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To understand bitcoin, it is important to understand history of money and doing business.Digital currencies, perhaps most notably Bitcoin, have captured the imagination of some, struck fear among others, and confused the heck out of the rest of us.” – Thomas Carper, US-SenatorIt all started with barter system where our ancestors used to barter goods for goods. Although barter was good, it was certainly not efficient. People won’t exchange gold for silver and even determining value of a particular product was difficult. As the generations progressed, a new medium of exchange called ‘coins’ were introduced. Eventually progress was made from debit/credit cards and now,‘bitcoin’, today bitcoin can be termed as a grandson of coins. This paper will study ‘bitcoin’ in details.Research on cryptocurrencies has been done for decades now, but the introduction of decentralized blockchain technology have taken the world by storm. Cryptocurrencies are not just a way to make payments but also to store and can act as a unit of account. Cryptocurrencies has got many uses; one such use may be dealing with donations and charity houses.Considering that only 60% of your donations reach your intended charity, cryptocurrencies are here to help.Tampabay is one such platform which is being built to track your donations. Wikileaks is also a great example which received around 4000 bitcoins in donation from anonymous donors.This paper will discuss the below topics:-Understanding blockchain and its uses.Understanding bitcoinFactors that may determine acceptability of bitcoinFeatures(advantages)- Bitcoin & Traditional currencies.Different aspects considering bitcoin.Disadvantages of bitcoin.Can bitcoin be treated as an asset(like gold).Understanding blockchain and its uses.Understanding Blockchain.Blockchain in simple words is a kind of digital ledger where transactions made in various cryptocurrencies such as bitcoin are recorded.(http://bitcoin.org)What is ledger? (to understand digital ledger)A ledger is record keeping document to record transaction between parties.So, a blockchain is something that records transactions between you and me with an added feature of transparency.Blockchain is monitored by peer 2 peer systems. Once the transaction between two people is recorded in a blockchain, it can’t be altered.The impossibility of alteration is what makes blockchain more favoured and acceptable way of transacting and storage.Considering Peer 2 Peer, it can be considered as an accountant who manages the ledger(blockchain). In real world accountants can make errors and also can mis-state the ledger to amass huge money and conduct frauds. With P2P, it is nearly impossible to alter any transaction once entered.Some uses of BlockchainLand registrationThe Sweden land registry is using blockchain to demonstrate effectiveness in conducting land deals. Also the government of India is implementing blockchain to fight land frauds. For example in India, lets consider Mr. Singh sold land to Mr.Manoj.Now there is third person called Vikas who can easily bribe the government officials in India and take the ownership of the same land on his name. This was possible because the power of authority was in hands of government officials who can conduct such fraudulent activities. But with help of blockchain technology a land is registered on the decentralized registry meaning no single person has power.Accounting practicesMajor accounting frauds that collapsed the whole economy in past could be avoided because of blockchain. Accordingly, accounting firms like KPMG, Delloite are taking steps to move towards blockchain technology.Marcel Stalder, CEO of Ernst & Young Switzerland stated “We don’t only want to talk about digitalization, but also actively drive this process together with our employees and our clients. It is important to us that everybody gets on board and prepares themselves for the revolution set to take place in the business world through blockchains, [to] smart contracts and digital currencies.BanksBanks are interested because blockchain can help bring not only transparency but also bring speed in execution of transactions and lowering down administration fees. Even today in some countries it takes 3 days to reflect the amount deposited in your account. With help of blockchain this can be instant at low cost. Delloite and ConsenSys are also in talk to create the first bank entirely based on the blockchain technology.(Source:bitcoinnews.com).Master card, Visa payment and Union pay are also developing their own blockchain based technology .(Check out our website)Understanding bitcoin.Define bitcoin.A paper related to digital cash and transactions was published around 2008.The paper claimed that there was no need of financial intermediaries to carry out financial transactions.This paper marked the inception of bitcoin. Bitcoin as defined by websters is “ a digital currency created for use in peer to peer online transactions”. One of the unique features of Bitcoin is that it is decentralized, which means it does not have a central authority. In other words,Bitcoin is not regulated by any government or any institution. Each unit of this peer to peer currency is called ‘bitcoin’ and it’s subdivision’s are called ‘satoshi’.Unlike paper currency requires storage, bitcoin do require storage and is stored mainly on desktop, mobile or sometimes even on paper in form of a key. Once a wallet is created It has two keys, one is public and the other is called private key.Public key is used to send and receive bitcoins, while private key is used to sign off the transactions. As to record transactions every transaction occurred through bitcoin is recorded on online ledger system called blockchain.As per research conducted by Cambridge University in 2017, there are between 2.9 million and 5.8 million unique users actively using a cryptocurrency wallet; Bitcoin is the most popular of these cryptocurrencies.Performance since its inception.In order to determine future of bitcoin it is important to study it’s past. Since bitcoin was launched, it had some interesting events that let to what it is today. However, major developments and events that affected bitcoin are in last few years. Following are some major events that occurred in past few years.