bitcoin and beyond understanding the opportunity in digital currency services and infrastructure

8/10/2019 Bitcoin and Beyond Understanding the Opportunity in Digital Currency Services and Infrastructure

1/24

B K : K > K

Kristina Yee

a mobile report


2/24

B K : K > K

03/28/2014

TABLE OF CONTENTS

1. EXECUTIVE SUMMARY

2. THE STATE OF ALTERNATIVE CURRENCIES WORLDWIDE

a. What is digital currency?

b. Categories of digital currency technology

3. DIGITAL CURRENCY PROSPECTS WORLDWIDE

4. THE IMPLICATIONS OF DIGITAL CURRENCIES

5. BARRIERS TO DIGITAL CURRENCIES

6. DRIVERS FOR DIGITAL CURRENCY ADOPTION

7. THE OPPORTUNITY IN DIGITAL CURRENCIES

8. THE EVOLUTION OF ALTERNATIVE CURRENCIES

9. KEY TAKEAWAYS

10. ABOUT KRISTINA J. YEE

11. ABOUT GIGAOM RESEARCH

12. COPYRIGHT

Bitcoin and beyond: understanding the opportunity in digital currency services and infrastructureThis PDF prepared for: cwoodrow ([email protected])

2


3/24

A > , K = $4.5 >> > T > - : + , # KG ,

E . C> >K > K

> > > > K .

E > J K K K >> K , >> > > . * > K

> .

* > K > >

.

U I > K > > J > Q

> .

U > > J , > >K

> J K > .

U * > > K > > >K , K J > >

L >> > . * >K > > K K- K > (ACH ) > > L

> > , > , .

Thumbnail image courtesy of arinhabich/Thinkstock


3
http://www.thinkstockphotos.com/image/stock-photo-bitcoin-mining/450261229/popup?al=474705383,187785361,477422843,450956953,467138313,469835737,459567007,457854017,456036213,451576099,450957027,450261229,187625691,478778823,478789703,478789789,459567573,459272371,181265876,179039103,179041177,179065931,179067723,179068099,179073927,179079319,179081836,179082072,179101675,481094679,480147879,480147751,478789685&sq=bitcoin/f=CPIHVX/s=DynamicRankhttp://www.thinkstockphotos.com/image/stock-photo-bitcoin-mining/450261229/popup?al=474705383,187785361,477422843,450956953,467138313,469835737,459567007,457854017,456036213,451576099,450957027,450261229,187625691,478778823,478789703,478789789,459567573,459272371,181265876,179039103,179041177,179065931,179067723,179068099,179073927,179079319,179081836,179082072,179101675,481094679,480147879,480147751,478789685&sq=bitcoin/f=CPIHVX/s=DynamicRank


4/24

* > >

A > & K K , 300 > KK > >>K . * K R > S >> . * K> >K :

U " = > > K

U % > > , > >

U A >> K K > .

A> K J 59 >> > K 2017, > 5 , $209 >> , -

> , $164 >> 2012.


4
http://www.worldpay.com/corporate/content/worldpay-alternative-payments-2nd-edition-report.pdfhttp://www.worldpay.com/corporate/content/worldpay-alternative-payments-2nd-edition-report.pdf


5/24

> K?

D > K > , > >>K > J > > > > . * >>K > > K > > , > >K >

>- K = >> > > > K K .

A , > K K >, > , >K , > >K > > > > > > .

* K > >K K , - , >K > > K > > ,

> >> > K K . A - > > , " K >= 2 >> >>- > L > # G J J , > >

> > . D > > > - - (&2&) ; > > K > >

, > , > - > - >K = =

K = .

* > , K >>. > K > >

> ; J > > , > > , #K C = ,

A L C , " T " D >> .

C > K > K

A = = > L L > > 80 , >K

> K > K > K J . * > -

>- > > .

I K > K > >K> K > K > >>K

K . I , T K > >

> J K K.


