Bitcoin como funciona 2017

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The present work was carried out with the objective of knowing the behavior and evolution of Bitcoin, since its launch in the year until the first half of 2. The Bitcoin BTC is the first cryptocurrency launched on the market as a new means of payment option. The qualitative research initially included a literature review about the origin of its creation, growth, evolution and degree of acceptance within the market of new financial assets.

It continued with the documentary review of its main characteristics, its legal and financial evolution, supported by secondary sources, especially in the reports of journals specialized in the subject and of investment and payment platforms. Then we proceeded to the explanatory modality where the advances of the currency were identified as the first decentralized cryptographic financial network in the world, as well as the specific experiences of its growth evolution that gave rise to the creation of the Bitcoin Foundation, strengthening the link between the currency and its acceptance as an innovative financial asset.

The Bitcoin offers a new payment mechanism that has had a sustained growth and is generating a new financial relationship, where the low participation of intermediaries allows to obtain lower prices in transactions. Las criptomonedas, desde sus inicios, fueron concebidas como una nueva alternativa dentro de los mecanismos de pagos innovadores.

El Bitcoin ha experimentado un crecimiento dentro del mercado de plataformas de pagos virtuales y esto ha generado un nuevo relacionamiento financiero, en donde los bancos y otros tipos de intermediarios ya no pueden controlar el total del mercado de flujo de pagos. De acuerdo a Murphy son cerca de Fuente: The Bitcoin Fee Market Como puede observarse en la Figura 1 , el crecimiento de transacciones en comercios que aceptan como medio de pago al Bitcion presenta un ritmo sostenido, teniendo como puntal de crecimiento al Fuente: Datos obtenidos de Coin Dance Bruno de Alburquenque, M.

Entendiendo Bitcoin: Hechos y Preguntas. Divisas o monedas virtuales: el caso Bitcoin. Domingo, C. Bitcoin, criptomonedas y blockchain. Mexico: Ediciones Temas de Hoy. Esparragoza, L. Herazo, P. Andes, Ed. Revista de Derecho Privado 55 , 1 - Hub, I. Lee, T. The volatility of bitcoin is another point of interest for researches. He concluded that during , speculative trading did not contribute to the unprecedented rise and subsequent collapse in the value of bitcoin and it was not associated with its unusual level of volatility.

Nevertheless, Durgun and Timur explained that virtual money has a limited impact on markets due to its insufficient infrastructure, legal gaps, prohibitions, weakness and insecurity of Internet networks. On the other hand, Yermack affirmed that bitcoin is a speculative investment and it has achieved a minimum volume of consumer transactions due to its short-term risk and its high volatility. The author established the virtual zero correlation between the daily bitcoin exchange rate, the used currencies, and gold.

Furthermore, bitcoin does not have a deposit insurance and it could not access the banking system that increases hacking activities. They used Google Trends dataset to analyze the searches of bitcoin users, and they concluded that search terms as computer programming and illegal activity are certainly correlated with bitcoin interest, while libertarian and investment terms are not associated with this new type of money.

The volatility studies of bitcoin go beyond qualitative analysis. Several quantitative types of research have also been developed. For instance, Dyhrberg introduced the financial asset capabilities of bitcoin using comparative GARCH models between this virtual currency, gold, and American dollar.

Her findings of hedging capacity and medium of exchange, demonstrated similarities between gold and dollar, while bitcoin is preferred by risk-averse investors for adequate risk management in portfolios and financial markets. The authors used a portfolio that incorporates: 1 traditional assets stocks, bonds, and hard currencies and 2 alternative investments commodities, hedge funds, and real estate. They demonstrated that the admission of a small proportion of bitcoins increased the risk-return rate in both alternatives in the short term.

However, the spanning tests did not corroborate the results in the medium and long term. The interdependencies of prices between bitcoin and altcoin markets in the short and long term were analyzed by Ciaian et al. The authors used time series analysis and daily data of 17 virtual currencies, including bitcoin, and two altcoin price indexes for the period, to confirm that the BitCoin-altcoin price relationship was significantly stronger in the short-run than in the long-run.

