Questions about Bitcoin and Blockchain Answered in ŞEHİR
1/29/2018
Bitcoin, a digital currency, one of the most spoken and researched issues, was discussed in a panel organized by İstanbul Şehir University School of Management and Administrative Sciences.
In the event organized by İstanbul Şehir University School of Management and Administrative Sciences, questions and curiosities about Bitcoin and Blockchain were handled. Assist. Prof. Mustafa Özel, lecturer in Management Department, participated in the panel as moderator and the speakers were Prof. Ahmet Faruk Aysan, the Dean of Schoolf of Management and Administrative Sciences, Assoc. Prof. Halil Rahman Başaran, lecturer in School of Law, Assist. Prof. Mehmet Baysan, lecturer in Computer Science and Engineering Department and Lawyer Barış Erdem, co-partner of Başaran&Erdem Law Firm.

Prof. Ahmet Faruk Aysan, Dean of School of Management and Administrative Sciences, indicated that Bitcoin is now one of the most popular issues all around the world and said "While the most important function of money for people is the means of exchange and storing value and the unit of value, the most important function of money for the states is to revive the economy during crisis periods and to balance it in normal periods. After the global financial crisis of 2008, those who publish Bitcoin as a source of money claim that they are questioning this last function of money. We all know how Great Depression is important to Americans. So, they were very afraid of the 2008 crisis. They did not want to experience another great depression. It is therefore worthwhile to think about the emergence of Bitcoin, which emerged after the 2008 crisis. From this point of view, the question whether Bitcoin-type applications are being produced by the states or the technically powerful groups at first can be aswered as the mixture of them on my side. Bitcoin discussions showed us obviously that money is a fiction and a work of believing and has a story."

"Blockchain will affect the working of universities"
Aysan stressed that Blockchain, the technology behind Bitcoin, is more important invention than Bitcoin and said: "Bitcoin or other coins can fail, but I think that Blockchain technology will flow in all areas of our lives. Blockchain will affect banking, title deed transactions and even the working of universities. People will take different courses from many countries of the world and a university that can see all these lessons thanks to blockchain technology will be able to give diplomas to its students. Blockchain technology will eliminate centralization while reducing intermediaries. Sectors in which intermediation is high, such as banking and insurance, are among the sectors that will be most affected by blockchain technology. Blockchain technology, a continuously growing database in which records are linked to each other by cryptographic elements, will record every area of our lives."

"International law has just noticed Bitcoin"
Assoc. Prof. Halil Rahman Başaran said that internation law has noticed Bitcoin within the last 1-2 years and academic law journals haven’t published any serious article about Bitcoin until 1-2 years ago. Başaran stated that international law is concerned with big events, and Bitcoin is now in this big event category and said; "China gives its financial institutions and banks related to Bitcoin directives on not doing transactions while the Japanese say 'Bitcoin is money. If the Japanese Yen is a coin, Bitcoin is also coin. ' The Canadians say, ‘Bitcoin is not a coin, but bitcoin is an asset, something like gold. We will call it asset and we will will tax it accordingly." Americans say, ‘Bitcoin can continue to exist. We will watch this business from afar. We give instutions doing this business licence.’ Turkey and Netherlands say ‘Let’s wait and see Bitcoin.’ The countries in the sub-category of developing countries such as Bolivia, Acuador, Jordan, Morocco and Bangladesh put completely a ban on Bitcoin."

Assist. Prof. Mehmet Baysan mentioned fundamental concepts about how Blockchain and Bitcoin work and said; "We have been living a process of virtualization for a long time as humanity. We have invented systems equivalence of which does not exist in our physical world, but that make our lives easier such as money and state. As a result of the visualization process, we found a cyber environment called internet, which has enlarged the concept called virtualization. Internet has given us a great infrastructure to realize our dreams. In this system, we have developed virtual products such as internet pages and social media and this is only the beginning. In this regard, it is hard to imagine what applications will be developed just like these. It is important to understand these systems because the main producers of value are not those who use them, but those who design these systems or develop content or derivative practices concerning these. The more we can improve our understanding of cyber systems, the more share we can get in this new world. All products are built on concepts developed before them. Bitcoin was also founded on some basic concepts developed for cryptography and networking technologies."

Lawyer Barış Erdem, the co-owner of Başaran&Erdem Law Firm, remarked that there is not one single Bitcoin story and said; "There are over 1375 different cryptocurrency and each has a different story. Behind each of them, there are different business ideas and different business models. When we started, there was Bitcoin and now it has a $ 275 billion market. Blockchain Technologies have a promising future in many areas, but in Turkey, there is not a legal legislation related to Blockchain Technologies and cryptocurrency. In order to benefit from these new economic instruments, it is necessary to fill in the legal gap in this area."