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The global number of Bitcoins in circulation is forecast to reach 19.9 million by 2020, amidst numerous uncertainties and challenges posed by block size scaling, rising transaction fees, escalating number of unconfirmed transactions, rise in zombie bitcoins, and the imminent halving of the bitcoin mining reward. Bitcoin which emerged with the promise of challenging the global economic order and the nature of almost every financial activity from banking to payments to wealth management is being felled by changes in macro, political and technology landscapes. Bitcoin’s future as the eCash of the digital era is rapidly dying given the host of current disadvantages such as disreputation for being unstable, vulnerability to wild fluctuations, association with illicit businesses, rising transaction fees, flaky payment issues, unstable network and congestion issues, severe mismanagement of the bitcoin core, inability to raise the block size limit, and rising costs. The rise of bitcoin will most likely conclude in its demise as a successful experiment in proof-of-concept of digital currencies. Bitcoin has been a bold experiment in its own right, a starting point for envisaging an alternate financial system. Although in its current state, bitcoin does not threaten the dollar with substitution, it has nevertheless popularized the potential and the benefits of a self-regulating incentive system if implemented appropriately.

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  •  DATA EXHIBITS

    125


TABLE OF CONTENTS


   Pages :    | $

   Study Reliability and Reporting Limitations.....I-1  
   Disclaimers.....I-2
Data Interpretation & Reporting Level.....I-2
  
