Operational variable.
\\n\\n
IntechOpen was founded by scientists, for scientists, in order to make book publishing accessible around the globe. Over the last two decades, this has driven Open Access (OA) book publishing whilst levelling the playing field for global academics. Through our innovative publishing model and the support of the research community, we have now published over 5,700 Open Access books and are visited online by over three million academics every month. These researchers are increasingly working in broad technology-based subjects, driving multidisciplinary academic endeavours into human health, environment, and technology.
\\n\\nBy listening to our community, and in order to serve these rapidly growing areas which lie at the core of IntechOpen's expertise, we are launching a portfolio of Open Science journals:
\\n\\nAll three journals will publish under an Open Access model and embrace Open Science policies to help support the changing needs of academics in these fast-moving research areas. There will be direct links to preprint servers and data repositories, allowing full reproducibility and rapid dissemination of published papers to help accelerate the pace of research. Each journal has renowned Editors in Chief who will work alongside a global Editorial Board, delivering robust single-blind peer review. Supported by our internal editorial teams, this will ensure our authors will receive a quick, user-friendly, and personalised publishing experience.
\\n\\n"By launching our journals portfolio we are introducing new, dedicated homes for interdisciplinary technology-focused researchers to publish their work, whilst embracing Open Science and creating a unique global home for academics to disseminate their work. We are taking a leap toward Open Science continuing and expanding our fundamental commitment to openly sharing scientific research across the world, making it available for the benefit of all." Dr. Sara Uhac, IntechOpen CEO
\\n\\n"Our aim is to promote and create better science for a better world by increasing access to information and the latest scientific developments to all scientists, innovators, entrepreneurs and students and give them the opportunity to learn, observe and contribute to knowledge creation. Open Science promotes a swifter path from research to innovation to produce new products and services." Alex Lazinica, IntechOpen founder
\\n\\nIn conclusion, Natalia Reinic Babic, Head of Journal Publishing and Open Science at IntechOpen adds:
\\n\\n“On behalf of the journal team I’d like to thank all our Editors in Chief, Editorial Boards, internal supporting teams, and our scientific community for their continuous support in making this portfolio a reality - we couldn’t have done it without you! With your support in place, we are confident these journals will become as impactful and successful as our book publishing program and bring us closer to a more open (science) future.”
\\n\\nWe invite you to visit the journals homepage and learn more about the journal’s Editorial Boards, scope and vision as all three journals are now open for submissions.
\\n\\nFeel free to share this news on social media and help us mark this memorable moment!
\\n\\n\\n"}]',published:!0,mainMedia:{caption:"",originalUrl:"/media/original/237"}},components:[{type:"htmlEditorComponent",content:'
After years of being acknowledged as the world's leading publisher of Open Access books, today, we are proud to announce we’ve successfully launched a portfolio of Open Science journals covering rapidly expanding areas of interdisciplinary research.
\n\n\n\nIntechOpen was founded by scientists, for scientists, in order to make book publishing accessible around the globe. Over the last two decades, this has driven Open Access (OA) book publishing whilst levelling the playing field for global academics. Through our innovative publishing model and the support of the research community, we have now published over 5,700 Open Access books and are visited online by over three million academics every month. These researchers are increasingly working in broad technology-based subjects, driving multidisciplinary academic endeavours into human health, environment, and technology.
\n\nBy listening to our community, and in order to serve these rapidly growing areas which lie at the core of IntechOpen's expertise, we are launching a portfolio of Open Science journals:
\n\nAll three journals will publish under an Open Access model and embrace Open Science policies to help support the changing needs of academics in these fast-moving research areas. There will be direct links to preprint servers and data repositories, allowing full reproducibility and rapid dissemination of published papers to help accelerate the pace of research. Each journal has renowned Editors in Chief who will work alongside a global Editorial Board, delivering robust single-blind peer review. Supported by our internal editorial teams, this will ensure our authors will receive a quick, user-friendly, and personalised publishing experience.
\n\n"By launching our journals portfolio we are introducing new, dedicated homes for interdisciplinary technology-focused researchers to publish their work, whilst embracing Open Science and creating a unique global home for academics to disseminate their work. We are taking a leap toward Open Science continuing and expanding our fundamental commitment to openly sharing scientific research across the world, making it available for the benefit of all." Dr. Sara Uhac, IntechOpen CEO
\n\n"Our aim is to promote and create better science for a better world by increasing access to information and the latest scientific developments to all scientists, innovators, entrepreneurs and students and give them the opportunity to learn, observe and contribute to knowledge creation. Open Science promotes a swifter path from research to innovation to produce new products and services." Alex Lazinica, IntechOpen founder
\n\nIn conclusion, Natalia Reinic Babic, Head of Journal Publishing and Open Science at IntechOpen adds:
\n\n“On behalf of the journal team I’d like to thank all our Editors in Chief, Editorial Boards, internal supporting teams, and our scientific community for their continuous support in making this portfolio a reality - we couldn’t have done it without you! With your support in place, we are confident these journals will become as impactful and successful as our book publishing program and bring us closer to a more open (science) future.”
\n\nWe invite you to visit the journals homepage and learn more about the journal’s Editorial Boards, scope and vision as all three journals are now open for submissions.
\n\nFeel free to share this news on social media and help us mark this memorable moment!
\n\n\n'}],latestNews:[{slug:"step-in-the-right-direction-intechopen-launches-a-portfolio-of-open-science-journals-20220414",title:"Step in the Right Direction: IntechOpen Launches a Portfolio of Open Science Journals"},{slug:"let-s-meet-at-london-book-fair-5-7-april-2022-olympia-london-20220321",title:"Let’s meet at London Book Fair, 5-7 April 2022, Olympia London"},{slug:"50-books-published-as-part-of-intechopen-and-knowledge-unlatched-ku-collaboration-20220316",title:"50 Books published as part of IntechOpen and Knowledge Unlatched (KU) Collaboration"},{slug:"intechopen-joins-the-united-nations-sustainable-development-goals-publishers-compact-20221702",title:"IntechOpen joins the United Nations Sustainable Development Goals Publishers Compact"},{slug:"intechopen-signs-exclusive-representation-agreement-with-lsr-libros-servicios-y-representaciones-s-a-de-c-v-20211123",title:"IntechOpen Signs Exclusive Representation Agreement with LSR Libros Servicios y Representaciones S.A. de C.V"},{slug:"intechopen-expands-partnership-with-research4life-20211110",title:"IntechOpen Expands Partnership with Research4Life"},{slug:"introducing-intechopen-book-series-a-new-publishing-format-for-oa-books-20210915",title:"Introducing IntechOpen Book Series - A New Publishing Format for OA Books"},{slug:"intechopen-identified-as-one-of-the-most-significant-contributor-to-oa-book-growth-in-doab-20210809",title:"IntechOpen Identified as One of the Most Significant Contributors to OA Book Growth in DOAB"}]},book:{item:{type:"book",id:"1677",leadTitle:null,fullTitle:"Current Topics in Phylogenetics and Phylogeography of Terrestrial and Aquatic Systems",title:"Current Topics in Phylogenetics and Phylogeography of Terrestrial and Aquatic Systems",subtitle:null,reviewType:"peer-reviewed",abstract:"Mapping phylogenetics on geographical scales is one of the most important scientific aspects of bioscience research. Changes in the environment have evidently shaped the geographical distribution of organisms on land and in the oceans seen today. Overexploitation of key species has caused not only changes in the distribution and diversity of organisms and composition of the ecosystems, but is also leading to species extinction at accelerating rates. It is our duty as scientists to find ways of protecting the species endangered