitcoins transferred.
Property rights
Bitcoins in the blockchain system are registered
on Bitcoin addresses. In order for an owner to be able to transfer bitcoins, he
must know his own asymmetric cryptosystem, or key. This key is very important,
because if the user loses it, he will no longer have the right to own it, ie
the bitcoins in his possession will be lost and he will not be able to use it.
For example, in 2013, Welsh citizen James Howell said he lost 7,500 bitcoins,
valued at $ 7.5 million (CSAIL, 2017), when he threw his own computer hard
drive in the trash. He could not return the bitcoins. This laid the groundwork
for the creation of platforms that enable wallet recovery, such as, for
example, Coindesk.com (Laurie, 1997).
Miners are people or groups of people who use
powerful computer capabilities to extract bitcoins. This process is called
mining.
Mining is an accounting manufacturing service
that is completed with the help of computer processing (Dai, 2018). Mines
ensure blockchain stability, completeness, and immutability (IEEE Spectrum,
2020). All of this is due to the fact that they are constantly verifying
transactions and connecting them very quickly to other blocks. Each subsequent
block contains the cryptographic hash of the previous block, which uses the
SHA-256 algorithm, so that all the blocks are connected to each other, hence
the name "blockchain" - a chain of blocks.
Delivery
General Number of Bitcoins.</ref> name="Blockchain.info"
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About 16 million bitcoins have been produced in the beginning of the second decade of the XXI Century. Its creator, Sato Nakamoto,
established the so-called Monetary policy that the number of bitcoins that can
be produced is 21 million. As time goes on, their extraction becomes more
difficult, and the reason for this is the complicated logarithmic
cryptocurrency that miners face in the process of extracting bitcoin. Monetary
policy also stipulates that the number of bitcoins produced will be halved
every four years. For example, if miners min 1 million bitcoins from 2016 to
2020, this number will be halved by 2024, or become 500 thousand. A successful
miner who finds a new block is rewarded with newly created bitcoin and
transaction costs (Brito, 2013).
Wallet
The wallet stores the necessary information
about bitcoins. It is used to store bitcoins and for transactions. By its very
nature, it is inseparable from the blockchain system.
There are several types of wallets. A
"software wallet" that connects to a network and allows you to spend
bitcoins, simply store them, and verify ownership. This particular wallet is
also divided into two parts: full-fledged clients and limited-clients.
• Full-fledged customers directly verify
transactions on the local full copy of the blockchain (p. 134 as of October
2017 () or most of it (2 GB)
• Clients turn to full-fledged clients for
assistance in receiving and sending bitcoins without a full copy of the
blockchain. They have the advantage of registering faster in the system and
also using less powerful, less powerful devices (e.g. smartphones). Owners of
both types of wallets are responsible for all security of the personal key.
In addition to software wallets, there are
so-called. Online wallets that have the same features and are easier to use. In
this case, users 'bitcoins are stored in online wallets and not on their
computers' hard drives. For this reason, the user should completely trust the
online wallet maker, however, the latter’s malicious intent or server breach
could lead to the loss of bitcoins. A similar case in 2011 is related to Mt.
With Gox (Wayback Machine, 2013).
Bitcoin versions
The first wallet program was released in 2009
by Sato Nakamoto as an open source program (Joshua, 2011). Sometimes referred
to as the "Sato Client", it is also known as the reference client
because it serves to define the Bitcoin protocol and acts as a standard in
other implementations. At version 0.5, the client switched from the wxWidgets
interface to Qt and was referred to as Bitcoin-Qt as a whole. After the release
of version 0.9, the software package was renamed Bitcoin Core, thus making it
easily resolvable on the network. There are several types of Bitcoin core
today: Bitcoin XT, Bitcoin Classic, Bitcoin unlimited, Parity Bitcoin and BTC1.
Privacy
Bitcoin is a pseudonym, which means that the
money is not tied to the real world, but rather it is tied to Bitcoin
addresses. The owners of Bitcoin addresses are not explicitly identified,
however all transactions on the blockchain are public. In addition,
transactions can be related to individuals and legal entities (Simonite, 2013).
At bitcoin exchanges where bitcoins are traded in traditional currencies, it
may be necessary to disclose personal information as required.