(Source:Fortune.com)OCT. 1, 2013FBI shuts down Silk Road, an online black market where Bitcoin is the primary currency, and arrests owner Ross Albricht. Silk Road was an online portal that helped drug dealers and other black market activities through Bitcoin’s anonymous platform.NOV. 18, 2013Bitcoin gets a general support from U.S lawmakers and the senate committees. This was positive news for bitcoin and it jumped in prices multifold after this event. It is also said that this event market the major publicity that bitcoin received.NOV. 20–DEC. 5, 2013The key person of China’s central bank revealed that ‘People are free to trade bitcoins”, but in few days banned institutions and banks to trade in bitcoin.FEB. 7–24, 2014Mt.Gox was Domain for sale leads to drop of around 20% in bitcoins value. This was one of the major negative event for bitcoin.MARCH 26, 2014The IRS claimed that bitcoin should be treated as a property and be taxed and not a medium of exchange.This acted as a barrier .JULY 18, 2014Computer-maker Dell becomes the biggest company to date to accept Bitcoin as payment. Microsoft follows suit on Dec. 11.JAN. 26, 2015Coinbase launches an exchange for Bitcoin and other cryptocurrencies, modeled after traditional online brokerage platforms.JUNE 23, 2016Voters in a U.K. referendum unexpectedly opt to leave the European Union, Bitcoin’s price jumps 23% over the next nine days.APRIL 1, 2017Japan endorses Bitcoin as a legal payment method.MAY 2017In the Wannacry ransom ware attacks, hackers encrypt and freeze data on Windows-based computers—and demand payment in Bitcoin to unfreeze it.NOV. 28, 2017Bitcoin hits $10,000. Coinbase CEO Brian Armstrong later warns customers against euphoria in a blog post titled “Please invest responsibly.”DECEMBER 2017Bitcoin’s price comes within a few dollars of $20,000 on some exchanges.The study of above historic events gives an idea of bitcoins volatility and the way it responds to news. It also suggests us that there are scams and frauds that are been executed with help of bitcoin. Also the responses from different government bodies suggest us that there is still confusion and uncertainty among government bodies .Studying above events and bitcoins reaction to it conveys us that the degree of its acceptability is still uncertain.How bitcoin can help in carrying real world transactions.The founder of bitcoin Satoshi Nakomoto himself referred bitcoin as ‘‘a system for electronic transactions without relying on trust.’’. Traditional method of payment usually relies on trust. Example, When a person issues a check, he trust his bank that the bank will honor his check. Also, a person paying with debit/credit card trust that their bank will approve their transaction on their behalf. So trust exists in today’s age-old modes of payment.Nakamoto discovered that as a trust, banks and other financial intermediaries often charge huge fees to be that trusted intermediary and he was of the opinion that a line of code and computers can be intermediary with no requirement of banks and third party to approve the transaction. This concept of replacing banks with lines of codes brought what we called bitcoin.When a person pays using bitcoin, the transaction needs to be approved by a miner who solves mathematical codes and confirms the transaction.The transaction which is made is recorded in blockchain.Every transaction is recorded on blockchain with the amout of bitcoins traded but the information of the parties that transacted is complete anonymous. With improvement in technology and more advancement more coins are launched by using the same technology but with some additional features.it would be important to see how the crypto trend evolves as time passes by.Factors determining bitcoins acceptability.a) Volatility.According to Websters, “Volatility is a a tendency to change quickly and unpredictably” .As far as bitcoin is concerned it’s price makes a movement from around 10% to even 30% in a day. This change or movement in bitcoins price is driven by many factors. Following are some of them:--News-Bitcoin since in its early stage is affected by news. Whenever a government or a person or an organization with power declares or even adapts some policies regarding bitcoin it has favourable or unfavourable impact on bitcoins price depending whether bitcoin will have positive or negative impact in the future.