Hazards and Welfares of Virtual Currency | Report

Running head: HAZARDS AND WELFARES OF VIRTUAL CURRENCY
Hazards and Welfares of Virtual Currency
Name of the Student
Name of the University
Author’s Note

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Acknowledgement
I would like to thank my University and the professor for allowing me to contribute as well as
providing opportunity to complete my research despite of all challenges that I have faced. It will
not forget the efforts that are made by the professors and other for guiding me with patience,
guidance and understanding. I would not have completed this research without their guidance
and understanding and you are all special to me.

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Abstract
The research is mainly focused on the hazards and welfare of virtual currencies which points out
the limitations and benefits of virtual currencies. The primary chapter is the presentation which
centres out the common information around the thought in conjunction with the company. The
targets of the research roughly has been talked around in this parcel next to the research
limitations. Besides, it in expansion solidifies the research questions near to point and targets of
the research. Interior the second chapter, it contain of composing outline which centres out the
variables that are to be tended to interior the study. It incorporate of openings and threats
adjacent assessment of competitive advantage and strategies for moving forward the execution.
In chapter three, it highlights the strategy which centres out the techniques through which the
research has been conducted. It solidifies the considering, approach, organize, information
collection strategy and test of the research nearly sheds light. The fourth chapter joins the results
around and revelations where the outcomes about nearly are to be assessed and reviewed as per
the current circumstance which it highlights the surveying, evaluation, openings, dangers and
competitive strategy. Inside the final chapter, it deals with the conclusion alongside proposal and
usage with the concluding considerations have been said at the side tending to the goals and
certain suggestion. The suggestion that have been demonstrated would offer assistance the
company to supervise with the dangers and challenges that are going up against in current
circumstance.

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Table of Contents
Chapter 1: Introduction....................................................................................................................5
1.1 Background of the Study.......................................................................................................6
1.2 Problem Statement.................................................................................................................7
1.3 Aims and Objectives..............................................................................................................9
1.4 Research Questions..............................................................................................................10
1.5 Scope of the Research..........................................................................................................10
Chapter 2: Literature Review.........................................................................................................12
2.1 Concept of Virtual currency................................................................................................12
2.2 Hazards of Virtual Currency................................................................................................16
2.3 Welfares of Virtual Currency..............................................................................................21
Chapter 3: Research Methodology................................................................................................25
3.1 Research Onion....................................................................................................................25
3.2 Research Philosophy............................................................................................................26
3.3 Research Approach..............................................................................................................27
3.4 Research Design..................................................................................................................27
3.5 Data Collection process.......................................................................................................28
3.6 Sampling method and sample size.......................................................................................28
3.7 Ethical Consideration...........................................................................................................28

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3.8 Summary..............................................................................................................................29
Chapter 4: Data Analysis and findings..........................................................................................30
Theme 1: Foremost benefits and drawback of virtual currency................................................30
Theme 2: Strategies points out the issues with virtual currencies.............................................38
Chapter 5: Conclusion and recommendations...............................................................................45
References......................................................................................................................................52
Appendices....................................................................................................................................59

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Chapter 1: Introduction
Virtual currency is the type of digital currency which is mainly unregulated in nature that
are generally issues and controlled by the developers. It is mainly accepted by certain specific
virtual community in the world and it is mainly represented in the terms of tokens which might
be remained unregulated without any further legal tender (King et al. 2018). The backdrop of the
financial crisis in the year 2007 and 2008 led to the development of virtual currency which
decentralised the virtual currency in the world or the crypto currency which is also coined as bit
coins. These help in taking of the transaction in a quicker ways which points out the approval of
the solutions in a better way (Walsh and Hallegatte 2019). Moreover, it is easily accessible by
the public as they can use the virtual current at any time and at any place. The electronic
representation of the monetary value that are required to be issued and controlled by the
developers in the funding organisations. They are represented in terms of tokens and those have
to be associated with legal tender in an unregulated manner. The virtual currency is totally based
on the system of trust which have to be associated with the central bank or other regulatory
authority (Van Leeuwen 2016). The underlying value of mechanism is based on the overall
system which have to be associated with the cases of crypto currencies that are mainly backed by
whole assets. The price of crypto currency are mainly affected by the seesaw effect of the
psychological trading process.
This particular term that is crypto currency or the virtual money mainly came into
existence in the year 2012 during the time when European Central Bank classified it as the
digital money in the nature of unregulated environment. The developers mainly issues and
controlled as it is being used as one mode of payment within the specific virtual community
(Burgess, Alemanno and Zinn 2016). After certain period, the common public started to use the

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virtual currency which makes them easy in different mode of payment but they have the
restriction in their overall usages as it is acceptable only for the members. The overall usage of
virtual currency within the common public highlights the online transaction along with finding
the increasing usage of goods and services. Digital currency is the overall superset of the virtual
currency which lacks the concepts of hard cash and their volatility is also more the hard cash
(Bierbaum et al. 2019). The dedicated block chain based network are mainly open within the
common public and that have to be included within the concept of virtual currency. The
transaction of the virtual currency mainly follows the particular system which have to be
associated with the monetary assets in the digital form of digital currency.
1.1 Background of the Study
The study mainly highlights the hazards and the welfare of the virtual currencies in the
current economic conditions which would be beneficial for the people. The uniqueness of each
has is to be highlighted by the ledgers and the block chains and that would be distributed among
the members of the network (Qian 2019). The study also points out the hazards that is to be faced
by the users of the virtual currency and welfare that are to be provided by the virtual currencies
to the common public. The time at which the new technology has been emerged in their normal
course of actions due to certain factors that affects the overall virtual currencies. The current
market condition mainly consist of the certain laws and regulation which are not at all accepted
in the states of the country (Yermack 2017). It does not consist of any laws or regulation which
might affect the virtual currencies along with the ordinary currencies as that are solely associated
in the market. The block chain of information that is to be transacted in data set includes the
underlying distribution of networks. The majority of the included network includes the effective
thumb print that highlights the effective connection between the system and the virtual currency

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(Reiners 2019). The majority of the systematic network points out the new block that connects
the further supplemented connection along with highlighting the decentralised registers.
The uniqueness of each hash is to be publicly accessible which restricts the overall block
chain along with extremely for the manipulation of data. The value of the virtual currency is
totally based on the dynamic value which have to be included with their major network that
points out the uniqueness of each of the factors that are included in these currencies (Mesa-Lago
2017). The regulatory standards regarding the virtual currency has been emerged and grown
stronger and for that reason these required certain need of the regulation which have to be
included with different other type of currencies. There are different types of currencies in the
world and each currency have to be associated with virtual currency which would be easier for
payment by the mode of virtual currencies (Trautman 2018). It is also considered as one of the
most important part that have to be included with the regulators and barely clears any kind of law
for using the virtual currencies. The value of the currency differs from country to country which
makes them connect with the overall valuation of the currencies that throws the direct impact on
the handling charges for removing bans in certain countries. The constant flux in the competitive
market highlights the virtual currency that points out the attitudes for the virtual currencies
(Twumasi, Merem and Ayala-Silva 2016). The handing ranges within the effective outrights
points out the regulatory density that would be beneficial for the risks and the opportunities.
1.2 Problem Statement
The problem statement mainly points out the overall issues which is to be addressed in
the study along with mentioning the block chains of the crypto currencies. The positive and the
welcoming nature also points out the overall path of innovation that help in driving the policy
along with philosophy of virtual currencies (Böhme, Laube and Riek 2017). European Union has

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been currently introduced the law which is known as Anti Money Laundering directives which
would be beneficial for the changes that has to be taken in the consideration. The stipulation in
the exchanging platform is to be highlighted with the virtual currencies that points out the
providers of the wallets in which the virtual currencies would be stored (Gupta 2019). The main
problem is that it consist of certain issues that are required to be highlighted in the overall study.
The European Union mainly revels that the approach to the block chains mainly follows the path
of innovation that drives the business philosophy which supports the overall development of
different virtual currencies. The European Union also discussed the plans for submitting the
virtual currencies in the G20 summit in the year 2018 and those have to be included with
formatted proposal within the regulation of currencies (Faure and Nieuwesteeg 2017). The
Financial Stability Board might not attach sufficient evidence on the past time as it includes the
valuation which are to be associated with the characteristics of virtual currency.
Certain type of tax would not be helpful in resolving the conflicts among the real money
and the virtual money for lately enforced actions against the taxable purpose. The exchange trade
products includes of crypto currencies that points out the trade license for enforcing actions
against the fraudulent activities (Lemma 2018). The Initial Coin Offerings classified the virtual
currency as a commodity which allows to perform in trading platforms. The IRS has accepted the
virtual currency which have to be associated with property and applicable for different tax
purpose. The profits that were made from the virtual currency has been declared to the
Department of Treasury which focuses on the process of reduction of financial risks. Some of the
countries might not accept the overall approach of the virtual currencies which have to be
criticised with the laws for its performance in current economic condition (Raghunandan 2018).
The notable concept has accepted the laws that has been passed with the legal tender which have

