Professional Documents
Culture Documents
11/09/18
Goal :
- King will research about could cryptocurrency replace cash in the future
The article said it’s possible for replacement of cryptocurrency to the cash but it isn’t
that easy due to their decentralized and unregulated status
Cryptocurrencies could better support the concept of a “universal basic income” than
fiat currencies ( money that made by orders of the government such as paper money and
coins ).
Nowadays cryptocurrencies could help to get rid of intermediaries in transactions
which could cut costs for some businesses.
There are some possible concerns if cryptocurrencies can replace cash in the future,
traditional currencies will lose value, it takes time for the world to adapt, not quickly as cash,
some financial institutions would change their in someway, and this can affect on
Government financial control, the governments could no longer take a control as the
cryptocurrencies replace cash that they used to control or orders. Moreover, the coins would
be dependent upon independent mining operations.
Some investors think that the cryptocurrencies could be overblown in the future but
as it changing all the time so the prediction is hard though.
Reflection:
I achieved my goal for today and for next class I will find about how is the price of
cryptocurrencies defined.
11/09/18
https://lifehacker.com/how-to-buy-cryptocurrency-1821935329
Goal :
- Mega will research about “ Where can we purchase cryptocurrency” ?
You can buy a cryptocurrency from the coinbase. Coinbase is that application for buying
cryptocurrency. This coinbase is the easier way to for people who want to buy bitcoin, Cash
ether, Litecoin. The popular digital exchange is easy to use and alway keep it online. From
this app you can connect the debit or credit card to the app and start buying and selling. The
chart will show how the bitcoin rise and fall. You can see the real price of cryptocurrency that
you want to buy by put the amout of cryptocurrency that you buy and it will show how much
the us dollar you need to spend. Each type of cryptocurrency do not have the same price.
Buy a cryptocurrency with Kraken. Kraken application is a little more complicated
than the base coin
Journal What is the definition of Cryptocurrency and how does it works?
15/05/18
https://www.lifewire.com/cryptocoin-mining-for-beginners-2483064
Goal: Mega will research about how to cryptocurrency mining.
Reflection: I achieve my goal for today and I think to research about type of cryptocurrency
in next classes
15/05/18
https://learn.tradimo.com/cryptocurrencies/crypto-value
Goal: King will research about how is the price of cryptocurrencies defined ?
Journal What is the definition of Cryptocurrency and how does it works?
The value of cryptocurrencies can change all the time and it change very fast. As we
know long-term value of digital currencies will determined many factors such as true mass
adoption the real value, and government and central bank also affect on the value in which
critical factor.
All of these combined factors make it difficult to predict the price of cryptocurrencies.
However, It very interesting for traders and investors in the market everyday.
Reflection: For this topic, It confusing me and it’s hard to understand though.
18/05/18
Goal : King will research on “How will banking and credit work in cryptocurrency economy?”
https://cyber.capital/2017/10/18/how-will-banking-and-credit-work-a-cryptocurrency-economy
/
Firstly we’ve to know the three functions of the banks that have provided since the
ancient world which are “warehousing”, it’s for providing safe storage for money itself
because people need a safe place to store their money.
Second, “loan function”, this is the origin of fractional-reserve banking. The more
credible the warehousing function becomes, the more the bank is in the position of its
credit-granting functions. The bank can’t pay all depositors on demand but it based on how
relies on financial and rate of return for depositors who entrust the bank to the responsibility
of maintaining its balance sheet.
Third, “clearing system”, as we know there is always some risk of the counterparty in
such transactions. The bank and the depositor must trust each other to tell the truth and
make a good promise. In the period between the transaction and the clearing, money
becomes a credit issued and accepted based on trust.
Reflection: This topic is quite complicated for me because of many details and vocabulary
that I couldn’t define by myself but I’d understand some information of its at the end.
Bitcoins
Bitcoins is the digital money that is not real like the dollars money but it is in digital. Bitcoins
also decentralized, meaning it doesn’t rely on a bank or third party to handle it, this make
bitcoins different. Because you don’t need third party, you do not need to identified yourself
which you can make payment without revealing who you are.
