◎ 【Speech】From Ten Dollar Banknotes to Virtual Currency, Professor Niryyev Analyzes Bitcoin

The topic of cryptocurrency is now very popular. The International Business MBA (IBMBA) Program, College of Management, National Sun Yat-Sen University invited Assistant Professor Guych Nuryyev of the Department of Finance Department, I-Shou University to discuss relevant topics in the financial management class, including the evolution of currency, the existing cryptocurrency, as well as the characteristics of Bitcoin (BTC) and the way to buy it.

When explaining the development of currency, Nuryyev specially compared the 10 New Taiwan dollar bills in the early years of the Republic Era with the current 10 New Taiwan dollar coins, and illustrated to everyone the value and meaning differences carried by currencies of different eras. Nuryyev said that Bitcoin is the first currency to exist in cryptocurrency, and it is also the more mainstream type of cryptocurrency. The non-mainstream cryptocurrency is called altcoin or competitive currency. There are thousands of other virtual currencies that are still being developed in the market today, including Ripple (XRP), Ethereum (ETH), and EOS.

Nuryyev then explained the characteristics of Bitcoin include decentralization, worldwide circulation, exclusive ownership, low transaction costs, no hidden costs, etc., and also shared with the students in attendance on how to buy Bitcoin. He said that there are currently no third-party exchanges in Taiwan. There are only two purchasing platforms, “BitoPro” and “Maicoin”, for investors to purchase Bitcoin. However, due to the high handling fees, some investors turn to foreign exchanges such as BITFINX, the largest trading platform in the United State, Yuncoin.com, China’s largest trading platform, and Coincheck, Japan’s largest trading platform, to make investment in Bitcoin. In order to prevent money laundering, the above-mentioned platforms have all adopted a real-name system, the investors using these platforms must have foreign currency accounts in order to trade, and the investment threshold is not low.

Through this talk, the students did not only get a better idea of the cryptocurrency, but also a more in-depth understanding of Bitcoin. At the end of his talk, the students also actively raised questions about their doubts and thoughts on Bitcoin, and seized the opportunity to further interact with Assistant Professor Nuryyev.

Students raising questions
Assistant Professor Guych Nuryyev explaining cryptocurrency