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DİJİTAL EKONOMİNİN YÜKSELEN YÜZÜ: BİTCOİN’İN DEĞERİ İLE BİLİNİRLİĞİ ARASINDAKİ İLİŞKİNİN ANALİZİ

Year 2017, Volume: 22 Issue: Kayfor 15 Özel Sayısı, 2241 - 2258, 30.12.2017

Abstract

Bitcoin bugün sanal para ya da kriptografik para olarak anılan para türünün ilk örneğidir. Başlangıçta çok büyük oranda sadece çevrimiçi oyun platformlarında kullanılan Bitcoin’in zamanla pek çok satıcı tarafından ödeme birimi olarak kabul edilmeye başlanmasıyla birlikte popülerliğini artmış ve bazı bileşenlerden oluşan bir ekosisteme evrilmiştir. Sanal bir para birimi olarak Bitcoin, getirdiği bir takım güvenlik risklerini bertaraf etmek üzere Blockchain (Blok zinciri) adı verilen kriptografik bir algoritmayla işleyen ve ağa katılan herkesin denetimine açık olan bir kayıt defterine dayalı olarak üretilmektedir. Ancak son zamanlarda taşıdığı potansiyel yeniliklerden ziyade fiyatındaki çok yüksek artışlar ile dikkat çekmektedir. Bu çalışmada henüz reel ekonomiye bir para birimi olarak entegre olamayan Bitcoin’in gösterdiği fiyat artışlarının gerçek değerinin haricinde popülaritesiyle doğru orantılı olarak spekülatif işlemler nedeniyle gerçekleştiği tezi VAR Modeline dayalı Varyans Ayrıştırma Analizi ve Granger Nedensellik Testi ile sınanacaktır.

