Digital currency by David Timuri https://padlet.com/davidtimuri/f7bpi6jhgc0t401j by Matteo Geensen & David Timuri en-us 2022-11-28 13:18:52 UTC 2025-05-16 04:47:45 UTC hello@padlet.com Welcome matteogeensen https://padlet.com/davidtimuri/f7bpi6jhgc0t401j/wish/2400753733 Hello, 
Welcome to the Digital currency information board where you will learn about digital currency and how its used and why its used over other currency's. wew ill display our information in videos, websites, images, etc. here a little bit about digital currency if your not so sure. A digital currency is a medium of exchange that is generated, stored and transferred electronically. Digital currencies are not typically associated with any country's government or represented in physical forms like the coins and notes of traditional currencies.


]]> 2022-11-28 18:55:55 UTC https://padlet.com/davidtimuri/f7bpi6jhgc0t401j/wish/2400753733 Website #1 Digital currency matteogeensen https://padlet.com/davidtimuri/f7bpi6jhgc0t401j/wish/2400771581 What is digital currency and how do you use it? Digital currency is electronic money and its not available in bills or coins. Cryptocurrencies are a type of digital currency created using a computer algorithms. The most popular cryptocurrency is Bitcoin. Not one single organization creates digital currencies Digital currencies are based on a decentralized peer to peer network (P2P). Peers in this network are the people that take part in digital currency transactions, and their computers make up the network. You can use digital currencies to buy goods and services on the internet and in stores that accept it. You also buy and sell digital currency on open exchanges, called digital currency or cryptocurrency exchanges. an open exchange is similar to a stock market but to use digital currency you need to create a digital wallet to store your currencies and transfer them. you need a public and a private key to use your wallet keys are made up of random numbers and letters. Public keys are used to identify your wallet and private is used to unlock your wallet.


]]> 2022-11-28 19:06:58 UTC https://padlet.com/davidtimuri/f7bpi6jhgc0t401j/wish/2400771581 Website #2 The future of Digital Currencies matteogeensen https://padlet.com/davidtimuri/f7bpi6jhgc0t401j/wish/2400867590 Digital Currency has the potential to completely change how society thinks about money. The rise of bitcoin and Ethereum and thousands of other cryptocurrencies that exist in only electronic form has led global central banks to research how national digital currencies work. The future of cryptocurrency's are going to move towards central bank digital currency (CBDC) what is this you might ask. A central bank digital currency (CBDC) is a digital currency that would be issued and overseen by a country's central bank. think of it like Bitcoin, but if Bitcoin were managed by the Bank of Canada and had the full support of the Canadian government. A reason why i choose this website because its not like other websites it goes in depth and talks about a lot of things that other websites don't like the Disadvantages of Digital currency and How would Digital currency affect me. one thing i found useful on this website is how Digital currencies work around the world not just Canada so then I know how everything works if i want to move or go on vacation and use my digital currency in a different country.]]> 2022-11-28 20:16:12 UTC https://padlet.com/davidtimuri/f7bpi6jhgc0t401j/wish/2400867590 video #1 What is Central Bank Digital Currency? davidtimuri https://padlet.com/davidtimuri/f7bpi6jhgc0t401j/wish/2400887914 This video talks about the general knowledge of digital currencies. It explains how it affects the world globally and how it gets documents. It also talks about CBDCs and how you use it. CDBC stands for Central Bank Digital Currencies, a type of digital currency used because of its advantages, one being that the money used goes back to the country's economy. 
I chose this video because it gives those with little knowledge about digital currencies an idea of how it works. This video provides information about how our world is slowly leaning away from physical forms of money and how everyone's finances will soon go digital, which includes purchasing and transactions.]]> 2022-11-28 20:33:37 UTC https://padlet.com/davidtimuri/f7bpi6jhgc0t401j/wish/2400887914 video #3 Could digital currencies put banks out of business? davidtimuri https://padlet.com/davidtimuri/f7bpi6jhgc0t401j/wish/2400890596
Canada has introduced digital currency for us, but people need to understand it to a full extent. A visualizing video on the future possibilities that digital currencies can present for us and how fractional reserve banking operates. 
I chose this video because the majority of topics related to digital currencies are about how it is the future for us and mainly good introspection. However, this video by The Economist demonstrates how banks generate their money and how digital currencies can interfere with the bank's revenue. A thrilling piece of information that I came across from this video was how gold originally started as a place to store gold. It leads to the bank loaning gold bars to people and getting interest back from lending the gold.