with extinction and preventing other species from entering the endangered stage. To manage this effectively, we need to map species distribution, understand life-history traits, define genetic variation within species and populations, identify lineages - especially at the molecular level - and correlate the historical, phylogenetic components with the spatial distributions of gene lineages. In this book, phylogenetics and phylogeography of a diverse range of organisms are reviewed: from microorganisms causing gastroenteritis in humans, fishes in the Southwest Atlantic Ocean and spiders of the western Indian Ocean, to mountain tapirs in South America and birch tree species of the Arctic tundra.",isbn:null,printIsbn:"978-953-51-0217-5",pdfIsbn:"978-953-51-4333-8",doi:"10.5772/1947",price:119,priceEur:129,priceUsd:155,slug:"current-topics-in-phylogenetics-and-phylogeography-of-terrestrial-and-aquatic-systems",numberOfPages:158,isOpenForSubmission:!1,isInWos:1,isInBkci:!0,hash:"3957889711812e3a7e359246daf57be1",bookSignature:"Kesara Anamthawat-Jónsson",publishedDate:"March 7th 2012",coverURL:"https://cdn.intechopen.com/books/images_new/1677.jpg",numberOfDownloads:11502,numberOfWosCitations:81,numberOfCrossrefCitations:28,numberOfCrossrefCitationsByBook:2,numberOfDimensionsCitations:74,numberOfDimensionsCitationsByBook:3,hasAltmetrics:0,numberOfTotalCitations:183,isAvailableForWebshopOrdering:!0,dateEndFirstStepPublish:"April 26th 2011",dateEndSecondStepPublish:"May 24th 2011",dateEndThirdStepPublish:"September 28th 2011",dateEndFourthStepPublish:"October 28th 2011",dateEndFifthStepPublish:"February 27th 2012",currentStepOfPublishingProcess:5,indexedIn:"1,2,3,4,5,6,8",editedByType:"Edited by",kuFlag:!1,featuredMarkup:null,editors:[{id:"101215",title:"Prof.",name:"Kesara",middleName:null,surname:"Anamthawat-Jónsson",slug:"kesara-anamthawat-jonsson",fullName:"Kesara Anamthawat-Jónsson",profilePictureURL:"https://mts.intechopen.com/storage/users/101215/images/2394_n.jpg",biography:"Kesara Anamthawat-Jónsson is a professor of plant genetics and currently serves as director of the Institute of Life and Environmental Sciences of the University of Iceland. 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\r\n\tHomeostasis is the condition of optimal functioning of the organism and includes many variables, such as body temperature and fluid balance being kept within certain pre-set limits (homeostatic range). Other variables include the pH of extracellular fluid, the concentrations of sodium, potassium, and calcium ions, as well as that of the blood sugar level, and these need to be regulated despite changes in the environment, diet, or level of activity. Each of these variables is controlled by one or more regulators or homeostatic mechanisms, which together maintain life.
\r\n\tHomeostasis is brought about by a natural resistance to change when already in the optimal conditions, and equilibrium is maintained by many regulatory mechanisms. All homeostatic control mechanisms have at least three interdependent components for the variable to be regulated: a receptor, a control center, and an effector. The receptor is the sensing component that monitors and responds to changes in the environment, either external or internal. Receptors include thermoreceptors and mechanoreceptors. Control centers include the respiratory center and the renin-angiotensin system. An effector is a target acted on to bring about the change back to the normal state. At the cellular level, receptors include nuclear receptors that bring about changes in gene expression through up-regulation or down-regulation and act in negative feedback mechanisms. An example of this is in the control of bile acids in the liver.
\r\n\tSome centers, such as the renin-angiotensin system, control more than one variable. When the receptor senses a stimulus, it reacts by sending action potentials to a control center. The control center sets the maintenance range—the acceptable upper and lower limits—for the particular variable, such as temperature. The control center responds to the signal by determining an appropriate response and sending signals to an effector, which can be one or more muscles, an organ, or a gland. When the signal is received and acted on, negative feedback is provided to the receptor that stops the need for further signaling.
\r\n\tThe cannabinoid receptor type 1 (CB1), located at the presynaptic neuron, is a receptor that can stop stressful neurotransmitter release to the postsynaptic neuron; it is activated by endocannabinoids (ECs) such as anandamide (N-arachidonoylethanolamide; AEA) and 2-arachidonoylglycerol (2-AG) via a retrograde signaling process in which these compounds are synthesized by and released from postsynaptic neurons, and travel back to the presynaptic terminal to bind to the CB1 receptor for modulation of neurotransmitter release to obtain homeostasis.
\r\n\tThe polyunsaturated fatty acids (PUFAs) are lipid derivatives of omega-3 (docosahexaenoic acid, DHA, and eicosapentaenoic acid, EPA) or of omega-6 (arachidonic acid, ARA) and are synthesized from membrane phospholipids and used as a precursor for endocannabinoids (ECs) mediate significant effects in the fine-tuning adjustment of body homeostasis.
\r\n\t
\r\n\tThe aim of this book is to discuss further various aspects of homeostasis, information that we hope to be useful to scientists, clinicians, and the wider public alike.
As cryptocurrencies become popular and market places for cryptocurrencies are growing rapidly. Understanding the rate of return can support cryptocurrency world is and how design choices affect investors. One threat to cryptocurrencies is high fluctuations in traders’ willingness to buy or sell [1]. The adoption of crypto assets has been a great concern for policy makers ever since Facebook announced its cryptocurrency, Libra, in June 2019 [2].
The technology behind these cryptocurrencies, a decentralized and open-source system named “blockchain” is often presented as one of the most innovative technology offering several many disruptive innovations in the next years [3, 4, 5, 6]. The crypto-currencies trading volume also has a granger-causality to energy consumption [7]. A crypto asset is an intangible digital asset whose issuance, sale or transfer are secured by cryptographic technology and shared electronically via a distributed ledger [8].
The era of digitalization of technology has given birth to the cryptocurrency Bitcoin (BTC) as a new exciting currency for the world community, including Indonesia. BTC is an alternative to complement the needs of global financial transactions that want convenience, efficiency and security. Use of the digital computing tools to process scientific, economic, and social information has changed the human capacity, considerably. Virtual space is being activated year over year being the result of efficient application of information resources [9].
The development of BTC is very rapid in Indonesia. Indonesia, which has a total population of 271,349 889 people in 2020 (BPS, 2021). The population of Indonesia is very potential for the growth of the investment climate for BTC.
Almost all countries in the world experienced a decline in economic growth in 2020 due to the 19 virus pandemic. However, BTC price growth showed a very significant increase in 2020. BTC prices recorded the best performance since 2013 amounting to 260 USD / BTC. The price of BTC is USD 12,310 in 2020 or an increase of 68.04% compared to 2019 amounting to USD 7,326 / BTC (investing, 2021). Table 1 shows the development of the value of BTC (USD / BTC) in 2010–2020.
Variable | Indicator | Measurement | Type of data | Source |
---|---|---|---|---|
Stock | Indonesia Composite Index | Average Stock Price/Baseline* | Ratio | www.investing.com |
Exchange Rate | Convert from USD to IDR currency | IDR/USD | Ratio | www.investing.com |
Gold | Gold price in USD per 1 Troy Ounce | USD/Troy Ounce | Ratio | www.harga-emas.org |
Bitcoin | Bitcoin price in USD per Bitcoin | USD/BTC | Ratio | www.investing.com |
Operational variable.
The baseline used to calculate the composite stock price index is the average price of the shares on August 10, 1982.
Source: various sources, 2021.
Indonesians who start investing in bitcoin currency can change the existing financial asset structure. The development of bitcoin currency in Indonesia can disturb the stability of the rupiah as the only valid currency for domestic transactions. Therefore, Bank Indonesia as the determinant of monetary policy has not or has not legalized bitcoin currency as a virtual currency in Indonesia.
This research aims to examine bitcoin cryptocurrency as an investment instrument opportunity compared to other investment instruments, namely stocks, gold and the rupiah exchange rate. For the government as policy makers, this research is expected to be an input for the development of digital currency in the era of information technology. In addition, for investors, this research is expected to illustrate the returns and risks faced when investing in bitcoin (Figure 1).
