2022.11.15 10:17
Cryptocurrency Opinion in Canada
Budrigannews.com – Canada’s housing market is hot. The average price for a condo in Vancouver for example, has increased 15% in the last year alone. That number might be even higher if it weren’t for the recent restrictions from the federal government on foreign buyers entering Canada. It’s not just houses that are overpriced, either; Toronto and Montreal are also seeing significant increases in home prices, putting affordability at some of their lowest levels ever – time to buy low and sell high!
The next generation is going to be constantly inundated with information about cryptocurrencies and blockchain technology. Therefore, it’s important that students understand their role in supporting the future of the technology.
Canada has a large cryptocurrency community, and has been a big proponent of blockchain technology – especially regarding its use in finance. The Ontario Securities Commission is leading the way with a new regulatory framework that will support the growth of fintech, including cryptocurrencies. This could be a vital catalyst for Canada’s crypto community in creating new Ethereum-based startups and ICOs (Initial Coin Offerings). Future leaders will play an important role in introducing these technologies to Canada’s financial system, and therefore, it is necessary to train them properly.
The future of money appears bright – even if you’re not already involved in cryptocurrencies or blockchain technology. It is essential that students know that the world of cryptography and digital currencies already exists, it’s only a matter of time before we see blockchain technology used in our everyday lives.
The purpose of this article is to provide an educational resource for students to help them learn about the global cryptocurrency and blockchain technology communities, and identify ways in which they can be involved!
What is a cryptocurrency?
According to Investopedia: “Cryptocurrency has been defined as ‘a digital currency that uses strong cryptography to obscure its users’ identities’. Cryptocurrencies use decentralized control as opposed to centralized electronic money and central banking systems. Decentralized control is a key principle in computer science. A cryptocurrency is difficult to counterfeit because of this security feature. A defining feature of a cryptocurrency, and arguably its most endearing allure is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.
Cryptocurrencies are brought into existence through a process called ‘mining’. This involves using a computer to solve complicated cryptographic problem that verifies and records the transactions on a digital public ledger. The miner who first solves the problem gets rewarded with units of cryptocurrency.”
What is Blockchain Technology?
According to Investopedia: “The blockchain technology serves as a decentralized network that provides substance and trust that are missing in today’s centralized systems. It keeps a record of all the transactions of an entire network – not only of those involving digital currency, but also those involving other assets, such as land titles and intellectual property. Because it maintains a permanent, tamper-proof history of the network itself, blockchain technology provides a way for anybody to verify or track anything that is ever purchased within the network.”
Who are the key players in Canada’s cryptocurrency and blockchain community?
The first Canada-based cryptocurrency exchange was established in 2013. It is called Coinsquare. Many Canadian companies are investing heavily in this emerging market and creating innovative solutions around blockchain technology. This includes BlackBerry and Shopify, but also even one of the biggest banks in the world, the Royal Bank of Canada.
Canada’s BitCoin Community
The Toronto Bitcoin community is very active and growing at a rapid pace. Although it is still relatively small, it is attracting many new investors seeking to benefit from bitcoin price appreciation.
The Bitcoin community in Canada has many active meetups around the country. Numerous meetups are based around specific blockchain topics like mining or block validation. One such meetup was recently held in Toronto at an event called “Blockchain Lounge”, which was a general discussion on how to secure their assets using blockchain technology.
Canada is also home to a lot of interesting blockchain projects that are seeking to disrupt traditional industries. One such company, LDM Technology, is looking to use blockchain technology in order to improve the loyalty rewards program landscape. There are other blockchain-based startups working in the space such as Ethereum and Ripple, which are focusing on creating platforms for future dApps (Decentralized Applications) and ICOs (Initial Coin Offerings).
In addition to the Toronto community, there is an active Bitcoin community in Vancouver.