5
http://www.businessweek.com/articles/2013-05-29/for-virtual-currency-cops-liberty-reserve-was-the-easy-parthttp://gigaom.com/2014/02/14/silk-road-2-users-bitcoins-vanish-as-massive-attack-continues/http://gigaom.com/2014/02/28/game-over-for-mtgox-bitcoin-exchange-has-filed-for-bankruptcy-protection-reports-say/http://gigaom.com/2014/02/28/game-over-for-mtgox-bitcoin-exchange-has-filed-for-bankruptcy-protection-reports-say/http://lindenlab.com/toshttp://emergentbydesign.com/2011/06/24/ven-a-digital-currency-designed-for-environmental-sustainability/https://developer.amazon.com/public/community/post/Tx2EZGRG23VNQ0K/Introducing-Amazon-Coins-A-New-Virtual-Currency-for-Kindle-Firehttp://www.investopedia.com/terms/l/linden-dollar.asphttp://coinmarketcap.com/http://coinmarketcap.com/http://www.investopedia.com/terms/l/linden-dollar.asphttps://developer.amazon.com/public/community/post/Tx2EZGRG23VNQ0K/Introducing-Amazon-Coins-A-New-Virtual-Currency-for-Kindle-Firehttp://emergentbydesign.com/2011/06/24/ven-a-digital-currency-designed-for-environmental-sustainability/http://lindenlab.com/toshttp://gigaom.com/2014/02/28/game-over-for-mtgox-bitcoin-exchange-has-filed-for-bankruptcy-protection-reports-say/http://gigaom.com/2014/02/28/game-over-for-mtgox-bitcoin-exchange-has-filed-for-bankruptcy-protection-reports-say/http://gigaom.com/2014/02/14/silk-road-2-users-bitcoins-vanish-as-massive-attack-continues/http://www.businessweek.com/articles/2013-05-29/for-virtual-currency-cops-liberty-reserve-was-the-easy-part


6/24

* > K :

U Transaction protocols K K > > >

U Cryptocurrencies >- K >J K

U Expansionist technologies = J > > K > J > K L > >

* >

* K J < K K > , > > > Q - - = >

- > . E . * > :

U * > K K K , K , K >

U " K , , > K

U - >- > > ( ) ACH ( K )

& - - = >

B >-> &2& > >K > K > > K . D - - = >,

K K > - = > > - >

. * - - = > > K = > = > ,

> = . * K , B*C, > > K >, >K > > K > = > L .

* > L K >> > , >> > > K K. > >>K >

= > , >> >


6


7/24

- , >K > >> K > K >K.

D > L - >

* > > > > - , T - - = K . * = - = K

>> > K, , J J & . > > =

K- J K , >> >> > . I >>K> > ( = ) >> K >

.

% < > > -> K > > > K -

>K = > 12 . * T K > -> > = . > T > -> = > >K

K- = >.

H , >> & J K T K. >K, & K

> K , < K J 100- >> & > K> " K K , . * & , > K. *, > - K K , >> > > K

K J > K > " , = >K . * ,

, > > > > K > .

B - K K

K > > J > , > K K. " , D ,

, & , , & , C K , > C , F , # ,

' =C , > , > > K > - - =

. > > >>K > , K > > >> = . F J > ,

= K K , > > . * >K


7
https://bitcoin.org/en/how-it-workshttps://bitcoin.org/en/how-it-works


8/24

K >> > K ( . ., ).

*

* > >K K, > > K (DGC). * ! K #- ,

> - K K K >>K > >> , >K > > > .

>

J ( >>K >) J B*C- , B , - ->

B C# . * J ! = > = B*C Q >>- > > . D > >> , C , >> > K, >>, . A , B & K>> K , > 20,000 , >

& . ( > ).

(Disclosure: Automattic, the maker of WordPress.com, is backed by True Ventures , aventure capital firm that is an investor in the parent company of Gigaom.)

