Westminster Business School finances students with Bitcoin to futureproof financial knowledge
Accounting, Finance and Economics 19 October 2017
David Coker has introduced the cryptocurrency to his students to allow them to adapt developing Fintech tools. Bitcoin, a worldwide digital payment system has been growing enormously since its creation in 2009.
Bitcoin is a digital currency which can be used to make online payments without fees. It runs on a blockchain which is a decentralised cryptographically secured ledger run by ‘miners’. As of July 2017 there were approximately 16.5 million bitcoins in circulation. The value of the bitcoin is extremely volatile, rising to a record high of $4,500 in August 2017.
In an introductory lecture, David Coker delivered a presentation introducing the cryptocurrency and exploring the assets of this new digital currency in the business world. Bitcoin digital wallets were distributed to students with each wallet containing one thousand satoshi’s, the smallest unit of Bitcoin equivalent to British pennies.
Basel Kamal, one of the student Bitcoin recipients studying Financial Markets & Institutions, said: "Receiving a Bitcoin bonus in our Financial Markets and Institutions class has enriched our learning. It's a generous and great practical link and application to a recent and controversial phenomena in the finance world. Before getting the Bitcoin bonus, I didn't have deep understanding of cryptocurrency. However, now I need to do some more research!"
Lecturer David Coker said about the initiative he introduced to his students: “Fintech is very, very rapidly changing both in retail and investment banking. We must do everything possible to help students learn about, prepare for and adapt to these developments.”
Introducing the cryptocurrency to students will allow them become up to date in finance, fintech and business as well as enabling them to distinguish themselves in the employment market.
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