image source: pixabay.com
In a way, we all have virtual money in our pocket – our debit cards and credit cards. With smart phones, we’ve taken it even further with things like Apple Pay and PayPal. Bank wire transfers are another way to make digital transactions. The fact is, we can make transactions all day long and not touch a dollar bill.
The exchange and transaction of money today is done mainly via:
(1) physical currency in bills and coins
(2) using checks and debit cards
(3) credit cards
(4) digital wallet / payment apps
Apple Pay and Google Pay are among the transaction apps used more and more every day. To compete with these emerging transaction platforms (which don’t necessarily go through banks), some banks are aligning with companies like Zelle (www.zelllepay.com). Banks need transactions to make money, so you’ll see them breaking through the market with new technology of their own.
It’s a good lesson for businesses of all sizes to be aware and adaptable. We don’t know what technology will survive to become “de facto,” and even when something becomes mainstream, you never know when some new technology will pop up to replace it. Even our currency is evolving, as we’ve shared in previous blogs about cryptocurrency
and bitcoin technology
. It’s been suggested bitcoins are more of an investment option versus a cash stream option in today’s world, but you never know how that concept will change.
Being aware of what is trending in technology and adapting to what’s popular in our culture is important for all of us to succeed.
image source: pixabay.com
Bitcoin is probably the most commonly-known cryptocurrency today. Unlike US dollars, bitcoin doesn’t have government regulations or banks to back it up. Instead, it uses peer-to-peer technology to legitimize its credibility in a virtual world. Without government or banks, the fees are kept to a minimum, but bitcoin’s value is volatile if you wish to trade and exchange it for other government-issued currencies. To understand better, you might find it helpful to read our first two blogs on bitcoins
When it comes to our money, a central server prevents fraud and double spending. For cryptocurrency, however, a server doesn’t exist, instead there is a peer network of computers around the world that receive a complete history of all transactions, and thus a balance of every account. Every bitcoin unit is accounted for, and every peer in the network must have matching transactions.
The technology requires what is called bitcoin mining. The transactions must be validated and confirmed, and to do so, bitcoin miners do the calculations and confirm the transactions are valid, afterward adding the information to the database. This information creates what is called a blockchain -- a history of transactions. Bitcoin miners are rewarded with bitcoins if they are the first to calculate the validity of the transaction.
In 2018, the reward for successfully mining a block is 12.5 coins, which is equivalent to about $100,000 depending on the bitcoin trade price!
Today is our 31st Anniversary! Looking back over the years, we are so thankful for all the relationships that we've built with our customers. And we hope to continue growing as we serve you. Thank you for your support!
image source: wikipedia.org
Bitcoin is a kind of virtual currency, existing in the digital world. If you read our previous blog comparing bitcoins to gold coins
, it’ll help you understand. A bitcoin is a type of “cryptocurrency.” What is cryptocurrency, you ask? Let’s dissect the word.
As you may already know, the word crypto comes from cryptography. Cryptography comes from an ancient Greek word, “kryptos,” which means “hidden” and “secret.” Cryptography is the practice of making plain text and communication unreadable through “encryption” and then reversing it back to plain text through a process called “decryption.”
Cryptocurrency, therefore, is a digital currency where encryption is used to regulate the generation of currency so it doesn’t get out of control. The concept is similar to that of our federal government regulating the amount of dollars it prints.
The most famous cryptocurrency today is bitcoin, invented by Satoshi Nakamoto, an elusive figure whom not much is known about today. Bitcoin is digital money that you can buy, store, and transfer without needing a central bank. Instead, computers around the world verify the units of bitcoins in order to prevent double spending.
The bitcoin market has increased in recent years and is said to be worth the equivalent of a half trillion US dollars. If you're curious, Wikipedia put together a great visual showing where all currency, physical and digital, falls within the bounds of regulated and unregulated status, which we've published above.
Company Furthers Strong Growth
Momentum with 7th Acquisition in 13 Years
Web Hosting, Web Design and Marketing Services
Enhanced as PSPInc Continues to Expand Client Base Worldwide
Bellevue, Wash., July 2, 2018 – Award-winning internet company Pacific Software Publishing, Inc. (PSPInc) today announced its acquisition of California-based web hosting and design company YourHost.
As a result of the acquisition, premier provider of quality and affordable web service offerings PSPInc will grow its current client base of more than 40,000 customers worldwide further, while continuing to offer YourHost’s complementary e-commerce support, hosting solutions, Internet, virtual/shared hosting, LIVE streaming, and domain registration services.
“As our company continues to expand we’re thrilled about our latest acquisition of YourHost. With a ‘client first’ mentally, we strive to make it easy for companies of all sizes to create and maintain a digital ecosystem to help them do business—and this acquisition will further enhance our efforts to do so,” said Mayumi Nakamura, PSPinc CEO.
“As a result of our acquisition, YourHost’s customers can expect to continue receiving the same great customer-centric service they have become accustomed to, and we look forward to offering them even more services to be successful online,” continued Nakamura.
“As the CEO and one of the founders of YourHost.com, I am pleased to be able to pass the torch to PSPinc, a similar grass-roots company who focuses above all on the client needs,” said YourHost CEO Eric Kirkhuff. “It’s rare to find a company like PSPinc that can integrate with YourHost.com and retain a similar vision which is the true definition of a ‘symbiotic relationship’ in caring for the customer we worked so hard to acquire and maintain.”
With a focus on helping businesses succeed online, PSPInc and its sister company Dreamersi provide all the digital tools needed to run businesses of all sizes and in all industries, from online websites to web hosting, email accounts, custom hosting and e-commerce tools. The acquisition of YourHost represents the company’s 7th acquisition in 13 years.
About PSPinc: PSPinc was founded in 1987 by Ken Uchikura, who at that time was developing software out of a room in his apartment on Mercer Island, WA. Three decades later, PSPinc has grown into a full-service software company offering web hosting, web design, and marketing solutions. Headquartered in Bellevue, WA, PSPinc houses 50 employees with two additional offices in California. More than 40,000 companies worldwide trust them for websites, email, and online services.
image source: pixabay.com
Everything around us is becoming more virtual - virtual reality, virtual communities, virtual secretaries, virtual machines, virtual golf, virtual memory, even virtual currency. You might have heard the term “bitcoin” which is a form of virtual trading currency growing in popularity. Even though some people are making a lot of money with bitcoins, many people are still baffled as to what it is, so in the next few blogs we’ll go over bitcoin technology in more detail.
A bitcoin isn’t the same as your credit card. Your credit card is a means to make a digital transaction of government-regulated currency. A bitcoin is de-regulated virtual currency whose value fluctuates with demand and open-market bidding, similar to the stock market exchange. Think of it like owning a gold coin. The bank can’t put a set value on a gold coin like they do our currency. But it can still be bought, sold or traded for goods or services like cash.
A bitcoin isn’t a digital transaction of real money, it’s literally “virtual money” that can only be used within a virtual framework. Even though Monopoly money is a tangible thing, it still works as a parallel example of money that is only good for buying things within the framework of the Monopoly game. Another good example is when you use virtual money in an online game to purchase things like special powers or avatars.
Bitcoins work like these examples, they’re only bought and sold in a virtual world. But unlike play money, they have real monetary value attached to them. We’ll go deeper in our next blog.