BITSCOIN IN BITS!

Parusha Jain
Sep 5, 2018 · 2 min read

The hype around the bitcoin is skyrocketing. But what is bitcoin and how does it work? Let's dig in deeper.

Bitcoin is a purely peer-to-peer version of electronic cash that allows online payments to be sent directly from one party to another without going through a financial institution which serves as a third party. It works on cryptographic proof where all transactions are stored in blockchain allowing any two willing parties to transact directly with each other. It allows Bitcoin wallets to calculate their spendable balance and revise the bitcoin value.
What if such a system was introduced in our very own college? It would work wonders not only for students but also for the staff and administration of the college. Let us now analyse the various advantages of BITSCOIN.

Cashless Campus Life

Imagine coming out of the lecture hall after the classes with the feeling of immense hunger and realizing that you are out of cash. An electronic system would solve all such miseries of a student’s life and lift off the burden of counting change and keeping count of the money spent. The students can make use of this system not only at the eating outlets but also at the AKSHAY supermarket.

Fee payment

The institute is no doubt one of the best in the country but the cost of studying here is no less. Payment itself becomes a task due to logistical reasons and the constant fear of losing large amount of money. Making the cryptocurrency legible in the campus will not only help in this context but also for cutting cost of the high transaction fee that is charged by third party financial institutions.

Promising growth amongst students

Bitcoin may act as an excellent way for students to make some extra cash to pay off student loans or buy groceries.

New Set offs for students

When a completely new framework is seeded into the system, help becomes a pre requisite. Many students who are well aware about the working of bitcoin and the various risks it comes with, can hold information sessions and organise talks for others. .

Creative growth on campus

The institution is not short of clubs and competitions but bitcoin can add to the list of the activities where students can invest in bitcoins and not only share its benefits but also compete and challenge each other.

The system sounds profitable to all, but it has its own disadvantages like :

  • High probability of students investing money in the wrong arena and losing out on it.
  • Unpredictable fluctuation in the value of bitcoin.
  • No Refunds.

Apart from a few disadvantages that it has, it is a great idea and if implemented will be of great glory and support to the institution runners and students.

Parusha Jain

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