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to be associated with the introduction of crypto currencies and imposing the stiffs for using the
virtual currencies. At the end of the spectrum which have to be associated with the disruptions in
the financial order and those have outlawed within the banned token sales (Novak 2019).
Banning of virtual currency is also been associated with the process of trading that would be
allowed in one certain authenticated bank accounts.
1.3 Aims and Objectives
The aim of the study is to point out the issues that are associated with the hazards and
welfares of virtual currencies along with providing with better benefits and solution for the
issues. The aims and objectives of the study has been mentioned and discussed in the part below.
Aims
The essential part of the research is to bring an assessment that highlights the hazards as
well as the welfares of the virtual currencies in the competitive market of the current economic
condition. The study takes about the consideration about the common portrayal of the issues and
benefits of the virtual currencies. The biased stem of financial commitment includes the sources
which have to be included with the process of trading and providing the overall security of the
virtual currency. Virtual currency cannot be stolen, hacked or lose during any kind of transaction
and that have to be gone with the broker along with the security of the bank. The overall rapidity
of the currencies is more associated with the rapidity of the currencies which have to be dealt for
buying any other currencies. The gains is associated with the virtual currency includes the
effective process of purchase and sale process that cannot be expected with the opportunity of
earnings. Moreover, the effect of leverage is also to be increased that points out the process of
highlighting the overall opportunity. The promising nature of the virtual currency is directly

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associated with the price of the currency that would be beneficial to the hold of that particular
currency.
Objectives
The objectives of the study is to portray the hazards that are associated with the use of
virtual currencies along with the welfares which would be highlighted by the crypto currencies.
The structure of the dissecting of the virtual currencies is to be highlighted along with the
technologies that are associated in making the virtual current in the real world. This also points
out the procedures by which the virtual currencies have been introduced within the public. The
non-financial arbitrary data that are associated with the block chains highlights the contents that
highlights the inserted data by pointing out the controversial content. The block chains for
transaction related information includes the effective functionality which would be beneficial for
the people as well as the user of the virtual currency. The practice of showing the virtual
currency in the technical related information which points out the hazards as well as the welfares
of the virtual currency.
1.4 Research Questions
The following are the research questions which has been gathered from different sources
about the hazards and welfares of virtual currency.
1. What are the foremost benefits and limitations of virtual currencies?
2. What are the strategies that are helpful for overcoming the issues and the security concerns of
the virtual currency?

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1.5 Scope of the Research
The research is totally based on the hazards and the welfares of virtual currency that is to
be considered in the study. Moreover, the multidisciplinary field on the virtual currency is to be
included within the social components that points out the monetary framework of the virtual
currencies (Schmidt and Sandner 2017). The specific requirement is to be included with the
emphasis on the overall development that continues to happen within their distinctive approaches
that are associated with the variance of crypto currencies. The changes that has been
incorporated with different policies in the virtual currencies includes the compensation of
opportunity payment. The regulation that are varying in the nature might create another problem
which points out the possession in varying their values in different countries (Robles et al. 2016).
The trade of virtual currencies are legal within several countries as it has been accepted by the
bank of virtual currencies. In addition to this, there are certain issues which have to be included
with the effective transaction related as well as non transaction related content which have to be
associated with the block chains of transaction and that have to be included with the mechanism
of virtual currencies. The immutability of the virtual currencies includes the percent of attraction
that would attract most of the public to its nature and increase its overall viability in the targeted
community (Trzcionka 2018). The arbitrary data that is associated with the virtual currency also
points out the content that are transaction related and those have to be included at the time of
transaction.

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Chapter 2: Literature Review
This particular chapter mainly consist of the overall review of the topic which points out
the current knowledge along with substantive findings with both theoretical as well as
methodological concept.
2.1 Concept of Virtual currency
Virtual currency is the unregulated currency that is digital in nature along with
maintaining the developers for their viability in current economic condition. The virtual
community mainly accepts this particular currency and mainly controlled by the developers. The
central bank of digital currency has verified this type of currency which is easy to use and
represents the overall valuation of money in digital terms (Oliver-Smith 2015). Certain loyalty
programs and incentive programs have been used by the long terms of the customers and those
have to be associated with real world assets. The specific community which points out the digital
currency for accessing the benefits along with influence in the community. It also act as an
alternative of the real currency which would be useful in buying and selling of goods and
services that are available in the current market (LeBlanc 2016). Virtual currency is valid in
certain community which also focuses on the specific community. The valuation of virtual
currency is tied with some of the community that points out the decentralised form of regulatory
agency which would be beneficial for the economy to role with its nature. If the economy of the
country crashes then the valuation of the virtual currency remains same within the allocated time
period. As no regulatory agency is associated with it, so the virtual currency is much easier for
conducting any kind of international transaction that are associated with different countries
(Harrison 2019). Moreover, the virtual currency is also available for exchanging with any kind of

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physical currency which points out the completion of the transaction along with the goods and
services that are associated with it.
The transaction that are associated with virtual currency mainly points out the overall
nature of the items that are associated with it and those have to be digitally confirmed. This
particular digital confirmation also evaluates the nature of the transaction which have to be
associated with the details of the person who are transacting with the details (Appukuttan 2019).
The complete private nature of the transaction also highlights the trails that would be not be
visible to the receiver. Transaction with virtual currency are also irreversible which makes the
fake transaction to identify in more highlighted manner. Transaction with virtual currency
consist of several algorithms which points out the complex method by which the overall
transaction are being made. The privacy of the transaction are associated with the good things as
the virtual currency might be used for illegal transaction but these cannot be easily done by any
individual as it is critical process as well as technical process (Dietrich and Weisswange 2019).
In addition to this, it also connects with the ransom ware which affects the system such as the
servers and the computers. There are different form of digital currency which highlights the
variability of the transaction that are associated with its and those have to be interconnected with
the exchange groups for associating with other groups.
There are different kinds of virtual currencies which plays an important role in the current
market condition along with highlighting the techniques that are used for encrypting the
techniques. The algorithms and the varying level of anonymity also points out the accounts of the
currencies which is based on the market capitalisation (Syberg 2017). The miners also verifies
the virtual currency which are associated with its along with pointing out the convenient way of
transferring the money to the respective owner by the following a certain process. The financial

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integration in the global consideration also highlights the access for the grants and those have to
be associated with the financial systems for making of payments as well as for receiving of
payments (Myeong and Jung 2019). The technology that are intrinsically to be more resistant for
the process of manipulation along with highlighting the intermediating platform. Performing the
transaction within the aid of the industry includes the number of regulation for settlement of
certain act. The off course of the technology mainly provides the visibility which has been
included with the full transaction throughout the transaction with virtual currency. Moreover, the
technology of block chain also help the virtual currency in the process of transaction that have to
be associated with the technology which visible the aid of successful transaction history (Gordon
2018). The customisation process that regards their inflationary nature also points out the
deflationary characters which makes them less dependent on the system within the monetary
policy that is centralised in nature. The downside of the monetary policy includes the
intervention that might be more difficult for the virtual currency to act more in the targeted
economy.
Virtual cash is the unregulated cash that is digital in nature besides keeping up the
engineers for their practicality in current financial condition. The virtual community basically
acknowledges this specific money and primarily controlled by the designers (Giudici, Milne and
Vinogradov 2019). The central bank of advanced cash has confirmed this sort of money which is
simple to utilize and speaks to the in general valuation of cash in advanced terms. Certain
dependability programs and motivation programs have been utilized by the long terms of the
clients and those have to be related with genuine world resources. The exchange that are related
with virtual cash basically focuses out the generally nature of the things that are related with it
and those ought to be carefully affirmed (King and Delfabbro 2017). This specific digital

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confirmation too assesses the nature of the exchange which need to be related with the subtle
elements of the individual who are executing with the points of interest. The total private nature
of the exchange too highlights the trails that would be not be obvious to the collector. Exchange
with virtual cash are too irreversible which makes the fake exchange to recognize in more
highlighted way (Finck 2018). Exchange with virtual cash comprise of a few calculations which
focuses out the complex strategy by which the overall transaction are being made.
The protection of the exchange are related with the great things as the virtual money can
be utilized for illicit exchange but these cannot be effectively done by any person because it is
basic prepare as well as specialized process (Argandoña 2018). It moreover interfaces with the
deliver product which influences the framework such as the servers and the computers. There are
diverse shape of computerized cash which highlights the changeability of the exchange that are
related with its and those have to be interconnected with the trade bunches for partner with other
bunches. As no administrative organization is related with it, so the virtual money is much less
demanding for conducting any kind of worldwide exchange that are related with distinctive
nations (Submitter et al. 2015). Additionally, the virtual cash is additionally accessible for
trading with any kind of physical money which focuses out the completion of the exchange
beside the merchandise and administrations that are related with it. In case the economy of the
nation crashes at that point the valuation of the virtual cash remains same inside the distributed
time period. The particular community which focuses out the advanced cash for getting to the
benefits beside impact within the community. It too act as an elective of the genuine money
which would be valuable in buying and offering of products and administrations that are
accessible within the current advertise (Zanchi and Brady 2019). Virtual money is substantial in
certain community which moreover centres on the particular community. The valuation of virtual

