Tools and thoughts on networked creativity. We frequently share content on digital marketing topics here and on our Facebook page.
Viewing entries tagged
technology
What happens to institutions when technology gives people the power to do everything on their own? Today it is easier than ever for individuals to start businesses, engage in politics, share information and ideas, and disrupt the status quo.
We spotted this Harvard Business School podcast interview earlier this week, and thought it was a great listen for marketers and brand specialists that want to have a better understanding of the effect of technology in institutions and large corporations in the near future. Nico Melle, a Fortune 1000 consultant and entrepreneur, really hits the nerve on quite a few issues.
In a world when everything seems to be going the virtual way, why not currencies? Though only popular recently, virtual or crypto-currencies have been in existence for quite some time. Traditional currency issued by central banks and governments of various countries is now getting stiff competition from digital.
The first widely used decentralized crypto-currency, Bitcoin can be used in transactions without interference of any financial institution. Formally introduced in 2009 by developer/hacker Satoshi Nakamoto (pseudonym), Bitcoin is an open source currency that relies on cryptography alongside proof-of-work scheme in order to create and manage the currency. Bitcoin has been specially designed to prevent problems faced by centralized currencies.
The amount and speed of generation of Bitcoins is algorithmically controlled and only a fixed amount will exist. A person will have a virtual wallet and can have many virtual addresses through which virtual money can be received or sent. No additional tax or fee will be levied on trading of cryptocurrency from wallet to wallet and all this is done instantly. Bitcoin users send payments by broadcasting digitally signed messages that transfer ownership of coins. A decentralized global network of specialized computers verifies and timestamps all transactions using a proof-of-work system. The operators of these systems, known as “miners”, are rewarded with new coins themselves.
Bitcoin is getting an overwhelming response from investors and the business community. According to David Johnston, CEO of Engine, it is already the 75th most valuable currency on Earth. Bitcoin has soared to a valuation of more than USD$1000.
• Intractability
This feature of Bitcoin will undoubtedly attract crime. Bitcoin can be widely used for buying and selling illegal items because of significantly less risk of being tracked by the authorities;
• Threat of theft
Bitcoins can’t be recovered if stolen if somebody hacks into your wallet;
• Lower acceptance
There aren’t a lot of places where Bitcoins is accepted as payment yet. However one of the main reasons why Bitcoins are receiving criticism is because of its association with criminal activities. It is being looked down as an effective medium that could be exploited by criminals to conduct illicit transactions online;
Good or bad, Bitcoin has certainly captured the imagination of the media. Just look at the excitement over the first Bitcoin ATM installed at a Starbucks Coffee shop, which made the cover of a recent edition of the New York Times.
Mecenato currently accepts Bitcoin in exchange for all of our list of services: digital strategy, mobile design, social strategy, etc. As far as we know, we are one of the first creative services providers to do that.
Care to start a growth project for your business or brand? Email us now.
