ABSTRACT & CONTEXT
Cash in the real world
allows for parties to exchange currency without the need to go through some
sort of central authority. One person, Alice, can simply hand cash over to
another person, Bob. In this transaction the only two people that have
knowledge of this exchange are Alice and Bob. Until recently there was no
electronic equivalent to this exchange. In 1982 David Chaum proposed a system
of anonymous electronic cash based on blind signatures, and in 1990 founded
DigiCash as an electronic cash company. There were a few banks that implemented
electronic cash systems, but these banks and DigiCash ultimately went bankrupt
in 1997 and 1998 despite the enthusiasm surrounding anonymous electronic cash.
Between 1998 and 2008 there were no successful implementations of electronic
cash that offer a decentralized, anonymous, and untraceable system. In 2008 a
paper was published by Satoshi Nakamoto on the cryptocurrency known as Bitcoin.
A cryptocurrency is a form of electronic cash backed by mathematical and
cryptographic constructs, unlike traditional currency which was historically
backed by gold or silver. Cryptocurrencies have seen rising popularity in
recent years due to their decentralized, distributed, peer-to-peer protocols.
Part of this rising popularity is also attributable to the supposed anonymity
of these protocols; however, due to the public transaction history required for
these protocols and the fact that transactions are pseudonymous and not purely
anonymous, this supposed anonymity may not exist. While the systems may achieve
the goal of decentralized currency it may not achieve the goal of intractability.
In this thesis we will analyze the technical implementations of Bitcoin and
other cryptocurrencies to determine the level of anonymity provided by these
protocols. We will also research some proposed improvements to determine their
The University of Nicosia
(UNic), one of the major English language universities in the Mediterranean, is
the world’s first to accept cryptocurrency bitcoins) for tuition. The
university 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 directly
to the university’s finance office.
“The intention of this
initiative is to ease transmission difficulties for certain students and to
build our own practical knowledge about this field, not to engage in currency
speculation,” the University spokesperson told GeekWire.
Following the rising
popularity of online commerce, the University of Nicosia is starting the first
Master of Science degree in Digital Currency. The idea is to give a whole
variety of students from entrepreneurs to government officials with a better
understanding of the technical underpinning of digital currency.
Cryptocurrency is a
digital currency that uses encryption (Cryptograph) to generate money and to
verify 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 exchange
like US dollars, British pounds, Euro and Turkish lira but in this aspect, the
exchanges make use of encrypted details and exchange of digital tokens in a
distributed and decentralized manner and these tokens can be traded at market
rates for flat currencies. Until the invention of Cryptocurrency, it was
impossible for two parties to transact electronically without paying the
service of a third party or a reliable intermediary. The reason was
‘double-spending’ problem, which affected all efforts to create electronic cash
since the dawn of the internet. In 2008, Satoshi Nakamoto introduced a form of
Cryptocurrency known as Bitcoin which finally overcame the problem of
‘double-spending as the transactions took place between the users directly
without the intermediary. He was able to make this possible by introducing the
use of public key cryptography, peer- to-peer networking and a proof-of-work
system. Another notable introduction by Bitcoin was the engagement of Ledger
which was referred to as Blockchain. The work of the blockchain was to store
and settle all the transactions of the Bitcoin economy.
The blockchain is not
controlled by a central power like another electronic money system (PayPal) but
it is a public paper distributed in a peer-to-peer method across thousands of
nodes in the Bitcoin network. This also made it easy to track digital exchanges
and avoid cheating. There are over 700 forms of Cryptocurrency such as
Dogecoin, Litecoin, Blackcoin, Auroracoin, Coinye, Decred, Dash, Ethereum, Mazacoin,
and Bitcoin: our focus currency for this works (which started operating in
This paper is an outcome
of the exploratory case study on the awareness and perception of digital currency
(Bitcoin) by the university students at GAU. The overall reaction attitude and
awareness are mixed towards different variables like groups of students in
different department in the sample, level of education. This paper things to
see and discusses the pensiveness and attitude on both sides students in the
economic department and the rest of the students in others department of the
university about virtual currency (bitcoin) particularly in interest of new
economic payment system, with a use of advance technology, and revolution with
a digital currency.
For definition of technical
term used on this proposal and the questionnaire that we will be using in our
research find on appendix
study will include five main research questions, due to the lack of research
assessing awareness of digital currency adoption and use in the academy area we
will focus more on questionnaire that will be distribute at Girne American
University students. From the literature and work outcome, the following
research questions are identified:
1°What are students’
perception about digital currency bitcoin)?
