READING IS GOOD AND THOUGH IT IS NO LONGER COMMON TO FIND A BOOKSTORE IN THE NEIGHBORHOOD, THE CONSUMER EXPERIENCE IS NO LONGER CONSTRAINED TO HARDCOVER BOOKS BUT RATHER ONE CAN READ VIA E-READERS IN THEIR HANDS ESPECIALLY WHEN ONE IS TRAVELLING. E-BOOKS HAVE ALREADY MADE A MARK IN THE PUBLISHING WORLD.
Reading is good and though it is no longer common to find a bookstore in the neighborhood, the consumer experience is no longer constrained to hardcover books but rather one can read via e-readers in their hands especially when one is travelling. E-books have already made a mark in the publishing world. Many though still stick to their traditional papers. Every discussion about e-book vs. paper book all comes down to one thing: reader preference (Ramaiah, 65). The topic is important because with the advance of e-readers, phones and tablets, e-books have become a popular reading standard. With this trend there is still something and unique experience with the old paper books. Therefore is eBooks become more popular and in the process completely eroding the traditional paper book or the two will co-exist together?
Sometimes different situations require different things; though eBook is more convenient there come times when paper book is ideal. For instance when one goes to a public swimming pool it becomes more convenient to carry along paper book and one can easily leave it and go about swimming but with tablets it become a different case with constant fear of being stolen, one can also left a book in a car (Clyde, 46).
Paper book provide a better reading experience and emotional attachment with durability. EBook on the other hand is more convenient to use and one can easily play around with features like highlighting and taking note which is also quite a good experience. Technological advancement is making eBook is more preferred options and will replace paper book to a large extent but not completely.
The most notable benefit of eBooks over paper book is in cost saving. The eBooks are easier to physically handle and process; binding, labeling, logistical issues and repair. According to experts, paper book is an area that is fast getting phased out due to the growth of eBooks. What may not be vivid is if this form of paper book handling will disappear or eBook use will go on to use physical handling (Griffey, 7). For instance, visiting the internet on a constant basis to search for titles that can be used on host platforms and printing devices.
The issue of storage and archiving has constantly been a matter of concern in addition to the cost aspect for libraries. This is an area where library users can anticipate major cost benefits from eBooks taking the assumption that publishers manage the online archiving process. Other activities associated with eBooks and paper booking is the cost benefits that arise with eBooks in terms of circulation and shelf space (Banerji, 23). The loan process that is common with paper book will be phased out as well as the process of going after users for returns. This has been a notable let down in the paper booking process as it takes up a lot of time. According to the Victoria University library management the shift to eBook is a notable cost saving process amounting to $350,000 on a yearly basis. This has been able to create more learning places for the students so as to advance the learning experience.
Future Prospects for eBooks
The future of the eBooks, according to experts will be a far-reaching. The benefits, as noted, will be numerous ranging from to handling and improvement of the learning process for the users. There however arises issues in terms of licensing agreements and access process. Studies show that the change from paper book to eBook will take an approximate 5 to 10 years. However, there are certain disciplines that would take the electronic system much faster, like the STM.
The paper book or print media will always be there, according to Shelburne, they will be hard to completely do away with them. But still the electronic media will take up a bigger share of the overall holdings. While the paper booking system will take still take up the shelves, the library users will acquire the eBooks and other resources over the computer or remote places.
Considering that the paper books and eBook will exist together, all of the studies show that the paper booking system and electronic book system balance changing. A good number of librarians are of the opinion that eBooks ubiquity will result to a general change in library operation.
The eBooks are more interactive to users who are beginning the learning process. They are able to check words they do not know online and able to make sense of what is put across (Liesaputra, and Witten, 593). On the other hand, print media is very manual and would lead to extensive efforts to be applied in collecting several books. Some of these useful may not be useful and hence end up wasting a lot of time and energy.
Conclusively, it is worth noting that the eBook application goes on to grow daily. This is attributed to the rise in technology that is fast making most of our activities electronic. However a good number of users are of the opinion that it will take long for all collections to be made electronic. Taking both benefit and disadvantages into consideration, it would be worth noting that the use of eBooks though beneficial should be applied carefully, especially considering the impact of extensive use of technology to children and learners.
Banerji. Multimedia Technologies. New Delhi: Tata McGraw-Hill Education, (2010): 23.
Clyde, Laurel A. “Electronic Books.” Teacher Librarian, 32.5 (2005): 45-47
Griffey, Jason. “Electronic Book Readers.” Library Technology Reports, 46.3 (2010): 7.
Liesaputra, V, and IH Witten. “Realistic Electronic Books.” International Journal of Human- computer Studies, 70.9 (2012): 588-610.
Ramaiah, Chennupati K. “Electronic Books: A Bibliography.” DESIDOC Journal of Library & Information Technology, 32.2 (2012); 65.
