What is #bitcoin again? First, you need to understand the concept of money. Money is the language we use to communicate value. That language is changing and its called bitcoin. #Bitcoin is an encrypted digital currency or #cryptocurrency. It is not the only one, there are many others collectively called #altcoins or alternative coins. But why is the language of value exchange changing? Why Bitcoin? Bitcoin is a solution to the problems that we are facing with fiat currency. The biggest one is financial exclusion. Bitcoin is putting a personal bank on every smartphone. What could have motivated the creators of bitcoin? They wanted to solve the double spend problem brought about by sending money over the internet. How do we ensure that the same money in digital form could be spent twice? The internet facilitated a new economy but failed to guarantee the communication of value or a payments system which could mimic cash payments. Bitcoin solves that problem. Trust is an issue in value transfer over the internet. The bitcoin protocol uses encryption to protect transactions and to a record which cannot be changed without consensus from the network of computers involved. This record is called the #blockchain and there’s only one record. But money is not the only spreadsheet that should be trusted and authentic. Any records such as educational qualifications or a housing registry should be free of manipulation. There are applications of bitcoin which are solving these problems because bitcoin is a solution. Bitcoin is
I wrote this article on 1st January 2015! The newly minted bond coins released on December 18th, 2014, are facing the challenge of being accepted by consumers who recently experienced hyperinflation of the Zimbabwe Dollar which was legal tender until 2009. The bond coins are pegged at 1:1 to the U.S. Dollar. It means with 100 bond coin cents; you get 1 USD equivalent. If that is the case, why are they being rejected? First of all, consumers are still smarting from their experience with hyperinflation and this bond coin may be seen as the return of the ZWD despite assurances from the government that this was not the case. Is a hundred bond coins equivalent to 1 bond dollar? Remains to be seen how much the government is trusted in its word. Secondly, the bond coins are only valid tender within the Zimbabwe borders which means they have to be changed into USD, South African Rand, Botswana Pula or some other forex, if one intends to import goods or go on holiday. If one designed to travel within a few days, they might reject the bond coins preferring other more trusted currencies. Effectively our forex ‘reserves’ are leaving the country where we can spend them thus benefitting the economies of those countries. Even when our shop shelves are stacked with goods, most of them are imported hence the foreign economies benefit. We have a trade deficit which means we import more than we export. As a result of this,
Explaining Bitcoin is a very challenging for several reasons. The engineers of bitcoin have used confusing language which makes people compare bitcoin to the existing monetary system. Bitcoin is not a coin. It does not exist in physical form. Bitcoin is an encryption code. A bitcoin wallet is not a physical wallet. It is a storage for private encryption keys. The terminology in bitcoin is confusing because the parallels to physical cash are misleading. To make matters worse, most people do not understand the concept of money. We do know what money is and how it is created. Money is a language that we use to communicate value. Bitcoin is the new language of money. There are problems with the current monetary system and bitcoin is here to solve those problems. Bitcoin is a solution to fiat currency as much as fiat currency was a solution to the use of precious metals. It took over 400 years for humanity to accept paper money. It is taking time for humanity to accept bitcoin. Bitcoin is a decentralised public asset and transaction ledger with private access using cryptography. Bitcoin helps us to keep records of asset ownership and financial transactions which cannot be manipulated or monetized by an untrustworthy and greedy third party like the banking system. Bitcoin is a peer to peer public ledger. It allows individuals to transact any amount with any node on the bitcoin network in a faster and cheaper way. It doesn’t matter how much money you’re
Bitcoin faces the challenge of being understood. Bitcoin is an architecture or distributed database, a network or protocol, and a cryptocurrency. In this blog post, I want to bring your attention to bitcoin the cryptocurrency. Bitcoin the cryptocurrency is the internet of money. It is the reward mechanism for securing the bitcoin network. Security is at the heart of the blockchain network. The network is secured by bitcoin miners. Anyone with the correct hardware and software can mine for bitcoin. The process of mining helps to make the network more secure. Bitcoin miners are rewarded with bitcoin. The reward is the incentive for them to mine or secure the network. Bitcoin the cryptocurrency can be used for purchases where bitcoin is accepted as a payment method. It can also be traded for other cryptocurrencies or fiat currencies. All images are from Pixabay.
What is PBL? PBL is Project Base Learning. It is an idea premised on changing education paradigms which aim to make learning more relevant to the student by focusing on solving real-life problems rather than spending hours sitting in a classroom either listening to the teacher or copying out of textbooks. The traditional approach to learning encourages memorisation and focuses on doing well in tests and often students soon forget what they have learnt once the test has been written. Just this week the OECD released international league tables comparing 15 year olds in reading, mathematics, and science. The countries that top the tables have been shown to employ harsh regimes of keeping students learning for ridiculously long hours with some sleeping at midnight on a daily basis as standard. That cannot be sustainable which is why a revolution in education is required and PBL is a very good starting point in which students spend more productive hours in school, solving real life problems though well structured projects which add diversity to their time in school away from the dull routines of similar work, monotonous patterns, and test oriented teaching. PBL allows the student to use critical thinking, collaboration (we often tell students to stop copying!), communication with their peers and facilitators of the project, and they acquire critical life skills in the process which they will never acquire by being reminded to shut up and listen! We even have medication to help calm them down. Africa would hugely benefit