References

  • ANKALKOTI, P.; SANTHOSH, M., (2017). “A Relative Study on Bitcoin Minig”, Imperial Journal of Interdisciplinary Research (IJIR), 3(5): 1757 – 1761
  • AVRASYA BLOCKCHAİN VE DİJİTAL PARA ARAŞTIRMALARI DERNEĞİ, 2017: http://www.blockchain.org.tr/bitcoin-ve-dijital-paranin-dunya-ulkelerine-gore-yasal-durumu/, 28.10.2017.
  • BARBER, S.; BOYEN, X.; SHI, E.; UZUN, E., (2014). “Bitter to Better—How to Make Bitcoin a Better Currency” In Proceedings of Financial Cryptography. Lecture Notes in Computer Science, edited by Angelos D. Keromytis, 399–414.
  • BARCELO, J., (2014). “User Privacy in the Public Bitcoin Blockchain”, http://www.dtic.upf.edu/~jbarcelo/papers/20140704_User_Privacy_in_the_Public_Bitcoin_Blockchain/paper.pdf, 15.10.2017
  • BORDO, M.; LEVIN, A., (2017) “Central Bank Digital Curreny and Future of Monetary Policy”, NBER Working Paper No: 23711, August, 2017.
  • CONTI, M.; KUMAR, S.; LAL, C.; RUJ, S., (2017). “A Survey on Security and Pricavy Issues of Bitcoin”, https://arxiv.org/pdf/1706.00916v2.pdf, 16.10.2017
  • ÇARKACIOĞLU, A., (2016). “Kripto-Para Bitcoin”, Sermaye Piyasası Kurulu Araştırma Dairesi Araştırma Raporu, http://www.spk.gov.tr/SiteApps/Yayin/YayinGoster/1130, 15.10.2017
  • EURPEAN CENTRAL BANK, (2012). “Virtual Currency Schemes”, https://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemes201210en.pdf, 17.10.2017
  • FATF (Financial Action Task Force), (2014). “Virtual Currencies: Key Definitions and Potential AML/CFT Risks”, http://www.fatf-gafi.org/media/fatf/documents/reports/Virtual-currency-key-definitions-and-potential-aml-cft-risks.pdf, 17.10.2017
  • GRINGBER, R., (2011). “Bitcoin: An Innovative Alternative Digital Currency.” Hastings Science & Technology Law Journal, 4(1): 159–208.
  • GÜLTEKİN, Y.; BULUT, Y., (2016). “ Bitcoin Ekonomisi: Bitcoin Eko-Sisteminden Doğan Yeni Sektörler Ve Analizi”, Adnan Menderes Üniversitesi SBE Dergisi, 3(3): 82-92.
  • https://www.bitbaba.xyz/bitcoin-borsalari/, 24.10.2017
  • https://www.coindesk.com/price/ (18.10.2017)
  • KHALILOV, M.; C., K., GÜNDEBAHAR, M.; KURTULMUŞLAR, İ., (2017). “Bitcoin ile Dünya ve Türkiye’deki Dijital Para Çalışmaları Üzerine Bir İnceleme”, 19. Akademik Bilişim Konferansı, 8-10 Şubat 2017, Aksaray, http://ab.org.tr/ab17/bildiri/100.pdf, 15.10.2017.
  • KOÇOĞLU, Ş., ÇEVİK, Y., E., ve TANRIÖVEN, C., (2016). “Bitcoin Piyasalarının Etkinliği, Likiditesi ve Oynaklığı”, İşletme Araştırmaları Dergisi, 8(2): 77-97.
  • KOİN BÜLTENİ, 25.10.2017, https://koinbulteni.com/kazakistan-kendi-kripto-parasini-cikariyor-3689.html, 29.10.2017.
  • KOSTAKIS, V., and GIOTITSAS, C., (2014). “The (A) Political Economy of Bitcoin”, TripleC, 12(2): 431-440.
  • KROLL, J.; DAVEY, I.; FELTEN, E., (2013). "The Economics of Bitcoin Mining, or Bitcoin in the Presence of Adversaries", The Twelfth Workshop on the Economics of Information Security (WEIS 2013), Washington, DC, June 10-11 2013. https://pdfs.semanticscholar.org/c55a/6c95b869938b817ed3fe3ea482bc65a7206b.pdf?_ga=2.70266896.1098323405.1508092161-1657409937.1508092161, 15.10.2017.
  • LANSITI, M.; LAKHANI, K., R., (2017). “The Truth About Blockchain”, Harvard Business Review, January-February 2017, https://hbr.org/2017/01/the-truth-about-blockchain, 16.10.2017.
  • LESSIG, L., (2006). Code, Version 2.0., Basic Books, New York.
  • MARTINS, S.; YANG Y,. (2011). “Introduction to Bitcoins: A Pseudo-Anonymous Electronic Currency System”, CASCON '11 Proceedings of the 2011 Conference of the CENTER FOR ADVANCED STUDIES ON COLLABORATIVE RESEARCH, 349–350. https://dl.acm.org/citation.cfm?id=2093944&dl=ACM&coll=DL, 29.10.2017.
  • NAKAMOTO, S., (2008). “Bitcoin A Peer-to-Peer Electronic Cash System”, https://bitcoin.org/bitcoin.pdf, 19.10.2017.
  • ODABAŞI, Ş., D.; ZAİM., A., H., “Kablosuz Sensör Ağlar ve Güvenlik Problemleri”, http://www.emo.org.tr/ekler/d15b84507ed8fb2_ek.pdf, 16.10.2017.
  • SÖNMEZ, A., (2014). “Sanal Para Bitcoin”, The Turkish Online Journal of Design, Art and Communication – TODJAC, 4(3): 1 – 14.
  • SPUTNİK TÜRKİYE, 17.10.2017: https://tr.sputniknews.com/rusya/201710171030637725-rusya-ulusal-kripto-para/, 29.10.2017.
  • ŞEKER, Ş., E., (2009). “Peer To Peer (Uçtan Uca Iletişim)”, http://bilgisayarkavramlari.sadievrenseker.com/2009/11/09/peer-to-peer-uctan-uca-iletisim/, 18.10.2017.
  • TAKVİM GAZETESİ, 02.10.2017, https://www.takvim.com.tr/ekonomi/2017/10/02/merkez-bankasi-sanal-para-icin-dugmeye-basti?paging=2, 29.10.2017.
  • TEKNOCHAİN, 18.10.2017, https://teknochain.com/abhazya-kendi-sanal-parasini-olusturup-normal-paradan-vazgececek/, 29.10.2017.
  • TREVEALEN, P., BROWN, R., G., and YANG, D., (2017). “Blockchain Technology in Finance”, The IEEE Computer Society, https://www.computer.org/csdl/mags/co/2017/09/mco2017090014.pdf, (29.10.2017).
  • UYANIK, Ş., (2015). “Toplumsal Hareketler ve Anonim Örgütlenmeler: İsyan Ağları”, s. 31 – 45, (Ed) Saka, E., Sayan, A., ve Görgülü, V., Yeni Medya Çalışmaları III, Taş Mektep Yayınları, İstanbul.
  • www.coinmarketcap.com
  • YERMACK, D., (2014). “Is Bitcoin a Real Currency? An Economic Appraisal”, NBER Working Paper Series, Working Paper No: 19747. http://www.nber.org/papers/w19747.pdf, 24.10.2017.

