What is Cryptocurrency and How Does it Work?

Cryptocurrency, now a globally acknowledged peer-to-peer exchange system, relies on cryptography for secure exchange. As the world embraces digital transformation, cryptocurrency represents the next money evolution is undergoing.

Cryptocurrency currencies take the concept of money, and they take it native into computers, where everything is settled with computers and doesn’t require external institutions or trusted third parties to validate things.
Naval Ravikant – CEO & Founder AngelList

Governments, prominent software companies, and banks are increasingly recognizing the insatiable value in cryptocurrencies. Every transaction in the p2p network is immediately visible to the entire network, eliminating the need for intermediary third parties.

Note: In Cryptocurrency, confirmation of a transaction is a crucial step. Once completed, a transaction cannot be forged or reversed.
Read more on Blockchain.

What Cryptocurrency Miners Do

While everyone can take up the role of cryptocurrency mining, certain business organizations have invested in computers chips uniquely engineered for this. Satoshi Nakamoto, Bitcoin’s founder, set requirements for interested parties; they had to show proof-of-work by investing their time and computing power.

Solve a cryptographic puzzle and you would earn several cryptocurrency units. To guard against creation of excess cryptocurrencies, the system can only produce a limited number of units within a given time frame.

Cryptocurrency Revolutionary Properties

By keeping a consensus of balances and accounts (a ledger), cryptocurrencies foster peer-to-peer transactions in ways which conventional banks simply can’t. Unlike banks where figures can be tampered with and accounts suspended, no entity has such authority over individual cryptocurrency monies.

Transactional Properties Attributed To Cryptocurrencies


Neither accounts nor transactions share connectivity with real-world entities. Cryptocurrency is sent through an “address”, approximately 30 characters long. While it is possible to analyze the flow of transactions, real-world addresses and identities remain hidden.


You don’t require anyone’s permission when accessing and using your cryptocurrencies. The software can freely be downloaded by anyone and utilized at any time. With no gatekeeper, you are free to transact with as many cryptocurrencies types as there are.


All cryptocurrency funds are secured with a publicly accessible cryptography system. As the owner of your private key, transactions can only proceed with your direct authorization. The big numbers and strong cryptography used make cryptocurrency virtually impossible to compromise.


Once a cryptocurrency transaction has been confirmed, it cannot be reversed. It is therefore advisable to take extra precaution when transferring your units to a peer. The open ledger is accessible to and monitored by all users, limiting risk and corruption.

Fast and Worldwide:

Within the network, authorized transactions are propagated almost instantaneously; confirmation only takes minutes at most! This happens on a global scale, with computers working together regardless of their physical locations. This enables creation of a digital ledger.

Cryptocurrency Monetary Properties

Controlled Supply:

To remain viable, legit cryptocurrencies limit the number of tokens in circulation. Bitcoin, for instance, is projected to arrive at its final number approximately around 2140. This is as per the schedule written within the code. Future monetary supply can be calculated today.

No debt, but bearer:

Are you aware that money in your bank account is created through issuing debt? The open ledger in cryptocurrencies represents no debt, with the money being as good as gold coins.

Understanding the revolutionary power behind cryptocurrencies requires consideration of both property sets. Governments are wary of accepting this change, owing to the multiple advantages cryptocurrencies have over traditional monetary policies.

The power to control inflation and deflation, which central banks achieve through monetary supply manipulation, is decentralized in cryptocurrencies. The entire network responds collectively.

The Dawn of a Fresh Economic Order

With their revolutionary capability, cryptocurrencies have surpassed their inventor’s wildest dreams. Though many other attempts at digital currencies failed in the nineties, Bitcoin provoked incredible fascination and enthusiasm by 2008.

As digital gold, cryptocurrencies are secure from political manipulation. Over time, the currencies preserve and gain even more value. If the late 2017 Bitcoin surge is anything to go by, cryptocurrencies will soon go mainstream!

Fast Growing, Dynamic Markets

Quite frankly, cryptocurrencies have been used as payment in outlawed products, services, and markets. Many exchanges, however, deal in clean cryptocurrency trading as a means of making the digital currency more accessible to internet users.

In some of these markets, gross daily exchanges surpass those of European stock exchanges. In their early stages, cryptocurrencies experience volatile growth amidst speculation and mistrust.

Here are the most revered cryptocurrencies currently;


Undoubtedly the most renowned cryptocurrency, Bitcoin is at its best, valued at slightly over a whopping $14,000! As the digital gold-standard in this industry, a lot rides on how Bitcoin fares in the years to come.

