Ce Vor Face Profiturile Bancilor Daca Cota Lor de Piata Este Invadata de Monede Virtuale

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UNIVERSITY OF WESTMINSTER

BUSINESS SCHOOL

DISSERTATION PAPER

Scientific coordinator,

Professor

Name Surname

Student:

Name Surname

London,

2018

THIS PAGE WAS INTENTIONALLY LEFT BLANK

UNIVERSITY OF WESTMINSTER

BUSINESS SCHOOL

FINANCES

DISSERTATION PAPER

Title: The market share is invaded by virtual coins. What will it happen with bank profits?

Scientific coordinator,

Professor

Name Surname

Student:

Name Surname

London,

2018

Table of contents

§Chapter I. Introduction…………………………………………….…………………..p.5
§Chapter II. Literature review……………………..……………………………………p. 6
§Chapter III. Data and methodology………………………………………….………..p.10
§Chapter IV.Empirical findings……………………………………………………..….p.11
§Conclusions…………………………………………………………………….….…….p.15
§ References………………………………………………………………………….……p.17

§ Appendix…………………………………………………………………………..……p.19

The market share is invaded by virtual coins. What will it happen with bank profits?

Abstract/ Executive summary:

This study analyzes the influence of the virulent currency on bank profits. In analyzing bitcoin definition and operation we will come to a conclusion. Traditional Moneds is somewhat an enemy of the virtual currency. We will see, after the study, that profit is a relative notion, and the truth of the source of profit is somewhere in the middle.

§Chapter I. Introduction

The recent years have seen the boom of transactions of virtual goods, and services, including online games, apps and services. With the rapid development of the Internet, network economy expands to nearly all kinds of market segments and accounts for a remarcable proportion in the entire economy. Due to the lack of strong supervision and effective regulation in virtual economy, platforms are able to issue virtual currency without any limit. This makes the exchange rate from virtual coins to real currency unpredictable. Additionally, the virtual economy is globally oriented, making the issue more complicated. Because of the very divergent pricing policies and floating exchange rates from region to region, the possibility of arbitrage should also be taken into consideration. However, according to the property of fairness, the merchants cannot distinguish between any two coins even if they are of different real values, so the user does not have the incentive to check the coin’s real value. This leaves room to the conspiracy between Platform and Users. Thus it is a necessity to propose a prevention scheme. Usually, these virtual economies are carried out on platforms using virtual currencies rather than real ones (Klein, 2009). Due to the high frequency and small-valued virtual transactions, it is inconvenient for both sides to use a real currency. For cloud services, it is estimated that the Amazon Web Service hits £3.8 billion revenue in 2013. According to Facebook annual report 2013, payments revenue, generated almost exclusively from game applications, in the fourth quarter is £211 million. It is the largest source of revenue after advertising. In China, Ten cent, one of the leading providers of internet value-added services, declares that the revenue of virtual goods and services, mainly contributed by online games, reached 11,72 million Yuan, or about 2 billion dollars, in the fourth quarter of 2013, accounting for 70 percent in the total revenue (Khouw, 2016). Thus the platforms issue virtual currencies, which can be sold in bulk, to perform the function of circulation. To identify the contribution of banks operating costs and financial policy variables to intermediation spreads, this paper develops a partial equilibrium model of the banking industry in a dual currency economy, regarding virtual coins with imperfectly competitive credit markets, and estimates it empirically.

§Chapter II. Literature review

The Bank formally obtained the freedom to choose the coins in which to repay, a phenomenon that also emerges in Barcelona. The history of Genoa also provides a dear ease of a public bank slowly, perhaps reluctantly, venturing into the business of providing a stable unit of account. The bank at first kept separate ledgers for each type of coin, but by the mid-seventeenth century, it was generally felt that Amsterdam’s success needed to be emulated. Coins made of metal had failed to provide a satisfactory anchor for a monetary system based on units of account. Replacing coins while somehow retaining the anchor of intrinsic value involved substituting a new asset linked to, in a flexible way(Gupta, Lauppe, and Ravishankar, 2016). Perhaps the ultimate expression (if public bank control of redeeming ability, Hamburg’s Reinsilberwdhrungt appears near the end of our period (1790). Beginning in 1770, the Bank of Hamburg started accepting deposits of silver bullion in addition to the coin. Coin deposits were eliminated altogether in 1790 in favor of bullion, and depositors paid only a small fee (0,45 percent) at withdrawal. But the creation of such a “virtual coin" was only possible in a city-state like Hamburg that was politically dominated by commercial interests (Conley, 2017).

