Faculty

Reinventing Pedagogy

Faculty, General Blog, IILM University, , , , ,

Reinventing  Pedagogy

Every challenge is an opportunity, they say. I cannot begin to imagine how a deadly virus could be a game-changer for the humanity at large. These are trying times for all of us, but we need to accept that what began as an alternative approach to ensure business continuity is most likely to become the new normal. COVID-19 has brought along a reality check – that education technology that delivers prodigious content and engages students and teachers has never been more vital.

Corporates have been using online video collaboration platforms to keep business going, but for an industry like Education, this is the time for upskilling in a way that we continue to provide learning opportunities and other critical services to our students. This is the time to reflect and think beyond the challenges of the next few weeks.

Today there is an application for just about anything in education. A lot of us are deploying the best in AI, VR and AR and they are demonstrating the power to serve as a teacher in cases where students need to be isolated. However, we should not need a crisis like COVID 19 to rethink how education can function; because students, no matter where they are and how old they are should be able to make their way through their education and work journeys with the benefit of superior technical innovations that can more seamlessly identify, respond, correct and expose them to deep learning.

Let’s hope that when COVID-19 is in our rear-view mirrors, the innovations and technology that is helping our students today, continue to offer adaptable, online formats to educate our bright young minds. We should focus on developing our online infrastructure and have everything available to us and also because it’s not complicated. We need to change the age-old structure of imparting high-quality education that requires a face-to-face format.

While we wait with a lot of uncertainty for now, but there is always light at the end of the tunnel. Let’s keep moving forward with all the resources that we, fortunately, have with us. Let’s together fight and emerge more stronger and consistent, because this too shall pass…

 

 

 

 

 

 

 

SPORT-O-MANIA-2019

SPORT-O-MANIA 2019

Campus Life, Events, Faculty, IILM Stories, IILM University

14th March, 2019

And here we go, coming in one of the most exciting and most entertaining collegiate of sports event, SPORTS-O-MANIA 2019 as part of MOSAIC, the annual festival of IILM University. SOPRTS-O-MANIA is the best platform for the sports enthusiasts to showcase their talent and discover their true potential for sports.

The trill, sportsman spirit, the competition, the stress, the outbursts, the friendships and of course the beautiful memories and lots of fun, it was the perfect package.

The entire first day of mosaic, 2019 was devoted to myriad of sports events. Preparation started good number of days before the D-day and the entire college converted into sports ground. Everybody feels sporty, light and active. The volunteers even wore IILM T-shirts to keep the spirit on, and at the same time cheering up for the IIL M teams.

The action began soon after the lamp lighting by the student core team members and the management on day 1, with the massive crowd thronging at the basket ball court, loud and proud cheering up for the home teams and to witness the first event of sports-o-mania. Once the matches began, the air was filled with cheering and tons of encouragement for the teams.  This was just the beginning; the sports club had planned lot more the entire day.

Large number of teams from other colleges participated, setting the whole energized and competitive atmosphere. The spirit to win was seen everywhere and the whole atmosphere seem electrified.

The basket ball tournament ended in a heart break in hard-fought loss in the finals to the champions from North Campus University. While in table tennis, carom and slow cycling, our IILM teams blew out their hapless opponent in a lopsided victory.

And as soon as these games get over, quick prize ceremony began. And then, the most awaited event began fun cricket, where maximum participation took place. With some twists and new rules and regulation this soft ball tournament, in this sports both boys and girls showed their spirit. The entire tournament was on knockout basis and each team showed passion, energy and aggression to qualify for the next level. Everyone showed their skills in form of batting and bowling and the huge sixes, amazing strokes and rattling of stamps. With semis into the play, high pressure moments and the joy of winning on faces of team members were visible to everyone. The final match, the ultimate game was reserved for the next day where both the teams from Pg 1 batch played and ‘IILM Warriors’ stood victory.
With all the matches getting over and the victors decided, everyone waits anxiously for the prize ceremony. Where all the winners and runners up were applauded with trophies, medals certificate and of course cash prizes.