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The volatile rise of bitcoin has prompted many stories explaining why the online currency is a thing to watch. Bitcoin has started to gain popularity in the global world. As such, people want to know more on how the system works and all the modalities involved. Bitcoin phenomenon is closely monitored by business people and country’s all round the world as it’s something essential on the current and future states of world economy (Grocer, 13). This prompted me to dig deep into what bitcoin actually is and all the elements involved.
Bitcoin is a form of decentralized virtual currency (Forrester and Mark, 24). Bitcoins are stored up in a “digital wallet” that exists in a user’s computer. The wallet is a form of virtual bank account which allows users to either send or receive bitcoins, save money or pay for goods (Forrester and Mark, 25). The users of bitcoin own a set of public and private key which are analogous to any bank account. When sending money to someone else, the users usually create a transaction and sign it using their private key. Each of the transaction claims is referenced to a previous transaction which credited the user (Gray, 74). This means that bitcoins cannot be created out of nothing and coins cannot be spent twice.
Unlike the traditional currencies, bitcoins are managed and issued without a central authority. This means that there is no company, government or even bank in charge of the currency (Lancelot and Tata, 56). It’s simply a currency of the internet. This makes it more prone to corrupt banks or even wild inflation which introduces my thesis question, how effective is bitcoin as an online currency?
When using bitcoin to make payments, one transfer’s funds from A to B without knowing who the recipient or the sender of the funds is (Paganini and Amores; 54).The system is unusual as even the government or banks cannot know who is doing the transactions and do not regulate the way funds are exchanged (Paganini and Amores; 56). It simply means there is no regulation on how funds are transferred. On the other hand, the security of the system is advanced. Every ten minutes, all the transactions are put together in a form of bitcoin block that acts as a ledger. Blocks are hard to forge so by the transactions being part of the block, they are safe to spend. The blocks linked together form a chain block. The block chain records all transactions that took place and act as a definite authority on how much money the users have linked to their public keys. The particular block chain is secured by cryptographic algorithms, thereby making it impossible to even alter any transaction (Gray, 76).
The Bitcom algorithm is in its beginning stage and is a currency used in the free market whose rate is based on the supply and demand. A number of element could influence the Bitcoin rates, there is nobody who can state that only a few elements can influence Bitcoin. A good number of factors involve; media exposure, the first growth of the Bitcoin was affect by the media hype and hence led to the public’s familiarity. When the supply is fixed then media talks about it, it rises. The Eurozone crisis is another factor like when the Europeans shift their investment all together.
Hoarding of the bitcoins leads to a decline in supply hence affecting the price and acquired media attention. This results to more profit. Another factor is government influence like tax and regulation policies. Additionally, since bitcoin is at its infancy stage it is bound to move the price market. This can be attributed to the market being a free market currency that is at a price discovery level which is projected to become stable at some point.
The aspect of vendor acceptance is a niche form of payment method hence vendor acceptance will greatly affect it. In vendor acceptance, there exists a small group of huge internet firms that take part in the set environment. This comprises of WordPress that will enable one to sell a good number of things for bitcoins (Daniel and Mark, 24). Another example is WikiLeaks that are part of the rising list of online companies that value the Bitcoin donations. As the vendor acceptance goes on to grow, the value of the bitcoins use as currency grows tremendously.
Bitcoin offers users with the ability to sue them as payment systems from any point in the world affordably. The elements that are found in the bitcoin include virtual anonymity, irrevocable and decentralization (Lancelot and Tata, 57). The process is processed by computers or nodes that are on the same network. To make use of this form of transaction, this form of activity has to ensure that all nodes have a common ledger balance for every bitcoin that has a balance.
This form of currency can be used on any country as it is accepted and cannot be used by politicians or other malicious people who are trying to get elected to public offices to pay off their debts (Gray, 74). In a setting where the value of paper money is affected extensively by inflation, this is a great characteristic. Additionally, the world is willing to accept a global currency. Bitcoin meet this needs, it is like cash but not connected to a person’s identity and operations made using Bitcoins cannot be altered once done. They are similar to credits though not physical. They match what the world needs.
Daniel Forrester; Mark Solomon. “Bitcoin explained: today’s complete guide to tomorrows currency” Charleston, South Carolina: Create Space, (2013): 24.
David Gray. “Bitcoin: a dummies guide to virtual currency” Newark, DE: Speedy Publishing, (2013): 74.
Pierluigi Paganini; Richard Amores. “Digital virtual currency and bitcoins: the dark webs financial market exchange and secrets” West Warwick, RI: paganini/amores publishing, (2013): 45.
Ryan Lancelot; Jack Tata. “What’s the deal with bitcoins?”[Pennington, New York]: People Tested, (2013): 56.
Grocer, Stephen.“Beware the Risks of the Bitcoin: Winklevii Outline the Downside”. Moneybeat (The Wall Street Journal), (2013): 13.
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