EJ > ( 2.0)

E > > > K K = J K . * J >

> # , > J - >K > > K . C > ,

K > , > - R J >S = J - > = .C > > > ( . ., - )

K > > > > . A K K > = K > = K>>K K K , > , = , , > , > ,

. > , > ; J > , K > > =

J K , >K >- - K > > >K L .


8
http://www.linkedin.com/company/bit-cmhttp://www.linkedin.com/company/bit-cm


9/24

> > , # = > L K K - > =

R > , , - = , K.S& K R , > , , .S *

> # > > L J >> >

> K ( . ., >> ), >= > >>K K > = >> , > L J , K > >> = K > > K T

.

D > K >

B

* > >>K > K, , K &2& > > >

> K . * > > = K > >

K > > K. * > > - R > - S > > > ; > = , K

K K >> = K .

> > > = = D 2013 102,010 K > Q K

, >> K > > 7,000 K # 2012 > 60,000

80,000 K. * > > R S ( K)

, > K ( . ., K ),

>K > = .

A >K > > > . " >K - > > % =.

> > >> F J > >>K - > . * J > K

C " > > K " >> R > S

K J > (H**&)- ( R S)


9
http://www.mastercoin.org/http://blockchain.info/charts/n-transactions?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=http://blockchain.info/charts/n-transactions?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=https://www.weusecoins.com/en/mining-guidehttp://www.ft.com/intl/cms/s/0/cf57a59c-7d39-11e3-a579-00144feabdc0.htmlhttp://www.ft.com/intl/cms/s/0/cf57a59c-7d39-11e3-a579-00144feabdc0.htmlhttps://ripple.com/blog/interview-with-chris-larsen-co-founder-and-ceo-of-opencoin-inc/https://ripple.com/blog/interview-with-chris-larsen-co-founder-and-ceo-of-opencoin-inc/http://www.ft.com/intl/cms/s/0/cf57a59c-7d39-11e3-a579-00144feabdc0.htmlhttp://www.ft.com/intl/cms/s/0/cf57a59c-7d39-11e3-a579-00144feabdc0.htmlhttps://www.weusecoins.com/en/mining-guidehttp://blockchain.info/charts/n-transactions?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=http://blockchain.info/charts/n-transactions?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=http://www.mastercoin.org/


10/24

& K K K?

B T > >K > < K >>K- , > K J > K

= . * , < > = , K K

K > >> >> > K .# , K > >> K J > . * = KK K .

> : > > K

* > > > > > > . * > K

K .

% - : > =

A > K , > >K = > . * K > = K , K > K >

> > > > . > , > >> > T K

K . * > > > K K , > .

F > =

F > K L >> K > > K, K T .

I 2013 K K K > K KK > K G> = & , >K 31 K

> > >> K J 10 K .F , 61 J > & K& > > >>> , 66 J K

+ # KG .

B K, KT I %4217 . I = K >

> .


10
http://static.squarespace.com/static/5196c0bfe4b0f314fe910f7d/t/52606efbe4b0b89d5122a638/1382051579766/Glenbrook%20Bitcoin%20Survey%20Report%20v%207.pdfhttp://static.squarespace.com/static/5196c0bfe4b0f314fe910f7d/t/52606efbe4b0b89d5122a638/1382051579766/Glenbrook%20Bitcoin%20Survey%20Report%20v%207.pdfhttp://static.squarespace.com/static/5196c0bfe4b0f314fe910f7d/t/52606efbe4b0b89d5122a638/1382051579766/Glenbrook%20Bitcoin%20Survey%20Report%20v%207.pdfhttp://static.squarespace.com/static/5196c0bfe4b0f314fe910f7d/t/52606efbe4b0b89d5122a638/1382051579766/Glenbrook%20Bitcoin%20Survey%20Report%20v%207.pdf


11/24


11


12/24

* > >

* > > L > > . * >K = >> K > >> >> >

K K K > K K. A >K > K >

= , > K > > > > T > > J >

> .

E > T A > 2013 > > * B >> >> = > T K , > = > ( ) = 11 K 31,000 >

. C >K, > K K. * >> J > K , > >K > >>K > .


