Discussion Week 6 Cryptocurrency

While there are many benefits to the use of cryptocurrency, there is also much skepticism from the general public. Much of this concern centers around legal protection associated with transactions. Search the Internet and outline what legal protections exist for Bitcoin users in the US and other countries.

Please make your initial post with at least 600 words and two response posts substantive each with 150 words. A substantive post will do at least two of the following:

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  • Ask an interesting, thoughtful question pertaining to the topic
  • Answer a question (in detail) posted by another student or the instructor
  • Provide extensive additional information on the topic
  • Explain, define, or analyze the topic in detail
  • Share an applicable personal experience
  • Provide an outside source (for example, an article from the UC Library) that applies to the topic, along with additional information about the topic or the source (please cite properly in APA)
  • Make an argument concerning the topic.

At least one scholarly source should be used in the initial discussion thread. Be sure to use information from your readings and other sources from the UC Library. Use proper citations and references in your post.

Bitcoin makes it possible to transfer value anywhere in a very easy way and it allows you to be in control of your money. Such great features also come with great security concerns. At the same time, Bitcoin can provide very high levels of security if used correctly. Always remember that it is your responsibility to adopt good practices in order to protect your money.

Bitcoin is currently classified as an intangible asset. It is expected to be regulated under Anti-Money Laundering and Counter-Terrorist Financing laws. This provision is yet to become active, but when it is, ‘dealers in digital currency’ will be regulated as Money Services Businesses. The Financial Crimes Enforcement Network (“FinCEN”) treats Bitcoin as currency for the purpose of enforcing anti-money laundering regulations, including the Bank Secrecy Act. The Commodity Futures Trading Commission (“CFTC”) asserted jurisdiction over Bitcoin transactions under the Commodity Exchange Act, thereby likening Bitcoin to traditional commodities such as gold or silver. China, Japan, and Finland have also classified Bitcoins as commodities.

Check out this article: https://www.insideindianabusiness.com/story/36644680/can-you-legally-protect-a-bitcoin-transaction

According to bitcoin.org, there are some items you can do to keep your bitcoin currency safe.

Backup your entire wallet:

Some wallets use many hidden private keys internally. If you only have a backup of the private keys for your visible Bitcoin addresses, you might not be able to recover a great part of your funds with your backup.

Encrypt online backups:

Any backup that is stored online is highly vulnerable to theft. Even a computer that is connected to the Internet is vulnerable to malicious software. As such, encrypting any backup that is exposed to the network is a good security practice.

Use many secure locations:

Single points of failure are bad for security. If your backup is not dependent of a single location, it is less likely that any bad event will prevent you to recover your wallet. You might also want to consider using different medias like USB keys, papers and CDs.

Make regular backups:

You need to backup your wallet on a regular basis to make sure that all recent Bitcoin change addresses and all new Bitcoin addresses you created are included in your backup. However, all applications will be soon using wallets that only need to be backed up once.

With blockchain, organizations can turn their business into decentralization platform which can alter how their business works. It changes the individual elements, the flow of transactions, profits, and also ensures growth.

Now the question to ask here is, how exactly can one use the blockchain in their business?

  • You can store data inside the blockchain which can’t be tampered with.
  • Many companies have leveraged the blockchain’s transparency to boost the functionality of their supply chains.
  • Many have integrated the blockchain with artificial intelligence to create their own decentralized AI model.

The blockchain and the decentralized ecosystem, in general, can be incredibly intimidating for a newcomer. The Blockchain-as-a-Service (BaaS) model provides a service where a business’ clients can outsource all the scary backend stuff while focusing only on the frontend. BaaS vendors provide services like user authentication, database management, remote updating, and push notifications (for mobile apps), cloud storage, and hosting.

Google Firebase and Microsoft Azure are examples of BaaS providers.

Please review these additional articles for more information on business use of blockchain technology:

  • Review the PowerPoint (same as Week 5, attached)

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