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University of Balamand > News > Archive > Crypto-currency explained

Crypto-currency explained

On March 12, the Department of Computer Science organized a seminar on: “Crypto-Currency: Development, Trends, and Innovation” presented by Mr. Antoun Toubiya, CEO of Universal Crowd-Funding Investments s.a.l. A number of faculty members, staff, and students attended the seminar.
Mr. Toubiya started his talk by describing Crypto-Currency and pointing out its benefits. Crypto-Currency is a virtual currency that is not and cannot be regulated by a central bank or government. It has changed the payment methods worldwide with no extra charges. Bitcoin, a decentralized digital Crypto-Currency, is currently the world’s largest virtual currency created by a peer-to-peer network using an open source algorithm.
Mr. Toubiya explained how Bitcoins can be used and exchanged. It has a public key (like serial number) to be used in public and a private key (security code). People can use any currency to purchase Bitcoins where their value varies much like shares in the stock market. Bitcoins can be used to purchase products from retailers willing to accept it. Some universities, said Mr. Toubiya, have started accepting Bitcoins as tuition fees. Mr. Toubiya was the first to install a 2-ways (money to Bitcoin or Bitcoin to money) Bitcoin Machine (BTM) in the UK.

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