IILM Institute for Higher Education

Lodhi Road, New Delhi

Is MBA a Good Career Choice for an Engineer?

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If you are an engineer who has freshly earned his or her degree, or a seasoned individual working a white collar job in a multi-national, there comes a time when you are faced with the question of ‘what next’. For many, engineering is a means to an end or a truly uninhibited passion. Yet, many of us aspire to go one step further – than step often being management. But, is MBA a great career choice for an engineer?

As top management colleges in India such as IILM eagerly await the next set of applications for their MBA course, it is time for you to decide whether you want to pursue this option. If getting into the family business, becoming an entrepreneur, or landing a top management job at an MNC is what you eventually plan to do, then an MBA is definitely the right option. And we are quite optimistic that after reading this article, you will have already made your decision…in favor of MBA after engineering. Here’s why:

You learn about the finer nuances of business:

Coming from an engineering background, you must already be aware of the technical and operational side of a business. But, in the long run, a business is all about expansion, productivity and profit – domains in which MBA graduates excel. An MBA program develops strong strategic, analytical and financial aptitude in candidates, setting them up to lead organizations one day.  Moreover, if you have a business idea, an innovation you want to market, or simply expand your family business, knowledge of management principles and subjects is critical.

MBA Course

You get exposure like never before:

An MBA degree is highly dynamic and fast-paced. You will be constantly involved in projects, discussions, and debates which will challenge your problem-solving acumen, and impart to you the necessary leadership skills to rise to the top. Most importantly, you will get unprecedented practical experience in an MBA course – via internships, workshops, international study programs, corporate training and interning, etc. An MBA program will thrust you into the real-life business world, and provide you with opportunities to enhance your skillset.

You develop an entrepreneurial aptitude:

An MBA course also opens up avenues for you to become an entrepreneur. Many MBA colleges have tailor-made courses on this subject which allow students to develop and perfect their ground-breaking ideas and innovations into profitable business models. As an engineer, you might have always dreamt of solving the world’s problems and disrupting industries with better services and product. Doing an MBA is how you can devise a blueprint for accomplishing this dream.

You benefit from extensive personality development:

In business, it’s all about the personality, ethics, and manners. Making the right first impression is half the battle won. In an MBA program, one learns etiquettes and communication skills that are synonymous with the best leaders in the world.

You can land an extremely lucrative corporate job:

It is no secret that MBA courses promise great placements in the best and biggest corporate firms globally. If that is what drives you, then doing an MBA is the best decision you can take right now. After all, to reach the top of a company, you need to have excellent business skills, which is why companies hire management graduates with lucrative offers. In other cases, many top positions in your present company would most definitely require an MBA degree. This is where you can get an edge over your colleagues and gain a quicker and bigger job promotion.

Are you ready, now, to take the jump from engineering to management?

B-School in Delhi, PGDM Eligibilty

How To Choose The Right B-School

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The right B-school not only paves the way for a great career but also plays a role in helping shape the person’s character, beliefs and thoughts, thereby playing a significant role in shaping his/her life for the future. With admissions to various B-schools in full swing, it becomes essential for students to check out the various attributes of a college before they zero in on it. Studying in a B-school call for a huge investment of time, money and energy, so it is vital that you make sure your choice of business school meets your needs.

To choose the top management college for you, follow the guidelines mentioned below:


Student And Alumni Network:

Look through the profile of students at the university in terms of professional experience, gender, and cultural background. These diverse individuals also contribute to your learning apart from forming your network. Find out how active the alumni group is, as you may want to draw on this network in the near future. This network can provide you with invaluable career information and also help raise funds for your start-up.

top management college

IILM is proud to have a network of over 9000+ alumni, placed both domestically and abroad, that have risen to high ranks over the years. These individuals are invited to interact with students and motivate them through guest lectures. Some also go on to become mentors to the students, providing them with first-hand knowledge and experienced advice. Annual alumni meet are organized on campus, which is an excellent networking opportunity for both alumni and current students.

Academic Community:

Before making your choice, find out about the caliber of the faculty, in terms of their expertise and achievements to make sure they give you in-depth knowledge of a company or industry. In addition to this, research about the teaching methods the school uses, such as case studies and consultancy projects with companies.