12
http://www.edelman.com/news/2013-edelman-trust-barometer-reports-financial-services-is-least-trusted-industry-globally/http://www.edelman.com/news/2013-edelman-trust-barometer-reports-financial-services-is-least-trusted-industry-globally/


13/24

B >

D > > > > K, > K >K , 51 K K K > . A > # < > K >> C

. >>, .

> K K

I 2013, A A > > K R 10 > K >> .S D , +. . >

2013 > > > . * K < >, > F > C E

=, +. . > K > , > > , = S K K .S

>K, * K, # 25, I > = > > K K >> > , K >

J K , > = = , K. > > > - > , > -

< > > J , > - = = K ( >). I >

> > , , / , >> > > - K J . *

K > > >> > / . > J

= > M < K KT > K Q > >K >> # . G J, F> J , & > J, J Q > K >

> > = > .

# , R S < > - K = , > > >

J >. >K, K I > , * G > > = >


13
https://www.mint.com/http://www.coindesk.com/mint-coinbase-add-bitcoin-support/http://www.coindesk.com/mint-coinbase-add-bitcoin-support/http://www.nasaa.org/3752/top-investor-threats/http://www.nasaa.org/3752/top-investor-threats/http://www.washingtonpost.com/blogs/the-switch/wp/2013/11/21/heres-how-bitcoin-charmed-washington/http://www.washingtonpost.com/blogs/the-switch/wp/2013/11/21/heres-how-bitcoin-charmed-washington/http://gigaom.com/2014/03/25/irs-declares-that-bitcoin-will-be-taxed-as-property/http://www.bloomberg.com/news/2014-03-24/bitcoin-swaps-near-reality-as-tera-group-forms-legal-framework.htmlhttp://www.bloomberg.com/news/2014-03-24/bitcoin-swaps-near-reality-as-tera-group-forms-legal-framework.htmlhttp://gigaom.com/2014/03/25/irs-declares-that-bitcoin-will-be-taxed-as-property/http://www.washingtonpost.com/blogs/the-switch/wp/2013/11/21/heres-how-bitcoin-charmed-washington/http://www.washingtonpost.com/blogs/the-switch/wp/2013/11/21/heres-how-bitcoin-charmed-washington/http://www.nasaa.org/3752/top-investor-threats/http://www.nasaa.org/3752/top-investor-threats/http://www.coindesk.com/mint-coinbase-add-bitcoin-support/http://www.coindesk.com/mint-coinbase-add-bitcoin-support/https://www.mint.com/


14/24

> . I +. . C K F * C J < > .

A > >, =T > > > K 28, 2014 R > KS K K > , > K

. D , = > K > RB " S >>K > . * I T >> > = >K

> .

&

* K K > > K > > . A

F > C E =, R > K = > >>K > ,S

= >K $8 >> 2013, $1.6 >> R > > > S 2009. * >

>> > > K K > >K > >> >.

"

A > > > , > = >K > - K = > K

> > > T > > . A T = K +. . - = F > D

I C ( FDIC ), >K > L > T >> - K

K . * , > K K > K = = , > = E>>

> T "> K T " > .

F , , >> . I , K K , > . A ,

+. . - > > K >K > >>-= > K , > K

.


