BITCOIN - THE TRUE FLAG BEARER OF CRYPTOCURRENCY

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BITCOIN - THE TRUE 

FLAG BEARER OF 

CRYPTOCURRENCY 

By Tripti Rastogi Vishnoi 

January 5, 2017 

Investment Research | Business Research | Data Analytics | Market Research 

www.sganalytics.com



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Table of content 

1. Introduction------------------------------------------------------------------------------------------------------------------------------------------------3 

2. Who created Bitcoin?------------------------------------------------------------------------------------------------------------------------------------3 

3. What is Bitcoin?-------------------------------------------------------------------------------------------------------------------------------------------4 

3(a) Preference for Bitcoin: pros and cons-----------------------------------------------------------------------------------------------------------4 

4. Bitcoin transaction lifecycle----------------------------------------------------------------------------------------------------------------------------6 

5. Interesting statistics--------------------------------------------------------------------------------------------------------------------------------------7 

5(a) Bitcoins in circulation--------------------------------------------------------------------------------------------------------------------------------7 

5(b) Bitcoin transaction volume/per day-------------------------------------------------------------------------------------------------------------7 

5(c) Bitcoin’s comparison with other cryptocurrencies-------------------------------------------------------------------------------------------8 

5(d) Altcoin examples-------------------------------------------------------------------------------------------------------------------------------------8 

5(e) Bitcoin ATMs---------------------------------------------------------------------------------------------------------------------------------------- 10 

6. Is Bitcoin legal-------------------------------------------------------------------------------------------------------------------------------------------- 10 

7. Risks and challenges faced by Bitcoin------------------------------------------------------------------------------------------------------------- 10 

7(a) Regulatory challenges------------------------------------------------------------------------------------------------------------------------------ 10 

7(b) Bitcoin image---------------------------------------------------------------------------------------------------------------------------------------- 10 

7(c) Time lag----------------------------------------------------------------------------------------------------------------------------------------------- 11 

7(d) Consumer protection------------------------------------------------------------------------------------------------------------------------------ 11 

7(e) Transaction fees to rise in future---------------------------------------------------------------------------------------------------------------- 11 

8. Bitcoin’s future - mixed views------------------------------------------------------------------------------------------------------------------------ 12 

Bitcoin - The true flag bearer of cryptocurrency by Tripti Rastogi Vishnoi 

www.sganalytics.com



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1. Introduction 

“Every informed person needs to know about 

Bitcoin because it might be one of the world’s 

most important developments” Leon Louw, 

South African intellectual, author, speaker and 

policy advisor; and a Nobel Peace Prize Nominee 

Bitcoin is more than just a new way of making 

online payments. Today, there are several 

money transfer options available in the market 

such as debit cards, credit cards, net banking, 

cheques, cash; however all of them suffer 

from some limitations such as slower process 

(w.r.t. adding a payee, verification of available 

funds); time lag due to public holidays; being 

expensive due to a convenience fee attached 

to the transactions; etc. This has led to the 

emergence of Bitcoin, which is an innovative 

internet protocol that enables payments to be 

transferred over a communications channel. 

Transactions here are made without the 

involvement of middle men, which enables 

anyone to transfer money anywhere across 

the globe without using any centralized service 

like a bank or PayPal. 

Bitcoin is a digital currency (also called 

cryptocurrency) that is not backed by any 

country's central bank or government. 

Bitcoins can be traded for goods or services 

with vendors who accept Bitcoins as payment 

-TechTarget 

2. Who created Bitcoin? 

Bitcoin was invented by Satoshi Nakamoto, 

an unidentified programmer or a group of 

software developers. In October 2008, Satoshi 

published a paper titled Bitcoin: A Peer-to- 

Peer Electronic Cash System in which he 

described Bitcoin as a digital currency based 

on a mathematical process. In January 2009, 

Satoshi released the first Bitcoin software and 

the first units of Bitcoin. In late 2010, Satoshi 

left the project without revealing much about 

himself. From then onwards, the Bitcoin 

community has grown exponentially with 

developers working on this virtual technology. 


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3. What is Bitcoin? 