2°Are there any
difference in students’ perception in learning about digital currency bitcoin)
between students in business faculty and students of others GAU faculty?
3°Are there any
difference in students’ perception toward learning and use of cryptocurrency(bitcoin)
between students with different level of education (undergraduate, master,
4° Are students in GAU
willing to use and invest on digital currency Bitcoin) as a new form of
5° what are the attitude
of students from different country on the use of digital currency?
Not many studies have
looked at digital currency Bitcoin) use in the academics ‘area university
students; as compared to other areas in the financial system Bitcoin is in its
promising stage and reasonably studies are limited. Currency has always
progressed over the past centuries across the world as each regulation and the
worth according to the exchange percentage rise and fall. The design of digital
currency (Bitcoin) has a side of error that has been allowed for fraud because
it has been treated as an inevitable and unescapable factor. Bitcoin uses the
model of global digital single money which allows for cryptographic proof in
lieu of trust, and solves the problem of over-printing of traditional money
that contributes to inflation, amongst numerous other benefits. It also keeps a
record of each transaction in what is called a blockchain, which acts as a
public record for each transaction ever made, and so each bitcoin has a history
that can be traced. Four variables regulation, security, acceptance and
accessibility are identified in the ecosystem of Bitcoin in general along with
human factor and the technical factor. The six elements of human factor are
users, companies, exchanges, associations, miners and investors. This work
depends on the research of the awareness, attitude and analyzing the impact
that digital currency will have on the life of students. For the researcher’s
convenience because of limited time and resources, the students of GAU has been
chosen as an exploratory case study. A survey will be conducted to explore the
awareness and attitude of GAU student on the rise of digital currency.
Irrespective of use practices, this work can be extrapolated to the awareness
of another university or country students with respect to its environment,
social, financial and economic conditions.
Goldman Sachs has said
that it was more plausible that Bitcoin could have a significant impact in
terms of its innovation on payments technology, “by forcing existing
players to adapt to it or co-opt it.”(nick farrell, 2014)
Bitcoin is the most
widely used cryptocurrency and is the first cryptocurrency to begin
circulation. Many other cryptocurrencies are direct forks of Bitcoin, so the
Bitcoin protocol will be our primary focus. (Morris, 2014)
history also serves as a case study demonstrating the relationships among
academia, outside researchers, and practitioners, and offers lessons on how
these groups can benefit from one another. (Acmorg, 2017)
The blockchain is not
controlled by a central authority like another electronic cash system (PayPal)
but it is a public document distributed in a peer-to-peer method across thousands
of nodes in the Bitcoin network.
Bitcoin prices of
consumer goods require many decimal places with leading zeros, which is
disconcerting to retail market participants. Bitcoin faces daily hacking and
theft risks, lacks access to a banking system with deposit insurance, and it is
not used to denominate consumer credit or loan contracts. Bitcoin appears to
behave more like a speculative investment than a currency. (Nberorg, 2017)
There is a need for a
common single currency for all 191nations by 2024 and a global monetary union
to collectively save the transaction fees. (Anu & Aqila, 2014)
OF THE RESEARCH
research will give valuable information to the reader on the need for a
decentralize economic system contribute not only for gathering the data on the
awareness and attitude of student Because bitcoin and other forms of cryptocurrency are principally digital, the position of the two parties of the
operation is irrelevant. Anywhere the transaction can be done. It cuts out the
necessity for a third party in exchanges and safeguards wealth against exchange
controls or investment controls, this will give to the ready the information
for a proper use of the virtual currency and highlight the expectation of the
sample size on the use of digital currency.
this study will give to possible merchants’ information about how students
would like to use digital currency so that company can provide a better
approach to deliver good by taking in consideration the result of this work
encourages exchanges free of regulatory meddling and promotes what is referred
to as low-cost banking because it can be done anywhere as long as the students
or possible digital currency user has access to a cell phone and connection.
importantly by knowing how digital currency work students that are using are
will start using bitcoin are full ownership of their account, unlike another
electronic cash system where there is a company managing your account. With cryptocurrency you own the private key and the corresponding public key that
makes up for your Cryptocurrency address and no one can take that from you.
work is also important to the researcher because he has been following the
trend since the creation of virtual currency and has been trading the
volatility of bitcoin as a financial instrument and would want to improve the
awareness and attitude of students on the rise on digital currency that he b
give to see how they perceive this new system and direct them to understand and
start using it as a currency. In addition, Microsoft co-founder Bill Gates has
expressed a cautiously positive opinion in the past o the rise of digital
currency. “Bitcoin is exciting because it shows how cheap it can be,” the
self-made billionaire told Bloomberg in 2014. “Bitcoin is better than
currency in that you don’t have to be physically in the same place and, of
course, for large transactions, currency can get pretty inconvenient.”