14
http://www.bloomberg.com/news/2014-03-24/bitcoin-swaps-near-reality-as-tera-group-forms-legal-framework.htmlhttp://www.dfs.ny.gov/insurance/hearing/vc_01282014_indx.htmhttp://www.dfs.ny.gov/insurance/hearing/vc_01282014_indx.htmhttp://gigaom.com/2014/01/28/new-york-ponders-bitlicense-for-virtual-currency/http://www.washingtonpost.com/blogs/the-switch/wp/2013/11/21/heres-how-bitcoin-charmed-washington/http://www.washingtonpost.com/blogs/the-switch/wp/2013/11/21/heres-how-bitcoin-charmed-washington/http://www.washingtonpost.com/blogs/the-switch/wp/2013/11/21/heres-how-bitcoin-charmed-washington/http://www.fdic.gov/http://www.americanbanker.com/issues/179_15/bitcoin-backers-seek-fdic-style-insurance-1065089-1.htmlhttp://www.americanbanker.com/issues/179_15/bitcoin-backers-seek-fdic-style-insurance-1065089-1.htmlhttps://www.elliptic.co/vaulthttps://www.elliptic.co/vaulthttps://www.elliptic.co/vaulthttps://www.elliptic.co/vaulthttp://www.americanbanker.com/issues/179_15/bitcoin-backers-seek-fdic-style-insurance-1065089-1.htmlhttp://www.americanbanker.com/issues/179_15/bitcoin-backers-seek-fdic-style-insurance-1065089-1.htmlhttp://www.fdic.gov/http://www.washingtonpost.com/blogs/the-switch/wp/2013/11/21/heres-how-bitcoin-charmed-washington/http://www.washingtonpost.com/blogs/the-switch/wp/2013/11/21/heres-how-bitcoin-charmed-washington/http://www.washingtonpost.com/blogs/the-switch/wp/2013/11/21/heres-how-bitcoin-charmed-washington/http://gigaom.com/2014/01/28/new-york-ponders-bitlicense-for-virtual-currency/http://www.dfs.ny.gov/insurance/hearing/vc_01282014_indx.htmhttp://www.dfs.ny.gov/insurance/hearing/vc_01282014_indx.htmhttp://www.bloomberg.com/news/2014-03-24/bitcoin-swaps-near-reality-as-tera-group-forms-legal-framework.html


15/24

" > K

* > K >> > K, > > >> = . I , (I & ) > K

> K K K > , >>K > - > K >> K

J >> K J >> . > >> >K

, >> > > J > > J .


15


16/24

D > K

* > K > K K > .A K > > K , K >>K > - > . # ,

A H L, " & , C >,C> & , => , H ! T " ! -

>> - > , K LL > .

I > K >

EJ K >> >K > > >>K >

> >K - & K& >. * >> > > EJ K > K = K K

> K K . B & K > K = > > > K .

H

* K > > , >> >> > , C , # .- * > # =

> T C L =, . C #> 3,000 > P >K > P B*C.

A > K , C K , K ! K T , >K T

- - K >> R & =S- K> , T = T > = .

% > - > - K , <

$1,000 > > K K K. % >> % =. * D . >> > K C % . . A G > - = K GK >> K> - > < > ; >K = >K

K Q (> ), & K& >, .


16
http://help.expensify.com/bitcoin/https://bitpay.com/bitcoin-enterprise-solutionshttp://www.geekwire.com/2013/seattle-foodtruck-bitcoin-accept-payments-grilled-cheese-sandwiches/http://coinmap.org/http://app.gyft.com/me/cards/purchase/http://app.gyft.com/me/cards/purchase/http://coinmap.org/http://www.geekwire.com/2013/seattle-foodtruck-bitcoin-accept-payments-grilled-cheese-sandwiches/https://bitpay.com/bitcoin-enterprise-solutionshttp://help.expensify.com/bitcoin/


17/24

B > > , +. . & > && L G K A> G D 2013, RIT

O. > K >K > L O >>K > > O. * > > .

* = , >

= , > K .S

I > > , % => , C > .,K > B K & = >K .

& = R > > > K, > ,S K, = > -, > - > - K.

I >

B > - > > K 2014 C E> (CE ) A T K

. A > - F # K * > K , F , # K2020 K . % >K

K , > , > K - > - > , >

K K, >> 4,200 2013. 6,000 J 2014, L = K

(B ) > , > K K K.

* > K > > >K , B = A >> < K >> F > J >

K . I >K, > C C CE% D > >K K 2014 > E

F , C > +. . > D 2013 > K K > >> > = K K

> , > . K > , C > >K L > K K, > >K

.

