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下面为大家整理一篇优秀的essay代写范文- The ICO or the cryptocurrency，供大家参考学习，这篇论文讨论了ICO和加密货币。ICO是加密货币利用加密技术保护数字货币的市场。密码学是一种通常用于安全的加密技术。加密货币主要用于在线购买商品和服务。与传统货币不同的是，加密货币不能兑换成其他商品，因为由于中央政府不发行货币，加密货币不被视为法定货币。ICO曾帮助企业筹集资金，用于区块链和加密货币技术的开发。

The ICO or the cryptocurrency is the market that utilizes the digital money that have been protected through a technology called cryptography. Cryptography is an encryption technology that is usually used for security. Cryptocurrencies are primarily used online for the purchase of goods and services. Unlike the traditional currency, the cryptocurrency is not redeemable for another commodity as there are not considered a legal tender because a central authority does not issue them. The use of cryptocurrency is currently still limited to the individuals who are even considered as the early adopters. There are approximately 10 million bitcoins holders worldwide who own them primarily for investment purposes. Objectively the cryptocurrencies have been viewed to be unnecessary because the government-backed currencies function adequately (Duffield & Diaz, 2015). The merits that have been associated with the use of cryptocurrency are mainly theoretical. It is believed that the mainstream utilization of the cryptocurrency will be realized only when there is a significant tangible benefit that is associated with the usage of cryptocurrency

Currently, there are two primary types of the cryptocurrency: those that are used to buy goods and services and the alternative that allow individuals to participate in smart contracts which is an are an arrangement that is reinforced mainly through the codes that courts. Experts have asserted that there would not be one superior digital currency (Tumber, 2015). The market share for the cryptocurrency is currently being led by bitcoin which is closely followed by the Ethereum.

Nevertheless, it is essential to understand that there has been an emergency and the growth of many novel technologies. Bitcoin is a cryptocurrency that was founded by Satoshi Nakamoto in 2009.Bitcoin is the most popular cryptocurrency .Additionally, the infrastructure that is associated with bitcoins is the simplest technology. In typical bitcoin transaction the buyer and the seller would utilize a facility that is known as the payment wallet to receive and send cash.  A bitcoin transaction the buyer and seller the buyer and the seller would mostly utilize the payments wallets to send and receive payments. There are a number of companies that have started to use bitcoin had greatly expanded during since its inauguration. The list currently includes the merchants who are diverse such as the Microsoft, subway, Expedia and the sandwich chain. Apart from bitcoin ether and other digital currencies have increased their popularity in terms of uses over the recent years. During the period of 2017, market capitulation was estimated to be around $28 billion, most financial experts had asserted that the financial the figure would soon pass the target that had been set by the bitcoin. However, there were issues with the Ethereum technology that made to the decline in the value of Ethereum. Additionally, Ethereum is recognized as a vehicle that gives the capability of the making of digital contracts while on the hand Ether is a just like a token that is used to enter transactions on the Ethereum blockchain infrastructure. Apart from the earlier mentioned three, there are other cryptocurrencies such as the ripple, bitcoin cash, Eos, stellar, Litecoin, Cadano, Monero, and coin.

Another important concept that is important for one to understand in cryptocurrency is the concept of initial coin offering. The ICO has used to assist companies to raise funds that can be used in the developments of novels block chains and the cryptocurrencies technologies. With the regard ICO, digital tokens or coins are usually offered instead of the issuance of shares for ownership. Many startups have raised cash without depending on the private investor or the venture capitalist.ICO has currently attracted much interest with reports that many bankers have left prestigious positions for a cut of the huge profits that are currently being made in the ICO market.

With the inevitable growth of the cryptocurrency markets, many countries have seen the need for the regulation of the entire ICO market to ensure that the individuals and the company assets that indulge in the cryptocurrency markets are being protected. It is important to notice that it is only South Korea that has come up with the regulations that seem to support the new growth of the cryptocurrency market. Most countries can be assumed to have taken the inhibitory approach to reducing the activities of the ICO in their jurisdiction. It is essential to interrogate the reason why there is a need to regulate the cryptocurrency market in the country. Perhaps the two obvious reasons which are going to be covered in this document is security and privacy issues.