Profit performance, therefore, depended very much on fee-generating business. In all such respects, top-notch, technologically advanced American banks enjoyed a number of structural advantages. As primary Eurodollar lakers and price makers, they could afford to bid for funds at lower rates than the rest of the participants in the market (Sauer, 2015). This was reflected in the multi-tier structure of the market itself, which assigned different risk premiums to different kind of banks—with the biggest American banks as top-rankers. Eurobank was a highly competitive business, with high product standardization and narrow spreads. Some authors incline to ascribe such results mainly to organizational and strategic uncertainties. However these factors account for only a partial explanation. In fact the findings gave evidence that once compared to American banks with similar characteristics as to size, geographic coverage, and service diversification, clearing banks profit performance did not look too shabby at all(Bech and Garratt, 2017). A more comprehensive explanation can be worked out in terms of structural features of Eurobank, competitive advantages of American banks, and changing market conditions in the early 1970s. As profits originating from interest differentials were narrow, they were extremely sensitive to marginal variations in spreads and influenced by slight differences in economies of scale (the global volume of funds intermediated) and operating, transaction, and organizational costs.) If a banker employs only his real or invested capital, it is impossible he should ever, in the ordinary course of business, make any profits (Neil and Hanna, 2014). Bankers can seldom attain more upon their advances than the market- rate of interest; and that may be obtained upon real capital, without the expense of maintaining a banking establishment. If, after deducting the expenses, the profits amount to nothing more than the market-rate of interest upon the invested capital, the bank may be considered to have made no profits at all. The partners have received no higher dividend on the capital invested in the bank than they would have received if the same money had been laid out in government securities (Zhao, 2014).The profits of a banker are generally in proportion to the amount of his banking or borrowed capital. This will be done by the merchants and tradesmen, who are in the habit of keeping by them a sufficient sum of money to answer daily demands; by the gentry, and others out of business, who receive their rents, dividends, or other sums of money, periodically, and disburse them thus they have occasion. The banker will retain a part of this sum in his till, to answer a bank that receives lodgments of money, is called a bank of deposit. A bank that issues notes, is called a bank of circulation. Each bank attempts to procure a banking capital, but by different means. When a bank of deposit is opened, all the people in the district, who have money lying idle in their hands, they will place the money in the bank. The various small sums of money which were lying unproductive in the hands of numerous individuals will thus be collected into one sum in the hands of the banker. To ascertain the real profit of a bank, the interest upon the invested capital should be deducted from the gross profit, and what remains is the banking profit. Another development has been the advent of the electronic age and the virtual elimination by the banks of notes and coins from circulation. Today 97% of money is electronic money, and this money is nothing more than numbers entered into a computer screen. However, since the abolition of the gold standard during the course of the twentieth century our money is no longer backed by gold but is instead fiat money, which is money issued by the decree of the issuer(Bedi Khurana, Wadhwa and Tomar, 2016). And this money is effectively worth what the financial markets say it is worth. So in essence what we have now is a system where one banknote supports the value of another banknote and yet both banknotes have no inherent value. The Bank of England (BoE) was set up as a private company in 1694 and has continued to provide finance for the government by buying bonds (aka gilts) on which it receives interest and that interest is paid by taxpayers. The BoE was nationalized in 1947.