The transaction volume keeps on growing, an eventuality which has led to Bitcoin being diversified to reach a wider demographic.

Bitcoin won’t be withering away any time soon.

Bitcoin is here to stay. There would be a hacker uproar to anyone who attempted to take credit for the patent of cryptocurrency. And I wouldn’t want to be on the receiving end of hacker fury.
Adam Draper – CEO Boost VC


In cryptocurrency circles, this might be the least popular and used options. The native XPR being used poses many limiting challenges. It is more of a system designed to secure IOUs rather than one for generating real cryptocurrency, usable in financial transactions.

This might explain why banks take on Ripple with less restrictions; they exercise more control over it!


Coming closely after the invention of Bitcoin, this cryptocurrency is faster in transaction, with a higher amount of tokens available. From its codebase, several other cryptocurrencies sprung up, diversifying the choices for consumers even further.

Lighter versions stemming from Litecoin include lesser-known Feathercoin and Dogecoin.


Ethereum not only processes transactions but also secures complex programs and contracts. In blockchain application, Ethereum passes as the perfect instrument due to its unmatched flexibility. However, a DAO Hack forced the emergence of Ethereum Classic.

Branching out from a single entity, Ethereum is now a conglomerate of smaller cryptocurrencies.

“When I came up with Ethereum, my first first thought was, ‘Okay, this thing is too good to be true.’ As it turned out, the core Ethereum idea was good – fundamentally, completely sound.”
Vitalik Buterin – Co-founder Ethereum

Investing in Cryptocurrencies

When it was first traded in 2009, the first successful cryptocurrency was valued at under $1. By 2014, this had grown to a commendable $1,000. Bitcoin, however, saw the biggest valuation in 2017, with its value shooting to $14,000.

Speculators worldwide, more than ever, are eager to invest in Bitcoin and other cryptocurrencies. In comparison with the global financial market, cryptocurrencies still take up a negligible proportion.

“We are seeing more managed money and, to an extent, institutional money entering the space. Anecdotally speaking, I know of many people who are working at hedge funds or other investment managers who are trading cryptocurrency personally, the question is, when do people start doing it with their firms and funds?”
Olaf Carlson-Wee – CEO & Founder Polychain Capital

Cryptocurrency in conclusion

With many vendors purporting to deal with cryptocurrency solutions, it is important to be dilligent.  Cryptocurrency investors should always have a secure, flexible wallet in impeccable working condition.

Which cryptocurrency have you taken an interest in?

How to Run a Social Media Competition

Competitions run through social media can make a big difference to your follower numbers, and to the people who will therefore come into contact with your brand. The more people who enter, the more of their friends and family will see your company, and what you offer. If they enter too, the ripple effect goes even wider. Plus, a social media competition is low risk for the entrants, and can give your company a trustworthy air – always a bonus when it comes to finding new customers or clients. To do all of this, the competition needs to be successful. How can you make sure it is?

Appeal to Your Target Market

Running a competition on social media is great if it brings you more likes and followers, but if those likes and followers aren’t your target market, then it’s unlikely you’ll make much profit out of it. The idea behind running a successful campaign is to build your business through it, so working out who your target audience is, and making sure that the competition is something they would be interested in is important. One way to do this is to link your promotion to a specific event. This could be a convention of some sort, a sporting event, or the final of a TV show. Only the people interested in those things will be likely to enter, and find out more about your company.

Giveaway Something of Value

People may be excited to enter a competition, they may know the answer to the question, or they could be keen to work with you in some way, but if they prize does not seem to be something of value, then they may not bother at all. To get the maximum number of people entering and engaging with your business, the prize needs to be something of high value such as Lion king tickets or the chance to drive a fast sports car round a track. Make sure the prize is worth something, and that it is relevant to your target audience.

Offer Incentives

One of the best ways to run a social media competition is to offer incentives to the people who like or share your posts. It’s a simple thing to do – once someone has entered your competition, they can have another entry (and increase their chances of winning overall) if they share your post. Make sure they are aware of this offer as soon as they enter the competition for the first time; it could be a pop up, for example, or a direct message. If you do it as soon as they enter, their desire to win will be at its strongest, so they are more likely to follow your instructions to get another chance to scoop the prize.

Paid Ads

If you don’t have a large following, and hope to change that with the competition that you’re running, you might wish to consider running a paid ad on Facebook, Instagram or Twitter, for example. You can organize these ads to target specific groups of people, which is perfect as they can be your target audience as mentioned above. These ads don’t have to cost too much if your competition is interesting and easy to enter, and if the prize is worth people entering. You can set a small daily budget, but the reach your ad will have will be huge.


