ABSTRACT be able to use an online

ABSTRACT & CONTEXT  Cash in the real world allows for parties to exchange currency without the need to go through some sort of central authority. One person, Natasha, can purely hand money over to another one, Soum. In this operation the only two people that have information of this exchange are Natasha and Soum. before recently nowadays there was no electronic equal to this exchange. In 1982 David Chaum proposed a system of anonymous digital currency based on blind signatures, and in 1990 founded DigiCash as a digital currency company. There were a few banks that applied electronic currency systems, but these banks and DigiCash eventually went ruined in 1997 and 1998 despite the passion surrounding anonymous electronic cash. Between 1998 and 2008 there were no successful applications of electronic cash that offer a decentralized, anonymous, and undetectable system. In 2008 a paper was issued by Satoshi Nakamoto on the digital currency known as Bitcoin.(Ritedu, 2018) A digital currency is a form of electronic cash backed by mathematical and cryptographic constructs, unlike traditional money which was historically backed by gold or silver. Digital currencies have seen rising popularity in recent years due to their decentralized, distributed, peerto-peer protocols. Part of this rising popularity is also attributable to the supposed anonymity of these proprieties; however, due to the public transaction history mandatory for these protocols and the fact that transactions are pseudonymous and not purely anonymous, this means that the anonymity may not exist. Despite the fact the systems may accomplish the goal of decentralized cash it may not achieve the goal of intractability. In this work we will analyze the awareness of this new system its implementations, use of Bitcoin and other digital currencies to determine the level of perception and attitude of the user and non-user on the rise of this system. The University of Nicosia, one of the most important English language universities in the Mediterranean, is the first in the world to accept the digital currency (bitcoins) as tuition. The university has also begun a new Master of Science course in Digital Currency. According to the university people who will want to pay education fees in bitcoins, will be able to use an online system that will managed facility or by paying straight to the university’s finance office. “The intention of this initiative is to ease transmission difficulties for certain students and to build our own practical knowledge about this field, not to engage in currency speculation,” the University spokesperson told GeekWire.              Following the rising popularity of online currency, the University of Nicosia is starting the first Master of Science degree in Digital Currency. The idea is to give a whole variety of students from entrepreneurs to government officials with a better understanding of the technical underpinning of digital currency. Cryptocurrency is a digital currency that uses encryption (Cryptograph) to generate money and to verify transactions. In a more technical term, it’s an encrypted, peer- to- peer virtual currency made up of codes and it’s just like any other medium of exchange like dollars, British pounds, Euro and Turkish lira but in this aspect, the exchanges make use of encoded details and exchange of digital   symbols in a distributed and decentralized method and these symbols can be traded at market rates for flat moneys.  Until the invention of digital currency, it was impossible for two parties to transact electronically without paying the service of a third party or a reliable intermediary. The reason was ‘doublespending’ problem, which affected all efforts to create electronic cash since the dawn of the internet. In 2008, Satoshi Nakamoto finally overcame the problem of ‘double-spending as the transactions took place between the users directly without the intermediary. He was able to make this possible by introducing the use of public key cryptography, peer- to-peer networking and a proof-of-work system. Another notable introduction by Bitcoin was the engagement of Record which was referred to as Blockchain. The work of the blockchain was to store and settle all the transactions of the Bitcoin economy. The blockchain is not controlled by a central power like another electronic money system (PayPal) but it is a public paper distributed in a peer-to-peer method across thousands of nodes in the Bitcoin network. This also made it easy to track digital exchanges and avoid cheating. There are over 700 forms of Cryptocurrency such as Dogecoin, Litecoin, Blackcoin, Auroracoin, Coinye, Decred, Dash, Ethereum, Mazacoin, and Bitcoin: our focus currency for this works (which started operating in 2009). This paper is an outcome of the exploratory case study on the awareness and perception of digital currency (Bitcoin) by the university students at GAU. The overall reaction attitude and awareness are mixed towards different variables like groups of students in different department in the sample, level of education. This paper things to see and discusses the pensiveness and attitude on both sides students in the economic department and the rest of the students in others department of the university about virtual currency (bitcoin) particularly in interest of new economic payment system, with a use of advance technology, and revolution with a digital currency. For definition of technical term used on this proposal and the questionnaire that we will be using in our research find on appendix             RESEARCH QUESTIONS  This study will include five main research questions, due to the lack of research assessing awareness of digital currency adoption and use in the academy area we will focus more on questionnaire that will be distribute at Girne American University students. From the literature and work outcome, the following research questions are identified:    1°What are students’ perception about digital currency(bitcoin)?  2°Are there any difference in students’ perception in learning about digital currency (bitcoin) between students in business faculty and students of others GAU faculty?   3°Are there any difference in students’ perception toward learning and use of cryptocurrency(bitcoin) between students with different level of education (undergraduate, master, PhD)?  4° Are students in GAU willing to use and invest on digital currency (Bitcoin) as a new form of payment?  