The event ends on the note of thrill and excitement bidding good bye to the day.
This time Mosaic’19 raised the bar even higher, with close games, sportsmanship, enthralling performances and overall good vibes, giving all those who attended good two day to remember.

Contributor: DIVISHA AGARWAL (MBA 2018-20)
Faculty Coordinator: CA. VISHAL GOEL


INTERNATIONAL B-PLAN CHAMPIONSHIP @ IIM KOZIKHODE

Events, Faculty, IILM Stories, IILM University, ,

New year bought new and unparalleled opportunities for some of the PG1 students where they got a chance to visit the top management institute of India i.e. IIM KOZIKHODE.

Later in the pervious year a workshop on personal branding & entrepreneurship skills was held in collaboration with Makeintern in IILM Gurugram campus itself where almost every PG 1 student participated.  Top 5 students were selected to further represent our college on national level, those students were Akshat Tyagi, Atishay Sobti, Radhika Mishra, Riti Sharma and Simran sarna from PG 1st year.

So under the guidance of  Vishal sir, team was all set to participate in 6th International B-plan championship by Makeintern which was to be held at IIM Kozhikode. Every year teams from reputed B schools come and participate in this event. This year teams from 50 Bschools from all over India came all in, and one such team was from ours i.e. from IILM University.

The dates were finalized i.e. from 1st feb till 4th feb and our team was all set to fly to IIM K with their B-plan model on IWMS i.e Integrated waste management system named BinTraq . Kerela surely a tropical paradise and to add on to that the campus of IIM K was like its own little world situated away from the city and on a hill top and one could see the city lights from above.

Day 1 at IIM k was a magical concert night with legendry musical duo Salim-Sulaiman. It was a good time to break the ice and interact with other teams as well as with the students of IIM Kozhikode, for that moment everyone forgot that they came for competition and was enjoying the moment all together.

The next day was the first round of the competition in which each team was given 5 min to pitch their B-PLAN to the jury followed by the questions from the jury itself. There were in total of 50 team from reputed B Schools and our team from IILM university qualified the first round. We were among the top 16 teams that qualified for the next round which was really a proud moment for the students of IILM university.

The final round was the brief explanation of your b-plan, every team gave a tough competition to each other. Some teams even bought the working model of their business model and some even made detailed videos. This time each team was given just 10 min to briefly explain their business plan.

At the end of the day results were announced and top 3 teams were picked which was from Pune, Hyderabad and Bhopal. Our team didn’t come in top 3 but we got appreciation from panellists, it was a good exposure for the us, and next time they will come back stronger for the competition.

We would like to thank the faculty coordinator CA Vishal Goel sir for helping in organising such a wonderful event and for being a torchbearer for the students during the course of the event. Such opportunities really help students to get out of their comfort zone and explore the world outside their college.

Contributors:                                                                                                                      Faculty Coordinator:

PG1 2018-2020 Batch                                                                                                                 CA. Vishal Goel

Riti Sharma, 

Akshat Tyagi

Opportunities in India and Abroad after B Com. (Honors)

Faculty, IILM University,

B Com.(Honors) has been one of the most sought after course among students after their XIIth  class. The attraction of B Com. never dies down because of regular and growing demand in job circuit for the graduates from this course.

The course is so popular among students because it facilitates entry to wide range of job profiles in areas like Financial analysis/ Financial Markets/ Financial Portfolio Analysis/ Banking/ Insurance etc. to name a  few.

Moreover after doing this course students can pursue higher studies like CA/ CFA/CS/ ICMA and many more and/or even go for foreign higher education like US-CMA, US-CPA, CIMA London etc.

IILM University, Gurugram is the right place to be for the present & prospective commerce professionals with centrally located lush green campus, state of the art infrastructure, faculty members with rich combination of Industry and Academic experience, International Collaborations, Corporate Connects and curriculum designed with inputs from industry ,  professionals.

