Digital Currency by Daniel Orellana https://padlet.com/danielorellana152/nnka8eqitu02 By: Daniel O.V & Miguel Stoyke en-us 2020-03-30 23:01:37 UTC 2025-04-11 12:18:11 UTC hello@padlet.com https://padlet.net/icons/png/1f465.png Welcome to my Wall danielorellana152 https://padlet.com/danielorellana152/nnka8eqitu02/wish/483335022 On this page you will learn about Digital Currency through different types of media sources such as website, videos, and pictures. Digital currency is essentially a type of currency that takes a digital form. It is very similar to a physical currency and shares a lot of similarities but the main difference is it allows for limitless possibilities when it comes to transfer of ownership. Examples of digital currency includes virtual currencies, cryptocurrencies, and central bank digital currency. For this assignment we will mainly focusing on cryptocurrencies and virtual currencies, we will be talking about what they are and what they do.]]> 2020-03-30 23:26:06 UTC https://padlet.com/danielorellana152/nnka8eqitu02/wish/483335022 Reflective Questions danielorellana152 https://padlet.com/danielorellana152/nnka8eqitu02/wish/483374503 1. We learned that Bitcoin is a very rapidly growing Digital Currency that has fluctuating prices, similar to a stock share, each day. It can be taxable by the government, and is a regulated currency.
2. When talking about investing, it is very interesting how Digital Currency can actually be a very effective thing to invest in. Since its value increases and decreases, investing and growing personal digital currency, you can actually build your net worth with it overtime, if you are careful.
3. It would be important to share the concept of digital currency with them, as it proves even further how technology is taking over our society as we see it today. Not only is communication, the workforce, and more being made digital, but currency is as well. It shows that there is a good chance that one day all currency could become digital with all of the growing technology advancements. Due to this, it is important to know how it works now, and to invest now while it is still (somewhat) affordable. ]]> 2020-03-31 00:21:58 UTC https://padlet.com/danielorellana152/nnka8eqitu02/wish/483374503 Images danielorellana152 https://padlet.com/danielorellana152/nnka8eqitu02/wish/483374666 Image #1 - "Physical" Bitcoin
There is no such thing as a real-life Bitcoin that you can hold in your hand. However, it is an up and coming industry that more and more people invest in each day. An image like this helps to elaborate peoples understanding of the fact that digital currency is indeed a real thing, and can be used to purchase things world wide.]]> 2020-03-31 00:22:09 UTC https://padlet.com/danielorellana152/nnka8eqitu02/wish/483374666 Videos danielorellana152 https://padlet.com/danielorellana152/nnka8eqitu02/wish/483374766 Video #1 - Bitcoin ATM
This video offers a brief demonstration of one of the modern Bitcoin ATM's. It gives you the option to purchase Bitcoins in a local area of a community such as a shopping mall. When you purchase the Bitcoin's using regular currency, you scan a QR code to your phone which automatically transfers the digital funds to you Cryptocurrency wallet. This is an important feature as it gives people a user-friendly way of buying Bitcoins, given one may not be familiar with "mining", making Bitcoin ATM's very efficient and helpful for investors.

https://www.youtube.com/watch?v=xajKjxxRL04

Video #2 - Bitcoin Taxes
While investing and purchasing Bitcoins, it is sometimes a taxable transaction. Since purchasing Bitcoins or any other form of Cryptocurrency typically involves cash/normal currency in order to purchase, it still qualifies for being taxable. Investors also typically trade in their Bitcoins for real money, so taxes could apply here as well. This video is important as digital currency can easily be confused for "free money", as a computer can run a mining system and rack it up over time. This video gives an overall outlook from the perspective of an accountant on how it all works. It is important to know what "catches" come with investment in digital currency, rather than just how it works.

https://www.youtube.com/watch?v=zo3qXtphV8Y

Video #3 – What is a blockchain?

This video has a very creative way of explaining what a blockchain is and what it has to do with digital currencies. The video talks about what a blockchain is and what it can do. It also talks about the advantages of virtual currency and how it makes it easier for someone to send money to another person in a different part of the world.

