Virtual currencies analysis: Case study of Bitcoin

Bc. Markéta Gajdorusová

Diplomová práce

Abstract:

This diploma thesis deals with digital currencies. There is described in details digital currency Bitcoin. Theoretical part explains principles, functions and applicability of virtual currencies in comparison with fiat currencies. Attention is paid to basis of both kinds of transaction systems. It is included explanation of transaction system, legality and regulations in selected regions. Furthermore, there are described value determinants, utilization, influence and consequences in relation with using virtual currency. Thesis also presents origins, development, current situation and future prognosis in digital world from monetary point of view. The practical part is focused on virtual currency Bitcoin from point of view analysing the value fluctuation in time. There is carried out comparative analysis of Bitcoin vs Ethereum characteristics, application and trend in time. In addition there is explained and depicted the energy consumption connected with creating new virtual coins. Practical part is dedicated to regression and auto-regression analysis of time series data consisted of Bitcoin price value explained by selected determinants. There are stated and subsequently verified hypothesis from collected data representing Bitcoin price and its determinants. Time series analysis is then tested and verified using open source software. Time series is concluded with dynamic prognosis and evaluation of models obtained from calculated results. Discussion and recommendation options are included in final part. The thesis concludes with summary of benefits together with security, risks and threats of virtual currency from both objective and subjective point of view.

Keywords

Bitcoin, Means of payment, Cryptocurrency, Decentralization, Ethereum, Blockchain, Virtual currency, Anonymity

Jazyk práce: angličtina

Datum vytvoření / odevzdání či podání práce: 29. 11. 2018

Obhajoba závěrečné práce

• Vedoucí: Ing. Petr Procházka, MSc Ph.D.

Česká zemědělská univerzita v Praze

Provozně ekonomická fakulta

Magisterský studijní program / obor:
Economics and Management / Economics and Management