The IILM faculty members come from leading institutions across the country and are known to be knowledge creators who rigorously peruse research in their fields. The curriculum taught at IILM is benchmarked against the best in the world. It includes Field Courses (as at Harvard), Career Trek (as at Wharton) and Community Experience (as at Yale). Besides this, the 3-month long summer internship and accompanying workshops acquaint students with the demands of the professional world.

Global Experience:

Employers often seek international experience and there are plenty of options to broaden your horizons. Seek colleges that offer study abroad programs or colleges that have overseas partnerships.

In keeping with the needs of the ever-globalizing world, IILM organizes a 4-week global study program in Germany, France, Canada, Finland or Spain, where students are given an opportunity to develop their outlook through industry visits and diverse cultural immersion.

Careers: Another aspect to scrutinize is the institute’s employment record and check the kind of jobs, sectors, and countries graduates go to. It is crucial to investigate the reputation of the careers service of the particular college.

The Career Development Cell at IILM mentors the students on the selection of the right career path in accordance with their preferences and aptitude to check PGDM eligibility. The recruiters comprise of over 300+ companies across the country spanning a wide range of industries.

4th Annual-Entrepreneurship-&-Family-Business-Conference

4th Annual Entrepreneurship & Family Business Conference on “Changing Paradigms: Innovation, Entrepreneurship and Family Business”

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IILM institute for Higher Education organized the Fourth Annual Entrepreneurship and Family Business Conference on 6th April 2018 at its Lodhi Road Campus. The conference was centered on the theme “Changing Paradigms: Innovation, Entrepreneurship and Family Business“. This conference aimed to explore the importance of innovation and sustainability for an entrepreneur and associated opportunities and risks. The conference also uncovered the key challenges faced by Family Businesses in high potential economies such as India in the era of digitization and the need for digital transformation for sustenance. The Conference was structured around three key sessions.
The conference began with the welcome remarks by Dr. Daisy Mathur Jain, Dean IILM-UBS. In her welcome address Dr. Daisy gave an overview of the Entrepreneurship focus at IILM with special focus on opportunities that students get to gain experience and hone their skills. She also spoke about the various international affiliations IILM has with Universities across the globe. IILM is also affiliated with the Family Firm Institute (FFI), Boston. This year, IILM is also introducing an M.Sc. in Family Business as a post graduate specialization in partnership with SBS Swiss Business School, Switzerland.

The Inaugural session comprised a keynote session by Ms. Sonu Bhasin, Founder, Families and Business, highlighted that family businesses are the unsung heroes of the Indian economy by citing interesting figures to support her claim. She fervently held that Entrepreneurship is a state of mind and an ability to get things done, using the analogy of a line black ants and the flow of water. She also underlines that failure does not stop entrepreneurs, rather it eggs them on, because they believe in their purpose. She added that it is important to remember and keep the focus on the family values for a family business to succeed and remain successful. She ended on a positive note that today the time is right to start and entrepreneurship because digitization has reduced capital requirements, technology is an enabler that has opened a plethora of opportunities to this generation that earlier ones did not have access to. She urged the youngsters to go ahead and start something new.

The first plenary session was entitled “Entrepreneurship, Innovation and Sustainability”wherein Ms. Guneesha Kohli, Business Head Malika International, Mr. Sameer Talwar, Founder Entrepreneur of Excellence, Mr. Raman Talwar, Founder Simulanis and Mr. Rijul Bajaj, Co-founder Samshek Foundation shared their insights. The speakers emphasized that innovation is nothing but challenging every assumption and reinventing what you do to make it faster, more efficient and better. Each of them, through personal examples, underscored the need to be open to failures, to learn from them, to stand up once again and to not give up on the dreams.
The second plenary session on the topic “Digital Transformation of Family Business Firms” was also the closing plenary. Mr. Virendra Teotia, Owner Umrao Hotels, Mr. Ridhay Khanna, Owner, HH Global and Mr. Aviral Aggarwal, Director Bikanerwala, shared their experience and paved the possible way forward.Each of them spoke about the role that technology and digitization plays in reducing costs in massive ways for marketing and for reach, for building customer relationship and branding. They also underlined the need to be flexible and adapt to technological change by transforming business and the way it is run.

Active participation from students and faculty made the conference a great success.It provided an opportunity for students and faculty to engage with and listen to new ideas and experiences from distinguished speakers and also to network with established entrepreneurs and investors.

