https://padlet.com/cmatieuski/9m02vo19ws2t By Carly Matieuski & Kylie Gosse en-us 2019-03-17 21:11:54 UTC 2024-11-08 06:50:11 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Growing.png cmatieuski https://padlet.com/cmatieuski/9m02vo19ws2t/wish/342176081 Hi everyone, My name is Carly Matieuski & my partner is Kylie Gosse. On this wall we will be teaching you about digital currency (also known as bitcoins) Digital currency can be used to purchase items and services online. ]]> 2019-03-17 21:21:58 UTC https://padlet.com/cmatieuski/9m02vo19ws2t/wish/342176081 cmatieuski https://padlet.com/cmatieuski/9m02vo19ws2t/wish/342177732 Digital currency is money that can only be used online and isn't able to transfer into physical money. The currency itself is created by computer algorithms. You can only use this currency on the internet where it is accepted. Not all websites will accept this currency as a form of payment. Even though digital currency is used in Canada it isn't actually considered an official currency in Canada. The only official currency here is our Canadian dollar. Some of the risks of using this currency include having fewer protections, not being insured, your investment could be high risk, exchanging digital currency can be difficult, transactions can't be reversed and you may become vulnerable to fraud. Tips to being safe while using this currency include protect your digital currency wallet, be aware of polices regarding digital currencies before making purchases, wait for your conformations before completing a purchase, know what the actual cost is after fees, and make sure you think about the future in case someone needs to access your funds. 
We chose this website because it gives a good understanding of what digital currency is. This website also gives some risks and good tips when using this currency.]]> 2019-03-17 21:33:05 UTC https://padlet.com/cmatieuski/9m02vo19ws2t/wish/342177732 cmatieuski https://padlet.com/cmatieuski/9m02vo19ws2t/wish/342179694 Even though digital currency isn't considered an official currency in Canada you still have to declare any income used on purchases or received from selling anything using this currency. Since digital currency isn't considered an official currency you must claim what it would've been considered as a Canadian dollar. This also applies if you use digital currency for a business. When you are claiming your income tax you must convert the money used or received into Canadian dollars for an accurate tax return. If you purchase any digital currency and sell it for profit then you have to declare a capital gain of whatever profit you received from this.
We chose this website because it explains how digital currency might impact your taxes and how you still need to declare it even though it isn't considered an official currency in Canada. ]]> 2019-03-17 21:47:09 UTC https://padlet.com/cmatieuski/9m02vo19ws2t/wish/342179694 cmatieuski https://padlet.com/cmatieuski/9m02vo19ws2t/wish/342182513 The site QuadrigaCX.com is known as the largest place to exchange bitcoins in Canada. Another site you can purchase and exchange digital currency is Coinsquare.io. In order to use these sites you must have a valid email address and I.D. Neither of these sites accept credit cards though, so in order to purchase digital currency from these sites you will need to use an email transfer or a bank wire. Since these sites don't accept credit cards some Canadians started using Coinbase. Coinbase has recently decided to stop converting bitcoins into Canadian dollars. Another way to buy and sell digital currency is through trading with other bitcoin users.
Blockchain is a public ledger used to track bitcoin transactions. Every time a transaction is made it must be registered on this ledger. 
We chose this website because it give information on where to exchange bitcoins in case anyone is interested in using digital currency. ]]> 2019-03-17 22:09:10 UTC https://padlet.com/cmatieuski/9m02vo19ws2t/wish/342182513 cmatieuski https://padlet.com/cmatieuski/9m02vo19ws2t/wish/342185339 This website is going over the dangers of using bitcoin. First of bitcoin is not backed up by any government or banking once so ever. It is not backed by anything like normal paper money. It is backed up by solely just the trust that people put in it. This being said not many businesses accept bitcoin because of how dangerous and not monitored it is in general. If all bitcoin sales were to stop, everyone who had already invested in it would lose their money since it is not backed up by anything. Investing in these digital currencies is so risky and it is important for everyone to be aware of this. We chose this website because of its educational properties on how dangerous bitcoin can be and just to keep everyone in the loop before they consider investing in this currency. ]]> 2019-03-17 22:28:05 UTC https://padlet.com/cmatieuski/9m02vo19ws2t/wish/342185339 cmatieuski https://padlet.com/cmatieuski/9m02vo19ws2t/wish/342186333 This image shows how our money is being sucked into the internet and becoming digital currency. I feel like it also shows how fast we can lose money when changing it into digital currency depending on if we are uneducated while using it. Another factor that could lead us to losing money using digital currency is if the want for it decreases. ]]> 2019-03-17 22:34:25 UTC https://padlet.com/cmatieuski/9m02vo19ws2t/wish/342186333 cmatieuski https://padlet.com/cmatieuski/9m02vo19ws2t/wish/342187298 This image shows how many Canadian citizens are turning away from using the Canadian dollar and instead are using digital currency. People are able to buy and sell this currency and even make profit in some cases which is beneficial to them. ]]> 2019-03-17 22:40:45 UTC https://padlet.com/cmatieuski/9m02vo19ws2t/wish/342187298 cmatieuski https://padlet.com/cmatieuski/9m02vo19ws2t/wish/343021091 This video is explaining how bitcoin and other online currencies work. Bitcoin wouldn't exist without people or cryptography. It is said to possibly be one of the first digital currencies. The transaction block chain is decentralized, so anyone can volunteer to keep track of the transactions and other things like that. Bitcoin is definitely a risky investment, there is a lot of security problems because there is no regulatory rules. You also have no one exactly looking over your money, it is protected by cryptography which can normally be pretty secure as long as everything is used properly. You should definitely make sure you are educated in all these digital currencies before you consider purchasing them as they can be quite risky.

