ABSTRACT& CONTEXT Cash in the real worldallows for parties to exchange currency without the need to go through somesort of central authority. One person, Natasha, can purely hand money over toanother one, Soum. In this operation the only two people that have informationof this exchange are Natasha and Soum. before recently nowadays there was noelectronic equal to this exchange.
In 1982 David Chaum proposed a system ofanonymous digital currency based on blind signatures, and in 1990 founded DigiCashas a digital currency company. There were a few banks that applied electronic currencysystems, but these banks and DigiCash eventually went ruined in 1997 and 1998despite the passion surrounding anonymous electronic cash. Between 1998 and2008 there were no successful applications of electronic cash that offer adecentralized, anonymous, and undetectable system. In 2008 a paper was issuedby Satoshi Nakamoto on the digital currency known as Bitcoin.(Ritedu, 2018)A digital currency is aform of electronic cash backed by mathematical and cryptographic constructs,unlike traditional money which was historically backed by gold or silver. Digitalcurrencies have seen rising popularity in recent years due to theirdecentralized, distributed, peer-to-peer protocols. Part of this risingpopularity is also attributable to the supposed anonymity of these proprieties;however, due to the public transaction history mandatory for these protocolsand the fact that transactions are pseudonymous and not purely anonymous, this meansthat the anonymity may not exist.
Despite the fact the systems may accomplishthe goal of decentralized cash it may not achieve the goal of intractability.In this work we will analyze the awareness of this new system itsimplementations, use of Bitcoin and other digital currencies to determine thelevel of perception and attitude of the user and non-user on the rise of thissystem.The University ofNicosia, one of the most important English language universities in theMediterranean, is the first in the world to accept the digital currency(bitcoins) as tuition. The university has also begun a new Master of Sciencecourse in Digital Currency. According to the university people who will want topay education fees in bitcoins, will be able to use an online system that will managedfacility or by paying straight to 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 currency, 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 ofexchange like dollars, British pounds, Euro and Turkish lira but in thisaspect, the exchanges make use of encoded detailsand exchange of digital symbols in a distributed and decentralized method andthese symbols can be traded at market rates for flat moneys. Until the invention of digitalcurrency, it was impossible for two parties to transact electronically withoutpaying the service 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 finally overcame theproblem of ‘double-spending as the transactions took place between the usersdirectly without the intermediary. He was able to make this possible byintroducing the use of public key cryptography, peer- to-peer networking and aproof-of-work system.
Another notable introduction by Bitcoin was theengagement of Record which was referred to as Blockchain. The work of theblockchain was to store and 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 startedoperating in 2009).This paper is an outcomeof the exploratory case study on the awareness and perception of digitalcurrency (Bitcoin) by the university students at GAU.
The overall reactionattitude and awareness are mixed towards different variables like groups ofstudents in different department in the sample, level of education. This paperthings to see and discusses the pensiveness and attitude on both sides studentsin the economic department and the rest of the students in others department ofthe university 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 RESEARCHQUESTIONS Thisstudy 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 ofcryptocurrency(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? LITERATUREREVIEW Not 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 cash thatcontributes to inflation, amongst several other benefits. It also saves a recordof each transaction in what is named a blockchain, which acts as a publicrecord for each operation ever made, and so each bitcoin has a history that canbe traced.
Four variables parameter, security, acceptance and accessibility areknown in the ecosystem of Bitcoin in general along with human factor and thetechnical factor. The six elements of human factor are users, companies,exchanges, associations, miners and investors. This work depends on theresearch of the awareness, attitude and analyzing the impact that digitalcurrency can have on gau student’s money operation. 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 most widelyused cryptocurrency and is the first cryptocurrency to begin circulation.
Manyother cryptocurrencies are direct forks of Bitcoin, so the Bitcoin protocolwill be our primary focus. (Morris, 2014)Bitcoin’s intellectualhistory 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 acrossthousands of 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 RESEARCH Thisresearch 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 ofcryptocurrency 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 suppliers’ 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 controlling meddling and promotes what is referredto as low-cost banking because it can be done anywhere as long as the studentsor the possible digital currency user has access to a cell phone andconnection.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. Withcryptocurrency 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 asrelevant merchant bodies and associations in the hope of helping to improve theservices as a whole. OBJECTIVES fromdebates 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 technologydoes, it can serve as a great tool from social,economic and financial point of view.
Therefore, this research and work is anattempt to project on digital currency (Bitcoin) taking into both awareness andattitude 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 thecountry oforigin of the students that will participate on the survey and extend it tothe university.
•Expectancy of GAU students on using digital currency. AIMOF THIS STUDY Thepurpose 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. SCOPE OF 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 economicpayment method. The findings of this research are limited to Girne AmericanUniversity. This work can be properly used for the students in university ofother countries.
METHODOLOGYAND DATA COLLECTION 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 300 studentssurveyed through a detailed questionnaire that assesses the basic awareness andattitude 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. POPULATIONAND SAMPLING Stratified samplingmethod;Ø Simplerandom sampling*Ø 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. DATAANALYSIS 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.
RESEARCHETHIC All 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 data gathered as part of this research will beconfidential. It will be not used for any other purpose other than thisresearch and not given to anyone else.