IILM-NHRDN 7th Business Leadership Quiz 2018

Events, Faculty, IILM University

“I think what makes us special is that, among all the quiz and game shows out there, ours tends to encourage learning”

On 1st December

IILM University takes pride in partnering with NHRD to organize 7th Business Leadership Quiz 2018 that was held with an element of fun & frolic in the premises of IILM, University Gurugram. It corroborated the institute’s objective of promoting strong learning and development culture by exposing students to value adding enhancements incessantly. As a core value, IILM fosters its students to aim for nothing but the best and to have an attitude of perpetual learning. With this in mind, the leadership quiz was organized that witnessed participants who possessed knowledge from varied domains such as marketing, advertisement, business history, leadership, to name a few.

 

The quiz was peeled off elaborating NHRD’s code of conduct that was addressed to the entire audience. It was followed by a welcome speech by Mr. Dhananjay Singh, Director General of NHRDN who spoke about the importance of continuous learning and expressed his enthusiasm upon unfolding 7th Business Quiz. Following him, Dr. Sujata Shahi, vice chancellor of IILM University welcomed the chief guest and other participants and apprised them about recent achievements and success of IILM in getting converted into a University from this academic year. Post that, Mr. Avadhesh Dixit, CHRO of Moody Corporation expressed his ecstasy upon receiving the invitation and felt proud in being associated with a prestigious and trustworthy institution like NHRD for 20 years. He acknowledged the magnum of such quizzes is seeing an uprising trend every year.  He wrapped up his address by congratulating the students for their empowering endeavor and wished everyone good luck for future. And finally, Dr. Aayushman Gupta, Senior Professor, thanked everyone for their presence and advocated the need of blended education.

 

 

 

The quiz was conducted by Quizmaster Ajay Poonia, who is the co-founder of www.qryptiq.com. Mr. Poonia is a young & exuberant quizmaster as well as an avid quizzer too. The quiz kicked off with prelims round for northern region in which executives from 43 companies participated. This round had a total of 25 questions which were a fusion of general awareness, advertisement, business marketing. This round also had audio & video based questions in culmination to keep it more interesting and engaging. The winners of this round were teams from Deloitte, Hero MotoCorp, NTPC, Maruti, Ernst & Young, and Power Grid. These teams further competed against each other for top 3 positions for northern region. The final round witnessed nail biting moments with Ernst & Young, Deloitte and Power Grid crowned as the first, second and third winner respectively.

 

 

 

In totality, the underlying objective of an exciting quiz was fulfilled when both the students and participants who were eager to learn and enjoy came out of the auditorium with satiating smiles. The smile in the minds and the heart of learners spoke loudly that they are ready for future and settle for nothing but the best.

 

Contributors:                                                                                             Faculty Coordinator:

Juhi Gupta – PG – I                                                                                           CA. Vishal goel

Manan Porwal – PG – II

Liberal Arts Education: Door to Creativity, Happiness and Bright Future

Faculty, General Blog, IILM University, , , , , , ,

Liberal Arts Education has become a buzz word in India from past couple of years. More and more parents and students are inquisitive about it and also showing positive inclination towards the same. Liberal world holds its origin in a roman word ‘liberalis’ which means freedom, hence, simply freedom to pursue the choice of discipline can be called as liberal arts. The term liberal arts originated in Europe however it was American Universities which make the concept not only popular but also successful. In fact, the liberal education brought many American Universities in limelight and on top spot in world university rankings. The Indian higher education was focused on Job driven unidirectional studies where focus was on ‘what to learn’ than ‘how to learn’. However, thanks to the fast changing world dynamics and need of multi facet skills, this trend is changing and driving Indian Higher Education system to embrace liberal arts education with arms wide open.

Is liberal Education new to India?

Before answering the question lets understand Liberal Arts Education. In the words of John Henry Newman, “The purpose of a Liberal Arts education is to open the mind, correct it, to refine it, to enable it to know and to digest, master, rule, and use its knowledge, to give its power over its own faculties, application, flexibility, method, critical exactness, sagacity, resource, address, and eloquent expression”.

If we read the above expression in depth then we understand that Liberal arts education had wide presence in ancient Indian universities like Nalanda and Takshila. Students studying in these esteemed Universities were imparted simultaneously knowledge in the field of grammar, philosophy, ayurveda, surgery, politics, warfare, astronomy, commerce, music, dance, and much more. The students were taught right blend of skills and subjects which were important to contribute in civic life.

