Bitcoins and Other Cryptocurrencies: A Simplified and Intuitive Introduction
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Bitcoins and Other Cryptocurrencies: A Simplified and Intuitive Introduction (MLC941R)
The Curious Case of Bitcoins, An Introduction to Bitcoins and other Cryptocurrencies
Designed to bring back a decentralized currency of the people, cryptocurrency is a kind of digital currency that claims to provide security and anti-counterfeit measures to exchange secure information. Bitcoin created in 2009 is the first ever cryptocurrency and involves three main aspects such as Money, the Cloud and Record-keeping for property rights.
A short while ago, Mt. Gox, a Bitcoin exchange based in Tokyo halted all its transactions due to certain technical glitches that sent shock waves all over the world, including financially rich and powerful companies and it resulted in a steep fall in Bitcoin prices in all major exchanges. A solution couldn’t be found and a bankruptcy was filed. Adding to the injury, a company blog was hijacked, and the hijackers posted a file claiming that they snatched it from Mt. Gox servers and said that Mt. Gox still had 1 billion Bitcoins even after filing bankruptcy. Soon, a letter from the organization followed saying that though it was assumed there were no Bitcoins in wallet, 199,999.99 old-format Bitcoins were found and that the wallet was discovered before the hacking of the blog. Sounds fishy, doesn’t it? However, this whole fiasco led to a lot of countries banning Bitcoins and the FBI published a document that highlighted its fears specifically, stating a distinction between it and centralized digital currencies. Each US State has its own financial regulators and thus approaches Bitcoin differently. While New York and California are downright aggressive in their Bitcoin pursuit, New Mexico, South Carolina and Montana don’t regulate money transmitting businesses. Though negations still point at Bitcoins; its usefulness, criticality and potential to modern business is incomparable.
The purpose of this webinar by expert speaker Dr. Donald Chambers is to explain and talk in detail about Bitcoin and such other numerous cryptocurrencies that were created after that, and explaining them through examples and analogies so that the participant get a clear general understanding about Bitcoin irrespective of the background they belong to. These innovative and potential technologies are interesting and important to learn and would be talked about in an enjoyable and non-technical way. However, it will definitely provide you a solid understanding of concepts involved with these potential technologies. The scope of this presentation is not intended to either encourage or discourage the use of or investment in cryptocurrencies.
Topics covered during the session are:
How can a cryptocurrency have value? How could that value be determined?
What does it mean to own a cryptocurrency?
How are cryptocurrencies created?
How are cryptocurrencies exchanged?
What are potential advantages and disadvantages to cryptocurrencies?
Why money has value?
Why cryptocurrencies might have value?
How does a person obtain cryptocurrency?
What does it mean to own a cryptocurrency?
How does a person exchange cryptocurrency?
What might the future hold for cryptocurrencies?
What might has future held for the technology of cryptocurrencies applied to other property?
Dr. Chambers is the Walter E. Hanson KPMG Professor of Finance at Lafayette College in Easton, Pennsylvania. He received a Ph.D. in Finance from the University of North Carolina at Chapel Hill. Dr. Chambers has published fifty articles and several books in investments, corporate finance and risk man...
Disclaimer: The content herein does not represent any association between CFPB and Eli Financial LLC. CFPB neither endorses any product of Eli Financial LLC nor warrants accuracy of the content hereto.