Using Blockchain the uncommon way!
-A BIT of change in BITS, Pilani
The belief and trust we put in the growth of cryptocurrency, and its potential domestic uses is constraining huge numbers of us to think about whether we should put some of our well-deserved cash into cryptographic forms of money.
BIT and BIT makes the whole!
BITS and BITS takes the whole!
True! It feels great when you study in one of the nation’s top technical institute, Birla Institute of Technology and Science, Pilani.
B(ITS) MAGIC, they say!

The college ecosystem is so nurturing that who come in as young buds, get developed and go out to become beautifully bloomed individuals. But all of this is because of the soil and its ambience in the form of technical atmosphere, thinking pathways and idealogies, current scientific temperaments, and what not!
Coming to the current scenario and the backstage of this article, CRYPTOCURRENCY!
What exactly is a cryptocurrency? The answer implies that it is a medium of exchange and trade using virtual currency and blockchain methods. The basic advantages of cryptocurrency in financial transactions is its easy access to general public, quick payments, fast settlements, lower transaction fees, theft identity, etc.

Coming back to legacical BITS Pilani, one thing that came to my mind is, what if we have a campus exclusive cryptocurrency , let’s name it, BITSCOIN. Analyzing what if such an exciting thing happens, let’s put it on the basis of some uses.
1)Fee Payment
Taking in consent the famous FeeRollBack at BITS Pilani, the cost of studying at such a reputed institute is relatively high. So paying fees using BITSCOIN with some supplementary portal to ensure its flow, is a good substitute to normal fee payments.

This is because of the advantage of cryptocurrency that it has very low transaction fees. For especially the foreign students in the campus, this is a great option considering the transaction fee on international payments. Similar methods are adopted at some universities like The King’s College in New York, the University of Nicosia in Cyprus, the University of Cumbria in the UK, and the European School of Management and Technology in Berlin. Care has to be taken about the fluctuating value of BITSCOIN but it can prove to be an asset as well.
2) Using BITSCOIN at eateries and supermarket
Our all time hangout spots, LOOTERS, FOODKING and ANC(All Night Canteen), the three eateries on campus, can also use BITSCOIN. They get an opportunity of earning profits as well. It’s a sort of investment.(to see how click here https://www.quora.com/Should-I-invest-in-Bitcoin). The supermarket AKSHAY, can also agree to use BITSCOIN on similar grounds just as those in the US do.

3) Banks and ATMs
Just like BITWALA, a finance technical firm who provides debit card for digital currency, the institute can provide cards to children or load BITSCOIN in the identity cards itself so that the currently almost ‘non usable’ fund in them is used at all ventures in the college and the cashflow reduces becoming a benefit for senior students and of course advantage for treats to juniors too!Also the cryptocurrency ATMs are getting famous worldwide, especially in the recent 2 years.

4) Potential for new ventures
If the inflow of BITSCOIN is permitted we’ll need ventures and platforms to assist these transactions. Just like BITPAY for BITCOIN, fees and other transactions give a scope of potential growth to new startups on campus and hands on experience to peers as well. It will actually give a glimpse of a small corporate world so that the students get to see a short trailer of the movie they all have to act in, after 4 years! ( Special mention of 5 years for Dualites)

5) Energy Market
Energy markets are faced with the shift towards a market of consumers with decentral production. Energy microgrids based on blockchain address this challenge. Just like LO3 Energy has developed a technology for trading of solar energy locally using a peer-to-peer blockchain solution, we can have a blockchain mediated source of energy production in BITS Pilani. The first real application with 50 physical units has been tested one year ago in Brooklyn, which means its efficient enough.
6) BITSCOIN and Alumni
Considering the college’s well placed students and a great set of people passing out from the institute,BITSCOIN can surely act as an investment option for the alumni. Thereby, keeping trade relations with their college peers and ofcourse a sense of connection to their alma mater.
7) Data Management
Blockchain method using the identity gained by cryptocurrency can be used to secure the cloud data and act as an efficient platform for data management. In BITS where a lot of data has to be kept secure, such methods can be adopted .

8) Expanding it off campus
Not restricting this BITSCOIN to campus community only but the whole of Pilani village, brings in great opportunities. This gives an investment option to local vendors, shopkeepers, etc.The knowledge regarding this is widespread as well. This can serve as a good measure for what we call as “Social Information Lag”. It can be implemented using various on-campus platforms like NSS, CEL’s Rural Entrepreneurship Development, etc. for the betterment of community off the campus.

Coming to the disadvantages of BITSCOIN or cryptocurrencies in general, even if you Google it, most of the disadvantages are regarding the lack of information and the knowledge that people have about this subject. The only way we can get over it is letting people know about its advantages. the preferred payment type chart needs to accomodate cryptocurrencies.

But as such, on the campus, all the students are potential enough to understand these terms. Usage of BITSCOIN can get BITS Pilani an edge over the other institutes in the country.
A good idea to be suggested, a practical idea to be implemented,
Life would be a BIT changed by the use of BITSCOIN in BITS!
For the BITSIAN community,
BITSCOIN aaya, rahat laya,
FK, ANC, LOOTERS ko jagaya.
Jeb se note,chillar ko bhagaya,
Itna kuch mai soch na paya,
Fir in chizo ko mai LITE le aya!