Bitcoin cryptocurrency graph 2010–2020 (USD/BTC). Source:
The study and analysis of the cryptocurrency market is a relatively new area. A few works published in recent years have had the potential interest in this topic. Many scientists have been studying Bitcoin from different angles ever since it appeared. Cryptocurrency is a digital currency, whose creation and control is based on cryptographic methods. Some researchers claim that Bitcoin is just a bubble. The fundamental value of Bitcoin is difficult to reveal, and history shows that innovative assets are indeed more prone to bubbles [10].
Bitcoin is the first decentralized peer-to-peer payment network that is fully controlled by its users without any central authority or intermediary. Bitcoin is a digital currency residing in an open source P2P (peer-to-peer) payment network. P2P is a computer network model that consists of two or more computers, where each computer in the network environment can share. This network makes it easy for users to transact directly without the need for services from third parties.
The elements of Bitcoin are the existence of a peer-to-peer network, blocks, blockchain, and miners. The peer-to-peer network in Bitcoin allows users to transfer a certain amount of Bitcoin value, these transactions are stored in files called blocks, these blocks are intertwined with each other to form a block chain called the blockchain, and miners solve complex mathematical formulas. to prove ownership of Bitcoin.
Bank Indonesia responds to the existence of Bitcoin if it can be used, traded, or stored as an asset or a form of digital commodity by the people of Indonesia, but it cannot be used as a means of payment because only the Rupiah currency is the only legal means of payment in Indonesia.
Bitcoin is the first implementation of the concept of cryptocurrency, which was first described by Wei Dai in 1998. The proposes of cryptocurrency is a new form of money that uses cryptography to control creation and transactions rather than using a centralized authority.
Cryptocurrency is a digital asset designed to function as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify asset transfers.19 Cryptocurrency is a type of alternative currency and digital currency. Cryptocurrencies use decentralized controls compared to centralized digital currencies and central banking systems.
Cryptocurrency is a virtual currency that circulates without being regulated by a particular central bank, is not “backed up” with gold as currency, and is not protected by any particular country. Distribution and use through the internet network media. With this crypto many benefits are obtained without exchanging it for real money, the value of crypto prices has international standards so that the value is the same everywhere, the transfer time is very fast, and crypto is not owned by a particular company. Crypto is a digital asset where transactions are carried out using an online network. Crypto assets are virtual so if one wants to see what the physical form of this currency is, then the answer is no. The form is not like a physical currency issued by a bank and also not the currency of a country.
Investors can maximize asset allocation through a combination of risky assets to reduce high risk. Investors who have an aversion to risk tend to reject investments that are more likely to have speculative content. Investors who do not like risk consider risk-free investments or speculate on investments that have a positive premium.
Research related to virtual currency, especially bitcoin cryptocurrency, is still rarely done in Indonesia. However, the development of bitcoin cryptocurrency has recently begun so that further studies are needed to provide an overview to the public and policy makers regarding bitcoin cryptocurrency investment. Some of the research results that have been carried out both domestically and globally can be summarized as follows:
Voskobojnikov et al. [11] identified and qualitatively analyzed 6,859 reviews pertaining to the user experience with top five mobile cryptocurrency wallets. They suggested that both new and experienced users struggle with general and domain-specific user experience issues that, aside from frustration and disengagement, might lead to dangerous errors and irreversible monetary losses. They reveal shortcomings of current wallet user experience as well as users’ misconceptions, some of which can be traced back to a reliance on their understanding of conventional payment systems. Based on their findings, they provide recommendations on how to design cryptocurrency wallets that both alleviate the identified issues and counteract some of the misconceptions in order to better support newcomers.
Hachicha and Hachicha [12] proved the efficiency of Markov Chain for our sample and the convergence and stability for all parameters to a certain level. On the whole, it seems that permanent shocks have an effect on the volatility of the price of the bitcoin and also on the other stock market. Our results will help investors better diversify their portfolio by adding this cryptocurrency.
Mikhaylov, A. [10] conclude that the cryptocurrency market has entered a new stage of development, which means a reduced possibility to have excess profits when investing in the most liquid cryptocurrencies in the future. However, buying new high-risk tools provides opportunities for speculative income.
Igoni et al. [13] concluded that market capitalization and volume of digital currency did not constitute the significant variables of policy to influence the monetary policies in the South African economy, hence they operate independently. A decision to adopt and regulate digital currency operation or not in Nigeria does not affect. They recommend the Nigerian to embrace the digital environment in terms of regulations for tax advantage.
Le Tran and Leirvik [14] shown that the level of market-efficiency in the five largest cryptocurrencies is highly time-varying. Specifically, before 2017, cryptocurrency-markets are mostly inefficient. This corrobo-rates recent results on the matter. However, the cryptocurrency-markets become more efficient over time in the period 2017–2019. This contradicts other, more recent, results on the matter. The reason is that they apply a longer sample than previous studies. Another important reason is that they apply a robust measure of efficiency, being directly able to determine if the efficiency is significant or not. On average, Litecoin is the most efficient cryptocurrency, and Ripple being the least efficient cryptocurrency.
Agosto and Cafferata [15] found that extremely rapid price accelerations, often referred to as explosive behaviors, followed by drastic drops pose high risks to investors. From a risk management perspective, testing the explosiveness of individual cryptocurrency time series is not the only crucial issue.
Rabbani et al. [16] identified that the sharia compliance related to the cryptocurrency/Blockchain is the biggest challenge which Islamic Financial Technology organizations are facing. During our review we also find that Islamic Financial Technology organizations are to be considered as partners by the Islamic Financial Institutions (IFI’s) than the competitors. If Islamic Financial institutions want to increase efficiency, transparency and customer satisfaction they have to adopt Financial Technology and become partners with the Financial Tech companies.
Hairudin et al. [17] indicated that public embrace of cryptocurrencies continues to lag as the masses currently show reluctance in embracing cryptocurrencies as a complement, let alone a substitute to fiat counterparts. Governments have also successfully defended their sovereignty in preserving legal tender status, structural seignior age and exclusivity. Market-based studies hint at consistent inefficiencies across the spectrum. The most promising areas of research for crypto-financial intelligentsia would be delving into establishing trial runs for central bank-backed cryptocurrencies.
Grobys et al. [18] indicated that a variable moving average strategy is successful when using the 20 days moving average trading strategy. Specifically, excluding Bitcoin the technical trading rule generates an excess return of 8.76% p.a. after controlling for the average market return. The results suggest that cryptocurrency markets are inefficient.
Amsyar et al. [19] concluded that cryptocurrency has the disadvantage of not having the authority responsible for dealing with all problems that occur in all transactions, and money laundering crimes also often occur, this is a challenge for how to utilize cryptocurrency and blockchain technology in the current era of globalization.
Vaz de Melo and Fluminense [20] indicated that indicate that the strength of dependence among the crypto-currencies has increased over the recent years in the cointegrated crypto-market. The conclusions reached will help investors to manage risk while identifying opportunities for alternative diversified and profitable investments.
Tu et al. [21] detected two sudden jumps in the standard deviation, in the second quarter of 2017 and at the beginning of 2018, which could have served as the early warning signals of two major price collapses that have happened in the following periods. They propose a mean-field phenomenological model for the price of cryptocurrency to show how the use of the standard deviation of the residuals is a better leading indicator of the collapse in price than the time-series’ autocorrelation. Their findings represent a first step towards a better diagnostic of the risk of critical transition in the price and/or volume of crypto-currencies.
Fang et al. [22] summarized the existing research papers and results on cryptocurrency trading, including available trading platforms, trading signals, trading strategy research and risk management. This paper provides a comprehensive survey of cryptocurrency trading research, by covering 126 research papers on various aspects of cryptocurrency trading (e.g., cryptocurrency trading systems, bubble and extreme condition, prediction of volatility and return, crypto-assets portfolio construction and crypto-assets, technical trading and others). This paper also analyses datasets, research trends and distribution among research objects (contents/properties) and technologies, concluding with some promising opportunities that remain open in cryptocurrency trading.
