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Business December 6, 2017

What you need to know about bitcoin and why it’s so popular

So, what is bitcoin and why should we be paying attention — or not paying attention — to this cryptocurrency. The decision is yours. Let’s start with the basics and to be honest, I’m learning about this as well. Bitcoin is a cryptocurrency or in its simplest form it is a digital form of money. These virtual currencies held whispers of being the currency of the future, which would make sense since we are living in an increasingly digital world.

Bitcoin’s origins can be traced back to 2008 and was founded by inventor Satoshi Nakamoto, a relatively unknown inventor who never came forward to the public. Some people believe he/she was operating under an alias. Nakamoto succeeded at what many companies failed to do in the 90’s — to create a digital currency. In fact, it was not his intention to create a digital currency, but to invent a ‘peer-to-peer electronic cash system.’ What does this mean? He essentially created a virtual market for trade that has no central entity or or single administrator. This virtual space enables worldwide payment and in this virtual market, trade is only allowed if specific conditions are met. This is the exact way a currency works and thus bitcoin was born.

Once a transaction is requested, it is validated through a code of algorithms sent to a peer-to-peer network. Bitcoin is not redeemable for any other commodity (as of yet) and doesn’t exist in a physical form, only in the network. The supply is not controlled by an administration like a bank.

As the buzz for bitcoin began entering the news space, it made sense for investors, banks, and even regular people to start paying attention and consider trading in this virtual currency. As of Jan. 1 2017, one bitcoin was trading for $960 per coin and as of Dec. 5, 2018 ,one coin trades for $11,816.93 USD.In Canada. that would trade for $14,990.48 CAD. It reached the $10,000 mark just last week. So much buzz has been generated by bitcoin and everyone has questions.

This is not the first time there was a surge in the proposed value of bitcoin. Back in 2013, major Canadian banks, such as RBC, TD, and Scotiabank, made the move to make it difficult for investors who trade in bitcoin to convert this digital currency into real cash. Back in 2013, one coin was going for a bit over $1000. Banks froze the accounts of Bitcoin traders and middlemen like bitcoin brokerages. Banks can collect millions of dollars in wire transfer fees, but in an uncontrolled bitcoin market there are no fees and as it is gaining popularity, many banks and financial institutions have started paying attention to their proposed digital competition.

The rise in popularity of bitcoin is determined by perception and interest in the market. The price of bitcoin is determined by the economic basis of supply and demand. For bitcoin to have value, people need to trust the adoptive use of this digital trade in the market-space. If you were to compare it to gold, which had a physical presence and is more demanding to acquire, supporters would say one bitcoin coin is easier to acquire though it doesn’t exist in a physical form. This trade becomes based on trust.

What can you purchase with bitcoin? Many technology companies have adjusted their payment models to include a bitcoin options, like Microsoft and Dell. Gift card companies for Walmart, Amazon, Target, and Nike now accept bitcoin. Jewelry and travel companies are also jumping on the bitcoin bandwagon.

With the anonymous and mysterious veil over the use of bitcoin, it also brought forth a negative impact. It can be used for illegal trade and potentially cause alarm for law enforcement as they try to determine how bitcoin can be related to issued in the real world. Also the fact it is unregulated leaves room for manipulation and fraudulent cases.

So, will bitcoin continue to rise and will more people put their trust into this digital currency? There are only two ways to go —up or down.

What are your thoughts or theories on the use of bitcoin and will this digital coin fare will in financial crisis? Comment below.

News July 21, 2017

Toronto top 10 city for female entrepreneurs

Toronto has been listed as one of the top 10 cities for women entrepreneurs!

The Dell Women Entrepreneur Network Summit released days on the h2017 Women Entrepreneur cities earlier this week, ranking 50 cities around the world based on how they support female entrepreneurs. This is the eight year Dell has hosted such a summit.

Toronto is listed as number nine on the top 10 cities list, with Vancouver making it on the list for the first time at number 26 in the rankings.

Dell teamed up with IHS Markit, an analytics firm that helped the company gather data on various cities, to see which cities qualified to be listed. One key factor of determination was based on a city’s ability to attract as well as support women entrepreneurs. Their research does not include data from previous years — each study is conducted fresh each time and the company also changes and adds factors.

Karen Quinto, the executive VP and chief customer officer at Dell, remarked the number of women entrepreneurs is growing globally at a rate of more than 10 per cent each year. “Women are likely or more likely than men to start businesses in many markets,” he said. “However, financial, cultural, and political barriers can limit the success of these businesses.”