Despite having strong educational past; during colonial era India was forced to adopt fixed curriculum model set up by British Education System. Also the greedy aspirations for professional degrees liberal education took back seat from main stream academia.

The Changing Paradigm

There is a pressing need for people to learn and enhance their creativity along with analytical skills and be a path finder in rapidly changing environment. The fast paced technological transformations and disruptions and challenges of degrading physical and social environment put forth the demand for leaders and scholars with deep sense of imagination, analytics and creativity.

Liberal arts education broadens the minds and understands the scenarios from diverse perspectives rather than being a conservative. It lights up the intellectual curiosity which fosters knowledge creation in subjects ranging from arts and humanities, social sciences to the natural and applied sciences.  Liberal education inculcates problem solving and critical analysis skills which are much desirable in corporate world as well as in daily civic life. A sufficient emphasis on liberal arts education help us to tackle practical problems of this century and also provide our current and future generations a chance of freedom of knowledge and a way of living happy.

Who are making efforts?

Since 2015 Indian government decided to invest more in research universities, in social sciences and liberal education so that world ranking of Indian Universities can improve. Taking the initiative of the government forward private universities took charge to address the challenge and creating inter-disciplinary curriculum which are globally bench marked. However, very few have moved in this direction. IILM University situated in the heart of corporate Gurugram is centering interest in Liberal Arts education and aiming at inter-disciplinary education. IILM University has created the curriculum focusing on technology, psychology, business, design, communication skills, critical thinking and academic writing. The best part is, these courses are well aligned to the demand of the market. The extensive major and minor combinations open multiple career options. In all, liberal education not only shape career of the students but also creates informed and happy citizens.

Tug of War

Children’s Day Event

Events, Faculty, , , ,

Children’s Day Event

IILM University believes in and nurture all round development of its students to prepare them for all the challenges of life with a smile on face and positive spirit in their heart. On one side if it leaves no stone unturned in maintaining highest level of rigor in academic activities than on the other hand give exposure to students to develop and showcase their talent and skills through various co-curricular activities organized under clubs at IILM.

In the pursuit of academic success, students sometimes need a break from the classroom and an opportunity to release pent-up energy. Athletics and sports not only have great physical benefits, but also help one to improve mentally and emotionally. When students are physically fit, they will achieve more academically too. Sport develops a sense of friendliness among the students and develop their team spirit Participation in organized sports offers the chance for youth to enhance their physical and social skills. Sports offer children a change from the monotony of their daily life. It is also a useful means of entertainment and much required physical activity for them.

Keeping in mind all these benefits, the sports club of IILM University organizes various activities for all the students to offer an escape from the walls of classrooms and working on gadgets. The recent addition to those activities was Tug of War, to teach them competition as well as teamwork and of course to have lots of fun.

TUG OF WAR

It is always good to ignite a child in you and what better than tug of war on children’s day i.e.  14th November, 2018. To commemorate Children’s day Sports Club and NGO Club organized 2 events simultaneously. Post exams of Term 1 students also feeling stressed out and looking for a break in routine, so the sports club organized for both undergraduate and postgraduate students ‘Tug Of War’ that seems to be the most appropriate to pump them up. And it also made the children’s day really exciting and special. We invited the underprivileged children’s living nearby, who are the part of IILM University, NGO Club and it was really rewarding to see the smiles on their faces when they participate in various fun activities including musical chair and few performances from them.

All the boys and girls from Post graduate and Undergraduate showed their strength and vigor. IILM University always believes in gender equality and empowering women in all possible ways, so teams had equal number of boys and girls and their strength and enthusiasm was also matched. There were total eight teams who fought with each other. ‘Pull House’ from PG 2nd year and the ‘Flyers’ from PG 1st year played the final match. The sense of representation was high as everyone wanted their batch to win and everybody was willing to give their all to make that happen. Audience were their throughout cheering and boosting the morale of the team battling it out at the field. The music and the witty commentary set the mood at the field.  ‘Pull House’ ultimately stood victorious but not without facing some serious challenger from PG 1st year and the undergraduates. And the winning team and the runner up team received a prize which matches the heart and effort that they had put into competing.

