Current Developments and Coming Trends in Bitcoin — ASN Events

Current Developments and Coming Trends in Bitcoin (12364)

Denis Rice 1
  1. Arnold Porter, San Francisco, CA, United States

My presentation covers the origins of bitcoin from the original “Nakamoto White Paper” issued in 2008, which identified the algorithm behind bitcoins, up through issuance of the first bitcoin in 2009. It covers the characteristics of bitcoin, including the fact that there is no central authority; rather, bitcoin is open source and oblivious to laws and borders. The escalating costs of “mining” for new bitcoins has led to a technological “arms race” in which only well-funded participants can succeed. The presentation traces the increasing acceptance of bitcoin as currency in mainstream commerce, such as announcements in 2014 by Zynga and Overstock of their acceptance of bitcoins. This development has been accompanied by increased investment of venture capital in bitcoin-related enterprises such as bitcoin exchanges. We explore issues surrounding potential governmental regulation of bitcoin, and conclude with an examination of the questions that need to be answered in the future if bitcoin is to become a major factor in world commerce.

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