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Bitcoin Mining Acceleration
Novotný, Jan ; Veselý, Vladimír (referee) ; Kajan, Michal (advisor)
This master's thesis deals with virtual currency called Bitcoin. It describes the functioning of the currency of technical perspective especially the implementation of the transaction, the way of its validation and ensuring the integrity by using cryptographic functions. Furthermore, it describes the principle of the Bitcoin creation, particularly mining method called pooled mining. The thesis also describes the communication protocols and design of architecture to acceleration of the bitcoin mining. Finally, there are described tests, assessment and proposals for the continuation of work.
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Bitcoins - the use of virtual currency in today's economy
Páral, Jiří ; Taušer, Josef (advisor) ; Jurek, Martin (referee)
The main goal of this diploma thesis is to explore the area of virtual currency Bitcoin and assess the use of this currency in today's economy. Thesis first mentions the cryptocurrency market, the technology and other altcoins. It further analyzes the cryptocurrency Bitcoin in detail, its foundation, history and mining. The text also explores the volatility of this currency in the recent years, the question of regulation by states and technological threats to the network. In the final chapter diploma thesis examines the possibilities for individuals to obtain this currency and the use of Bitcoin by enterprises.
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Kryptoměna
Petrová, Lucie ; Čajka, Radek (advisor) ; Bolotov, Ilya (referee)
Bitcoin, the first decentralized cryptocurrency, has been around since 2009. Not long afterward, it was followed by a rise of a variety of other cryptocurrencies. Some have gained momentum, some have disappeared. Nonetheless, based on the development thereafter, their future still remains unclear. The main objective of this bachelor thesis is to investigate the future outlook for cryptocurrencies. Is Bitcoin doomed to fail? And if so, what does the future hold for alternative cryptocurrencies and for cryptocurrency in general? This paper aims to answer these questions in three chapters. The first part introduces the main features of cryptocurrencies and gives an overview of how they work. The second part focuses on the most prominent one, namely Bitcoin, analyzing its strengths with a particular emphasis on its weaknesses. The third part strives to draw conclusions on the future prospects of cryptocurrency, while explaining why Bitcoin will not be the future currency, but cryptocurrency might be.
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The Analysis of Security and Anonymity in Cryptocurrency Payments
Maňák, Michal ; Šebesta, Michal (advisor) ; Bruckner, Tomáš (referee)
Bitcoin and other cryptocurrencies are getting into common usage more and more frequently. Unfortunately this spread is connected with attempts to misuse their principles for personal benefit. The goal of this thesis is to explain the main principles of using bitcoin in relation to the internet identity. This connection is represented by two sources in the thesis: the first is a bitcoin blockchain, the second is the sum of various user profiles used in discussion forums and similar websites. The aim is to create and explain the process how to, by using the combination of this two sources, reveal the identity of a human using cryptocurrencies for payment (from a private person point of view). First, methods used for extraction of correct and useful data from the blockchain and internet profiles must be developed to be able to mine data from the joint database, merging into a full user profile containing personal data. Results of this investigation are extended by the rules of preserving anonymity on the internet, containing both technological and behavioural measures avoiding a share of personal data. The end of this thesis explains possible attack vectors that might be used for compromising cryptocurrencies. The methods of searching of the internet identity are a useful tool for facing these attacks.
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Analysis of digital currency Bitcoin
Huřťák, Petr ; Brixí, Radim (advisor) ; Kalina, Jaroslav (referee)
Bachelor's thesis is focused on digital currency Bitcoin, mainly on Bitcoin transactions and their attributes like speed, fees and safety. Main goals of this thesis are three, analysis of bitcoin buying possibilities in Czech Republic, comparison of Bitcoin transactions with common payment methods like bank transfers, credit card payment or PayPal, and analysis of number of merchants accepting bitcoin in time and discovery of trend from these data. This thesis is divided into theoretical and practical part. In theoretical part there are described basics of cryptography, which are necessary for understanding Bitcoin, and in depth description how Bitcoin works. Practical part is focused on fulfilment of described goals, besides that thesis is also addressing Bitcoin clients and comparison between most popular ones. Contribution of this bachelor's thesis is analysis of bitcoin buying possibilities in Czech Republic, comparing Bitcoin transactions with transactions of standard payment methods in terms of fees and time, and analysis of trend in number of merchants accepting bitcoin as one of the payment method.
