Bitcoin, Money and Trust
| Module title | Bitcoin, Money and Trust |
|---|---|
| Module code | BEE3109 |
| Academic year | 2025/6 |
| Credits | 15 |
| Module staff | Dr Martha Omolo (Convenor) Dr Christopher Carr (Convenor) Jack Rogers (Convenor) |
| Duration: Term | 1 | 2 | 3 |
|---|---|---|---|
| Duration: Weeks | 12 |
| Number students taking module (anticipated) | 400 |
|---|
Module description
This module will provide you with a comprehensive understanding of Bitcoin, Cryptocurrency, and other Blockchain technology applications, as well as theories on the history and nature of money. 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. 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, and guest lectures from academics and practitioners.
The assessment structure on this module is subject to review and may change before the start of the new academic year. Any changes will be clearly communicated to you before the start of term and if you wish to change module as a result of this you can do so in the module change window.
Module aims - intentions of the module
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.
Intended Learning Outcomes (ILOs)
ILO: Module-specific skills
On successfully completing the module you will be able to...
- 1. Critically review, analyse and make links between the history of bitcoin and the broader history of money
- 2. Explain how the technical 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
On successfully completing the module you will be able to...
- 4. Critically evaluate and formulate a well-founded answer to a specific topical research related question
ILO: Personal and key skills
On successfully completing the module you will be able to...
- 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
Syllabus plan
• 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: digital signatures; cryptographic hash functions; merkle trees; block creation; distributed consensus; proof of work; economic incentives and the solution to the Byzantine Generals Problem
• Guest lectures from academics and people working in the blockchain industry offering different perspectives and assessments on the nature of money, and current practice and potential in the blockchain industry.
Learning activities and teaching methods (given in hours of study time)
| Scheduled Learning and Teaching Activities | Guided independent study | Placement / study abroad |
|---|---|---|
| 20 | 130 | 0 |
Details of learning activities and teaching methods
| Category | Hours of study time | Description |
|---|---|---|
| Scheduled Learning & Teaching activities | 14 hours | 14 x 1-hour lectures |
| Scheduled Learning & Teaching activities | 6 hours | 6 x 1-hour tutorials |
| Guided Independent Study | 130 |
Formative assessment
| Form of assessment | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
|---|---|---|---|
| Tutorial exercises | 50 minutes | 1-7 | In class |
Summative assessment (% of credit)
| Coursework | Written exams | Practical exams |
|---|---|---|
| 40 | 60 |
Details of summative assessment
| Form of assessment | % of credit | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
|---|---|---|---|---|
| Assignment | 40 | 1500 words | 1-7 | Written |
| Exam | 60 | 1.5 hours | 1,2 | Automated individual and generic |
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 |
|---|---|---|---|
| Assignment | 1500-word assignment (40%) | 1-7 | Referral/deferral period |
| Exam | 1.5-hour exam (60%) | 1,2 | Referral/deferral period |
Re-assessment notes
Deferral – if you have been deferred for any assessment you will be expected to submit the relevant assessment. The mark given for a re-assessment taken as a result of deferral will not be capped and will be treated as it would be if it were your first attempt at the assessment.
Referral – if you have failed the module overall (i.e. a final overall module mark of less than 40%) you will be expected to submit the relevant assessment. The mark given for a re-assessment taken as a result of referral will be capped at 40%.
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.
Indicative learning resources - Other resources
Suggested academic journal and other articles will be made available on ELE.
| Credit value | 15 |
|---|---|
| Module ECTS | 7.5 |
| NQF level (module) | 6 |
| Available as distance learning? | No |
| Origin date | 11/07/2018 |
| Last revision date | 28/01/2025 |
