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Why Bitcoins?

Bitcoins can be used to buy merchandise anonymously. In addition, international payments are easy and cheap because bitcoins are not tied to any country or subject to regulation. Small businesses may like them because there are no credit card fees. Some people just buy bitcoins as an investment, hoping that they’ll go up in value.

Predefined Values:

to mBTC to cBTC
= 0.00000001 ฿
= 0.00000010 ฿
= 0.00000100 ฿
= 0.00001000 ฿
= 0.00010000 ฿
= 0.00100000 ฿
= 0.01000000 ฿
= 0.10000000 ฿
= 1.00000000 ฿
= 1 Bit / μBTC
= 1 mBTC (em-bit)
= 1 cBTC (bitcent)

What is Bitcoin

Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto, who published the invention in 2008 and released it as open-source software in 2009. The system is peer-to-peer; users can transact directly without needing an intermediary. Transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain. The ledger uses bitcoin as its unit of account. The system works without a central repository or single administrator, which has led the U.S. Treasury to categorize bitcoin as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency, although prior systems existed. Bitcoin is more correctly described as the first decentralized digital currency. It is the largest of its kind in terms of total market value. Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into a public ledger. This activity is called mining and the miners are rewarded with transaction fees and newly created bitcoins. Besides being obtained by mining, bitcoins can be obtained in exchange for different currencies, products, and services. Users can send and receive bitcoins for an optional transaction fee. Bitcoin as a form of payment for products and services has grown, and merchants have an incentive to accept it because fees are lower than the 2–3% typically imposed by credit card processors. Unlike credit cards, any fees are paid by the purchaser, not the vendor. The European Banking Authority and other sources have warned that bitcoin users are not protected by refund rights or chargebacks. Despite a big increase in the number of merchants accepting bitcoin, the cryptocurrency does not have much momentum in retail transactions. The use of bitcoin by criminals has attracted the attention of financial regulators, legislative bodies, law enforcement, and media. Criminal activities are primarily centered around black markets and theft, though officials in countries such as the United States also recognize that bitcoin can provide legitimate financial services. Bitcoin has drawn the support of a few politicians, notably U.S. Presidential candidate Rand Paul, who accepts donations in bitcoin.

Bankers Weigh Blockchain Challenges at BNY Mellon Event

BNY Mellon hosted a blockchain event at its Jersey City, New Jersey, campus on 28th January, an event that, while small in terms of the number of attendees, could have a potentially huge impact on how the bank does business in the months and years ahead. Like many other financial institutions in the world, BNY Mellon is weighing how to apply the code that underlies bitcoin to new use cases. Last year, the bank revealed that it had used its own digital currency for an internal rewards pilot. During remarks before the presentation, BNY Mellon chief information officer Suresh Kumar argued that rather than being replaced by the technology, blockchains can help institutions like BNY Mellon pursue new lines of doing business. Kumar went on to say that there is a possibility the tech can "remove friction in the financial industry" through the use of the technology, and encouraged attendees to weigh possible solutions during breakout sessions that followed the event.

Assessing implications

During his opening talk, Tim Swanson, director of research for New York-based blockchain startup R3CEV, provided an overview of the R3 blockchain consortium, which boasts 42 banking institutions from Asia, Europe and North America, including BNY Mellon, as members. Swanson outlined how the firm is pushing ahead on development of what he called a "financial-grade ledger", as well as the creation of collaborative working spaces for financial institutions to test blockchain products and possible use cases. As to what those use cases might be, Swanson was less clear. He told attendees that, based on the conversations he's had with financial institutions, most appear to be looking in different directions in terms of how to actually apply the technology. "No one agrees on use cases," he said. "Everyone has their own wheelhouse." Swanson went on to say that, across the landscape of financial institutions in the world, more than 500 employees have been dedicated to blockchain projects. He argued that this number will grow as those firms move toward developing new proofs-of-concepts as ideas around use cases take further shape.