Drożdż et al. [23] found that A particularly significant result is that the measures applied for detecting cross-correlations between the dynamics of the BTC/ETH and EUR/USD exchange rates do not show any noticeable relationships. This could be taken as an indication that the cryptocurrency market has begun decoupling itself from the Forex.
Panagiotidis et al. [24] found that a significant interaction between bitcoin and traditional stock market. The increased impact of Asian markets on Bitcoin compared to other geographically-defined markets. Two years after the Chinese regulatory interventions and the sudden construction of CNY’s share in bitcoin trading volume.
Aysan et al. [25] found that bitcoin can be considered as a hedging tool against global geopolitical risk.
Krafft et al. [1] found that individual “buy” actions led to short-term increases in subsequent buy-side activity hundreds of times the size of our interventions. From a design perspective, we note that the design choices of the exchange we study may have promoted this and other peer influence effects, which highlights the potential social and economic impact of HCI in the design of digital institutions.
Panagiotidis et al. [26] found that search intensity and gold returns emerge as the most important variables for bitcoin returns.
Koutmos [27] found that the contribution of return shocks to transaction activity is quantitatively larger in magnitude.
Demir et al. [28] found that bitcoin can serve as a hedging tools again uncertainty.
Balcilar et al. [29] found that non-linear relationship between bitcoin returns and trading volume. The trading volume cannot help to predict the volatility of returns at any point of the conditional distribution.
Urquhart [30] found that bitcoin return significantly inefficient but in the process of moving towards an efficient market.
Based on the research objectives, the researcher wants to compare the returns obtained from bitcoin currency and others investment instrument, namely stocks, exchange rates and gold to see how rate of return behavior on bitcoin currency. Besides measure rate of return on bitcoin currency, the researcher also measures the risk of bitcoin currency investment. Standard deviation of bitcoin currency employee to measure the risk of the investment. Thus, the statistical hypotheses and research hypotheses used in this study are as follows:
Ho1: μ₁ = μ₂.
Ha1: μ1 ≠ μ2.
Ho2: μ1 = μ3.
Ha2: μ1 ≠ μ3.
Ho3: μ1 = μ4.
Ha3: μ1 ≠ μ4.
Ho4: μ₁ = μ2 = μ3 = μ4.
Ha4: At least one of the average returns are not equal.
where:
μ1 = average bitcoin returns.
μ2 = average exchange rate returns.
μ3 = average gold returns.
μ4 = average stock returns.
While the research hypothesis developed in this study is as follows:
H01: There is no difference between the bitcoin returns and the exchange rate returns.
Ha1: There is a difference between the bitcoin returns and the exchange rate returns.
H02: There is no difference between the bitcoin returns stock and the gold returns gold.
Ha2: There is a difference between the bitcoin returns and the gold returns.
H03: There is no difference between the bitcoin returns and the stock returns.
Ha3: There is a difference between the bitcoin returns and the stock returns.
H04: There is no difference between the bitcoin returns and the others investment instrument.
Ha4: There is a difference between the bitcoin returns and the others investment instrument.
This study compares the return and risk of bitcoin, stocks, gold and the rupiah exchange rate. This research is a type of quantitative research using secondary data. Secondary data used in the study were obtained from www.investing.com [31]; for bitcoin and share prices. Gold prices were obtained from www.harga-emas.org [32]; Rupiah exchange rate is obtained from www.bi.go.id [33]. The research period from 2010 to 2020 used monthly data or 132 observed data.
The return calculation uses the formula for the difference from the current value to the previous value divided by the value in the previous period. In general, the return formula can be written as follows:
where:
Rt = the return at period t.
Rt-1 = the return at period t−1.
In this study also measure risk of each investment instruments. Standard deviation is employed to measure the risk of investments. Standard deviation to measure how far the deviation from the average of each investment instruments. The higher standard deviation value means the higher risk of the investment. Here the formula to measure standard deviation (σ):
where:
σ = standard deviation of investment.
n = number of observation.
r(s) = return of investment.
r = average of investment.
Table 1 shows the operational variables used in this study include investment instruments, namely bitcoin, exchange rates, gold and stock.
Statistical descriptions include the average, minimum value, maximum value and standard deviation of each investment instrument, namely bitcoin, exchange rate returns, gold returns and stock returns during the study period 2011–2020. Bitcoin’s return has the largest average of 18% compared with returns from other investment instruments. In addition, the standard deviation of bitcoin returns has the largest value of 61.08% compared to other investment instruments. The range of bitcoin returns between −38.87% till 470.88%. Table 2 shows the descriptive statistics of the investment instruments studied.
Instrument | N | Min | Max | Mean | Std. dev. |
---|---|---|---|---|---|
Bitcoin (μ1) | 120 | −0.3887 | 4.7088 | 0.1800 | 0.6108 |
Exchange Rate (μ2) | 120 | −0.0905 | 0.1367 | 0.0040 | 0.0258 |
Gold (μ3) | 120 | −0.1212 | 0.1363 | 0.0035 | 0.0472 |
Stock (μ4) | 120 | −0.1676 | 0.0944 | 0.0049 | 0.0415 |
Descriptive statistic.
Source: data processing, 2021.
The correlation matrix between investment instruments can be found in Table 3. The highest correlation is obtained from the return stock and return exchange rate (−0.602). The more the stock return increases, the lower the return exchange rate will be. In other words, the stronger the rupiah exchange rate, the more the composite stock price index will increase. The strengthening of the rupiah exchange rate had an impact on increasing domestic economic growth so that investors invested heavily in stocks. Therefore, stock returns also increase when there is an increase in the rupiah exchange rate. Meanwhile, bitcoin does not show a correlation with other investment instruments which is indicated by a correlation matrix value below 5%. This figure shows that the bitcoin returns are not affected by the others instruments investments returns namely exchange rate, gold and stock returns.
Instrument | Stock | Exchange Rate | Gold | Bitcoin |
---|---|---|---|---|
Stock | 1 | |||
Exchange Rate | −0.602 | 1 | ||
Gold | 0.218 | −0.258 | 1 | |
Bitcoin | 0.042 | 0.023 | −0.018 | 1 |
Correlation matrix.
Source: data processing, 2021.
An overview of the return fluctuations obtained from each investment instrument of stock return, exchange rate return, gold return and bitcoin return can be seen in Figures 2–5. Each investment instrument shows different return fluctuations. The lowest standard deviation is the exchange rate 2.58%, while the highest standard deviation is Bitcoin 61.08%. In other words, investment in bitcoin have the highest risk compared to the alternative investment instruments. The others investment instruments have low risk between 2.6% till 4.7%. Investment in foreign exchange rate has the lowest risk compared to the others alternative investments. Investment on gold and stock have similar risks around 4.2% to 4.7%.
The return stock 2011–2020. Source: data processing, 2021.
The return exchange rate 2011–2020. Source: data processing, 2021.
The return gold 2011–2020. Source: data processing, 2021.
Bitcoin return 2011–2020. Source: data processing, 2021.
The range of the largest fluctuation was obtained from the return on bitcoin investment, especially in the period 2012 to 2014. In 2013, bitcoin returns reached the highest point where returns increased from 10–70%. However, the return drastically decreased to (−5%) entering 2014. It means the investment in bitcoin get the highest return and also the highest risk compared to the others instrument of investment.
The next test was to compare the returns between each investment instrument through paired sample tests, namely stock-exchange rate, stock-gold, stock-bitcoin, exchange rate-gold, exchange rate-bitcoin and gold bitcoin. Table 4 shows the results of the paired sample test of each investment instrument.
Instrument | Mean | Std. dev. | Std. error mean | t | df | Sig. |
---|---|---|---|---|---|---|
Bitcoin - Ex. Rate | −0.1760 | 0.6108 | 0.0558 | −3.156 | 119 | 0.002 |
Bitcoin - Gold | −0.1765 | 0.6135 | 0.0560 | −3.151 | 119 | 0.002 |
Bitcoin - Stock | −0.1751 | 0.6105 | 0.0557 | −3.143 | 119 | 0.002 |
Paired samples test.