Their results also showed a bitcoin impact in the short-term for some altcoins that are similar to the bitcoin price formation. The review of previous studies reveals the lack of research works about the linear correlation of bitcoin and other stock market indexes, similar to the one proposed in this manuscript. Bitcoin has had a very volatile trading history since its inception in Initially, it traded for almost nothing around USD 0. In July , bitcoin had its first real price increase, a single coin for USD 0.

With two years in the financial market, on February 9 th , bitcoin achieved parity with the American dollar, causing interest in investors in some markets. Its value grew rapidly exceeding USD 10 over the next two years. The confidence in this cryptocurrency was increasing as its value, on March 11 th , the close price of bitcoin was similar to USD 50 Although the price dropped sharply and the Mt.

On April , its value exceeded USD when The European Commission, the European Central Bank and the International Monetary Fund announced the rescue of the Cypriot Economy under certain conditions, such as a considerable tax on bank accounts with holdings exceeding , euros EUR , a policy that affect wealthy people from Cyprus and abroad, due to the reputation of this country as tax haven.

As a solution to preserve their holdings, many of these account holders bought bitcoin in masse Bitcoin Price History A significant peak was reached on November 29 th The bitcoin price began to be more volatile when the first restrictions appeared. People had problems withdrawing their money from the exchange and the bitcoin prices fell below USD 1, Later on, the massive DDoS attacks distributed denial-of-service is an attack in which multiple compromised computer systems attack a target, such as a server, website or another network resource, and cause a denial of service for users of the targeted resource.

During the rest of and , the bitcoin value remained with decreasing trends. In , bitcoin showed a slow but steady upward trend, its price exceeded USD during the first semester. The bitcoin community grew, and some influential members gathered in Hong Kong to discuss a plan for scaling bitcoin. However, there was some discouraging news such as the theft of customer funds for security breaches. On November 9 th , Donald Trump was elected as the 45 th President of the United States and the reaction in the markets was immediate.

Most of the markets opened sharply lower and investors rushed into known havens such as gold. The popularity of bitcoin increased quickly due to the massive media coverage, attracting new users interested in this novel cryptocurrency who bought bitcoin and pushed its value to the top.

On January 3 rd , the bitcoin price broke USD 1, for the first time in three years. The price of USD 2, If someone had 10 bitcoins before August 1 st , since this date the owner had additionally 10 bitcoin cash CoinDesk The price has grown rapidly since then, although there is an increasing risk and authorities tried to control this market. For instance, Chinese authorities ordered Beijing-based cryptocurrency exchanges to cease trading and stop registering new users Bitcoin Price History, However, the price exceeded USD 5, for the first time on October 11 th , USD 10, on November 28 th , and USD 20, on December 18 th ; that is, it tripled its price in just two months, reaching records never seen before and exceeding all predictions.

The price was affected after South Korea, the third-largest cryptocurrency market in the world, announced policies to regulate the bitcoin trade, such as the closing of stock exchanges Bitcoin Price History Nevertheless, bitcoin continues to transcend expectations and maintains a high, but fluctuating value. On February 28 th , it closed at USD 10, However, the then-President Rafael Correa ordered to stop the bitcoin operations and confiscate the circulation of bitcoins and assets in this virtual currency.

This electronic currency is issued by the BCE and it is not equal to cryptocurrency or bitcoins due to it has backing in paper, metal and liquid assets. Furthermore, the Ecuadorian government promotes electronic money because the useful life of dollars in Ecuador is 2. The BCE reported that citizens, who have digital money in their virtual accounts, have three options to manage it. First, this money can be downloaded and effective.

Second, users can buy with it in places that accept this virtual money as a medium of payment. And third, it can be transferred to any financial institution as saving. On April 16 th , all the electronic money accounts in the BCE are going to be deactivated due to the approval of the Law of Economic Reactivation, which transfers the administration of electronic money to private banks.

