近年來，隨著加密貨幣的逐漸盛行，比特幣等新興貨幣成為許多人考慮的投資標，本研究旨在探討，與目前常見的金融資產及貨幣相比，比特幣的優劣勢分析。
在本文中，除了從技術基礎介紹比特幣之外，也將探討比特幣的市場生態，並將比特幣與常見的金融商品、貨幣做比較，利用評估這些金融商品的模式評估比特幣，探討比特幣的應用價值，而交叉比對之後我們發現，與債券、股票、貨幣相比，比特幣的底層技術雖然更為先進，但比特幣的市場波動性過高，讓比特幣在金融市場以及貨幣採用上始終無法有重大突破。
比特幣在支付層面，有少部分應用可以確實節省大額成本，但交易成本讓比特幣的支付場景受限。若是作為借貸合約的標的，相同地，比特幣的問題在於過大的波動性，讓本金兌其他法幣的風險過高，無法享有債券保本之特性，若將比特幣視為籌資工具，比特幣是一個非常有效且低成本的籌資工具，預期未來此應用還有發展潛力。

目錄
摘要 4
圖次 5
第一章、緒論 6
第一節、背景介紹 6
第二節、研究動機 6
第三節、研究目的 7
第二章、文獻探討 8
第一節、比特幣的定義 8
第二節、基於區塊鏈技術的加密貨幣特性 10
第三節、區塊鏈如何用時間順序強化安全性 11
第四節、公開帳本的運作 11
第五節、交易紀錄的步驟與礦工的獎勵 13
第三章、比特幣的市場生態 14
第一節、比特幣價格如何被市場決定 14
第二節、其他加密貨幣 15
1. 以太幣(Ether) 16
2. USDT 16
3. Petro 17
第三節、ICO 19
1. ICO的定義 19
2. ICO對於商業模式的創新 21
3. 目前ICO的市場概況 21
第四節、貨幣分叉 22
第五節、政府對比特幣的監管態度 24
第四章、比特幣與金融資產之比較 31
第一節、比特幣借貸合約與債券之比較 31
1. 投資人觀點 34
2. 募資人觀點 36
第二節、比特幣ICO與股票IPO市場之比較 37
1. 投資人觀點 37
2. 募資人觀點 38
第三節、比特幣與現代貨幣價值之比較 39
1. 以完美貨幣的十項條件比較法幣與比特幣 39
2. 貨幣的三項功能評估法幣與比特幣 44
第五章、結論 47
本文結論 47
未來發展 48
研究限制 48
參考文獻 50

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