The Department of Management and Marketing of Oil and Gas at the College of Industrial Management for Oil and Gas organized an electronic workshop entitled (Digital Currencies) on Sunday, 7th March, sponsored by the Dean of the college, Dr. Sami Al-Saadi. Muhammad Hamid, a student of the third stage, lectured in the workshop. During the lecture, digital currencies have become the talk of social networking sites in recent times, and wide and acceptable resonance of Bitcoin among the community is the reasons for which this workshop came to provide an explanation. It is sufficient for the subject in terms of its concept that it is a negotiable encrypted symbol produced by a non-governmental public network that can be traded through the Internet.
These currencies work through each Android or Windows currency being a program called the honey wallet. It can work with a digital operating system as an application that works on operating system. Digital currencies are similar to paper or metal currencies in the value of purchasing power and differ in their being It is intangible and cannot be withdrawn from the ATM in the form of cash. In the traditional financial system, governmental and administrative financial entity is also required, which differs from digital currencies regarding its centralization.
The researcher touched on the Bitcoin currency and why do we choose it? Hamid explained the transparency, privacy, universality, global speed in Bitcoin trading, as well as the mechanism of action of this type of digital currency. He presented a review of the mining process that he likened to the search for gold in the ground. The digital currencies have advantages that are interspersed with some risks, such as technological, personal risks by the user or metal, or risks related to intermediaries. Digital currencies in the end are a trading currency. So they are also exposed to market risks and risks at the governmental and political level, as in the case of paper or metal buildings. At conclusion, the workshop witnessed participations from lecturers and students.
