2a. My computational artifact represents bitcoin. Bitcoin is a cryptocurrency created by Satoshi Nakamoto. A cryptocurrency is a digital currency that has no need for a central bank because it is run by the people who use it and the units are regulated. The intended purpose of the innovation is for it to be used as an alternative to cash. The function is to allow people to purchase items and directly transfer money to the seller. In my artifact you can see that when purchasing something your money will be sent to the seller without the jurisdiction of a bank or government. 2b. To create my computational artifact I used an online website called pictochart, which is intended to make infographics. First I chose my background color by choosing a blue background under “background image” on the website. Then I found a symbol for bitcoin from google images and pasted it onto the blank document then using the shapes and icons from pictochart I found the rest of the images used. I placed each image in a way to explain a use of bitcoin. Lastly I used the text box to better explain what is happening throughout my artifact.2c. Bitcoin was specifically designed for users that don’t particularly like the use of governments or banks which comes with keeping your money safe. One reason bitcoin is becoming more and more popular is because it’s all digital. There’s no having to go to an atm to take out money or going to the bank to put more money on your credit card. A beneficial effect of bitcoin is that, it has a low inflation risk. Because the amount of units is at a set value it means that the currency doesn’t lose it’s worth. Bitcoin is a deflation currency which means the value is always increasing unlike the US dollar which is constantly inflating because the government keeps printing cash. Jimmy Song a programmer for bitcoin is quoted on saying “The reason people own BItcoin is because it’s a great store of value, possible the greatest that has ever existed.” Although bitcoin is convenient it also has it’s downsides. One harmful effect that comes with a digital currency like bitcoin is that when making a purchase the transaction is untraceable. This means people can use bitcoin to purchase illegal goods. Being that transactions are untraceable, it can become very difficult for authorities to catch people who use bitcoin for criminal activity. Luke Graham also writes in an article for cnbc that because of the uncertainty of bitcoin it has caused the price to decline, which can make users of bitcoin become less open to the new innovation.2d. The only way to get new bitcoins is by a process called “mining”. Bitcoin miners have to check recent transactions added to what is called the “blockchain” which is the code that represents all transactions, miners then have to solve these puzzles by adding a mathematical formula to obtain bitcoins. After solving, miners put the word out and others check if that person has the right to those bitcoins that he or she tried solving for. If the miner was correct then that code is taken off the blockchain and transformed into actual bitcoins and sent to that miner. Once the formula created by a user is applied that data in the blockchain is taken and transformed into something called a hash. The hash is basically a large hexadecimal used to keep track of bitcoins that have been mined. One main data privacy concern is about the public blockchain. Steven Goldfeder from Princeton University says that “the main problem is web trackers and cookies that are embedded by hackers into websites to leak information to people outside of the transaction. This could mean that the policy of the untraceable transaction isn’t so untraceable as it’s made out to be.2e. Graham, Luke. “Bitcoin Soars as Miners Finally Move to Solve the Digital Currency’s Scaling Problem.” CNBC, CNBC, 20 July 2017, www.cnbc.com/2017/07/18/bitcoin-soars-as-miners-move-to-solve-the-digital-currency-scaling-problem.html.Shin, Laura. “Bitcoin Is At An All Time High, But Is It About To Self Desruct?” Forbes, Forbes Magazine, 7 June 2017, 11:22am, www.forbes.com/forbes/welcome/?toURL=https%3A%2F%2Fwww.forbes.com%2Fsites%2Flaurashin%2F2017%2F06%2F07%2Fbitcoin-is-at-an-all-time-high-but-is-it-about-to-self-destruct%2F&refURL=&referrer=#6824c5a4cb31.Gil, Paul. “Bitcoins: What’s the Big Deal?” Lifewire, 7 Dec. 2017, www.lifewire.com/what-are-bitcoins-2483146.arXiv, Emerging Technology from the. “If You’ve Used Bitcoin to Buy Anonymously, the Transaction May Not Have Been Private at All.” MIT Technology Review, MIT Technology Review, 28 Aug. 2017, www.technologyreview.com/s/608716/bitcoin-transactions-arent-as-anonymous-as-everyone-hoped/.”Real Bitcoin.” Google Search, Google, www.google.com/search?safe=strict&rlz=1C1GGRV_enUS758US758&biw=1671&bih=809&tbm=isch&sa=1&ei=nFkxWqKmDuaGjwSZ55_wBg&q=bitcoin%2B&oq=bitcoin%2B&gs_l=psy-ab.3..0i67k1j0l3j0i67k1j0l5.140881.140881.0.142191.1.1.0.0.0.0.304.304.3-1.1.0….0…1c.1.64.psy-ab..0.1.304….0.haPgaKJnNd0#imgrc=FvyNhKHUiUuy5M:Kantchev, Georgi, et al. “Bitcoin Is the World’s Hottest Currency, but No One’s Using It.” The Wall Street Journal, Dow Jones & Company, 2 Dec. 2017, www.wsj.com/articles/bitcoin-is-the-worlds-hottest-currency-but-no-ones-using-it-1512142187Free images from piktochart https://piktochart.com/

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