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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.

Gender parity could add $150 billion to Canada GDP

Pushing for gender equality in Canada could add $150 billion in incremental GDP in 2026, or at least that is what a new report released by the McKinsey Global Institute (MGI) is saying.

The report, entitled The Power of Parity: Advancing Women’s Equality in Canada, was released earlier this June and outlines a number of things Canada has to do in order to take advantage of this $150 billion opportunity. This includes being more than just a vocal supporter of gender parity.

Too often, companies outline goals for gender diversity on boards or make promises to consider more women in the hiring process — but there is no follow up or accountability. Seventy-five per cent of companies do not track female recruitment or reward leaders for fostering gender diversity. This means there is less accountability and goals of gender parity may actually never be achieved.

The report also indicates only 14 per cent of businesses have “clearly articulated a business case for change” when it comes to considering gender diversity.

Canada is ranked in the top 10 countries of 95 when it comes to women’s equality, but as the report says, “progress towards gender parity has stalled over the past 20 years, and Canada must find anew ways to keep pace.”

More importantly, women should be hired in “high-productivity sectors” such as mining and STEM-related industries. Currently, women only hold 29 per cent of political seats and hold 65 per cent of unpaid care work.

Canada’s GDP growth has slowed to approximately 2 per cent a year, according to the Canadian government. The report shows that unless Canadian businesses make a significant investment in women and continue to grow this rate will remain stagnate.

“A significant part of the solution is for Canada to tap into the vast unrealized potential of women. Accelerating progress toward gender equality is not only a moral and social imperative; it would also deliver a growth dividend.”

In order to see this GDP growth, businesses will not only have to hire more women (create 650,000 more jobs), but they also will need to raise the number of hours worked by female employees and raise productivity levels. The analysis found that the structure of each province’s economy had little factor into the state of gender inequality. Rather, it was formal policies that mandate quotas for women on boards of Crown corporation and universal child-care programs that determined economic gender inequality.

Women, the report says, are willing to work. Unfortunately, there are a number of barriers that either prevent them from doing so, or prevent them from growing in their role.

“This research highlights best practices in Canadian companies that others can emulate. But initiatives need to be implemented holistically and effectively, and measures to tackle gender imbalance in companies only work if they are considered to be a true business imperative. Changing attitudes takes time, and persistence is vital,” says Sandrine Devillard, a Senior Partner in McKinsey’s Montreal office, in a statement.

Hopefully, it doesn’t take too much time to change. Gender parity within the workplace is vital to both the social and economic success of this country — and yet, there are still gender gaps when it comes to positions of power, both in the private and public sector. How many reports like this are necessary before those with the power to do something actually change?

What do you think? Let us know in the comments below!