Business Problems Are Easier To Prevent Than They Are To Solve

Those of you that have visited your doctor for a physical exam have probably heard them go on about prevention being better than a cure. The idea behind this phrase is that it’s a lot easier to prevent diseases from happening than it is to cure them. The same goes for business problems that can arise at any time during your lifespan. Preventing problems is far easier than trying to solve them when they arise.

As such, learning some key prevention techniques is essential for anyone operating a small business these days. If you understand how to protect your company from potential business issues, it will save a lot of time, money, and manpower should the problem come about in the future. In this piece, I’ve picked out a few things you can do that will prevent loads of different issues from damaging your business.

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Pre-Employment Background Checks

Employees can pose business problems for any owner. One of the biggest issues is hiring someone and finding out later along the line that they lied during their application. They weren’t the expert they claimed to be, and their poor performance is costing your business. Or, they have a criminal record and have been convicted again, tarnishing your reputation.

Countless scenarios like this can occur and cause lots of issues for you. It may mean you need to train your employee, which costs money. Or, you might have to fire them and hire someone else, which also costs a lot of money. Either way, your business suffers! To avoid this, all you have to do is conduct pre-employment background checks. Do some research into your candidates and check if they have criminal records or check with references to see if they are as capable as they claim. This helps you siphon out all the dead weight and liars, leaving you with a pool of capable candidates to choose from. Now, you can hire them without worrying about potential stumbling blocks down the line.

Insuring Your Business Assets

Another potential business problem is losing some of your assets as the result of theft or something else out of your control. Let’s say you work out of an office and it gets hit with a flood that destroys everything inside your building. It costs your business load of money as you had physical assets there that were valuable. Or, say you own a retail store, and someone robs the cashier and steals your earnings. In either scenario, it creates a huge problem; you’ve lost a lot of money, now how do you get it back?

Finding solutions to this problem can be very hard as you have to think of ways to regain what you’ve lost, which may end up costing more money for your business. But, one simple preventive measure is to insure your business. With commercial business insurance, you can protect your assets in scenarios like these. I’m sure there’s more information about the different policies and how much they cost elsewhere, but the basic idea is that you protect yourself from this problem. If either of the scenarios above happens, everything you lost could be covered by the insurance, and paid or replaced ASAP. There’s no need to find a solution, as you’ve prevented the need for one with insurance!

Addressing Recurring Business Problems

No business is perfect, and it’s likely you’ll succumb to recurring problems with your clients/customers. These can range from things like an outdated link in an email not working, to a fault with a payment system. These problems aren’t massive, and you can usually solve them right away – or with very little effort. The issue is that you’re constantly providing your customers and clients with a substandard service. What’s more, you’re always having to devote time to little problems that keep recurring over and over. You don’t feel like it matters as they can be solved quickly, but all this wasted time adds up!

Instead, you should focus on preventing these issues from happening ever again. Often, all it takes is a quick bit of work to permanently solve a problem and prevent customers from complaining over and over again. Let’s say you have a faulty card reader in your store that plays up from time to time. Instead of trying your luck and keeping it, get a new one that works properly. Here, you’ve prevented future problems from happening and will keep your customers happy. That’s the key here; by preventing common issues, you will reduce the number of complaints you get and provide a better service.

Backup Power Sources

Lastly, we have a problem that seems quite trivial, but is a massive issue in the modern business world. Imagine you’re working away, then all of a sudden the power cuts out. All the lights in your business premises go off, as do any computers people are working on. You speak to the owner of the building, and they tell you it will be out for a good few hours until someone can come and fix the generator. At this point, you stand on the verge of missing out on hours of productive business time. There’s no telling how much this can cost you; what if you were on the verge of sealing a deal?!

Thankfully, you can prevent this from being an issue by investing in backup power sources. There are loads of small backup generators you can buy and use to power computers and all your other essential equipment. This means your office can keep functioning as usual, without losing out on precious time.


I hope this article has given you some insight into the power of prevention. When it comes to business problems, it’s so much easier to prevent them than it is to solve them. Some people think that the costs of prevention aren’t worth it as there’s no guarantee any of these problems will ever happen. However, it’s well worth it just in case they do. If they occur and you haven’t tried to prevent them, then you’ll end up spending more money.