Security may be the first reason perhaps why the need for the regulation of the cryptocurrency market may be very imperative. Cyber threats such as theft and computer hacking have continued to impede the widespread acceptance of the cryptocurrency market. The level of cybercrime and hacking are believed to have been on the rise since the introduction of the cryptocurrency. The hacking of Ethereum and Bitcoin in July 2017 marked the climax insecurity in the ICO market. The infiltration led to the loss of user information, and hundreds of millions of Korea won. FTC have recorded an increase in the identity fraud by 100% between the year 2013 and 2016. Another high level of account hacking was recorded by coinbase which is the largest US-based exchange which also recorded an increase in the cases of hacking by 100% between the period of November and December 2016. The second reason why regulation of the cryptocurrency may be imperative is the issue of privacy. When it comes to the problems of confidentiality, the anonymity characteristic of the bitcoin and the block chain transactions have been an issue of concern when it comes   to regulation. In a typical traditional financial market, when a service or a good is defective, it is the role of the central authority to cancel the transaction and refund the buyer in order to avoid fraud. However, cryptocurrency ecosystem, there is no central organization that can be tasked with the primary role to facilitate recourse against the seller.

There are several techniques that they have been applied to regulate the cryptocurrency market in a different jurisdiction. A ban on the initial coin offering is one of them. A country in China has banned the crowdfunding through initial coin offering. All the urgency that deals with financial regulation in China which include the People's Bank of China (PBOC), the Ministry of Industry and Information Technology (MIIT), the Cyberspace Administration of China (CAC), the State Administration for Industry and Commerce (SAIC), the China Banking Regulatory Commission (CBRC), the China Securities Regulatory Commission (CSRC) and  the China Insurance Regulatory Commission (CIRC) recently issued a joint statement that asserted that  they would prevent any  financial risks that would result from Initial coin offerings  for the primary functions of investor protection and financial risk prevention. In that consequence, according to the regulations of the ICO, the organizations crowdsourced cryptocurrencies such as the bitcoin and the Ethereum through the irregular exchange and circulation were deemed to be engaging in the practice of public financing without the authority of the central authority a practice which is illegal in china. The rules of ICO clearly asserts that activities such as unlawful issuance of security, financial fraud, Pyramid selling, illegal fundraising will be considered financial crime, since the cryptocurrency such as the bitcoin are not offered by the country monetary system, then they are not recognized as a legal tender. The recommendations asserted that the bitcoins did not bear equal legal status with the Fiat and "cannot and should not be circulated and used in the market as currencies." The regulation by the ICO had also asserted strict regulations on the business of cryptocurrency selling platforms. They had also made the rules to prevent the changing of legal tender into cryptocurrency and vice versa. The regulations have also prohibited the government of china from selling or buying cryptocurrency, deciding the price of the digital currency or the provision of the urgency services that are related to the same. The government of the Chinese government was given the role to go to the extent of going to the full extent of shutting down the website or the application that does not follow the above recommendations. The punitive in case of apps may involve even removing an app from the app store and cases of businesses suspend the license of the businesses that fail to comply.

Another method that has been used to regulate the cryptocurrency market in China setting requirements for the financial institutions. The ICO rules have set requirement rules that prohibit financial organizations from indirectly or directly offering services for cryptocurrencies and ICO which includes opening bank accounts, trading, providing registration, clearing or liquidation services. The insurance services that are related to ICO s or cryptocurrency is also prohibited. There has been the ban on the bank and other financial institutions dealing with ICO since 2013. The directive of precautions that mainly touched on the issue of the risks of  bitcoin that was jointly issued by CIRC,CBRC,MIIT,CSRC and PBOC on December 3,2013,had clearly directed that financial institutions and banks must not indulge in bitcoin, sell or buy bitcoins, utilize bitcoins pricing for services and products, or provide either direct or indirect bitcoin related services which include trading clearing ,settling ,registering and other services. The regulation also made it illegal for this financial institutions to accept bitcoins or using   the same as trading or clearing tools or trading the same with chinese yuan or foreign currency

Another methodology that has been used in the regulation of the financial market in China is the practice of discouraging the concept of mining of bitcoin. China's Leading Group of Internet Financial Risks Remediation (IFRR) in January,2018, had demanded the removal of the existing preferential policies that affected the Bitcoin mining companies regarding taxes, prices, or land use, and help to  come up with an organized framework that could control orderly exit from the bitcoin business. The jurisdictions report all the activities that involve bitcoin mining operations in their localities (Duffield & Diaz, 2015). Since then regulations of the bitcoin mining has been strengthening, in most of the Chinese provinces. The control has led to most bitcoins to stop their operations

In the United States of America, Individual states have adopted different approaches when it comes to the regulation of the bitcoins. The state of New York created the Bit License system, which had the primary role of imposing new recommendations on the organisations that sought to conduct business with New York residents’. In the period of mid-2017, the New York state had only licensed three BitLincenses, and a more significant number of the BitLincenses have either been denied or withdrawn. The cost of obtaining bitcoin license is very high in New York estimated to be $ 100000 a factor which galvanized and departure of the cryptocurrency from the New York State.