(Kathleen elkins, 2017)
effective achievement of this research, we would like to distribute the
information gathered directly to all GAU students in the TRNC as well as relevant
merchant bodies and associations in the hope of helping to improve the services
as a whole.
debates and forum discussion on bitcoin it is understood that all the investors
and user in the society have said mixed opinion which are principally
negatively biased information due to the lack of information about digital
currency. It is concluded that though Bitcoin may have its disadvantages like
every new economic payment system technology does, it can serve as a great tool
from social, economic and financial point of view. Therefore, this research and
work is an attempt to project on digital currency Bitcoin) taking into both
awareness 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 of
digital currency according to the country
origin of the students that will participate on the survey and extend it to the
• Expectancy of GAU students on using digital
AIM OF THIS STUDY
purpose of this work is to explore the awareness and attitude of
cryptocurrency(Bitcoin) to promote the use of it as a technological advancement
mode of payment, encourage GAU student to learn about it and become a bitcoin
user or investor.
work is to explore the awareness and attitude of students on the adoption of
digital currency Bitcoin) to promote the use of it as a technological
advancement, encourage GAU students to learn about it and become a bitcoin user
or investor, and store monetary sums in a safe repository, while reviewing
various aspects of GAU student’s awareness and attitude according to their
department of studies, nationality and assessing whether virtual currency
(Bitcoin) is compliant with the studied principles, and keeping with the vision
of a technologically advanced economy system.
scope of this research is limited to the students of GAU to understand their
perception and attitude of on the use of digital currency as a new economic payment
method. The findings of this research are limited to Girne American University.
This work can be properly used for the students in university of other
METHODOLOGY AND DATA
Exploratory case study.
The study will be mainly
based on both analysis of the primary and secondary sources. information on the
background of the samples; student’s experiences of digital currency bitcoin)
and they level of education (undergraduate, master and PhD)
This paper is an
exploratory case study through questionnaire method based on stratified
sampling technique after the stratum chose we will use simple random technique
to choose the 300 students that will participate to the research, which divides
the sample into two groups of students – business faculty students’ respondents
and students from others faculty respondents, country of the respondent. On the
basis of perception and attitude on the growth of virtual currency meanly
Bitcoin, 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 and
the attitude on the rise on it.
The sample of 300
students surveyed through a detailed questionnaire that assesses the basic awareness
and attitude of GAU students on the rise of virtual currency Bitcoin) and the
questions are designed to highlight identified variables. The mode of survey is
stratified sampling method in which from the list of GAU students we will a
stratum of students from each department and all level of education in gau
(PhD, Master, bachelor) questionnaire with closed-ended and open question
distribute on personal face-to-face Meetings in the stratum to collate data.
This form of interaction also reduces the overall cost of the research and
keeps with the time limitations. The former instrument has been chosen for
effective data collection and its analysis.
POPULATION AND SAMPLING
size 300 students from Girne American University
students and others faculty students (PhD, Master, Bachelor)
will be given a survey, which will be collected as soon as they are filled out
to ensure they are all collected
Questions asked will
allow the researcher to input them into categories for further analysis.
the data on answering each question
After the data is
analyzed it will be presented by a quantitative display of graphs and charts
showing the statistical finding.
All participants on this
exploration will be adequately informed about the research they are involved in
(so they can decide whether to give permission and/or complete the
questionnaire). This will be provided through a brief verbal overview by the
author to each participant. Participants willing to take part will then tick a
box on the questionnaire to show that they have understood the purpose of the
research and they give their consent (permission) for the data to be used in
All data will be kept
anonymous. Participants’ names, addresses or similar identifier that will
enable the direct identification of an individual will not be required as part
of this research. All bars in the study will only be known to the researcher
and each bar will be allocated a reference code for discussion in
publications/written work. Consequently, bar managers will not be identifiable,
except to the researcher. All data
gathered as part of this research will be confidential. It will be not used for
any other purpose other than this research and not given to anyone else.