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money is tied with a few of the community that focuses out the decentralized shape of
administrative organization which would be useful for the economy to part with its nature.
2.2 Hazards of Virtual Currency
The hazards of virtual currency is associated with the responses from the common people
and their usability in real world. Virtual currency is easy to use and also includes some of the
hazards that are directly associated with the currency. There are certain risk or hazards that are
associated with virtual currency such as the change of price along with risk in the business hours
(Bergara and Ponce 2017). The overall price of the virtual currency fluctuates constantly which
might surge the overall price along with drop in sudden times. The possibility of the prices might
drop to zero or might rises with certain times. The responsibility of the prices varies with sudden
times along with risk in its overall liquidity. The risk in the change of price also points out the
nature of virtual currency which includes the fluctuating nature that highlights the trade balance
along with the surge that might drop suddenly within an allocated period of time (Haybron
2016). The possibility price of the virtual currency includes the nature of fluctuation that might
drop down to zero. The risks that are associated within the business hours also affects the prices
of the virtual currency. At the time of selling and buying any product or service with virtual
currency does not take any kind of responsibility during the time of transaction and other events.
Moreover, it also consist of the risk of liquidity that lower down the risk of possibility within the
period of allocation of currencies (Adelekan and Fregene 2015). The significant adverse prices
that depends on the overall situation of market also points out the market volume which have to
be associated with the nature of liquidity of virtual currency.
The valuation of virtual cash is tied with many of the community that centres out the
decentralized shape of authoritative organization which would be valuable for the economy to

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portion with its nature. This might happen at any time of exchange and those need to be related
with the duty of valuation (Tabesh, Moshtaghi and Shirzad 2019). The hazard with the
transaction primarily influences the generally framework which makes changes within the
environment that are outside in nature. Numerous association that employments virtual monetary
standards for their exchange faces this specific issue of entering the off-base watchword and
overlooking of the secret word amid any kind of exchange in their generally course of trade. The
chance of framework is additionally related with the disappointment of framework moreover
focuses out the clear disappointments which have to be highlighting to the administration of the
company (COLLOMB, DE FILIPPI and Klara 2019). There are different sorts of virtual
financial shapes which plays a crucial portion inside the current grandstand condition in
conjunction with highlighting the methods that are utilized for scrambling the procedures. The
calculations and the changing level of mystery besides centres out the accounts of the financial
shapes which is based on the advertise capitalisation.
The risk that are associated with losing the private key or the password might affect the
usability of virtual currency. This might happen at any time of transaction and those have to be
associated with the responsibility of valuation. The risk with the transaction mainly affects the
overall system which makes changes in the environment that are external in nature (Galli 2019).
Many organisation that uses virtual currencies for their transaction faces this particular problem
of entering the wrong password and forgetting of the password during any kind of transaction in
their overall course of business. The risk of system is also associated with the failure of system
also points out the clear failures which have to be highlighting to the management of the
company. There are diverse sorts of virtual monetary forms which plays an vital part within the
current showcase condition together with highlighting the procedures that are utilized for

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scrambling the strategies (Zahudi and Amir 2016). The calculations and the changing level of
secrecy moreover focuses out the accounts of the monetary forms which is based on the market
capitalisation. The diggers moreover confirms the virtual cash which are related with its together
with indicating out the helpful way of exchanging the money to the individual proprietor by the
taking after a certain handle. The budgetary integration within the worldwide thought moreover
highlights the get to for the grants and those need to be related with the budgetary frameworks
for making of instalments as well as for accepting of instalments (Lemchuk 2016). The
innovation that are naturally to be safer for the method of control in conjunction with
highlighting the intermediating stage.
The off course of the innovation basically gives the deceivability which has been
included with the total exchange all through the exchange with virtual money. In addition, the
innovation of square chain also help the virtual cash within the preparation of exchange that got
to be related with the innovation which obvious the help of fruitful exchange history (Hazen
2018). The customisation prepare that respects their inflationary nature also focuses out the
deflationary characters which makes them less subordinate on the framework within the
monetary approach that is centralised in nature. The downside of the money related arrangement
incorporates the intercession that may well be more troublesome for the virtual money to act
more within the focused on economy.
The risks of virtual money is related with the reactions from the common individuals and
their ease of use in genuine world. Virtual cash is simple to utilize conjointly incorporates a few
of the risks that are straightforwardly related with the money (Pinyonatthagarn 2017). There are
certain hazard or dangers that are related with virtual money such as the change of cost together
with chance within the business hours. The in general cost of the virtual money varies always

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which might surge the generally cost beside drop in sudden times. The plausibility of the costs
might drop to zero or might rises with certain times. The obligation of the costs changes with
sudden times in conjunction with hazard by and large liquidity (Gely-Rojas 2016). The hazard
within the alteration of cost too focuses out the nature of virtual money which incorporates the
fluctuating nature that highlights the exchange adjust at the side the surge that might drop
abruptly inside a designated period of time. The plausibility cost of the virtual money
incorporates the nature of variance that might drop down to zero. The dangers that are related
inside the trade hours too influences the costs of the virtual money. At the time of offering and
buying any item or benefit with virtual money does not take any kind of obligation amid the time
of exchange and other occasions. Additionally, it moreover comprise of the chance of liquidity
that lower down the chance of plausibility inside the period of assignment of monetary standards
(Murphy, Murphy and Seitzinger 2015). The noteworthy antagonistic costs that depends on the
by and large circumstance of showcase moreover focuses out the showcase volume which ought
to be related with the nature of liquidity of virtual money.
The chance that are related with losing the private key or the secret word might influence
the convenience of virtual money. This might happen at any time of exchange and those ought to
be related with the duty of valuation. The hazard with the transaction primarily influences the by
and large framework which makes changes within the environment that are outside in nature (Ali
2017). Numerous association that employments virtual monetary forms for their exchange faces
this specific issue of entering the off-base secret word and overlooking of the watchword amid
any kind of exchange in their by and large course of trade. The hazard of framework is
additionally related with the disappointment of framework too focuses out the clear
disappointments which have to be highlighting to the administration of the company. There are

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different sorts of virtual financial shapes which plays an imperative portion inside the current
grandstand condition at the side highlighting the strategies that are utilized for scrambling the
procedures (Qian 2019). The calculations and the changing level of mystery in addition centres
out the accounts of the financial shapes which is based on the showcase capitalisation. The
diggers additionally affirms the virtual cash which are related with its at the side showing out the
accommodating way of trading the money to the person proprietor by the taking after a certain
handle. The budgetary integration within the around the world thought additionally highlights the
get to for the awards and those have to be related with the budgetary systems for making of
portions as well as for tolerating of portions (Gastil and Meinrath 2018). The advancement that
are actually to be more secure for the strategy of control in conjunction with highlighting the
intermediating organize.
The innovation that are naturally to be safer for the method of control at the side
highlighting the intermediating stage. Performing the exchange inside the help of the industry
incorporates the number of control for settlement of certain act. The off course of the innovation
primarily gives the deceivability which has been included with the complete transaction all
through the exchange with virtual currency (Chen and Huang 2017). Additionally, the innovation
of square chain too offer assistance the virtual cash within the handle of exchange that ought to
be related with the innovation which visible the help of fruitful exchange history. The
customisation handle that respects their inflationary nature too focuses out the deflationary
characters which makes them less subordinate on the framework inside the money related
approach that's centralised in nature. Also, the virtual cash to boot available for exchanging with
any kind of physical cash which centres out the completion of the trade close to the stock and
organizations that are related with it (Bhatia and Virk 2018). In case the economy of the country

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crashes at that point the valuation of the virtual cash remains same interior the conveyed time
period. The specific community which centres out the progressed cash for getting to the benefits
adjacent to affect inside the community. It as well act as an elective of the honest to goodness
cash which would be important in buying and advertising of items and organizations that are
open inside the current publicize (Dierksmeier and Seele 2018). Virtual cash is considerable in
certain community which additionally centres on the specific community.
2.3 Welfares of Virtual Currency
The overall welfares of virtual currency can be seen in their overall prices that are mainly
supported by the government of that particular country. It is considered as one of the important
sources of income which have to be included with the social welfare (Kohn and Tansel 2018).
The sale of the virtual currency has risen in recent years which have to be associated with other
benefits such as its risk that are associated with the overall system. The loss of opportunity is
also important for determining the original system of the company. Buying and selling price of
the virtual currency might not be able to determine the overall price which have to be associated
with the welfares in it. The mechanism that is associated with the virtual currency includes all of
the transaction which have to be included with the block chains of the cryptography (Ganbat et
al. 2019). The transactions that are broadcasted in the network also points out the peer based
system that are associated with the public key related assessment. It is totally based on the
system which have to be associated with the encryption scheme that have to be associated with
the encryption code to the public (Kohn and Tansel 2018). Most of the key that are available to
the public have to be associated with the mathematically related keys which have to be included
with the recipients and analyse the data with the public interest.