   Product Definitions and Scope of Study.....I-3  
   Bitcoin: Is It a Failed Experiment in Cryptocurrency?.....II-1
Unlike Previous Crises in Bitcoin Services Ecosystem, Will the Current Blockchain
  Challenges at the Core of the Bitcoin Wield the Final Death Blow?.....II-1
1$100
   The Politics of Increasing Block Size Ravages the Bitcoin Economy.....II-21$100
   The Tale of Two Bitcoins: Will Bitcoin Survive the Coming Halving of the Bitcoin
  Network?.....II-3
1$100
   Why the World Is Not Ready for the Cryptocurrency?.....II-4
The Answer to the Question “Is Bitcoin Dead?” Depends on How We Look at Disruptive
  Financial Technologies.....II-4
1$100
   The Rise of the Blockchain Technology from the Ashes of Bitcoin Marks a New Way
  Forward.....II-5
1$100
   Table 1: Rise in Online Banking Fraud Related Losses Drives Interest in Building Blockchain-Based Banking Systems for Foolproof Security: World Online Banking Fraud Losses (in US$ Billion) for the Years 2010, 2012, 2015 and 2018 (includes corresponding Graph/Chart).....II-61$350
   An Overview of Current Events & Insights.....II-7
2016 Bitcoin Price Predictions Remain Bullish.....II-7
Table 2: After Two Years of Slide from the November 2013 Peak, Bitcoin Prices to Rally in the Year 2016 With Future Price Movements Expected to be Unstable and Volatile: Average Price of Bitcoin (In US$) for the Years 2014, 2015, and YTD 2016.....II-7
1$350
   A Look into the State Of Bitcoin Heading into the Year 2016.....II-8
Belt Tightening in the Bitcoin Industry to Witness VC Finding in Bitcoin Start-Ups
  Vanish.....II-8
1$100
   Falling VC Funding, Slow Consumer Adoption & Unviable Business Models Lead to the
  Widening of Bitcoin’s Deadpool to Over 30 Casualties in 2 Years: Listing of
    Select Bitcoin Startups that Died Over the Years 2014 & 2015.....II-9
1$100
   Table 3: Falling % Growth in VC Investments in Bitcoin Startups Corroborates the Belt Tightening Trend in the Bitcoin Industry: Quarterly Decline in Growth (In %) in VC Investments for the Years 2014 & 2015 (includes corresponding Graph/Chart).....II-10
Bitcoin as a Payment & Funds Transfer Platform Fails ......II-10
2$350
   Table 4: Escalation in Unconfirmed Transactions Kills Bitcoin’s Potential as a Payment Platform & as a Substitute for Credit Cards: Half-Yearly Cumulative Total of Unconfirmed Transactions (In Million) for the Years 2014, 2015 & 2016 YTD (includes corresponding Graph/Chart).....II-12
In Addition to Weak Privacy, Transaction Delays Emerge as a Primary Bottleneck,
  Capping the Currency’s Potential to Rival Cash.....II-12
1$350
   Competing Digital Currencies Gain in Popularity as Bitcoin Networks & Their
  Transaction Processing Capabilities Slows Down to a Snail’s Pace.....II-13
Bitcoin ATM Installations Slowdown, While Closures & Non-Operational & Offline
  Units Increase.....II-13
1$100
   Table 5: Installed Number of Bitcoin ATMs Worldwide for the Years 2015 & 2016 (includes corresponding Graph/Chart).....II-141$350
   Table 6: Disproportionate Spread of Bitcoin ATMs Mirrors the Technology’s Haphazard Popularity & Mixed Success Worldwide: Percentage Breakdown of Bitcoin ATMs by Region for 2016 (includes corresponding Graph/Chart).....II-15
Love-Hate Relationship With Bitcoin Leads the Chinese Government to Play a Dubious
  Role in the Currency’s Evolution.....II-15
2$350
   Bitcoin Attracts Flake for Being an Energy Inefficient Based Money System.....II-17
Rising Difficulty in Mining Bitcoins Makes Mining Operations Unviable.....II-17
1$100
   Table 7: Average Mining Revenue Per Day (In US$) Paid in the Form of Block Rewards & Transaction Fees for the Years 2015 & 2016 (includes corresponding Graph/Chart).....II-18
Bitcoin Mining Hardware & Cloud Based Bitcoin Mining Grow in Popularity.....II-18
1$350
   Complexity of Bitcoin Mining Drives Popularity of Pooled Mining.....II-19
Weak Banking Systems & High Mobile Penetration Favor Bitcoin Proliferation in
  Africa.....II-19
1$100
   The 2007-09 Recession Marks The Emergence of The Bitcoin System.....II-20
Continued Global Market Instability of 2009-2014 Fuels Bitcoin’s Rise to Boom.....II-20
2$200
   Argentina Goes Down in History as One of the Early Adopters of Bitcoin Fuelling its
  Early Boom.....II-22
Partial Government Shutdown in the U.S. Triggers the Escalation in Bitcoin Value
  Witnessed in 2013.....II-22
1$100
   Bitcoin’s Early Promise as a Full Reserve Banking Alternative to Fractional Reserve
  Banking System.....II-23
1$100
   Bitcoin’s Liquidity Characteristics & Its Hyped Ability to Challenge Fiat
  Currency.....II-24
1$100
   A Retrospective Review of Bitcoin’s Early Rise to Fame & Its Ensuing Downfall.....II-25
The Rise to Fame .....II-25
1$100
   The Epic Fall From Grace .....II-261$100
   A Peek Into the String of Events That Crippled the Bitcoin System Since its
  Emergence.....II-27
Troubled by its Early Success, Governments Wield the First Major Blow to the Bitcoin
  Economy.....II-27