-Security-Since bitcoin is in it’s initial stage and the platform is still under development, hackers and scammer take advantage to steal bitcoins.Any news in this relatios affect bitcoins price accordingly.In nutshell, volatility of bitcoin may determine it’s future as a pizza bought through bitcoin in the morning can cost 30-40% more just due to it’s volatility.b) Technicality(ease of use)As per traditional methods of payment such as exchanging currencies for goods or services purchased, bitcoin is technical and it’s difficult to understand and make transactions. Since bitcoin needs to be purchased and then stored and secured in wallets it is pretty much technical process that needs to be carried out when transacting with bitcoins. For laymen, it is difficult and for countries where the illiteracy percent is still 20% or more it is difficult to implement bitcoin as a body of payment.c) Government regulations.As bitcoin is not backed or governed by any government or centralized authority it is difficult for bitcoin to go http://mainstream.As users of bitcoin use bitcoins for avoiding tax and carrying out illegal transactions there are high chances that government regulations on bitcoin will determine the future of bitcoin.Features(advantages)- Bitcoin & Traditional currencies.To understand, let’s start by defining bitcoin again.Bitcoin in simple terms is a digital currency which uses encrypted technology to regulate transfer and exchange funds operating independently.First thing to note here is “operating independently”. Bitcoin like traditional currencies such as USD, CAD, YEN is not backed by any government.(The main reason for Bitcoin going from almost $15k to $9k in few days).Global currencies like USD,CAD, YEN operate on three main characteristicsThey are,· Unit of account· Store of value· Medium of exchangeThe best way to answer the global acceptability of Bitcoin will be to compare the above three features of traditional currencies with Bitcoin.Bitcoin as unit of account.Bitcoin serves this purpose well. If you can say One bitcoin equals $10000 USD, It is probably having a room to be used as an unit of account. Further, as dollars are divided in sub units like Cents, Bitcoins are divided in what is called Satoshi’s.The power of divisibility itself makes Bitcoin to jump in as an unit of account.Bitcoin as store of value.Bitcoin serves even well then traditional currencies when it comes to store of value. When it comes to traditional currencies like USD, CAD they generally depreciate over time due to their inflationary nature. They almost fail to serve the purpose of store of value. While Bitcoin as it’s mining is limited to 21 million units, is expected to rise in it’s value due to it’s limited supply and increasing demand. In nutshell, Bitcoin’s value have to eventually rise due to limited supply.Bitcoin as a medium of exchangeBitcoin even exceeds the benefits of being a medium of exchange. Bitcoin can be used to buy goods and services wherever accepted. Also just like ATM’s ,http://bitcoin.org is planning to setup Bitcoin rendering machines which would payout dollars or bitcoin interchangeably. Going further Bitcoin also has low transactional fees when it comes to traditional currencies when transacted through banks and other financial intermediaries.Different aspects considering bitcoin.Anonymity.According to Websters dictionary ‘anonymity” is defined as “ unknown authorship or origin”.When it comes to bitcoin it’s transactions are registered in a public ledger while the parties who conduct the transactions are completely anonymous. There are generally two reasons why bitcoin and other cryptocurrencies are regarded as anonymous.First, like banks and other institutions that require personal information for carrying out particular information, bitcoin voids the need of personal information. This anonymity feature of bitcoin helps scammers and encourages fraudulent activities. So, an advantageous feature of anonymity can become disadvantage as people misuse it. And so, future of bitcoin depends on its degree of anonymity.Secondly, as reported on Investopedia - Sharper Insight. Smarter Investing., “Bitcoin transaction data is transmitted and forwarded by nodes to a random set of nodes on the peer-to-peer network”. While Bitcoin nodes do connect to each other using IP-addresses, it's not necessarily clear for nodes whether the transaction data they received was created by the node they connect to, or if that node merely forwarded that data.” .Such transactions which require higher degree of technicality and such minor technical flaw can affect the blockchain can be troublesome in the bitcoins ecosystem.Low transaction feesWhen using platforms like paypal and other debit/credit cards for carrying out transactions it takes huge transaction fees to process the payment. When it comes to bitcoin the transaction fees are usually low. When it comes to banks and other intermediaries that exist today, they have to charge fees as they are for profit organizations, while for bitcoin, it is publicly owned by users of bitcoin and it doesn’t profit any organization by charging high fees.The only charges that bitcoin transactions debit are those of holding charges which are usually charged by exchanges. Other than that bitcoin hardly have any charges when compared to banks and other intermediaries.No tax.Not only transaction costs, but the traditional methods of payment also incurs various types of taxes such as GST,PST and other taxes when the goods or services are traded. But in case of bitcoin it has no taxes whatsoever as it is publicly held by its users and no government has an authority over it.This factor of taxability of bitcoin can also determine future of bitcoin.No third party involvement.Not only in processing transactions but also in executing transactions without human interference is what makes bitcoin