Thereafter children from nearby villages took part in some fun activities and received some gifts arranged by NGO Club.

The event was immensely enjoyed by the audience. Everyone departed with smile on their face biding good bye to the day full of energy and memories to be cherished.

The requests for another such event were already coming in. Sports club will surely organize many such events in the future.

Contributors:  Divisha Agarwal ,  Rupanshi Sharma
Faculty Co-ordinator : CA. Vishal Goel

                                                                                                     

Entrepreneurship – Job and Wealth Creation

Career Development (Placement), Faculty, IILM University, , , ,

Entrepreneurship – Job and Wealth Creation

(Entrepreneurism must be practiced to be learned)

Entrepreneurial success does not take place in a vacuum. Entrepreneurs exist in the context of their particular geography – be that their local, national, or even supranational economy and society. This mix of attitudes, resources, and infrastructure is known as the entrepreneurship ‘ecosystem’.

Having an entrepreneurial mind-set is critical to being successful as an entrepreneur. An entrepreneurial mind-set stands alone in terms of its importance. No other attribute, personality, inherent entrepreneurial proclivities, training, or demographic profile is common to all successful entrepreneurs whether Warren Buffet, Steve Jobs, or the neighbourhood florist or grocer.

Family controlled businesses, both private and publicly-traded, are characterized by unique challenges that threaten their continuity and distinct core competencies.

The challenges are primarily the result of issues presented by the changing ecosystem, government laws, and interaction of family, management and ownership -particularly where the family wishes to perpetuate its influence and/or control from generation to generation.

A large majority of successful companies started as entrepreneurship and few survive into the second generation. Family Business Management has to undergo changes in order to thrive in India.

The leadership issues, adoption of technology, modern HR practices and corporate governance will help companies to become more competitive and relevant.

It is imperative that students learn entrepreneurship as a course to delve deep and understand “What is entrepreneurship” and what it take to have an “Entrepreneurial mindset”.

IILM University focuses on providing such an education to students through an entrepreneurial ecosystem. This course aims to give basic fundamentals to students towards understanding the ecosystem for entrepreneurship and startups and a direction towards developing a mindset for pursuing this as a desired program in as a specialization and an area to work on for wealth creation. The students are also given an exposure into understanding the fundamentals involved in ideation, researching the idea, knowledge about finances in the entrepreneurial space.

While understanding the entrepreneurial journey it would be of fundamental importance to understand the entrepreneurial and startup system in India which is aggressively promoted by GOI. The Startup India initiative launched in January 2016 by Prime Minister Narendra Modi offered incentives to such ventures to encourage entrepreneurship and innovation

Students will explore some of the myths and key facts about entrepreneurship, and find out what it takes to be an entrepreneur, so that they can conduct their own self-assessment and identify priorities for their own growth as an entrepreneur.

Students will learn how to unlock creativity and innovation to help generate more and better entrepreneurial ideas. This course provides learners with insights to re-frame their thinking in order to maximize their chances for success.

The course provides learners with an understanding of the attributes and perspectives of an entrepreneurial mindset, and the process to acquire one. The course introduces concepts that enable a person to start a trans-formative process in the way they think generally, and in the way they think about business specifically. This new way of thinking has the potential to positively impact not only them, but their family, and community.

So what can a learner expect to gain from this course? At the end of this course a learner:

  • Will be able to argue effectively against all of the reasons for not starting their business (or reaching some goal);
  • Will be able to operate effectively within the new framework or model for starting a business (or any new endeavor), thus increasing their chances for success; and
  • Will be able to make the initial business startup decisions of what type of business to start, and what type of business owner to be.

Entrepreneurism must be practiced to be learned

  • Maybe a student knows and wants to be an entrepreneur, but you’re not sure where to start? This course is for anyone aspiring to be an entrepreneur – regardless of the industry or type of venture you might have in mind.

