Monday January 20, 2020
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From paper to plastic to Bitcoins: Changing money with time

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By NewsGram Staff Writer

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With the internet revolution gaining ground in India at a fast pace, and many initiatives on the part of the government to digitize India and take everything online, the days when money (currency) will also be completely digitized don’t seem far.

Bitcoin is one such example. For those who aren’t aware what it is, it can simply be defined as “digital money.” The advantages of bitcoin extend from zero transaction charges and to mobile platforms offering easy buy and sell options, high security and anti-wallet theft options. Handling bitcoins is extremely hassle-free. With one click on your Smartphone, you can do transactions anytime, anywhere.

Bitcoin came into existence around 2009, and is believed to be created by Satoshi Nakamoto, which can be a person or a group of persons. It once gained value steadily, peaking at about $1,100 per bitcoin in November 2013, then its value slid and is approximately $227 per bitcoin now. Also, no government regulates bitcoins yet.

Bitcoins are earned by churning data on the computer, which is also called “mining.” This is done in order to verify transactions.

“I find it (bitcoin app) extremely useful because I can buy online discount coupons and gift vouchers in exchange for my bitcoins,” said Harin Pandya, who works with an event management company in Hyderabad. “I can redeem these from Amazon, Ola and a host of other e-commerce websites.”

Despite all the shiny positives, RBI governor Raghuram Rajan doesn’t seem so convinced about the positive aspects of bitcoin. The main reason being that bitcoins fall outside the purview of regulated financial environment.

Calling them “Crypto currencies”, RBI Deputy Governor, R Gandhi, emphasized that these can be involved in money laundering, tax evasion and terror funding.”

Despite the red flag given by RBI, bitcoin’s popularity continues to rise. Banks and other financial middle-men-organizations are completely out of the picture.

“I have family in New Zealand and I can send money immediately to them using my bitcoin wallet, which they can encash there, making the transaction hassle free,” says Himanshu Sisodia, chief operating officer at Greenleaves Management.

“Though it has depreciated significantly, the value of bitcoins are bound to climb up by next January, because virtual currency is the future and the world will only get more digitised from now on,” said Pandya, adding that he is expecting to get almost 100% return on his investment in bitcoins by this year-end.

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Despite the concerns raised regarding usage of bitcoins, experts believe that with the steady pace of digitization, money is bound to become online sooner or later, and that the world cannot escape bitcoins when such a thing happens to the completion. Since digitizing India means an enhanced push into the direction of cashless transactions, bitcoins will climb up.

Citing the example of Greece, experts have also pointed out that for volatile economies undergoing crisis, bitcoins offer a good alternative.

 

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Students who Use Internet Excessively Likely to be Anxious During Tests: Study

Excessive internet use reduces study skills in students

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Students reporting more internet addiction also found it harder to organise their learning productively, and were more anxious about their upcoming tests. Pixabay

Students who use digital technology excessively are less motivated to engage with their studies, and are more anxious about exam tests, according to a new research.

This effect was made worse by the increased feelings of loneliness that use of digital technology produced, said the study, published in the Journal of Computer Assisted Learning.

“The results suggest that students with high levels of internet addiction may be particularly at risk from lower motivations to study, and, hence, lower actual academic performance,” said study researcher Phil Reed from Swansea University in UK.

For the findings, 285 university students, enrolled on a range of health-related degree courses, participated in the study. They were assessed for their use of digital technology, their study skills and motivation, anxiety, and loneliness.

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Students who use digital technology excessively are less motivated to engage with their studies. Pixabay

The research found a negative relationship between internet addiction and motivation to study. Students reporting more internet addiction also found it harder to organise their learning productively, and were more anxious about their upcoming tests.

The findings also found that internet addiction was associated with loneliness, and that this loneliness made study harder.

About 25 per cent of the students reported that they spent over four hours a day online, with the rest indicating that they spent between one to three hours a day.

The main uses of the internet for the student sample were social networking (40 per cent) and information seeking (30 per cent), the researchers said.

In addition to the links between levels of internet addiction and poor study motivation and ability, internet addiction was found to be associated with increased loneliness.

The results indicated that loneliness, in turn, made studying harder for the students.

The study suggests that loneliness plays a large role in positive feelings about academic life in higher education.

Also Read- 5 Health Tests That Women Should Undergo

According to the researchers, the poorer social interactions that are known to be associated with internet addiction make loneliness worse, and, in turn, impact on motivation to engage in a highly social educational environment such as a university. (IANS)