...Bitcoin: Safe For All Users? Abstract Bitcoin is a decentralized digital currency that has been rising in popularity since 2009. It was created by a programmer with the pseudonym Satoshi Nakamoto. It is a peer-to-peer currency that allows individuals to transact without the involvement of an institution, in most cases the central bank. It uses cryptography to verify transactions and also governs the production of the currency itself. The users are kept anonymous as there is no need for personal information, only the two keys are needed (Public key and Private Key) for transactions. Transactions are kept in an online public ledger (Blockchain) which is available for everyone to see as long as they are on the Bitcoin network. The transactions...
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...increase efficiency, improve security, and enhance customer convenience and ease of use. Although these systems are in their immaturity, some significant development has been made. There are several methods and tools that can be used to enable EPS implementation (Figure 4.2) Figure 4.2 Electronic payment scheme While customers pay for goods/services by cash, check, or credit cards in conventional businesses, online buyers may use one of the following EPSs to pay for products/services purchased online: • • • • • • • • • Electronic funds transfer (EFT): EFT involves electronic transfer of money by financial institutions. Payment cards : They contain stored financial value that can be transferred from the customer's computer to the businessman's computer. Credit cards : They are the most popular method used in EPSs and are used by charging against the customer credit. Smart cards: They include stored financial value and other important personal and financial information used for online payments. Electronic money (e-money/e-cash): This is standard money converted into an electronic format to pay for online purchases. Online payment: This can be used for monthly payment for Internet,...
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...Cash’s Evolution to Digital Currency Tony Giuliani Business Finance 350 September 25, 2013 The other day I needed to fill up my car with gas, but when I got to the gas station by my house the pumps had a sign on them saying “Cash Only” due to an internet outage. This did not bother me as I had cash on hand but as I pumped my gas several vehicles pulled up, saw the signs, and left for another station. I even heard one person muttering about how inconvenient it was for them that the store could only take cash as they got back into their car. Now normally I pay for gas at the pump with a credit card even though I usually have cash on me, mainly because I do not have to deal with pre-paying and guessing how much gas I need, and I prefer to pump my gas and go about my day with a minimum of human interaction. This is a phenomena getting more and more common throughout a world where currency and coinage are quickly becoming items that people no longer carry as their primary instrument of payment and businesses would rather not accept. We all want a quantifiable measurement for what our wealth is but don’t really care if it is in actually hard currency or just expressed in the zeros and ones in the digital world. Call the money a Dollar, Euro, Pound, Deutschmark or any other name you want as long as we know, on paper, we have an amount of them is all we care about. Why have currency and checks become less and less important as a form of payment when they were once responsible...
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...BITCOINS: A VIRTUAL CURRENCY Submitted to- Professor Dilip Thosar Submitted by- Chidansh Choudhary Rashi Taneja Rashmi Khinvasara Ridhima Agarwal Sahitya Kalidindi Tejal Bhandari Date of submission: 24th December ‘13 EXECUTIVE SUMMARY: Virtual currencies are increasingly becoming a part of not only the virtual world but also in the real world. There are various problems associated with virtual currencies. Due to its similar nature to real currency, a lot of questions have risen regarding its acceptance among the people in the market, and the reliability factor. In the following paper, we have discussed the different types of virtual currencies based on their exchange factor. Bitcoins, a type 3 virtual currency is one of the most popular crypto currencies. We have discussed the characteristics and the process of transacting Bitcoins in detail, emphasizing on the pros and cons of its usage. We have also compared it with the ‘fiat’ money and mentioned its legal aspects. In the end we have mentioned a few areas for further research in relation to Bitcoins. TABLE OF CONTENTS: Sr no. | Content | Page no. | 1.2.3.4.5.6.7.8.9.10. 11. | IntroductionTypes of virtual currenciesIntroduction...
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...commerce means shopping on the part of the Internet called the World Wide Web. But it is much broader and encompasses many more business activities than just Web shopping. Electronic commerce refers to business activities conducted using electronic data transmission via the Internet and the World Wide Web. The three main elements of e-commerce are: • Business-to-consumer • Business-to-business • The transactions and business processes that support selling and purchasing activities on the Web Other categories include: consumer-to-consumer and consumer-to-government. Electronic Commerce Electronic Funds Transfers (EFTs) have been used by banks for many years. Electronic Data Interchange (EDI) occurs when one business transmits computer-readable data in a standard format to another business. Businesses who engage in EDI with each other are called trading partners. The standard formats used in EDI contain the same information that businesses have always included in their standard paper invoices, purchase orders, and shipping documents. Firms, such as General Electric and Wal-Mart, have been pioneers in using EDI to improve their purchasing process. Value Added Network (VAN) A value added network is an independent firm that offers...
