Economic aspects of bitcoins
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Economic Aspects Of BitcoinShivek Khurana
Cluster Innovation CentreUniversity of Delhi
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Give me your food !
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Banks are bigger animals
You are the mouseAnd mouse’s threatening is currency
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In 2008 came a smart mouse
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In 2008 came a smart mouse
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In 2008 came a smart mouse
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Bitcoin is not
online money transferbacked by any state
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Bitcoin is Distributed
No big animal friend
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Bitcoin is Distributed
No big animal friendAn ecosystem of miners
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Government(s) no like Bitcoin
1. state can track issued money = earn taxes2. seigniorage
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Government(s) no like Bitcoin
1. state can track issued money = earn taxes2. seigniorage
1. No track, no taxes :P2. No printing, no seigniorage
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The dark side
1. Promotes illegal transfer (Peer to peer transactions)2. Controversial : backed by an algorithm
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Transaction
Bank transactions are never final
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Transaction
Bank transactions are never finalBitcoin transactions are
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Legislative and Judiciary
The justice or legislative system can take your money at any time
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Legislative and Judiciary
The justice or legislative system can take your money at any timeYour bitcoins are only yours to keep
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Limits
The bank limits access to your own money
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Limits : Lifted
The bank limits access to your own moneyNo bank, no limit
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Macro Manipulation
The legislative manipulates the value of your money
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No Macro Manipulation
The legislative manipulates the value of your moneyOnly the community can manipulate the value
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Restricted Geographic Mobility
Difficult to move money across geographic boundaries
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Geographic Mobility
Difficult to move money across geographic boundariesLong live internet
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Mathematically Controlled Supply
Normal currencies are produced at the will of the legislative
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Mathematically Controlled Supply
Normal currencies are produced at the will of the legislativeBitcoin is controlled by an algorithm. And generated by a process called mining.There cannot be more than 21m bitcoins ever.
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Bitcoin Today
Is a mainstream currencywith a total value of 8,822,045,700 USDand real atms in Canadaand companies like Virgin Galantic, Shopify accepting them
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Supply Chart
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Is bitcoin real ?
Yes. Bitcoin is real and interconvertible. Current Rate : $807 (yesterday’s price)
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Bitcoin is open by design
Nobody owns itNobody controls itAnyone can take part in it
And that’s why most government institutions/ finance dudes don’t like it
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Bitcoin Bubble
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$600 variation in 2 months
1. The currency is not mature2. But bubble can be justified
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Why Bubble ?
1. More mouses have started believing in the power of bitcoin
2. The bitcoin follows supply/ demand principle. More the demand, more is the price.
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Bitcoin is not a bubble
The value of a currency increases as the issuing authority becomes more powerful. The bitcoin issuing authority has gained sudden traction, hence the value of bitcoin has increased.
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We are passing a milestone
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Bitcoin Ecosystem aims to change finance as the internet changed publishing.
And it is doing quite well as of now.
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Stay Tuned protocol specification
Thank you