22HAZARDS AND WELFARES OF VIRTUAL CURRENCY
The process of encryption as well as decryption have to be followed by the
communicating parties which mainly sends each other along with manages the data before
sending them to the parties. The advantages that are associated with the virtual currencies have to
be associated with the public key and those have been considered for confirming the transactions
and act as the part of alteration to the historical transaction (Billah 2019). In this case, miner
plays an important role in validating the transaction that includes the virtual currencies system.
Miner is the person who is responsible for decentralising the overall network of the virtual
currency and that have to be associated with the running of special software. The virtual currency
that is convertible with the self-generation along with the existing obligation and that have to be
associated with the purchasing of goods and services (Korver, Pelker and Poteat 2019). The
confirmation of the transactions have to be included with the network of nodes and that have to
be included with certain identification stamping. The ensuring of fair network have to be
associated with the database and that have to be exercised with the detailed rewards. The
connections with the block chains act as the proof of the work which have to be associated with
the prevention of the forged transactions. Spreading of information across the nodes also
highlights the public key which have to be included with certain parameters (Zharova and Lloyd
2018). The transactions that are ascertained by the miners also points out the feasibility of the
virtual currencies which have to be included with subsequent transactions. Solving the puzzle of
the virtual currency also points out the welfares of the virtual currencies that is to be highlighted
in the overall segment of global currency.
The welfares of the virtual currencies includes the potential that help in improving the
overall efficiency of the payment that includes in the transaction. The cost of the transaction
includes fund transfer is also to be included for avoiding any kind of exchange fees and that have

23HAZARDS AND WELFARES OF VIRTUAL CURRENCY
to be associated with the effective control measurement (Jagtiani, Papaioannou and Tsetsekos
2019). It also facilitates with the micro payment and that have to be allowed with highlighting
the low cost goods and that have to be included with the other products and services that are sold
on the internet. International remittance also supports financial supports that have to be
associated with the investment of the people. The virtual currencies can also be held for
investments and those have associated with the currency based products and are required to be
developed for certain potential areas. The advantage of the cost would remain same and those
have to be included with the speculation of store and virtual currencies are used for performing
these kind of purchases (Şcheau and Zaharie 2018). The initiative would also be made for certain
perspective and that highlights the effective target oriented with the medium of exchange. The
law of enforcement that highlights the entities also includes the effective market condition under
which the regulatory requirements are to be considered. In the word of virtual currencies, there
are several fluctuations that have to be considered during the payment by the mode of virtual
currencies. The authorities that that targets individual investigators also highlights the overall
information of the clients and those have to be includes in the transactions (Abubakar, Hassan
and Haruna 2019). The risk based approach provides the guidance on the virtual currencies
which have to be confirmed with the law and enforcement for increasing the usage within the
people.
The off course of the development essentially gives the deceivability which has been
included with the overall trade all through the trade with virtual cash. In expansion, the
development of square chain too offer assistance the virtual cash within the planning of trade that
need to be related with the development which self-evident the assistance of productive trade
history (Nagaraj and Prabhakar 2018). The customisation plan that regards their inflationary

24HAZARDS AND WELFARES OF VIRTUAL CURRENCY
nature too centres out the deflationary characters which makes them less subordinate on the
framework within the financial approach that's centralised in nature. The drawback of the money
related course of action consolidates the interventions that will well be more troublesome for the
virtual cash to act more inside the centred on economy. The threats that are related interior the
exchange hours as well impacts the costs of the virtual cash (Ryan 2018). At the time of
advertising and buying anything or advantage with virtual cash does not take any kind of
commitment in the midst of the time of trade and other occasions. Buying and offering cost of
the virtual cash might not be able to decide the generally cost which have to be related with the
welfares in it. The component that's related with the virtual cash incorporates all of the exchange
which need to be included with the square chains of the cryptography (Garcia Chavolla 2018).
The exchanges that are broadcasted within the network too focuses out the peer based framework
that are related with the open key related appraisal.

25HAZARDS AND WELFARES OF VIRTUAL CURRENCY
Chapter 3: Research Methodology
3.1 Research Onion
Figure 3.1: Research Onion
(Source: Saunders et al. 2007)
The research onion in a general sense centres out the clear state of the investigate subject
through which the examiner is required to require after for a compelling technique. The basis of
the research about nearly is to be highlighted where it requires the by and colossal method of
reasoning of the research around at the side certain strategy that are to be included interior they
think about. The taking after step is the research around approach and it centres out the source by
which the approaches would be made for the research about and those have to be started insides
the ask approximately (Schulz, Riley and Stoneman 2018). Arrange of the research to boot to be
assessed and recognizes the procedure through which the arrangement has been made for the

26HAZARDS AND WELFARES OF VIRTUAL CURRENCY
study nearby appearing out the noteworthiness. The technique of data collection for the first
parcel centres out the strategies or ways through which the information have been collected.
Investigating method and testing gauge centres out the for the foremost portion degree of the test
through which the information have been collected. Data investigation and discoveries basically
focuses out the way of looking at the information that have been collected from the secondary
sources where the list of unions of virtual currencies has been considered (Mutar and AL-
Huseiny 2019). In expansion to this, moral thought has moreover been included after the in
general prepare of collecting the data that have been collected from the websites of the chosen
sorts of virtual currencies.
3.2 Research Philosophy
The procedure through which the vital information has been collected and dismantled for
the benefits of the research. Epistemology in a general sense nullify to doxology for joins
unmistakable sorts of method of reasoning and the research (Gely-Rojas 2016). Positivism
basically holds the considerable data about the research around which gives the supporter a
distant off prevalent and more grounded advanced information about the issues that have been
raised interior they think around. The standard consider highlights the properties and relations
which highlights the ways through which the examination is utilized to be conducted at the side
creation of considerations which would be important for the research. The explore bargains with
the plausibility of the virtual cash which gives certain benefits to the clients in their day by day
exchange. The conventional consider highlights the properties and relations which highlights the
ways through which the examination is utilized to be conducted at the side creation of
contemplations which would be important for the research (Pagano, Romagnoli and Vannucci
2019). The investigate bargains with the plausibility of the cashless exchange which gives certain

27HAZARDS AND WELFARES OF VIRTUAL CURRENCY
benefits to the clients in their day by day exchange. Additionally, the reasoning of the research is
to highlight the nature of the strategies which would offer assistance in examining the outcomes
about that have been collected from the secondary sources.
3.3 Research Approach
It is the plan and strategy that are required to be utilized interior the research which
centres out the major suspicions of the think roughly. It moreover highlights the methodology
that offer assistance the research around for certain wide questions and examination of the
techniques that are required to be taken after all through the inquire around (Zhang 2018). The
point by point handle of strategy of information collection is to be related with examination and
those are to be pointed by the clarification of the outcomes about around of look at. The issue of
the examination is to be tended to and the approach of the information to boot to be pointed with
the by and gigantic inquire nearly. In this specific inquire nearly, the suspicions that are made
centres out the sensible examination of the information that are being collected for the
researcher.
3.4 Research Design
The arrangement of this specific research basically arranging the specific sorts of comes
roughly which are to be related with the research approximately roughly. Coordination of
distinctive components in a coherent way and in a coherent way is to be related with the thought
by the agent. The issues that are related with the research around to boot to be recognized in this
allocate and those are to be included with certain handle. The look at orchestrate basically
centres out the duplicate or the blue print of collection at the side the measures and those are as
well to be dismantled with the information that have been collected (Wüst 2019). Specific sorts
of look at organize are appear interior they think around which centres out the compelling

28HAZARDS AND WELFARES OF VIRTUAL CURRENCY
organize for inquiring around the achievability of efficiency by the clients. Exploratory design
ask nearly orchestrate and reasonable look at orchestrate are there three basic sort of look at
organize which are broadly utilized and open to any analyst. The test plan for the examination
would be relevant for the think about since it comprises of the impacts of particular circumstance
nearby the variable which are to be included with the research.
3.5 Data Collection process
Data collection plan of the procedure through which the sensible information are
collected and measured another to the variable of charmed. The beneficial handle which locks in
the inspector to reply the research about roughly questions adjoining to the test hypothesis and
assessment of comes approximately. The data that have been collected for the think nearly is
from essential sources which recommends of distinctive secondary sources that have been tended
to for certain focuses of see and they have collected from the annually reports. The issues and
openings is required to be recognized for collection of information at the side setting the goals
for the foremost portion handle of collection of information. Organizing is required to be done
for the approaches and strategies for way better examination of the outcomes about around
adjacent dissecting and unravelling the information that have been collected from the yearly
reports.
3.6 Sampling method and sample size
Sampling strategy is the way by which the test are being amassed for the research and the
assessing of the test in expansion to be included with the examination. In this specific inquire
around, self-assertive testing has been chosen where each parcel of the individuals contains a rise
to opportunity for dissecting the data that has been collected from the sources.

29HAZARDS AND WELFARES OF VIRTUAL CURRENCY
3.7 Ethical Consideration
It is one of the essential portion of the research which need to be taken after in a specific
way and have to be considered all through the examiner. All the data that have been included
interior the examination are not obliged for collecting the data. All the information that have
been collected from the banks are as per their openness on their specific location and none are
compelled to do so. The information that have been collected are kept in a secure put alongside
making a distinction from Data Protection Act. All essential information have been collected in a
moral way adjacent considering their respect for the examination.
3.8 Summary
The summary of the chapter mainly points out the overall methodology that would be
utilised throughout the research. It includes all of the process that would be followed for
effective research methodology throughout the study. The basis of the research about nearly is to
be highlighted where it requires the by and colossal method of reasoning of the research around
at the side certain strategy that are to be included interior they think about. The standard consider
highlights the properties and relations which highlights the ways through which the examination
is utilized to be conducted at the side creation of considerations which would be important for
the research. The point by point handle of strategy of information collection is to be related with
examination and those are to be pointed by the clarification of the outcomes about around of look
at. The issues that are related with the research around to boot to be recognized in this allocate
and those are to be included with certain handle. The data that have been collected for the think
nearly is from essential sources which recommends of distinctive secondary sources that have
been tended to for certain focuses of see and they have collected from the annually reports.