5° what are the attitude of students from different country on the use of digital currency?              LITERATURE REVIEW  Not many studies have looked at digital currency(Bitcoin) use in the academics ‘area university students; as compared to other areas in the financial system Bitcoin is in its promising stage and reasonably studies are limited. Currency has always progressed over the past centuries across the world as each regulation and the worth according to the exchange percentage rise and fall. The design of digital currency (Bitcoin) has a side of error that has been allowed for fraud because it has been treated as an inevitable and unescapable factor. Bitcoin uses the model of global digital single money which allows for cryptographic proof in lieu of trust, and solves the problem of overprinting of traditional cash that contributes to inflation, amongst several other benefits. It also saves a record of each transaction in what is named a blockchain, which acts as a public record for each operation ever made, and so each bitcoin has a history that can be traced. Four variables parameter, security, acceptance and accessibility are known in the ecosystem of Bitcoin in general along with human factor and the technical factor. The six elements of human factor are users, companies, exchanges, associations, miners and investors. This work depends on the research of the awareness, attitude and analyzing the impact that digital currency can have on gau student’s money operation. For the researcher’s convenience because of limited time and resources, the students of GAU has been chosen as an exploratory case study. A survey will be conducted to explore the awareness and attitude of GAU student on the rise of digital currency. Irrespective of use practices, this work can be extrapolated to the awareness of another university or country students with respect to its environment, social, financial and economic conditions. Goldman Sachs has said that it was more plausible that Bitcoin could have a significant impact in terms of its innovation on payments technology, “by forcing existing players to adapt to it or coopt it.”(nick farrell, 2014) Bitcoin is the most widely used cryptocurrency and is the first cryptocurrency to begin circulation. Many other cryptocurrencies are direct forks of Bitcoin, so the Bitcoin protocol will be our primary focus. (Morris, 2014) Bitcoin’s intellectual history also serves as a case study demonstrating the relationships among academia, outside researchers, and practitioners, and offers lessons on how these groups can benefit from one another. (Acmorg, 2017) The blockchain is not controlled by a central authority like another electronic cash system (PayPal) but it is a public document distributed in a peer-to-peer method across thousands of nodes in the Bitcoin network.  Bitcoin prices of consumer goods require many decimal places with leading zeros, which is disconcerting to retail market participants. Bitcoin faces daily hacking and theft risks, lacks access to a banking system with deposit insurance, and it is not used to denominate consumer credit or loan contracts. Bitcoin appears to behave more like a speculative investment than a currency. (Nberorg, 2017) There is a need for a common single currency for all 191nations by 2024 and a global monetary union to collectively save the transaction fees. (Anu & Aqila, 2014)   IMPORTANCE OF THE RESEARCH  This research will give valuable information to the reader on the need for a decentralize economic system contribute not only for gathering the data on the awareness and attitude of student Because bitcoin and other forms of cryptocurrency are principally digital, the position of the two parties of the operation is irrelevant. Anywhere the transaction can be done. It cuts out the necessity for a third party in exchanges and safeguards wealth against exchange controls or investment controls, this will give to the ready the information for a proper use of the virtual currency and highlight the expectation of the sample size on the use of digital currency. Also, this study will give to possible suppliers’ information about how students would like to use digital currency so that company can provide a better approach to deliver good by taking in consideration the result of this work. It encourages exchanges free of controlling meddling and promotes what is referred to as low-cost banking because it can be done anywhere as long as the students or the possible digital currency user has access to a cell phone and connection. Most importantly by knowing how digital currency work students that are using are will start using bitcoin are full ownership of their account, unlike another electronic cash system where there is a company managing your account. With cryptocurrency you own the private key and the corresponding public key that makes up for your Cryptocurrency address and no one can take that from you. This work is also important to the researcher because he has been following the trend since the creation of virtual currency and has been trading the volatility of bitcoin as a financial instrument and would want to improve the awareness and attitude of students on the rise on digital currency that he b give to see how they perceive this new system and direct them to understand and start using it as a currency. In addition, Microsoft co-founder Bill Gates has expressed a cautiously positive opinion in the past o the rise of digital currency. “Bitcoin is exciting because it shows how cheap it can be,” the self-made billionaire told Bloomberg in 2014. “Bitcoin is better than currency in that you don’t have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient.” (Kathleen elkins, 2017) after effective achievement of this research, we would like to distribute the information gathered directly to all GAU students in the TRNC as well as relevant merchant bodies and associations in the hope of helping to improve the services as a whole.  OBJECTIVES  from debates and forum discussion on bitcoin it is understood that all the investors and user in the society have said mixed opinion which are principally negatively biased information due to the lack of information about digital currency. It is concluded that though Bitcoin may have its disadvantages like every new economic payment system technology does, it can serve as a great tool from social, economic and financial point of view. Therefore, this research and work is an   attempt to project on digital currency (Bitcoin) taking into both awareness and attitude of GAU students into consideration.  • Awareness of the Bitcoin amongst GAU students. • Effect of digital currency (bitcoin) on the life expectancy of GAU students. • Attitude of GAU students on the use of digital currency according to the country       of origin of the students that will participate on the survey and extend it to the          university. • Expectancy of GAU students on using digital currency.                                                  AIM OF THIS STUDY  The purpose of this work is to explore the awareness and attitude of cryptocurrency(Bitcoin) to promote the use of it as a technological advancement mode of payment, encourage GAU student to learn about it and become a bitcoin user or investor.   SCOPE OF RESEARCH   this work is to explore the awareness and attitude of students on the adoption of digital currency (Bitcoin) to promote the use of it as a technological advancement, encourage GAU students to learn about it and become a bitcoin user or investor, and store monetary sums in a safe repository, while reviewing various aspects of GAU student’s awareness and attitude according to their department of studies, nationality and assessing whether virtual currency (Bitcoin) is compliant with the studied principles, and keeping with the vision of a technologically advanced economy system. The scope of this research is limited to the students of GAU to understand their perception and attitude of on the use of digital currency as a new economic payment method. The findings of this research are limited to Girne American University. This work can be properly used for the students in university of other countries.      METHODOLOGY AND DATA COLLECTION   Exploratory case study. Quantitative methods design. The study will be mainly based on both analysis of the primary and secondary sources. information on the background of the samples; student’s experiences of digital currency(bitcoin) and they level of education (undergraduate, master and PhD). This paper is an exploratory case study through questionnaire method based on stratified sampling technique after the stratum chose we will use simple random technique to choose the 300 students that will participate to the research, which divides the sample into two groups of students – business faculty students’ respondents and students from others faculty respondents, country of the respondent. On the basis of perception and attitude on the growth of virtual currency meanly Bitcoin, the sample divided itself into those who are aware of digital currency (Bitcoin), those who use, invest on Bitcoin and those who are unaware of it and the attitude on the rise on it.  The sample of 300 students surveyed through a detailed questionnaire that assesses the basic awareness and attitude of GAU students on the rise of virtual currency (Bitcoin) and the questions are designed to highlight identified variables. The mode of survey is stratified sampling method in which from the list of GAU students we will a stratum of students from each department and all level of education in gau (PhD, Master, bachelor) questionnaire with closed-ended and open question distribute on personal face-to-face Meetings in the stratum to collate data. This form of interaction also reduces the overall cost of the research and keeps with the time limitations. The former instrument has been chosen for effective data collection and its analysis.    POPULATION AND SAMPLING   Stratified sampling method; ? Simple random sampling* ? Sample size 300 students from Girne American University  ? Business students and others faculty students (PhD, Master, Bachelor) ? Students will be given a survey, which will be collected as soon as they are filled out to ensure they are all collected.      DATA ANALYSIS   Questions asked will allow the researcher to input them into categories for further analysis. ? Interpret the data on answering each question After the data is analyzed it will be presented by a quantitative display of graphs and charts showing the statistical finding.   RESEARCH ETHIC  All participants on this exploration will be adequately informed about the research they are involved in (so they can decide whether to give permission and/or complete the questionnaire). This will be provided through a brief verbal overview by the author to each participant. Participants willing to take part will then tick a box on the questionnaire to show that they have understood the purpose of the research and they give their consent (permission) for the data to be used in the research.  All data will be kept anonymous. Participants’ names, addresses or similar identifier that will enable the direct identification of an individual will not be required as part of this research. All bars in the study will only be known to the researcher and each bar will be allocated a reference code for discussion in publications/written work. Consequently, bar managers will not be identifiable, except to the researcher. All data gathered as part of this research will be confidential. It will be not used for any other purpose other than this research and not given to anyone else.      APPENDIX A USEFUL DEFINITIONS  What is Bitcoin Before using, investing in Bitcoin, it’s useful to have a basic understanding of what it is and how it works. Bitcoin is a digital currency. The units, bitcoins, are digital tokens that can be exchanged or bought. They are produced through a process called “mining.” Computers solve math problems and their owners are offered bitcoins in exchange. An element of cryptography is used, so Bitcoin is also referred to as a cryptocurrency. Bitcoin is not the only cryptocurrency. MarketWatch reported recently that cryptocurrencies have a combined market capitalization of $100 billion. Bitcoin accounts for almost half that amount alone. Investing in cryptocurrencies isn’t just about Bitcoin. There are other investment opportunities that are less expensive.  Digital currency  A digital currency is a medium of exchange that is generated, stored and transferred electronically. Digital currencies are not typically associated with any country’s government or represented in physical forms like the coins and notes of traditional currencies.  *Cryptocurrency= digital currency=virtual currency