21/05/18
Blockchains are run by lots of different people and companies and they run by using
computer power. They run special software on a computer that process transactions on the
blockchain.The computers that used to run the software are called ‘nodes’.
Running this software uses a lot of electricity. The nodes are rewarded for verifying
transactions with new Bitcoin. This is how new Bitcoins are created.
When a new block of transactions is sent to the blockchain, the miners/nodes will verify the
block using an algorithm called PoW (Proof of Work). In PoW, the first miner to verify the
block is rewarded with new coins.
Bitcoins
Journal What is the definition of Cryptocurrency and how does it works?
- Bitcoins is the digital money that do not need the third party to make transaction and
do not need to identifield yourself.
Transaction
- When sending bitcoins the transaction is verifly and safe in blockchain. It encrypted
for every on but only for owner can encrypted by their private key.
Blockchain
- Blockchain is run by lots of people and companies. By using computer power that
have special software, called nodes, can do the transaction and mining bitcoins.
Reward
- Bitcoins are created by nodes that are rewarded for verifying transactions with new
Bitcoin.
Reflection: For today, I found how does bitcoin work which I will research about altcoins in
the next period.
https://www.techopedia.com/definition/27531/cryptocurrency
Reflection: I have achieved my goal for today because this topic is easy to do the research.
22/5/18
Goal: Mega will research about the effects of cryptocurrency to the economy.
https://gadgtecs.com/2018/03/06/impact-cryptocurrency-economy/
- Challenging the dollars standard:
The effect of the cryptocurrency to US dollars is decentralized the financial transaction.
Because US dollars is the major currencies of the world. If the US dollars changing, then it
will affect many countries too.
Journal What is the definition of Cryptocurrency and how does it works?
- Better acceptance:
Many industry, Investor and online shopper that using cryptocurrency are increasing over 1
million wallets since 2016. It also have online casino which using cryptocurrency. This made
cryptocurrency is more general for our life.
Reflection: I found what I need to research and in next class i will plan for what do I need to
do for the product.
https://coinpupil.com/altcoins/advantages-disadvantages-of-cryptocurrency/
Goal: King will do the research about “advantages and disadvantages of cryptocurrency”
Advantages of cryptocurrencies, it isn’t only good in a business way but the buyer
themselves. There are many advantages and here are some examples:
1. Easy access - cryptocurrencies are available to the general public which means
almost everyone in society can use it.
Journal What is the definition of Cryptocurrency and how does it works?
2. Quick and easy payments- making payment is very easy. We can make the payment
in a few seconds, we don’t need to fill many details. We just need the address of the
wallet of the person or enterprise whom you want to make a payment.
3. Private- We don’t need to share our details of the transaction and information isn’t
required to share with the government and the bank.
4. Highly secured - all of the transaction will be secure as it is using NSA created
cryptography.
5. No third party - We can use money as we wish because the bank doesn't exist in our
transaction or payment.
There are many disadvantages also and here are some examples:
1. Difficult to understand - cryptocurrencies are new and come with the learning curve.
People may lose money because they don’t understand clearly what are they trying
to do.
2. Lack of knowledge - The technology is very complex. People aren’t aware of how to
use cryptocurrencies and hence open themselves to the hacker.
3. Can lose your wallet - It is possible to lose your wallet. If you forget your password or
lose your devices then you lose your wallet.
4. No way to reverse the payment - you can’t get a refund of the amount that you paid
to someone.
5. Uncertainty and Volatility - Cryptocurrencies are very volatile which means many
corporations don’t want to make any deal because of the swings in volatility
Reflection: For today, I accomplished my goal. I got all of the information that I want which is
a good point.
25/05/18
Goal: King and Mega will plan what we going to do for the product.
https://blockgeeks.com/guides/what-is-cryptocurrency/
When Cryptocurrency was invented ?
● Late 2008
https://lifehacker.com/how-to-buy-cryptocurrency-1821935329
https://www.telegraph.co.uk/technology/0/cryptocurrency/