Fitness Future with Internet

Envisioning a New Fitness Future with Internet of Things (IoT) and Built – In Artificial Intelligence

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The world is continuously growing and changing. Various advancements have also occurred when it comes to the technology used in rendering healthcare services. The technology has also played a big role in patient registration and data monitoring. Now there are technologies that allow a healthcare provider to monitor their patients in their own mobile phones.Internet of Things could be the driver for health care’s new visage and revolutionize patient care transcendentally.

They are also now capable of sending and receiving patient’s information in their mobile phones and provide brisk alerts at the health threshold alert points. Devices that can help monitor one’s fitness,health and vitals are easily available in the market. As a matter of fact, there are even sensors that are capable of collecting data that would of course help the doctor to be informed in case it exceeds the breakeven point during an aberration case. This extended offering deems to have parity with all stakeholders like hospitals, ICU, ambulatory other than patient and doctor. This allows them to provide the right medication and treatment to their patients fast. On the other hand, although great improvements have been made in the healthcare industry, one can still expect that a brighter future awaits in the next years or decades.Within five years, the majority of clinically relevant data will be collected outside of clinical settings.

It has been said that healthcare in the future would become more personal offering. Thus, one can expect that personalized medicines or medicines that have been created specifically for an individual would be available. The way doctors diagnose their patient’s disease and provide treatment to them would be largely based on IoT paradigm. In the IoT paradigm everything in the world will be smart, allowing them to communicate with each other through internet technology either physically or virtually. IoT allows people and things to be connected Anytime, Anyplace, with anything and anyone, ideally in any path/network and any service.Following are few applications of IoT in healthcare industry.

1) Remote patient monitoring

Remote patient monitoring (RPM) uses digital technologies to collect medical and other forms of health data from one individual in one location and electronically transmit this information to the health care providers. RPM can help reduce the number of hospital readmissions and lengths of stay in the hospitals.

2) Clinical care

Hospitalized patients whose physiological status requires close attention can be constantly monitored using IoT driven, non-invasive monitoring. Sensors are used to collect such information and using cloud this data is analyzed and sent to caregivers. It replaces the need for the doctor to visit the patient over regular intervals for checkup. This will also help to improve the quality of care through constant monitoring.

3) Device monitoring

An IoT connected metal device can notify when there is a problem with a device. This will prevent the device from shutting down and avoid patient rescheduling.

4) Outpatient Monitoring

This IoT solution enables doctors to capture health parameters and advice patients remotely. The patient’s hospital visit is therefore limited to visit only on need basis. This solution helps hospitals manage hospital beds and consequently increase revenues while at the same time delighting customers.

The Howard case below highlights the key role of a business model in ensuring the competitive advantage and sustained success of a business venture. It appreciates the market attractiveness and future of wearable technology.

GOQii’s product-service offering of wearable fitness band technology was supplemented with remote personalized coaching. With its launch in the Indian market, and its emergence as a pioneer of a new category of product in the health and lifestyle space had the ability to integrate human assistance with built-in artificial intelligence. Gondal realized that while people were adopting wearable technology solutions for healthy living, there was still a lack of awareness and an air of hesitancy about the usefulness of and need for wearable devices in India. Gondal’s dilemma: whether to continue GOQii’s positioning as “wearable technology with personalized coaching” and aggressively expand globally, or consolidate and broaden his present offering by embracing the customer more fully and focusing on the “customer healthcare journey” in India. Case B picks up from October 2016, by which time GOQii had consolidated and broadened its offering by focusing on the “customer journey” in India. It had successfully on-boarded different service providers such as doctors, a diagnostic center chain, a hospital chain, sports and grocery stores and Axis Bank (for payments) on their platform, thus providing a complete health ecosystem to the GOQii user. By the second quarter of 2016, GOQii had achieved the number one spot in the Indian wearables market. The immediate decision that GOQii core team need to make is whether they should tie up with multiple insurance providers or explore the possibility of partnering with a reinsurer to complete the entire health spectrum services offering on their data platform.