The course will enable a student to think and maybe start with a project and develop insights to pursue detailed learning towards job and wealth creation.

 

 

Stripping-the-Dread-from-the-Data

Book Review – Naked Statistics: Stripping the Dread from the Data

Faculty, IILM Institute for Higher Education, , ,

Are you afraid of numbers? Does statistics intimidate you? Charles Wheelan, a professor at Dartmouth College and a former U.S. correspondent for The Economist, swimmingly fissures through all the jargon and graphs to demonstrate the fundamental concepts of statistics and their applications and implications in the real world. In his book, he has endeavored to rip off the intricacies of the subject and accentuate the sexy stuff underneath. Through his book, he demystifies several tedious statistical concepts in a simple and accessible way.

Naked Statistics: Stripping the dead from the data is a book I wished to have read prior to taking a course on statistics at my university.It is long on examples and convinces the reader that statistics is really intriguing and most of it isn’t that difficult. This book is all about intuition. It is short on math, equations and graphs, but when you encounter them, they will have a clear and enlightening purpose. This is neither a textbook nor will it make you a statistician. But, it will make you understand the everyday importance of statistics in decision making.

In a bid to explain both the power and pitfalls of statistical analyses, the author draws on a wide variety of examples ranging from sports, to game shows, to politics, to medical science, to banking and financial markets and so on. Such as why marketers of Schlitz beer were willing to subject their brew to a blind taste test among 100 fans of a rival brand in front of a Super Bowl audience. Next, a discussion on the Monty Hall problem: should contestants on Let’s Make a Deal, faced with three doors, one of which hides a car and two that hide goats, opt to change their selection after the host reveals a goat behind one of the two doors they didn’t pick. Wheelan points out the inferences made from statistical data that underpin much of modern life; from movie suggestions delivered by Netflix, to your chances of developing heart disease, to how casinos makemoney in the long run, to how businesses must assess the risks associated with assorted adverse outcomes, to how insurance companies make money, to recognize patterns that refine how we do everything from selling diapers to catching criminals, to evaluate the effectiveness of policies, programs, drugs, medical procedures and other innovations. They are also easily misunderstood, manipulated or, in rare cases, blatantly wrong.

The absence of hard math is Wheelan’s key motive: statistics should be accessible and intuitive, not just for those who were forced to study it but for anyone interested in the extraordinary power of numbers and data. Consequently, the book starts from the most basic descriptive statistics, like averages, before tackling more daunting theories. The concept of standard error, for instance, might seem frightening: it’s the standard deviation of the sample means. Following which, the reader progresses into the central-limit theorem, which states that for large sample sizes, sample means follow a normal distribution. In doing so, they should not differ remarkably from the overall population or other samples. So what’s the point in that? Wheelan explains it in terms of looking for a missing bus of marathon runners (who are likely to weigh less than the average) and finding one filled with overweight people (who are heading to a sausage festival). Though one or two weighty runners might be on a bus which is going to a marathon, it is unlikely that every seat would be occupied by a plump person. The central-limit theorem enables the riders quantify the prediction that they may have found the wrong bus.And so it leads on. The readers learnthat why insurance for low-cost items is worthless and why playing the lottery is a quick way to become poor. More seriously, the book explains the basic statistical approaches used in a 2011 study showing a link between a child’s brain size and autism. It also teems with interesting statistical facts, such as – there may have been an extra 1,000 deaths in the three months following September 11, 2001 because more people opted to drive rather than fly.

In conclusion, Wheelan persuades the readers of the cognizance first made by a Swedish mathematician and writer AndrejsDunkels: It’s easy to lie with statistics, but it’s hard to tell the truth without them. Given the increasing importance of this field in our everyday lives, odds are it’s worth the extra effort. Wheelan has successfully executed a barrage on the dread of statistics while engaging readers with his humorous conversational style of writing.

