Individual report
Introduction
The bitcoin is great invention of modern world which has created a huge impact on the lives of people. The bitcoin has converted the entire world into a global village in very short span of time which is in itself is a great deal. Bitcoin the money gets transferred directly without going through a bank or other clearing house. Bitcoins are like or a stock in that a Bitcoin has a price per coin . Apart from this we can search of almost everything and also stay up to date with the current happenings. Content of site Owing to the fact that it is a new currency there are not many places where a person can make use of Bitcoins for payment. None of the major online retailers currently accepts Bitcoin as a form of payment. It also does not have a physical form and so cannot be used in physical stores. Bitcoin payments are irreversible because there is no central authority or processing agency that can effect a reversal. This includes knowing how to create a wallet, keeping the wallet secure, keeping the identity of the owner of the wallet private and secure, using different addresses for different transactions, and so on .
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There is no denying the fact that in this contemporary world the use of bitcoin has increased tremendously that no one has ever think about it. Every individual is relying hugely on bitcoin modern world we can send any amount of money to anyone, anywhere in the world. These are getting so popular among people. It is pretty hard know to think the modern life of people without bitcoin. When it comes to the ability of bitcoin all types of work can be done with so much of ease. Bitcoin provides us digital...
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...n. All installments on the planet could be effectively done. Bitcoin permits any bank, business or a solitary to safely send and accept installments anyplace at whenever, with or without a ledger. Bitcoin isavilable utilized within substantial number of nations. Bitcoin increments worldwide access to bussiness and it can help global exchanges .No one can take Bitcoins unless they have physical access to a client's workstation, and they send the bitcoins to their record. Dissimilar to cash frameworks, where just a couple of validation subtle elements are obliged to get access to funds, this framework obliges physical access, which makes it harder to take . Also it is still the beginning we must be confident that in approaching few years we will see essentially more advancement to bitcoins which will make our life more less demanding.
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Harnarinder singh
The topic that I’m going to write about in this paper will be on the electronic currency released in 2009 known as Bitcoins. Bitcoins is a type of currency that entails computer software to be used with one person exchanging with another person for a different kind of trading option such as the US dollar, products or services. There is a fourth reason why Bitcoins can be exchanged which is done when a person is mining, that occurs when a participant acts as a mediator for transactions whereas mediator approves and documents. Bitcoins is one of the largest and first electronic currencies ever created by any developer including the makers Satoshi Nakamoto. Bitcoins doesn’t meet the characteristic guidelines to be considered an actual type of currency, though the US Treasury recognizes it as a type of decentralized currency in that no person or organization including governments oversees the transaction of Bitcoins.
“The Economist Explains, How Does Bitcoin Work?” The Economist (2013): n. pag. Web. 08 Apr. 2014.
Further, there exist other elements that characterized Bitcoin and crypto currency. These are; there is lack of regulatory management and oversight. This mean that the currency has got what is known as anonymity which results from shortage of oversight. In this case, it means that once the currency is in the market, government and legal roles fail thus putting the crypto currency out of the currency market. The crypto currency litter the black market due to lack of this regulatory.
Bitcoin is a digital currency, similar to cash due to the fact it is instant, however, is not managed or controlled by a central government or organization. Instead, the network is run on thousands of independent user’s computers. None of these computers have more control over the network than any other computer. The network that Bitcoin was founded upon is based on 40 years of research in cryptography and over 20 years of research in cryptocurrencies by thousands of researchers around the world. Bitcoin answered what was thought to be an unsolvable math problem known as the Byzantine Generals Problem.
But Bitcoin (capitalized as a concept, lowercased when referring to units of the currency, according to American Banker) is another animal entirely. It is the first and most famous of a large and growing family of so-called “cryptocurrencies.” Others include Litecoin, Feathercoin, Songcoin (“designed for The Music Industry”), Auroracoin (Iceland only) and Dogecoin (“the fun cryptocurrency”)—but Bitcoin is by far the largest. Its origin is traced to a 2008 paper written by the pseudonymous Satoshi Nakamoto. Newsweek recently claimed to have located the real one, but he promptly denied it, so the whole thing remains quite mysterious.
E-commerce, a system by which people can buy, sell and deal without even seeing the person on the other side, has taken a front seat in improving the economy of countries around the world. Technology today has made it possible for monetary institutions to help locate the customers resources and help solve their problems at any given time through online banking.... ... middle of paper ... ...
