جستجوی مقالات مرتبط با کلیدواژه « bitcoin » در نشریات گروه « اقتصاد »

The state of development of technology in today's world is such that the development process and the future of the world in the field of technology cannot be accurately predicted. In the meantime, blockchain technology has been highly regarded as a revolutionary technology. This technology is a protocol that allows information to be exchanged directly between contracting parties in a network without the need for intermediaries. Blockchain has been one of the most important technology trends in recent years, and banking is one of those sectors that many experts believe will accept major changes from blockchain technology. Considering the revolutionary impact that blockchain technology can have on the banking system, it will be very important to examine the impact of this technology on the banking system, which represents how to create, present and acquire value in this sector. The purpose of this research is to investigate the impact of this technology in the banking system. In order to achieve this goal, the method of data collection is the type of document-library research and sample statistics, and it is quantitative-qualitative in nature, and the method is a survey, and the tools used are questionnaires and field observations. According to this research, it confirms the effectiveness of blockchain technology on the banking system. Finally, considering that blockchain technology will challenge almost all the core sectors of the banking system, it is necessary for banks to adopt a suitable strategy to deal with the threats and use the opportunities resulting from this technology.

The history of cryptocurrency began in 2008 as a way of payment. However, cryptocurrencies have evolved into a complex ecosystem of high-yielding speculative assets. Unlike traditional financial instruments, these currencies are not mainly traded in organized and law-abiding locations, but on online platforms where anonymity prevails. In fact, facilitating financial transactions without the presence of intermediaries such as banks and financial institutions can be considered one of the goals of creating virtual money. The purpose of this research is to investigate the effects of Bitcoin as the largest digital currency before (16/08/2015 to 16/11/2019) and after the Covid-19 pandemic (17/11/2019 to 26/02/2022) on Other digital currencies and gold. One of the components of this analysis is the identification of selected digital currencies that have had the greatest impact from the price bubbles and the fall of the price of Bitcoin, as well as the investigation of the origin of the investment of digital currencies and gold. The results show that among digital currencies, Bitcoin, as a representative of the digital currency index, has the most spillover effects on Litecoin, Ethereum, and Dash, and has the least spillover effects on Dogecoin and Ripple. Also, as an investable asset, gold is a safe haven for investment, because it is less aligned with volatile assets like Bitcoin compared to other digital currencies. Based on the results of the current research, the bubbles in the digital currency market show the irrationality of the market, and due to the existing spillover effects, they may spread to the domestic financial markets and cause a lot of fluctuations. 

The entry of cryptocurrencies into the capital market and their increasing price has created a fundamental change in the international currency and monetary exchanges of the world. The present study uses data from 2015 to 2021 to investigate the relationship between causality and dynamic conditional correlation between the price variable of 9 cryptocurrencies with different creation mechanisms. The results of this study show that Bitcoin, Litecoin and Ethereum, which have a proof-of-work mechanism, have a dynamic conditional correlation relationship in the short and long run.On the other hand, the dynamic conditional correlation coefficient of Ripple, Nano and Monero that have proof of stake mechanism and EOS, Tron and Stellar that have new consensus mechanisms were not significant in the short run but in the long run, their relationship is statistically significant. Also, there is a two-way causality relationship between the price of Bitcoin, Litecoin, Ethereum and Monero. But among the prices of Tron, Stellar, Nano and Ripple with a newer consensus mechanism than other cryptocurrencies, there is mainly a one-way causality relationship.

At the same time as the 2008 financial crisis, the world faced the idea of decentralizing "money," and the first decentralized currency based on pure computer credit was introduced in 2009. This idea, which was also raised by Hayek in the 1970s, created various forms of "private money" in the economy. Meanwhile, the Islamic State's approach to these types of currencies has been a topic of discussion. In this study, we used the thematic analysis method to examine the Islamic State's confrontation with proof-of-work cryptocurrency in accordance with its duties. We identified the proportion of cryptocurrencies with attention to the decentralized characteristic of the right to create it, using six tasks of justice: preserving the value of national currency, independence, and economic security, market stability, employment, and taxation. As a result of this study, we concluded that the government should address this phenomenon proactively and in a decentralized manner while considering the risks and opportunities it presents. Initially, cryptocurrencies posed a potential threat to the government's monetary governance, but they also have opportunities. The government's approach to mining should be informed by considerations of energy security and other sectors, from consumer education to targeted restrictions. This suggests that the government's flexible approaches can adapt to future market developments, and that extensive bans on technological attractions are ineffective. Targeted restrictions can be implemented to address necessary challenges.