]]> 2019-03-19 18:19:14 UTC https://padlet.com/cmatieuski/9m02vo19ws2t/wish/343021091 cmatieuski https://padlet.com/cmatieuski/9m02vo19ws2t/wish/343021495 This video is explaining how bitcoin is actually worth something. It has a value because of its scarcity, there is a certain cap on how many bitcoins can exist at one given time. It is also considered a more efficient form of currency and easier to use as there is no banks controlling it. Bitcoin is very divisible meaning you can very easily buy stuff with it in the up and coming society we live in today. Everything is based on the trust you put on it, there is no intrinsic value. The value of one bitcoin however does fluctuate, no one is quite sure how much they are actually worth. This could affect us in my opinion because if you are purchasing bitcoin you do not know what you are getting yourself into. The value of it can go down at any time if people stop investing. We chose this video because we feel as though it does show the real reason as to why digital currency does have real value. It shows how the value works and how it can fluctuate. ]]> 2019-03-19 18:19:53 UTC https://padlet.com/cmatieuski/9m02vo19ws2t/wish/343021495 cmatieuski https://padlet.com/cmatieuski/9m02vo19ws2t/wish/343021628 This video is a step by step video tutorial on how to buy bitcoin and other digital currencies. This is not a Canadian video however, the websites are all available in Canada and do follow the same procedures. This video is explaining how you can view the worth of the bitcoin and then showing you the proper and safe websites that you can use to make the investment if you are looking to do so. We chose this video because we believe it is very easy to follow and it is directed towards beginners so it can be good and useful for people who are looking to invest in bitcoin or any other form of digital currency that is on the market right now. We also believe it is very important for people to be aware of how to make this transaction safely and to make sure that they are not using scam websites. Everyone should be aware of how to safely purchase bitcoin. ]]> 2019-03-19 18:20:07 UTC https://padlet.com/cmatieuski/9m02vo19ws2t/wish/343021628 cmatieuski https://padlet.com/cmatieuski/9m02vo19ws2t/wish/343021731 This video is of a man explaining all the ways you can use your bitcoin in Canada. There is apps and websites and even designated cards that you can use to spend your bitcoin in your everyday life. Bitcoin is up and coming, you can pay your bills through the app that he showed in the video called Bylls. He is showing people that they don't need to use banks in your everyday life, he is explaining how you can live strictly off bitcoin. We chose this video because we feel as though people are always confused on how you will be able to make everyday purchases through using digital currency. So this video here is very helpful and straight forward in explaining it and it might help a lot of people out who have invested and now are not sure what to do with it. ]]> 2019-03-19 18:20:16 UTC https://padlet.com/cmatieuski/9m02vo19ws2t/wish/343021731 kyliegosse https://padlet.com/cmatieuski/9m02vo19ws2t/wish/346992144 The thing that most surprised us about digital currency while doing this assignment was that it is not officially backed up by an actual bank or government of any type. The currency itself is protected all by online cryptography and sometimes random people can volunteer to watch over and fight off hackers if they come. We just found this very shocking as people do have to put a lot of trust into these currencies when investing in them. We ourselves don't actually have any experiences with digital currencies. However, we do think that it could be useful for online shopping in the future. We also found it to be an interesting topic because not a lot of people are fully aware of digital currencies. They may have heard of them before but they have not actually taken the time to sit down and educate themselves on the topic. We think if we were to pass on our knowledge to a family member or friend, we would definitely recommend doing you research. Really make sure you are using trustworthy resources and that you are one hundred percent sure this is what you want to get into. ]]> 2019-04-01 01:43:52 UTC https://padlet.com/cmatieuski/9m02vo19ws2t/wish/346992144