THE RISING FACE OF THE DIGITAL ECONOMY: THE ANALYSIS OF RELATIONSHIP BETWEEN THE VALUE OF BITCON AND ITS POPULARITY

Year 2017, Volume: 22 Issue: Kayfor 15 Özel Sayısı, 2241 - 2258, 30.12.2017

Abstract

Bitcoin is the first example of the currency which named virtual or cryptographic currency. Bitcoin which is initially used only in online game platforms has become gradually popular thanks to its being accepted as a payment unit by many vendors and has evolved into an ecosystem of some components. As a virtual currency, Bitcoin is produced on the basis of a registry ledger which is open for everyone on the Bitcoin web, working with the cryptographic algorithm and named Blockchain in order to eliminate some security issues. Blockchain, the technology behind the Bitcoin, attracts especially financial institutions and governments thanks to its transparency and reliability. But Bitcoin has drew attentition thanks to high rises of its price rather than its potential innovations. In this study high price inreases of Bitcoin which has not integrated to real economy as a currency will be analyised in terms of the question that the price formation of Bitcoin depends on its real value or relationship with its popularity. With this aim Varience Decomposation Analysis based on VAR Model and the Granger Cousality Test will be utilized.

References

  • ANKALKOTI, P.; SANTHOSH, M., (2017). “A Relative Study on Bitcoin Minig”, Imperial Journal of Interdisciplinary Research (IJIR), 3(5): 1757 – 1761
  • AVRASYA BLOCKCHAİN VE DİJİTAL PARA ARAŞTIRMALARI DERNEĞİ, 2017: http://www.blockchain.org.tr/bitcoin-ve-dijital-paranin-dunya-ulkelerine-gore-yasal-durumu/, 28.10.2017.
  • BARBER, S.; BOYEN, X.; SHI, E.; UZUN, E., (2014). “Bitter to Better—How to Make Bitcoin a Better Currency” In Proceedings of Financial Cryptography. Lecture Notes in Computer Science, edited by Angelos D. Keromytis, 399–414.
  • BARCELO, J., (2014). “User Privacy in the Public Bitcoin Blockchain”, http://www.dtic.upf.edu/~jbarcelo/papers/20140704_User_Privacy_in_the_Public_Bitcoin_Blockchain/paper.pdf, 15.10.2017
  • BORDO, M.; LEVIN, A., (2017) “Central Bank Digital Curreny and Future of Monetary Policy”, NBER Working Paper No: 23711, August, 2017.
  • CONTI, M.; KUMAR, S.; LAL, C.; RUJ, S., (2017). “A Survey on Security and Pricavy Issues of Bitcoin”, https://arxiv.org/pdf/1706.00916v2.pdf, 16.10.2017
  • ÇARKACIOĞLU, A., (2016). “Kripto-Para Bitcoin”, Sermaye Piyasası Kurulu Araştırma Dairesi Araştırma Raporu, http://www.spk.gov.tr/SiteApps/Yayin/YayinGoster/1130, 15.10.2017
  • EURPEAN CENTRAL BANK, (2012). “Virtual Currency Schemes”, https://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemes201210en.pdf, 17.10.2017
  • FATF (Financial Action Task Force), (2014). “Virtual Currencies: Key Definitions and Potential AML/CFT Risks”, http://www.fatf-gafi.org/media/fatf/documents/reports/Virtual-currency-key-definitions-and-potential-aml-cft-risks.pdf, 17.10.2017
  • GRINGBER, R., (2011). “Bitcoin: An Innovative Alternative Digital Currency.” Hastings Science & Technology Law Journal, 4(1): 159–208.
  • GÜLTEKİN, Y.; BULUT, Y., (2016). “ Bitcoin Ekonomisi: Bitcoin Eko-Sisteminden Doğan Yeni Sektörler Ve Analizi”, Adnan Menderes Üniversitesi SBE Dergisi, 3(3): 82-92.
  • https://www.bitbaba.xyz/bitcoin-borsalari/, 24.10.2017
  • https://www.coindesk.com/price/ (18.10.2017)
  • KHALILOV, M.; C., K., GÜNDEBAHAR, M.; KURTULMUŞLAR, İ., (2017). “Bitcoin ile Dünya ve Türkiye’deki Dijital Para Çalışmaları Üzerine Bir İnceleme”, 19. Akademik Bilişim Konferansı, 8-10 Şubat 2017, Aksaray, http://ab.org.tr/ab17/bildiri/100.pdf, 15.10.2017.