Most of the research has been done on predicting the price changes of cryptocurrencies, and the researchers used machine learning algorithms in this field. The purpose of this article is to present an approach to predicting Bitcoin price changes using machine learning algorithms along with data from people's sentiment analysis towards famous people such as Elon Musk on Twitter, Reddit, and Telegram social networks. The data collected for this research is from 2021 and 2022. The distinguishing feature of this research is the use of technical, economic indicators and sentiment analysis simultaneously to predict the price trend. The recursive feature removal method was used to select the feature and in the next step, the results were compared by testing 8 classification algorithms. In this research, the xgboost algorithm showed excellent performance with a record accuracy of 88% in predicting the trend of Bitcoin price changes.

Objective The main purpose :

of this study is to investigate the co-movement analysis of bitcoin, gold, stocks and dollars markets in the Iranian economy. The reason for focusing on this goal is high inflation in the country and the influx of investors into the financial markets. In addition, given the current state of the global economy and all the economic crises caused by Covid-19, these markets are affected. The results of this study provide new interpretations of the return of financial markets for investment in the society.

To achieve this goal, the analysis of the wavelet coherence analysis and perspectives in wavelet, mobility and two-way relationship of these markets in the Iranian economy in the period September 2011 to January 2022 was studied. Wavelet coherence, wavelet energy spectrum and opposite phase are some of the techniques that have been used to interpret the relationship mutually between different markets. The methodology of wavelet coherence has gained immense popularity over the last few years in the domain of finance and economics. Wavelet Coherence a bi-variate framework used to study the interaction between different time series and their evolution over a continuous time and frequency space. Some of useful wavelet coherence technical interpretations are: it indicates the direction of co-movement between variables and the right indicate perfectly phased variables.

The results show that the co-movement between the bitcoin market and stocks in Iran in different periods have moved in different directions. This is because the bitcoin market is a global market whose changes in performance are not very affected by changes in domestic demand, and in addition, the demand of the Iranian society for bitcoin does not have a long history.The co-movement between the Bitcoin and exchange rate and Bitcoin and gold markets is similar specially it is more in the short and medium term than in the long term.The strongest correlation between the studied markets has been between gold and foreign exchange. In this regard, gold moves after the dollar exchange rate and their relationship are direct, that is, with the increase of the dollar exchange rate, the price of gold has also increased. After these years, during the years between 2016 to 2017, the intensity of the relationship between gold coins and the dollar exchange rate has not been high, especially in the long run, but after 2016 and with the intensification of banking sanctions and severe fluctuations in the coin and gold markets, in addition to the high intensity of the coherence of these markets at all time scales, the movement of the two variables is also in phase. In other words, in the years after the sanctions, coin prices and exchange rates have had a direct and high movement with each other, and this movement and its intensity has continued in the short run, medium run and long run horizons in 2012 and 2013, which is consistent with real evidence. Iran's economy is over the years. From 2014 to 2018, after the start of negotiations and the gradual lifting of some sanctions and then the severe application of sanctions during the BARJAM agreements (Joint Comprehensive Plan of Action(, stability returned to the gold and foreign exchange markets, and then again fluctuations affect the market so the dollar has depreciated significantly. The periods of coherence between the stock market and gold have been similar to the two gold and foreign exchange markets, but with less intensity.

The results of the study offer new interpretations of the return of financial markets for investors. In their investment decisions, economic actors need to base the type and changes between markets, knowing that investing in gold, currency and stock markets in the country is largely influenced by political changes and investments. The bitcoin market is largely influenced by the rules and regulations of the central banks of the world's top economies such as the United States and China, and the world's major policies in buying this cryptocurrency and selling our own products in return. It is suggested that when investing in the cryptocurrency market, the economic policies and programs of the central banks of the world's top economies and the position of the world's largest companies (such as Tesla) against this cryptocurrency must be taken into account. Also, it seems that due to the stronger correlation between the bitcoin, gold and dollar markets and the relatively low correlation between bitcoin and stock returns, economic policymakers need to consider the impact of the bitcoin in their monetary policy. It is an externalization that can affect the monetary policy of the central bank, especially in the medium term, due to the phenomena of financial transmission.

