All you need to know about Cryptocurrency and Blockchain Technology

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Time is money, and both time and money are evolving rapidly. The discovery of the internet disrupted the way the world operated, bringing political, business, economic and social changes. It improved business processes and made online transactions, and banking, among other things, quicker and less complicated. And this is just the beginning; we humans are, after all, constant inventors and innovators.

Traditionally, political, economic, and legal systems structures are defined by contracts, transactions, and records. Nations and organisations set boundaries of operation to identify and chronicle managerial and social events.

But now it’s time for economic transformation. However, the slow and administrative regulations are stifling the digital transformation. 

Blockchain technology is here to help!

What is Blockchain?

Blockchain is an open, distributed technology that enables the process of recording unalterable transactions and tracking assets. Blockchain works on five basic principles:

  1. Distributed database
  2. Immutable records
  3. Transparent access
  4. Algorithm-based computational logic
  5. Two-way participant transmission
Photo credit: Pwc.com

Blockchain gets its name because of the way the transactions are grouped together into blocks of data, then chained together by way of a mathematical function that creates a hash code

Blockchain has disrupted the business industry with its application in financial services, healthcare, artificial intelligence (AI) and the internet of things (IoT) for supply chain, retail sector, oil and gas, telecommunications, insurance, smart contracts, voting and crypto of course.

So, how do blockchain technology and cryptocurrency work together?

Since its first implementation in 2009, blockchain has not been well known. Blockchain technology is the foundational technology for cryptocurrency, which was first implemented just a decade ago but was revolutionised with the widespread use of the application by Bitcoin. Bitcoin was the first cryptocurrency and operated through blockchain.

Blockchain is the foundational technology for cryptocurrency

Blockchain made it possible to record bitcoin transactions without a central authority establishing trust in a trustless environment. Being a digitalised, decentralised, public ledger, blockchain allows the formation of digital information into blocks, which are stored across a network of computers, creating a database. When verifiable transactions take place, the data is stored in blocks, which, when complete, are added to the chain.

Cryptocurrencies like Bitcoin, Ethereum, Litecoin and, USD Coin are used to buy goods and services. And cryptocurrency uses blockchain, an enhanced cryptographic security system, as a public ledger with immutable records that cannot be deleted or altered. 

Cryptocurrency is used as a digital form of cash to buy goods and services through various trading platforms or digital wallets. The blockchain technology here records the transaction when ownership is transferred to the new owner. Every transaction, therefore, is a public ledger, unalterable, secure and time-stamped.

The pace of technology will not slow down. Cryptocurrency and blockchain hand in hand continue to disrupt much more than the financial services industry. 

What are your thoughts? Share in the comments below.

Venturing into the world of Cryptocurrency – 5 reasons why businesses should move towards digital currency

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One day I was sulking over the pitiful return I got from my money in a bank’s saving account (The rate of interest offered by my bank is a little shy of 0.01% for a balance over $5000 and 0% on balances less than $5000). My colleague shared a similar disappointing story of seeing his money stay the same over a period, giving no returns. He was a risk-taker and invested in crypto about a decade ago. I stayed put as I knew little about crypto and thought it was all a scam! Fast forward ten years, he now owns a healthy bank balance or, should I say, digital currency balance and a brand new mode of payment!

Cryptocurrency has come a long way in the last decade. Cryptocurrency ownership increased 63% just in 2020, and the valuation exceeded $2 trillion for the first time in April 2021. Bitcoin has been one of the oldest and most iconic cryptocurrencies in the blockchain domain. Closely following its footsteps is the Ethereum blockchain – the second largest digital coin. And both combined hold the most significant shares of crypto valuation.

This trend is here to stay and become a financial revolution in the currency world.

Photo credit: Canva.com

There is an increasing interest in buying and using cryptocurrency, especially among millennials, as this is the future of payments. Consumers don’t want to miss out on this lucrative investment opportunity or miss being part of the futuristic trend of being able to pay with digital currency for retail purchases. The market has a strong interest, and the findings suggest that current owners, former and even non-owners, are eager to own and use cryptocurrencies for making purchases in the future. As per the Cryptocurrency Payments Report May 2021, “12% of consumers (a projected 30 million) currently own one or more cryptocurrencies, 4.5% (11.5 million) have owned them in the past, and 17 million non-owners may acquire cryptocurrency to make purchases in the near future.”

Currently, crypto owners have spent their digital currency on making purchases of jewellery, grocery, online gaming/gambling, food delivery and even real estate. They would like to pay for retail products, travel, financial services, furniture and appliances and streaming services with cryptocurrency.

All they await is more merchants to open doors to cryptocurrency and start accepting the new mode of payment! So, merchants pay attention!

Here are 5 reasons why businesses should join this revolution and should consider accepting cryptocurrency:

1. Opening doors for new customers

Businesses can give their brand an instant facelift by accepting virtual currencies. It provides a cutting-edge image to the company, attracting new customers keen on spending cryptocurrency.

2. Lower fraud risk

Unlike credit cards, cryptocurrency is safe from chargebacks or fraud. The transactions processed with cryptocurrency usually cannot be reversed or cancelled, which means lesser chances of fraud.

