In February, Mt. Gox, one of the world’s largest Bitcoin exchanges, was forced to shut down due to cyber-attacks against their system. While the cause of these attacks remains unclear, the Bitcoin ecosystem has been exposed to potential problems that may irreversibly hurt the currency. However, whether Bitcoin collapses or can regain its momentum and thrive again, financial technologists should be less focused on the strength and legitimacy of the currency, and instead on the technological innovations Bitcoin has produced. After completing a detailed analysis of the sites and digital resources that make the Bitcoin ecosystem work, Corporate Insight has identified three noteworthy innovations that Bitcoin has made to the financial world that could benefit the banking industry:
The growing popularity and mainstream acceptance of Bitcoins has made it important for consumers and investors to gain a deeper understanding of this preeminent virtual currency. The Complete Bitcoin User Experience: Mining, Exchanges, Wallets and Beyond provides a detailed analysis of how Bitcoins are created, traded and stored. The study includes reviews of the top websites and online services driving the Bitcoin marketplace including Slush’s Pool, Blockchain.info and Coinbase among others. The Bitcoin Study Focuses On: • Mining: Breakdown of the virtual currency's creation process • Trading: Closer look at Bitcoin exchanges and trading platforms • Wallets: Reviews of popular Bitcoin wallets and a look at how they work • Marketplace: Bitcoin's uses, value, outlook and virtual currency competitors
Virtual currencies are a decentralized form of “electronic cash” that users send to each other through a peer-to-peer payment system in exchange for goods and services. Consumers and investors have long debated the new type of currency’s long-term legitimacy. While some have flocked to use and invest in virtual currencies, others warn of a possible bubble in the making. This whitepaper offers an introduction to the world of virtual currencies. We begin by looking back at the history of currency and point to successes, failures and trends in an effort to show what is required of any currency to be successful. With that context, we then provide an overview of the predominant virtual currency, Bitcoin.