Electronic and Virtual Currency Overview

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Questions and Answers

What is a potential advantage of using cryptocurrencies instead of traditional banking?

Universal acceptance across all platforms

Lower risk of inflation

Usual bank transaction charges are absent (correct)

Guaranteed transaction security

What is a notable disadvantage of cryptocurrencies like Bitcoin?

They are easily regulated by governments

They exhibit high price volatility (correct)

They cannot be used for online purchases

They are immune to hacking

In the context of data mining, what is the primary purpose?

To convert raw data into a user-friendly format

To analyze data for establishing patterns and trends (correct)

To create backup copies of information

To secure data against unauthorized access

How do cryptocurrencies challenge traditional banks?

They eliminate the need for a central financial institution (B) Signup and view all the answers

What is a major concern associated with the level of anonymity provided by cryptocurrencies?

Facilitation of criminal activity (B) Signup and view all the answers

What is bioinformatics primarily used for in healthcare?

To extract medical patterns and trends from biological data (B) Signup and view all the answers

How does data mining contribute to patient management in healthcare?

By predicting patient volumes to optimize staffing levels (A) Signup and view all the answers

What is one ethical concern associated with data mining?

It may invade individual privacy and be seen as unethical (A) Signup and view all the answers

What advantage does research provide for businesses?

Enables the prediction of customer needs and preferences (D) Signup and view all the answers

Why might governments find predictive data important for their operations?

To prepare for potential economic crises (B) Signup and view all the answers

What is a disadvantage of implementing data mining in organizations?

It can be very expensive and resource-intensive (A) Signup and view all the answers

In what way can predictive analytics assist in the field of technology?

By identifying customer trends to develop better products (D) Signup and view all the answers

What impact does data sharing among research companies generally have?

It can significantly expedite core developments (C) Signup and view all the answers

What is a potential advantage of using social networking during a natural disaster?

It can provide lifesaving information to the public. (A) Signup and view all the answers

How can social networking negatively affect individuals' perception of reality?

By leading to feelings of exclusion from others' perceived better lives. (A) Signup and view all the answers

Which of the following is a concern regarding the information shared on social networks?

It can be used to censor important information. (D) Signup and view all the answers

What drawback of social networking can affect attention spans?

It provides constant entertainment options. (A) Signup and view all the answers

What role do influencers play on social media according to the concerns mentioned?

They can lead people to harmful actions or beliefs. (D) Signup and view all the answers

In what way can social networking provide support to users?

Through improved customer service experiences. (C) Signup and view all the answers

What is a downside of news shared on social networks?

It can be sensationalized or falsely reported. (B) Signup and view all the answers

How does anonymity on social networks impact user behavior?

It can lead to participation in illegal or harmful behavior. (A) Signup and view all the answers

What is a potential consequence of high data storage costs?

Higher costs related to data mining processes (D) Signup and view all the answers

What advantage does data mining provide to businesses?

It helps in investing only in successful future products (B) Signup and view all the answers

What was a significant issue regarding data privacy highlighted by the Cambridge Analytica scandal?

Personal data was collected without user consent (D) Signup and view all the answers

What new legal requirement was established for companies seeking to collect data from EU residents?

They must seek permission to collect data (B) Signup and view all the answers

Which of the following best describes forums in the context of social networking?

Places to post and search for past thoughts and ideas (D) Signup and view all the answers

What problem is associated with having large amounts of stored data?

Increased vulnerability to hacking attempts (D) Signup and view all the answers

What limitation is posed by the outcomes produced from data mining?

They rely solely on past patterns and trends (A) Signup and view all the answers

What must companies now critically assess prior to collecting user data under new laws?

Why they need the data and its intended use (D) Signup and view all the answers

What is one advantage of using smart devices designed for implantation in the body?

They reduce damage to healthy cells. (D) Signup and view all the answers

How can IT in education improve classroom interactions?

Through the use of interactive whiteboards. (D) Signup and view all the answers

What is a potential negative aspect of people acting as amateur journalists?

They can report events that may be harmful. (C) Signup and view all the answers

What is a common feature of forums?

They require posts to be approved by a moderator. (D) Signup and view all the answers

Which of the following describes email?

An electronic mail system that uses addresses with a domain name. (C) Signup and view all the answers

In the context of family and home IT, what is a primary benefit of controlling home devices remotely?

It saves money and is better for the environment. (B) Signup and view all the answers

How are blogs typically organized?

In reverse chronological order with the most recent posts appearing first. (D) Signup and view all the answers

What is one role of IT in government and politics?

Raising awareness about political issues. (D) Signup and view all the answers

What is an application of monitoring and surveillance technology?

Locating criminals using facial recognition. (D) Signup and view all the answers

What is a characteristic of microblogs compared to traditional blogs?

They involve much smaller content, often just a couple of sentences. (B) Signup and view all the answers

What advantage does online government services provide?

Lowering costs by reducing staffing needs. (A) Signup and view all the answers

What impact has social networking had on businesses?

It can serve as an effective marketing tool and impact revenue. (B) Signup and view all the answers

What concern is associated with the use of surveillance methods in monitoring?

They could be misused without adequate regulations. (C) Signup and view all the answers

Which of the following is NOT a primary use of blogs?

To serve as a medium for private interpersonal communication. (A) Signup and view all the answers

What cognitive issue has been associated with social networking?

A generation that requires an immediate response to information. (B) Signup and view all the answers

Which of the following statements about vloggers is true?

They may depict their personal lives through video blog content. (C) Signup and view all the answers

Study Notes

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 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.

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Description

Explore the intriguing world of electronic and virtual currencies through this quiz. Learn about digital payment methods, including credit cards, mobile payments, and the decentralized nature of virtual currency. Test your knowledge on the advantages and disadvantages of these currency systems.