Bitcoin is a form of virtual currency that is 

created and held electronically. Bitcoin is not 

controlled by any organization/ regulatory 

body; however it is controlled by all the Bitcoin 

users across the globe. 

Unlike currency notes Bitcoins are not printed, 

they are created digitally by a community of 

people that anyone is free to join. Bitcoins are 

generated by a competitive and decentralized 

process called "mining". According to the Bitcoin 

protocol only 21 million Bitcoins can be created. 

These coins can be divided into smaller parts 

called “Satoshi”, which is the smallest divisible 

amount i.e. one hundred millionth of a Bitcoin 

(named after the founder of Bitcoin). 

Bitcoin is not a physical currency i.e. it does 

not have physical notes or coins, but has 

value and can be used to buy things on the 

internet. It is purely based on a mathematical 

formula, which is its foundation of existence. 

This technology is also called ‘cryptocurrency’, 

because its existence relies on cryptography 

i.e. a branch of mathematics related to keeping 

information secret. Apart from Bitcoin, other 

virtual currencies were also created; however 

Bitcoin has sustained till now, capitalizing on its 

first mover advantage. 

PROS 

3(a) Preference for Bitcoin: pros and cons 

Highly divisible: Bitcoins are highly divisible; each Bitcoin is divisible to eight decimals. 

1 BTC = 10^8 satoshis 

Faster transactions: Offers flexibility to send and receive Bitcoins anywhere across the globe, without being 

interrupted by bank holidays, physical boundaries, bureaucracy, or any other limitations. As Bitcoins can be 

transferred across countries without any barriers, it avoids heavy transaction charges. 

Inspite of less transaction fees it is faster when compared to the banking system. For instance, when one pays 

a cheque from another bank into your bank account, the bank holds that transaction amount for several days 

to verify availability of funds. International wire transfers take a relatively long time. On the contrary, bitcoin 

transactions can be instantaneous if they are “zero-confirmation” transactions, meaning that the merchant takes 

on the risk of accepting a transaction that hasn’t yet been confirmed by the Bitcoin blockchain. Or, it takes around 

10 minutes if a merchant requires the transaction to be confirmed. 

Fewer risks for merchant and users: Bitcoin transactions are safe and secure. As these transactions do not 

contain customers’ sensitive/personal data; the users are protected against identity theft. Also, the merchants are 

protected from losses caused due to fraud or fraudulent charge backs. Merchants enjoy an added benefit here, as 

they can offer their services in new markets where either the population does not have credit cards, or the fraud 

rates are very high. 

Transparent and neutral: All the information related to Bitcoin transactions is available on the block chain. This 

allows anyone to verify the transaction data in real-time. As Bitcoin is cryptographically secure, no individual 

or organization can control or manipulate it. All this makes Bitcoin transactions known for trust worthiness, 

transparency and predictability. 

No third-party seizure: Since there are multiple copies of the transactions database, no one can seize Bitcoins. 

The maximum extent to which one can go is to force a user to send the Bitcoins to someone else. This means that 

governments can’t freeze someone’s wealth, and thus users of Bitcoins have complete freedom to do anything 

they want to with their money. 

No taxes: It is not possible for a third party to intercept Bitcoin transactions, and therefore there is no viable 

way to implement a Bitcoin taxation system. The only way to pay a tax would be, if someone voluntarily sends a 

percentage of the amount as tax. 


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No tracking: No one can trace the Bitcoin users transactions, unless the users publicize their wallet addresses 

publicly. Only the wallet owners know the number of Bitcoins they have. Even if the wallet address is publicized, a 

new wallet address can be easily generated. This greatly increases privacy when compared to traditional currency 

systems, where third parties potentially have access to personal financial data. 

Low transaction fees: Standard wire transfers and foreign purchases typically involve fees and exchange costs. 

Since Bitcoin transactions have no intermediary institutions or government involvement, the cost for transacting 

is kept very low. This can be a major advantage for travelers. Additionally, any transfer in Bitcoins happens very 

quickly, eliminating the inconvenience of typical authorization requirements and wait periods. 

