ABSTRACT & CONTEXTCash in the real worldallows for parties to exchange currency without the need to go through somesort of central authority.
One person, Alice, can simply hand cash over toanother person, Bob. In this transaction the only two people that haveknowledge of this exchange are Alice and Bob. Until recently there was noelectronic equivalent to this exchange.
In 1982 David Chaum proposed a systemof anonymous electronic cash based on blind signatures, and in 1990 foundedDigiCash as an electronic cash company. There were a few banks that implementedelectronic cash systems, but these banks and DigiCash ultimately went bankruptin 1997 and 1998 despite the enthusiasm surrounding anonymous electronic cash.Between 1998 and 2008 there were no successful implementations of electroniccash that offer a decentralized, anonymous, and untraceable system. In 2008 apaper was published by Satoshi Nakamoto on the cryptocurrency known as Bitcoin.A cryptocurrency is a form of electronic cash backed by mathematical andcryptographic constructs, unlike traditional currency which was historicallybacked by gold or silver. Cryptocurrencies have seen rising popularity inrecent years due to their decentralized, distributed, peer-to-peer protocols.Part of this rising popularity is also attributable to the supposed anonymityof these protocols; however, due to the public transaction history required forthese protocols and the fact that transactions are pseudonymous and not purelyanonymous, this supposed anonymity may not exist. While the systems may achievethe goal of decentralized currency it may not achieve the goal of intractability.
In this thesis we will analyze the technical implementations of Bitcoin andother cryptocurrencies to determine the level of anonymity provided by theseprotocols. We will also research some proposed improvements to determine theirfeasibility.The University of Nicosia(UNic), one of the major English language universities in the Mediterranean, isthe world’s first to accept cryptocurrency bitcoins) for tuition. Theuniversity has also begun a new Master of Science course in Digital Currency.According to the university those who wish to pay tuition fees in bitcoins,will be able to use an online merchant processing service or by paying directlyto the university’s finance office.”The intention of thisinitiative is to ease transmission difficulties for certain students and tobuild our own practical knowledge about this field, not to engage in currencyspeculation,” the University spokesperson told GeekWire. Following the risingpopularity of online commerce, the University of Nicosia is starting the firstMaster of Science degree in Digital Currency.
The idea is to give a wholevariety of students from entrepreneurs to government officials with a betterunderstanding of the technical underpinning of digital currency.Cryptocurrency is adigital currency that uses encryption (Cryptograph) to generate money and toverify transactions. In a more technical term, it’s an encrypted, peer- to-peer virtual currency made up of codes and it’s just like any other medium of exchangelike US dollars, British pounds, Euro and Turkish lira but in this aspect, theexchanges make use of encrypted details and exchange of digital tokens in adistributed and decentralized manner and these tokens can be traded at marketrates for flat currencies. Until the invention of Cryptocurrency, it wasimpossible for two parties to transact electronically without paying theservice of a third party or a reliable intermediary. The reason was’double-spending’ problem, which affected all efforts to create electronic cashsince the dawn of the internet. In 2008, Satoshi Nakamoto introduced a form ofCryptocurrency known as Bitcoin which finally overcame the problem of’double-spending as the transactions took place between the users directlywithout the intermediary. He was able to make this possible by introducing theuse of public key cryptography, peer- to-peer networking and a proof-of-worksystem. Another notable introduction by Bitcoin was the engagement of Ledgerwhich was referred to as Blockchain.
The work of the blockchain was to storeand settle all the transactions of the Bitcoin economy.The blockchain is notcontrolled by a central power like another electronic money system (PayPal) butit is a public paper distributed in a peer-to-peer method across thousands ofnodes in the Bitcoin network. This also made it easy to track digital exchangesand avoid cheating. There are over 700 forms of Cryptocurrency such asDogecoin, Litecoin, Blackcoin, Auroracoin, Coinye, Decred, Dash, Ethereum, Mazacoin,and Bitcoin: our focus currency for this works (which started operating in2009).This paper is an outcomeof the exploratory case study on the awareness and perception of digital currency(Bitcoin) by the university students at GAU. The overall reaction attitude andawareness are mixed towards different variables like groups of students indifferent department in the sample, level of education. This paper things tosee and discusses the pensiveness and attitude on both sides students in theeconomic department and the rest of the students in others department of theuniversity about virtual currency (bitcoin) particularly in interest of neweconomic payment system, with a use of advance technology, and revolution witha digital currency.
