• The Journal of Asian Finance, Economics and Business
• /
• 제7권8호
• /
• pp.695-704
• /
• 2020

Bitcoin and other prominent cryptocurrencies have gained much attention since the last several years. Globally known as digital coin and virtual currency, this cryptocurrency is gained and traded within the blockchain system. The blockchain technology adopted in using the cryptocurrency has raised the eyebrows within the banking sector, government, stakeholders and individual investors. The rise of the cryptocurrency within this decade since the inception of Bitcoin in 2009 has taken the market by storm. Cryptocurrency is anticipated as the future currency that might replace the current paper currency worldwide. Even though the interest has caught the attention of users, many are not aware of its opportunities, drawbacks and challenges for the future. Researches on cryptocurrencies are still lacking and still at its infancy stage. In providing substantial guide and view to the academic field and users, this paper will discuss the opportunities in the cryptocurrency such as the security of its technology, low transaction cost and high investment return. The originality of this paper is on the discussion within law and regulation, high energy consumption, possibility of crash and bubble, and attacks on network. The future undertakings of cryptocurrency and its application will be systematically reviewed in this paper.

• Journal of Multimedia Information System
• /
• 제8권3호
• /
• pp.197-202
• /
• 2021

Bitcoin and blockchain are often making headlines not only on TV or media but also among the public in today's society. These technologies have been developed after the risk of the centralized financial system came to the fore during the 2007 global financial crisis. Since then, an anonymous inventor called Satoshi Nakamoto penned the bitcoin white paper where a blockchain-based reference implementation was introduced. Bitcoin was able to achieve unprecedented growth by positioning itself as one of the top global currencies in terms of market capitalization after five years since its development. The pace of Vietnam's economic development is notably fast among Asian nations, while the nation was expected to be a Southeast Asian blockchain hub but they have banned virtual currency trading recently. However, they've also designated the State Bank of Vietnam (SBV) as a responsible agency for the research of blockchain-based cryptocurrencies, the construction of a service ecosystem, and their test operations. The fast-growing economy, increasing number of smartphone users, and the Vietnam government's support policies for startups substantiate these efforts. Therefore, this paper attempts to study the current status of Vietnam's blockchain technology that has been considered to be the center of blockchain systems right behind Singapore, and its implications for Korean companies.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권3호
• /
• pp.171-179
• /
• 2021

In the international markets, financial variables can be volatile and may affect each other, especially in the crisis times. COVID-19, which began in China in 2019 and spread to many countries of the world, created a crisis not only in the global health system but also in the international financial markets and economy. The purpose of this study is to analyze the contagious effect of the COVID-19 pandemic on the volatility of selected financial variables such as Bitcoin, gold, oil price, and exchange rates and the connections between the volatilities of these variables during the pandemic. For this aim, we use the ARMA-EGARCH model to measure the impact of volatility and shocks. In other words, it is aimed to measure whether the impact of the shock on the financial variables of the contagiousness of the epidemic is also transmitted to the markets. The data was collected from secondary and daily data from September 2th 2019 to December 20th, 2020. It can be said that the findings obtained have statistically significant effects on the conditional variability of the variables. Therefore, there are findings that the shocks in the market are contaminated with each other.

• 한국전자거래학회지
• /
• 제22권1호
• /
• pp.51-64
• /
• 2017

2009년 사토시 나카모토라는 필명에 의해 비트코인이 제안된 후, 비트코인의 분산형 거래 장부로 응용되었던 블록체인기술을 다양한 환경에 적용하고자 하는 연구들이 진행되어왔다. 스마트 계약, 투표 및 디지털 콘텐츠에 대한 소유권 증명 등이 대표적인 적용 사례로, 한 번 기록된 사실에 대해서는 수정이나 삭제가 불가능하다는 블록체인 기술의 특징을 이용하였다. 또한 관련 사실을 증명하고 데이터의 무결성을 제공하기 위해 블록체인 기술을 적용하였다. 적용된 사례는 주로 공개되어야 하거나 공개되어도 무방한 데이터를 다루는 환경 속에서 이루어졌고, 둘 이상의 관계 속에서 발생된 문제점을 해결하기 위한 방안으로 제안되었다는 공통점을 가지고 있다. 이러한 사실을 통해 블록체인 기술은 유사한 환경에서 좋은 대안으로 응용될 수 있다고 주목받아 왔다. 본 연구에서는 이러한 블록체인 기술의 응용 범위를 확장하고자 실생활에서 겪고 있는 문제 상황인 부동산 시장 서비스를 선정하였다. 부동산 시장 서비스의 경우 현재 앱과 웹 서비스를 통틀어 250여 개가 운영되고 있으나, 허위 매물로 인해 만족도는 높지 않은 문제점이 있다. 따라서 본 연구에서는 앞서 적용된 사례와 유사한 패턴이 발견 되는 부동산 시장 서비스에 블록체인 기술을 적용하여 문제 상황에 대한 대응 방안을 제시하고, 향후 시장에서 블록체인의 연구 방향을 고찰하고자 한다.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권12호
• /
• pp.465-471
• /
• 2021

The study investigates the dynamic correlation of cryptocurrencies and equity in Vietnam and tests the safe-haven property of them from the perspective of the stock market in Vietnam during the pandemic crisis by applying the dynamic conditional correlation (DCC) GARCH model and regression with a dummy variable, respectively. This study employs time series data on the daily dataset from September 2014 to September 2021 with the focus on the two most popular cryptocurrencies - Bitcoin and Litecoin. The results show that the dynamic conditional correlations between cryptocurrencies and equity in Vietnam increased during the pandemic, however, in most periods, positive dynamic correlations often dominate. Besides, the regression results also indicate that Bitcoin and Litecoin act as weak safe-haven investments for stocks in Vietnam during the COVID-19 turmoil. They are more suitable for diversification purposes although the dynamic correlations between them and the stock index in Vietnam vary stronger during the pandemic crisis than before. The findings of this study suggest that in the period of pandemic crisis, cryptocurrencies are not concerned as effective safe-haven assets for stock in Vietnam. Instead, cryptocurrencies are only playing a potential role in diversification benefit in this economy.