I picked this video to include in my padlet because it’s very informative but its also made in a way the its easy for someone new to the topic of digital currencies to understand. An important piece of information that I picked up from this video is the benefits of virtual currencies and how an everyday person can use it.

https://www.youtube.com/watch?v=msZd8oNeI5k&feature=youtu.be

Video #4 - What's the future of virtual currency?

This quick and right to the point video does a really good job at bringing up an important topic, is virtual currency the future? The video goes in to talk about how many people might not trust or even believe in bitcoin but in the past few years its popularity has definitely increased, explaining how in the future another type of cryptocurrency will be created and that we should all take advantage of it when it does.

I chose this video because its quick and informative. It talks about the future of virtual currency and its importance. Something I took from this video is to not take digital currency for granted as its going to play a big part of our lives in the future.

https://www.youtube.com/watch?v=Hvcqg4KVxhU

]]> 2020-03-31 00:22:19 UTC https://padlet.com/danielorellana152/nnka8eqitu02/wish/483374766 Websites miguelstoyke https://padlet.com/danielorellana152/nnka8eqitu02/wish/483397987 Website #1 - Cryptocurrency
This first website is a very informative page defining Cryptocurrency as a whole, its uses, and some of its security features. The main Cryptocurrency is called Bitcoin, which is a source of currency that is fully digital. Consumers "mine" for Bitcoin through developing mathematical sequence, and storing them in a digital wallet. This is an important website as it describes in detail the fundamentals of Cryptocurrency, and what is involved. This can be a confusing industry, however it helps someone new to it get a brief overall understanding.

https://www.cbc.ca/news/canada/calgary/what-is-cryptocurrency-1.4876417

Website #2 - Transferring & Purchasing Bitcoin
This second website explains the different ways to purchase, and make transfers of cryptocurrency in Canada. It explains the risks, and secure features of each way. Some are easier than others, and some are also more preferred than others. Since Bitcoin is fully digital, there are a lot of security precautions that need to be taken. It can be easily compromised, so you need to be careful of which forms of transaction you choose. Some transactions also come with a fee if you use bank services. This can also add up quickly if you are not careful. The list in the website will go more in depth regarding every option.

https://blockgeeks.com/guides/buy-bitcoin-in-canada/

Website #3 - Virtual Currency
For this webpage it talks about what virtual currency is and what is considered virtual currency by the government of Canada. It talks about the different types of virtual currencies there are and what rules apply to them when taxing them as well as virtual currency being used to purchase goods and services. Another important topic it discusses is the tax rules applied to virtual currency when its used to pay and employee.

I picked this website because first it’s a government website created by the government of Canada that gives out valuable information to the reader when it comes to the rules of virtual currencies and the laws that follow it when used in Canada. One piece of information I found useful is that if virtual currency is used as payment for a salary or wage of an employee in Canada, the amount will be included in the employee’s income.

https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/compliance/digital-currency.html

Website 4 -

Bank of Canada exploring digital currency that would replace cash, track how people spend money

This website contains a very informative article by the Financial Post that talks about the bank of Canada exploring the idea of replacing cash with digital currency while also gaining information on what people spend their money on. The article goes into detail talking about how the threat of cryptocurrency has caused them to look in this direction because they talk about how with the growing popularity In cryptocurrency is becoming a direct threat to them and there ability to implement monetary policy on the virtual currency.

I choose this website because it talks about the positives and negatives of the bank of Canada's idea to replace cash with digital currency. One part of the article the really stuck out to me was when they discussed the negatives of the idea and brought up the point that this new type of e-money could be less popular then other currencies or very popular but used for illegal activities.

https://business.financialpost.com/technology/blockchain/bank-of-canada-exploring-digital-currency-that-would-replace-cash-track-how-people-spend-money

]]> 2020-03-31 00:55:05 UTC https://padlet.com/danielorellana152/nnka8eqitu02/wish/483397987 Image #2 danielorellana152 https://padlet.com/danielorellana152/nnka8eqitu02/wish/483502364 This image does a great job at showing all the different types of currencies and how they coincide with each other. its a very good visual representation of the types of currency]]> 2020-03-31 03:40:18 UTC https://padlet.com/danielorellana152/nnka8eqitu02/wish/483502364