Bitcoins cannot be stolen: Unlike the conventional currency system in which few validation details are required 

to gain access, the Bitcoin system requires physical access alone for authentication which makes it difficult for the 

hacker to steal Bitcoins. 

PROS 

No risk of charge-backs: Once Bitcoins are sent, the transaction cannot be reversed. Since the ownership address 

of Bitcoins is changed to the new owner once the transaction is registered, it is impossible to revert the transaction. 

Since only the new owner has the associated private key, only he/she can change the ownership of the coins. This 

ensures that there is no risk involved when receiving Bitcoins. 

CONS 

Low inflation risk: The biggest problem with currencies used across the globe is inflation. Over time, all currencies 

lose few percents of their purchasing power as governments keep printing currency every year. This process is 

basically a small tax on the accumulated wealth. With the use of Bitcoins, this problem will be erased, as Bitcoins 

are designed to be finite i.e. 21 million. 

Low collapse risk: Currencies depend on governments which fail occasionally. Such events either cause 

hyperinflation or a complete collapse of the currency, which can wipe out a lifetime savings in just a day. Bitcoin 

being a virtual global currency is not regulated by any government. 

Acceptance levels: Majority of the people are not aware of Bitcoins. Bitcoins are accepted by a very small group 

of online merchants. This makes it unfeasible to completely rely on Bitcoin as a currency. Additionally, there is 

also a possibility that in future, governments might force merchants not to use Bitcoins to track user transactions. 

Wallets can be lost: If a hard drive crashes, or a virus corrupts data and the wallet file is corrupted, Bitcoins will 

be “lost”. There is nothing that can be done to recover it. These coins will be forever orphaned in the system. This 

can bankrupt a wealthy Bitcoin investor within seconds with no form of recovery. It will also lead to fewer Bitcoins 

being available, thus the ones that are left will be in high demand and at an increased value. 

No valuation guarantee: Since there is no central authority governing Bitcoins, anyone can influence its minimum 

valuation. If a large group of merchants decide to “dump” Bitcoins and leave the system, its valuation will decline 

and greatly affect the users who have invested a large sum in it. The decentralized nature of Bitcoin is both a curse 

and blessing. 

Technical flaws: The Bitcoin system could contain unexploited flaws. As Bitcoin is fairly new, if an exploiter finds a 

fault in the system he can gain tremendous wealth at the expense of destroying the Bitcoin economy. 

Risk and volatility: Bitcoin has volatility due to the fact that there is a limited number of bitcoins, and its demand 

increases each passing day. It is expected that the volatility will decrease as more businesses, media, and trading 

centers start accepting Bitcoins. 

Regulatory challenges: Lack of properly laid out regulations on Bitcoins increases uncertainty on its adoption. 

Government agencies are concerned about the use of Bitcoins for speculative trading, money laundering, and 

crime (like buying and selling of drugs and other illegal items), as criminals find Bitcoins an easy way to mobilize 

their funds, without their name being attached to the transaction. Tax laws and regulations regarding Bitcoins are 

still evolving and will witness many changes before the final version is decided. 


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4. Bitcoin transaction lifecycle 

Alex opens his 

bitcoin wallet 

Digital signature: 

A digital code (generated and authenticated by 

public key encryption) which is attached to an 

electronically transmitted document to verify its 

contents and the sender's identity 

• Scans/copies the address of the person with whom Alex wants to transact 

• He sends a private key (digital signature) to that participant 

Alex fills the transaction amount 

on the blank card 

• A crypto character pass key is 

generated 

• Then Alex floats the transaction 

request for validation 

Cryptocurrency 

A digital currency in which 

encryption techniques are 

used to regulate the generation 

of units of currency and 

verify the transfer of fund 

Bitcoin mining 

Bitcoin mining is the process of adding 

transaction records to Bitcoin's public 

ledger of past transactions or blockchain. 

This ledger of past transactions is called 

the block chain as it is a chain of blocks. 

