Assignment 6

Discussion 1

Bitcoin is one of the cryptocurrencies or it is a computerized file that consists of the digital currency. Most of the companies are considering bitcoin as a digital currency and they use this currency in replace of regular currencies. People can exchange their coins from one person to another person and they use it for purchasing the products from reputed organizations. Every digital transaction is stored and recorded in blockchain technology or Digital Ledger Technology.

Blockchain technology is the process of storing the data into blocks and linking with other blocks, it is exceedingly difficult to breach the data in blockchain technology. Blockchain technology supports the decentralization process and data can be stored from anywhere in the world. most of the countries are accepting bitcoin and it is legal to make bitcoin transactions, but few countries are restricting Bitcoin transactions and it is illegal to make a purchase and trade bitcoins (Kwon et al., 2019).

Advantages of Bitcoin

Global transactions: Bitcoin is not having any exchange rates for every country and it will be a similar value across the globe and people can make digital transactions with the organization whoever making the transactions. It provides the freedom for transactions and a person can make transactions from anywhere in the world.

Low-Cost transactions: Credit card transactions, debit card transactions and the online transaction will charge additional amount and foreign exchange transactions will charge additional cost but Bitcoin will not charge any additional fee and when it compare with other financial transactions it is very minimal.

Secure and safe: Bitcoin transactions are very safe and secure because it will difficult to make a data breaching activity due to blockchain technologies (Sulaiman 2019).

Discussion 2

The legality of bitcoin as well as other cryptocurrencies tends to be different in a substantial manner from one country to another in addition to being not defined or still changing within most of the countries. In addition, most of the countries have not classified the use of bitcoin to be illegal this is because its commodity or money status tends to vary with regulatory implications which are different. A few countries have permitted its trade as well as use explicitly while on the other hand, there are countries which have either restricted it or banned it (Prayogo, 2018).

Most countries have had the cryptocurrencies to be considered as illegal within their states because they consider it as an act of laundering money in addition to being a media which is used by terrorist to finance their criminal activities hence promoting criminality. Other countries have made sure that it is banned completely. Countries such as South Africa consider crypto currency as a virtual currency which is known for not having regulatory framework or legal status hence making it an asset which is not tangible. Based on the transaction’s nature, the government of the federal in addition to the states, basically tend to have regulations which are considered to be varying at a great extent in addition to being responsible for governing the resolution of errors, inclusive of how payments can be reversed for the people using payroll cards, debit and credit cards, check as well as the transfers of funds (Ruslina, et.al, 2019, May).

Please make sure two response posts to given discussions substantive. A substantive post will do at least TWO of the following:

1.Ask an interesting, thoughtful question pertaining to the topic

2.Answer a question (in detail) posted by another student or the instructor

3.Provide extensive additional information on the topic

4.Explain, define, or analyze the topic in detail

5.Share an applicable personal experience

6.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)

7.Make an argument concerning the topic.

8.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.