Shweta Nanda
Assistant Professor – Technology & Operations

Austria-Meets-India

Austria Meets India

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As I was the first student from my home university FH Wiener Neustadt (Austria) going to India, I could not refer to any previous experiences or references. That is why I did not know what to expect from my time here. When I arrived in Delhi, I immediately knew that I would like the place and enjoy my time here. I was fascinated by the very different and diverse culture of the country, the great historical places to visit and about how people welcomed me.  IILM Lodhi Road helped me to arrange a nice apartment close to university, provided me with general information about my stay in India and introduced me to their academic rules. During the orientation process, I also got to know the other exchange student and we directly decided to visit some new places in Delhi together. Although I was not sure if people in the class will accept my different mindset, I was very lucky that many people in my courses were very open minded. In the initial days, the buddy mentors gave me good advice concerning academic work and helped me to arrange my first trip. As I was expected to do group work in classes, I got to know other students better and we spent a lot of time together. They showed me the highlights of Indian cuisine, lesser known places in Delhi and gave me a great insight into the culture of the country. Talking about the classes at IILM, they were simply great. The content of the courses was very well structured and comprehensive. During the lecture, the faculty members ensured that students participated in discussions and facilitated a friendly environment. The business school provided not only highly skilled academic professors, but also guest lecturers from partner universities abroad and Indian corporates. Furthermore, I got a chance to participate at the PRME conference which gave me great knowledge about sustainable projects in industries and businesses in India. I could also be a part of the 25th anniversary celebrations of IILM.

Overall, I have to say that my time at IILM Lodhi Road was a fantastic experience. Apart from getting to know different mentalities as I was travelling around India, widened my horizon and won friends for life. I would like to say thank you to everyone that made my stay here unforgettable. India is indeed a magical place.

Stripping-the-Dread-from-the-Data

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

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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.

Changing-Role-of-HR--Perspective-of-HR-Analytics

Changing Role of HR – Perspective of HR Analytics

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HR analytics, is analysis used to make better decisions about all aspects of HR strategy with the goal of improving business performance.The future of HR analytics depends on integration within a company.The current state of HR analytics for predicting for its future suggests that the future of HR analytics depends heavily on data integration with emphases on integrating business disciplines and centralizing data.According to Deloitte’s 2016 Global Human Capital Trends report, 86% of Australian businesses surveyed rate HR analytics as being a highly important factor in their workforce planning.

Companies can easily take advantage of a single platform that supports a full range of HR processes, including talent strategy and planning; sourcing and recruiting; performance management, learning and development; talent review and succession planning and compensation.

Analytics can also give HR professionals a better understanding of how effective their actions are. For example, analysts can look for patterns in HR data that can help companies improve hiring or reduce attrition, or pinpoint areas where labour-related savings can be achieved.

Analytics can also be used to support training, development and other activities that are more closely tailored to individual employee needs – thereby helping HR deliver more customized options for employees. As the Accenture research notes, HR can use analytics to segment employees in much the same way that marketers segment customers. For instance, companies can group employees by a wider range of criteria that include learning styles, values, personality, wellness profiles, mobility, behavioural patterns, and networking and communication styles.” Using that approach, HR can customize programs for smaller and smaller segments, helping to increase employee performance, engagement and retention.

Human Resource Information Systems (HRIS) are the databases, software and computer systems that companies use to maintain their human resources: payroll, time off, employee records, benefits, and more.HR metrics is the data used to quantify the cost and the impact of talent management programs and HR processes and measure the success of HR initiatives.

R is the most used HR analytics tool. R is great for statistical analysis and visualization which is very suited to explore huge data sets. It enables you to analyse and clean data sets with millions of data.

R-Studio is an open source and enterprise-ready professional software package for R. It basically does everything that R does but has a friendlier user interface. The interface contains a code editor, the R console, an easily accessible workspace, and history and room for plots and files.

Microsoft’s Power BI It makes the aggregation, analysis, and visualization of data very simple. With Power BI, it’s a cinch to connect to multiple source systems, like SQL databases with people data, a live twitter feed and/or machine learning APIs. All these different data sources are then combined in Power BI. This simple aggregation process enables you to combine multiple data sources in one large database.

Some of the other HR analytic Software which are hugely popular are – Oracle HR Analytics, Talent Soft Analytics, People Insight, Sum HR to name a few.

In short term there are and will be start-ups in specialist areas, like in team or network analysis, engagement, performance, strategic workforce planning etc and the cloud-based HR management systems (delivering most of the data). These two areas will soon see the consolidation into larger systems and service offerings.
Finally, the costs of these technologies will reduce which will help spread the use and demands for analytics as smaller organizations will be able to afford to deploy this.

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My MBA Experience at IILM

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An MBA is not merely a degree. It is not merely a course that allows us to gain an entry ticket into the world of corporate functioning and entrepreneurship. It is a pool of experience that we dip into time and again to gain valuable pearls of wisdom and insight.