Source: data processing, 2021.
The results of the paired samples test of returns between investment instruments can be seen in Table 4. The results of the paired sample test between bitcoin and the others investment instruments shows significant level less than 0.01. It means that is difference of return between bitcoin and the others investment instruments. The average means difference of bitcoin and the others investment instruments around −17.6%. Standard deviations show around 61% of investment on bitcoin. It means that the highest risk of bitcoin investments.
Based on the results of testing paired samples test return on investment between investment instruments and the explanation above, it can be concluded that the research hypothesis is as follows:
Ha1: There is a difference between the bitcoin and the exchange rate return (accepted at significance level 0.01).
Ha2: There is a difference between the bitcoin and the gold return (accepted at significance level 0.01).
Ha3: There is a difference between the bitcoin and the stock return (accepted at significance level 0.01).
One sample test is conducted to prove whether or not there are differences between the investment instruments used in this study. The one sample test results show that bitcoin returns provide a very significant difference (α < 0.01) compared to other investment instruments: exchange rate, gold and stock. The average return of stock, exchange and gold investment instruments.
Table 5 shows analysis of variance single factor for each investment instruments. The variance of bitcoin the highest (0.37) if compared to stock, exchange rate and gold returns (0.001–0.002). It means there us a big different between bitcoin returns and the others investment instruments.
Groups | Count | Sum | Average | Variance |
---|---|---|---|---|
Stock return | 120 | 0.585183 | 0.004877 | 0.001723 |
Ex-Rate return | 120 | 0.483912 | 0.004033 | 0.000663 |
Gold Return | 120 | 0.422361 | 0.00352 | 0.002228 |
Bitcoin return | 120 | 21.60168 | 0.180014 | 0.373122 |
Anova single factor summary.
Source: data processing, 2021.
Table 6 shows analysis of variance to test hypothesis 4 whether there is significant level of the return. The result indicates that F calculation (0.9826) is higher than F critical value (2,624). It means there is significant different between bitcoin and the others investment instruments.
Source of variation | SS | df | MS | F | P-value | F crit |
---|---|---|---|---|---|---|
Between Groups | 2.783868 | 3 | 0.927956 | 9.826513 | 0.00000 | 2.623637 |
Within Groups | 44.95054 | 476 | 0.094434 | |||
Total | 47.73441 | 479 |
Anova single factor test.
Source: data processing, 2021.
Based on the results of the analysis of variance single factor test shows that there is a difference between the average return of all investment instruments. Thus, the statistical hypothesis and research hypothesis (Ha4) is accepted at significant level 0.01 or can be written down as follows:
Ha4: There is a difference between the investment instruments (accepted at significance level 0.01).
Based on the average test between the research instruments used, bitcoin has a very significant difference in return compared to other investment instruments. Meanwhile, stock investment instruments, exchange rate and gold have the same average return.
Based on the research results discussed in the previous chapter indicate that the investment in bitcoin still promising. The price of bitcoin rapidly increase during the study 2011–2020. The rate of return of bitcoin investment is the highest compared to the other investment instruments: stock, exchange rate and gold. Meanwhile, the bitcoin investment also has the highest risk compared the others investment instruments.
It can be concluded that bitcoin investment provides the highest return (18%) compared to other investment instrument returns. However, the very high return on bitcoin comes with high risk investment. The risk of investing in bitcoin is indicated by a standard deviation of 61%, while the standard deviation of other instruments: stock, exchange rate and gold less than 5%.
Based on the results of the paired sample test, it shows that the average return on bitcoin shows a very significant difference compared to the others instrument. Meanwhile, the return on the others instrument: stock, exchange rate and gold show the same return.
For the investors who love risk, then the investment in bitcoin could be an alternative for an investment. The investment on bitcoin promise higher return compare to the other investment instruments. For the investors who are risk aversion, an investment on bitcoin doesn’t fit since this investment have the highest risk.
This research has practical implication for the investors who require high return. In the same time, the investors also have to understand the risk along the investment on bitcoin.
The other implication for government of Indonesia as policy maker on crypto currency. The crypto currency quite develops rapidly in this crypto world era. The role and regulation on crypto currency are needed to secure investors and economic growth.
"Open access contributes to scientific excellence and integrity. It opens up research results to wider analysis. It allows research results to be reused for new discoveries. And it enables the multi-disciplinary research that is needed to solve global 21st century problems. Open access connects science with society. It allows the public to engage with research. To go behind the headlines. And look at the scientific evidence. And it enables policy makers to draw on innovative solutions to societal challenges".
\n\nCarlos Moedas, the European Commissioner for Research Science and Innovation at the STM Annual Frankfurt Conference, October 2016.
",metaTitle:"About Open Access",metaDescription:"Open access contributes to scientific excellence and integrity. It opens up research results to wider analysis. It allows research results to be reused for new discoveries. And it enables the multi-disciplinary research that is needed to solve global 21st century problems. Open access connects science with society. It allows the public to engage with research. To go behind the headlines. And look at the scientific evidence. And it enables policy makers to draw on innovative solutions to societal challenges.\n\nCarlos Moedas, the European Commissioner for Research Science and Innovation at the STM Annual Frankfurt Conference, October 2016.",metaKeywords:null,canonicalURL:"about-open-access",contentRaw:'[{"type":"htmlEditorComponent","content":"The Open Access publishing movement started in the early 2000s when academic leaders from around the world participated in the formation of the Budapest Initiative. They developed recommendations for an Open Access publishing process, “which has worked for the past decade to provide the public with unrestricted, free access to scholarly research—much of which is publicly funded. Making the research publicly available to everyone—free of charge and without most copyright and licensing restrictions—will accelerate scientific research efforts and allow authors to reach a larger number of readers” (reference: http://www.budapestopenaccessinitiative.org)
\\n\\nIntechOpen’s co-founders, both scientists themselves, created the company while undertaking research in robotics at Vienna University. Their goal was to spread research freely “for scientists, by scientists’ to the rest of the world via the Open Access publishing model. The company soon became a signatory of the Budapest Initiative, which currently has more than 1000 supporting organizations worldwide, ranging from universities to funders.
\\n\\nAt IntechOpen today, we are still as committed to working with organizations and people who care about scientific discovery, to putting the academic needs of the scientific community first, and to providing an Open Access environment where scientists can maximize their contribution to scientific advancement. By opening up access to the world’s scientific research articles and book chapters, we aim to facilitate greater opportunity for collaboration, scientific discovery and progress. We subscribe wholeheartedly to the Open Access definition:
\\n\\n“By “open access” to [peer-reviewed research literature], we mean its free availability on the public internet, permitting any users to read, download, copy, distribute, print, search, or link to the full texts of these articles, crawl them for indexing, pass them as data to software, or use them for any other lawful purpose, without financial, legal, or technical barriers other than those inseparable from gaining access to the internet itself. The only constraint on reproduction and distribution, and the only role for copyright in this domain, should be to give authors control over the integrity of their work and the right to be properly acknowledged and cited” (reference: http://www.budapestopenaccessinitiative.org)
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\\n\\nBook chapters published in edited volumes are distributed under the Creative Commons Attribution 3.0 Unported License (CC BY 3.0). IntechOpen upholds a very flexible Copyright Policy. There is no copyright transfer to the publisher and Authors retain exclusive copyright to their work. All Monographs/Compacts are distributed under the Creative Commons Attribution-NonCommercial 4.0 International (CC BY-NC 4.0). Read more
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\\n\\nThe Open Access publishing model employed by IntechOpen eliminates subscription charges and pay-per-view fees, enabling readers to access research at no cost. In order to sustain operations and keep our publications freely accessible we levy an Open Access Publishing Fee for manuscripts, which helps us cover the costs of editorial work and the production of books. Read more
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\\n\\nIntechOpen is committed to ensuring the long-term preservation and the availability of all scholarly research we publish. We employ a variety of means to enable us to deliver on our commitments to the scientific community. Apart from preservation by the Croatian National Library (for publications prior to April 18, 2018) and the British Library (for publications after April 18, 2018), our entire catalogue is preserved in the CLOCKSS archive.
