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• Electronic currency


  A payment method that is entirely digital and does not involve physical currency like coins or banknotes
• Types of electronic currency


  • Digital currency
  • Virtual currency
  • Cryptocurrency
  • Central bank digital base money
  • Stored value cards
• Digital currency


  A method of payment where currency is exchanged digitally
• Digital currency


  • Payments using credit cards
  • Mobile phones
  • Smart watches
• Advantages of digital currency


  • No need to carry physical money
  • Transactions can be stopped if lost
  • Transactions are secure and encrypted
  • Contactless payments speed up transactions
  • Can be used in different countries without exchanging physical currency
  • PIN number doesn't need to be remembered for contactless payments
  • Stored value cards prevent overspending and getting into debt
• Disadvantages of digital payments


  • Monetary limit on contactless payments
  • Risk of transactions being hacked
  • Security concerns of people regarding contactless payments
  • Possibility of losing track of spending without physical money
  • Risk of someone using a lost card or device for contactless payments before the user cancels it
• Virtual currency


  A type of digital currency that operates on a decentralized system, unlike centralized digital currencies managed by governments and banks
• Advantages of virtual currency


  • Can personalize a game or application and make it more engaging
• Disadvantages of virtual currency


  • Has little regulation
  • Usually specific to the context for which it was created and cannot be spent elsewhere
• Cryptocurrency


  A type of peer-to-peer electronic monetary system that allows for decentralized transactions without the need for a central body
• Advantages of cryptocurrency


  • Transactions usually do not have the usual charges that apply to bank transactions
  • People can invest in cryptocurrencies and potentially make money
  • Difficult to create counterfeit currency due to high security
• Disadvantages of cryptocurrency


  • Anonymity may encourage criminal activity and make it difficult to trace
  • Businesses have been hacked and cryptocurrency stolen, with no bank to help resolve the theft
• Central bank digital base money (CBDC)


  The digital version of fiat money, created by banks with features to prevent counterfeiting, used as part of the controlled supply of currency by central banks
• Advantages of CBDC


  • Reduced cost of transactions as no physical currency needs to be exchanged between banks
  • Improved speed of money exchange between banks
  • Potential decrease in criminal acts such as money laundering and tax evasion
  • Savings in costs of physical currency production that could be invested in CBDC security
• Disadvantages of CBDC


  • Loss of privacy and anonymity for those who prefer physical currency as no record of details is attached to payments made with cash
• Data mining


  An artificial intelligence-based data analysis technique that involves searching and analyzing large sets of data stored in data warehouses to identify patterns and trends
• Data mining process


  1. Business understanding

  2. Data understanding

  3. Data preparation

  4. Data modelling

  5. Evaluation

  6. Deployment
• Uses of data mining


  • National security and surveillance
  • Business
  • Research
  • Health care
  • Predicting social and economic trends
• Advantages of data mining


  • Helps organizations make strategic decisions to maintain/increase revenue
  • Helps organizations understand customers and create needed products
  • Allows individuals to see targeted advertising based on their preferences
  • Helps institutions predict and plan for future crises
  • Helps businesses save costs by streamlining processes and avoiding unwanted investments
• Disadvantages of data mining


  • Expensive process due to software and skilled staff required
  • Many see data mining as unethical and an invasion of privacy
  • High storage costs can increase overall cost of data mining
  • Stored data is a security risk as hackers may want to access it
  • Outcomes are only predictions based on past data, and may not be accurate
• Social networking


  An integral part of people's lives, used for entertainment, communication, and news, where people share information about their daily lives, beliefs, feelings, and preferences
• Types of social networking


  • Chat rooms
  • Instant messaging
  • Forums
  • Email
  • Blogs
  • Microblogs
• Chat rooms


  An online service that allows multiple users to chat by typing messages to each other
• Instant messaging


  A form of social networking that allows two or more users to send real-time messages to each other, often built into social media platforms
• Forums


  Online platforms where users can post thoughts, questions, and ideas, and other users can reply with feedback and answers
• Email


  An electronic message sent by a user to one or more recipients using their unique email address
• Blogs


  An online journal set up by individuals or groups to report on their lives or a particular topic, structured in reverse chronological order
• Microblogs


  Similar to blogs but with shorter content, popular platforms include Twitter and Instagram
• Positive impacts of social networking on individuals


  • Global communication and connection with like-minded people
• Negative impacts of social networking on individuals


  • Detrimental effects on mental health, cyberbullying, and reduced concentration
• Positive impacts of social networking on businesses


  • Effective marketing tool
• Negative impacts of social networking on businesses


  • People may bypass online adverts
• Positive impacts of social networking on organizations


  • Allows the distribution of vital information on a large scale
• Negative impacts of social networking on organizations


  • Ability to censor information
• Advantages of social networking


  • Enables global communication
  • Provides a sense of inclusion and allows for sharing of thoughts and ideas
  • Allows for the distribution of important information
  • Enables individuals to make a living through blogging
  • Provides a platform for seeking advice or support
  • Offers entertainment and exposure to news stories
• Disadvantages of social networking


  • Can be overwhelming and make people feel excluded or dissatisfied
  • Organizations can manipulate or censor information
  • Influencers can promote harmful behaviours or excessive spending
  • Unqualified advice or support can lead to harm
  • May decrease attention span and encourage bad behaviour
  • News stories can be sensationalized or falsely reported
  • Anonymity can lead to bad or illegal behaviour
• Technology enhanced learning


  Advancements in technology that have improved teaching and learning, particularly with the introduction of online learning and courses
• Examples of technology enhanced learning


  • Computer-based training
  • Online tutorials
  • Networked learning
  • Massive open online courses (MOOC)
  • Video conferencing
• Computer-based training


  Businesses and organizations can use computers to create extensive training programs for their staff, with a mix of text, sound, video, and images
• Advantages of computer-based training


  • Users can learn at their own pace
  • Use of different media to make training interesting
  • Opportunity for staff to improve their skills and potentially earn promotions or pay raises