Bitcoin (or Bitcoin... "Coin") - a new type of crypt-currency and innovative payment system that uses the eponymous settlement unit and the eponymous data transfer protocol. For maintenance of functioning and protection of system cryptographic methods are used [16].
For the first time the principle of work of system Bitcoin has been described in a network the Internet by the developer (or group of developers) under pseudonym Satoshi Nakamoto in 2008 [7]. In 2009, the client program was launched for public use as the world's first decentralized convertible currency.
Bitcoins are a special kind of virtual currency, based on the unique Blockchain technology, which is a chain of transaction blocks that have value due to what other users are willing to pay for them [3]. Buying and selling Bitcoins is done virtually, while all users remain anonymous. Bitcoins can be bought, sold or exchanged for US dollars, euros or other currencies, including various cryptographic currencies. All Bitcoin transactions are recorded in alphanumeric sequence without reference to a specific person, and all information about transactions between system addresses is available in the open [11].
The maximum number of Bitcoins to be generated is 21 million (but each unit can be divided into smaller parts), and this level will be reached by 2140. As of April 2, 2014, more than 12.5 million Bitcoins have been emitted with a total value slightly exceeding 5.5 million Bitcoins. billions of dollars based on the average exchange rate at that date. [13]
The world community has no unified position on the new type of money: some consider the Bitcoin system a financial pyramid, while others equate it with a special type of goods (Table 1). It should be noted that the boundaries between the acceptance stage and the transition stage are very tentative. The group of countries that have taken the position of acceptance includes those in which the Bitcoin status is officially recognized and its circulation is regulated by the legislation. Countries in transition are those in which Bitcoin is not officially recognized as an official currency or exchange commodity, but its circulation is not prohibited either.
Operations with Bitcoin have been banned in countries such as Thailand, Vietnam, Iceland, Bangladesh due to their high national security requirements. 5
On December 2013, the People's Bank of China imposed a ban on transactions using crypt currency to limit unregulated capital outflows through the Bitcoin system. Russia's position on the new type of money is ambiguous. For example, in January 2014, the Central Bank issued a report in which, referring to Article 27 of the federal law.
No. 86-FZ "On the Central Bank of the Russian Federation", according to which
"The official monetary unit (currency) of the Russian Federation is the ruble. One rouble consists of 100 kopecks. Introduction of other monetary units and issue of monetary surrogates in the territory of the Russian Federation is prohibited", warns citizens and financial organizations against using Bitcoins for exchange for rubles or goods and services.
The CB ban is not justified at all if we consider Bitcoin to be a special type of highly liquid exchange commodity. As mentioned above, in many countries, the process of buying Bitcoins means exchanging one liquid commodity for another commodity that has absolute liquidity, i.e. money [5]. On the basis of this statement, it can be said that the sale of goods for Bitcoins is a exchange contract whereby goods and services are exchanged for Bitcoins, which is a unique product in the form of a set of letters and numbers. Most likely, the ban is based on the fact that the Bitcoins in circulation can cause enormous damage to the banking system and increase crime.
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