One of the words that is heard in the present life is digital currency Digital currency is a component of a decentralized financial system to facilitate economic transactions through evicting intermediaries such as banks as much as possible. In the meantime cryptocurrency is a digital or virtual currency that is secured by cryptography and made nearly impossible to counterfeit or double-spend. In the early 1990s, some elite people intended to give more freedom to the people through the use of the Internet and reduce the power of governments. The main goal of these elites was to empower people to control money and information and to simply eliminate intermediaries such as banks. Templates based on time series equations are a new type of economic modelling that dates back to the early 1970s. Time series patterns include a wide range of economic patterns, the most important of which is the vector auto regression pattern. Time series equations can be extracted in two ways, including a method of inference from theory and then modelling according to the researcher and the relevant statistical tests to determine the accuracy of the model and the estimated parameters. This type of modelling faces several problems such as unstructured parameters, structural shock detection, and specification error. Due to the nature of partial equilibrium, they sometimes have difficulty understanding the economic conditions and erroneous predictions. The problems are due to the difference between the model and the economic theory. To solve these problems, dynamic stochastic general equilibrium (abbreviated as DSGE, or DGE, or sometimes SDGE) models were used. This kind of modelling is a macroeconomic method often employed by monetary and fiscal authorities for policy analysis, explaining historical time-series data as well as future forecasting purposes. The present study has used the DSGE method to estimate the model. In this model, it is assumed that households gain utility from consumption, government currency and cryptocurrency, and labor supply has inutility for those households. Therefore, they try to maximize its utility by using their budget constraint. Another part of this study is the entrepreneurial section (cryptocurrency miners), which assumes that there is a continuous chain of entrepreneurs denoted by n, and that each entrepreneur operates under conditions of perfect competition. The third part is the manufacturing firm, which assumes that firms are different in an exclusive competitive environment for the production of intermediate goods and have access to other intermediate goods of other firms to produce a final product under perfectly competitive market conditions. The last section is the central bank, which determines the monetary policies governing the society. In this study, it is assumed that the central bank uses the nominal interest rate as a rule set in a modified Taylor (1993) model. This model is estimated using the monthly data of Iran, and the results show that there is a strong substitution effect between the government currency real balance and the cryptocurrency real balance in response to technology, preferences and monetary policy shocks. In addition, government currency demand shocks have a greater impact on the economy than the cryptocurrency demand. Cryptocurrency productivity shocks also lead to a decline in the nominal exchange rate. Production and inflation decrease when nominal interest rates increase. However, the effects of these shocks are much less than those of traditional shocks. Overall, this study provides new insights and evidence on the underlying mechanisms of cryptocurrency and its effects on the economy. It can be a guide for investors, policymakers, central bankers and researchers as how to operate cryptocurrencies and the corresponding ecosystem in the future. In particular, two policy recommendations emerge from the analysis of this study. First, according to the results, it was shown that increasing the supply of cryptocurrencies has a negative effect on production. Thus, monetary authorities may decide to adjust the rates in response to the changes in the cryptocurrency real balance, which include the weight for cryptocurrency growth, as a policy response. Second, if the central bank is to prevent a decline in output, the nominal interest rate response to the changes in government currency growth must be gradual. Furthermore, there is a strong alternating effect between the real money balance and the real money code balance in response to technology, preferences and monetary policy shocks. As the important finding of the study, the increase in production and inflation is greater when cryptocurrency is not present in exchanges, indicating that more inflation exists when there is no cryptocurrency.

Digital currency analysis, especially Bitcoin, as the most popular digital currency, has received a lot of attention in recent years. The reason for this can be related to its innovative features, simplicity, transparency and increasing popularity. Since its introduction, Bitcoin has created great challenges and opportunities for policymakers, economists, entrepreneurs and consumers. The main purpose of writing this article is to investigate and analyze the fluctuations and returns of Bitcoin using univariate conditional variance heterogeneous autoregression models in the period between March 2012 and March 2019. In this framework, GARCH, GJR-GARCH, TGARCH EGARCH and GARCH-M univariate GARCH models are used. The results show that the best model for risk assessment in univariate GARCH models is GARCH-M model, because the liquidity risk predicts the Bitcoin price index with less error than other univariate models. Also, the results obtained in the EGARCH model show that there are no leverage effects in Bitcoin rate changes and the estimated model is a symmetric model. Examining several other univariate GARCH models also showed that the price of Bitcoin has symmetry in positive and negative news, this means that positive and negative shocks have the same effect on the price of bitcoin.

Given the expansion of cryptocurrencies in recent years, ambiguities have been created about its nature and functions. Using an analytical method this paper studies the nature of Bitcoin cryptocurrencies and its economic functions. To answer the question of whether bitcoin can be beneficial to the economy, it has been hypothesized that cryptocurrencies can cause confusion and disruption to the economy. According to the findings, cryptocurrencies, despite its benefits such as facilitating finances and reducing restrictive central bank supervision, can cause a number of economic problems. In this regard, Bitcoin, as the most widely used and valuable currency code, is an imaginary and unreliable currency and at any moment it can lose its credibility and cause a lot of damage to its owners. Currency cryptocurrency is associated with money creation, inflationary speculative and illegal activities. Therefore, Bitcoin and other cryptocurrencies are not in the interest of society's economy and policy makers should prevent its formation and expansion. 

