Description
Part I: Please respond (at least 100words) by tomorrow morning to the following scenario by Wednesday:
Should an individual invest in digital currencies? Why or why not? Explain your reasoning.
Part II: Return to the Discussion Board and Review the postings of your classmates and post a meaningful response to at least two postings.
Explanation & Answer
Attached. Please let me know if you have any questions or need revisions.
1
Student Name:
Course, Department:
Institutional Affiliation:
Professor Name:
Date:
2
Response 1.
The post is comprehensively analyzed to give a clear view of how the exchange medium is
changing rapidly.
As alluded to in the post, Bitcoin will solve a lot of exchange challenges as it is convenient
to use; huge sums of money can be transacted through a digital platform, thus reducing the risk
of loss. With the introduction of digital currency, the volume of business transactions has also
been reported to increase exponentially due to the currency's acceptance.
Noteworthy is the risk factors with which the currency brings, even as it blocks chain
technology takes the praises for such a functional digital currency. As technology advances, so
are the malicious group's skills, which targets infiltrating the system through unauthorized access
to the system (hackers). Since the currency is built on the platform of encrypted technical codes,
cybersecurity will be at its height, thus the increased risk of using the currency.
Secondly, the literacy levels on technology are still low, despite a tremendous increase in
general literacy levels globally. This will reduce the penetration rate of the currency at a global
level. Thirdly, the currency is unregulated as it has no backing of the central banks, thus causing
confusion on advertising the exchange rates when dealing in cross-border activities.
Reference
Oksiiuk, O., & Dmyrieva, I. (2020). Security and privacy issues of blockchain
technology. 2020 IEEE 15th International Conference on Advanced Trends in Radioelectronics,
Telecommunications and Computer Engineering (TCSET), Advanced Trends in
3
Radioelectronics, Telecommunications and Computer Engineering (TCSET), 2020 IEEE 15th
International Conference On, 1–5
Response 2.
It is correct that the system is in its early stages of development.
It is factual that change is inevitable and is fundamental, especially in the mode of financial
transacti...
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