\\n\\nOpen Science is transparent and accessible knowledge that is shared and developed through collaborative networks.
\\n\\nOpen Science is about increased rigour, accountability, and reproducibility for research. It is based on the principles of inclusion, fairness, equity, and sharing, and ultimately seeks to change the way research is done, who is involved and how it is valued. It aims to make research more open to participation, review/refutation, improvement and (re)use for the world to benefit.
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The Open Access publishing movement started in the early 2000s when academic leaders from around the world participated in the formation of the Budapest Initiative. They developed recommendations for an Open Access publishing process, “which has worked for the past decade to provide the public with unrestricted, free access to scholarly research—much of which is publicly funded. Making the research publicly available to everyone—free of charge and without most copyright and licensing restrictions—will accelerate scientific research efforts and allow authors to reach a larger number of readers” (reference: http://www.budapestopenaccessinitiative.org)
\n\nIntechOpen’s co-founders, both scientists themselves, created the company while undertaking research in robotics at Vienna University. Their goal was to spread research freely “for scientists, by scientists’ to the rest of the world via the Open Access publishing model. The company soon became a signatory of the Budapest Initiative, which currently has more than 1000 supporting organizations worldwide, ranging from universities to funders.
\n\nAt IntechOpen today, we are still as committed to working with organizations and people who care about scientific discovery, to putting the academic needs of the scientific community first, and to providing an Open Access environment where scientists can maximize their contribution to scientific advancement. By opening up access to the world’s scientific research articles and book chapters, we aim to facilitate greater opportunity for collaboration, scientific discovery and progress. We subscribe wholeheartedly to the Open Access definition:
\n\n“By “open access” to [peer-reviewed research literature], we mean its free availability on the public internet, permitting any users to read, download, copy, distribute, print, search, or link to the full texts of these articles, crawl them for indexing, pass them as data to software, or use them for any other lawful purpose, without financial, legal, or technical barriers other than those inseparable from gaining access to the internet itself. The only constraint on reproduction and distribution, and the only role for copyright in this domain, should be to give authors control over the integrity of their work and the right to be properly acknowledged and cited” (reference: http://www.budapestopenaccessinitiative.org)
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\r\n\tGlobally, the ecological footprint is growing at a faster rate than GDP. This phenomenon has been studied by scientists for many years. However, clear strategies and actions are needed now more than ever. Every day, humanity, from individuals to businesses (public and private) and governments, are called to change their mindset in order to pursue a virtuous combination for sustainable development. Reasoning in a sustainable way entails, first and foremost, managing the available resources efficiently and strategically, whether they are natural, financial, human or relational. In this way, value is generated by contributing to the growth, improvement and socio-economic development of the communities and of all the players that make up its value chain. In the coming decades, we will need to be able to transition from a society in which economic well-being and health are measured by the growth of production and material consumption, to a society in which we live better while consuming less. In this context, digitization has the potential to disrupt processes, with significant implications for the environment and sustainable development. There are numerous challenges associated with sustainability and digitization, the need to consider new business models capable of extracting value, data ownership and sharing and integration, as well as collaboration across the entire supply chain of a product. In order to generate value, effectively developing a complex system based on sustainability principles is a challenge that requires a deep commitment to both technological factors, such as data and platforms, and human dimensions, such as trust and collaboration. Regular study, research and implementation must be part of the road to sustainable solutions. Consequently, this topic will analyze growth models and techniques aimed at achieving intergenerational equity in terms of economic, social and environmental well-being. It will also cover various subjects, including risk assessment in the context of sustainable economy and a just society.
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This series will focus on various crucial factors related to emerging viral infectious diseases, including epidemiology, pathogenesis, host immune response, clinical manifestations, diagnosis, treatment, and clinical recommendations for managing viral infectious diseases, highlighting the recent issues with future directions for effective therapeutic strategies.",coverUrl:"https://cdn.intechopen.com/series_topics/covers/6.jpg",keywords:"Novel Viruses, Virus Transmission, Virus Evolution, Molecular Virology, Control and Prevention, Virus-host Interaction"}],annualVolumeBook:{},thematicCollection:[],selectedSeries:null,selectedSubseries:null},seriesLanding:{item:{id:"14",title:"Artificial Intelligence",doi:"10.5772/intechopen.79920",issn:"2633-1403",scope:"Artificial Intelligence (AI) is a rapidly developing multidisciplinary research area that aims to solve increasingly complex problems. In today's highly integrated world, AI promises to become a robust and powerful means for obtaining solutions to previously unsolvable problems. This Series is intended for researchers and students alike interested in this fascinating field and its many applications.",coverUrl:"https://cdn.intechopen.com/series/covers/14.jpg",latestPublicationDate:"May 9th, 2022",hasOnlineFirst:!0,numberOfOpenTopics:6,numberOfPublishedChapters:86,numberOfPublishedBooks:8,editor:{id:"218714",title:"Prof.",name:"Andries",middleName:null,surname:"Engelbrecht",fullName:"Andries Engelbrecht",profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0030O00002bRNR8QAO/Profile_Picture_1622640468300",biography:"Andries Engelbrecht received the Masters and PhD degrees in Computer Science from the University of Stellenbosch, South Africa, in 1994 and 1999 respectively. He is currently appointed as the Voigt Chair in Data Science in the Department of Industrial Engineering, with a joint appointment as Professor in the Computer Science Division, Stellenbosch University. Prior to his appointment at Stellenbosch University, he has been at the University of Pretoria, Department of Computer Science (1998-2018), where he was appointed as South Africa Research Chair in Artifical Intelligence (2007-2018), the head of the Department of Computer Science (2008-2017), and Director of the Institute for Big Data and Data Science (2017-2018). In addition to a number of research articles, he has written two books, Computational Intelligence: An Introduction and Fundamentals of Computational Swarm Intelligence.",institutionString:null,institution:{name:"Stellenbosch University",institutionURL:null,country:{name:"South Africa"}}},subseries:[{id:"22",title:"Applied Intelligence",keywords:"Machine Learning, Intelligence Algorithms, Data Science, Artificial Intelligence, Applications on Applied Intelligence",scope:"This field is the key in the current industrial revolution (Industry 4.0), where the new models and developments are based on the knowledge generation on applied intelligence. The motor of the society is the industry and the research of this topic has to be empowered in order to increase and improve the quality of our lives.",annualVolume:11418,isOpenForSubmission:!0,coverUrl:"https://cdn.intechopen.com/series_topics/covers/22.jpg",editor:{id:"27170",title:"Prof.",name:"Carlos",middleName:"M.",surname:"Travieso-Gonzalez",fullName:"Carlos