Review:Virtual currencies have challenged their monetary and banking systems and their philosophy of existence. These challenges are not limited to the monetary and banking system and its scope is so wide that it affects other areas of society and science such as law, jurisprudence, economics and politics and puts a wide range of micro and macro questions and ambiguities before them. have given. Attention to the widespread use of these currencies, the policy of ignoring and delaying the way of dealing with these types of currencies is not a good way to deal with the realities ahead Understanding the nature of virtual currencies as a commodity or money, informing the public about the structure of these currencies (opportunities and threats) through the national media, taking the necessary measures by the Islamic Consultative Assembly and proper implementation of regulations through the Tax Affairs Organization and the Supreme Council for Combating Money Laundering And ... can play a key role in reducing the threats of digital currencies and taking advantage of the economic benefits and opportunities created by this type of cryptocurrency. Therefore, the present article introduces and examines digital currencies and their impact on the economy of Iranian society.

The growing popularity of virtual currencies such as Bitcoin, an Internet innovation with a function similar to "fiat" money or government money, due to the high velocity and efficiency in transactions (especially overseas payments) as well as the elimination of the additional operating costs incurred by intermediaries attract the policymakers and global decision-making centers attention. The purpose of the present study is to investigate the impact of virtual currency (Bitcoin) expansion on the demand of Iranian formal money in the form of cash-in-advance model (CIA) with dynamic stochastic general equilibrium (DSGE) approach. To do so, the data of the period of 1989-2017 with seasonal sequence has been used. In the proposed model, it is assumed that households show their money demand in two forms of official money and virtual money. Maintenance and demand for virtual currency can have a significant impacts on the macroeconomic variables. In this study, the shock caused by the price of Bitcoin and its volume of transactions has been considered as an indicator of demand for virtual currency. The results show that as the demand for virtual currency increases, the demand for the formal currency declines and consequently the income of seigniorage decreases.

Investors in times of crisis and inflation are always looking to invest in assets that, while maintaining the value of money, also have a good return, and one of the reasons is that gold assets, between Quinn and the dollar, are part of an investment. Comprehensive are attractive, they can increase their growth rate. Investing in assets that are less correlated with each other can increase the adjusted risk of return on assets. This article seeks to examine the movement of Bit coin, gold and the dollar exchange rate in the Iranian economy. For this purpose, using the analysis of empathy and econophysical approach, the interaction and bilateral communication of these markets in the Iranian economy for the period of 24/9/2011 to 16/7/2020and with weekly frequency were examined. The results of empathy analysis show that in the short-term horizon during the years 2011-2013 and the medium-term horizons during the years 2011 to 2016, the relationship between bitcoin rate of return and exchange rate in the opposite direction (opposite phase) has been. But in the longer term, between 2013 and 2017, the gold yield is moving after bitcoin and is considered a reversible variable. In addition, the correlation between gold and bitcoin return rates shows that the intensity of the relationship between these two variables in all agreements and during the research period was not very high, but the relationship between these two variables in the years 2017 to 2020 on the horizon 16 to 64 weeks has been very intense, but the opposite has been the case.

The mechanism of money creation and other inflationary measures of central banks, which often prefer the short-term interests of governments to the rationality and long-term stability required by the market, are among the most important reasons for the new monetary system architecture and the widespread acceptance of cryptocurrencies such as Bitcoin in the last decade. In this paper, we solve a DSGE model to investigate the impact of Bitcoin encryption on the money demand and seigniorage. To do so, the data of seasonal time series 1989 to 2018 have been used. In the model designed in this study, it is assumed that due to the use of money cryptocurrencies, the government revenue from money printing decreases; This will lead the government to reconsider the price of the energy (especially the energy used to extract cryptocurrencies) and supply it at the price that maximizes its profits. In this study, the shock caused by the price and the volume of Bitcoin transactions is considered as an indicator for the demand of cryptocurrencies. Our main finding is that as the demand for cryptocurrencies increases, the demand for the formal money decreases, the inflation decreases, and consequently the seigniorage revenue decreases. The results also indicate that the shock to the cryptocurrency from the channel of changes in the energy prices will compensate part of the government revenues, although in the long run the welfare effects of this policy have been significant.

