Each day institutions, organizations, and people rely on centralized trusted third parties such as banks, credit cards, and PayPal to process billions of transactions to exchange value (i.e. purchase, trade). These third party institutions require the faith and trust of their users; however, it comes with a high price in time and money and continued violations of the trust; with persistent security breaches and assaults on privacy of their clients. This paper was motivated by the desire to discuss the Blockchain’s potential to address issues of privacy, confidentiality, integrity, availability and inclusion that is desired when there is an exchange of value between entities. The Blockchain is a protocol that offers a secure way the parties
Jacobs, Edwin. "Bitcoin : A Bit Too Far?." Journal Of Internet Banking & Commerce 16.2
"The Good, The Bad And The Ugly Of Bitcoin Security." Hongkiatcom RSS. N.p., n.d. Web. 22 Apr. 2014.
Goodale, Gloria. "Rise of Bitcoin: Is the digital currency a solution or a menace? (+video)." The Christian Science Monitor. The Christian Science Monitor, 23 Nov. 2013. Web. 25 Nov. 2013. .
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.
As technology continues to develop at a rapid pace, many aspects of our lives are being transferred to the digital world. The internet has changed the lives of many, giving them a new way to communicate, learn, shop, and more recently, make online transactions without physical cash, checks or credit cards. In 2009, the world of digital currency was altered forever when Satoshi Nakamoto introduced bitcoin, a crypto-currency. It has shown an immense growth in popularity within just six years, offering consumers less fees, more safety, and no physical currency to keep track of.
Identity theft is a term used for describing criminal that uses individual’s identity without consent. A common crime of identity theft would be identity fraud. Many of the crimes are regularly connected with money-related issues (Reyns, 2013). With technology being commonly used nowadays we are getting more dependent on it for business, financial, medical, and other forms. As a result this became a target for identity thieves as well. The Internet provides us information and accessibility, but information being stored on the Internet eas...
Electronic progress has been miraculous, even exciting, but with it problems evolve. One of the greatest is the threat to people's personal privacy. The Automatic Teller Machine (ATM) was developed in the 1980's to give people an easier way to de posit and withdraw cash that they had in the bank. Everyone who has an account is assigned a secret PIN number, but someone in the bank has access to clients' financial records in the electronic database. Another type of new technology is the ele ctronic tolls used on the nation's highways. Drivers can pay tolls...
Bitcoin is a form of digital currency that is similar to physical cash stored in a digital form. It is the first fully implemented cryptocurrency protocol utilizing an open source peer-to-peer payment system. As a transfer protocol, it fundamentally functions as a money transfer medium that sends bitcoins from user to user without the need of a third-party intermediary and the system is protected by peer-reviewed cryptographic algorithms. This cryptographic digital currency simultaneously provides users a method to exchange money for free or a nominal fee, which is mutually beneficial for retailers and consumers. The main concern is that it can be used for illegal activities such as the purchase of drugs, weapons and other illegal goods. Albeit true, the concern also exists with all other forms of regulated currency, such as cash and wire transfers. Anonymity is one of the greatest Bitcoin perks, however, nothing is as untraceable as cash. It is the solution to the leading economic and security issues that have left everyone vulnerable, particularly in the wake after the Target security breach in which hackers stole unencrypted credit card and debit card data for 40 million customers’ as well as their pins over the span of two weeks before it was detected. In addition, these hackers were also able to obtain the names, addresses, phone numbers, and email addresses of 70 million customers (Andreesen 6). If Bitcoin were to be used as the standard form of payment, the transaction data does not identify the purchaser’s identity and all information is encrypted. It is the most secure payment method and is a more secure future. Bitcoin is a technologically innovative soluti...
The Bitcoin is a change for the global economy because it has the “…ability to move large sums of money across borders instantly, cheaply and potentially anonymously” (Foley, Noble, Chilkoti, and Jones, 2014). Although some countries have established strict enforcements on the Bitcoin, other count...
Bitcoin has been compared to the internet of the early 90’s by many people in that it has the potential to become a huge global peer to peer payment system allowing people to exchange currency value over the internet without a 3rd party bank. Much like the internet in its infancy was the basis for global commerce, Bitcoin has the potential to become a huge global payment network that operates outside of banks and government control.
The documentary Banking on Bitcoin from director Chris Cannucciari was a documentary released in 2016. Throughout this documentary Cannucciari asserts that the cryptocurrency Bitcoin is the future. Using Bitcoin experts and enthusiasts, this documentary is working to persuade people that Bitcoins peer to peer non-centralized system is the future and should be used over traditional banking methods. The targeted audience for this documentary is businesses, government officials, and anyone interested in the Bitcoin technology. The tone of this documentary is ardent while also informative.
Among end users of Bitcoin, there are problems that slows its adoption are that of usability and security. Another issue facing Bitcoin users is confidence, both among exchanges and transactions. Current Bitcoin exchanges are plagued with ponzzy schemes and compliance problems, making users wary of changing their money into Bitcoins. Due to an inefficient market, the price of the Bitcoin’ large price swings further eroding confidence in Bitcoin.
...s changed drastically as our society becomes increasingly reliant on technology. Most of our money isn’t tangible – it’s stored in a database somewhere signifying debit or credit. Cryptocurrencies like Bitcoin take that idea a step further, and remove the middleman. Without the middleman, transactions are more secure, and no one takes a cut of your transaction. Regardless of the future of Bitcoin, cryptocurrencies seem like they are here to stay. However, for new cryptocurrencies to emerge and existing ones to remain popular, it is clear that they need to be mathematically complex to subvert fraud and hacking. They must be easy for consumers to understand, but also advanced enough to remain decentralized and preserve anonymity. These concepts are what have helped Bitcoin become so popular, and are tantamount in maintaining trust from both merchants and consumers.
The natural progression of the Internet and emerging technologies is towards streamlining our lives both personally and professionally. Instantaneous communications and available on-line services continue to reduce the physical distance between individuals. Almost anything is now available in cyberspace from shopping, schooling and education, on-line trading, banking, to social and political on-line communities. On-line service providers are shifting from a product centric approach to a more personal and customized approach to marketing their products and services. The idea of one-to-one marketing is very powerful and has become an important tool for competing in the interactive age. One-to-one marketing takes a customer-orientated approach to selling; customers are treated as individuals with different interests and needs. We respond positively to individual attention; when we visit a web site we want to see products and services of interest to us not every available product. We do not want to waste our time. For many people, time is money and the convenience factor ways heavily on the decision to return to a web site.
The privacy of the individual is the most important right. Without privacy, the democratic system that we know would not exist. Privacy is one of the fundamental values on which our country was founded. There are exceptions to privacy rights that are created by the need for defense and security.