What is cryptocurrency: 21st-century unicorn – or the money of the future?
This introduction explains the most important thing about cryptocurrencies. After you‘ve read it, you‘ll know more about it than most other humans.
Today cryptocurrencies (Buy Crypto) have become a global phenomenon known to most people. While still somehow geeky and not understood by most people, banks, governments and many companies are aware of its importance.
In 2016, you‘ll have a hard time finding a major bank, a big accounting firm, a prominent software company or a government that did not research cryptocurrencies, publish a paper about it or start a so-called blockchain-project.
So let‘s walk through the whole story. What are cryptocurrencies?
- Where did cryptocurrency originate?
Satoshi Nakamoto, the unknown inventor of Bitcoin, the first and still most important cryptocurrency, never intended to invent a currency.
In his announcement of Bitcoin in late 2008, Satoshi said he developed “A Peer-to-Peer Electronic Cash System.“
His goal was to invent something; many people failed to create before digital cash.
The single most important part of Satoshi‘s invention was that he found a way to build a decentralized digital cash system. In the nineties, there have been many attempts to create digital money, but they all failed.
After seeing all the centralized attempts fail, Satoshi tried to build a digital cash system without a central entity. Like a Peer-to-Peer network for file sharing.
This decision became the birth of cryptocurrency. They are the missing piece Satoshi found to realize digital cash. The reason why is a bit technical and complex, but if you get it, you‘ll know more about cryptocurrencies than most people do. So, let‘s try to make it as easy as possible:
To realize digital cash you need a payment network with accounts, balances, and transaction. That‘s easy to understand. One major problem every payment network has to solve is to prevent the so-called double spending: to prevent that one entity spends the same amount twice. Usually, this is done by a central server who keeps record about the balances.
In a decentralized network, you don‘t have this server. So you need every single entity of the network to do this job. Every peer in the network needs to have a list with all transactions to check if future transactions are valid or an attempt to double spend.
But how can these entities keep a consensus about this records?
If the peers of the network disagree about only one single, minor balance, everything is broken. They need an absolute consensus. Usually, you take, again, a central authority to declare the correct state of balances. But how can you achieve consensus without a central authority?
Nobody did know until Satoshi emerged out of nowhere. In fact, nobody believed it was even possible.
Satoshi proved it was. His major innovation was to achieve consensus without a central authority. Cryptocurrencies are a part of this solution – the part that made the solution thrilling, fascinating and helped it to roll over the world.
- What are cryptocurrencies really?
If you take away all the noise around cryptocurrencies and reduce it to a simple definition, you find it to be just limited entries in a database no one can change without fulfilling specific conditions. This may seem ordinary, but, believe it or not: this is exactly how you can define a currency.
Take the money on your bank account: What is it more than entries in a database that can only be changed under specific conditions? You can even take physical coins and notes: What are they else than limited entries in a public physical database that can only be changed if you match the condition than you physically own the coins and notes? Money is all about a verified entry in some kind of database of accounts, balances, and transactions.
How miners create coins and confirm transactions
Let‘s have a look at the mechanism ruling the databases of cryptocurrencies. A cryptocurrency like Bitcoin consists of a network of peers. Every peer has a record of the complete history of all transactions and thus of the balance of every account.
A transaction is a file that says, “Bob gives X Bitcoin to Alice“ and is signed by Bob‘s private key. It‘s basic public key cryptography, nothing special at all. After signed, a transaction is broadcasted in the network, sent from one peer to every other peer. This is basic p2p-technology. Nothing special at all, again.
The transaction is known almost immediately by the whole network. But only after a specific amount of time it gets confirmed.
Confirmation is a critical concept in cryptocurrencies. You could say that cryptocurrencies are all about confirmation.
As long as a transaction is unconfirmed, it is pending and can be forged. When a transaction is confirmed, it is set in stone. It is no longer forgeable, it can‘t be reversed, it is part of an immutable record of historical transactions: of the so-called blockchain.
Only miners can confirm transactions. This is their job in a cryptocurrency-network. They take transactions, stamp them as legit and spread them in the network. After a transaction is confirmed by a miner, every node has to add it to its database. It has become part of the blockchain.
For this job, the miners get rewarded with a token of the cryptocurrency, for example with Bitcoins. Since the miner‘s activity is the single most important part of cryptocurrency-system we should stay for a moment and take a deeper look on it.
Source: https://blockgeeks.com/guides/what-is-cryptocurrency/
JOSHUA PHILIP L. CRUZ
Let’s move forward, Let’s talk about this two thing…..
Are you a service marketer or a product marketer? Or both? You may not have ever thought about this, but there are some important differences that exist between the two.
Back in the 80’s when the federal government deregulated telecommunications by breaking AT&T into several different regional companies (e.g. BellSouth, Bell Atlantic – most of whom have been reacquired by AT&T) faced for the first time in their company history with competition, many of those companies rushed out and hired “expert marketing talent” from P&G, Lever, and other consumer packaged goods companies.
The result was not pretty. The newly hired marketing gurus struggled with a lack of performance data, as well as the lack of marketing culture. Many of them left within 12 to 18 months.
