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Word of the Day: Gig Economy

Subject: Business/Employment

Meaning: The gig economy refers to a labor market characterized by the prevalence of short-term, temporary, or freelance work, where individuals, often referred to as "gig workers" or "independent contractors," take on individual tasks or projects for different employers or clients. These jobs are often facilitated through digital platforms or mobile apps that connect gig workers with potential customers or businesses seeking specific services.

The gig economy offers flexibility and autonomy for workers, allowing them to choose when and where they work. It also provides opportunities for individuals to monetize their skills and talents without committing to traditional full-time employment. On the other hand, gig work can lack job security, benefits, and social protections typically associated with traditional employment.

The rise of the gig economy has had significant implications for the workforce and businesses, leading to discussions about labor rights, worker classification, and the future of work. As the gig economy continues to evolve, it remains a subject of debate and regulatory scrutiny in many countries.



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Word of the Day: Gig Economy

Subject: Business/Employment

Meaning: The gig economy refers to a labor market characterized by the prevalence of short-term, temporary, or freelance work, where individuals, often referred to as "gig workers" or "independent contractors," take on individual tasks or projects for different employers or clients. These jobs are often facilitated through digital platforms or mobile apps that connect gig workers with potential customers or businesses seeking specific services.

The gig economy offers flexibility and autonomy for workers, allowing them to choose when and where they work. It also provides opportunities for individuals to monetize their skills and talents without committing to traditional full-time employment. On the other hand, gig work can lack job security, benefits, and social protections typically associated with traditional employment.

The rise of the gig economy has had significant implications for the workforce and businesses, leading to discussions about labor rights, worker classification, and the future of work. As the gig economy continues to evolve, it remains a subject of debate and regulatory scrutiny in many countries.

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How Does Bitcoin Mining Work?

Bitcoin mining is the process of adding new transactions to the Bitcoin blockchain. It’s a tough job. People who choose to mine Bitcoin use a process called proof of work, deploying computers in a race to solve mathematical puzzles that verify transactions.To entice miners to keep racing to solve the puzzles and support the overall system, the Bitcoin code rewards miners with new Bitcoins. “This is how new coins are created” and new transactions are added to the blockchain, says Okoro.

Should I buy bitcoin?

“To the extent it is used I fear it’s often for illicit finance. It’s an extremely inefficient way of conducting transactions, and the amount of energy that’s consumed in processing those transactions is staggering,” the former Fed chairwoman said. Yellen’s comments have been cited as a reason for bitcoin’s recent losses. However, Yellen’s assessment of bitcoin as a inefficient medium of exchange is an important point and one that has already been raised in the past by bitcoin bulls. Using a volatile asset in exchange for goods and services makes little sense if the asset can tumble 10% in a day, or surge 80% over the course of a two months as bitcoin has done in 2021, critics argue. To put a finer point on it, over the past 12 months bitcoin has registered 8 corrections, defined as a decline from a recent peak of at least 10% but not more than 20%, and two bear markets, which are defined as falls of 20% or more, according to Dow Jones Market Data.

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