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...bank. Bitcoin has been called a cryptocurrency because it is decentralized and uses cryptography to control transactions and prevent double-spending • Virtual currency designed for digital realm, generated using mining. • Mining means devoting computing resources to finding "blocks" of Bitcoins. Mining is very computationally intensive, to the point that any computer without a powerful graphics card is unlikely to mine any bitcoins in less than a few years. • “Gold for Nerds” II. Who created/invented Bitcoins? • Satoshi Nakamoto (alias) III. When did this Bitcoins created? • 2009 IV. What countries are investing in Bitcoins? • It seems like the majority of the activity comes from the US and China, with Australia, Japan, Europe and Brazil also regularly investing. (Nov. 18, 2013) V. Why did he created Bitcoins? • Satoshi Nakamoto wanted people to be able to exchange money electronically and securely without the need for a third party, such as a bank. He based Bitcoin on cryptographic techniques that allow you to be sure the money you receive is genuine, even if you don’t trust the sender. VI. How is it being created? • Through the used of complex computer algorithm and a software called “TOR” VII. How to mine Bitcoins? • To mine bitcoins, one must solve a 64-digit computer algorithm problem. When one ables to solve the problem, he/she will win a block of 50 bitcoins. Only 50 bitcoins are generated every 10 minutes and the difficulty level is adjusted....
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...Pros and Cons of Recent Developments of Bitcoin 14-15 6. Legal Aspects of Bitcoin in India 16-19 7. Conclusion 20 8. References 21-23 INTRODUCTION We live in a world where transactions are made by traditional methods using separate currencies. This system has been implemented since the dawn of time. But for a more modern approach, a new form of currency called as crypto currency have been introduced by various organizations around the world. The first crypto currency to be introduced is the Bitcoin. Bitcoin is the creation of a computer programmer named using the pseudonym Satoshi Nakamoto that made its debut in January 2009. This is an open source, peer- to-peer, digital currency that has no physical manifestations. Unlike earlier digital currencies that had some central controlling person or entity, the USP of Bitcoin lies in its network being completely decentralized, with all parts of transactions performed by the users of the system. This is similar to the U.S. dollar so, Bitcoin is a fiat currency in that it is not redeemable for some amount of another commodity i.e. Bitcoin in itself does not any intrinsic value. But unlike the dollar, a Bitcoin is not legal tender nor backed by any government or any other legal entity, nor is its supply determined by a central bank. The Bitcoin system is a separate network, with no intervention of traditional financial institutions...
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...The usability of mobile money can be understood from the diagram below: Step 1: The customer first has to visit the website which offers mobile money/mobile wallet & sign up adding details asked by the service provider. Step 2: After successful registration, the customers can add money in their designated mobile money wallet provided by the service provider. The money can be added using Debit, Credit card and Net Banking. Step 3: After adding the amount you are ready to use the mobile wallet. FAVOURABLE FACTORS FOR SUCCESS 1. The customer can use mobile wallet even if he does not have bank account. It is not mandatory for a customer to have a bank account to use mobile money. 2. The mobile wallets service providers have to put in very innovative & well defined modules to be in the competitive fray. 3. To promote mobile money, the service providers are attracting consumers through various sales promotion schemes which is bound to give an upward thrust to the growth...
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...inflation is a by-product of the regulation, de-regulation and/or government monetary policy. What if there was a new currency that was not associated with a nation, government or bank? What if there was unified currency that allowed the wealth of one person to directly compare or exchange with to the wealth of another regardless of geographic location? This “new” currency has recently been developed and it is called the Bitcoin. The Bitcoin and its concept is extremely progressive and is not considered a savior currency that will solve any monetary problems; however, this paper will outline the Bitcoin and explain the potential impact it will have on the future of currency. The Bitcoin is considered a Cryptocurrency which is essentially a digital currency that uses cryptography for security, thus making it extremely difficult to counterfeit. Cryptocurrencies are considered fiat currency, which means it only gains its value from supply and demand, assuming people agree to use it as a...
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...Retail 4.0: The Future of Retail Grocery in a Digital World Parag Desai Ali Potia Brian Salsberg The Future of Retail Grocery in a Digital World Introduction I f there’s one thing that always stays the same in retail, it’s change. New stores open, others go out of business. Market leaders experiment with larger or smaller store formats. They change the layout in their stores and launch new private brands on their shelves. Loyalty programs are tweaked, new offers and affinity programs designed. Supply chains become more automated and efficient, resulting in increased product availability and improvements in inventory management.But in reality there are few really big innovations in retail. Most of the change we see year after year is relatively incremental. True transformation in this sector comes along only once every few decades. And when these transformational events occur, they nearly always create new winners and leave a trail of casualties in their wake. To understand whether today’s innovations represent seismic industry shifts, it’s useful to recognize the three preceding “ages of modern retail”. This report focuses on the grocery sector, but we also draw on the best practices and experiences of leading retailers in different categories from around the world. For the purposes of this article, we’ll peg the birth of modern retailing to the 20th century and begin with what we call “Retail 1.0.” Retail 1.0: Birth...
