VuHoangDung report 17110077

What solutions for Vietnam to
effectively manage Bitcoin?

~ 19/12/2017 ~


Index
1. What is Bitcoin?
2. Risk of Bitcoin
3. Asian country policy
4. Vietnam policy

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Disclaimer
The purpose of this report is to discuss How Bitcoin works,

not to encourage you to buy Bitcoin.
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4


What is Bitcoin?

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There will be only 21,000,000 bitcoin in supply. The current Circulating Supply is 16.6
million.

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Nakamoto Satoshi is said to own about 1 million Bitcoins, which give him about 20 billions
USD (with the price at the time of writing this Slide: 1 bitcoin ~ 20,000 USD).

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What is Bitcoin?

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Peer-to-Peer Electronic Cash System
Decentralized
No trusted third parties (trustless)
Cryptographic Proof

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Blockchain

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Blockchain is the chain of blocks (actually, the keyword blockchain was not mentioned in
the Bitcoin Whitepaper, but only used after that)

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Verified transactions are aggregated into a block
Each block has a unique hash id. A valid block contains the hash id of the previous block

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Double spending problem

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Double-spending is the result of successfully spending some money more than once

Bitcoin solves the “double-spending”
problem by inventing the blockchain and
proof-of-work concept

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What is Bitcoin? - The Truth

●

You can spend up to 0.00000001 (one hundred millionth) Bitcoin. Each of these bitcoin units
is called a satoshi. A satoshi is the smallest unit in a bitcoin.

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Bitcoin can be sent very fast, nearly real time? → Wrong
Bitcoin can be sent without any fee? → Wrong
Bitcoin is totally anonymous? → Wrong

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Bitcoin price

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Risk

● Regulatory Risk
● Security Risk
● Insurance Risk
● Fraud Risk
● Market Risk
● Tax Risk
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Policy
Japan

Korea

China

•

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China ICO Ban - World’s Oldest Bitcoin

Accounting Standards

taxes on investment returns

Exchange Shuts Its Doors

•

Adapts To New Technology

•

ban on adolescent account opening

•

Virtual Currency Considered An

•

warning of ‘’bubble burst’’

Asset

•

Exchanges Are Regulated

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Vietnam

●

“Bitcoin virtual currency and other similar is not lawful means of payment in Vietnam; The issuance,
supply, use of bitcoin and other similar virtual currency as a means of payment is prohibited in
Vietnam.”

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The ban does not, however, mention mining or exchange of virtual currencies, leaving open the
possibility that Vietnam will permit cryptocurrency-or-blockchain-related activity. So long as they're
not used to buy and sell stuff.

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In the future??????

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References

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Bitcoin whitepaper: /> />Bitcoin wiki: />Bitcoin forum: />Bitcoin Reddit: and />Bitcoin Price: /> />Mastering Bitcoin: />Wikipedia /> />
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Thank you for listening!

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