Digital currency exchanges are services that allow customers to trade digital currencies for conventional fiat money (e.g.. US dollars) or for different digital currencies. They operate similar to stock exchanges. They take bids and ask to determine the transactions which they execute. You can buy bitcoins and other digital currencies there. These exchanges can be of the brick-and-mortar type, or most frequently they are online. Most of them operate outside of Western countries to avoid regulatory issues. For an overview and list of exchanges, see Wikipedia. For a list of exchanges for bitcoins, well-known exchanges are CoinPursuit, Bitstamp, BTC Market, itBit, and Coinbase. In 2016 a federal judge authorized a summons requiring Coinbasc. America's largest Bitcoin exchange tried to provide the IRS with records of millions of customers who traded on the site during 2014 and 2015. The objective is to try to identify those tax evaders who use virtual currency to cover certain transactions. Among the (digital) virtual currencies, the one that has garnered the most attention is Bitcoin. From previous discussion, it was stated that Bitcoin is an encrypted, decentralized (peer-to-peer), convertible, virtual currency (Raymaekers, 2014). Taken together it sounds complex, and it is. That is why we will simply touch the surface of how it works along with its advantages and disadvantages. For those who are interested, there are several books (e.g., Antonopoulos 2015) and some YouTube videos devoted to various aspects of its history, underlying mathematics, structure, operation, and uses. Instead, in this discussion we will hit the highlights of these elements. A bitcoin is a unit of account that possesses a number of the key characteristics: countable—this implies that the units are subject to the rules of mathematics so they can be added, subtracted, multiplied, and divided. In accounting terms it means we can employ these operations to measure profit, loss, income, expenses, debt, and wealth and determine the net worth of an entity possessing units, transportable—Currency is needed to easily support transactions and exchanges across the world. Because bitcoins run on the Internet is a decentralized fashion, they are more transportable than most fiat currencies, fungible—this means that one unit of a currency is interchangeable with all others regardless of when or where it was obtained. For example, in the com commodities market, all No. 2 corn has the same value regardless of where it was grown. Similarly, one bitcoin is the same as any other bitcoin regardless of how it was produced or who holds it, verifiable —this means that it is not easily counterfeited, and if it is, it’s easily detected. This is one of the key characteristics and strengths of a crypiocurrency like bitcoins. Before any bitcoins are accepted for payment, there is a strong vetting process to ensure its authenticity. Divisible—this characteristic means that a currency can be divided into smaller increments so that the sum of the increments equals the original value. In this way bitcoins can be used to purchase products and services of varying values (Darlington, 2014). The smallest unit of the a bitcoin is.OOOOOOOl BTC (that’s 1 hundred million TC). This unit is called a Satoshi. It serves the same role as $.01 or a penny in USD. Information is shared among banks' business partners only for legitimate business purposes. Banks do not capture information provided by customers when conducting hypothetical scenarios using planning (to ensure privacy). Many banks use cookies to learn about their customers; however, customers can control both the collection and in some cases the use of such information. In addition, most banks provide suggestions on how users can increase security (e g., by using a browser that supports 128-bit encryption). With the increased use of mobile devices, the threat of security risks has increased (Gao, Wengrowski and D. Clark, 2014). Banks are creating innovative solutions. For example, in January 2009, Bank of America introduced “SafePass." a feature that can generate a six-digit, one-time passcode that is necessary to complete an online transaction. The passcode is delivered via text message to your mobile device. A similar device is offered by other financial institutions.Another concern of banks is larger-scale attacks in the form of DDOS, phishing, and malware attacks. The Bank of England recently simulated a significant cyber attack and found that they may be lacking several areas. Experts recommend that financial institutions adopt five best practices to better combat these threats. These include: Enhance customer awareness and education. Explore advanced authentication techniques. Take a layered approach. Adopt strong authentication standards. Drive better risk assessment. Even with these institutional safeguards, it is also important for individuals to maintain good security habits as well. For more information on online banking security, download the “Online Banking Guide” from First Commonwealth Bank
§Chapter III. Data and methodology

