Tag Archives: Apple iTunes

Cryptocurrency – What’s It All About?

What is cryptocurrency? Or you may call it Bitcoin. Where does it come from? How does it work? Is it real money? In case you haven’t heard we are in the midst of a monetary revolution. Many people are raving about Bitcoin. Some say it’s the money of the future. Others are saying it’s a scam or worse. So what’s it all about?

First of all lets clear up the definition. Bitcoin is cryptocurrency but not all cryptocurrency is Bitcoin. As a matter of fact there are as many as 1,000 different brands of cryptocurrencies. Bitcoin is just the most valuable.

What is Cryptocurrency?

Cryptocurrency is a digital form of currency that is different from real money. Money or currency is produced by banks and nations who create the money’s value based economic strength. This money is managed through a central banking system of that nation.

How is cryptocurrency different?

Transactions of traditional money are controlled, taxed and tracked by banks and nations.  Cryptocurrency transactions are made with no banks or governmental interference.  Some economist and investors like to say that transactions are frictionless. Cryptocurrency users are anonymous . So essentially cryptocurrency is stateless money with no banks and the users are completely unknown. That is until they change Bitcoin into real cash. 

Where did cryptocurrency come from?

Satoshi Nakamoto, the inventor, created Bitcoin in 2009. He has never been seen. No one even knows who or where he is. He may not even be a single person but a group of programmers. No one really knows. So cryptocurrency’s origin is a mystery. However, some believe that the National Security Agency has identified him. As usual the NSA has declined comment.

How is it created?

Cryptocurrency is created or “mined” using computers to solve incredibly complex math problems. Performing this work eats up a lot of electricity. So much electricity that you could never make a profit with the average computer. Cryptocurrency “miners,” as they are called, have begun building their own computers or hijacking other people’s computers to create Bitcoins. This has become known as Cryptojacking.

Mining a Bitcoin is not easy or cheap. Bitcoin’s value is about $6,000. How many Bitcoins would you have to produce to deal with a monthly $6,000 electricity bill and still make a profit? 

After a computer solves a series of problems it becomes known as a block. The blocks is then verified by other users and, once confirmed, are added to what is called the blockchain. The blockchain grows rapidly with a new block being added about every 10 minutes. A blockchain is a record of the Bitcoins created. It also records Bitcoin transactions that can never be changed. The blockchain never ends and is not hosted in single location making it immune to hackers.

How do you store or spend Bitcoins?

Bitcoin transactions move between users like email. Each transaction is digitally signed using cryptography and goes to the entire Bitcoin network for verification. These transactions are open to the public and can be found on the blockchain. All Bitcoin transaction leads back to the point where the Bitcoins were first mined.

Bitcoins are kept in a bitcoin wallet or the digital equivalent of a bank account. You can download the Bitcoin wallet from the Google Play store or iTunes. Your wallet allows you to send, receive and store Bitcoins. 

To complete a Bitcoin transaction you need two things; a public encryption key and a private encryption key.

Public keys or Bitcoin addresses, are random sequences of letters and numbers that work the same as an email address or username. Public keys are safe to share. You must give your Bitcoin address to receive Bitcoin. The private key must keep secret. This private key allows you to spend the Bitcoin.

Is Bitcoin real money?

Well, that is where Bitcoin may run into problems. First of all Bitcoin must meet the current standard of what money is. There are four basic standards for money.

ScarcityThere can be a only a limited amount available to secure its value. There can only be 21 million Bitcoins in the world. Right now there are about 9 million Bitcoins. Once it reaches 21 million no more Bitcoins can be mined.

Durability It must stand up to constant handling with no maintenance or special treatment. Bitcoin is completely digital and is never actually touched but human hands. However, Bitcoin is vulnerable. User error can cause the loss or destruction of Bitcoins. Users have lost or forgotten their private key making access to the currency impossible. Recently a a single user error caused the destruction of over $300 million worth of Bitcoin. So durability is an issue as well as security.

FungibilityIs every Bitcoin worth the same.  Let me make this simple for you. According to CoinMarketCap.com there are 1,037 different cryptocurrencies available. So not every one is worth the $6,000 I spoke about earlier. 

PortabilityCryptocurrency can be carried anywhere you carry your smartphone just like cash. So it is portable.

Breaking It Down.

Cryptocurrency is growing in acceptance but is not yet considered a viable currency. Its value is unstable and it is considered  an unacceptable risk by most financial experts and the coin of the future by others. In addition, governments are now examining the cryptocurrency phenomenon. Its anonymity makes it useful for crimes such as drug dealing, terrorism, money laundering and tax dodging. So the future right now depends on the view world governments take. A single law or crime could bring the whole thing to a halt or change the very definition of cryptocurrency.

