Unit 6 Study Guide.pdf - UNIT VI STUDY GUIDE Recent Trend...

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CS 1010, Computer Essentials 1 Course Learning Outcomes for Unit VI Upon completion of this unit, students should be able to: 6. Discuss the impact recent trends within the computer industry have on information systems. 6.1 Identify recent technology trends within IT and the computer industry. 6.2 Describe the role of computer technology and how it affects industry in today’s global economy. Reading Assignment Chapter 9: The Computer Industry: History, Careers, and Ethics, pp. 486-509, 542-543, 546-547 Unit Lesson Unit VI examines the impact that recent trends within the computer industry have on information systems. This lesson will discuss these trends and what the future may hold. In 2009, a developer known as Satoshi Nakamoto created an digital currency called Bitcoin. Bitcoin was known as a form of untraceable cryptocurrency. Bitcoin is actually a form of digital money. According to McCormick (2013), Bitcoin is the perfect tool for money laundering and criminal activity, but Bitcoin also offers positive benefits in the global economy. The value of Bitcoin is in the technology that allows you to program money just like any computer code, and this technology could basically allow anyone to create unbreakable contracts and create monetary policy that emulates Google’s processes (Valleskey, 2014). Bitcoin was the first decentralized peer-to-peer payment network powered by its users, with no middleman or central authority (Bitcoin Thrives, 2014). PayPal has built a relationship with Bitcoin known as BitPay. PayPal values innovation, and this integration between PayPal and BitPay gives people more choices for creating value, sharing it, buying it, selling it, and trading it (BitPay and PayPal, 2014). Bitcoin users can quickly move their money and holdings around the world without having to rely on any central clearinghouse. Bitcoin is cheap to use because banks are not needed to execute or confirm transactions. Bitcoin payments are considered easier than using debit and credit cards, and can be used without a merchant account. Payments are made from a wallet application, either on a computer or a smartphone. There is no limit on the amount of money that can be sent or received anywhere in the world at any time. Bitcoin is totally anonymous (Bitcoin Thrives, 2014).
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