& > >K K 2040, J 21 >> >> - >> >K K

( > > >> > ), K


17
http://www.marketwired.com/press-release/bitcoin-fundraiser-for-oakland-mayoral-candidate-bryan-parker-1869526.htmhttp://www.marketwired.com/press-release/bitcoin-fundraiser-for-oakland-mayoral-candidate-bryan-parker-1869526.htmhttp://www.marketwired.com/press-release/startup-debut-accept-bitcoins-showcase-digital-currency-companies-during-ces-south-southwest-1806922.htmhttp://www.marketwired.com/press-release/startup-debut-accept-bitcoins-showcase-digital-currency-companies-during-ces-south-southwest-1806922.htmhttp://futureofmoney.com/moneyconference/http://futureofmoney.com/moneyconference/http://www.money2020.com/http://www.money2020.com/http://futureofmoney.com/moneyconference/http://futureofmoney.com/moneyconference/http://www.marketwired.com/press-release/startup-debut-accept-bitcoins-showcase-digital-currency-companies-during-ces-south-southwest-1806922.htmhttp://www.marketwired.com/press-release/startup-debut-accept-bitcoins-showcase-digital-currency-companies-during-ces-south-southwest-1806922.htmhttp://www.marketwired.com/press-release/bitcoin-fundraiser-for-oakland-mayoral-candidate-bryan-parker-1869526.htmhttp://www.marketwired.com/press-release/bitcoin-fundraiser-for-oakland-mayoral-candidate-bryan-parker-1869526.htm


18/24

K K = - , > >> , >> >.

I >

B > . C # B . = > -

. A > , >K > 2.5 , 1,142 2013 2,100 -F K 2014. F >> B + K C

> K > # K 10- K K , K .

A > > , > >K > > = , , .

>K, > > > - > , > ! K , I , A . ! >

> = > " A .

A barometer: China

>K, C R > K > > K.S *

= > >> > > ; > K > > =. A > L > K, > >K

> C .

Europe: the emerging region for digital currencies?> > K = > +. ., E -

> > > K > I & = > . I

> , E >> > > K > .

1. E L >K > > K, +. . J > K . * K >K

+. . > K > .


18
http://gigaom.com/2014/01/21/british-university-accepts-course-fees-in-bitcoin/http://btcmiami.com/bitcoin-set-to-boom-in-latin-america-joel-fensch/https://ripple.com/blog/new-team-members-sharpen-focus-on-china-developers-android-apps/https://ripple.com/blog/new-team-members-sharpen-focus-on-china-developers-android-apps/http://gigaom.com/2014/01/23/net-neutrality-just-got-a-boost-in-europe-thanks-to-a-consumer-rights-committee/http://gigaom.com/2014/01/23/net-neutrality-just-got-a-boost-in-europe-thanks-to-a-consumer-rights-committee/https://ripple.com/blog/new-team-members-sharpen-focus-on-china-developers-android-apps/https://ripple.com/blog/new-team-members-sharpen-focus-on-china-developers-android-apps/http://btcmiami.com/bitcoin-set-to-boom-in-latin-america-joel-fensch/http://gigaom.com/2014/01/21/british-university-accepts-course-fees-in-bitcoin/


19/24

2. * K > I = F > * > ( IF*) > >K, >>K, E -

L , > L > .

3. E 34 > T - , 41

> L > K , +. , 36 > > > > L 71 , > & K.

4. E > K < K E .

5. * >>K > E > > = > > > = , > = K > .

6. D > = > > K > = , E = >> > > ,

> .


19
http://www.worldpay.com/corporate/index.php?page=reports&sub=alternative-payments&c=&utm_source=worldpay&utm_medium=homepage+reports+panel&utm_campaign=alternative+payments+report+2+Dec+2013http://www.nytimes.com/roomfordebate/2013/01/28/should-the-eu-stick-together/a-failed-euro-zone-financed-by-germanyhttp://www.finextra.com/news/fullstory.aspx?newsitemid=25436http://www.finextra.com/news/fullstory.aspx?newsitemid=25436http://www.finextra.com/news/fullstory.aspx?newsitemid=25436http://www.finextra.com/news/fullstory.aspx?newsitemid=25436http://www.nytimes.com/roomfordebate/2013/01/28/should-the-eu-stick-together/a-failed-euro-zone-financed-by-germanyhttp://www.worldpay.com/corporate/index.php?page=reports&sub=alternative-payments&c=&utm_source=worldpay&utm_medium=homepage+reports+panel&utm_campaign=alternative+payments+report+2+Dec+2013


20/24

* K >

& >

G> >>K, > K . * K :

U : I > K >K - > > .