For the application section, I chose the case study of the event as a research method. The objectives of the research are to determine whether the procedure used in the case in question has been effective and to propose alternative assumptions for resolving the crisis. The procedure corresponding to this method implied: determining the role of the case brought in research in function of the goals and goals set in advance; providing the theoretical framework necessary to solve it; adapting the case to the theoretical framework and applying the method in a way that proposes future solutions in similar crisis situations. The relevance of the choice of the research method can be motivated by the following arguments: The studied case is a field for multiple observations, but also for the use of other methods (interview, social biography, etc.) necessary for the gathering of useful information. However, the case study is not used to discover statistical frequencies in social life, but to highlight significant aspects useful in the scientific knowledge of social life, including in the theoretical elaboration process. The case study can be used in a variety of areas such as central and local public administration, anthropology, social activities, managerial, legal or financial consulting, criminology, management, politics, personality studies, sociology, social assistance, and social life every day, with the help of those involved in it. The case study allows identifying the links between social phenomena that are too complex to be addressed through the investigation or experiment. The case study is an empirical survey on a contemporary phenomenon in the context of its life, in which the boundaries between phenomenon and context are not entirely obvious and where multiple sources of information are used. We also chose the case study for the fact that the company's research situation, respectively the crisis situation in principle, assumes the number of practical variables is higher than the number of the theoretical analysis units. We describe the conditions, the resources, the values, the norms, the factors, the actors, arming us with a hypothesis (which we can shade) with which we "traverse" the situation and we try to capture its complexity. conversations. Studying a case, knowledge, intervention skills can be learned, can enrich the theoretical knowledge supply, or check the "power" of a theory. "The world studied by social sciences is a world of the individual, made up of individuals, organizations, cities, groups, states, provinces, nations. The objective of science is to overcome this level, to reach a higher level of generality. However, generalization does not eliminate the importance of particular events. In fact, the real purpose of the transition from the individual to the general is better understanding and knowledge of cases that are facilitated by generalizations. There were several study limitations that could not be removed from the project or became apparent during the research process. Overall, these limitations do not reduce the contribution of the study to the literature. However, they show how far the study can be generalized either for citizens and organizations in Romania or for others. There are several limitations in the application of findings to other populations. Culture is known to be a factor in purchasing decisions and has proven to influence research. As a result, it may not be appropriate to directly apply these findings to a population from another culture. Another potential limitation is that the representativeness of the sample is uncertain. This means that it is difficult to generalize the findings within the sampled group, regionally or regionally. Account should be taken of the potentially unrepresented nature of the population when using these results of the study. This is the most important potential and most difficult to limit because collecting demographic data at the required scale would be a significant burden. In the research stages, the data was chosen, the analysis and the research report was followed. Regarding the fulfillment of the conditions for carrying out a quality research using the case study technique, data from social documents, archive data, interviews, direct observation, participant observation were merged as much as possible. There was a case study which contains the research questions, preliminary ideas about the final research report. It has also been followed to collect data from multiple sources. The case study is focused on a social group (organization) that describes and analyzes relationships and activities with the approach of various topics.

