Electronic and Virtual Currency Overview

Electronic Currency

• Electronic currency is a digital payment method
• Digital currency is similar to coins/banknotes but exchanged digitally using computers (e.g., credit cards, mobile phones, smart watches).
• Credit cards use magnetic strips, chip reading, or contactless payment.
• Data stored on the card is read by a computer to deduct the correct amount from a bank account.
• Mobile phones and smart watches use apps (like Apple Pay or Google Pay) to perform similar contactless payments.
• Stored value cards have a set amount of currency loaded onto them.
• Closed-loop cards can only be loaded once, while open-loop cards can be repeatedly loaded.
• Advantages of stored value cards include not needing physical money and contactless payments.
• Disadvantages include being vulnerable to hacking and having spending limits.

Virtual Currency

• Virtual currency is a decentralized system without a central body managing it.
• It does not have a physical representation, like tokens bought in a game.
• It uses a blockchain system for management.

Cryptocurrency

• Cryptocurrency is decentralized electronic money.
• Examples include Bitcoin and Litecoin, using blockchain systems for tracking.
• Peer-to-peer systems remove the need for a central financial institution.
• Cryptocurrency values can fluctuate widely.
• People use bitcoin for buying/selling products online.
• Banks are looking at creating their own cryptocurrencies.
• Advantage of cryptocurrencies include not needing bank charges but disadvantages like criminal activity due to anonymity, and difficulty counterfeiting.
• Cases of business hacking resulting in lost bitcoin exist

Data Mining

• Data mining is a form of data analysis that uses computers to establish patterns and trends in large datasets.
• Computers are applied because of the sheer volume of data that exists.
• It can help predict future trends.
• The process involves several steps: Business Understanding, Data Understanding, Data Preparation, Data Modelling, Evaluation, and Deployment.
• Business understanding involves setting objectives and establishing criteria for success for a project.
• Data understanding involves analyzing data and ensuring its viability.
• Data preparation involves selecting, cleansing, and formatting the data for modeling, and can be the most time-consuming step.
• The outcomes from data mining are predictions based on patterns and trends, and not necessarily a perfect representation of future events.

Social Networking

• Social networking involves websites and apps letting users communicate.
• Types include forums, emails, blogs, and microblogs.
• Forums are for posting thoughts, ideas, and questions and have moderators to control content.
• Email is a direct communication method with email addresses.
• Blogs involve online journals in reverse chronological order.
• Microblogs are like blogs but shorter messages.
• Social networking impacts cognitively by creating a need for instant communication and affects businesses positively, serving as marketing tools

Technology Enhanced Learning

• Technology-enhanced learning uses various platforms for education, including computer-based training, online tutorials, and networked learning.
• Computer-based training uses media-rich educational platforms, while online tutorials offer pre-made videos of educational concepts to help build knowledge.
• Networked learning connects learners for discussions and feedback.
• MOOCs (Massive Open Online Courses) offer many educational courses available.
• Video conferencing allows live interaction in educational environments.
• Using these systems and methods, better learning methods and development are possible.

Impact of IT

• IT is used in various sectors. In sport, IT aids referees with decisions.
• Manufacturing uses robotics in assembly lines.
• In medicine, it helps monitor patients, train doctors through simulations, and create artificial limbs.
• In education, interactive whiteboards are used.
• IT is also used for news and media, allowing people to be online journalists and follow the news.
• It helps in families, handling entertainment and devices (e.g. Alexa, Google home).
• Governments use IT for awareness (online petitions).
• IT can also cause surveillance by using CCTV and other monitoring systems.