The block chain serves to confirm 

transactions to the rest of the network as 

having taken place 

• Bitcoin mining takes place (that includes validation of the transaction-request by any one 

of the miners). Here validation means that a miner has verified the transaction (for eg. in 

this case the miner will check whether Alex has enough amount for conducting the 

transaction). The miner gets the transactions fees for validating the transaction 

• In this whole process, the pass key is also validated (crypto characters) generated by both sides 

• The miner adds a new 

block to the block chain 

and the ledger is updated 

Bitcoin transactions are sent to and 

from electronic Bitcoin wallets, and are 

digitally signed for security. The Bitcoin 

protocol keeps a record of all transactions 

between different addresses in the 

network, showing either an increase or 

decrease in balances just like in a normal 

bank account. Every transaction that has 

taken place is recorded in a public ledger 

called the block chain. 

• All the participants generate 

an approval ticket and raise 

it on their own system 

• The beneficiary accepts the 

amount by entering the 

password private key (digital 

signature) sent by Alex 


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5. Interesting statistics 

5(a) Bitcoins in circulation 

10,625,175 

12,211,525 

13,682,825 

15,039,125 

8,023,200 

5,300,500 

1,644,000 

50 

3/1/2009 3/1/2010 3/1/2011 3/1/2012 3/1/2013 3/1/2014 3/1/2015 3/1/2016 

Source: Datamarket 

As of 6 February 2016, 15.2 million bitcoins are already in circulation compared to the finite number of 21 million. 

72% of the bitcoins are already in circulation. 

5(b) Bitcoin transaction volume/per day 

142,608 

82,227 

42,309 

60,980 

0 186 1,128 

5,773 

3/1/2009 3/1/2010 3/1/2011 3/1/2012 3/1/2013 3/1/2014 3/1/2015 3/1/2016 

Source: CoinDesk 


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5(c) Bitcoin’s comparison with other cryptocurrencies 

Bitcoin 

USD12,243,835,817 

Ethereum 

Ripple 

Litecoin 

Monero 

Steem 

Ethereum Classic 

Dash 

NEM 

MaidSafeCoin 

USD526,784,959 

USD232,024,186 

USD173,168,392 

USD98,091,963 

USD66,805,185 

USD66,140,201 

USD60,062,475 

USD28,106,820 

USD26,475,266 

Source: Coin Market Cap (Accessed on 6 Dec 2016) 

Based on a peer-to-peer network, Bitcoin 

introduced a decentralized currency where the 

currency is mined with advanced computers. 

Bitcoin can be termed as a trendsetter, as its 

success has spurred the launch of many other 

virtual currencies (~over 150 cryptocurrencies). 

The currencies inspired by Bitcoin are collectively 

called altcoins and are trying to present themselves 

as improvised and modified versions of Bitcoin. These 

currencies are easier to mine, but involve greater 

risk in terms of lesser liquidity, acceptance and value 

retention. 

5(d) Altcoin examples 

Ether is the first decentralized platform capable of executing ‘smart contracts’. The 

Decentralized Autonomous Organization lost USD60 million ethers due to a hack, which 

resulted in the split of Ethereum into Ethereum (ETH) and Ethereum Classic (ETC). Ether 

was developed by Vitalik Buterin and launched in mid-2015 as the "next generation 

cryptocurrency and decentralized application platform". 

• Ethereum: Is known for peer-to-peer smart contracts i.e. short computer programs 

that run on blockchain. It is this feature that has immense potential to transform 

business processes across industries. 

• Ethereum Classic: Decentralized platform that runs smart contracts, applications that 

run exactly as programmed without any possibility of downtime, censorship, fraud or 

third party interference. 


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5(d) Altcoin examples (continued) 

Litecoin: Released in 2011, Litecoin conducts transactions faster i.e. in 2.5 minutes 

compared to Bitcoin transactions completed in 10 minutes. 

Monero: Released in 2014, Monero focuses on privacy, decentralization and 

scalability. Monero uses the ring signature technology to facilitate secure, private and 

untraceable transactions. 

Steem: Steem is a blockchain-based social media platform where anyone can earn 

rewards by posting, commenting and curating content. 

Dash: Focuses on privacy (using anonymization technology) and speed of transaction. 