To increase financial confidentiality, a new
address can be generated for each transaction (McMillan, 2013). For example,
hierarchically defined tabs create randomly selected "moving
addresses" for each transaction, with only one "secret phrase"
to remember to keep all transaction addresses together and verify them later.
Researchers at Stanford University and Concordia University have also shown
that Bitcoin exchanges and other organizations can present assets, liabilities
and solvency without disclosing their addresses using "zero proof"
(Association for Cryptologic Research, 2015).
Bitcoin was originally led by Sato Nakamoto
.In 2010, Nakamoto handed over the network key to Gavin Andersen (Odell, 2015).
Andersen said he further sought to decentralize the control mechanism:
"After Satoshi's resignation, once the project fell on my shoulders, one
of the first things I tried was to decentralize, so if the bus crashes, it is
clear that the project will continue" (Odell, 2015). ). That fact must be
taken into account. "
Classification
Bitcoin is commonly referred to by terms such
as digital currency, digital cash (Murphy, 2013), virtual currency, electronic
currency, or cryptocurrency. The question of whether Bitcoin is a currency is
still controversial (Joyner, 2014). According to The Economist in January 2015,
Bitcoins, as a currency, have three useful properties: they are "difficult
to obtain, limited in supply, and easy to verify" (The Economist, 2015).
Economists define money as a store of value, a medium of exchange, and an
account unit, and agree that Bitcoin has the ability to meet all of these
criteria (The Economist, 2014). It's best as a means of exchange.
Number of users
The number of users was between 300,000 and
1.3 million in the beginning of the second decade of
the XXI Century, and since that
number has grown significantly, according to a 2017 Cambridge University study,
there are 2.9 to 5.8 million users who use a cryptocurrency wallet, most of
them Bitcoin users (The Economist, 2014).
Trade objects
In 2015, users could pay with Bitcoin in more
than 100,000 merchants (International Business Times, 2015). Usually, instead
of 2-3% according to credit card procedures, Bitcoin payment users were charged
a 2% to 0 fee (Wingfield, 2013). Firms that recognized Bitcoin as a means of
payment in 2014: Paypal (Ellison, 2014), Microsoft (Warren, 2014), Dell (Ember,
2014), and Newegg (Newegg, 2014).
Financial institutions
Bitcoin companies found it difficult to open
traditional bank accounts because bank representatives feared issues related to
illegal activities (Sidel, 2013). According to Antonio Gallippe, co-founder of
BitPay, "Banks are wary of dealing with Bitcoin, even when they really
want to" (Carter, 2013). Said about Bitcoin Hedge Fund Services (Mike,
2014). Nevertheless, Australian banks have made significant contributions to
the introduction of Bitcoin-based blockchain technology (ACCC, 2016). In a 2013
report, Bank of America Manager Meryl Lynch stated, “We believe that Bitcoin
can become a major means of payment and also a serious competitor to
traditional money.” (Kashmir, 2013). Made possible (The Week, 2014).
Investment
Some Argentines bought bitcoins to insure
their own savings from high inflation and the risk that the state would seize
their savings (Lee, 2013). Bitcoin purchases increased during the Cypriot
financial crisis in 2012-2013, due to the high risk of losing savings deposits
(Kirsten, 2013).
Winklevoss twins have invested in Bitcoin.
According to the Washington Post in 2013, they owned 1% of existing bitcoins
(Lee, 2017). Another method of investing is Bitcoin funds. The first regulated
Bitcoin fund was established in Jersey in July 2014 and it was recognized by
the Jersey Financial Services Agency (BBC, 2014). Well-known and authoritative
publication Forbes in December 2015 published arguments in favor of investing
in Bitcoin (Shin, 2015). The same publication recognized Bitcoin as the best
way to invest in 2013. There are also negative expectations: In 2013 and 2014,
the European Banking Authority and the Financial Industry Regulatory Authority
(FINRA), the self-regulatory organization of the United States, stated that
investing in Bitcoin carries significant risks (Stempel, 2014).
