Here’s how the taxonomy of money breaks down: To better understand a CBDC, it helps to first understand the taxonomy of money and its overlapping properties.įor example, the properties of cash are that it’s accessible, physical and digital, central bank issued, and token-based. It is expected to provide central banks and the monetary systems they govern a step towards modernizing.īut what exactly are CBDCs and how do they differ from money we use today? The ABCs of CBDCs Fast forward to today, and another monumental change is expected to occur through central bank digital currencies (CBDC).Ī CBDC adopts certain characteristics of everyday paper or coin currencies and cryptocurrency. In the late 1600s, the introduction of bank notes changed the financial system forever. How Central Banks Think About Digital Currency But the human mind is known to be bad at interpreting large numbers, so in future editions, the internet minute figures may need to be stripped down to the internet second. With this growth trajectory in mind, we can expect future figures to become even more astonishing. Here’s where the next billion internet users may come from, based on the largest disconnected populations. What’s more, in the long term, with the appropriate infrastructure in place, certain areas within emerging markets can experience buoyant growth in the number of connected citizens. This comes out to an astonishing 950 new users on a per minute basis. By some measures, the complete number of internet users grew by 500 million in 2021, a roughly 11% jump from 4.5 billion users in 2020. That said, the total addressable market still has some room left. But today, there are over 14 million just in Chile. For instance, in 1993, there were only 14 million internet users across the globe. The Internet Minute wheel also helps to put the internet’s rapid rate of adoption into perspective. Twitter, Instagram, and Youtube are the only three brands to be featured every single year. Here’s a look at the services that have been featured in the various iterations of this graphic over the years: In 2020, Netflix users streamed 404k hours per minute, growing to 452k hours in 2021.In 2019, 4.5 million videos on YouTube were being viewed every minute, while in 2021 users were streaming 694k hours.In 2018, $862,823 was spent online shopping, while 2 million people were shopping per minute in 2021.In 2017, Twitter saw 452k Tweets per minute, compared to 575k in 2021.In 2016, Snapchat users 527k photos per minute, compared to 2 million in 2021.Here are just some areas that have experienced impressive growth: With the amount of data and information in the digital universe effectively doubling every two years, it’s fair to say the internet minute has gone through some changes over the years. In other words, the 5.7 million Google searches that occur every minute is the key to their $433,014 in per minute sales. Much of the revenue that these elite trillion-dollar stocks generate can be traced back to all the activity on their various networks and platforms. To get a better sense of this, we can look at Big Tech’s revenue generating capabilities on a per-minute basis as well: Company One tangible measure of this influence is the massive amount of revenue Big Tech companies bring in. And some see this attention as a plausible explanation for why Facebook changed their name-to dissociate from their old one in the process. That influence is becoming difficult to ignore, and draws increasing media and political attention. Facebook Live receives 44 million viewsĪs these facts show, Big Tech companies have quite the influence over our lives.Here are just some of the key figures of what happens in a minute: Collectively, these produce unimaginable quantities of user activity and associated data. The Internet MinuteĪt the heart of the world’s digital activity are the everyday services and applications that have become staples in our lives. This annual infographic from Domo captures just how much activity is going on in any given minute, and the amount of data being generated by users. Today, around five billion internet users exist across the globe. But when gauging the depth of internet activity occurring all at once, it can be extraordinary. In our everyday lives, not much may happen in a minute. From Amazon to Zoom: An Internet Minute In 2021
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