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Personal Statement: My Computation Artifact That I Am Representing Is Bitcoin

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2a.) My computation artifact that I am representing is Bitcoin. Bitcoin is a virtual cryptocurrency that provides quick, easy, and anonymous online payments. Bitcoin illustrates how easy it is to make safe, online payments directly to other users. Bitcoin is a decentralized currency meaning that the people produce the currency, rather than having a government choosing when to print it. Because of Bitcoin, we are able to create a world-wide usable currency. With Bitcoin, you can buy things from food, clothes, electronics, to cars, houses, and services.

2b.) The computing tool I used to create my artifact was Google Slides. Google Slides allowed me to present my artifact by allowing me to arrange …show more content…

This means that the people produce the Bitcoins rather than having a government allowed to print money whenever they want. As a result, Bitcoin prices cannot randomly lose value. A negative impact Bitcoins have on economy is that they are a fluctuating currency, which means you never know when it’ll rise or when it’ll fall. Bitcoins have the potential to become the next world-wide currency, and change the way we send a receive money, making it quick, fast, and anonymous. However, this allows hackers or any criminals to participate in online marketing of illegal items, and pay using nearly untraceable currency. Bitcoin has the possibility of eliminating paper money, almost eradicating our culture associating with paper money. However, a beneficial effect on our culture is that it will bring us closer to a global currency. Bitcoin mining has also stimulated hardware companies that sell bitcoin mining hardware. This resulted in more and more people joining the bitcoin coin rush. Although the transfer of Bitcoins cannot be intercepted, it can still be hacked if you have malware on your device which allows the hacker to have access to your bitcoin bank and send the bitcoins to himself. Another problem with Bitcoin is that the government does not like bitcoin due to the fact it is untraceable. As a direct result, the government has been labeling bitcoin users as “threats”. This changed society's …show more content…

Bitcoin miners produce virtual coins, which is the data being produced in this case. The input in bitcoin is the coins being stored in a digital wallet. To have bitcoins, you must have them in your account, or Bitcoin wallet. Therefore, you have to input some coins into the wallet to actually have coins. Bitcoins transfer data into bits and sends them around to other wallets. One data storage concern is that if you are bitcoin mining, you tend to have multiple wallets. There is possible you may store your bitcoins onto the wrong storage, and because it is anonymous, you cannot be able to locate that storage. Data privacy concern is that all the bitcoin transactions are being displayed on the internet. That means your wallet address can be shown sending bitcoins to another wallet. Also, be prepared to get attempting hackings into your account because the government is very anti-bitcoin. One security concern is that if there is a keylogger, a program that captures your passwords, account numbers, etc., then you are likely to have your bitcoins stolen. Because the hacker has access to your passwords and wallet ID, he/she can log in and transfer all those funds

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And if people stop buying into it, then the price could drop thousands of dollars, making many people lose money when others are in a frantic to sell. To add on, Bitcoin investing is a bad idea because it actually poses a very big health risk to people. In 2018, experts in the field of energy have said that bitcoin miners, the producers of bitcoins, use enough energy too power 3.3 million households! That means that if it was a country, it would be the 59th biggest power user in the world! But that’s not all.

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