30HAZARDS AND WELFARES OF VIRTUAL CURRENCY
The premise of the research around about is to be highlighted where it requires the by and
colossal strategy of thinking of the research around at the side certain methodology that are to be
included insides they think almost. The standard consider highlights the properties and relations
which highlights the ways through which the examination is utilized to be conducted at the side
creation of contemplations which would be imperative for the research. The information that
have been collected for the think about is from basic sources which prescribes of particular
secondary sources that have been tended to for certain centres of see and they have collected
from the diary reports. Coordination of unmistakable components in a coherent way and in a
coherent way is to be related with the thought by the specialist. The standard consider highlights
the properties and relations which highlights the ways through which the examination is utilized
to be conducted at the side creation of contemplations which have to be considered on the overall
methodology.
Chapter 4: Data Analysis and findings
The method of qualitative research has been included in the study that would be
forwarded with the thematic analysis. The following are the thematic analysis of the research.
Theme 1: Foremost benefits and drawback of virtual currency
The risks of virtual money is related with the reactions from the common individuals and
their ease of use in genuine world. The possibility of the costs might drop to zero or might rises
with certain times. The obligation of the costs shifts with sudden times together with chance in
its by and large liquidity (Wüst 2019). Virtual money is simple to utilize conjointly incorporates
a few of the dangers that are straightforwardly related with the cash. There are certain hazard or
risks that are related with virtual cash such as the change of cost alongside chance within the
business hours. The overall cost of the virtual cash vacillates always which might surge the

31HAZARDS AND WELFARES OF VIRTUAL CURRENCY
generally cost alongside drop in sudden times. The foremost benefits of the virtual currencies is
to be considered on the viewpoint of the security which have to be considered as one major
advantage for the users of the virtual currencies. The securities of the virtual currencies plays the
important aspect that is to be considered for the effective usage of the virtual currencies (Zhang
et al. 2018). The purchase that has been through virtual currencies is required to be associated
with the intermediaries and those have to be included with certain perspective. The amount of
money that are associated with the bank also points out the overall payment instrument which
would be beneficial for the users of the virtual currency. The personal data that are attached with
the currencies also highlights the data of the users. Other payment instrument points out the state
regulatory environment through which they operates for certain transactions (Pagano, Romagnoli
and Vannucci 2019). The respect of the virtual currencies, both of the benefits have to be
considered that focuses on the alternatives of virtual currencies.
Virtual currency is not associated with the regulatory government which would be
beneficial for the user to access them without any kind of restrictions. Transaction with the
virtual currencies mainly costs less than the actual money or in the process of traditional banking
system. In case of transferring any amount of money through physical currency would cost a
certain amount as transaction cost and in case of the virtual currencies would cost more (Gely-
Rojas 2016). Moreover, the time taken for payment through traditional cash system also takes
more time compared to payment through virtual currencies. For instance, transaction through
virtual currencies mainly takes around few minutes and that performs in an effective way
compared to other mode of payments. The overall mechanism that is associated with the
currencies also points out the availability on most of the banking system as they are quite a
complex process which have to be included (Mutar and AL-Huseiny 2019). The overall contract

32HAZARDS AND WELFARES OF VIRTUAL CURRENCY
on the virtual currencies would have to be followed by the overall techniques that has been used
in the process of reimbursement. The agreed obligation that are associated with the business
would have to be followed by the factors of the good framework and those points out the
inconveniences which might affect the nature of normal transaction and those have to be
included with the provision of reimbursement.
This particular factor might be tricky and those have to be included with the normal
transaction which points out the effective nature of the virtual currencies. The nature of
innovation also plays the important role which points out the effective nature of the virtual
currencies and those have to be highlighted within their certain mode of transactions (Schulz,
Riley and Stoneman 2018). The impact on the development also force the business to diverse
into some other direction and would help in overall development of the business. The innovative
nature of the currencies provides new business direction which highlights the companies and
specialises with their development in the software and other business areas such as
implementation of new policies. It also act as the alternatives for underdeveloped countries
where the banking system are not that much developed as compared to other countries (Garcia
Chavolla 2018). The payment through virtual currencies highlights the resident of the country
which have to be initiated with the sanctions and can be used in the international trade along with
other financial services. Risk assessment is another major aspect which is to be considered on the
context of virtual currencies and those has been set out.
The risk of fraud is one of the aspect that might hamper on the basis of the currencies as
virtual currency are mainly created on the basis of the special algorithms and also requires
special knowledge in the process of programming. It might turn in several manipulation which
fluctuates the overall rate of the virtual currencies and those have to be included with accounts

33HAZARDS AND WELFARES OF VIRTUAL CURRENCY
and values (Ryan et al. 2018). Some of the speculative influences might hamper the overall
valuation and affects the market of virtual currencies. The legal risk also appeared in the relative
nature of the virtual currency which includes the government who might not have the time to
regulate the virtual currency in the targeted market. The algorithm that can be recreated varies
the changes which have to be initiated with certain perspective and those are based on certain
legalisation. The risk of the securities is also to be entertained with the traditional system of
financial planning and other financial system (Nagaraj and Prabhakar 2018). The traditional
international financial system includes the currencies that would be used for influencing the
virtual currencies that are associated with the market. It can be used by both private as well as
state owned entities that can make certain transaction with the help of virtual currency. Certain
sort of assess would not be supportive in settling the clashes among the genuine cash and the
virtual cash for recently implemented activities against the assessable reason.
The trade exchange items incorporates of crypto monetary forms that focuses out the
exchange permit for implementing activities against the false exercises. A few of the nations
might not acknowledge the in general approach of the virtual monetary forms which ought to be
scrutinized with the laws for its execution in current financial condition (Abubakar, Hassan and
Haruna 2019). The eminent concept has acknowledged the laws that has been passed with the
lawful delicate which need to be associated with the presentation of crypto currencies and
forcing the stiffs for utilizing the virtual monetary standards. Prohibiting of virtual cash is
additionally been related with the method of exchanging that would be permitted in one certain
confirmed bank accounts. The one-sided stem of money related commitment incorporates the
sources which ought to be included with the method of exchanging and giving the generally
security of the virtual currency (Şcheau and Zaharie 2018). Virtual currency cannot be stolen,

34HAZARDS AND WELFARES OF VIRTUAL CURRENCY
hacked or lose during any kind of exchange which got to be gone with the broker together with
the security of the bank. The in general rate of the monetary standards is more related with the
rate of the monetary forms which have to be managed for buying any other monetary forms.
The picks up is related with the virtual money incorporates the viable prepare of purchase
and deal prepare that cannot be anticipated with the opportunity of earnings. Additionally, the
impact of use is additionally to be expanded that focuses out the method of highlighting the
generally opportunity (Jagtiani, Papaioannou and Tsetsekos 2019). The structure of the
dismembering of the virtual monetary standards is to be highlighted together with the
innovations that are related in making the virtual current within the genuine world. The non
money related subjective information that are related with the piece chains highlights the
substance that highlights the embedded information by indicating out the questionable substance.
The square chains for exchange related data incorporates the viable usefulness which would be
useful for the individuals as well as the client of the virtual money (Zharova and Lloyd 2018).
The particular necessity is to be included with the accentuation on the by and large advancement
that proceeds to happen inside their particular approaches that are related with the change of
crypto monetary standards. The changes that has been joined with diverse arrangements within
the virtual monetary forms incorporates the remuneration of opportunity instalment. The
regulation that are shifting within the nature might make another issue which points out the
ownership in changing their values totally different nations.
The exchange of virtual monetary standards are legitimate inside a few nations because it
has been acknowledged by the bank of virtual monetary forms. The unchanging nature of the
virtual monetary standards incorporates the percent of fascination that would pull in most of the
open to its nature and increment its by and large reasonability within the focused on community

35HAZARDS AND WELFARES OF VIRTUAL CURRENCY
(Korver, Pelker and Poteat 2019). The subjective information that's related with the virtual cash
too focuses out the content that are exchange related and those ought to be included at the time of
exchange. The virtual community primarily acknowledges this specific money and primarily
controlled by the engineers. The central bank of computerized cash has confirmed this sort of
money which is simple to utilize and speaks to the generally valuation of cash in computerized
terms. As no administrative organization is related with it, so the virtual cash is much simpler for
conducting any kind of universal exchange that are related with diverse nations (Billah 2019).
The virtual money is additionally accessible for trading with any kind of physical money which
focuses out the completion of the exchange alongside the merchandise and administrations that
are related with it. Virtual money is substantial in certain community which moreover centres on
the particular community.
The valuation of virtual money is tied with a few of the community that focuses out the
decentralized frame of administrative office which would be advantageous for the economy to
part with its nature. In the event that the economy of the nation crashes at that point the valuation
of the virtual cash remains same inside the apportioned time period (Ganbat et al. 2019). The
particular community which focuses out the advanced money for getting to the benefits
alongside impact within the community. It moreover act as an elective of the genuine cash which
would be valuable in buying and offering of merchandise and administrations that are accessible
within the current showcase. The security of the exchange are related with the great things as the
virtual money may be utilized for unlawful exchange but these cannot be effectively done by any
person because it is basic prepare as well as specialized handle (Kohn and Tansel 2018). In
expansion to this, it too interfaces with the deliver product which influences the framework such
as the servers and the computers. There are diverse shape of computerized money which