efficient. Considering that online dispute resolution often is ignored as the value or the transaction is of minimum value, Ortolani.P(2016) examines how bitcoin can be used for ODR(online dispute resolving).Instead of involving courts or other legal bodies where transactions are of minimal value, bitcoin’s self enforcement system can be a handy tool as it will cost nothing but maintain the legality of small transactions. Thus, an ODR systems including an in-built enforcement mechanism can ensure the attainment of the goals of speed and effectiveness which may not be alternatively possible with involvement of court.Demerits of bitcoin as an accepted currency.Volatility.The speculative behaviour has led to rise in the volatility of bitcoin’s price. Like debt instrument, bitcoin has paid some return to the investor whenever the price goes high.Bitcoin behaves like gold as an asset class that can be traded, but acts as an medium of http://exchange.As per Sahoo(2017),”The logic is simple; the high volatile assets takes the future path which is unexpected and unpredictable. “ From GARCH study done by Sahoo(2017) conveys that the volatility of bitcoin has made it a speculative instrument to trade. As a result, most of the governments are not giving their legal status for the use of bitcoin in their country due to its illegal nature and hacking of trading exchanges (Anders, 2014).Early stageAs retail and high net-worth investors embrace cryptocurrency, the synthetics allow institutional to allocate to this new asset class. But sceptics say that cryptocurrency is an immature market. Lee, P. (2017)Although Bitcoin was first officially launched almost a decade ago, it’s recent popularity and recent recognition states that it is still new to the market. Just about a year ago bitcoin was trading under $1000, but today it has crossed around 15000$ with it’s all time high of around 20000$.Experts are also of opinion that it will even rise further to the degree of its users. In simple terms, as more people start using bitcoin , the price will be increasing. Although bitcoin was invented to be used as a medium of exchange, the way it is used today suggest that it is still in raw Idium Web+ bitcoin has benefit of first mover advantage, it also has got some flaws. There are other currencies which are being developed considering the drawbacks and flaws that bitcoin has. So if some other currencies come with better way of operation and functionality then it would be tough for bitcoin to survive.Even, less than 10% of the population of the world uses all cryptocurrencies combined. So determining how this all factors play out in future would be an important thing to consider.One factor that may help bitcoin go mainstream could be from conventional investors..According to Randoff, a cryptocurrency enthusiast “Conventional investors know that bitcoin has been used by criminals. The smart ones presumably can sense that some ICOs are, if not fraudulent, then certainly puffed up like internet stocks at the end of the 1990s. But they are still intrigued and, even after the recent extraordinary bull run, are gripped by fear of missing out and grasping for any basis of valuation they can comprehend. Blockchains need a native token or coin. As more and more use-cases for the technology emerge to run tokenized assets and smart contracts, the utility value of certain tokens continues to grow and becomes a very interesting investment opportunity," says Randoff.Not government backed.Bitcoins are not backed by any government or central authority. While this can be considered as advantage it is also a disadvantage. A Dollar or a Euro or a Yen is trusted because it is backed by government. In case of bitcoin there is no central authority responsible for bitcoin. If in phase of uncertainity, bitcoins network crashes there would be no one to back it up. Since it is also not own by one financial entity, no one would be responsible and the damage that can happen would be destructing.Expense.To mine bitcoin it requires high computing power which indirectly consumes high amount of electricity. If we are to predict that bitcoins and its blockchain technology takeover the payment systems prevailing today, there would be thousands of transactions that may need to be performed every second that requires high computing power.For instance, you don’t consume any energy or electricity just to pay with cash or exchanging currencies for goods/services.But since each bitcoin payments need to be approved by public ledger and it’s linkage to coin mining, it consumes a lot of energy in form of electricity.Mining prevents computers creating fake ledgers. They need to show "proof of work", a gruelling cryptographic puzzle that takes so much processing power that generating false entries becomes prohibitive. An astonishing fact data reveals that bitcoins total annual energy consumption was equal to the watts of electricity used by Ecuador. Although it is assumed that bitcoin is going to solve problems of third party and other benefits that it brings, but it should be considered at what expense.Also the experts involved in the crypto field also predict that if the attraction and usability of bitcoin doubles, it would consume electricity as much as 5 million households. And so, as of today while we are analyzing if bitcoin can become future accepted global currency, it’s electricity consumption should also be planned for an alternative way.Scams/Frauds .When it comes to frauds, bitcoin has enabled to steal millions of dollars