Describe about the Effective Digital Currency Solution for Future.
The Issue selected is to explore that Bitcoin is an effective digital currency solution for future. In order to explore this issue, 2 articles have been selected out of the many researched for the purpose of this paper. In order to complete this paper, the selected articles have been summarized with focus over stating how this article is related to the issue. Further, an evaluation table has been presented. This table outlines the evaluation of both the selected articles with regard to assessing their relevance, reliability, accuracy, biasness, how complete they are and whether there was timeliness in both or not. Then the evaluation is summarize in a brief paragraph.
There were four articles selected to depict how Bit Coin is a positive attribute in the platform of digital currency. The most appropriate two articles from these 4 have then been selected.
Article 1: Peng, S., 2013, Bitcoin: Cryptography, Economics and the future, Journal of engineering and applied Sciences, University of Pennsylvania, Vol 1 (2), pp 29-40
Article 2: Bohme, R., Christin, N., Edelman, B., and Moore, T., 2015, Bitcoin: Economics, Technology and Governance, Journal of Economic Perspectives, Vol 29 (2), pp 213-238
Article 3: Richter, C., Kraus, S., and Bouncken, R.B., 2015, Virtual currencies like Bitcoin as a paradigm shift in the field of transactions, Journal of international business and economics research, Vol 14 (4), pp 575- 583
Article 4: Barber, S., Boyen, X., Shi, E., and Uzun, E., 2014, Bitter to Better- How to make Bitcoin a better currency, Journal of economics and management sciences, Vol 2 (1), pp 430-514
Out of these 4, the ones selected are those which will offer maximum insight into the issue at investigation.
Richter, C., Kraus, S., and Bouncken, R.B., 2015, Virtual currencies like Bitcoin as a paradigm shift in the field of transactions, Journal of international business and economics research, Vol 14 (4), pp 575- 583
The key point made in this article is the fact that virtual currencies have been cited and discussed properly in the past. Because of trust based inadequacy within the sector of banking and capital inadequacy threat in conjunction with lower rates of interest and current currencies uncertainty, the virtual currency ground has been provided (Handlsbaltt 2014). The article further entails that currencies in the virtual environment along with the flow of money are only controlled over the web through volunteers from anonymous groups wherein there is documentation of each transaction (Hanley 2013). 10,000 businesses across the world have accepted payments already in the form of Bitcoin and their number has been steadily on a rise. The article from this perspective looks at the better side of virtual currencies by comparing it with real money and provides an outlook to the system of new banking with higher transparency and the option of leading towards a shift of paradigm in the transaction and banking world.
The article provides sufficient information on the benefits of virtual currencies in the form of Bitcoin. This information has provided insight on how transparency can be brought forward through these benefits. Also, succinct literature review has collected information from diverse sources which have all supported the benefits of using Bit coins (Guo et al 2013). The aim in the paper has been to build an overview of scientific nature over the Virtual currency emerging topic with unique scope over their challenges as well as opportunities through a detailed review means of the literature from the years 2000-2014 (Heisse 2014). Also, the article describes the way in which Virtual currencies have been proving beneficial in terms of economic advantage, law based advantage, IT technology and innovativeness. The article also talks about how evolution within the bit coin field has taken place from scholarly articles only informing on a single view of the story and now this has shifted to viewing Bitcoin from all its angles in order to make it work.
Barber, S., Boyen, X., Shi, E., and Uzun, E., 2014, Bitter to Better- How to make Bitcoin a better currency, Journal of economics and management sciences, Vol 2 (1), pp 430-514
According to this article, Bitcoin is a currency with digital distribution which has gained attraction from users substantially. The article has indulged in performing an investigation of in-depth nature for understanding what has resulted in making Bitcoin a success while research of decade long nature over e-cash cryptography has yet not lead towards a deployment at larger scale. The article asks questions on how this currency can become a proper candidate for a stable currency in the long term (Huang 2013). When doing this, several problems and Bitcoin attacks have been identified in order to understand how these issues can be dealt with and suitable techniques have been proposed to address these issues (Bohme et al 2015). The article also states how the Bitcoin system came into being.
The article is related to the issue in the most direct manner. The article along with describing the issues of Bitcoin helps in indicating the way in which a difference can be brought to the system by addressing the issues (Barber et al 2014). It provides strategies to make Bitcoin positively sustainable in the long term. Use of examples have also helped in understanding the key benefit that this system has to offer in the future (Peng 2013). Therefore it is related to the issue at investigation (Andrychowicz et al 2013). For example, it helps in understanding the system of standardized transfer method. This method helps in illustrating how to make use of scripting language based on stacks for designating and enforcing the transfer recipient (Ateniese et al 2014). Through this the standard transaction of Bitcoin is studied from the sense it is used for transfer.