But it wasn’t all about data or culture. Marketing a product (like shampoo or dog food) is a very different challenge than marketing a service (like telephone communications or legal advice). If you want to transition from marketing products to services or vice versa, you have to know, understand, and most of all respect these differences–and understand these differences to effectively promote and sell. Understanding the different challenges in product and service marketing can help you establish the right approach.
6 Key Differences Between Marketing Services and Products
- Products are tangible – they are physical, you can touch, see, feel and smell them. Services are intangible. Often part of the challenge of marketing services is creating tangible elements that connect the consumer to the service brand.
- Need vs. Relationship. Products tend to fill a need or want for the customer. Marketing services is more often about building relationships and trust. When you buy a car, you leave with the car and continue to see it and use it. When you leave your doctor’s office, you might not have anything to take away from the transaction.
- One vs. Many. Physical products usually come in many formulations. Clothes come in different styles, colors, sizes. Dog food comes in different ingredient combinations. Services typically do not offer multiple formulations. As a doctor’s visit is a doctor’s visit, whether you are going for tennis elbow or diabetes. (You might choose different service providers, but the basic elements will be the same.)
- Comparing Quality. It is much harder for consumers to evaluate the quality of the service received than the quality of a product purchase. If you buy an anti-dandruff shampoo and you have less dandruff, it works. But did you lawyer draw up a good divorce for you? You might not know until you get down the road (or back in court.)
- It is much easier to return a product than a service, because a service is consumed as it is offered. It can be done, but it is usually much harder for the consumer.
- Every day that a service is offered and not consumed is lost forever. If I don’t sell my hotel room tonight, I cannot ever sell it – it is gone forever. Products on the other hand have a longer life. If I put a box of cookies on the shelf and don’t sell it today, I can still sell it for some period of time beyond today.
As technology gives more and more products a service element (as in customer service, online sails, instruction manuals, communities, etc.), products begin to take on some of the elements of services. But in general, services and products require vastly different marketing approaches. Understanding the basic nature of what you are selling could lead to interesting and valuable insights for marketers.
Source: https://www.infosurv.com/6-key-differences-between-marketing-services-and-products/
JEC LYNNON DIAMANO
So, let’s move forward again, let’s differentiate the TAX and AUDIT.
If you’re new to the field of accounting, we know you’ve got loads of questions. In fact, you may not have even known that there was more than one type of accounting. To ease your mind, we sat down and interviewed John Barden, the director of the BS Accounting program here at JSOM. Whether or not you’re an accounting major, learning the answers to these questions will help you get a better understanding of accounting as it pertains to the professional world.
First, let’s know what is Tax ?
Tax accounting is a structure of accounting methods focused on taxes rather than the appearance of public financial statements. Tax accounting is governed by the Internal Revenue Code, which dictates the specific rules that companies and individuals must follow when preparing their tax returns.
What is Audit ?
An audit is the examination of an entity’s accounting records, as well as the physical inspection of its assets. If performed by a certified public accountant (CPA), the CPA can express an opinion on the fairness of the entity’s financial statements. This opinion is then issued along with the financial statements to the investment community.
- What are the main differences between Tax and Audit Accounting?
Let’s focus first on tax…The biggest difference between tax and audit is that with tax you will be working in either public accounting or corporate accounting. If you’re in the public accounting area, you’re going to review the financial statements and then assess the tax liability for the corporation. You’re going to have to follow Generally Accepted Accounting Principles (GAAP) and rules that are set by the Internal Revenue Service & Securities and Exchange Commission (SEC).
With audit, you’re going to follow Generally Accepted Auditing Standards (GAAS), the Public Company Accounting Oversight Board (PCAOB) and the SEC. In the auditing world, there are two types of auditors: internal auditors and external auditors. Most everyone starts in external audit.
In external auditing you’re going to work for a public accounting firm, such as PwC, KPMG, EY, Deloitte, Grant Thornton, BDO or a small to mid-size regional firm. You will go from client to client, reviewing their procedures and their financial statements to make sure they adhere to GAAP. You also will make sure they follow the PCAOB, and they have internal controls within a corporation.
In internal auditing you’re going to work for companies such as Southwest Airlines, J.C. Penney or Pepsi. You’ll audit their procedures to make sure that they are working efficiently to safeguard their assets. You’ll also act as an internal consultant to make the organization operate more effectively.
Regardless of the type of accounting you go into, I would recommend you get your Certified Public Accountant (CPA) license as soon as you can.
- What are some of the differences in pay between tax and audit accounting?
The pay is going to be consistent, whether you go into public accounting — that is, work for a company that provides accounting services to other companies — or you go into private accounting, where you do the internal accounting for the firm that employs you. The corporate — private — side is probably going to start you out about $48,000. On the public accounting side, whether you start in tax or audit, they’re going to start you out between $53,000 and $55,000.
Now the pay for corporate is a little bit lower, but there is going to be a lot less travel and a lot fewer demands; whereas in the public side, it’s all about billable rates.
So it’s great pay and a great career. You can go any place and start off with an average salary of about $52,000, and I know a couple of CEOs and CFOs who make over a million dollars a year; so there’s a very big upward trajectory in your career.
Source: http://jindal.utdallas.edu/
JERICHO RYAN CRUZ
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