7.5 - Technology-Enabled Products and Services Flashcards
Examples of technology offering new ways to make digital payments:
- Zapp app for mobiles
- Google Wallet
What is Bitcoin?
A virtual currency not linked to any other currency and not banked by a government or central bank
Who was Bitcoin created by?
A group of computer programmers called Satoshi Nakamoto
How does Bitcoin work?
It is mined by means of a mathematical process on a computer - people can unlock and so collect more Bitcoin if they discover a hidden series of letters or numbers that matches up with the Bitcoin security keys.
Why is it a possibility that people use Bitcoin for illegal purposes?
It is not regulated and transactions are difficult to trace
Why are branch and telephone services often reduced?
To encourage consumers to use a provider’s website and save operating costs