My reflections may resonate with those who have graduated from the best MBA colleges in India.

Developing Business and Relationships:

Even as I embarked on my MBA journey in one of the top MBA institutes in Noida I was aware that I would be specializing in entrepreneurship. My greatest learning during my time at IILM, however, was developing relationships. Closely interacting with the faculty and business leaders was an eye-opener.

Add to this the fact that each one of my peers added to the wonderful network I was developing. While I did have some idea about the work of an entrepreneur, I was soaking in all the aspects of business development.

Career Growth:

My MBA experience at IILM, refined my views on career development. One of the greatest mistakes that our generation makes is to equate ambition with shortcuts to growth. Even for those who achieve a phenomenal amount of success in their careers in a relatively short time, life is never a bed of roses.

Setbacks, struggles, and an occasional failure are inevitable. Getting past career hurdles is something that I would not have learned without spending the time I did studying the nuanced lives of various industry leaders and pioneers during my MBA. The course equipped me with the skills that I require to get ahead in my career.

Personal Development:

The time I spent at IILM pursuing my MBA degree was not only a defining phase as far as my career goes but was also instrumental in shaping my own personality, my personal ambitions, and outlook. It taught me the value that we add to goods and services by way of our work is not defined by the profits we rake in, but by the difference we make to the lives of people across the globe.

From our stakeholders to colleagues, from those in need of our solutions to the common man of our nation – our dreams must necessarily be from the growth and development of everyone around us. Our growth lies not only in our own prosperity but in the growth of all the lives we touch.

My MBA experience at the IILM was an exceptional one that opened up numerous avenues for me to explore through my professional life. It also connected me with many brilliant people who had made their mark in the business world or set out on the wondrous journey with me.

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Procedure to Get Admission for MBA Degree in IILM

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MBA aspirants have a rather overwhelming experience while applying to B-schools. Most colleges have a complicated and exhaustive admission procedure. Unlike them, IILM provides the applicants with every help they require to simplify the application process. The admission procedure is easy and uncomplicated and has been thoroughly explained under the ‘Admissions’ section of the website: https://www.iilm.edu/admissions-process/

For aspirants who still have queries about the process, the following blog comprehensively explains the procedure to admission for MBA degree in IILM. Read on to know everything you need to.

Before we start it is important for the aspirants to know that IILM’s admissions process for PGDM full-time-2 year is approved by AICTE and is also accredited by SAQS (South Asia Quality Improvement System) program for the 2018-20 batches.

The first step in the admission process is to fill in the application form.

Aspirants planning to apply to the IILM PGDM 2018-20 are required to fill out one common application form. The form would have 3 IILM campus options to choose from. Aspirants can indicate their preferred location amongst campuses in Lodhi Road, Gurugram, and Greater Noida.

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The IILM’s application form is available Online and is free of application fee. The aspirant will also need to scan documents like the photograph, passport, and income proof and mark sheets (Class 10, Class 12, graduation and competitive exam score card) and send along with the form. The competitive exams for which scores are accepted are CAT/MAT/XAT/ATMA/CMAT/GMAT.

Additionally, a single window interface has been designed for all admission-related queries for all locations. This makes processing much simpler and centralized for IILM PGDM.

The aspirants must take an appropriate amount to fill in the form. Pay attention to the details and proofread once you are done filling it.

Note – The eligibility criterion requires students to have completed their graduation in any stream (minimum 50%) or appearing in the final year of their graduation from universities and institutions recognized by AICTE/UGC/AIU before they apply.

INTERVIEW:

From these applicants, the aspirants who pass the minimum eligibility criteria for admission at IILM, one of the best colleges for MBA, are shortlisted. These shortlisted candidates are then invited for a one-to-one interaction and interview with the faculty members. Students living abroad are interviewed telephonically or over Skype. The students have to contact us over the telephone, on a number given in the interview mail sent to them.

FINAL SELECTION:

Finally, on the basis of the above-listed stages, the final batch of 120 bright, dynamic and passionate individuals are admitted.

We want to mention that the admission procedure at IILM, one of best MBA institutes in India, is absolutely transparent and merit-based. IILM does not have any management quota or special quota. Each applicant goes through the general application process.

Bitcoin & Litecoin: A contentious bid

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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.