Nt1310 Unit 1 Term Paper

At the moment, the biggest opportunity for Blockchain lies within the financial services industry. Don Tapscott believes it will eventually revolutionize the way we spend money, but that is only the beginning. Blockchains have the potential to disrupt

The logical conclusion of technological innovations is the digital age we are experiencing today. The rapid developments in the field of information systems and telecommunications have led to the prevalence of the Internet. The development and upgrading of commercial activity is influenced by the internet, which is now an integral part of the communication activity of businesses and individual users.

“Skeptics can’t cool blistering Bitcoin” (DATE), written by Nathaniel Popper of the New York Times develops an article giving many detail on the state of which bitcoin is at and how skeptics can’t burn out the prices bitcoins are reaching.

We hear a lot of chatter about Blockchain changing the world and disrupting all sorts of financial institutions. While that's cool and all, we need some details. How will this technology turn society on its head? Thankfully, some of the top minds in the world are on the case. Here's what they have to say about it.

Mixed methodology is the theoretical framework research for this thesis, which includes critical qualitative research and deductive research methodologies. Critical research starts with concepts judged the most relevant to the situation such as the value and impact of blockchain technology on society. Since beginning with ideas and premises about the blockchain, such as it will dramatically improve the accessibility to trade for many; deductive research would be appropriate in order to validate and show support this and other beliefs with practical evidence. In addition, a review of interviews will collect additional empirical data that support the theoretical base of our hypotheses.

Without a bank to manage the supply of this crypto currency, the price is unregulated and proves to be extremely volatile. This price fluctuation is one quality that is holding the legitimacy of Bitcoin back because it needs a consistent value for practical use in the monetary world. As speculative investors buy and sell Bitcoin, the price varies at extreme rates. But in support of Bitcoin’s long-term future, the price has shown a steady uptrend in the past year, peaking at around $1200 (See Apendix I). Eventually, a steady value will be reached to establish the actual price of Bitcoin.

In December 2013, after a series of governments’ legislation was passed, the price of Bitcoin crashed. While many hoped for a revival, the prices continued to plummet until they reached low of $200. In one short year, the price had fallen to one-sixth of its previous high (“Complete Bitcoin’s Price Chart”). This fall proved what many thought; Bitcoin was a hoax.

Most broadly, the blockchain is a growing element of the ‘cyberspace’, which has already been referred to as a form of heterotopia. This framework poses a threat to dominant markets and financial services in its ability to drain them of their hegemonic power. This new world is structured in a way that’s completely incongruous to the hegemonic structures society propagates. The horror of a free floating, digital economy based around a decentralized currency that uses encrypted transactions, and an anonymous, public ledger of said transactions outside the politics of forceful government banking - borders and boundaries would dissolve.

Even though a lot of our systems are digital there is still numerous bureaucratic red tape that we must go through. Another problem is that all of our financial systems are centralized which in turn makes us vulnerable to system failures and cyber attacks. Enter the Blockchain this digital ledger can record anything of value whether it be money, stocks, bonds, contracts any other kind of asset can be stored digitally securely and privately and peer to peer which means it can't be hacked since the information isn't stored in one central location. The blockchain is set to change my life because soon the days of the banker being able to control our finances. Now using the Blockchain we no longer need to go through a middleman to conduct our business transactions we no longer need the banks or even the government to verify identities and conduct record keeping. As a result many of the large banks are also beginning to invest in this technology in order to streamline their business and to cut costs and increase security which in turn is allowing the consumer to save on banking and insurance fees. The block chain is set to change my life because now I will be able to conduct my transactions securely and privately and be able to conduct my transactions through peer to peer

From a user’s point of view, digital payment is no more than a mobile application or program that enables them to send or receive a certain amount of money in the Bitcoin currency. However, behind this façade lies an intricate network that shares a massive record of transactions called the blockchain.

Bitcoin is an amazing currency that can be unpredictable in movement. It can skyrocket in value and also go down in value depending on the movement of the market and it has the capacity to solve many of the negative issues our legal currencies are suffering from.

The history of Bitcoins is a very interesting one with its dramatic and unexpected rise. In recent years it has attracted the attention of many entities to include the media, law enforcement, investors, and even criminals. The book, Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money looks into these stories of the individuals who sought to create a new global currency. Journalist Nathaniel Popper compiles the stories behind the rise of bitcoins into a timeline. By telling these stories it provides a more in depth look into the various motives and intentions of those who supported bitcoin. Bitcoin attention has been mainly due to two of the most significant benefits, the extreme amounts of

In a world where information is at your fingertips, privacy and security are the new luxury. The question then is posed as: How do we deal with the issue of trust and find a solution that will make us feel safe online? The Blockchain could be your solution. What is the Blockchain? The Blockchain is said to be a product of the new digital currency movement however others will argue that cryptocurrencies are a direct result from the blockchain design. Let’s explore further and then you can determine which came first.

Nowadays, the Internet has implemented great impacts on people’s life, and it also has changed the business world significantly. In order for companies to cope up with the changing customer demands, they must adopt new technologies not only to support their business functions but also to reduce paper works, reduce costs, and provide better services. Bitcoin is a currency of the Internet, distributed, worldwide, decentralized digital money that be developed as a new payment method. In Australia, the regulator has defined Bitcoin as property instead of currency for accounting purposes (King, 2015 February). Although Bitcoins are not materially existed, it can be exchanged for goods and services at places that accept it, the same way you would give someone a dollar for a cookie.

A few months later in January of 2009 the bit coin network came into existence and later in October of 2009 an exchange rate was established. Between 2009 and 2011 Bitcoin gained momentum. The media covered stories and soon enough online merchants began to accept bitcoin as currency. In October of 2012 The European Central Bank says bitcoin is a “characteristic of the Ponzi Scheme (Risky Business)”.