3. Lower transaction fee

Businesses can potentially save a lot on the processing fees they usually pay on transactions using the traditional methods. With cryptocurrency, the processing cost will reduce even more if using the same blockchain crypto. Hence, businesses will eventually get a bigger slice of the profits.

4. Lesser trading risk

Cryptocurrencies are meant to pose smaller risks. The market fluctuations do not affect the value of your business when you are dealing in cryptocurrency.

5. Boundaryless payments

In this international market, especially in post-covid conditions, businesses can go global by accepting digital payments from anyone anywhere. Anyone having an internet connection can make a purchase without worrying about the exchange rates for currency conversions.

Cryptocurrencies have been gaining momentum and have caught the eye of one too many. This is one of the ways to stay ahead of the competition by taking on the forward-thinking opportunity.

Robert Kennedy College has recently become one of the merchants where one can pay with cryptocurrency. RKC offers a secure method to pay your course fees using Coinbase. Payment is accepted using Bitcoin, Ethereum, USD Coin and Litecoin.

Talk to one of our advisors on WhatsApp to know more about paying course fees using Coinbase.

#DILO (A day in the life of) a master’s student – Khuong Ho Thi Uyen

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Continuing with our popular blog series that answers some of the questions we at Robert Kennedy College (RKC) get asked frequently by students looking to join one of our online programmes, we asked some of our past and current students to share their thoughts and opinions, to give their feedback on how they handled the challenges of online learning. Hopefully, this will help you to make an informed decision.

Let’s learn from those who came before and see if what worked for them will help you become a better student!

An Introduction

Photo by Sincerely Media on Unsplash.

Who are you?

My name is Khuong Ho Thi Uyen, a Robert Kennedy College and University of Cumbria MBA student.

Which programme did you choose and why?

I am working in the healthcare industry – medical devices as a leader. Therefore, specialized knowledge is needed. That was why I chose the International Healthcare Management course.

The Study Plan

How did you plan to study each module, and what was the reality? For example, how many hours did/do you have to put in each day/or in a week?

Before the module, I just planned to dedicate the two days of the weekend so that I could save four days per month for learning. However, the reality was messy! My classmates were active in the class forum discussion right after the professor posted the learning theory for each objective and the critical discussion areas. Many responses and comments from classmates were posted every day, including the individual analysis of the learning theory plus sharing their work experiences, all creating a proactive class forum. Therefore, I had to change my plan and re-arrange my life and include every night after work and any free time, if possible, to keep up with the class momentum.

What part of the day did/do you find most suitable to study? (e.g. early mornings, lunch break, evenings, weekends?)

Early mornings, in the evenings after work, and at weekends.

Make sure you are ready with a schedule to maximise your study time. Photo by Aron Visuals on Unsplash.

How much time did you devote to each assignment?

Usually, at the beginning of each new module, I read through the overall module components, obtained an outlook on how many units per module and, which topic per unit, what was the assignment requirement to think about during the module time. Looking for an assignment topic was important and required more time consumed. Coming to the module’s assignment, I devoted at least a month to completing it.

Travelling and Communication

How did travelling impact your ability to study?

In fact, travelling had a positive impact on my studies. I utilized the waiting time at the airport and the flight time while in the aeroplane to read books, paper, and cases and think about that. Travel helped me refresh my knowledge and gave me the time to consider the subject from different angles, which enabled me to come up with more new ideas and deeply understand the discussion objective.

How were you able to interact with peers and/or professors given the time differences?

It did not matter if we were in a different time zone from each other. We were able to connect directly in the class discussion forums. There was a window for you to leave any message you would like to ask the professor; you were also able to recognize who was online at the same time you were online so that you could connect them via module forum or by email easily as each classmate and professor also had an email which was told to us. Thanks to technology, I experienced that my classmates were prompt in their responses despite being in different time zones. Besides, at the beginning of each module, there was an introduction session, and via that, we set up another class group chat like on WhatsApp.

A typical day as a master’s student

What does a typical day as an Online master’s student look like for you?

It becomes a routine and feels normal to me!

Any advice?

Photo by Medienstürmer on Unsplash.

Any advice you have for students to better plan their studies.

  1. Order recommended books for each module: Whether you plan to purchase a hardcopy or soft copy book, you should well plan this. Make sure you have the book ready with you before the module’s starting time so that you can refer to the books. This will facilitate your learning.
  2. Prepare your finances to pay for school fees on time and to purchase online books (if required).
  3. Time dedicated to the study is significant. You should plan it in advance and follow it strictly. With a scheduled study plan, you will know what to expect.
  4. All of your classmate’s comments and discussions in each module forum will add value to your learnings.
  5. Please do not hesitate to ask or comment or share. The more you ask, comment, and share, the more you are valued by the professor and your classmates.
  6. Read more: including recommended books, papers, and discussions. These are valuable sources for your study. 

Thank you, and enjoy your learning!

I hope this blog has answered some of your questions, and please watch this place for similar blogs. So, if you have been thinking about doing a master’s degree and now understand how to study better for an online programme, look at our programmes and see if anything interests you.

You can also chat LIVE on WhatsApp with one of our Education Advisors for more information on the programme that is right for you, the application process, and details on discounts we might be offering at this time.