Bitcoin, Money and Trust
This module will provide you with a comprehensive understanding of Bitcoin, Cryptocurrency, and other Blockchain technology applications. You will examine Bitcoin from different ideological and historical perspectives with the aim of distinguishing between less controversial facts (including how the technology emerged, how it works, and how it is being developed and applied), and suggestions for how it may be used in the future. Up to now, different groups have held very different and very strong opinions, ranging from Bitcoin being a ‘fraud’ (Jamie Dimon) to a ‘technical tour de force’ (Bill Gates). On completion of the module, you will be better informed, not just on how the technology works, but also the potential transformative consequences it has in many areas. At one extreme optimistic libertarians see a future that brings enormous benefits to the developing world, has companies without directors, and very little, if any role left for government (with, for example, smart contracts allowing public good provision). At the other extreme, pessimists point to the problems Bitcoin faces today, including environmental concerns, crime facilitation, wild volatility exacerbated by scams and a bubble that could potentially collapse entirely.
To address this large and growing topic, the module consists of three parts: a history of money and Bitcoin, a course in how Bitcoin works including programming, and a series of guest lectures from people working in blockchain and related industries that speculates on the future.
Full module specification
|Module title:||Bitcoin, Money and Trust|
There are no pre-requisites for this module but students without either programming or economics experience may find they need to do some additional reading
|Duration of module:||
Duration (weeks) - term 1: |
Overall, this module aims to provide you with a broad, comprehensive understanding of what money really is, and how Bitcoin, and hence blockchain technology works. With this foundation, you will be able to identify strategic opportunities for business and be able to understand different views on how the technology could be used in the future. You will be introduced to new developments in this fast changing space through a series of guest lectures, with the aim of developing the foundation you need to form strategic visions for future commerce in this area.
ILO: Module-specific skills
- 1. critically review, analyse and make links between the history of bitcoin and the broader history of money
- 2. explain how the programming code and economic incentive structures make bitcoin (and hence any public or private blockchain) work
- 3. critically review and discuss a range of academic and non-academic papers reflecting on the future of bitcoin/blockchain technology
ILO: Discipline-specific skills
- 4. critically evaluate and formulate a well-founded answer to a specific topical research related question
ILO: Personal and key skills
- 5. deliver coherent arguments in written work
- 6. demonstrate analytical and critical thinking skills
- 7. work as a team to formulate strategy based on theoretical perspectives and market research
Learning activities and teaching methods (given in hours of study time)
|Scheduled Learning and Teaching Activities||Guided independent study||Placement / study abroad|
Details of learning activities and teaching methods
|Category||Hours of study time||Description|
|Contact hours||14 hours||14 x 1 hour lectures|
|Contact hours||8 hours||8 x 1 hour lab sessions|
|Contact hours||5 hours||5 x 1 hour tutorials|
|Guided Independent Study||123 hours|
|Form of assessment||Size of the assessment (eg length / duration)||ILOs assessed||Feedback method|
|Tutorial exercises||50 minutes||1-6||In class|
|Group presentation workshop||30 minutes||7||Oral feedback on group project|
Summative assessment (% of credit)
|Coursework||Written exams||Practical exams|
Details of summative assessment
|Form of assessment||% of credit||Size of the assessment (eg length / duration)||ILOs assessed||Feedback method|
|Assignment||90||4000 words||1-6||Written comments|
|Group presentation||10||20 minutes||3,4,7||Written feedback given to groups|
Details of re-assessment (where required by referral or deferral)
|Original form of assessment||Form of re-assessment||ILOs re-assessed||Timescale for re-assessment|
|Essay and group presentation||5000 word assignment||1-7||August reassessment period|
Where reassessment is by defer, it will be the same as the original assessment (where possible) and any marks obtained for other module elements will be retained.
- How did money emerge? Debt versus medium of exchange
- History of money up to modern central banks and fractional reserve banking
- How did Bitcoin emerge from the ashes of the financial crisis?
- How does Bitcoin actually work: cryptographic hash functions; merkle trees, digital signatures; block creation; distributed consensus; proof of work; economic incentives and the solution to the byzantine generals problem
- A series of guest lectures from people working in the blockchain industry offering different perspectives and assessments on current practice and potential.
Indicative learning resources - Basic reading
Martin, Felix. (2013) Money: The Unauthorised Biography
Narayanan, Arvind and Bonneau, Joseph and Felten, Edward and Miller, Andrew and Goldfeder, Steven. (2016) Bitcoin and cryptocurrency technologies.
Module has an active ELE page?
Indicative learning resources - Web based and electronic resources
https://d28rh4a8wq0iu5.cloudfront.net/bitcointech/ readings/princeton bitcoin book.pdf?a=1, 2016.
Indicative learning resources - Other resources
Suggested academic journal and other articles will be made available on ELE.
Last revision date