• 한국정보시스템학회지:정보시스템연구
• /
• 제29권1호
• /
• pp.289-301
• /
• 2020

Purpose This study analyzes whether Internet search of cryptocurrency has a causal relationship to return and volatility of cryptocurrency. Design/methodology/approach Google Trend was used as a measure of the level of Internet search, and the parametric tests of Granger causality in the 1st moment and the 2nd moment were adopted as the analysis method. We used Bitcoin's dollar-based price, which is the No. 1 market value among cryptocurrency. Findings The results showed that the Internet search measured by Google Trends has a causal relationship to cryptocurrency in both average and volatility, while there is a difference in causality and its degree according to the search area and category that Google Trend user should set. Because the Granger causality is based on the improvement of prediction, the analysis results of this study indicate that Internet search can be used as a leading indicator in predicting return and volatility of cryptocurrency.

• Journal of Information Technology Applications and Management
• /
• 제26권3호
• /
• pp.29-41
• /
• 2019

As users' interests of cryptocurrency has been increased, investment volume of it also increases. In the cryptocurrency market, it cannot always be distributed homogenous information to all investors, similar to the stock market because it reflects the characteristics of a market microstructure. Cryptocurrency traders, thus, like stock investors, can experience the information asymmetry in the market and cannot but help to depend on private information. The purpose of this study is to estimate the trading intensity of informed traders and uninformed traders among cryptocurrency investors around the world based on PIN (Probability of Informed Trading). We have an aim to compare the difference of information asymmetry according to the ten types of cryptocurrency. The results of this study are expected to prevent the continuous increase of suspicious transactions related to cryptocurrency and contribute to the development of a sound cryptocurrency market.

• The Journal of Asian Finance, Economics and Business
• /
• 제7권12호
• /
• pp.159-168
• /
• 2020

The cryptocurrency market has received immense consideration in media and academia since the beginning of 2013 because of its huge price fluctuation. This study focuses on Arab investors who invest in the cryptocurrency market by investigating the influence of behavioral finance factors on investment decisions in the cryptocurrency market. A quantitative approach was used by employing a snowball sampling method through 112 questionnaires. The results show that herding theory, prospect theory, and heuristic theory have a significant effect on investors' investment decisions in the cryptocurrency market. This emphasizes the significant role of the proposed behavioral factors as determinants of the investors' investment decisions. This study contributes to the existing research by consolidating the results of different researches in this study. It also contributes to the investors' understanding of the dynamics of the cryptocurrency market and it enhances the ability to make informed decisions based on their understanding. The implication of the findings will prepare hit and run investors to be progressively prepared to stay in the cryptocurrency market and develop their abilities on the most proficient method to settle on sound venture choices. Furthermore, the findings of this study will encourage financial specialists to realize that information on the traditional finance theory is not adequate to excel in the cryptocurrency market.

• 한국정보통신학회논문지
• /
• 제22권10호
• /
• pp.1398-1404
• /
• 2018

블록체인(Blockchain) 기술은 예기치 않은 문제에 대한 해결책을 제시 할 수 있다. 현대 사회에서 가치 영역은 다양 해지고 있다. 암호화폐는 기존 통화가 작동하지 못했던 영역을 대체하고 있다. 일본 정부는 2017년 4 월부터 2016년까지 송금 법 개정을 통해 암호화폐 대표코인인 비트코인(Bitcoin)을 공식 통화로 인정하고 최근 관련 규제 정책을 주도 해 왔다. 이 논문은 암호화폐 통화 시장과 관련하여 국제사회에서 정책을 주도하고 있는 일본 정부의 정책 전략을 검토한다. 이에 본 논문에서는 IT전략특명소위원회가 일본 정부의 암호화폐 관련 정책 및 제도를 조정해 나아가는 과정과 기구의 역할을 분석하였다. 더불어 일본 내에서 암호화폐 및 블록체인 관련 세재의 개정 및 규제 조직의 수립 과정 그리고 관련한 보충 제도에 대해 고찰하였다.

• 지능정보연구
• /
• 제28권4호
• /
• pp.287-308
• /
• 2022

최근 비트코인을 필두로한 암호화폐의 폭발적인 성장이 금융 시장의 주요 이슈로 떠오르고 있다. 이에 전 세계적인 암호화폐 투자의 관심이 증가하고 있지만, 24시간 365일 운영되는 시장과 가격 변동성, 그리고 기하 급수적으로 증가하고 있는 암호화폐 종류는 암호화폐 투자자들에게 리스크로 제공되고 있어, 특히 암호화폐 포트폴리오를 구상하는데 있어 추천에 적합하지 않는 암호화폐들을 구분하여 투자자들의 리스크를 감소시킬 수 있는 연구의 필요성이 제기되고 있다. 이에 본 논문은 기존에 있었던 단순히 암호화폐 가격의 미래를 예측하여 수익률을 극대화 하거나, 수익률에 초점을 맞추어 암호화폐 포트폴리오를 구성하는 연구들과 달리, 투자자들의 성향을 반영하고, 투자에 적합한 암호화폐를 머신러닝 기법 중 하나인 Apriori 알고리즘을 활용하여 추천하되, 추천에 적합한 알트코인들을 비트코인의 유사도와 연관규칙을 중심으로 선별하여, 투자자들의 리스크를 감소시킬 수 있는 적합한 추천 방식과 해석을 제시한다.