BITSCOIN The Game-Changer !

Jinni S
Jinni S
Sep 6, 2018 · 4 min read

Bitcoin will do to banks,

What email did to postal services .

CRYPTOCURRENCY , BITCOINS , ETHEREUM , Heard a lot of this ?No idea what they actually are?No worries . This four minute read is surely going to clear most of your queries and redesign the outlook you have towards money transfer.

Also me presently being a student in BITS Pilani , I had this uncanny idea of “What if BITS had a cryptocurrency of its own , say BITSCOIN ?” Intriguing right ?But before jumping to that lets get to know some basics .

So what exactly are bitcoins ?

Bitcoins are the largest and most popular cryptocurrency out there in the market. It is also the world’s first decentralized cryptocurrency , meaning there is no third party intervention . It works on the methods of blockchain . The maximum no. of BITCOINS that can exist is also predecided which is 21 million. (https://www.youtube.com/watch?v=atvJwwec_2A)

Now coming back to the main plot lets discuss the pros and cons of BITSCOIN in BITS .

Fee payment

College fee payments could be a herculean task . Bank hours/holidays , errors on the part of third party , manual signings and a lot more . Now what BITSCOIN will do here is , it transfers the money without including any third party , just between the sender and the receiver and also the transactions are anonymous until the sender decides to make them public . And also it is much safer and hassle free mode of transfer.

Theft and losses Minimization

Since we are moving towards cashless economy , and college theft and account hack stories are no new news , BITSCOIN will eradicate the problem of physical cash . It makes use of cryptographic hash function SHA256 which makes it nearly impossible to hack your account thus having your transaction encrypted and secured much better than your online wallets .

Purchases on Campus

Chilling is the protagonist of BITSian life and ANC , LOOTERS , FK (food outlets) are the supporting leads . These eateries can also see this as a good investment option , thus increasing business.

Saving the transaction fee

Most of the times for any transaction made online you are charged a nominal amount of commission fee, but this amount four-folds multiple times in case of foreign money transfers . So using BITSCOIN can save the deal for all students , and especially the foreign ones.

High end technology

Since BITSCOIN will be following the blockchain method and using SHA256 , miners and verifiers would be needed , so students interested in tech will get to know a whole different genre of coding and functions leading to better innovations and expanded vision .


Now let’s flip the coin to it’s other side and look at all the cons it brings along .

Source and Time

Being such a heavily and highly encrypted currency BITSCOIN are going to be excessively power consuming (mining requires a lot of electricity) and since the encryptions are really advanced the transactions are time consuming as well.

Fluctuating value

Since values of BITSCOIN will keep fluctuating , as it depends on demand and supply, it could become a problem for students as most of their energy goes in building proper financing strategies for their money .

Synopsis

All in all cryptocurrencies are definitely going to rule the world single handedly. But using BITSCOIN in college right now may not be the best idea . NO doubt Bitcoins do wonder in huge currency transfers . But tax, accountability, time, risks,scale are some issues that need to be dealt upon before actually implementing the game changer BITSCOIN for students.

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