Factors of determination were based on city characteristics such as capital, technology, talent, culture, and markets. Other factors include local policy, national laws, and customs. There were categories that were broken down even more, for instance culture was determined based on areas things like role models, mentors , networks and attitudes towards women entrepreneurs. In this instance, Toronto ranked third and Vancouver ranked 17th.

Vancouver has made the list thanks to their paid maternity leave for women which is a plus to their businesses. It is also easy to start a business there as the city ranks 26th in terms of access to capital.

Dell continues to be committed to empowering women in business especially in the sue of technology. The company believes that this venture can lead to an increase in global economic growth and development. Dell believes that women especially understand the connection that is necessary with your customers in business.

Twenty-five cities was added to the list for 2017. Here are the top 10 in the list:

1. New York

2. San Francisco

3. London

4. Boston

5. Stockholm

6. Los Angeles

7. Washington, D.C.

8. Singapore

9. Toronto

10. Seattle

For the full list of countries, check out this link to get the full executive summary index.

Tech January 10, 2017

How to use social media for your business

When my boss asked me to start an Instagram page for our business, I was dumbfounded. The crotchety old grandma inside me couldn’t fathom the necessity of taking random photos with my phone and posting it to an app that wouldn’t even allow me to link to a website post.

Social media has become such a critical aspect of business that it’s getting harder to ignore. Even the silly ones like Instagram and Snapchat have a purpose. This is the 21st century, and everyone is accessing the world through their phones. Shopping, news, maps, music, it’s all done via mobile technology nowadays. It’s time to adapt. So, I made that Instagram account and starting reading about how to use it. Turns out, my boss was right — there is a place for Instagram in business.

Still a bit confused? Don’t worry, Women’s Post has you covered. Here are a few things you need to know before you start using social media (all types) for your business:

Focus/Know your audience: Understanding the demographics you are targeting with your social media campaign is vital to its success. Are you targeting young people, health-conscious people, business women, or working moms? This will help you frame your content. Make every post, picture, and link associated to that audience! Just because you think a picture of a squirrel is cute, doesn’t mean your clients do.

Find influencers: Before you start posting, gather a list of journalists bloggers, business leaders and other entrepreneurs. Follow them on social media, and retweet or comment on their posts if appropriate. The hope is that they will start to recognize your name and be more receptive to your work.

Make it about the conversation: It’s important that you don’t just throw information at your clients. Have a conversation with them. Respond to their comments on Facebook or their questions on Twitter. Ask questions and actually do something with their answers. You can even go a step further and get involved in other similar social networks, like online hangouts or message boards. Join groups that follow the same influencers and engage in conversations. This will help spread awareness about your work and your business.

Quality over Quantity: Sure, it’s great to tweet and post on social media numerous times a day — but if those posts are poor quality, then your clients won’t bother going to your website. Make sure that everything you post is professionally crafted, even if it’s something silly like a meme or a gif. Everything you do should be done with the purpose of expanding and spreading awareness of your business. Make sure your words are well chosen and your images are high-resolution and high-quality.

Use appropriate hashtags and tags: This is one of the most annoying and frustrating things about social media, but it’s the number one way your message or your business can hope to reach new clientele. Unless people share your posts, the things you write on the Internet are simply…there. You want people to find your stuff, share it on their own social media feeds, and then potentially go to your website to find out more. This is impossible without hashtags. If your post involves a specific person, make sure to tag them so they are aware of its existence. As the stars of the show, so to say, they will most likely pass it around the office, inspiring a whole new set of readers.

Know the network: Using Instagram is vastly different than using Facebook or Linkedin, but there is a way to use it properly in order to market your business. Using the right hashtags is much more important as the only link to your website is in your bio. For Linkedin, it’s all about the introduction to your post, what people read that hooks them in. Prepare individual posts for each network to ensure effective use.

Be creative: If your posts are repetitive, your audience will lose interest. You want them to always be wondering what you will do next. This will involve some out of the box thinking and real brainstorming sessions. Maybe try a campaign? Get involved in #MondayMotivation. Or play around with photoshop. The more creative, controversial, and outlandish the photo — the more attention it will receive.

Be patient: It will take a while for you to develop “followers” on social media. It may even take years for you to get to a point where you can compete with other businesses. The Internet is BIG and there is a lot out there. You will eventually find your loyal followers, but until then, keep plugging away. Slowly, you will build up more “likes” or “reactions” and your business will start to flourish.

Good luck!

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