U I > K : A " A > K .

U I > > >>K > : I A & = , > = > > K >

K > T #- > .

U & - - K : * +. . > = >K > > K >> > K ( > > -

).

& - - 2.0 >

& - - > > K. F J > , G > K = &2& > " *

# K 2013, & $25 >> 2013 > - B> = =. * >

> > > .

>K, B * T > B * B > , K K >> >

K ( > , =), , 60- >> > T > >

24, 2013, 2013. I >, R KS

K >>K K > Q F = > = , , > ( K) K . > > T> B * &2& > .


20
http://www.bloomberg.com/news/2013-05-02/google-buys-stake-in-lendingclub-startup-valued-at-1-55-billion.htmlhttp://dealbook.nytimes.com/2013/09/24/prosper-raises-25-million-in-new-round-adding-blackrock-as-a-backer/http://bundles.bittorrent.com/http://bundles.bittorrent.com/http://dealbook.nytimes.com/2013/09/24/prosper-raises-25-million-in-new-round-adding-blackrock-as-a-backer/http://www.bloomberg.com/news/2013-05-02/google-buys-stake-in-lendingclub-startup-valued-at-1-55-billion.html


21/24

* > >

A JK >> > , > :

Phase I: Development P C = > >

Phase II: Momentum P G > K ( , ), > -> ,

Phase III: Mass adoption P C > >

Phase IV: Normalization P B > , > > >

C >K > > & II. B > > > K- - > (B & K, C ),

- - , > > > K- K , J +. . > K-

B L > & III J K .

B T > K , > > > K K >, = J

>> . 3D = > = >K

, K > K > K K >> =.


21
http://www.ibtimes.com/bitcoin-around-world-how-virtual-currencies-are-treated-40-different-countries-1553532http://www.ibtimes.com/bitcoin-around-world-how-virtual-currencies-are-treated-40-different-countries-1553532http://www.ibtimes.com/bitcoin-around-world-how-virtual-currencies-are-treated-40-different-countries-1553532http://www.ibtimes.com/bitcoin-around-world-how-virtual-currencies-are-treated-40-different-countries-1553532


22/24

! K = K

U D > K > K K - > > K P > .

U > >= > > > >, K > K >

> > = > >> > > - > K .

U * >, > >, > K , K >> > K ( , > L ) > > .

U & - - > >> = > , > > > K >

>> > J .


22


23/24

A ! .

! . 18 K -#BA K =J , >K > K > K . H >>

> - > > K, - - - - (B2B2C). = >>K

- L > = R S >> F 1,000 > . H = > = >> : > = , > >> K , >

= , , - , >K > > . > -> > > -

> (A &), ( ), &> (& ) L > .

> - K = K, , J , > >K > > > K . K > Inc. American Banker , > > Mortgage Banking New York Finance .

> BA E > > > #BA C > B >.


23


24/24

A G

G K J K = . F > >K > >K > , >K , , > K. K T > = K , G > , >>

KT K = .

: . . .

N G % # 2014. "Bitcoin and beyond: understanding the opportunity in digital currency services and infrastructure" = G % # . F , > - > @ . .

Bitcoin and beyond: understanding the opportunity in digital currency services and infrastructureThis PDF prepared for: c oodro (c oodro @cisco com)

24
http://pro.gigaom.com/mailto:[email protected]:[email protected]://pro.gigaom.com/

bitcoin and beyond understanding the opportunity in digital currency services and infrastructure

Documents