Aliu, O.H and ADAMU, DAHIRU (2022) BITCOIN MINING TECHNOLOGIES AND THEIR EFFECT AS A FORM OF INVESTMENT. In: 3rd International Conference, 16th & 17th August 2022, The Federal Polytechnic Ilaro.
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Abstract
Cryptocurrency is a peer-to-peer (P2P) programmable digital currency. They are virtual commodities designed as currencies without a centralized regulatory body. It is similar to fiat currency in that the users agree upon the value, giving it its market value. There is no centralized authority to regulate the price of the digital currency, so the price is volatile. Some common types of cryptocurrencies include Bitcoin, Litecoin, Ethereum, Ripple, Dogecoin, Tron, etc. To use cryptocurrencies, a digital infrastructure such as smartphones, computers, internet networks, and connectivity must be in place, which limits their easy accessibility and understanding by laymen. Since it is volatile, it is vulnerable to hackers and malware and is untraceable. Bitcoin is a digital currency that can be used to buy goods and services. It uses strong cryptography to secure online transactions. Since it’s created in cyberspace, it does not require the existing banking system. Miners make use of their computers to solve complex algorithms and carry out tasks like mining, thereby getting rewards in the form of cryptocurrency, which are stored digitally and passed between buyers and sellers without the need for an intermediary. If cryptocurrency is adopted, it will allow a stream of easy digital transactions, thereby connecting the world to easy online transactions.
| Item Type: | Conference or Workshop Item (Paper) |
|---|---|
| Uncontrolled Keywords: | Digital Currency, Blockchain, Cryptocurrency, Bitcoin Mining. |
| Subjects: | H Social Sciences > HG Finance T Technology > T Technology (General) |
| Divisions: | Faculty of Engineering, Science and Mathematics > School of Engineering Sciences |
| Depositing User: | Joy Oluwabukola Olayiwola |
| Date Deposited: | 03 Apr 2023 12:15 |
| Last Modified: | 03 Apr 2023 12:15 |
| URI: | http://eprints.federalpolyilaro.edu.ng/id/eprint/2198 |
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