Venture capital
Companies like Peter Thiel's Founders Fund,
which has invested $ 3 million in BitPay, do not buy bitcoins themselves, they
prefer to invest in companies that provide bitcoin payment to merchants, or
companies that promote bitcoin trading, and so on. (Simonite, 2013). In 2012,
Adam Draper, with financial support from his father, founded a Bitcoin-focused
startup incubator. Adam's father, Tim Draper, the so-called "mystery
shopper" entrepreneur and capitalist, owns one of the largest bitcoins
since he won 30,000 bitcoins at auction (Sidel, 2014). The company aims to fund
100 bitcoin businesses over the next 2-3 years. Investors are also investing in
bitcoin mining (Robin, 2014). .According to a 2015 study by Paolo Tascai, the
total volume of bitcoin startups in three years was about $ 1 billion (Q1 2012
- Q1 2015) (Tasca, 2015).
Price
and fluctuations
Price on the left
vertical and price changing on the right side
Mark T. According to Williams, in 2014, Bitcoin fluctuated seven
times as much as gold, eight times as much as the S&P 500, and 18 times as
high as the US dollar (Williams, 2014). According to Forbes, there are cases
where instability has no effect, such as online games where bitcoin is
generated and international remittances (Lee, 2013). In 2011, the value of one
bitcoin rose rapidly from about $ 0.30 to $ 32 (Lee, 2013). In the second half
of 2012 and in parallel with the financial crisis in Cyprus in 2013, Bitcoin
began to rise in price, reaching above $ 266 on April 10, 2013 (Lee, 2013). On
November 29, 2013, the value of one bitcoin reached $ 1,242 (Rooney, 2013). In
2014, prices fell sharply. As of August 2014, one bitcoin was $ 600 (Nasdaq,
2015). In January 2015, Bitcoin fell to its lowest level since 2013 and stood
at $ 224 (Embler, 2015). Also in January 2015, a business insider said that it
was voiced by drug dealers that they were losing revenue in proportion to the
price drop because they could not exchange bitcoins for other currencies
quickly and safely for them. There was also a danger that Bitcoin owners would
lose possession of them, sell them, and thus give more impetus to the price to
fall (Price, 2015). According to an article in the Wall Street Journal, as of
April 19, 2016, Bitcoin was more stable than gold in the previous 24 days and
it is suggested that its price will become more stable in the future (Yang,
2016). On March 3, 2017, the price of bacon first exceeded the market value of
an ounce of gold (BBC, 2017).
Legal status, taxes and regulation
Due to the decentralized nature of Bitcoin, it is impossible to
restrict or ban it, although its use may be criminalized. The legal status of
Bitcoin differs substantially between countries. Some countries have allowed
its use for trade and other purposes, while others have banned it altogether.
Regulations and prohibitions that apply to Bitcoin may also apply to other
cryptocurrencies (Tasca, 2016).
Criminal
The use of Bitcoin by criminals has come to the attention of
financial regulators, legislators, law enforcement and the media (Lavin, 2013).
The SEC issued a warning about investment schemes using virtual currency, and
the US Senate held a hearing on virtual currencies in November 2013 (O'Brien,
2015). Several news releases have suggested that as bitcoin grows in popularity,
its illegal use will increase even more (The Economist, 2013). In 2014,
researchers at the University of Kentucky found “solid evidence that
enthusiastic programmers and illegal activities are becoming the subject of
interest in Bitcoin” (Wilson, 2014).
Cryptocurrency
is the most modern form of technological development of money
The history of cryptocurrencies
dates back to the birth of Bitcoin in 2008. Even before Bitcoin, there were
many attempts to create global electronic money, but all efforts were vain.
Cryptocurrency has no physicality; it seems to be expressed by a simple
combination of numbers. But things are not so simple. In the case of Bitcoin,
behind these records is a record book known as a blockchain. A blockchain can
be represented as a decentralized database with no single control center, no
single computer, where all information is accumulated. In exchange for one
center, the information is redistributed to multiple computers called nodes. On
these computers, the nodes all have the same copy (in the case of Bitcoin,
there are about 110,000 nodes in the world), the nodes function exactly as
written in the Bitcoin algorithm. That is, there is only one version of
the truth on the web. It is impossible and pointless to try to falsify
information here because, despite the chance of theoretically falsifying
information on one node, information on other nodes throughout the network is
still unchanged. It is about the same as trying to prove that North Korea won
the World Cup final, although it makes no sense when the outcome of the final
is already known around the world, and the world population has the relevant
information. Accordingly, the nodes about the transactions carried out and the
changes made in the record book, the computers are constantly broadcasting to
each other, are in contact with each other, disseminate information, provide
each other with information about changes in the blockchain. This information
is constantly synchronized between them. This language of communication is
called the "rumors, rumors" protocol, which allows hundreds of
thousands of nodes/computers to have constantly updated information about the
state of the record book.