Why Every Web Development Company Should Focus on Internet Security

One of the leading ways web development companies increase revenue is to offer hosting services to their clients. Yes, they make money developing websites, but for residual income, it helps to host the sites you so carefully developed. Besides, don’t you want to ensure those websites are effective in building business for your clients? Whether you offer web hosting or not, Internet security should be the main focus of services you offer. Here are a few reasons why.

1. Security Breaches Are Far-Reaching

Internet security has always been a major area of focus, but the reason so many web development companies are seeking professionals with an MSIA degree is because of recent advances in technology. Now, the Internet of Things, IoT, is being used by private individuals as well as corporate and public entities, which necessitates greater security measures than ever before.

A seemingly simple security breach could have a profound impact on everything from your remote security cameras to your banking information. Everything is connected now, which means that web development companies must ensure that apps they develop for their clients can protect against cyber threats, foreign and domestic.

Not only are you at risk for exposing vital information of your own but once your website is breached, that malicious code could go viral. If it is discovered that the breach was the result of inadequate security built into your code, your web development company could quickly go under.

2. Bad News Spreads Quickly

Realistically, that’s the key to survival. As alluded to above, bad news spreads quickly. If you’ve made a grievous error, don’t you think it will soon be posted across the Web? Before you know it, any potential jobs you have lined up could cancel and you’d be left holding the proverbial bag. It pays to hire an information security specialist with an online information security degree.

3. That Extra Protection Goes a Long Way

Not only do you need to ensure you have satisfied customers, but you also need extra protection yourself. If your code is lacking, hackers can access any and all information you are storing for your clients as well as for your own records. This could be lethal if you are breached! It pays to pay more for that added security for long-term success. Extra protection today ensures your future and that of your clients. If you offer cybersecurity as a service, you’ll be giving your clients that extra protection they really need.

Whether you are simply a web development company looking to give your clients safe apps or are hosting as well as developing ultra-secure websites, you’ll want to give them services above and beyond what other web developers are offering. With so much worry about the security of the Web going into next year, hiring recent graduates with MSIA degrees can put you ahead of the competition. Web development is going in new directions and all of them are dependent on secure code. Take your business to new levels, but always with your clients’ needs at heart. By securing their websites you’ll be securing your future and that’s a win-win proposition all the way around.

Art of Social Media Marketing

Social media has a place for marketers to advertise about their company and draw in prospective customers. With people spending more time on these platforms, everything seems to align for companies to use social media marketing as an advertising platform.

An increase in opportunities creates an increase in competition. For a company to get noticed, it’s essential they have a well-defined strategy.

Selecting your Target Audience

Do not target the entire audience on the platform.  You need to define the audience.  Zone in on your well defined niche. Ideas for zooming in – region of the target audience, sex, age, geographic location and other interests are great places to start.

  • Which platform is your target audience is using?
    Your target audience would be having a major presence on only a few social media sites and as such there’s no benefit to you in going beyond those sites.
  • How many platforms can you manage?
    There might be 5-6 platforms where your audience is! But, can you be active on all those platforms too? This is the question you need to ask yourself before creating an account on a social media platform.
  • Is it possible for you to make the content for the platform you are choosing?
    Making content for a social media is not an easy task. Therefore, you must decide the platforms on which your company would be capable of making content, regularly.

Your Social Media Profile

For each social media platform you will need to accounts.

  • Make sure the account name is a good representation of your company – so your customers can find you.
  • Use high quality photos and visually similar on all profiles – this will show familiarity for your customers.
  • Complete all fields.  The more information you add – the easier it will be for customers to find you.

Post quality content

  • Images are good – add text to images to make them stand out.
  • Videos are awesome – people love video.  Its real and engaging.
  • Live videos are the best and given high priority by Facebook.
  • Stories are promoted by Instagram – so get to know how these work.


Your social media marketing plan will need to include some advertising.

  • Set an appropriate budget.
  • Define your target audience.
  • Track your results by each of the above so you can see what works for you and your brand.

Import Notes

  • Always define time parameters for your ads.
  • Every platform has some different rules regarding ads.  Example: Facebook prefers images with 20% or less of text.
  • A/B testing is more important as the budget goes up.

Maintaining interaction with the user

Social media channels are popular and the reason why people spend so much time on them.  Social media is a two-way street – it’s important that you are active and respond to what people are engaging you with.  Thank positive comments and see if you can help people with negative reviews.  Handling social media is an art and it only comes with a lot of practice.



Author Bio:
Campbelljof is a Creative Head for Designhill, as well as a blogger and designer. He writes on topics concerning design, eCommerce, start-ups, digital marketing, and interactive content. His creative work has earned him several laurels over the years.