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฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿฿ Crypto currencies:

Imagine a currency that isn’t regulated by governments or influenced by big corporations; a currency that can allow for seamless transactions on a decentralized network between peers, and perhaps even between individuals and businesses. The implications of such an ideal would be enormous. Cryptocurrency is a payment system, a tradeable commodity, and has incredible potential to be used commercially in the future. the very real existence of cryptocurrency allows several of the implications to become observed and evaluated. To best understand the impact of cryptocurrency on information technology, one must observe current use, security aspects, future use, and the ethical and social implications of crypto currency on Information technology.

Crypto currencies are virtual money (or coins) currently used for anonymous purchases, trading, and peer-to-peer transactions. It should be noted that it is used for some illegal activities, such as drug deals and other less than ethical ventures.

Security Aspects One of the most common things that will be heard about cryptocurrency is the concept of anonymity. When looking at Bitcoin, transactions are technically public knowledge; if an individual wanted to investigate the ledger it would be possible to identify an individual’s transaction history. According to Perri Reynolds in “Tracking digital footprints: anonymity within the bitcoin system”, this is not necessarily transparent in nature. Due to lax regulation of Bitcoin and other cryptocurrency exchanges, it is difficult for law enforcement to effectively investigate criminal transactions through bitcoin (Reynolds, 2017). In contrast, other cryptocurrencies like DASH have transaction options where the transaction of DASH is completely anonymous. In terms of security, cryptocurrency has some of the best protocols that allow an individual to have a high level of security over his or her funds. To ensure personal financial safety and security, most wallets or cryptocurrency related technology has two factor authentications to access funds and markets. The most common use of the two-factor authentication is typing in a password, then being sent a passcode to a trusted device that will grant access to funds. Although there are several safeguards in place to guard against the theft of one’s funds, these security protocols do not protect against methods of theft like social engineering, which target the individual (Harwick, 2016). Additionally, there is a security protocol that is in place for every cryptocurrency is the “public address key” and “private address key”. The public address key is the address that can receive deposits of cryptocurrency, whereas the private address key allows the individual to spend funds (Information Technology Newsweekly, 2015) Another security protocol that is present in Bitcoin is the use of the verification system. When a sale of Bitcoin is made, the amount that is being sent is verified by the block chain ledger that different users of the network possess in order to ensure that the amount being sent actually exists and isn’t counterfeited.

(1) Cite error: There are <ref> tags on this page without content in them (see the help page).Phil's stock world: Comparing bitcoin, ether, & other cryptos (2017). . Chatham: Newstex. Retrieved from: https://search-proquest-com.mutex.gmu.edu/docview/1938912148?accountid=14541

(2) Gibson, C. T., & Kirk, T. (2016). Block chain 101 for asset managers. The Investment Lawyer, 23(10), 7-14. Retrieved from https://search-proquest-com.mutex.gmu.edu/docview/1831247052?accountid=14541Cite error: There are <ref> tags on this page without content in them (see the help page).

(3) Reynolds, P., & Irwin, A. S. M. (2017). Tracking digital footprints: Anonymity within the bitcoin system. Journal of Money Laundering Control, 20(2), 172-189. Retrieved from https://search-proquest-com.mutex.gmu.edu/docview/1897673217?accountid=14541Cite error: There are <ref> tags on this page without content in them (see the help page).

4) Harwick, C. (2016). Cryptocurrency and the problem of intermediation. The Independent Review, 20(4), 569-588. Retrieved from https://search-proquest-com.mutex.gmu.edu/docview/1777262660?accountid=14541Cite error: There are <ref> tags on this page without content in them (see the help page).

D. (n.d.). How Can Digital Cash Become Accessible to All? . Retrieved September 27, 2017, from https://dashpay.atlassian.net/wiki/spaces/DOC/pages/71729271/DASH School Cite error: There are <ref> tags on this page without content in them (see the help page). official dash website