 

Online Holiday Shopping 2016 – Fake Apps & Online Stores

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Courtesy Stuart Miles

Holiday shopping for the best deal is a chore. Like most smart shoppers you use whatever tools you can find to get that great deal. But avoiding holiday scams is a real job and you have to be alert. Fake shopping apps and online stores are making your job a lot more difficult.

The holidays offer cyber criminal a great opportunity to fool customers into downloading malware . Once this malware is on board your computer, laptop or smartphone it can easily steal your personal and banking information. Criminals can and do create perfect replicas of popular brands and websites that draw unsuspecting customers to their site or mobile app.

A recent FBI press release warns consumers about fake app scams. These scams are often disguised as games. But don’t be fooled by fake apps that mimic well-known brands like Nordstrom’s and Nordstrom’s Rack, Dollar Tree, Dillard’s  and other popular stores and websites. Smartphone users can be fooled into downloading the app and then connecting it to their Facebook account or email. Like most things connected to Facebook the victim willingly  gives away personal information. These apps can also infect your phone or tablet with malware.

Just because you downloaded an app from the Apple App store or Google Play do not assume that you are safe. Recently Apple found and removed hundreds of fake shopping apps from its app store.

Chris Mason, co-founder of Branding Brand warns consumers to look for red flags before downloading shopping apps.  Warning sign of a fake app include typos and run-on sentences in app descriptions. Mason says to look beyond a brand’s logo when you download an app from Google Play or the Apple Store. Don’t download the first one you see. Check customer reviews for poor or one-star reviews or numerous user complaints about excessive advertising. All these could be a red flag that the app is fake.

There are also FBI warnings about fake deals from unfamiliar sites. The holidays are prime season for fake pop-up websites. And these sites are not so easy to spot. Cyber criminals are extremely clever at making these stores look legit. According to Inc.com these fake sites price most products competitively, but you can also find ridiculous deals designed to entice shoppers. Regular priced items mixed with the unbelievable deals make them look like a real store. But remember two things; “If it looks to good to be true it probably is,” and just because a store shows up in Google search doesn’t mean it’s legit.

 

Celebrity Cyber Report – Drake, Carmelo Anthony

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Drake

According to Billboard, rap artist Drake has broke out with his his first solo hit “One Dance.’ The cut is one of two singles from his new album Views. The second cut  ‘Pop Style’ reached the top spot on the newest edition of the Billboard Hot 100. ‘Views’ skyrocketed to the top with first week sales of over 1 million units. Drake shattered the record for first-week streaming totals even though it was available exclusively on Apple Music.

Drake is an accomplished artist but has never had a number one hit he could call his own. Nine other Drake songs have made it to the top ten and come temptingly close but fell short only reaching the number two spot.  These include 2009’s  ‘Best I Ever Had’ and 2015’s monster hit ‘Hotline Bling.’ Drakes exclusive deal with Apple iTunes contributed to the album missing out on the top spot . Drake’s only other number one hit was laid on Rihanna’s 2010 “What’s My Name?” and this year’s “Work,” both rose to the top spot.

The most amazing fact of Drake’s recent success is that he sold a million units of ‘View” in less than five days on Apple iTunes and its subscription streaming service.

‘Views’ was released on April 29 and had 191 million plays by the following Tuesday blowing Beyonce’s ‘Lemonade’ out of the water. The biggest difference between the two releases? The services they each chose to exclusively stream through.

Let’s look at the numbers. Beyonce released “Lemonade’ through her husband Jay-Z’s Tidal music service. Drake through Apple. So its not hard to understand why Drake’s new album became so popular so quickly. He got a helluva of a lot more from Apple Music’s three times larger subscriber base than Jay-Z’s Tidal.  Apple simply had more ears to pump Drakes music into. Drake is riding high on Apple iTunes and launching a summer tour.

‘Melo’

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Carmelo Anthony

Preparing himself for life after basketball Knicks star Carmelo Anthony is setting his sites on the tech industry. Anthony has partnered with Stuart Goldfarb to promote technology entrepreneurship forming Melo7 Tech Partners a venture capital fund.

Anthony and Goldfarb hooked up socially and soon began discussing a business venture. Anthony has had a long time interest in technology and said, “The money is enticing but it’s also the thrill of being involved with businesses and companies changing the world today. Tech is changing the world in everything we do, whether it’s sports, fashion, music…. regardless of what it is tech is changing the world.”

The NBA New York Knicks are using Catapult , a wearble device to collect data and analytics on the team’s performance. “In the NBA everything is data. Everything is data driven,” said Anthony.

But ‘Melo‘ as he is known, maybe looking at some cutting edge technology investments. According to Goldfarb virtual reality and augmented reality devices are technologies that spark investment interest from the fund.

“For me the most interesting thing is fan engagement,” Anthony said. Virtual reality could give fans at home an opportunity to experience a game as if they were courtside,” he said. “And who wouldn’t want that?”