overtime. From Mt.Gox to ‘MMM’ in Nigeria there are number of scams and frauds enabled by bitcoin. Mt.Gox was a bitcoin exchange which was robbed of millions of dollars. While “MMM” as studied by McDonnell.T(2018) is a scam regarded to teach Nigerians more about bitcoin then anything else.’MMM’ was a ponzy scheme which promised 30% returns on investments in as low as 30 days. The Nigerian government applied some strict rules which made the ‘MMM’ scheme to trade in cash difficult. In order to find an alternative way to cash payments, it started encouraging bitcoin payments among its potential victims. And in a nature of accepting payments through bitcoin it started educating vast majority of Nigerians about Bitcoin so that they can indirectly lure them into the ponzi sceme. This research stands out as it mentions a practical example where bitcoin can be used for promoting scams like “MMM”.SpeculationConsidering gold as a property or maybe even medium of exchange, When it comes to speculation, there are two views. Speculation can be healthy or speculation can be DeterioratingThe good/ helthy speculation: In todays foreign exchange market and even stock exchanges the trading is not for exchange of currencies or exchange of stocks, but generally due to speculation. Without speculation market would be less liquid and markets would perform poorly. What blockchain has enabled is to promote its technology in stock exchanges and foreign markets. It has enabled technology to be tradable. For example, you can exchange bitcoins technology for ethereum’s platform which was unimagined even few years back. This feature of of healthy speculation is beneficial to the overall world economy.Deteriorating speculationBitcoin has got huge volatility and so people involved in trading bitcoin are expecting to , make money overnight. This philosophy of making money makes bitcoin as a commodity and not a medium of exchange for what it was developed for. As more people participate in bitcoin trading in an effort to make quick money, the bitcoin’s blockchain loses it’s real world use of medium of exchange.In nutshell, the way bitcoin is used today, put some doubt to treat it like digital money,Bitcoin as a property.Bitcoins and other cryptocurrencies have created a new trend among investors. Since it is not backed by any government or any central authority it has led to much regulatory attention and thus, understandably, much of the legal analysis of bitcoins has focused on its regulation. Now with bitcoin there are two possibilities,it can dominate the entire payment industry or it can remain prevelant just as a form of payment in very small niche. However it develops and whatever it’s outcome in future, it is still necessary to answer the question whether bitcoin is a method of payment like debit/credit cards or is a property like gold that increases in value and is sacred. As far as this section of the paper is concerned we will treat bitcoin as a property and try to understand it’s legal implications.Coins, banknotes,bank money are entirely treated as money. ‘Bank money’ is something that is the term economists have used to describe balances held by customers in banking institutions. From other point of view bank money is something that customers have balance in their bank account and their bank owes them that money.Kelvin FK Lowa and Ernie GS Teo’s research on property, as they mention in their paper, “In the broader label , ‘property’ refers to the law’s recognition of and willingness to enforce a holder’s rights to exclude others from a resource, whether tangible or intangible, without necessarily providing any clues as to its eligibility. The role of the law of property is to identify the person holding this right to exclude. After all, ‘the word “property” reflects its semantically correct root by identifying the condition of a particular resource as being “proper” to a particular person. One cannot assume that rights to exclude others from a resource may only be granted by the law through directly enforceable rights against an indefinite class of persons”.Which means, if something is in name of someone and if they have right to exclude others from the ownership, it’s property. Just like bank money, which may be in bank’s custody, but the ownership stays with the depositor and has the right to exclude the ownership from being transferred. In bitcoins scenario, when someone purchases a bitcoin in order to sell it at a higher price later or to make transactions, however the case maybe bitcoins can be treated as a http://property.As someone who buys bitcoin, can solely exclude others from its ownership. Although bitcoin was created to act as a medium of exchange, it’s added advantage of treating as a property can be an alternative way for its survival.Conclusion:Based on the above research, bitcoins future is still unpredictable. It has almost all the features that traditional currencies have, like, store of value, medium of exchange, unit of money. But it’s future almost depends upon how people adapt to it and it’s volatility which acts as a major drawback. Even Facebook went viral when there was general acceptability from the masses. As far as users of bitcoin are concerned, the majority of them are speculators. And until majority of bitcoin use case form part of medium of exchange, it would be difficult to predict the future of bitcoin.Even bitcoin is still in an early stage and it has got room for improvement and development. 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