Based on the above, it is necessary
to explain what a blockchain is. Various transactions in the Bitcoin network
are sorted/recorded in blocks. Each new block is added to the previous block
through cryptographic functions, which makes it impossible to change the
information stored in the previous block. This is how a long chain of bundled
blocks is formed, which is why this record book is called a blockchain.
Information is recorded or placed in transaction blocks by miners responsible
for the system's operation. Miners have the function of validating all
transactions carried out in the Bitcoin network. In return for the work done,
they are rewarded accordingly in the form of newly printed bitcoins from the
system.
The whole Bitcoin architecture is
built on a system of motivation to encourage honest behavior on the part of all
players and not to treat players/system participants with dishonest behavior,
for which they will be punished and held accountable. The Bitcoin system is
additionally unique because, for the first time in the history of electronic
systems, system security has been taken out and entrusted to the free market.
The consensus model that Bitcoin uses is known as Proof of Work. New, more
modern models of consensus (Poof of Stake) have now been developed, which
require much less, almost minimal power consumption, and can be just as durable
and unbreakable as the so-called bitcoin - PROOF of WORK.
The whole architecture of cryptocurrencies is based on the most difficult
cryptography and higher mathematics; game theory is used to create effective
models of consensus. In the case of Bitcoin, the system is decentralized,
balanced, the rules of the game are clear to everyone and written from the
beginning with a protocol, no one trusts anyone, good behavior is encouraged,
bad behavior is punished.
According to many economists,
Bitcoin is a revolutionary innovation - a technology that fundamentally changes
the perception of money. Satoshi Nakamoto is considered to be the creator of
Bitcoin. Satoshi introduced a model of decentralized finance and thus laid the
foundation for a new wave of decentralization.
It is noteworthy that in early
2021, the price of Bitcoin for the first time exceeded $60,000. The most
popular cryptocurrency in the world, the price of which tripled between
2019-2021, has gained the support of leading companies. This became the reason
for its record price increase.
During the same period, the total
volume of the Bitcoin market has already exceeded $1 trillion.
As early as February 2020, Elon
Musk announced that electric car maker Tesla had bought $1.5 billion worth of
bitcoin. According to him, he will also add Bitcoin to the means of payment.
Mastercard plans to make a similar decision (Chitadze, 2021).
The coronavirus pandemic has also
had a significant impact on cryptocurrency prices, as much of the world's
population has switched to online trading. On the other hand, the growing
popularity of cryptocurrencies has a huge impact on the environment, as their
production requires large amounts of electricity.
Conclusion
In general, the question may be asked, at least what does digital
money mean and how does it differ from the standard currency?
Bitcoin is the most popular and the first decentralized
cryptocurrency created in 2008. As it was mentioned above, the origins of
Bitcoin are linked to a programmer known as Sato Nakamoto. It was he who
created and launched the Bitcoin protocol on the network. Unlike standard
currencies, it is not physically printed, but generated, stored and spent
electronically. It is completely decentralized as it is not controlled by any
state or bank.
How is Bitcoin created and what is mining?
The origins of Bitcoin are realized through a computer network and
as a result of complex mathematical processes. This is another important
difference from traditional currency: traditional currency is based on the
value of gold. In contrast, Bitcoin is based on mathematics. The process of
creating Bitcoin is called mining. The mathematical formula used in mining is
completely public and anyone can use it. As well as the software needed to
create open bitcoin, which makes the process even more accessible.
The existence of computers and servers is essential for bitcoin
mining, but recently special applications have become more and more active,
which make it possible to generate bitcoins from a smartphone.
It is known that the number of bitcoins is finite - their total
number in the world can not exceed 21 000 000. However, it is also possible to
divide them into smaller units.
Fraudulent transactions with Bitcoin are almost impossible because
the transaction data is stored fragmentarily on not a single server. Bitcoin
payments are already allowed in online stores such as Amazon, eBay, Zappos and
others.
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