Recently, discussions over cryptocurrencies have taken over just about every media outlet. While we see headlines featuring the largest virtual currency, Bitcoin, or articles relating to the rise and decline of the cryptocurrency values, it is quite evident that a large percentage of the population remains confused and unsure of the concept. If you’re finding news related to cryptocurrency difficult to understand, you are not alone. This blog aims to provide you with a quick synopsis of the discussions to date, and can act as your stepping stone into the cryptocurrency world.
For starters, what is a cryptocurrency? A cryptocurrency is defined by Investopedia as, “a virtual currency that uses cryptography as security”. While this definition broadly defines the concept, let’s dig a bit deeper into the details with 5 important aspects of cryptocurrency:
Bitcoin is the most widely-known type of virtual money and was the first cryptocurrency created. Bitcoin has been experiencing astronomical growth and attention since its release in 2009 and Bloomberg reported it’s total value as $300 billion in December, 2017. Evidently, Bitcoin is dominating the cryptocurrency world.
Cryptocurrencies are fully decentralized. This means that there is absolutely no government regulation. For this reason, it is extremely crucial for the network to be effective and secure, as there is no central server.
Typically, double spending is not an issue when making transactions because of the presence of a central server. However, because cryptocurrencies lack this, they must rely on the peer-to-peer network to prevent double spending from happening. Bitcoin uses an online ledger, Blockchain, that tracks each and every transaction performed by users.
It’s important to note that each transaction is finalized and made, there is no going back. Unfortunately if a mistake is made, not even the government or the cryptocurrency geniuses can reverse this.
Credit cards, AMEX, Debit cards, etc. are all linked to very personal information, which becomes a threat if misplaced or stolen. In contrast, cryptocurrencies do not provide any personal information and instead users are given a code number to represent oneself. In turn, transactions and transfers receive increased protection when cryptocurrencies are used.
With the enormous growth of cryptocurrencies, we predict that virtual money will become more and more prevalent within social media and news outlets. Hopefully this brief synopsis has assisted you in understanding the underlying concept of cryptocurrencies.
We are excited to see all the possibilities and potential that has stemmed from cryptocurrencies!
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Mark Zuckerberg, Facebook’s CEO, has announced a newsfeed restructure that will drastically shape how users interact over Facebook.
Instead of seeing the dozens of news articles and advertisements that most of us are immune to seeing today, Facebook will surprisingly be showing less of that. Alternatively, the information that will appear on the users’ newsfeed will be carefully selected content that inspires conversation and has some type of relationship to the user. Zuckerberg announced on Thursday that he feels as though Facebook has an obligation to promote healthy well-being and in turn will be promoting relevant and “meaningful” content, rather than disorganized, insignificant content. The Facebook CEO has stated, “…I expect the time people spend on Facebook and some measures of engagement will go down”. Thus the question remains, why has Facebook taken this approach?
Facebook is aiming to benefit the users, as they will no longer be scrolling through their newsfeed viewing negative content that provides little to no meaning. Contrastingly, users are expected to now feel a stronger sense of interaction, which was Facebook’s main goal when first creating the major social media platform. In the age of fake news and Facebook at the forefront, it is not a huge shock that the social media team is trying to regulate and eliminate the amount of controversial news that users view.
However, as you may have predicted, businesses using Facebook as their main source of advertising and platform for content creation, may be facing a serious decline in engagement and traffic. Instead, these companies will have to focus on retaining their current audiences’ attention to encourage conversation and meaningful interactions, as Facebook is promoting.
Check out Zuckerberg’s Facebook statement regarding the new changes and let us know what you think!
One of our big focus areas for 2018 is making sure the time we all spend on Facebook is time well spent.We built…
With numerous online payment options to choose from, consumers are often left feeling overwhelmed by the updates and changes in tools, such as Google, Apple Pay and PayPal. Nonetheless, the most recent Google payment update may be for the better.
With two different systems, navigating Google’s payment tools has been a tricky task for some users. However, on January 8th, 2018, Google’s Vice President of Project Management (Payments) announced the merger of their two pay systems. What used to be Android Pay and Google Wallet has now become Google Pay, which indeed sounds just like another favourite- Apple Pay. In turn, this means that users will now be able to have their Google mobile payments, loyalty platform and peer money transfer all available on one app, which is most definitely a lot more efficient.
Not only will this update benefit Google payment users, but it is a necessary action for Google to take in order to compete with the other payment systems previously mentioned, like Apple Pay. As nearly everyone is a user or at least familiar with Google, Google Pay is actually quite simple. Your information is stored securely in your Google account, so checking out online and paying friends will be quicker than ever.
Additionally, you will be seeing a lot more of Google when checking out online or in stores, whether you’re booking a place to stay on vacation or purchasing items online. Google Pay will be increasingly more prevalent during checkout and according to the Google VP’s blog post, initial partners include Airbnb, Dice and Fandango, just to name a few.
While there aren’t any new features in particular that have rolled out with this update, both payment systems are now more efficient and attached to the Google brand. We will be following closely to see if any other updates trail after this rebrand!