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    Journal 1

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    Journal 1

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    api-581044291
    78 views2 pages

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    journal 1

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    Copyright:

    © All Rights Reserved
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    78 views2 pages

    Journal 1

    Uploaded by

    api-581044291

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    Strive for

    Progress,
    Not Perfection
    Siddhant's Journal Entry on
    cryptocurrency research

    Most of the interest in Bitcoin is associated with the age of


    information, a new economy in which the Internet strives to disrupt
    the way we interpret the world and behave in it. By the same token,
    Bitcoin's collection of technological properties can dramatically
    change our economy as well. Furthermore, it is important to
    underline that given that the conceptual foundation of digital
    currencies is attributed to Information Technology, a lagged interest
    was given to the research about the definition and scope from an
    economical point of view. On this matter, recently many authors
    have been studying the impact Bitcoin can exert on financial markets
    and fiat money. As Franco (2014)
    argues, whether the value of Bitcoin has a future within our economy
    or not relies on the forces driven by its application. Bitcoin as well as
    alternative coins (Altcoins) has been
    vastly criticized due to its declared rejection of a centralized financial
    system, deriving to the inability of countries' central authorities to
    exert control over situations such as levy cash
    movements, money laundry and fighting illegal activities, among
    other issues.
    Though it doesn't have any intrinsic value or physical form,
    Cryptocurrency offers a secure means of money, as it is digitally
    secured using cryptographic sequences and techniques. In other
    words, Cryptocurrency is safe, secure, fast and global. As much as we
    may think of Cryptocurrency as 'the ideal currency', it does have its
    drawbacks, major one being its regulation and stability.
    Bitcoins can be formed in only one way- by solving a cytological
    problem in the Cryptographic Bitcoin network. The one who solves
    the cytological problem the fastest is rewarded with newly formed
    Bitcoins.

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