VuHoangDung report 17110077

The purpose of this report is to discuss How Bitcoin works, not to encourage you to buy Bitcoin... ● Nakamoto Satoshi is said to own about 1 million Bitcoins, which give him about 20 bi

What solutions for Vietnam to effectively manage Bitcoin?

~ 19/12/2017 ~

1 What is Bitcoin?

2 Risk of Bitcoin

3 Asian country policy

4 Vietnam policy

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The purpose of this report is to discuss How Bitcoin works,

not to encourage you to buy Bitcoin.

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● There will be only 21,000,000 bitcoin in supply The current Circulating Supply is 16.6

million.

● Nakamoto Satoshi is said to own about 1 million Bitcoins, which give him about 20 billions

USD (with the price at the time of writing this Slide: 1 bitcoin ~ 20,000 USD)

What is Bitcoin?

● Peer-to-Peer Electronic Cash System

● No trusted third parties (trustless)

What is Bitcoin?

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● Blockchain is the chain of blocks (actually, the keyword blockchain was not mentioned in

the Bitcoin Whitepaper, but only used after that)

● Verified transactions are aggregated into a block

● Each block has a unique hash id A valid block contains the hash id of the previous block

Blockchain

● Double-spending is the result of successfully spending some money more than once

Double spending problem

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Bitcoin solves the “double-spending”

problem by inventing the blockchain and

proof-of-work concept

● You can spend up to 0.00000001 (one hundred millionth) Bitcoin Each of these bitcoin units

is called a satoshi A satoshi is the smallest unit in a bitcoin.

● Bitcoin can be sent very fast, nearly real time? → Wrong

● Bitcoin can be sent without any fee? → Wrong

● Bitcoin is totally anonymous? → Wrong

What is Bitcoin? - The Truth

Bitcoin price

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● Regulatory Risk

● Security Risk

● Insurance Risk

● Fraud Risk

● Market Risk

● Tax Risk

Risk

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Japan

• Accounting Standards

• Adapts To New Technology

• Virtual Currency Considered An

Asset

• Exchanges Are Regulated

Korea

• taxes on investment returns

• ban on adolescent account opening

• warning of ‘’bubble burst’’

China

China ICO Ban - World’s Oldest Bitcoin Exchange Shuts Its Doors

● “Bitcoin virtual currency and other similar is not lawful means of payment in Vietnam; The issuance,

supply, use of bitcoin and other similar virtual currency as a means of payment is prohibited in

Vietnam.”

● The ban does not, however, mention mining or exchange of virtual currencies, leaving open the

possibility that Vietnam will permit cryptocurrency-or-blockchain-related activity So long as they're

not used to buy and sell stuff.

● In the future??????

Vietnam

● Bitcoin whitepaper: https://bitcoin.org/bitcoin.pdf

● http://nakamotoinstitute.org/

● Bitcoin wiki: https://en.bitcoin.it/wiki/Main_Page

● Bitcoin forum: https://bitcointalk.org/

● Bitcoin Reddit: https://www.reddit.com/r/Bitcoin/ and https://www.reddit.com/r/btc/

● Bitcoin Price: https://coinmarketcap.com/

● https://www.coindesk.com/

● Mastering Bitcoin: https://github.com/bitcoinbook/bitcoinbook

● Wikipedia https://en.wikipedia.org/wiki/Bitcoin

● https://bitinfocharts.com/

References

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Thank you for listening!