Contrary to that kind of regulation, other states such as the state of Arizona and Vermont have accepted the technology. The states have passed regulations that have provided lawful status to the records or facts that are connected to Block chain which will that case include the smart contracts. Arizona has however passed a second law that will make it illegal for a block chain technology to be utilized to track the location or control firearm

Venezuela may not be a major world economy nor have a massive investors of digital currencies, but they have come up with their regulation framework. The company under the restrictive regime of Nicolas Maduro have come up with their oil backed petrol cryptocurrency. The initial indication was that the company wanted to crack down on the use of cryptocurrency because the Bolivar had become relatively unusable. The government of Maduro decided to control cryptocurrency by releasing a list of authorized cryptocurrency miners in the country (Hayes, 2017) on December 13,2007. Since the fiat currency is not doing well in the country and the sanctions by the USA continue to hurt the economy, a state-sanctioned cryptocurrency may place Venezuela as the most progressive country when it comes to cryptocurrency regulations.

When it comes to the cryptocurrency regulation japan cannot be considered to be particularly liberal. Due to the fact that South Korea and China, have been seen to be creating a very hostile environment for the development of cryptocurrency market, the country has been to have ability of attracting some of cryptocurrency investment that will be lost in China and South Korea. The Japanese government has been judged by investors to be more accommodating to the cryptocurrency than most of its Asian counterparts (Hileman & Rauchs, 2017). However, the recent hack on the Japanese exchange on January 26, 2018, which led   to a massive theft of 530 million worth of NEM coins may have led to fear from the community and attracted a more watchful eye from the Financial Services Agency

The analysis of the future of bitcoin cryptocurrency indicates that the development cannot be contained anymore. The bitcoin has been reported to have grown from $0.001 to $ 20k and is currently estimated to be at the trading range that is between 5800 and 6200. The figures indicate that bitcoin has been showing a very stable growth. The future of cryptocurrency is auspicious. When the world leaders discussed the rapid development of cryptocurrencies at the G2o summit, they concluded that a point of no return had already been passed and cryptocurrency was here to stay. They found that the industry needed to be regulated within the framework of the legislative field. Exactly a year ago the cost of bitcoin was $2500, and the market capitalization was estimated to be slightly over $100 billion. After less than one year the figures are 2.5 higher meaning that bitcoin figures have increased by 250% on the regular chart. In a large-scale study that was concluded by Stanford University on cryptocurrency, an approximate number of the existing bitcoin wallet was calculated. The name was found to have increased from 5 million to 11 million. The others of the study contended that the figure might not be exact, but the multiplication of the maximum statement by 3 meant that still, a total of 33 million people would have done some transaction by utilizing bitcoin at least once in their lifetime. Now considering that the total population in the world is 7 billion people, it becomes self-evident in that sense that even a figure of 33 million that is overestimated is very significant (Gandal & Halaburda,2014). The statistics assert that indeed the globalization of the cryptocurrency is still something that has a very bright future. In that concerned, it expected that the entering of new users would undoubtedly lead to an increase in the rate of the use of cryptocurrency.

In conclusion, The ICO or the cryptocurrency is the market that utilizes the digital currencies that apply the technology of encryption called cryptography. Cryptography is a technological technique that is usually used for security. Cryptocurrencies are primarily used online for the purchase of goods and services. The ICO has used to assist companies to raise funds that can be used in the developments of novels block chains and the cryptocurrencies technologies. With the inevitable growth of the cryptocurrency markets, many countries have seen the need for the regulation of the entire ICO market to ensure that the individuals and the company assets that indulge in the cryptocurrency markets are being protected. Perhaps the two obvious reasons which are going to be covered in this document is security and privacy issues. Different countries have applied the different regulatory framework to regulate the use of cryptocurrency and the ICO market with Japan and Venezuela being the most liberal countries in their regulatory frameworks. Currently, most indications are clearly showing that ICO is here to stay.

References

Vigna, P., & Casey, M. J. (2016). The age of cryptocurrency: How bitcoin and digital money are challenging the global economic order.

Tumber, R. S. (2015). Cryptocurrency: The New God.

Gandal, N., & Halaburda, H. (2014). Competition in the cryptocurrency market.

Hileman, G., & Rauchs, M. (2017). Global cryptocurrency benchmarking study. Cambridge Centre for Alternative Finance.

Hayes, A. S. (2017). Cryptocurrency value formation: An empirical study leading to a cost of production model for valuing bitcoin. Telematics and Informatics, 34(7), 1308-1321.

Duffield, E., & Diaz, D. (2015). Dash: A PrivacyCentric CryptoCurrency. Self-published.

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