It was initially named as XCoin followed by Darkcoin. In an attempt to stop associating 

it with the ‘dark web’, the cryptocurrency was rebranded to Dash on 25th March, 2015. 

Augur: An open-source decentralized prediction market platform built on 

Ethereum. Augur utilizes an underlying unit known as reputation (REP), which is 

used by the platform's referees to report event outcomes (whether predictions 

were successful or not). 

MaidSafeCoin: Also known as Safecoin, it is used in the SAFE (Secure Access For 

Everyone) network, which is a security-centric data platform. It is a ‘crowd-sourced 

internet’, i.e. it allows the user to provide space in their computer in exchange for coins. 


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5(e) Bitcoin ATMs 

A Bitcoin ATM allows a person to exchange 

Bitcoins/cash without human intervention. 

Bitcoin ATMs act as web-based exchange 

platforms which allow users to convert their 

money to BTC and vice versa. The number of 

Bitcoin ATMs present globally are 907. 

• US has the largest number of Bitcoin ATMs 

globally at 56.9%; followed by Canada at 

14.9% and UK at 4.9% 

• Currently, the majority of Bitcoin ATMs are 

one way; while 37.93% are two way Bitcoin 

ATMS 

Breakdown of Bitcoin ATMs by region 

Oceania 

1.9% 

Asia 

4.4% 

Europe 

20.8% 

South 

America 

0.3% 

Africa 

0.1% 

North America 

72.4% 

Source: Coinatmradar (Accessed on 7 Dec 2016) 

6. Is Bitcoin legal: 

Countries across the globe have different 

views on Bitcoin. While some countries have 

a positive outlook towards Bitcoin, others hold 

diverging views as represented below: 

7. Risks and challenges faced by Bitcoin 

Bitcoin does not offer a perfect payment 

experience as the digital currency is just seven 

years old and needs to mature. Trading in 

Bitcoin is considered a very risky proposition by 

majority of the people. Bitcoin faces some of the 

challenges as listed below: 

7(a) Regulatory challenges: Lack of properly laid out 

regulations on Bitcoins increases uncertainty on 

its adoption. Concerns for illegal applicability 

of Bitcoins grow with speculative trading and 

money laundering as criminals find Bitcoin an 

easy way to mobilize their funds, without their 

name being attached to the transaction. Tax laws 

and regulations regarding Bitcoin is still evolving 

and will witness numerous changes before its 

final version is decided. 

• GhostSecurity, a group formed to attack 

ISIS websites, discovered that ISIS uses 

cryptocurrency to fund their operations. The 

group uncovered a single ISIS address worth 

USD3 million in Bitcoins in 2015. 

7(b) Bitcoin image: For mass adoption of Bitcoin, 

it is imperative for its users to be assured that 

Bitcoins are safe and guarded against fraud, theft 

or losses. Recurring security breaches at various 

Bitcoin exchanges (eg.Coinapult, Bitfinex, 

Bitstamp etc.) in which Bitcoins were stolen and 

the exchange collapsed, has tarnished Bitcoin’s 

image even though the security breaches had 

nothing to do with the Bitcoin protocol. 

Bitcoin acceptance level by country 

Permissive Contentious Hostile Unknown 

Source: Bitlegal 


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Recent prominent thefts from Bitcoin exchanges 

January 2015 

March 2015 

May 2015 

June 2015 

August 2016 

Bitstamp 

Coinapult 

Bitfinex 

Scrypt.CC 

Bitfinex 

20,000 Bitcoins worth USD5 mn 

150 Bitcoins worth USD43,000 

1,500 Bitcoins worth USD330,000 

Undisclosed sum stolen 

119,756 Bitcoins worth USD70 mn 

Source: Financial Times 

• In the above incidents, Bitcoins were 

stolen from the users' Bitcoin wallets. 

The real reason for this theft was not the 

breach of the Bitcoin protocol, but hackers 

who exploited the vulnerabilities of the 

exchange’s systems and wallet providers. 

7(c) Time lag: Bitcoin's performance of 

conducting seven transactions per 

second will greatly impact its adoption 

pattern, as this number is not even close 

to its alternatives. For eg., credit card 

authorization networks handle 10,000s of 

transactions per second. 