According to Zakary M. Seward (2013), “Virtual currencies have been viewed as a form electronic money or area of payment system technology that has been evolving over the last past 20 years” (Seward, 2013). Virtual currency such as Bitcoin are not issues by central bank; instead they are created or mined by a group of anonymous programmers under the name Satoshi Nakamoto (Barry, 2014). Bitcoin can be sent and received through the internet, similar to sending cash digitally. The currency is exchange through the decentralized Bitcoin network, without going through an external financial institution or government. Virtual currency is a big problem. People from all over the word can exchange virtual currencies for traditional currencies through the online services. Many clients exchange goods and services by using virtual currency such Bitcoin. If people buy bitcoins, they don’t physically purchase goods by handing notes or tokens to the seller. They are used for electronic purchases and transfers. A lot of big companies use the form of virtual currency. For example, Apple provides iTunes users the option of buying prepaid iTunes gift cards that contains credits that can be redeemed for music and movies. You...
To some, this prospect may seem daunting. However, given the major advantages of electronic money over outmoded paper counterpart, society as a whole should embrace the upcoming era of digital money. Digital money is undeniably convenient; anyone who has used a credit or debit card understands this. However, the era of digital money is only beginning; rapid technological advances will continue to make paper money a remnant of the past. Several innovations are already lessening the burden in your wallet.
Bitcoin can be gained in exchange for products, services or other currencies. Any transaction using bitcoins transfers ownership from one digital wallet address to another one using bitcoin mining.
The use of credit and debit cards today are taking a tour in the sense that electronic cash is becoming more admissible as the world makes a switch towar...
Firstly, an insight into crypto-currencies, what they are and how they can benefit the worlds economy. A crypto-currency is ‘digital medium of exchange’(RhettandLink) - managed through extensive encryption techniques known as cryptography. Comparable with fiat money, no group or individual can stunt, increase or abuse the production of crypto-currencies. No economic systems can regulate the production or value of the currency, the system that crypto-currencies are based upon was created by Satoshi Nakamoto - purposely creating Bitcoin which the practise of fractional reserve banking would be virtually impossible. Bitcoin is currently the most successful crypto-currency to date - created in 2009, this anonymous decentralized digital currency has been the target of several raids and hacking sprees; the media are contemplating the significance of Bitcoin in our current worlds economy. Whether it has potential of overruling fiat-currencies or if it’s just a puerile project created by the aberrant Satoshi Nakamoto.
Electronic Commerce as popularly as E-commerce has become a big deal in our growing economy due to the increase use of online systems. E-commerce now of the fastest growing business in the world. The technology has change the way of business. Business that have physical location have now made it an effort to focus their online business. It is the new sort of business platform where you can make use of different technologies like electronic data interchange or transfer document electronically. Online business is an effective of sales.
A cashless society will further improve the globalisation that characterise our present time. The computerised systems can be used to decrease the quantity of paper trail therefore substituting paper cash with cashless credits or electronic money transfers. However, in a cashless economy, this will change with certain crimes almost eradicated. It will also be faster to generate electronic payments than cash as Near Field Communications (NFC) chips make their way into more payments cards and mobile handsets as well providing protection not applicable to purchases made using cash. This technology is simple with low power wireless link evolved from radio-frequency identification (RFID) tech that can transfer small amounts of data between two devices identifying us and our bank account to a computer. Another benefit of drawing nearer to a cashless society is that other companies are providing pioneering cash-free solutions to the payment related problems we come across. For example, WisePay, a provider of e-payments services, is deploying technologies that ensure parents no longer have to worry about sending their children to school with cash to pay for meals, excursions and other fees that will eliminate the likelihood of being caught short for cash or children misplacing money. The Government also has valuable explanations why they may deem to turn away from cash. Due the main factor of printing and distributing cash, not to mention ensuring the economy is free from forgeries which are all costly endeavours estimating that the cost to society of using cash is between 0.5 and 1.5% of GDP annually. In addition, there are many technological innovations that propose there is a real enthusiasm for an alternative to cash with the upsurge...
The biggest and easiest seen change that computers have had on today’s society can be seen in the workplace. Before computers became an office tool and were made available to the average employee, paperwork and sharing information in an office setting was done by many different individuals constantly filing and looking up figures. Now a computer can store large amounts of information that is readily available to virtually anyone with the click of a mouse button. One person can complete a job that in a time before computers would take many. Computers have made file cabinets and libraries almost obsolete. Businesses can share information nation or even world wide in a matter of seconds. For example, a word document file can be sent from an office in New York to an office in Los Angeles in under a minute, in the past this same information would have taken a week to be sent through the mail. Computers have changed the way that factories are run too. On an assembly line, before computers every job, no matter how easy or difficult, had to be done by an employee. Now, however, computers run machines and do most of these tasks.
Does the sharing economy do any good? Currently there is a lot of ways people can get involved in utilizing their property in different ways one of them is sharing economy. This life style lets people share resources, services and properties with others and get incentives, instead of money or exchange. In the previous, people do not have enough option to share their properties. Since the evolvement of sharing economy, which mainly relies on technology a traditional way of business has been suffering. This collaborative economy is not only playing a role in economy as a means of income, but also helped people around the world to socialize and protect