]]> 2022-11-28 20:36:08 UTC https://padlet.com/davidtimuri/f7bpi6jhgc0t401j/wish/2400890596 Video #2 Why Central banks want to launch digital currencies matteogeensen https://padlet.com/davidtimuri/f7bpi6jhgc0t401j/wish/2400894563 summary, This video talks about why central banks want to launch digital currencies because it will improve payment systems, promote financial inclusion, protect against financial fraud and accelerate the transition to a cashless society. But Most Central banks are worried that widespread adoption of these crypto currencies could weaken their control over the financial system it would cause financial instability especially because crypto currencies do not have the legal or regulatory safe guards that central banks money does. that's why they might have to launch a digital currencies on their own. i choose this video because the go into detail on why they should create their own digital currencies and why they shouldn't talks about the advantages and disadvantages the risks of launching your own digital currencies. one piece of information i found useful was the Trust that the banks need to have for people to invest in their currency it will take months or even years to surpass this because the trust in private money is built on the trust in the currency. this video is different than others because it is talking about all central banks across the world that should do this not just Canada or USA, England.]]> 2022-11-28 20:39:45 UTC https://padlet.com/davidtimuri/f7bpi6jhgc0t401j/wish/2400894563 Video #4 Canada Looking to create digital consumer currency matteogeensen https://padlet.com/davidtimuri/f7bpi6jhgc0t401j/wish/2400930245 Summary, This video talks about Digital consumer currency and how a loony ca be transferred into a legal digital dollar and how close we are to getting their because most major banks in Canada are considering some form of digital currency within the next couple years. But the Bank of Canada hasn't made their mind up yet a few researchers have tried to propose it to the Bank of Canada. the more we get into the future the less we will see cash and more of debit or credit cards on your phone and obviously crypto. "Canada is one of the most cash free spenders in the world". The bank of Canada is  studying the proposes from 3 university's for a home grown digital currency it would work by using a app on a cellphone a user sets up secure e-wallet its authenticated through a government agency and then its ready to go the merchant establishes a digital transaction to accept the funds. the reason why i choose this video is because it talks about how the bank of Canada could move to digital currency and I'm all for that. a piece of information i found useful was the private information so no one knows who you are when doing transactions you are kept unknown on the digital side of currency. this video is different from others because it talks about Canada solely and what could affect us in our everyday life.]]> 2022-11-28 21:16:18 UTC https://padlet.com/davidtimuri/f7bpi6jhgc0t401j/wish/2400930245 Image #1 matteogeensen https://padlet.com/davidtimuri/f7bpi6jhgc0t401j/wish/2400951484 This image shows the Taxonomy of money based on Central Bank Crypto currencies just breaks it up into category's electronic you can use virtual currency, Central bank issued digital currency but also could be used on the electronic side and then Peer to Peer is Local currency or cash ]]> 2022-11-28 21:41:14 UTC https://padlet.com/davidtimuri/f7bpi6jhgc0t401j/wish/2400951484 Question 3 matteogeensen https://padlet.com/davidtimuri/f7bpi6jhgc0t401j/wish/2400962642 If you could pass on your knowledge to a family member or friend, what
do you think is the most important thing to pass on?
The most important thing i think i could pass on is actually knowing what it is because without knowing what digital currency is you will be lost and i would just explain to them as easy as possible that its a class of digital assets or wallet created using cryptographic techniques that enable people to buy, sell or trade them securely on a computer or cellphone and that its just a lot faster to complete payments than cash or credit/debit cards.]]> 2022-11-28 21:55:33 UTC https://padlet.com/davidtimuri/f7bpi6jhgc0t401j/wish/2400962642 Website #3 New era of digital currency on the davidtimuri https://padlet.com/davidtimuri/f7bpi6jhgc0t401j/wish/2401002081 This Article from Toronto writer Michelle Singerman is about how Canadian digital currency will soon become a regular specialty for Canadians. The article talks about the effectiveness CBDCs have in this popularity gain and why it is not suitable for CPAs in Canada. 
The reason for picking this website is that it gave readers a look into CPAs perspectives and other people who are directly affected by this new path. Judging by whom Michelle interviewed, the writer wants us to judge for ourselves if we, as a civilization, want to move forward with this system and likely see CPAs and physical forms of currency fall. Regarding Canada, it goes to the government for a final decision.]]> 2022-11-28 22:49:27 UTC https://padlet.com/davidtimuri/f7bpi6jhgc0t401j/wish/2401002081 Website #4 Central Bank Digital Currency (CBDC) & Its impact on Economy davidtimuri https://padlet.com/davidtimuri/f7bpi6jhgc0t401j/wish/2401024374 This website has a clear insight into the impact of Digital currencies and how CBDCs are primarily involved with the economy. It has vital definitions of digital currencies and has different points for the impact they will have on us. 
This website has excellent information that is put together nicely for people new to the space. The site talks about currency, digital currency, and CBDCs separately and relates them together to show the distinction between each other. Valuable information I took from this site was that monetary transmission would improve with digital currency. The website demonstrates that if banks start issuing currencies that bear interest. The rate of direction for interest will mirror the market, and interest rates from there, interest will not incline. One point from many excellent ones this website shows.]]> 2022-11-28 23:25:58 UTC https://padlet.com/davidtimuri/f7bpi6jhgc0t401j/wish/2401024374 Image #2 davidtimuri https://padlet.com/davidtimuri/f7bpi6jhgc0t401j/wish/2401031360 I appreciate this image. It is simple and implies numerous representations of the digital currency globe. It describes how much of an impact digital currency has made on the world. I chose this image because It's not a  prolonged created image. It's simple but brings out its meaning,]]> 2022-11-28 23:36:06 UTC https://padlet.com/davidtimuri/f7bpi6jhgc0t401j/wish/2401031360 question #1 davidtimuri https://padlet.com/davidtimuri/f7bpi6jhgc0t401j/wish/2401038760 What I learned most about my topic that surprised me the most was the change in the economy with digital currency. At first, with the bit of knowledge I had about the subject, I presumed that switching to digital currency would not be difficult since it is so convenient, but it's a lot more problematic. Banks generally control mainly everything concerning banking and play a significant role in our economy. If digital currency could put banks out of business, that could dissemble several functions in the economy.]]> 2022-11-28 23:47:00 UTC https://padlet.com/davidtimuri/f7bpi6jhgc0t401j/wish/2401038760 Question #2 davidtimuri https://padlet.com/davidtimuri/f7bpi6jhgc0t401j/wish/2401045805 This topic is very relevant to me. I don't carry physical cash anymore and have not for a long time. All my purchases are made digitally through apple pay, e-transfers, or other features. I don't need my wallet anymore if I need to pay for gas or food. My life is starting to have some digital currency, and it will soon be a move only to be that type. I can say promptly all the topics covered apply to me.]]> 2022-11-28 23:56:23 UTC https://padlet.com/davidtimuri/f7bpi6jhgc0t401j/wish/2401045805