Bitcoin & Litecoin: A contentious bid

Faculty, IILM Institute for Higher Education, , , , , , , ,

INTRODUCTION
Bitcoin has been in news for a couple of years now.If you are fascinated by virtual reality or virtual gaming, you will be excited to know about virtual currency. What is virtual currency? Can one feel this currency? Where do you get this type currency? Let’s find out more about this novel technology by reading this article on Bitcoin & Litecoin: A Contentious Bid.

“Virtual currencies, perhaps most notably Bitcoin, have captured the imagination of some, struck fear among others, and confused the heck out of the rest of us.” – Thomas Carper, US-Senator

WHAT IS CRYPTOCURRENCY OR VIRTUAL CURRENCY?
In layman terms, cryptocurrency or virtual currency is digital or electronic currency that is revolutionizing the way people do transact. There are many different versions of cryptocurrency, but most experts would point at the Netherlands as the origin of cryptocurrency. Most cryptocurrencies in the world are not regulated by any national governments as they are considered to be as an alternative currency. Bitcoin was the first cryptocurrency that caught the imagination of thousands of people. Other Virtual /Crypto currencies are:
• Litecoin
• Dash
• Ripple
• Monero
• Ethereum
• Zcash

BITCOIN – HOW DOES IT WORK?
Bitcoin is a virtual currency, based on the peer-to-peer technology to operate with no central bank or governing authority. The network carries out all the maintenance of transactions and the issuing of bitcoins. Bitcoin is an open source technology and nobody either controls or owns it. All people who are interested can be a part of this kind of money. Bitcoins run on the blockchain technology, which is a decentralized ledger. This ledger is kept updated every time and held by all users of the network. If you want to create a bitcoins, you need to generate the blocks on this network. Each block is created cryptographically by using the computing and coding power of its users and then it appended to the blockchain. So users earn by keeping the network running all the time.

Bitcoin can be defined as “decentralized means of tracking and assigning wealth or economy, it is a software protocol”. It was invented by a group of programmers, or an unidentified programmer, under the name of Satoshi Nakamoto.It was introduced on October 31st, 2008 to a cryptography mailing list and thereafter released as open-source software in 2009.

Bitcoin is the largest in terms of total market value. Bitcoin uses two cryptographic keys, first is one public (username) and other is one private (password) are generated, no IP addresses, name, or phone number is recorded.

Just like 1Rupee=100 paisa, 1Bitcoin= 100,000,000 Satoshi. Each bitcoin (BTC) is divisible to the 8th decimal place, so each BTC can be split into 100,000,000 units. Each unit of bitcoin, or 0.00000001 bitcoin, is called a satoshi. A Satoshi is the smallest unit of Bitcoin. (Source: http://satoshitobitcoin.co/bitcoin-to-satoshi/).

BITCOIN – WHO INVENTED & WHY?
Satoshi Nakamoto is an avid and cryptic internet user. He invented Bitcoin and introduced it to the world in 2009. Why did Satoshi Nakamoto invent this currency? This is million dollar question that still needs some clear answering from the maverick. One good reason of this can be the fact that people always want to transact without any hefty bank charges and the intervention of government. Thus, Bitcoin is seen as the best tool for anonymous and private transactions

“Bitcoin will become the new gold and re-align the playing field of central bankers and commercial bankers.”
– Jon Matonis, Vice-President at nChain

Bitcoin-Litecoin-Graph1

BITCOIN PRICE HISTORY Source:https://coinmarketcap.com/currencies/bitcoin/#charts

 

ADVANTAGES OF BITCOIN DISADVANTAGES OF BITCOIN
> No Tracking > No central bank has authorised Bitcoin
> Safes from duplication, (i.e. cannot be copied) by frequently checking code at an interval of 10 minutes. > No trade through BSE, NSE, commodity exchange (SEBI, FMC)
> No Transaction costs > No Forex dealer under FEMA converting $$=Rs=Bitcoin illegals
> Bitcoin cannot be stolen > Bitcoin Exchange website = legal status unclear
> No risk of charge backs
> It can easy be converted into Dollar from MT.GOX

THREE WAYS TO EARN BITCOIN
o Exchange currency (i.e. exchange your fiat currency for Bitcoin and vice versa).
o Solving data blocks (Mining Software)
o Goods and service Exchange.