  • KOÇOĞLU, Ş., ÇEVİK, Y., E., ve TANRIÖVEN, C., (2016). “Bitcoin Piyasalarının Etkinliği, Likiditesi ve Oynaklığı”, İşletme Araştırmaları Dergisi, 8(2): 77-97.
  • KOİN BÜLTENİ, 25.10.2017, https://koinbulteni.com/kazakistan-kendi-kripto-parasini-cikariyor-3689.html, 29.10.2017.
  • KOSTAKIS, V., and GIOTITSAS, C., (2014). “The (A) Political Economy of Bitcoin”, TripleC, 12(2): 431-440.
  • KROLL, J.; DAVEY, I.; FELTEN, E., (2013). "The Economics of Bitcoin Mining, or Bitcoin in the Presence of Adversaries", The Twelfth Workshop on the Economics of Information Security (WEIS 2013), Washington, DC, June 10-11 2013. https://pdfs.semanticscholar.org/c55a/6c95b869938b817ed3fe3ea482bc65a7206b.pdf?_ga=2.70266896.1098323405.1508092161-1657409937.1508092161, 15.10.2017.
  • LANSITI, M.; LAKHANI, K., R., (2017). “The Truth About Blockchain”, Harvard Business Review, January-February 2017, https://hbr.org/2017/01/the-truth-about-blockchain, 16.10.2017.
  • LESSIG, L., (2006). Code, Version 2.0., Basic Books, New York.
  • MARTINS, S.; YANG Y,. (2011). “Introduction to Bitcoins: A Pseudo-Anonymous Electronic Currency System”, CASCON '11 Proceedings of the 2011 Conference of the CENTER FOR ADVANCED STUDIES ON COLLABORATIVE RESEARCH, 349–350. https://dl.acm.org/citation.cfm?id=2093944&dl=ACM&coll=DL, 29.10.2017.
  • NAKAMOTO, S., (2008). “Bitcoin A Peer-to-Peer Electronic Cash System”, https://bitcoin.org/bitcoin.pdf, 19.10.2017.
  • ODABAŞI, Ş., D.; ZAİM., A., H., “Kablosuz Sensör Ağlar ve Güvenlik Problemleri”, http://www.emo.org.tr/ekler/d15b84507ed8fb2_ek.pdf, 16.10.2017.
  • SÖNMEZ, A., (2014). “Sanal Para Bitcoin”, The Turkish Online Journal of Design, Art and Communication – TODJAC, 4(3): 1 – 14.
  • SPUTNİK TÜRKİYE, 17.10.2017: https://tr.sputniknews.com/rusya/201710171030637725-rusya-ulusal-kripto-para/, 29.10.2017.
  • ŞEKER, Ş., E., (2009). “Peer To Peer (Uçtan Uca Iletişim)”, http://bilgisayarkavramlari.sadievrenseker.com/2009/11/09/peer-to-peer-uctan-uca-iletisim/, 18.10.2017.
  • TAKVİM GAZETESİ, 02.10.2017, https://www.takvim.com.tr/ekonomi/2017/10/02/merkez-bankasi-sanal-para-icin-dugmeye-basti?paging=2, 29.10.2017.
  • TEKNOCHAİN, 18.10.2017, https://teknochain.com/abhazya-kendi-sanal-parasini-olusturup-normal-paradan-vazgececek/, 29.10.2017.
  • TREVEALEN, P., BROWN, R., G., and YANG, D., (2017). “Blockchain Technology in Finance”, The IEEE Computer Society, https://www.computer.org/csdl/mags/co/2017/09/mco2017090014.pdf, (29.10.2017).
  • UYANIK, Ş., (2015). “Toplumsal Hareketler ve Anonim Örgütlenmeler: İsyan Ağları”, s. 31 – 45, (Ed) Saka, E., Sayan, A., ve Görgülü, V., Yeni Medya Çalışmaları III, Taş Mektep Yayınları, İstanbul.
  • www.coinmarketcap.com
  • YERMACK, D., (2014). “Is Bitcoin a Real Currency? An Economic Appraisal”, NBER Working Paper Series, Working Paper No: 19747. http://www.nber.org/papers/w19747.pdf, 24.10.2017.
There are 32 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Murat Dulupçu This is me

Mehmet Yiyit This is me

Asena Genç This is me

Publication Date December 30, 2017
Published in Issue Year 2017 Volume: 22 Issue: Kayfor 15 Özel Sayısı

Cite

APA Dulupçu, M., Yiyit, M., & Genç, A. (2017). DİJİTAL EKONOMİNİN YÜKSELEN YÜZÜ: BİTCOİN’İN DEĞERİ İLE BİLİNİRLİĞİ ARASINDAKİ İLİŞKİNİN ANALİZİ. Süleyman Demirel Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 22(Kayfor 15 Özel Sayısı), 2241-2258.