For definition of technicalterm used on this proposal and the questionnaire that we will be using in ourresearch find on appendix RESEARCH QUESTIONSThisstudy will include five main research questions, due to the lack of researchassessing awareness of digital currency adoption and use in the academy area wewill focus more on questionnaire that will be distribute at Girne AmericanUniversity students. From the literature and work outcome, the followingresearch questions are identified: 1°What are students’perception about digital currency bitcoin)? 2°Are there anydifference in students’ perception in learning about digital currency bitcoin)between students in business faculty and students of others GAU faculty? 3°Are there anydifference in students’ perception toward learning and use of cryptocurrency(bitcoin)between students with different level of education (undergraduate, master,PhD)? 4° Are students in GAUwilling to use and invest on digital currency Bitcoin) as a new form ofpayment? 5° what are the attitudeof students from different country on the use of digital currency? LITERATURE REVIEWNot many studies havelooked at digital currency Bitcoin) use in the academics ‘area universitystudents; as compared to other areas in the financial system Bitcoin is in itspromising stage and reasonably studies are limited. Currency has alwaysprogressed over the past centuries across the world as each regulation and theworth according to the exchange percentage rise and fall. The design of digitalcurrency (Bitcoin) has a side of error that has been allowed for fraud becauseit has been treated as an inevitable and unescapable factor. Bitcoin uses themodel of global digital single money which allows for cryptographic proof inlieu of trust, and solves the problem of over-printing of traditional moneythat contributes to inflation, amongst numerous other benefits.
It also keeps arecord of each transaction in what is called a blockchain, which acts as apublic record for each transaction ever made, and so each bitcoin has a historythat can be traced. Four variables regulation, security, acceptance andaccessibility are identified in the ecosystem of Bitcoin in general along withhuman factor and the technical factor. The six elements of human factor areusers, companies, exchanges, associations, miners and investors. This workdepends on the research of the awareness, attitude and analyzing the impactthat digital currency will have on the life of students.
For the researcher’sconvenience because of limited time and resources, the students of GAU has beenchosen as an exploratory case study. A survey will be conducted to explore theawareness and attitude of GAU student on the rise of digital currency.Irrespective of use practices, this work can be extrapolated to the awarenessof another university or country students with respect to its environment,social, financial and economic conditions.Goldman Sachs has saidthat it was more plausible that Bitcoin could have a significant impact interms of its innovation on payments technology, “by forcing existingplayers to adapt to it or co-opt it.”(nick farrell, 2014)Bitcoin is the mostwidely used cryptocurrency and is the first cryptocurrency to begincirculation. Many other cryptocurrencies are direct forks of Bitcoin, so theBitcoin protocol will be our primary focus.
(Morris, 2014) Bitcoin’sintellectualhistory also serves as a case study demonstrating the relationships amongacademia, outside researchers, and practitioners, and offers lessons on howthese groups can benefit from one another. (Acmorg, 2017)The blockchain is notcontrolled by a central authority like another electronic cash system (PayPal)but it is a public document distributed in a peer-to-peer method across thousandsof nodes in the Bitcoin network. Bitcoin prices ofconsumer goods require many decimal places with leading zeros, which isdisconcerting to retail market participants. Bitcoin faces daily hacking andtheft risks, lacks access to a banking system with deposit insurance, and it isnot used to denominate consumer credit or loan contracts. Bitcoin appears tobehave more like a speculative investment than a currency. (Nberorg, 2017)There is a need for acommon single currency for all 191nations by 2024 and a global monetary unionto collectively save the transaction fees. (Anu & Aqila, 2014) IMPORTANCEOF THE RESEARCHThisresearch will give valuable information to the reader on the need for adecentralize economic system contribute not only for gathering the data on theawareness and attitude of student Because bitcoin and other forms of cryptocurrency are principally digital, the position of the two parties of theoperation is irrelevant. Anywhere the transaction can be done.
It cuts out thenecessity for a third party in exchanges and safeguards wealth against exchangecontrols or investment controls, this will give to the ready the informationfor a proper use of the virtual currency and highlight the expectation of thesample size on the use of digital currency.Also,this study will give to possible merchants’ information about how studentswould like to use digital currency so that company can provide a betterapproach to deliver good by taking in consideration the result of this work Itencourages exchanges free of regulatory meddling and promotes what is referredto as low-cost banking because it can be done anywhere as long as the studentsor possible digital currency user has access to a cell phone and connection.Mostimportantly by knowing how digital currency work students that are using arewill start using bitcoin are full ownership of their account, unlike anotherelectronic cash system where there is a company managing your account. With cryptocurrency you own the private key and the corresponding public key thatmakes up for your Cryptocurrency address and no one can take that from you.Thiswork is also important to the researcher because he has been following thetrend since the creation of virtual currency and has been trading thevolatility of bitcoin as a financial instrument and would want to improve theawareness and attitude of students on the rise on digital currency that he bgive to see how they perceive this new system and direct them to understand andstart using it as a currency. In addition, Microsoft co-founder Bill Gates hasexpressed a cautiously positive opinion in the past o the rise of digitalcurrency.
