Bitcoin Stakeholders

BitCoin and other Cryptocurrencies are growing rapidly. In April 2017 cryptocurrencies exceeded the annual GDP of 60% of the countries in the World. BitCoin is a digital currency created and stored electronically. BitCoin is not controlled by any nation or bank and BitCoins are not printed like conventional currencies. BitCoins are created by a process called mining - computers or mining equipment create BitCoins by solving complex mathematical problems.

BitCoin and Cryptocurrencies will be and are relevant to project and stakeholder management. From projects to create mining hardware and innovative uses of Blockchain technologly to BitCoin being used as a method to fund project delivery. In April this year projectmanagement.com held a webinar on Cryptocurrencies stating that:
"projects that…. Involve cryptocurrencies will grow dramatically over the next several years. This webinar will…. prepare the PMs for the challenge of managing these projects"
This is a list of the typical stakeholders that are involved in BitCoin, feel free to use it as a checklist to start your stakehlder analysis. This list is a work in progress and I expect the list will develop as the use of digital currencies evolves.

List of Stakeholders in Bitcoin

BitCoin Stakeholders
  • Academia
    Universities that have set up centers to research and support the growth of Bitcoin, for example MIT's Digital Currency Initiative (DCI), which supports bitcoin core developers. See also Research and Development Initiatives.
  • Associations
    Trade and industry associations that represent companies that use the technology underlying bitcoin (Blockchain). For example UK Digital Currency Association (UKDCA) and Australian Digital Currency Commerce Association (ADCCA).
  • BitCoin Advocacy Groups
    Non-profit groups who provide research and education on Cryptocurrencies. For example Bitcoin Foundation and Coin Center.
  • Customers
    People who buy goods using Bitcoin.
  • BitCoin ATMs
    Providers of BTMs which are modelled after the ATMs (or cash machines).
  • BitCoin Developers
    The developers of the core code.
  • Freelancers
    A growing group of people who prefer to be paid in Bitcoin. They may be in full-time employment or take gigs or contracts via Bitcoin freelancer job sites.
  • Investors
    People and organisations that invest in Bitcoin with the expectation of gaining a profit.
  • Bitcoin Lenders
    Users of peer to peer Bitcoin lending sites who lend Bitcoins for an agreed interest rate. For example see Bitbond
  • Merchants
    Businesses that accept or use Bitcoin.
  • Miners
    Individuals, groups and companies who provide computer power to mine and record the transactions within the Blockchain. They receive mining rewards (Bitcoins) in exchange for the resources they provide.
  • Mining Hardware providers
    Providers of mining hardware, for example Bitmain.
  • Mining Pools
    Miners work together in a pool sharing block rewards among the miners. Examples are AntPool and BitFury Pool
  • Research and Development initiatives
    Groups involved in research and development of the Blockchain for example IC3 The Initiative For CryptoCurrencies & Contracts
  • Speculators
    Short term investors in Bitcoin who take larger risks in the hope of quick gains.
  • Tax regulators
    E.g. IRS – country tax collection departments are interested in BitCoin in relation to tax obligations for example the IRS has said that income from mining could constitute self-employment income and therefore be subject to tax.
  • Traders
    Those who buy and sell Bitcoin as agents, hedgers or speculators.
  • Government Treasuries
    E.g. U.S. Treasury – BitCoin is not controlled or backed by any institution or country as such treasuries are making decisions on the status of stakeholders involved in Bitcoin. For example the status of miner as Money Transmitters.
  • Wallets
    Providers of Bitcoin wallets for example Coinbase, Blockchain.info or StrongCoin.

Bitcoin Stakeholders – references and further reading

Coindesk. March 2015. What is Bitcoin? [online] Available at: http://www.coindesk.com/information/what-is-bitcoin/ [Accessed 26 June 2017].

Projectmanagement.com. April 2017. Cryptocurrencies. [online] Available at: https://www.projectmanagement.com/webinars/366616/Cryptocurrencies [Accessed 26 June 2017].

Coursera. 2017. Bitcoin Lecture 38 – Stakeholders: Who's in Charge? [online] Available at: https://www.coursera.org/learn/cryptocurrency/lecture/KmHZA/stakeholders-whos-in-charge [Accessed 26 June 2017].

Investopedia. June 2017. What is Bitcoin Mining? [online] Available at: http://www.investopedia.com/articles/investing/043014/what-bitcoin-mining.asp [Accessed 26 June 2017].

IC3. 2017. The Initiative For CryptoCurrencies & Contracts [online] Available at: http://www.initc3.org/about.html [Accessed 26 June 2017].

Coinbase - a Bitcoin wallet "the world's most popular way to buy and sell bitcoin, ethereum, and litecoin."

Bitbond - lending Bitcoin. Peer to Peer lending. A relatively new option for financing small projects e.g. business start-ups.

 
 
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