36HAZARDS AND WELFARES OF VIRTUAL CURRENCY
highlights the variability of the exchange that are related with its and those ought to be
interconnected with the trade bunches for partner with other bunches. This specific advanced
affirmation moreover assesses the nature of the exchange which ought to be related with the
subtle elements of the individual who are executing with the points of interest. The total private
nature of the exchange too highlights the trails that would be not be unmistakable to the recipient
(Dierksmeier and Seele 2018). It besides interfacing with the convey item which impacts the
system such as the servers and the computers.
There are differing shape of computerized cash which highlights the changeability of the
trade that are related with its and those ought to be interconnected with the exchange bunches for
accomplice with other bunches. As no authoritative organization is related with it, so the virtual
cash is much less requesting for conducting any kind of around the world trade that are related
with particular countries (Bhatia and Virk 2018). Furthermore, the virtual cash to boot open for
exchanging with any kind of physical cash which centres out the completion of the trade close to
the stock and organizations that are related with it. In case the economy of the country crashes at
that point the valuation of the virtual cash remains same interior the disseminated time period.
The specific community which centres out the progressed cash for getting to the benefits next to
affect inside the community. The in general welfares of virtual money can be seen in their by and
large costs that are basically backed by the government of that specific nation (Chen and Huang
2017). It is considered as one of the critical sources of wage which have to be included with the
social welfare. The deal of the virtual cash has risen in later a long time which need to be
associated with other benefits such as its hazard that are related with the by and large framework.
The misfortune of opportunity is additionally imperative for deciding the first framework of the
company. Buying and offering cost of the virtual money might not be able to decide the

37HAZARDS AND WELFARES OF VIRTUAL CURRENCY
generally cost which need to be related with the welfares in it (Gastil and Meinrath 2018). This
might happen at any time of trade and those have to be related with the obligation of valuation.
The danger with the exchange basically impacts the by and expansive system which makes
changes inside the environment that are exterior in nature.
Certain dependability programs and incentive programs have been used by the long terms
of the clients and those have to be related with genuine world assets. The particular community
which focuses out the advanced money for getting to the benefits in conjunction with impact
within the community (Qian 2019). It moreover act as an elective of the genuine money which
would be valuable in buying and offering of merchandise and administrations that are accessible
within the current advertise. Virtual money is substantial in certain community which moreover
centres on the particular community. This specific advanced affirmation too assesses the nature
of the exchange which ought to be related with the points of interest of the individual who are
executing with the subtle elements. The total private nature of the exchange too highlights the
trails that would be not be unmistakable to the recipient (Ali 2017). Exchange with virtual money
are moreover irreversible which makes the fake exchange to distinguish in more highlighted
way. Exchange with virtual money comprise of a few calculations which focuses out the
complex strategy by which the by and large exchange are being made. The security of the
exchange are associated with the great things as the virtual money may be utilized for illicit
exchange but these cannot be effortlessly done by any person because it is basic prepare as well
as specialized process. It is completely based on the framework which have to be associated with
the encryption plot that need to be related with the encryption code to the open. Most of the key
that are accessible to the open need to be related with the numerically related keys which have to
be included with the beneficiaries and dissect the information with the open intrigued (Murphy,

38HAZARDS AND WELFARES OF VIRTUAL CURRENCY
Murphy and Seitzinger 2015). The deal of the virtual money has risen in later a long time which
have to be related with other benefits such as its hazard that are related with the in general
framework.
Theme 2: Strategies points out the issues with virtual currencies
The in general welfares of virtual cash can be seen in their generally costs that are
basically upheld by the government of that specific nation. It is considered as one of the vital
sources of salary which need to be included with the social welfare (Pinyonatthagarn 2017).
Buying and offering cost of the virtual cash might not be able to decide the by and large cost
which ought to be related with the welfares in it. The deal of the virtual cash has risen in later a
long time which got to be associated with other benefits such as its hazard that are related with
the generally framework. The misfortune of opportunity is additionally critical for deciding the
first framework of the company. The technical challenges that might face deploying during the
time of introduction of the market. The challenges that are faced by the potential opponents
includes the impeding success which faces the overall process of deployment (Hazen 2018). The
entity of deploying the exploration associated with the cost that puts welfare and that have to be
associated with the challenges which have to be associated with the financial transactions.
Emphasising the section that highlights the issues of the process of deployment in the particular
field also points out the inhibition of the framework that points out the anatomy of the
technically challenges (Lemchuk 2016). Accessing the technological sophistication is also
necessary for the process of developing and maintaining the nature of the virtual currencies along
with pointing out the competencies and cryptographic techniques.
The issues that are related to the virtual currencies includes the block chain technologies
which have to be associated with several application along with highlighting the individuals

39HAZARDS AND WELFARES OF VIRTUAL CURRENCY
which have to be avoided. In recent years, the media along with the returns from the investment
has been highlighted with the investments in the digital currencies and that have to be resulted in
the failure of virtual currencies (Zahudi and Amir 2016). Investment in the digital currencies is
also involved with the institutions and the governments which have to be associated with the risk
that are involved in the hype of the process. In recent years, it can be clearly seen that the virtual
currencies are essential in certain type of process as the unprecedented increase in the value of
the digital currencies which are available in the market. The digital currencies which mainly
raises the issues with respect to certain investors as well as the protection of the investors (Galli
2019). Market integrity as well as the tax evasion is also associated with the virtual currencies
along with maintaining the financial stability and its implications. Digital currency also
associates with the price volatility that might link to the criminal behaviour along with other
environmental impacts. The argument with the digital currencies points out the supporting
technologies that might also be used for reducing the overall poverty (COLLOMB, DE FILIPPI
and Klara 2019). The supporting technologies that are associated with virtual currencies might
get included with certain faults which might drop the overall values along with lack of volatility
of the virtual currencies.
The volatility of price of the virtual currencies highlights the ability of becoming a
successful legal tender which points out the overall volatility of price which are mainly
compared with daily value of original currencies. The risk of virtual currencies that are
associated within the current market mainly highlights the investments from the Investment
Monetary Funds that generally concerns the investors and borrows the investment from the
markets (Tabesh, Moshtaghi and Shirzad 2019). It also faces certain difficulties which have to be
associated with the product and services that are provided to the people in the targeted market.

40HAZARDS AND WELFARES OF VIRTUAL CURRENCY
The difficulties that are being faced at the time of repaying the loan is that the value of the
currency might get fall or rise which would face loss either to the provider or to the receiver. The
regulators of the virtual currencies is also concerned about the initial coin offerings as they have
to recover the costs that have already been incurred during the overall process. Tokens that can
be represented as the shares mainly points out the redeemable currencies that are required to
highlight in their overall course of business (Adelekan and Fregene 2015). As per the Security
Council, the business that raised the funds by the use of virtual currencies which are being
displayed by the red flags of frauds along with highlighting the return from the fake currencies.
The investors that are not associated with the promised guarantee and have to be included with
certain monetary funds for better return to the investors.
The links with the criminal in the international market is also another issues that are
currently faced by the virtual currencies. Cash has been using in the process of several illegal
activities which points out the trade in narcotics and in illegal weapons that have to be stopped.
Moreover, human trafficking and terror financing is also some of the fields where the cash are
being used in recent years (Haybron 2016). The attractiveness of cash within the criminals is also
present in the digital currencies that have been stored and widely accepted along with emergency
of digital currencies. The transfer value is also required to be associated with the allowing of
anonymous illegal as well as cross border. As per the report in the year 2018, more than 24
million virtual currency market have been used for illegal activities that are performed in the
world market. More than half of the virtual currency transactions are associated with the activity
that are illegal in nature and that are required to be identified with ease and restricted at early
stage (Bergara and Ponce 2017). It has also been observed that more than 36 million transaction
are being performed in a particular year and that also being increase with increases in years. The

41HAZARDS AND WELFARES OF VIRTUAL CURRENCY
dark net market place is the areas where the illegal business transaction mainly takes place along
with pointing out the goods and services that were sold using the virtual currencies. The digital
currencies are attacked by the cyber-attacks and it can also be used for the purpose of tools in
cyber-crimes. The federal government has also passed a law that mainly help in combatting with
the use of digital technologies and that have to be demanded with ransom payment in cyber-
attacks.
The environmental impact of the virtual currencies are mainly used by the virtual
currencies which mainly highlights the distributed ledger and that have to be associated with all
historical transactions. The combined block chains is to validate the transactions that associates
the miner and performs the complex calculations (Zanchi and Brady 2019). These are generally
used for identifying the power of algorithm that is useful for showing the overall power of
computation and that have to be associated with the use of virtual currencies. The in general
welfares of virtual cash can be seen in their generally costs that are basically upheld by the
government of that specific nation. It is considered as one of the vital sources of salary which
need to be included with the social welfare. Buying and offering cost of the virtual cash might
not be able to decide the by and large cost which ought to be related with the welfares in it
(Submitter et al. 2015). The deal of the virtual cash has risen in later a long time which got to be
associated with other benefits such as its hazard that are related with the generally framework.
The misfortune of opportunity is additionally critical for deciding the first framework of the
company. The technical challenges that might face deploying during the time of introduction of
the market (Argandoña 2018). The challenges that are faced by the potential opponents includes
the impeding success which faces the overall process of deployment.

