Effects of Bitcoin

[BlueBanderBear]

I have an interview tomorrow with PwC and I have to present a business news that is technology related and how it affects everything and PwC in general. So I'm going to be talking about Bitcoin! 

I would like some confirmation that some of this actually makes sense business-wise.

/ this para is for my interviewers benefit
Bitcoin is certainly very interesting, it is a digital currency that is decentralised, removing the need for banks, instant payments (minutes) with no fees and most importantly, anonymity is the main feature. Bitcoin provides a much needed improvement on the current system where we depend on the banks for our economy.

Currently UK/USA do not have any solid exchanges that people can buy into straight away, so often have to resort to off-land exchanges from Japan and Slovenia. This results in fiat transactions taking a while and put off quite a few people from actually entering Bitcoin mrket itself. And at the moment, China is joining the train and Bitcoin is exploding as a result and is having a fair amount of media exposure. It was essential for US Senate to give Bitcoin the green light (as they did couple days ago) and allow new regulations/laws (esp how much Btc can be earned before being taxed, etc) to be imposed on Bitcoin in the US which could possibly encourage new exchanges to be set up. The UK should follow the US on this topic.

If Bitcoin were to be given the green light in the UK, it would affect PwC in many ways. For the auditing/taxing department, everyone would have to be educated in Bitcoin to make sure they truly understand it and weave through the new regulations/rules to ensure their clients are safe. In addition, the cyber IT risk security team would have to expand their area to include Bitcoin which could use a lot more improvements to ensure heightened security for their clients who may be dealing with significant transactions. PwC consulting teams would have to help the banks to include Bitcoin and redefine themselves in order to retain their customers that are dealing in Bitcoin.


If anything is totally wrong with this, please give me a heads up. I am keen to get this right.
 

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[AnonyMint]

It is not a primarily a currency and it is certainly not anonymous given everything goes in a public ledger and CoinValidation is going to make a database on everyone.

It is primarily an investment scheme of dubious/debatable qualities.

[PenAndPaper]

Bitcoin is not anonymous. Pseudonymous at best.

Also in the US there is coinbase.com .
Bitstamp.net is registered in the UK as well although it's based on Slovenia.

Also i don't know how exactly the senate gave a green light in bitcoin but it will give it sooner or later  

[Hawker]

I would add a line at the end along the theme of "Were the UK Financial Compliance Agency to facilitate Bitcoin, considerable billable work would arise helping companies incorporate Bitcoin as a payment option on websites and in retail environments."

[AnonyMint]

I saw an article recently how bad it is for Bitcoin in UK. Maybe someone can link that here for you.

[BlueBanderBear]

I would add a line at the end along the theme of "Were the UK Financial Compliance Agency to facilitate Bitcoin, considerable billable work would arise helping companies incorporate Bitcoin as a payment option on websites and in retail environments."

Oh, that is a great line! Definitely will be adding that in, thanks!

Also, there's a few exchanges you are correct but Bitstamp is still in Slovenia, which still takes 2 weeks to process bank transfers via SEPA IIRC. In addition, there is a new exchange called Coinfloor- it's abiding with the HRMC and all the regulations but no-ones touching it with a bargepole though. I'd be interested in seeing that link if it's still floating about.

I will revise the anonymity bit then. I'd heard about CoinValidator but I don't know if anyone was taking it seriously. I only heard about it on Reddit and didn't hear it from here.

Green light might have been the wrong phrase, I meant there have been quite a significant amount of positive comments from the Senate which will only add to Bitcoin credibility.  

[AnonyMint]

I will revise the anonymity bit then. I'd heard about CoinValidator but I don't know if anyone was taking it seriously. I only heard about it on Reddit and didn't hear it from here.

Much research already showed identity can be tracked in the public ledger.

The coin mixers don't really help if everyone on the other side of the mix eventually reveals their identity unintentionally in the  public ledger.

IP addresses (except maybe if using prepaid simm pak and in country with no ID registration) are usually not anonymous unless you go through Tor and or VPN and even then that is arguably not anonymous to the NSA and other prying eyes who can see all internet traffic.

Timing analysis and other means...

Search CoinJoin and review the issue of taint as well, that is a huge problem

[AnonyMint]

If you want to break new ground, you can see that the currency use is vulnerable if the price crashes:

https://bitcointalk.org/index.php?topic=341594.msg3663000#msg3663000

[Hawker]

I would add a line at the end along the theme of "Were the UK Financial Compliance Agency to facilitate Bitcoin, considerable billable work would arise helping companies incorporate Bitcoin as a payment option on websites and in retail environments."

Oh, that is a great line! Definitely will be adding that in, thanks!

...snip...

Good luck - hope you get the job!

[BitchicksHusband]

I have an interview tomorrow with PwC and I have to present a business news that is technology related and how it affects everything and PwC in general. So I'm going to be talking about Bitcoin!  

I would like some confirmation that some of this actually makes sense business-wise.

/ this para is for my interviewers benefit
Bitcoin is certainly very interesting, it is a digital currency that is decentralised, removing the need for banks, instant payments (minutes) with no fees and most importantly, anonymity is the main feature. Bitcoin provides a much needed improvement on the current system where we depend on the banks for our economy.

Currently UK/USA do not have any solid exchanges that people can buy into straight away, so often have to resort to off-land exchanges from Japan and Slovenia. This results in fiat transactions taking a while and put off quite a few people from actually entering Bitcoin mrket itself. And at the moment, China is joining the train and Bitcoin is exploding as a result and is having a fair amount of media exposure. It was essential for US Senate to give Bitcoin the green light (as they did couple days ago) and allow new regulations/laws (esp how much Btc can be earned before being taxed, etc) to be imposed on Bitcoin in the US which could possibly encourage new exchanges to be set up. The UK should follow the US on this topic.

If Bitcoin were to be given the green light in the UK, it would affect PwC in many ways. For the auditing/taxing department, everyone would have to be educated in Bitcoin to make sure they truly understand it and weave through the new regulations/rules to ensure their clients are safe. In addition, the cyber IT risk security team would have to expand their area to include Bitcoin which could use a lot more improvements to ensure heightened security for their clients who may be dealing with significant transactions. PwC consulting teams would have to help the banks to include Bitcoin and redefine themselves in order to retain their customers that are dealing in Bitcoin.


If anything is totally wrong with this, please give me a heads up. I am keen to get this right.
 

Bitcoin transactions should have small fees.  (Not required yet, but someday your money won't move without one.)

US has a very solid exchange in CampBX (based in Atlanta).  It's based in the US and you can even get coins anonymously with a money order (up to $1000 per day).  I haven't used it yet, but they are setting up ACH bank transfers in about a week.