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...Is the use of technologies, such as "cookies", strategic to marketing goods and services online? What is the impact, if any, on consumer privacy? A few years ago, the combination of technology and marketing was not a common term. Even a very successful marketing model that was followed by software giant Microsoft, was neglected in many top ranking business schools. According to them what Microsoft was doing was a fad. But time has proved that they were wrong. Marketing guru Kotler has agreed that traditional marketing is not working any more. The economic power has shifted from marketers to customers. This shift happens in the market place due to the technology. Today customers have the access to information that lets them make much more informed decisions. Customers are increasingly telling companies what type of product or services they want and when, where and how they want to buy them. Before purchase a product or service, they compare each of the competitors' product and their pricing, availability and value for money. So customers are now in control. Customer's action and their demands are profoundly impacting every industry in the market. The use of technologies such as cookies is paramount to the implementation of such marketing practices, which ultimately benefit both the retailer and the consumer. Without these, retailers would not be able to fine-tune their marketing strategies and focus, and consumers would not be able to provide, through their actions...
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...pornography, and even stalking. There are certain states that recognize these new laws as well. “California was the first state to enact stalking legislation (in 1990), and today all 50 states and the federal government have antistalking statues (, p. 157).” The internet has helped catch child predators as well. With the use of the internet to speak with these predators online and make them think they are a child as caught many of them, as seen on such shows like “To Catch a Predator.” There has been numerous legislation set forth to take control of the internet crime. “The Computer Misuse Act (1990) is the only legislation that explicitly and solely focuses on computer crime. The act created three offences: unauthorized access to computer material; unauthorized access to a computer system with intent to commit or facilitate further offences; and unauthorized modification of computer material ("COMPUTER CRIME," October 2006). Crimes have always been committed even without the internet. Crimes such as stalking, pedophilia, and money laundering were all committed prior to the use of the internet. Stalking happens every day with the use of social media such as...
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...QUIZ 1: Explain the benefits and limitations of E-commerce. Ecommerce or electronic commerce: involves carrying out business over the Internet with the assistance of computers, which are linked to each other forming a network. To be specific Ecommerce would be buying and selling of goods and services and transfer of funds through digital communications. THE BENEFITS OF USING E COMMERCE Benefits to Organizations • Using E-Commerce, organization can expand their market to national and international markets with minimum capital investment. An organization can easily locate more customers, best suppliers and suitable business partners across the globe. • E-Commerce helps organization to reduce the cost to create process, distribute, retrieve and manage the paper based information by digitizing the information. • E-commerce improves the brand image of the company. • E-commerce helps organization to provide better customer services. • E-Commerce helps to simplify the business processes and make them faster and efficient. • E-Commerce reduces paper work a lot. • E-Commerce increased the productivity of the organization. It supports "pull" type supply management. In "pull" type supply management, a business process starts when a request comes from a customer and it uses just-in-time manufacturing way. Benefits to Customers • 24hour support. Customer can do transactions for...
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...comes in providing cheap (but high quality) photo printing and Digital ID services, etc. • To be the trend setter in the digital photo printing industry. • To build a very competitive photo printing shop. IV. Product / Services Basic Services: o Digital photo printing from digital cameras or cell phones via Bluetooth, Infrared and all types of memory cards. o Digital Photo ID o Document Printing o Desktop Publishing Other Possible Services: o Electronic Loading o Typing Jobs o Photo Invitations o Plastic lamination o Calling Cards o Studio portraits o MP3 downloads o MP4, PSP, CP Games Downloads o Souvenir Items V. Location ? Near School Area and also in residential place. ? Near Market but secured place. ? Very populated place. VI. Target Market ? People needing photo requirements like ID. ? Students who do their research and projects in school. VII. Competitiveness on the Market ? Affordable photo printing ? Cheapest digital ID ? Fastest services ? Customer Friendly Staff ? Well Ventilated Place. Marketing Strategies o Promo for Discounts/Membership. o Flyers and Posters. VIII. Capital Section 1. Machines/Gadgets * Computer set with 19in. LED Screen With table and chair * Photo Printer with conversion * A4 Paper cutter * A3 Plastic Laminator/li> * Memory Card reader * Bluetooth device * Infrared devices * USB Port * Digital Camera | * 18,000.00 * 10,000.00 * 900.00 * 3,300.00 ...
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...Week 7 Checkpoint · Name and describe various categories of e-commerce. Business to Consumer (B2C) – The B2C model is one of the widely used tools in the e-commerce industry. The pattern is very simple and easy. The marketers sell their products to the retailers who in turn sell them to the consumers. The B2C which was started around 15 years back wasn’t looked upon as a very efficient system for boosting commercial sales, but over a period of time the popularity and efficiency has been recognized by most business merchants and it has also been looked upon as time and cost saving factor. Business to Business (B2B) – B2B is one of the high level businesses involving heavy capital and transactions worth trillions of dollars. Under this form of e-commerce the buying and selling takes place only between two businesses without the involvement of the consumer. The end product is purchased by one business from another and then sold to the consumer under their brand name. A watch manufacturing company might just purchase accessories from a manufacturer and sell them under her name. Major companies, which already have a global name, purchase manufactured products and then sell them to the retailers under their brand name. Consumer to Consumer (C2C) – The C2C format is a very simple transaction which takes place between two consumers. They’re many online sites, which have made such transactions easy and possible. Consumers can directly make a purchase on any online...
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