42HAZARDS AND WELFARES OF VIRTUAL CURRENCY
The substance of sending the investigation related with the fetched that puts welfare
which got to be related with the challenges which have to be related with the monetary
exchanges. Accentuating the segment that highlights the issues of the method of deployment
within the specific field too focuses out the restraint of the framework that focuses out the life
systems of the in fact challenges (Finck 2018). Getting to the mechanical advancement is
additionally vital for the method of creating and maintaining the nature of the virtual currencies
at the side indicating out the competencies and cryptographic procedures. The issues that are
related to the virtual currencies incorporates the square chain advances which got to be related
with a few application besides highlighting the people which need to be dodged. In later a long
time, the media together with the returns from the speculation has been highlighted with the
speculations within the computerized monetary forms which need to be brought about the failure
in the aspect of virtual currencies (King and Delfabbro 2017). Investment within the advanced
monetary standards is additionally involved with the educating and the governments which got to
be related with the hazard that are included within the build-up of the method. In later a long
time, it can be clearly seen that the virtual monetary standards are fundamental in certain sort of
prepare as the phenomenal increment within the esteem of the advanced monetary standards
which are accessible within the advertising.
The advanced currencies which mainly raises the issues with regard to certain speculators
as well as the security of the financial specialists. Advertise keenness as well as the tax evasion is
additionally related with the virtual monetary forms at the side keeping up the money related
steadiness and its suggestions (Giudici, Milne and Vinogradov 2019). Advanced money too
partners with the cost instability that might interface to the criminal conduct in conjunction with
other natural impacts. The contention with the advanced monetary standards focuses out the

43HAZARDS AND WELFARES OF VIRTUAL CURRENCY
supporting innovations that might too be utilized for decreasing the in general poverty. The
supporting advances that are related with virtual monetary standards might get included with
certain deficiencies which might drop the in general values together with need of instability of
the virtual monetary forms (Gordon 2018). The instability of cost of the virtual monetary forms
highlights the capacity of getting to be an effective legitimate delicate which focuses out the
generally instability of cost which are primarily compared with day by day esteem of unique
monetary standards. The hazard of virtual monetary standards that are related inside the current
showcase basically highlights the speculations from the Venture Money related Stores that for
the most part concerns the financial specialists and borrows the investment from the markets. It
too faces certain challenges which ought to be related with the item and administrations that are
given to the individuals within the focused on advertise (Myeong and Jung 2019). The
difficulties that are being faced at the time of repaying the loan is that the value of the currency
might get fall or rise which would face loss either to the provider or to the receiver. The
regulators of the virtual currencies is also concerned about the initial coin offerings as they have
to recover the costs that have already been incurred during the overall process.
Tokens that can be represented as the shares mainly points out the redeemable currencies
that are required to highlight in their overall course of business. As per the Security Council, the
business that raised the funds by the use of virtual currencies which are being displayed by the
red flags of frauds along with highlighting the return from the fake currencies (Syberg et al.
2017). The investors that are not associated with the promised guarantee and have to be included
with certain monetary funds for better return to the investors. The links with the criminal within
the universal showcase is additionally another issues that are right now confronted by the virtual
monetary standards. Cash has been utilizing within the preparation of a few unlawful exercises

44HAZARDS AND WELFARES OF VIRTUAL CURRENCY
which points out the exchange in opiates and in unlawful weapons that got to be halted (Dietrich
and Weisswange 2019). Additionally, human trafficking and dread financing is additionally a
few of the areas where money are being utilized in later a long time. The attractiveness of cash
inside the hoodlums is additionally display within the computerized monetary standards that
have been put away and broadly acknowledged together with crisis of digital monetary
standards. The exchange esteem is additionally required to be related with the permitting of
mysterious illicit as well as cross border. As per the report within the year 2018, more than 24
million virtual cash advertise have been utilized for unlawful exercises that are performed within
the world showcase (Appukuttan Nair 2019). More than half of the virtual money exchanges are
related with the action that are illicit in nature which are required to be recognized with ease and
confined at early arrange. It has too been watched that more than 36 million exchange are being
performed in a particular year which moreover being increment with increments in a long time.
The total net amount put in the regions where the illegal business transaction primarily
takes put in conjunction with indicating out the merchandise and administrations that were sold
utilizing the virtual monetary standards. The computerized monetary forms are assaulted by the
cyber-attacks and it can moreover be utilized for the reason of instruments in cyber-crimes
(Harrison 2019). The government has also passed a law that primarily offer assistance in
combatting with the utilization of advanced innovations which ought to be requested with
emancipate instalment in cyber-attacks. The natural effect of the virtual monetary forms are
basically utilized by the virtual monetary standards which primarily highlights the dispersed
record which have to be related with all chronicled exchanges. The combined piece chains is to
approve the exchanges that partners the digger and performs the complex calculations (LeBlanc
2016). These are for the most part utilized for recognizing the power of algorithm that is valuable

45HAZARDS AND WELFARES OF VIRTUAL CURRENCY
for appearing the in general control of computation which ought to be related with the utilize of
virtual monetary forms. The Initial Coin Offerings classified the virtual cash as a product which
permits to perform in exchanging stages. The IRS has acknowledged the virtual cash which need
to be related with property and pertinent for distinctive charge reason (Oliver-Smith 2015). The
benefits that were made from the virtual cash has been declared to the Office of Treasury which
centres on the method of lessening of monetary dangers.
A few of the nations might not acknowledge the in general approach of the virtual
monetary standards which ought to be scrutinized with the laws for its execution in current
financial condition. The eminent concept has acknowledged the laws that has been passed with
the legitimate delicate which ought to be related with the presentation of crypto currencies and
forcing the stiffs for utilizing the virtual monetary standards (Trzcionka 2018). The exchange of
virtual monetary standards are legitimate inside a few nations because it has been acknowledged
by the bank of virtual monetary standards. In expansion to this, there are certain issues which
ought to be included with the successful exchange related as well as non transaction related
content which got to be related with the square chains of exchange which need to be included
with the instrument of virtual monetary forms.
Chapter 5: Conclusion and recommendations
Virtual currency is the sort of computerized money which is primarily unregulated in
nature that are for the most part issues and controlled by the designers. It is primarily
acknowledged by certain particular virtual community within the world and it is primarily
spoken to within the terms of tokens which may well be remained unregulated without any
encourage lawful delicate. The consideration too focuses out the risks that is to be confronted by
the clients of the virtual money and welfare that are to be given by the virtual monetary forms to

46HAZARDS AND WELFARES OF VIRTUAL CURRENCY
the common open. The time at which the modern innovation has been developed in their typical
course of activities due to certain variables that influences the by and large virtual monetary
standards. European Union has been as of now introduced the law which is known as Anti Cash
Laundering orders which would be advantageous for the changes that should be taken within the
thought. The arrangement of the virtual cash in different categories, commerce is expanding after
2015. This paper makes a difference in understanding the viability of sending virtual money in
overseeing shrewd contracts. The agent of this paper measured that there are exceptionally less
compatibility issues which exist between the virtual current and the different categories of online
instalment portals like PayPal. Security of commerce exchanges can be kept up after the
arrangement of the virtual cash.
The agent of this paper moreover suggested that most of the administrative reactions can
be overseen in an organized way utilizing the virtual money, but it can be said that as it were the
decentralized commerce makes the foremost out of the virtual cash. The part of the European
Managing an account Specialist is exceptionally much critical in arrange to address the security
issues of virtual money. The paper moreover makes a difference in understanding the affiliation
of the virtual cash with the trade rate of each of the nations. The noteworthiness of the virtual
money community has been expressed by the examiner of this matter. Exchanges considering the
virtual monetary forms are much cheaper as compared with the physical exchanges. The whole
exchange method of virtual cash is much quicker than the other categories of instalment
methods. The examiner of this paper too expressed approximately the security of the virtual
monetary forms. The paper makes a difference in understanding the straightforwardness of the
virtual monetary forms which is much more than the physical exchanges. The paper too makes a
difference in understanding that there are differing categories of dangers related with virtual

47HAZARDS AND WELFARES OF VIRTUAL CURRENCY
monetary forms. Bitcoins are the foremost noteworthy virtual money which are utilized in most
of the exchanges. There are assorted categories of dangers related with virtual monetary
standards like social designing, hacking, and fraudsters.
All the issues of the square chain innovation are straightforwardly related with the virtual
monetary standards as the concept of virtual cash is emphatically affected from piece chain
innovation. The examiner of this paper expressed that any sort of chance to piece chain
innovation can have a coordinate affect within the virtual monetary standards. Instability of the
exchanges is one of the prime confinements of this innovation. The paper is exceptionally much
accommodating to get it the dangers of the bitcoin-based businesses. The examiner of this paper
too expressed that buyers must pay consideration to the security aspects of these platforms to
induce the leading administrations they offer. Need of data is one of the foremost noteworthy
benefits of virtual money; the paper is exceptionally much supportive in understanding the need
of complications related with virtual monetary forms in point by point modus. The paper
highlights the development in cybercrimes after the presentation of virtual monetary standards.
Be that as it may, as measured instability of the virtual currencies can have the foremost harming
effect on the clients. The paper is exceptionally much accommodating to get it the positives of
virtual cash in terms of the ease in exchanges. Keeping up the savvy contracts is additionally
exceptionally much less demanding with the virtual monetary forms. The valuations of bit coins
are diverse in each nation and it is one of the foremost trending instalment systems which is
progressively sent over various commercial foundations like gaming industry and betting
industry.
Diminutive points of interest of bit coins were examined in this article such as its
affiliation with concepts like advanced wallet. The computerized money related shapes are