Travieso-Gonzalez",profilePictureURL:"https://mts.intechopen.com/storage/users/27170/images/system/27170.jpeg",institutionString:null,institution:{name:"University of Las Palmas de Gran Canaria",institutionURL:null,country:{name:"Spain"}}},editorTwo:null,editorThree:null,editorialBoard:[{id:"13633",title:"Prof.",name:"Abdelhamid",middleName:null,surname:"Mellouk",fullName:"Abdelhamid Mellouk",profilePictureURL:"https://mts.intechopen.com/storage/users/13633/images/1567_n.jpg",institutionString:null,institution:{name:"Paris 12 Val de Marne University",institutionURL:null,country:{name:"France"}}},{id:"109268",title:"Dr.",name:"Ali",middleName:null,surname:"Al-Ataby",fullName:"Ali Al-Ataby",profilePictureURL:"https://mts.intechopen.com/storage/users/109268/images/7410_n.jpg",institutionString:null,institution:{name:"University of Liverpool",institutionURL:null,country:{name:"United Kingdom"}}},{id:"3807",title:"Dr.",name:"Carmelo",middleName:"Jose Albanez",surname:"Bastos-Filho",fullName:"Carmelo Bastos-Filho",profilePictureURL:"https://mts.intechopen.com/storage/users/3807/images/624_n.jpg",institutionString:null,institution:{name:"Universidade de Pernambuco",institutionURL:null,country:{name:"Brazil"}}},{id:"38850",title:"Dr.",name:"Efren",middleName:null,surname:"Gorrostieta Hurtado",fullName:"Efren Gorrostieta Hurtado",profilePictureURL:"https://mts.intechopen.com/storage/users/38850/images/system/38850.jpg",institutionString:null,institution:{name:"Autonomous University of Queretaro",institutionURL:null,country:{name:"Mexico"}}},{id:"239041",title:"Prof.",name:"Yang",middleName:null,surname:"Yi",fullName:"Yang Yi",profilePictureURL:"https://mts.intechopen.com/storage/users/239041/images/system/239041.jpeg",institutionString:"Virginia Tech",institution:{name:"Virginia Tech",institutionURL:null,country:{name:"United States of America"}}}]},{id:"23",title:"Computational Neuroscience",keywords:"Single-Neuron Modeling, Sensory Processing, Motor Control, Memory and Synaptic Pasticity, Attention, Identification, Categorization, Discrimination, Learning, Development, Axonal Patterning and Guidance, Neural Architecture, Behaviours and Dynamics of Networks, Cognition and the Neuroscientific Basis of Consciousness",scope:"Computational neuroscience focuses on biologically realistic abstractions and models validated and solved through computational simulations to understand principles for the development, structure, physiology, and ability of the nervous system. This topic is dedicated to biologically plausible descriptions and computational models - at various abstraction levels - of neurons and neural systems. This includes, but is not limited to: single-neuron modeling, sensory processing, motor control, memory, and synaptic plasticity, attention, identification, categorization, discrimination, learning, development, axonal patterning, guidance, neural architecture, behaviors, and dynamics of networks, cognition and the neuroscientific basis of consciousness. Particularly interesting are models of various types of more compound functions and abilities, various and more general fundamental principles (e.g., regarding architecture, organization, learning, development, etc.) found at various spatial and temporal levels.",annualVolume:11419,isOpenForSubmission:!0,coverUrl:"https://cdn.intechopen.com/series_topics/covers/23.jpg",editor:{id:"14004",title:"Dr.",name:"Magnus",middleName:null,surname:"Johnsson",fullName:"Magnus Johnsson",profilePictureURL:"https://mts.intechopen.com/storage/users/14004/images/system/14004.png",institutionString:null,institution:{name:"Malmö University",institutionURL:null,country:{name:"Sweden"}}},editorTwo:null,editorThree:null,editorialBoard:[{id:"13818",title:"Dr.",name:"Asim",middleName:null,surname:"Bhatti",fullName:"Asim Bhatti",profilePictureURL:"https://mts.intechopen.com/storage/users/13818/images/system/13818.jpg",institutionString:null,institution:{name:"Deakin University",institutionURL:null,country:{name:"Australia"}}},{id:"151889",title:"Dr.",name:"Joao Luis Garcia",middleName:null,surname:"Rosa",fullName:"Joao Luis Garcia Rosa",profilePictureURL:"https://mts.intechopen.com/storage/users/151889/images/4861_n.jpg",institutionString:null,institution:{name:"University of Sao Paulo",institutionURL:null,country:{name:"Brazil"}}},{id:"103779",title:"Prof.",name:"Yalcin",middleName:null,surname:"Isler",fullName:"Yalcin Isler",profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0030O00002bRyQ8QAK/Profile_Picture_1628834958734",institutionString:null,institution:{name:"Izmir Kâtip Çelebi University",institutionURL:null,country:{name:"Turkey"}}}]},{id:"24",title:"Computer Vision",keywords:"Image Analysis, Scene Understanding, Biometrics, Deep Learning, Software Implementation, Hardware Implementation, Natural Images, Medical Images, Robotics, VR/AR",scope:"The scope of this topic is to disseminate the recent advances in the rapidly growing field of computer vision from both the theoretical and practical points of view. Novel computational algorithms for image analysis, scene understanding, biometrics, deep learning and their software or hardware implementations for natural and medical images, robotics, VR/AR, applications are some research directions relevant to this topic.",annualVolume:11420,isOpenForSubmission:!0,coverUrl:"https://cdn.intechopen.com/series_topics/covers/24.jpg",editor:{id:"294154",title:"Prof.",name:"George",middleName:null,surname:"Papakostas",fullName:"George Papakostas",profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0030O00002hYaGbQAK/Profile_Picture_1624519712088",institutionString:null,institution:{name:"International Hellenic University",institutionURL:null,country:{name:"Greece"}}},editorTwo:null,editorThree:null,editorialBoard:[{id:"1177",title:"Prof.",name:"Antonio",middleName:"J. R.",surname:"Neves",fullName:"Antonio Neves",profilePictureURL:"https://mts.intechopen.com/storage/users/1177/images/system/1177.jpg",institutionString:null,institution:{name:"University of Aveiro",institutionURL:null,country:{name:"Portugal"}}},{id:"220565",title:"Dr.",name:"Jucheng",middleName:null,surname:"Yang",fullName:"Jucheng Yang",profilePictureURL:"https://mts.intechopen.com/storage/users/220565/images/5988_n.jpg",institutionString:null,institution:{name:"Tianjin University of Technology",institutionURL:null,country:{name:"China"}}},{id:"29299",title:"Prof.",name:"Serestina",middleName:null,surname:"Viriri",fullName:"Serestina Viriri",profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0030O00002aYOalQAG/Profile_Picture_1620817405517",institutionString:null,institution:{name:"University of KwaZulu-Natal",institutionURL:null,country:{name:"South Africa"}}},{id:"315933",title:"Dr.",name:"Yalın",middleName:null,surname:"Baştanlar",fullName:"Yalın Baştanlar",profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0033Y00002qpr7hQAA/Profile_Picture_1621430127547",institutionString:null,institution:{name:"Izmir Institute of Technology",institutionURL:null,country:{name:"Turkey"}}}]},{id:"25",title:"Evolutionary Computation",keywords:"Genetic Algorithms, Genetic Programming, Evolutionary Programming, Evolution Strategies, Hybrid Algorithms, Bioinspired Metaheuristics, Ant Colony Optimization, Evolutionary Learning, Hyperparameter Optimization",scope:"Evolutionary computing is a paradigm that has grown dramatically in recent years. This group of bio-inspired metaheuristics solves multiple optimization problems by applying the metaphor of natural selection. It so far has solved problems such as resource allocation, routing, schedule planning, and engineering design. Moreover, in the field of machine learning, evolutionary computation has carved out a significant niche both in the generation of learning models and in the automatic design and optimization of hyperparameters in deep learning models. This collection aims to include quality volumes on various topics related to evolutionary algorithms and, alternatively, other metaheuristics of interest inspired by nature. For example, some of the issues of interest could be the following: Advances in evolutionary computation (Genetic algorithms, Genetic programming, Bio-inspired metaheuristics, Hybrid metaheuristics, Parallel ECs); Applications of evolutionary algorithms (Machine learning and Data Mining with EAs, Search-Based Software