Actually, the challenges of the Ecuadorian public financial sector are still large and defined as a support to reduce the use of physical money and offer new services involving electronic mediums of payments such as cards, transfers, and other financial products BCE The money supply M1 in the Ecuadorian financial system consists of 1 monetary species in circulation currency in circulation , 2 fractional currency, 3 electronic money, and 4 demand deposits. The evolution of M1 showed a significant increase of USD 18, The most representative account is the currency in circulation, which on average represents On the other hand, the demand deposits account varied from USD 9, The development of the M1 components is shown as follows in the figure 2.

Note: Primary axis series : monetary species in circulation, demand deposits, and money supply M1. Secondary axis series : fractional currency and electronic money. The first step to determine the relationship between bitcoin and stock exchange is the visual and descriptive analysis of their close price. The study is based on the characterization of bitcoin and main stock exchange indexes, in American dollars USD , euros EUR and pound sterling GBP , other important cryptocurrencies and principal commodities.

The information needed to perform this first descriptive analysis is available on 1 Yahoo Finance, section market, subsection Cryptocurrencies and World Indexes, 2 Investing section commodities and 3 Investopedia section Cryptocurrencies. Investopedia , the main global source of financial content on the web that focuses on investing education, retirement strategies, and financial news, defines the six most important cryptocurrencies other than bitcoin, which are the following in a non-specific order table 1.

The trend analysis includes the series of the main global cryptocurrencies shown in table 1, with the exception of the virtual currency called Zcash ZEC because its dataset was formed for observations, and it is only available from October 27 th to the present. This manuscript considers observations close price from August 6 th to February 28 th The start date is chosen because all the considered cryptocurrencies have historical data from this date to the present and it coincides with the first day of operations of Ethereum.

The database source is Yahoo Finance, one of the main web networks, which provides stock quotes, up-to-date news, portfolio management resources and international market data. Graphically, all series follow the same path as the bitcoin close price. On the other hand, Ethereum cryptocurrency showed its minimal price USD 0. Dash or darkcoin experimented an average close price of USD The close price range of this cryptocurrency is USD 1.

The virtual currency denominated Ripple, whose average close price is USD 0. Finally, the Monero cryptocurrency showed its best close price performance on December 20 th USD Figure 3 displays the evolution of bitcoin and the most important world cryptocurrencies. The stock market could be divided into four main economic regions, which are: Europe, the United States, China, and Japan.

It is important to differentiate between index and market since they are not the same. The stock exchange is the place where investors can commerce, buy and sell titles or securities of listed companies. The index is a thermometer of the stock market of each country or region, considering that it is elaborated with the companies with greater capitalization and volume in their markets. There are many indexes elaborated for analyzing a specific stock exchange of a determined region.

According to Yahoo Finance, the most important and recognized worldwide indexes are summarized in table 2. The trend analysis is divided into two parts. The first part includes the series of the US market and the second one contains the analysis of the European stock exchange. The Japanese and Chinese market are excluded because of the availability of information.

Graphically, it is possible to better appreciate the trend of the series if the plot is less loaded, besides the analyzed indexes are quoted in different currencies USD, EUR, and GBP. This research considers observations close price from January 1 st to February 28 th The period is chosen because the analysis of the last five years allows a long-term perspective of the behavior of these indexes. Figure 4 shows the volatility of bitcoin compared to these indexes; all of them are in an ascending and continuous trend.

The Dow Jones industry average is the index with the highest market capitalization, around USD 18, Its maximum value was USD 26, This index had the lowest average value of capitalization USD 2, All the indexes in the US market seem to be related and follow the same trend. The European stock exchange indexes seem to be more stable during the considered period. Its maximum value was EUR 10, Its maximum value was reached on April 13 th with EUR 11, This index had an average capitalization value of GBP 6, Generally, the three indexes show a stable trend in the European economy.

A commodity is defined as a basic good in commerce that can be interchangeable with other commodities of the same type Investopedia Fungibility is its most important characteristic of commodities. It can be treated in the spot and derivative markets, and its price is usually determined as a function of its market as a whole.

