Hi, please see the attached paper. Have a look at it and in case of any edit, please let me know. Otherwise, it is my pleasure to have you as my buddy now and future. Until the next invite, Bye!
Running Head: INFORMATION LITERACY
Information Literacy: Bitcoin Payment Systems
With the rise of technology and the birth of e-commerce, organizations are continuously
faced with the challenge of adopting new methods of operations. Given that technology is quite
dynamic, it is essential that businesses understand a specific technology before adopting and
synchronizing such within its scope of activities. This necessitates the need to look for
information regarding the selected technology. On the other hand, Bitcoin is a cryptocurrency in
the form of electronic, decentralized digital cash that is presently being used in business to carry
out transactions due to its ease and safety in e-commerce. However for our medium-sized
company to adopt this method of payment, due to increasing demands to do so by our overseas
clients, it is necessary that the business understand how the cryptocurrency operates, why it
should or should not be adopted as a payment method and the challenges of using it and how to
overcome them. This paper, therefore, outlines an information gathering strategy, which will
help address critical topics on Bitcoin usage.
Topic 1: Understanding Security Risks in Bitcoin Usage
Clients must be in a position to trust a payment method, especially if it one that involves
online transactions. Trust is key to the success of any business since it guarantees clients that
their payments and online information will not fall in the wrong hands or used in malicious
activity. In turn, this increases sales volumes increasing profitability and growing the business
size, allowing a business to meet its business goals and objectives in the long term. On the other
hand, lack of a secure system risks the business’ reputation and revenue, while at the same time
putting client information’s and funds in jeopardy. Bitcoin, being an online payment system is
therefore subject to hacking and theft, selfish mining and double spending which forms the basis
of information to be sought in this topic. For this information, data on organizations utilizing the
system will be analyzed, as well as articles addressing the issue.
Topic 2: How Blockchain Technology Works
Each new technology comes with new operational functions and definitions which an
organization must understand before accepting or rejecting the technology. The blockchain refers
to an ever-expanding list of records connected through cryptography. Each block contains
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