§Chapter IV.Empirical findings

In order to complete the research, it is necessary to understand the functioning of this propeller coin. Once this has been established, we will observe the factors that produce the competition of the banks' services and, implicitly, their profits.These bitecoins are sent and received rising a mobile app, computer software, or service provider that provides a bitcoin wallet. The wallet generates an address to a bank account number, except that address is a unique alphanumeric sequence of characters where the user cm start to receive payments. Bitcoin is a digital currency that is created and held electronically (Hung, Wong and Cho, 2009). Usually, bitecoins may be obtained by buying them a Bitcoin exchange or vending machine or as payment for goods and services. Instead of reiving on a single trusted third party to manage this ledger. Bitcoin decentralizes this responsibility to the entire network. Behind the scenes, the Bitcoin network constantly keeps track of bitcoin balances in a public ledger called the blockchain. The blockchain is a publicly accessible authoritative record of all transactions ever processed, allowing anyone to use Bitcoin software to verify the validity of a transaction. Transfers of bitcoins, or transactions, are broadcast to the entire network and are included onto the blockchain upon successful verification, so that spent bitcoins cannot be spent again. New transactions are checked against the blockchain to make sure dial the bitcoins have not been already spent, thus solving the double-spending problem. In extensively uses public key cryptography to solve the double spending prob km. In public-key cryptography, each transaction brings a digital signature and contains a hash tint allows for easy tamper detection: However, Bitcoin is revolutionary because die double-spending problem can be solved without needing a third party (International Institute of Administrative Sciences, 2000).The legal definition of what is an acceptable currency seems to be based on how it is legally interpreted as a way to transfer value. Money to be used for payments includes euro banknotes and coins. However, bank money and electronic money (e-money) in euros are considered legal Lender. Nevertheless, these forms of money are widely accepted for all kinds of payments by choice. The euro as a currency may retake the form of banknotes, coins, and electronic money. They are different from known currencies and, as none of them have been declared as the official currency of a state, they do not have a legal tender capacity. Thus, no creditor is obliged to accept payment this payment. In spite of this choice, interpretation of what can be legally accepted as money, the same rule is not extended to cryptocurrencies, as they use their own denomination, they arc not electronic, digital, or virtual forms of a particular currency (Eatwell, Milgate and Newman, 2011). This means that virtual currencies can he used only as contractual money, when there is an agreement between buyer and seller in order to accept a given virtual currency as n means of payment. From a legal perspective, a currency refers to a specific form of money that is generally stored within a state /country. As cryptocurrencies are not widely used to exchange value, they are not considered money and not currency either. They conclude that no virtual currency is a real currency. The evidence indicates that high intermediation spreads persist as a result of high administrative costs stemming from the low monetization of the economy; credit risk and sizable provisioning expenses associated with the large stock of nonperforming loans, which partly reflect institutional barriers to the dissemination of credit information, inefficiencies of the payments system, and limited consolidation of the financial system and market segmentation between domestic and foreign currency borrowers. Based on these results, the paper discusses a number of policy recommendations to reduce further banking spreads including virtual coins commerce.

In early 2000, e-business excitement had reached a climax. In financial services, multifunctional ‘''lifestyle” online banking portals were considered the holy grail of e-banking, where wealthy clients could obtain all services having to do with money in one virtual place. Deloitte Consulting’s client In Switzerland, a private bank, had already developed its business case for such an online banking portal. The portal was to serve all three segments of the bank’s clients: local retail clients, by far the largest client group in absolute numbers (but who contributed a small part to the bank’s profits); the wealthy and affluent client group, which invested almost 1 million and was the second-largest group in numbers (and highly profitable for the bank); and the high-net-worth individuals who invested more than 15 million, up to hundreds of millions of dollars. The project was a complex mix of technology and business process. It afforded excellent opportunities to further hone the skills needed to get in a commercial environment up and running. Beside critics, the challenge here was to establish and maintain local trust in a virtual team (Haas, 2003). It was crucial to create a common vision and goals among all team members, a goal achieved only relatively late in the project. Specifically, the bank wanted to create a Web-based e-banking portal with leading-edge functionality for its private clients. The e-banking project ultimately lights us many lessons. Some of the main lessons had little to do with the virtual nature of the project and a lot to do with commonsense project management. The bank project managers, as well as the external consultants developing the e-banking system, had accumulated dozens of years of software development project management experience and were quite skilled in building similar systems. The introduction of formal clearing systems among virtual currencies is only a matter of time. In fact, social media companies (e.g., Currency Connect14) are already being created to promote site registrations and link users of different virtual currencies. If successful, they will allow users to transfer and convert (all or a portion of) their virtual currencies from one site to another. Their hope is to increase site traffic and optimize the value of users’ virtual currency holdings, but this service should have no impact on real-world currencies.The Linden’s value is not freely fluctuating but rather managed by an implicit Second Life currency board. 'Ibis conversion ability offers opportunities for users to profit from their online activities. In particular, they can buy, sell, deal, develop, and speculate in their online worlds. For example, users can earn capital gains on virtual real estate purchases, cash out by selling their appreciated properties for Lindens, and then sell their Lindens for a real-world currency. The slakes can he high, with some virtual items created on Second Life selling for thousands of dollars. A German resident, who operates under the avatar, Anshe Chung, became a millionaire selling virtual items on Second Life. The implications of these conclusions are important. The total value of transactions has increased to the point where the Second Life environment would rank among the top 20 GDPs in the world. Nevertheless, it has no strong feedback effects on a nation’s price and financial stability, payment systems, and/or risks to real-world users. This result is the same regardless of whether VCU3 has a fixed or floating exchange rate relative to real currencies. It is also indifferent to the level of financial sophistication, such as the type, number, and quality of interconnections among online financial intermediaries, their ability to borrow and lend the virtual currency, and the interest paid or earned (if any) on loans and deposits(Seebacher, 2015). Excessive creation of VCU3 may inflate the prices of virtual goods and services, blit their effects appear to have no significant spillover effects on the real world. Even though issuers have the power to create unlimited amounts of VCU3, they appear to pose little or no threat to a nation’s price and financial stability. To see why, we could continue with our example of Second Life. When users try to cash out their capital gains by selling Linden dollars for real currencies (e.g,, dollars, euros, or yen), their real-world checking accounts increase by the same amount as their counterparties’ (i.e., the buyers of Lindens and sellers of real-world currencies’) checking accounts fall. As a result, the net effect on the nation’s money supply, monetary base, and demand for real goods and services is zero(Brito and Castillo, 2013).

