Impact of ‘BITScoin’ a campus exclusive cryptocurrency

Rishabh Dhandharia
Sep 4, 2018 · 4 min read

For many of us in the cryptocurrency space, the future of cryptocurrencies seems secure with the main question being ‘when’ rather than ‘if’ mainstream adoption will occur. Currencies such as Bitcoin, Ethereum, and Dash have grown exponentially and are now worth staggering amounts that were difficult to imagine at their inception.

Cryptocurrency is a medium of exchange, created and stored electronically in the blockchain, using encryption techniques to control the creation of monetary units and to verify the transfer of funds. The most significant differentiating factor between cryptocurrency and any other mode of transaction is the blockchain method which does not involve any central authority and establishes a peer to peer network. The idea of cryptocurrency was presented by Satoshi Nakamoto through ‘Bitcoin’, which is the largest and most widely used cryptocurrency in the world.

What if a cryptocurrency is established exclusively for BITS Pilani? It will certainly remove the discrepancies under the current system. Even though introducing ‘BITScoin’ currency will be a better alternative for the prevailing system, it will pose some risks as well.

‘BITScoin’ will cover every aspect of campus life where money is involved. BITScoin currency will be readily accepted for;

· Buying food

· Stationary

· Textbooks

· Goods at the supermarket

· Signings for donation and T-shirts

Cryptocurrency has skyrocketed in the recent years. There is a plethora of benefits of digital currency. Not only is it good for the business or the business owner but for the buyer themselves.

The reason this unprecedented and revolutionary system of currency has earned people’s trust is because it offers

· Easy access

· Quick and easy payments

· Fast settlements

· Lower Fees

· Privacy

· High security

· Anonymity

· Elimination of third party

· Elimination of chargebacks in transactions

These points can be implemented at a private level as well. ‘BITScoin’ being a private currency can be of great impact among the institute. All transactions involving cash will be replaced by digital currency.

Mining is a major component of acquiring a cryptocurrency but we can begin with providing a fixed amount of cryptocurrency through currency exchange. All the further transactions will be sanctioned only through digital payment. Further, more currency can be added through exchange and mining. It will require a campus exclusive mining software as well.

A more transparent system will be established where every move will be recorded without any central authority interfering. Keeping track will ensure and regulate the expenses of an individual. Security has been a major issue and the current system does not provide any method to tackle with this problem. Cases of fake signings and impersonation occur without the person actually knowing about it. These complications will be eradicated if BITScoin is implemented. Everyone will be provided with a private key to sanction a transaction thereby ensuring security.

BITScoin will ensure that the students are updated about the trends in the market. Clubs that undertake the market and finance section will get majorly involved in the process.

Due to its multifaceted nature, BITScoin has some drawbacks too:

· Cryptocurrencies are never stable. Their value fluctuates with the fluctuating demand of the currency. Therefore, the campus will turn into a stock market where students will be involved in selling and buying BITScoin currency at fluctuating rates to earn profits.

· Fees of BITS Pilani is fairly high and everybody will not have the capability to bare losses due to the fluctuating value of BITS currency.

· Mining of cryptocurrency will deviate the students form their primary purpose of academics.

· It will lead to some unethical practices like hacking. Since transactions can easily hacked but once completed, they cannot be tampered with.

Therefore to conclude, I would like to reiterate that BITScoin will have a profound impact on BITS Pilani as an institution. Despite of being bound by some limitations, BITScoin will be a major tool in solving the drawbacks of the current system. It will not only enhance the scenario that currently exists, it will completely change life in BITS Pilani as we know it.

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