Engineering, Scheduling, and Planning Applications, Smart Transport Applications, Applications to Games, Image Analysis, Signal Processing and Pattern Recognition, Applications to Sustainability).",annualVolume:11421,isOpenForSubmission:!0,coverUrl:"https://cdn.intechopen.com/series_topics/covers/25.jpg",editor:{id:"136112",title:"Dr.",name:"Sebastian",middleName:null,surname:"Ventura Soto",fullName:"Sebastian Ventura Soto",profilePictureURL:"https://mts.intechopen.com/storage/users/136112/images/system/136112.png",institutionString:null,institution:{name:"University of Córdoba",institutionURL:null,country:{name:"Spain"}}},editorTwo:null,editorThree:null,editorialBoard:[{id:"111683",title:"Prof.",name:"Elmer",middleName:"P.",surname:"Dadios",fullName:"Elmer Dadios",profilePictureURL:"https://mts.intechopen.com/storage/users/111683/images/system/111683.jpg",institutionString:"De La Salle University",institution:{name:"De La Salle University",institutionURL:null,country:{name:"Philippines"}}},{id:"106873",title:"Prof.",name:"Hongwei",middleName:null,surname:"Ge",fullName:"Hongwei Ge",profilePictureURL:"//cdnintech.com/web/frontend/www/assets/author.svg",institutionString:null,institution:{name:"Dalian University of Technology",institutionURL:null,country:{name:"China"}}},{id:"171056",title:"Dr.",name:"Sotirios",middleName:null,surname:"Goudos",fullName:"Sotirios Goudos",profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0030O00002bS9IuQAK/Profile_Picture_1622623673666",institutionString:null,institution:{name:"Aristotle University of Thessaloniki",institutionURL:null,country:{name:"Greece"}}},{id:"15895",title:"Assistant Prof.",name:"Takashi",middleName:null,surname:"Kuremoto",fullName:"Takashi Kuremoto",profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0030O00002aYLrqQAG/Profile_Picture_1625656196038",institutionString:null,institution:{name:"Nippon Institute of Technology",institutionURL:null,country:{name:"Japan"}}},{id:"125844",title:"Prof.",name:"Wellington",middleName:"Pinheiro Dos",surname:"Santos",fullName:"Wellington Santos",profilePictureURL:"https://mts.intechopen.com/storage/users/125844/images/4878_n.jpg",institutionString:null,institution:{name:"Federal University of Pernambuco",institutionURL:null,country:{name:"Brazil"}}}]},{id:"26",title:"Machine Learning and Data Mining",keywords:"Intelligent Systems, Machine Learning, Data Science, Data Mining, Artificial Intelligence",scope:"The scope of machine learning and data mining is immense and is growing every day. It has become a massive part of our daily lives, making predictions based on experience, making this a fascinating area that solves problems that otherwise would not be possible or easy to solve. This topic aims to encompass algorithms that learn from experience (supervised and unsupervised), improve their performance over time and enable machines to make data-driven decisions. It is not limited to any particular applications, but contributions are encouraged from all disciplines.",annualVolume:11422,isOpenForSubmission:!0,coverUrl:"https://cdn.intechopen.com/series_topics/covers/26.jpg",editor:{id:"24555",title:"Dr.",name:"Marco Antonio",middleName:null,surname:"Aceves Fernandez",fullName:"Marco Antonio Aceves Fernandez",profilePictureURL:"https://mts.intechopen.com/storage/users/24555/images/system/24555.jpg",institutionString:null,institution:{name:"Autonomous University of Queretaro",institutionURL:null,country:{name:"Mexico"}}},editorTwo:null,editorThree:null,editorialBoard:[{id:"43680",title:"Prof.",name:"Ciza",middleName:null,surname:"Thomas",fullName:"Ciza Thomas",profilePictureURL:"https://mts.intechopen.com/storage/users/43680/images/system/43680.jpeg",institutionString:null,institution:{name:"Government of Kerala",institutionURL:null,country:{name:"India"}}},{id:"16614",title:"Prof.",name:"Juan Ignacio",middleName:null,surname:"Guerrero Alonso",fullName:"Juan Ignacio Guerrero Alonso",profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0030O00002g6HB8QAM/Profile_Picture_1627901127555",institutionString:null,institution:{name:"University of Seville",institutionURL:null,country:{name:"Spain"}}},{id:"3095",title:"Prof.",name:"Kenji",middleName:null,surname:"Suzuki",fullName:"Kenji Suzuki",profilePictureURL:"https://mts.intechopen.com/storage/users/3095/images/1592_n.jpg",institutionString:null,institution:{name:"University of Chicago",institutionURL:null,country:{name:"United States of America"}}},{id:"214067",title:"Dr.",name:"W. David",middleName:null,surname:"Pan",fullName:"W. David Pan",profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0030O00002bSEI9QAO/Profile_Picture_1623656213532",institutionString:null,institution:{name:"University of Alabama in Huntsville",institutionURL:null,country:{name:"United States of America"}}},{id:"72920",title:"Prof.",name:"Yves",middleName:"Philippe",surname:"Rybarczyk",fullName:"Yves Rybarczyk",profilePictureURL:"https://mts.intechopen.com/storage/users/72920/images/system/72920.jpeg",institutionString:"Dalarna University, Faculty of Data and Information Sciences",institution:{name:"Dalarna University",institutionURL:null,country:{name:"Sweden"}}}]},{id:"27",title:"Multi-Agent Systems",keywords:"Collaborative Intelligence, Learning, Distributed Control System, Swarm Robotics, Decision Science, Software Engineering",scope:"Multi-agent systems are recognised as a state of the art field in Artificial Intelligence studies, which is popular due to the usefulness in facilitation capabilities to handle real-world problem-solving in a distributed fashion. The area covers many techniques that offer solutions to emerging problems in robotics and enterprise-level software systems. Collaborative intelligence is highly and effectively achieved with multi-agent systems. Areas of application include swarms of robots, flocks of UAVs, collaborative software management. Given the level of technological enhancements, the popularity of machine learning in use has opened a new chapter in multi-agent studies alongside the practical challenges and long-lasting collaboration issues in the field. It has increased the urgency and the need for further studies in this field. We welcome chapters presenting research on the many applications of multi-agent studies including, but not limited to, the following key areas: machine learning for multi-agent systems; modeling swarms robots and flocks of UAVs with multi-agent systems; decision science and multi-agent systems; software engineering for and with multi-agent systems; tools and technologies of multi-agent systems.",annualVolume:11423,isOpenForSubmission:!0,coverUrl:"https://cdn.intechopen.com/series_topics/covers/27.jpg",editor:{id:"148497",title:"Dr.",name:"Mehmet",middleName:"Emin",surname:"Aydin",fullName:"Mehmet Aydin",profilePictureURL:"https://mts.intechopen.com/storage/users/148497/images/system/148497.jpg",institutionString:null,institution:{name:"University of the West of England",institutionURL:null,country:{name:"United Kingdom"}}},editorTwo:null,editorThree:null,editorialBoard:[{id:"275140",title:"Dr.",name:"Dinh Hoa",middleName:null,surname:"Nguyen",fullName:"Dinh Hoa Nguyen",profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0030O00002bRbnKQAS/Profile_Picture_1622204093453",institutionString:null,institution:{name:"Kyushu University",institutionURL:null,country:{name:"Japan"}}},{id:"20259",title:"Dr.",name:"Hongbin",middleName:null,surname:"Ma",fullName:"Hongbin Ma",profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0030O00002bRhDJQA0/Profile_Picture_2022-05-02T08:25:21.jpg",institutionString:null,institution:{name:"Beijing Institute of Technology",institutionURL:null,country:{name:"China"}}},{id:"28640",title:"Prof.",name:"Yasushi",middleName:null,surname:"Kambayashi",fullName:"Yasushi Kambayashi",profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0030O00002aYOQxQAO/Profile_Picture_1625660525470",institutionString:null,institution:{name:"Nippon Institute of Technology",institutionURL:null,country:{name:"Japan"}}}]}]}},libraryRecommendation:{success:null,errors:{},institutions:[]},route:{name:"chapter.detail",path:"/chapters/28216",hash:"",query:{},params:{id:"28216"},fullPath:"/chapters/28216",meta:{},from:{name:null,path:"/",hash:"",query:{},params:{},fullPath:"/",meta:{}}}},function(){var e;(e=document.currentScript||document.scripts[document.scripts.length-1]).parentNode.removeChild(e)}()