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Article 1 |
Article 2 |
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Relevance |
The article depicts to use new currency with acceptance as well as faith leading towards immediately increasing the centralized authority within the leading domain (Richter et al 2015). The article is also one of its kind wherein benefits and disadvantages have been listed in a scientific manner through use of academic world based current sources. The advantages and disadvantages overview have served as an initial step for delivering a detail in picture. |
The positive side of Bitcoin have not only been explored in the article but it has looked at exploring the key negative sides in order to provide strategies to improve these (Barber et al 2014). From this perspective, the article’s relevance is brought to the forefront because it looks at evaluating the way in which Bitcoin can be made as a suitable platform for virtual currency usage in future. |
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Reliability |
The reliability is conveyed from the fact that the article is published within the journal of business and economics research (Richter et al 2015). |
This article’s reliability is conveyed from it being published by the Financial Cryptography and Data Security system by Springer (Barber et al 2014). |
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Accuracy |
Many sources were utilized within the paper. |
The articles used were many in number and each was related to the discussion. |
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Lack of Bias |
Scientific viewpoint was communicated without leaving scope for any skeptical assertions (Richter et al 2015). |
There was no personal viewpoint within the article. |
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Completeness |
The information completeness was highlighted from the fact that there were several sections such as introduction to conclusion section with future research recommendations as well (Richter et al 2015). |
This article does not provide information on its limitation and future research (Barber et al 2014). |
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Timeliness |
Comparatively this is more updated as it was published in the year 2015 (Richter et al 2015). |
2014 is its publishing date and this depicts its updated-ness (Barber et al 2014) |
From the table, it can be depicted that even though both the articles fared well in terms of the criterion on which they were evaluated. The best article from the two selected was the first article in the table (Richter et al 2015). It was not only more updated but also complete. Its relevance was also more in comparison to the second article.
Conclusion
From this paper, it can be concluded that Bitcoin can be made as a positive medium for future based virtual currencies. This medium can be used without threats however several strategies have to be put into place. Both the articles researched and evaluated have helped in formulating this conclusion.
References
Andrychowicz, M., Dziembowski, S., Malinoswki, D., & Mazurek, L., 2013, Fair Two-Party Computations via Bitcoin Deposits? IACR Cryptology ePrint Archive, 837.
Ateniese, G., Faonio, A., Magri, B., & de Medeiros, B., 2014, Certified bitcoins. Paper presented at the Applied Cryptography and Network Security.
Barber, S., Boyen, X., Shi, E., and Uzun, E., 2014, Bitter to Better- How to make Bitcoin a better currency, Journal of economics and management sciences, Vol 2 (1), pp 430-514
Bohme, R., Christin, N., Edelman, B., and Moore, T., 2015, Bitcoin: Economics, Technology and Governance, Journal of Economic Perspectives, Vol 29 (2), pp 213-238
Guo, J., & Xie, M., 2013, Achieving Satisfied Virtual Exchange Rates through Multiple-Stage Virtual Money Supply. Paper presented at the International Conference on In Cyberworlds.
Handelsbaltt, L., 2014, Zahlen wir bei Ebay bald mit digitalem Geld? , 31.08.2014, from https://www.handelsblatt.com/unternehmen/it-medien/einfuehrung-von-bitcoins-zahlen-wir-bei-ebay-baldmit-digitalem-geld/10338526.html
Hanley, B. P., 2013, The False Premises and Promises of Bitcoin. arXiv preprint arXiv:1312.2048, 1-32.
Heisse, D., 2014, Studie stellt Verlust bei Mt. Gox in Zweifel. Retrieved 01.09.2014, from ttp://www.heise.de/newsticker/meldung/Studie-stellt-Bitcoin-Verlust-bei-Mt-Gox-in-Zweifel-2156255.html
Huang, D. Y., 2013, Profit-driven abuses of virtual currencies.
Peng, S., 2013, Bitcoin: Cryptography, Economics and the future, Journal of engineering and applied Sciences, University of Pennsylvania, Vol 1 (2), pp 29-40
Richter, C., Kraus, S., and Bouncken, R.B., 2015, Virtual currencies like Bitcoin as a paradigm shift in the field of transactions, Journal of international business and economics research, Vol 14 (4), pp 575- 583
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