Commodities can be classified as raw materials, basic resources and agricultural products. Investopedia , a global financial portal which offers stock quotes and international market data, defined the influence of the commodity prices as an important factor that impacts on earnings of public companies, and, by extension, the markets.

In addition, this financial company mentions that the ten most important commodities that move the markets are in a non-specific order : wood, crude oil, cotton, wheat, corn, coffee, gold, silver, platinum, and natural gas. This manuscript analyzes only three commodities gold, silver and crude oil due to the availability of information table 3.

Similarly, the trend analysis is done during the period considered above to easily determinate the relationship between commodities and bitcoin in the long-term. The price future of gold and silver is stable during the analyzed period figure 6. On average, gold had a price of USD 1, Silver experimented an average close price of USD The range of its price was USD Commodities prices have shown a stable trend during the studied period, while bitcoin price is characterized by its volatility.

Hypothesis 1: Positive correlation between bitcoin and the main world cryptocurrencies. Hypothesis 2: Positive correlation between bitcoin and the most important stock exchange indexes. A linear correlation analysis is performed between bitcoin, main stock exchange indexes, other important cryptocurrencies and principal commodities. This computation is a crucial part to test the hypotheses and was made using the software RStudio version 1.

The database sources are 1 Yahoo Finance, section market, subsection Cryptocurrencies and World Indexes, 2 Investing section commodities. The data is obtained from Yahoo Finance, section Cryptocurrencies. The number of observations are from August 6 th to February 28 th The linear correlation between bitcoin and the five most important cryptocurrencies is positive and significant at least at 0.

The highest correlation coefficients are presented between bitcoin and Dash 0, , and bitcoin and Monero 0, On the other hand, the lowest correlation coefficient is evidenced between bitcoin and Ripple 0, It is important to mention that the strongest correlation 0, is shown between Dash and Monero. Using the graphical and correlation analysis, hypothesis 1 is accepted.

It can be concluded that bitcoin has a large influence on cryptocurrencies market. Hypothesis 2: Positive correlation between bitcoin and the main stock exchange indexes. In this section, the linear correlation between bitcoin and the six most important stock exchanges is calculated to test if bitcoin has any influence on the European or the US market using the data provided by Yahoo Finance in its section World Indexes.

This research considers 1, observations close price in USD from January 1 st, to February 28 th All the correlations are positive and significant at least at 0. The highest correlation coefficient is between bitcoin and DJI 0. Otherwise, the lowest correlation coefficient is evidenced between bitcoin and IBEX 35 0. It can be concluded that bitcoin is related to the main indexes in the American and European markets, although its volatility does not seem to influence these markets.

It is necessary to mention that all the considered indexes, except bitcoin, maintain a high degree of positive correlation between them; specially the US market indexes that have correlation coefficients greater than 0. The hypothesis 2 is accepted using the graphical and quantitative analysis and conclude that bitcoin has a correlation with the stock exchange indexes in the long term, but it is not stronger than the relationship between the main cryptocurrencies and bitcoin.

The analysis is performed with 1, observations close price in USD from January 1 st to February 28 th The data source is Investing, section Commodities. Hypothesis 3 is rejected since the linear correlation coefficients are lower between bitcoin and the considered commodities table 6. The obtained results show a minor linear correlation between bitcoin and commodities.

The correlations between bitcoin, silver and crude oil WTI are negative. However, the degree of correlation between the variables is less than 0. On the other hand, the analyzed commodities have a strong correlation between them, especially silver and gold, with values higher than 0. This study conducted a global analysis of the bitcoin situation since its appearance in the financial market. The graphical analysis and empirical evidence showed that the volatility of bitcoin prices and its speculative power are the main characteristics of this virtual currency.

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Save my name, email, and website in this browser for the next time I comment. Plataformas Bitcoin. Bitcoin Short Term Trading. El aumento del precio de Bitcoin. Demanda y suministro de bitcoins. Siendo una de las primeras divisas alternativas que surgen ante Bitcoin, ya en sale al mercado con una cifra cerrada de 84 millones. Recuento de votos: 1. Rentabilidad de las criptomonedas. Bitcoin y fiscalidad.

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