2$200
   How the U.S. Government Killed Innovation in Bitcoin .....II-29
By Bringing Bitcoin Under the BSA Act.....II-29
By Introducing ‘BitLicense’.....II-29
1$100
   By Taxing Bitcoin.....II-30
Loopholes in Bitcoin Network & Trading Technology Wields the Second Major Blow to
  Bitcoin’s Technological Integrity.....II-30
1$100
   Busting of the Silk Road Drug Market Wields the Third Mortal Blow to Bitcoin’s Fragile
  Reputation.....II-31
1$100
   Use of Bitcoin as an Investment Asset Wields the Final Blow to Bitcoin’s Potential as a
  Future Currency.....II-32
2$200
   Bitcoin: An Introduction.....II-34
History.....II-34
1$100
   Regulatory Environment.....II-35
Key Benefits Driving Adoption of Bitcoin.....II-35
Pseudo-Anonymity & Privacy.....II-35
Immune to Monetary Inflation.....II-35
Impervious to Manipulation.....II-35
1$100
   Irreversible Transactions.....II-36
Portability.....II-36
Low Cost.....II-36
Divisibility.....II-36
Economic Independence.....II-36
1$100
   Key Challenges to Adoption of Bitcoin.....II-37
Bitcoin Anonymity & Unregulated Attributes.....II-37
Lack of Accountability.....II-37
Impairs National Development.....II-37
1$100
   Hoarding & Speculative Trading.....II-38
Inequitable Distribution of Wealth.....II-38
Extreme Volatility.....II-38
Merchant Acceptability.....II-38
1$100
   Irreversible.....II-39
Security Breach.....II-39
Difficult to Coordinate.....II-39
Negative Foundation.....II-39
Vulnerable to Malicious Manipulation.....II-39
1$100
   The Promising Future of Cryptocurrency Spurs Competitive Alternatives to
  Bitcoin.....II-40
Litecoin (LTC).....II-40
PPCoin (PPC).....II-40
1$100
   Freicoin (FRC).....II-41
MintChip.....II-41
Feathercoin.....II-41
1$100
   Ripple.....II-42
“Bitcoin Bridge" to Ripple: A Threat or an Opportunity?.....II-42
1$100
   Bitwage Introduces Bitcoin Payroll Services in Mexico.....II-43
Gemini Unveils Bitcoin Services in the UK.....II-43
BTCC Introduces New Titanium Physical Bitcoins.....II-43
Ciphrex Unveils Bitcoin Wallet.....II-43
CoinTerra™ Unveils GSX I™ Bitcoin Mining Card.....II-43
1$100
   Vitaxel Inks Agreement with Bitspark to Introduce Bitcoin Remittance Service in
  Malaysia.....II-44
Blockstream Takes Over GreenAddress.....II-44
Kraken Takes Over CleverCoin.....II-44
Coinsecure Inks Partnership Agreement with BitPay.....II-44
KinerjaPay Enters into Partnership with Bitcoin Indonesia.....II-44
Kraken Takes Over Cavirtex and Coinsetter.....II-44
BitGo Forms Partnership with Kraken Bitcoin Exchange.....II-44
1$100
   Coinify Forms Bitcoin Partnership with DigixGlobal in Singapore.....II-45
Coinbase Forays into Singapore Bitcoin Market.....II-45
Coinbase Enters into Canadian Bitcoin Market.....II-45
Ripple Enters into Asia-Pacific Bitcoin Market.....II-45
Coinbase Forays into the UK Market.....II-45
WPCS Concludes Agreement on Divesting its Seattle Operations.....II-45
Microelectronics Technology Corporation Buys Bitcoin Miner Company.....II-45
LeoGroup Uses Bitcoin to Buy Stradivarius Violin.....II-45
1$100
   BitPay Inaugurates its Amsterdam based European Headquarters.....II-46
Bitcoin ATM Introduced in New Zealand.....II-46
Overstock.com Begins Accepting Bitcoin Payments.....II-46
RMBTB Shuts Down Trading Operations.....II-46
1$100
   Bitcoin Mining Equipment Manufacturers.....II-47
Bitmain Technologies Ltd. (China).....II-47
Butterfly Labs, Inc. (USA).....II-47
Genesis Coin, Inc. (USA).....II-47
KnCMiner AB (Sweden).....II-47
1$100
   Bitcoin Mining Pools & Companies.....II-48
AntPool (China).....II-48
BitFury Group Limited (USA).....II-48
Eobot.....II-48
F2Pool (China).....II-48
Genesis Mining (Hong Kong).....II-48
1$100
   P2POOL.ORG.....II-49
Slush's Pool.....II-49
Bitcoin Exchanges & Trading Platforms.....II-49
Bit2C (Israel).....II-49
Bitcoinde (Germany).....II-49
Bitcurex (Poland).....II-49
Bitfinex (Hong Kong).....II-49
1$100
   Bitstamp Ltd. (UK).....II-50
BTC Markets (Australia).....II-50
BTCChina (China).....II-50
BTC-e (USA).....II-50
Campbx (USA).....II-50
1$100
   Coinbase (USA).....II-51
Huobi (China).....II-51
Kraken (US).....II-51
OKCoin (China).....II-51
Bitcoin Brokers, Wallet Providers & Payment Processing Companies, Among Others.....II-51
1Broker (USA).....II-51
1$100
   Airbitz (USA).....II-52
BitPay, Inc. (USA).....II-52
Blockchain.info (Luxembourg).....II-52
Blockstream (USA).....II-52
BlockTrail B.V. (The Netherlands).....II-52
1$100
   BTCJam (Brazil).....II-53
Coinsetter Inc. (USA).....II-53
Gliph, Inc. (USA).....II-53
1$100
   Table 8: World Recent Past, Current and Future Analysis for Bitcoin Analyzed by Cumulative Number of Bitcoins in Circulation in Thousands for Years 2015 through 2020 (includes corresponding Graph/Chart).....II-541$350
   Table 9: World Historic Review for Bitcoin Analyzed by Cumulative Number of Bitcoins in Circulation in Thousands for Years 2010 through 2014 (includes corresponding Graph/Chart).....II-551$350
    
 
 


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