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Bitcoins: Inception of New Era in Monetary Policy?
Vít, Ondřej ; Doležal, Ondřej (advisor) ; Sunega, Petr (referee)
This work presents an economic analysis of virtual currency and a system of payment known as Bitcoin. From many goals of this work, the main is to answer a question, whether the Bitcoins are to cause revolution at financial markets. To solve this I applied theoretical knowledge of Austrian school on the Bitcoin currency. Given this facts it has turned out, that the nature of Bitcoin truly is revolutionary. However, it would be wrong to assume, that the Bitcoins are to actually spark significant changes in current monetary system. For a better understanding of all circumstances, the development of an exchange and the evolution of money was involved in this work. From an economical perspective, it is obvious, that the Bitcoins certainly are a new kind of currency that flows beside money but also cannot replace it. It is the specificity of the system what creates barriers preventing Bitcoins from becoming more widespread and used more often. The benefits of this thesis lie in a complex economic analysis of Bitcoin currency and a prediction of its future development.
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Bitcoin as a form of digital currency
Škoda, Dominik ; Revenda, Zbyněk (advisor) ; Brada, Jaroslav (referee)
This thesis aims to completely map the problem of new forms of money, called cryptocurrency. It explains the economic principles of functioning these decentralized currencies, particularly emitting (the mining), amount of fees and functioning of the payment system. The work is focused on the currency Bitcoin, for which it describes in detail its origin and development, possibility of simultaneous use (in many examples) as well as possible future scenarios of these currencies. In conclusion, the work describes role of Bitcoin in the current banking system and risks of the Bitcoin.
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Bitcoin - Tržní peníze nebo pouze náhrada jednoho špatného prostředku směny za druhý
Philipp, Jan ; Stroukal, Dominik (advisor) ; Slaný, Martin (referee)
Bitcoin as a payment system indisputable offers advantage over the government currencies in transaction time and its costs. On the other hand the moneyness of Bitcoin itself is questioned. This paper analyzes Bitcoin from Austrian perspective and compares the qualities of Bitcoin with deserved qualities of money in order to find out whether Bitcoin could serve as money. The examined properties are portability, storability, divisibility, recognizability, homogeneity and scarcity. Moreover it examines the consistency of Bitcoin emergence as medium of exchange with Mises' regression theorem and identifies the non-monetary value of Bitcoin. The result of theoretical analysis shows that Bitcoin's properties can facilitate the functions of money.
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Bitcoin as an alternative investment in comparison with gold after financial crisis in the year of 2008
Langmajerová, Lucie ; Ševčíková, Michaela (advisor) ; Klepek, Cyril (referee)
The aim of bachelor thesis is to answer the question of suitability of bitcoin as an investment possibility in comparison with gold. The theoretical part explains consequences of the crisis in the year of 2008 and advantages of investing. Moreover the work describes the situation of financial market and explains concepts which are necessary for the following part. The practical part describes investment alternatives with the focus on bitcoin and gold. The formulation of the econometric model is included. The model analyses the degree of influence of three factors on bitcoin price which are supply and demand for bitcoin, macroeconomic impact and attractiveness of bitcoin for investors. The quantitative and qualitative characters of bitcoin are compared with gold. The thesis concludes that the price is mainly determined by attractiveness for investors therefore bitcoin is not suitable as a long-term investment against gold.
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Bitcoin as the currency of the future?
Jaroš, Ondřej ; Vopátek, Jiří (advisor) ; Bína, Vladislav (referee)
This bachelor's thesis focuses on the digital currency called Bitcoin. The theoretical part discusses the concept of money (its history, issuance, the gold standard, etc.) as well as central banking and local currencies. It also tackles the concept of Bitcoin itself, the way it functions, its advantages and disadvantages and its issuance (so-called mining). The practical part discusses whether or not it is possible to profit through bitcoin mining, by speculating on its relative value to the (US) dollar and if it is possible for Bitcoin to replace traditional payment systems and currencies in the future (or at least prove itself to be a potent competitor).
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