§Conclusions

Digital money has been with us, of and on, for several decades. After all, what need could be more intuitively obvious that the ability to pay someone directly across a network like the Internet or within a walled garden like America Online (AOL) or CompuServe before it. Bits are certainly a lot easier to move than gold bars, bills, or bags of coins. Since those early efforts, the virtual money category evolved to answer the specific needs of low-value transactions within a game or online domain. Funded by payments cards or cash loaded at a physical location, this approach is more about user convenience when purchasing virtual goods—when you have to buy a herd of cows for Farmville—as well as the convenience and profit of the operator. But failure stalked and captured earlier efforts like DigiCash, cash, and others largely because of lack of trust in the currency operator, the conceptual leap it has required of skeptical potential financial institution customers, flawed economic models, or regulatory concerns (Castronova, 2015).The periods of monetary instability always produce renewed interest in stable money and how to obtain it. Much of the recent interest in s la bit money centers on schemes to make the currency convertible, and it is natural that many should look at the convertible monetary systems of the past. These systems involved pegging the price of one or more precious metals also had the drawback that they made the price level fluctuate with changes in the relative prices of those metals. This drawback led some writers to believe that the precious-metals standards could he improved upon and the value of the currency stabilized by tying il to a price index (Skinner, 2016). The problem with that is if all virtual currencies were to be outlawed, the lawn would have to be broad enough to encompass any new configuration of a virtual currency that might arise. If they are made broad enough to accomplish chat goal, then they could very well end up inadvertently outlawing all nonlocal currencies, because at a broad level Bitcoin is indistinguishable from a real-world currency. The underlying concern facing regulators, realistically, is that Bitcoin is not the innovation of a central bank, and therefore the Bitcoin foundation or those promoting it cannot be expected to act in accord w ith established convention. Thar doesn't change the fact, however, thar consumers and businesses can utilize Bitcoin as a real currency to buy or sell goods, or to trade as a commodity like gold (as is more of the case currently). As author David Wolman pointed out in his book The End of Money, all currencies are essentially virtual and are ascribed value only by the community that puts faith in that currency and uses it, David Birch, the creator of the Digital Money. Furthermore, you would also make illegal more “legitimate" virtual currencies such as Mint Chip, which is being incubated by the Canadian Mint currently.They probably end up making airline miles, zynga coins, and other such variations in the currency theme also illegal. The upshot is that Ritcoin and all other virtual currencies or pseudo currencies cannot be made broadly illegal simply by virtue of the fact they are virtual, and current laws that define currency as a physical commodity or a financial instrument as written are hopelessly out of date and are essentially aiding the proliferation of Bitcoin(Auge-Dickhut, Koye and Liebetrau, 2016).

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Castronova, E. (2015). Wildcat Currency. New Haven: Yale University Press.

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Appendix 1

Evolution of Bitcoin 2015-2018 in a specific market

(Raymaekers, 2014)

Appendix 2

Maining Bitcoins

(Gao, Wengrowski and D. Clark, 2014)