In late 2008, with the advent of technology and the expansion of cyberspace, a phenomenon known as the "Bitcoin" cryptocurrency was introduced to the world and became popular. Although the extraction of virtual currencies is widespread in Islamic countries and Iran, there are still religious doubts about the legitimacy of its income. This paper studies the legal-economic analysis of virtual currencies extraction in the Islamic economic system using an analytical method. The results show that, firstly, given the spread of different instances of virtual currencies, the rule of extraction of each virtual currency must be applied in accordance with Islamic principles and rules. In this regard, from the point of view of individual jurisprudence, if the remuneration paid for the extractive activity is something which is not valid in the economic system, the contract is void. Secondly, from the point of view of government jurisprudence, practicing the activity of extracting virtual currencies that would strengthen Islamic rule is permissible and should be considered. On the other hand, it is not permissible to extract the currencies that give rise to the dominance of infidel regimes over Islamic state.

The popularity of the concept of crypto-currency in today's economy has raised many juridical questions. Using an analytical-juridical method, this paper analyzes the activities performed in the process of mining and exchanging of these currencies, with a focus on Bitcoin network. Based on the research findings, juridically, the trading of crypto-currency is permissible if the general conditions of commercial transactions are met. The crypto-currency ownership can be justified on the grounds of an effort for decoding and possessing the receiving rewards from the network. Observing the conditions of the contractors, considerations, and the creation of possession through sale by conduct in these currencies is possible. Some objections rose against crypto-currency trading, including Bitcoin, money laundering, creating a currency bubble, devaluation of national currency, obtaining property through illegitimate and illegal means, and the possibility of being deceitful or harmful, cannot be the basis for the illegality of the trade of crypto-currency. However, using crypto-currency faces challenges such as consumption of government electricity, partnerships with miners the incapacitated individuals in mining pools. The religious ruler may limit or prohibit the extraction and sale of such goods by issuing a government order, with the adverse effects of currency development on the market and possible economic, moral and security corruption. Sharia ruler can restrict or prohibit mining crypto-currency trade in case of negative effects of crypto-currency in the market, or in case of economic, moral or security problems.

Bitcoin was introduced as a pioneering cryptocurrency when the global financial markets were in crisis. The decentralized financial system of Bitcoin needs to have monetary properties such as being a medium of exchange, account of value, and store of value to become a monetary unit for financial transactions. The biggest obstacle Bitcoin currently faces or such a performance is its price volatility. This study examines the limitations of the Bitcoin system for interpreting the scope of inherent financial and security risks. In this regard, a GARCH model (1,1) has been used to analyze bitcoin volatility with respect to macroeconomic variables in countries where bitcoin is traded most. This study explores how the Bitcoin system can inherently increase financial risks under policies of influential countries such as the United States.

Money is one of the phenomena that are used in the economic life of people for a long time. Despite the simple appearance, this phenomenon is constantly evolving. Since 2009, a new form of money has been created in the world under the title "Cryptocurrency". This exchange facility is out of reach of the banking system and the central bank and is only transmitted through cyberspace.
As this kind of money becomes widespread in the economic relations of the world, there is a serious transformation in the nature and functioning of the money. Changes in the nature and function of the economy may have different jurisprudential functions than fiat money. Therefore, it is necessary to accurately identify the jurisprudence system, the nature and economic functions of this phenomenon, and clarify the types of permissible and unlawful rulings in economic relations.
In this regard, in this research, at first the cryptocurrency is introduced and then the jurisprudential aspects of the subject were explained by two approaches of individual and governmental jurisprudence, as well as in two levels of transaction and mining. Finally, using the method of multi-stage ijtihad research and the views of the Islamic finance experts and the authorities, imitating the license terms, the use Cryptocurrency has been counted. Accordingly, one of these types of money, called Bitcoin, is adapted to those circumstances and finally the existence of the doubtful of "La Darar and La Darar" has encountered it with illegal forms.

Money is one of the powerful institutions that humankind created and developed and nowadays it affects all of aspects of social human life. Money essentially is production of human socialization and we should think of it as a social reality that although has a special and independent role for each individual, but it has overall acceptance in the society. Bitcoin is a decentralized electronic fiat currency implemented using cryptography and peer-to-peer technology. Because of increasing development of bitcoin and also other similar currencies, our monetary policy-makers should take proper position about it. In this study we make an analysis about value of bitcoin in context of Etebariat theory developed by Allameh Tabataba’i and argue that value of bitcoin is consistent with this context. Our study about monetary and banking schools like metalism, chartalism, money in circle and banking shows that because of peer-to-peer system of Bitcoin, although Bitcoin is inconsistent with all of the abovementioned theories, but it is consist with Etebariat theory because of no need to third party. So Bitcoin is a counter-example to classical theory of money and it verify Etebariat theory.