“Bitcoin is exciting because it shows how cheap it can be,” theself-made billionaire told Bloomberg in 2014. “Bitcoin is better thancurrency in that you don’t have to be physically in the same place and, ofcourse, for large transactions, currency can get pretty inconvenient.”(Kathleen elkins, 2017)aftereffective achievement of this research, we would like to distribute theinformation gathered directly to all GAU students in the TRNC as well as relevantmerchant bodies and associations in the hope of helping to improve the servicesas a whole.OBJECTIVESfromdebates and forum discussion on bitcoin it is understood that all the investorsand user in the society have said mixed opinion which are principallynegatively biased information due to the lack of information about digitalcurrency. It is concluded that though Bitcoin may have its disadvantages likeevery new economic payment system technology does, it can serve as a great toolfrom social, economic and financial point of view. Therefore, this research andwork is an attempt to project on digital currency Bitcoin) taking into bothawareness and attitude of GAU students into consideration. •Awareness of the Bitcoin amongst GAU students. •Effect of digital currency (bitcoin) on the life expectancy of GAU students.
• Attitude of GAU students on the use ofdigital currency according to the country oforigin of the students that will participate on the survey and extend it to the university. • Expectancy of GAU students on using digitalcurrency. AIM OF THIS STUDYThepurpose of this work is to explore the awareness and attitude ofcryptocurrency(Bitcoin) to promote the use of it as a technological advancementmode of payment, encourage GAU student to learn about it and become a bitcoinuser or investor. SCOPEOF RESEARCH thiswork is to explore the awareness and attitude of students on the adoption ofdigital currency Bitcoin) to promote the use of it as a technologicaladvancement, encourage GAU students to learn about it and become a bitcoin useror investor, and store monetary sums in a safe repository, while reviewingvarious aspects of GAU student’s awareness and attitude according to theirdepartment of studies, nationality and assessing whether virtual currency(Bitcoin) is compliant with the studied principles, and keeping with the visionof a technologically advanced economy system.Thescope of this research is limited to the students of GAU to understand theirperception and attitude of on the use of digital currency as a new economic paymentmethod. The findings of this research are limited to Girne American University.This work can be properly used for the students in university of othercountries. METHODOLOGY AND DATACOLLECTION Exploratory case study.
Quantitative methodsdesign.The study will be mainlybased on both analysis of the primary and secondary sources. information on thebackground of the samples; student’s experiences of digital currency bitcoin)and they level of education (undergraduate, master and PhD)This paper is anexploratory case study through questionnaire method based on stratifiedsampling technique after the stratum chose we will use simple random techniqueto choose the 300 students that will participate to the research, which dividesthe sample into two groups of students – business faculty students’ respondentsand students from others faculty respondents, country of the respondent. On thebasis of perception and attitude on the growth of virtual currency meanlyBitcoin, the sample divided itself into those who are aware of digital currency(Bitcoin), those who use, invest on Bitcoin and those who are unaware of it andthe attitude on the rise on it.
The sample of 300students surveyed through a detailed questionnaire that assesses the basic awarenessand attitude of GAU students on the rise of virtual currency Bitcoin) and thequestions are designed to highlight identified variables. The mode of survey isstratified sampling method in which from the list of GAU students we will astratum of students from each department and all level of education in gau(PhD, Master, bachelor) questionnaire with closed-ended and open questiondistribute on personal face-to-face Meetings in the stratum to collate data.This form of interaction also reduces the overall cost of the research andkeeps with the time limitations. The former instrument has been chosen foreffective data collection and its analysis. POPULATION AND SAMPLING Stratified samplingmethod;Ø Simplerandom samplingØ Samplesize 300 students from Girne American University Ø Businessstudents and others faculty students (PhD, Master, Bachelor)Ø Studentswill be given a survey, which will be collected as soon as they are filled outto ensure they are all collected DATA ANALYSIS Questions asked willallow the researcher to input them into categories for further analysis.ü Interpretthe data on answering each questionAfter the data isanalyzed it will be presented by a quantitative display of graphs and chartsshowing the statistical finding.
RESEARCH ETHICAll participants on thisexploration will be adequately informed about the research they are involved in(so they can decide whether to give permission and/or complete thequestionnaire). This will be provided through a brief verbal overview by theauthor to each participant. Participants willing to take part will then tick abox on the questionnaire to show that they have understood the purpose of theresearch and they give their consent (permission) for the data to be used inthe research. All data will be keptanonymous.
Participants’ names, addresses or similar identifier that willenable the direct identification of an individual will not be required as partof this research. All bars in the study will only be known to the researcherand each bar will be allocated a reference code for discussion inpublications/written work. Consequently, bar managers will not be identifiable,except to the researcher. All datagathered as part of this research will be confidential. It will be not used forany other purpose other than this research and not given to anyone else.