48HAZARDS AND WELFARES OF VIRTUAL CURRENCY
attacked by the cyber-attacks and it can besides be utilized for the reason of disobedient in cyber-
crimes. The government has moreover passed a law that basically offer help in combatting with
the utilization of progressed developments which need to be asked with liberate portion in cyber-
attacks. The common impact of the virtual financial shapes are essentially utilized by the virtual
monetary standards which essentially highlights the scattered record which got to be related with
all chronicled trades. The combined piece chains is to favour the trades that accomplices the
digger and performs the complex calculations. These are for the foremost portion utilized for
recognizing the control of calculation that's profitable for showing up the in common control of
computation which got to be related with the utilize of virtual financial shapes. The trade regard
in addition required to be related with the allowing of puzzling unlawful as well as cross border.
As per the report inside the year 2018, more than 24 million virtual cash publicize have been
utilized for illegal works out that are performed inside the world grandstand. More than half of
the virtual cash trades are related with the activity that are illegal in nature which are required to
be recognized with ease and kept at early orchestrate. It has as well been observed that more than
36 million trade are being performed in a specific year which additionally being increase with
increases in a long time.
The dim net promote put is the locales where the unlawful trade exchange fundamentally
takes put in conjunction with showing out the stock and organizations that were sold utilizing the
virtual money related guidelines. The speculators that are not related with the guaranteed ensure
and ought to be included with certain financial reserves for way better return to the investors.
The links with the criminal inside the all-inclusive grandstand to boot another issues that are
right now confronted by the virtual financial benchmarks. Cash has been utilizing inside the
arrangement of a number of illegal works out which points out the exchange in sedatives and in

49HAZARDS AND WELFARES OF VIRTUAL CURRENCY
illegal weapons that have to be halted. Additionally, human trafficking and fear financing in
addition a couple of the zones where cash are being utilized in afterward a long time. The allure
of cash interior the criminals to boot show inside the computerized money related guidelines that
have been put absent and broadly recognized alongside emergency of advanced financial
guidelines. It as well faces certain challenges which got to be related with the thing and
organizations that are given to the people inside the cantered on promote. The challenges that are
being confronted at the time of reimbursing the credit is that the esteem of the cash might get
drop or rise which would confront misfortune either to the supplier or to the collector.
The controllers of the virtual monetary standards is additionally concerned approximately
the starting coin offerings as they ought to recoup the costs that have as of now been caused amid
the by and large handle. Tokens that can be spoken to as the offers primarily focuses out the
redeemable monetary standards that are required to highlight in their in general course of trade.
As per the Security Council, the commerce that raised the stores by the utilization of virtual
monetary forms which are being shown by the ruddy banners of fakes alongside highlighting the
return from the fake monetary forms. Progressed cash as well accomplices with the fetched
precariousness that might interface to the criminal conduct in conjunction with other common
impacts. The dispute with the progressed financial measures centres out the supporting
advancements that might as well be utilized for diminishing the in common destitution. The
supporting propels that are related with virtual financial guidelines might get included with
certain lacks which might drop the in common values at the side require of insecurity of the
virtual financial shapes. The insecurity of fetched of the virtual money related shapes highlights
the capacity of getting to be a viable true blue sensitive which centres out the by and large

50HAZARDS AND WELFARES OF VIRTUAL CURRENCY
precariousness of taken a toll which are fundamentally compared with day by day regard of one
of a kind money related measures.
The risk of virtual financial guidelines that are related interior the current exhibit
essentially highlights the speculations from the cash related Stores that for the foremost portion
concerns the money related specialist from the targeted market. It can be recommended that
speculation inside the progressed money related benchmarks in addition included with the
educating and the governments which ought to be related with the danger that are included inside
the build-up of the strategy. In afterward a long time, it can be clearly seen that the virtual
financial measures are crucial in certain sort of plan as the extraordinary increase inside the
regard of the progressed money related guidelines which are open inside the promoting. The
progressed monetary standards which basically raises the issues with respect to certain theorists
as well as the security of the budgetary masters. Publicize insight as well as the assess evasion to
boot related with the virtual money related shapes at the side keeping up the money related
dauntlessness and its recommendations. Emphasizing the portion that highlights the issues of the
strategy of sending inside the particular field as well centres out the limitation of the system that
centres out the life frameworks of the in truth challenges. Getting to the mechanical progression
in addition crucial for the strategy of making and keeping up the nature of the virtual monetary
standards at the side demonstrating out the competencies and cryptographic methods. It can be
recommended that the issues that are related to the virtual monetary forms incorporates the
square chain progresses which ought to be related with many application other than highlighting
the individuals which ought to be avoided. In afterward a long time, the media along with the
returns from the hypothesis has been highlighted with the hypotheses inside the computerized
money related shapes which got to be brought almost the disappointment within the angle of

51HAZARDS AND WELFARES OF VIRTUAL CURRENCY
virtual monetary forms. Buying and advertising taken a toll of the virtual cash might not be able
to choose the by and huge fetched which got to be related with the welfares in it.
The bargain of the virtual cash has risen in afterward a long time which need to be related
with other benefits such as its hazard that are related with the for the most part system. The
mishap of opportunity to boot basic for choosing the primary system of the company. It can be
recommended that the specialized challenges that might confront conveying amid the time of
presentation of the showcase. The challenges that are confronted by the potential adversaries
incorporates the hindering victory which faces the overall handle of arrangement. The substance
of sending the examination related with the gotten that puts welfare which ought to be related
with the challenges which have to be related with the financial trades. The allure of cash inside
the hoodlums is additionally display within the advanced currencies that have been put away and
broadly acknowledged in conjunction with crisis of advanced monetary standards. The exchange
esteem is additionally required to be related with the permitting of mysterious illicit as well as
cross border. As per the report within the year 2018, more than 24 million virtual money
showcase have been utilized for illicit activities that are performed within the world advertise.
More than half of the virtual money exchanges are related with the movement that are unlawful
in nature which are required to be recognized with ease and limited at early arrange. It has
moreover been watched that more than 36 million exchange are being performed in a specific
year which too being increment with increments in a long time.

52HAZARDS AND WELFARES OF VIRTUAL CURRENCY
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60HAZARDS AND WELFARES OF VIRTUAL CURRENCY
Appendices
Research Ethics Form for all MA & MBA
Students Feb 20109 Intake
The purpose of this form is to ensure that the dissertation that you are commencing is
appropriate in terms of scope and ethics. You should agree this with your dissertation
supervisor at an early stage in your relationship and must do so before undertaking any primary
research. In the event that significant changes are made then an amended form must be
submitted for further approval. Before submitting this please ensure that you have read the
section on ethical guidelines on the dissertation module on canvas
This form should be submitted by email to your supervisor for approval by the module leader.
Make sure you know the email address of your allocated supervisor. The deadline for this is
24th February 2020. The role of the module leader is only to verify that the proposal is
acceptable and it is not his/her responsibility to assist you in the design of the dissertation. For
this you should work with your supervisor. In the majority of cases the module leader will
simply confirm agreement. Where he/she is of the view that the work is inappropriate for the
degree that you are undertaking, further clarification will be sought.
Please note that you are not allowed to conduct any research until your ethics form is
approved.
If it is felt that there are potential ethical issues then the proposal will be submitted to an Ethics
Panel for further discussion. In that case you will be fully advised of the process. Cases
involving any form of physical contact will be referred to the Ethics Panel automatically. In
some organisations, such as hospitals or universities, there may be existing ethics processes. In
such cases you should use these before submitting this form.

61HAZARDS AND WELFARES OF VIRTUAL CURRENCY
Submission details are found on the business professional module.
Title and Ethics
Proposed Working Title (NB Title changes do not need subsequent re-approval)
Hazards and Welfare of virtual currency
1. Research Objectives (Please list objectives agreed with supervisor)
The structure of the dissecting of the virtual currencies is to be highlighted along with the
technologies that are associated in making the virtual current in the real world. The non-
financial data that are associated with the block chains highlights the contents that
highlights the inserted data by pointing out the controversial content. The block chains for
transaction related information includes the effective functionality which would be
beneficial for the people as well as the user of the virtual currency.
2. State any resource requirements that you have e.g. software and where these are not
immediately available explain how you will be able to obtain them. You should specifically
highlight any required resources that you are unable to access.
No Software have been used as it consist of thematic analysis
Ethical Issues
Will the study involve other BSBI students? YES Attach details for consideration by
Dissertation Supervisor
NO
Are you conducting your research on a
specific company? If so, you must have
YES Obtain agreement from the
appropriate body

62HAZARDS AND WELFARES OF VIRTUAL CURRENCY
permission from the company to conduct the
research.
prior to submitting this form and
attach to this form
NO
Does the study involve colleagues (either
subordinates, peers or superiors?
YES Attach details for consideration by
Dissertation Supervisor
NO
Does the study involve vulnerable groups
(e.g. children)?
YES Seek ethical approval from BSBI
Ethics Panel via Dissertation
Supervisor
NO
Will the respondents receive any form of
inducement for participating?
YES Attach details for consideration by
Dissertation Supervisor
NO
Could questioning – in questionnaire
or in interview – or other methods
used, cause offence or be deemed as
sensitive?
YES Attach details for consideration by
Dissertation Supervisor
NO
Will the study have any physical aspects? YES Seek approval from BSBI Ethics Panel
via Dissertation Supervisor
NO
Does your research study involve staff or
patients from a Health organization?
YES Obtain agreement from the
appropriate body
prior to submitting this form and
attach to this form
NO
Student Details

63HAZARDS AND WELFARES OF VIRTUAL CURRENCY
Name: Student ID:
Programme
Tutor Declaration (please mark with an X as appropriate)
In my view, the student has considered the ethical issues involved in this
piece of work and there are no significant ethical issues.
(Where applicable) I confirm that the topic is appropriate for the named pathway.