What is Cryptocurrency?

Most people have heard of Bitcoin, but have no idea what it is or how it works. Bitcoin is a form of virtual or digital currency known as cryptocurrency, which uses cryptography or code to keep transactions secure. Cryptocurrency introduced a new type of currency on a software structure.

What Is The Origin Of Cryptocurrency?

Satoshi Nakamoto was the originator of bitcoin, and release the original version of the Bitcoin software in 2009. The open source worked on the software for two years, when Nakamoto presumably moved on to other projects. There’s a lot of speculation about who Nakamoto actually is, but it may remain a mystery.

How Does It Work?

Cryptocurrency is real money in a digital a form of payment similar to secure, online e-commerce payment processors to pay for goods or services. A lot of companies involved with cryptocurrency issue tokens that are their form of currency that is similar to tokens in an arcade. Actual money is exchanged for the tokens. The new form of currency is so popular that there are more than 1,400 cryptocurrencies that are used for online trade. According to statistics, all cryptocurrencies currently in use have a value of approximately $708 billion. Bitcoin, the leader in cryptocurrency, has a value of $283 billion.

What Is The Blockchain?

The blockchain is the database that’s compatible with cryptocurrency. The way the blockchain differs from a traditional database is that the data can be stored on thousands of computers in locations around the world. Since the data is on so many systems, the cost is much lower than with a traditional database. Due to the encryption, if part of the data is compromised, the entire database isn’t exposed.

What’s the Attraction Of Cryptocurrency?

1. Many people are using cryptocurrency because they see it as the currency that everyone will be using in future generations. They’re buying the currencies now because they speculate that it will be more valuable in the future.

2. Inflation is another reason that people are using cryptocurrency. When banks manage the supply of money, it tends to decrease in value during periods of inflation.

3. Some cryptocurrency supporters like the idea of the blockchain, the system that cryptocurrencies use. The theory is that the blockchain is more secure than more traditional systems used for processing monetary transactions.

4. Some cryptocurrency users prefer the idea of conducting financial transactions without government interference.

5. Some financial speculators aren’t interested in using cryptocurrency because they’ll be more widely accepted for financial transactions in the future. The belief is that the currencies will soar in value, so they’re buying them know before the prices drastically increase.

Accounting Firms Needs to Embrace Social Media

Accounting is one of the oldest skills necessary to success in the world. Throughout history, people have always sought out accounting professionals to make sure that their finances were correct. Governments relied on accountants and auditors to make sure that taxes were being smoothly and money was going where it needed to be just as much as business-owners relied on them to make sure they weren’t nearing insolvency. While the field is here to stay, it’s individual firms and accountants themselves that are at risk.

We are currently entering the future of business. Things are changing at speeds that couldn’t have been fathomed in the past and professions are becoming obsolete if they can’t update and adapt to new technologies and demands from clients; the way business is being done is different now than it was even 10 years ago. Throughout all of this, accountants have remained vital, plying their trade with new gadgets even though their task is millennia old. Do to the fact that people have always needed accountants, they won’t die out anytime soon. However technology is changing the way firms are hired and work is done and many accounting firms are reaching the point where they need to get with the program or risk losing valuable clientele and being seen as no longer useful.

Many well-known accounting firms are dealing with clients who are older and don’t use social media themselves. While this allows for the excuse that since the clients don’t use social media, the firm doesn’t need it either, it ignored the very real benefits that proper use of social media campaigns can bring. Along with gaining new positive press improving the reach of your brand, it’s a great way to make sure you’re still hiring the best of the best. Millennials and the younger generations are more keyed into social media than any previous generation. Capturing their attention and making sure that they’re on your side is key towards building a brand that will not only sustain itself, but also be on the cutting edge. Mobile is here to stay; history will vindicate those who adapt it early and use it well.