• The current challenge faced by Bitcoin users 

is the time taken to complete the payment 

process; which ranges between 40 mins to 

several days. 

7(e) Transaction fees to rise in future: This fee 

provides miners the incentive to bucket 

transactions in a block to get transaction 

confirmation across the Bitcoin network. 

Being a miner, they want to maximize 

their income and would want to include 

transactions that involve high fees. 

• Thus, as the number of mined Bitcoins 

will reach 21 million, the block reward of 

new Bitcoins to miners will become an 

insignificant percentage of miners’ overall 

earnings. At that time, mining fees paid 

by users who transact on the network will 

make up the majority of miners’ earnings. 

Thus, transaction fees are expected to rise 

later. 

7(d) Consumer protection: Bitcoin users are 

not protected against their transactions, as 

Bitcoin transactions are not insured, and 

can only be reversed if the person who has 

received the payment refunds it. 


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8. Bitcoin’s future - mixed views 

People have diverging views on Bitcoin which 

stands at a market size of USD19.5 milion in 

2016. Bitcoin believers feel it to be the future of 

money, privacy and payments; marked by the 

end of greedy banks and the fall of government 

fiat currencies. Being the currency of cyber 

villains, it’s an elaborate scam for critics; while 

for the remaining audience it means nothing and 

is practically a dead solution. People across the 

world express strong opinions on the world’s first 

digital cash. Some of them are: 

Bitcoin views by industry experts 

̔ ̔ I do think bitcoin is 

the first one of these 

that has the potential to 

change the world. 

̔ ̔ I am very intrigued 

by Bitcoin. It has all the 

signs. Paradigm shift, 

hackers love it, yet it’s 

derided as a toy. Just like 

microcomputers. 

Peter Thiel 

PayPal Co-Founder 

Paul Graham, 

Venture Capitalist & 

Co-Founder of Y Combinator 

̔ ̔ From the start, I’ve always 

said the same thing: Bitcoin 

is an experiment and like 

all experiments, it can fail. 

So don’t invest what you 

can’t afford to lose. But 

despite knowing that Bitcoin 

could fail all along, the now 

inescapable conclusion that 

it has failed still saddens me 

greatly… 

̔ ̔ Bitcoin is a remarkable 

cryptographic 

achievement and 

the ability to create 

something that is not 

duplicable in the digital 

world has enormous 

value. 

Mike Hearn 

Author of Bitcoinj and a Contributor 

to Bitcoin Core 

Eric Schmidt 

Former CEO of Google 


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̔ ̔ Money at its core is 

simply a ledger for keeping 

track of debts, and Bitcoin 

is truly the best iteration 

of a universal ledger we’ve 

ever seen. 

̔ ̔ It feels strange to think 

of a world without cash, 

no more coins or notes 

for us to find down the 

back of the sofa, but it 

appears that’s the way 

things are heading. 

John Reed 

Former Chairman and CEO of Citibank 

Richard Branson 

Founder of Virgin Records, Virgin 

Galactic, and 400+ other businesses 

̔ ̔ I really like Bitcoin. I own 

Bitcoins. It’s a store of value, 

a distributed ledger. It’s a 

great place to put assets, 

especially in places like 

Argentina with 40 percent 

inflation, where USD1 today 

is worth 60 cents in a year, 

and a government’s currency 

does not hold value. 

̔ ̔ Bitcoin is exciting 

because it shows how 

cheap it can be. Bitcoin 

is better than currency in 

that you don’t have to be 

physically in the same place 

and, of course, for large 

transactions, currency can 

get pretty inconvenient. 

David Marcus 

CEO of PayPal 

Bill Gates 

Founder, Microsoft 

To complement our research on Bitcoin, we will be delving deep into the aspects of 

'Bitcoin mining' in our upcoming whitepaper. 

It explores the key pillars of Bitcoin, including how they are created and how the price 

levels are determined. 


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SG Analytics 


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- The true flag bearer of cryptocurrency by Tripti Rastogi Vishnoi 

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BITCOIN - THE TRUE FLAG BEARER OF CRYPTOCURRENCY

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