SBI NETBANKING VERSES BITCOIN

RTGS: Real Time Gross Settlement NEFT: National Electronic Fund Transfer Bitcoin
Retail 2-5
Corporate:>5		 50k at a time No ceiling
Processing fees 25-55 Rupees 2.50-25 Rupees None
Instant 1 hour cycles Up-to 10 minutes
Bank account needed Bank account needed Not even ID is needed
only Bitcoin wallet

 

WHAT IS LITECOIN?
Litecoin is another Cryptocurrency or decentralised digital currency, similar to Bitcoin. This was created by Charlie Lee. The main difference between Bitcoin and Litecoin is that Litecoin has a more number of coins that can be created. It also has faster transaction rates. Litecoin’s algorithm allows for a total of 84 million Litecoins to be created. Bitcoin lags behind due to this algorithm as Litecoin’s capacity 4x larger than Bitcoin. This helps with 4 time’s faster transaction rate confirmation. Confirming transactions help create new coins via a process known as ‘Mining’.The inventor of Litecoin, Charlie Lee was a previous employee of Google. He also worked as an Ex-Director of Engineering with Coinbase. He calls himself @SatoshiLite on Twitter (Satoshi Nakamoto is the founder of Bitcoin!)

Bitcoin-Litecoin-Graph2

LITECOIN PRICE HISTORY Source:https://coinmarketcap.com/currencies/litecoin/#charts

LATEST UPDATES ON BITCOIN & LITECOIN
• Bitcoin’s price skyrocketed from approximately $900 to close to $20,000 in the span of just 12 months
• The hackers of WannaCry Ransomeware had asked ransom as Bitcoin!
• In recent news, Litecoin has overtaken the fourth place in the Cryptocurrency business by beating IOTA & Ripple.
• The top three virtual currencies are Bitcoin, Ethereum & Bitcoin cash.
• Litecoin is stepping up its game with the market capitalisation of Rs 0.88 lakh crore recently.

RISKS INVOLVED IN BITCOIN
• It can be Hacked, phished, damaged by malware, password lost. In all case, money will be lost.
• Same with all other crypto-currency lite coin, bbq coins, dogecoin etc. Even in India Laxmicoin.com is founder by Mitts Daki (US) and Raj Dangi (Bangalore) and promises to give 30% of profit to NGO but RBI denied their proposal in 2013 as they stand “Examining the issues in Digital currency”.
• BuySellBitco.in is now Zebpay; this is India’s oldest exchange to buy and sell bitcoins. BuySellBitco.in is serving Indian bitcoiners since 2013.Consumer courts cannot help them as these bodies follow fiat currency.
• Mere digital code, no intrinsic value, not backed by Gold Silver or crude oil.
• Reserve Bank of India and People Bank of China denied it as legal tender.
• As we Indians have Income Tax Department, USA has IRS (Internal Revenue Service), IRS stand for Bitcoin.
• Bitcoin exchange in India; founded by Mahim Gupta from Bhopal. It was closed by RBI in 2013. They provide around Rs 14,400 for 1 Bitcoin and sell 1 Bitcoin for around Rs 14,800.

CONCLUSION
Bitcoin disciples argue its price will raise further, viewing volatility as a necessary bump on the path to even higher valuations. Fans even coined a term to describe their tactic of holding on for dear life – Hodl.
There are some rational reasons to keep calm and carrying on hodling. Serious investors are just getting interested in a market that has so far been dominated by crypto nerds and retail investors. The Chicago Mercantile Exchange (CME) is introducing Bitcoin derivatives – a form of bet on the future value of the currency – which will let hedge funds into the market before Christmas.(Source:http://www.cmegroup.com/media-room/press-releases/2017/12/01/cme_group_self-certifiesbitcoinfuturestolaunchdec18.html).
The absence of government intervention or bank standing behind the currency also fuels its appeal to those unhappy with the financial system after the credit crunch.Bubbles are driven by investor’s sentiment and stories, and bitcoins has a great story with a lot of mystery involved and spectacle to it.