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Money and Cryptocurrency

 

Most traditionalists within the wealth management industry will still now see words such as ‘cryptocurrency’ and also ‘blockchain’ and also run a mile. It’s simple to know why. Input the sometime-murky universe of Bitcoin and the like and you go into a universe that feels just like the Wild West of wealth transport. International boundaries barely exist and management stems from databases, but not labs. A cheque is likely regarded as a classic of some worth.

But look past the somewhat squalid ago and uncertain regulatory potential and you would need to be absolutely the absolute most hard-nosed of traditionalists to complete the underlying technology doesn’t have any significance or program from wealth management. Actually: it could just be its own potential.

What’s blockchain?

To make that debate it is crucial to acquire a shared comprehension of blockchain. Paradoxically, among the greatest descriptions available are available from the BBC article ‘Cryptoqueen: This woman tricked the planet, then disappeared.’ Hardly a ringing endorsement for the near future of wealth management, however here is how Jamie Bartlett, the manufacturer who traveled in search of their’Cryptoqueen’, clarifies what blockchain does that is so significant:

“The reason many men and women are excited about Bitcoin is that… it is dependent upon a distinctive kind of database referred to as a blockchain, that resembles a massive novel – one which Bitcoin owners possess separate but identical copies of. Every single time a Bitcoin is delivered to somebody else, a list of the trade goes into everybody’s publication. No one – not banks, not authorities, or the individual who invents it is accountable or may alter it. There are some very smart maths behind this, however, this usually means that Bitcoins can not be faked, but they can not be hacked, and also they can not be double-spent… The vital point is these distinctive blockchain databases are exactly what create cryptocurrencies such as Bitcoin work.”

In summary, blockchains are self-explanatory, self-writing, publicly accessible databases, which monitor the movement of resources. In this instance, the advantage is Bitcoin, however, blockchains have been set to use or analyzed on many different asset classes.

Blockchain and Present resources: ‘tokenisation’ and instantaneous transfer
Blockchain’s program to riches management will probably arrive from the shape of its capacity to ‘tokenize’ objects that were previously hard to split at scale or be carried out so in ways that didn’t encourage investment from a few quarters.

Property and other investments, like jewelry and fine artwork, have been cited as ‘good matches’ to get blockchain. A bit of jewelry, state, is ‘broken down’ into pieces. Everybody who buys a token gets their own buy listed inside the blockchain database. It is general knowledge, therefore money-laundering and tax avoidance have been countered. After the part of jewelry increases in value, investors may market their tokens and realize their profits.

Whilst few riches managers now counsel on jewelry buys, lots have customers with real estate that, sooner or later, should transfer or release the riches saved in that land. In a grid, a homeowner can sell 49 percent of a house’s tokens to shareholders, enhancing their own wages, however keeping a vast majority share in the house, providing them control over if they live there or even lease it out, state. At the stage the residence is no more desired, the 51 percent ‘controlling discuss’ is available for sale, and also the house changes hands. The token owners that have tokens containing the remaining 49% may continue to their own investment or market it since they were constantly able to.

The benefits are apparent and trades are instantaneous. On the other hand of matters, the best thing about this advantage can be observed through the prism of day-long global financial transfers becoming something of the past. Somewhat nearer to home, think about this: if you continue to sell a home, how long can it choose you?

 

ALSO READ: Suggestions On How To Invest In Bitcoins

 

Legislation and other issues yet to be solved

Obviously, there are enormous and justifiably put regulatory hurdles to conquer and the crypto-equity release thought won’t ever come to pass. Sometimes in which an exciting opportunity is present, for example, blockchain, it might be well worth recalling that complicated regulation is required and is set up in different regions to protect us. Without oversight, the image of ‘prospective equity launch’ we painted can create a method that quickly produces a housing deficit: where houses are possessed in a digital blockchain but dwelt in by several real men and women.

If it were as straightforward as placing a paper about the way blockchain was likely to be controlled.

James Kaufmann, a partner at law firm Howard Kennedy, advised International Adviser: “those trying to govern the business barely comprehend it,” and, “blockchain poses problems which present rules simply can’t manage.”

But invention generally, finally, finds a manner. In the exact same International Adviser post, Vanguard detail a blockchain job for distributing benchmark information to asset managers such as Netwealth (see Netwealth UK reviews). with the goal of benchmarking and monitoring. “Before the project, there wasn’t any conventional database accessible for safely sharing market information across multiple data readers,” a spokesperson said. “This can boost efficacy, further enhance benchmark monitoring, and possibly reduce the probability of disruptions related to manual procedures.”

The near future

Transferring benchmarking data seems less ‘hot’ compared to the inventions often mentioned in precisely exactly the exact identical breath because blockchain, however, it’s at least a beginning and a natural one in that. Wealth management is also, as most of us know, a comparatively slow-moving business, and accepting the most latest electronic inventions as becoming as mainstream as precious as money will take some time since it needs to.

The technology and potential are there however for its wealth management industry. Rarely do these 2 items exist for long without being combined from the natural bedfellow of chance.

 

The most recent craze in the financial world is undoubtedly Bitcoin. This virtual currency has been praised by people who believe in the concept. Other critics mainly see Bitcoin as a bubble without any real value. But what are Bitcoins actually? And where can you best invest in Bitcoins?

How can you best invest in Bitcoins?
When you invest or speculate on the price of Bitcoins, you naturally want to achieve the best result. For this, it is important to apply a good strategy. First, it is important to understand that Bitcoin is very news sensitive. Negative news can directly influence the price very negatively and vice versa. When a large party is hacked, the price can immediately collapse. If a bank indicates that it will support cryptocurrencies, this can actually push the price up. If you want to take maximum advantage of investing in Bitcoin such as ‘Yvonne Catterfeld Bitcoin‘, it is, therefore, wise to take these movements as much as possible. Be sure to go short on Bitcoin when you expect a drop. When things go badly with Bitcoin, it can drop dramatically. Remember that every percent drop can be a percent gain for you the right way! If you want to buy Bitcoin for the long term, it is important to time it well. The Bitcoin price often moves in waves. The hype comes back to life when mostly positive news comes out. The trick is to buy Bitcoins when the price has plummeted. That way you have the most space to make a nice profit! Investing in Bitcoins is only suitable for the investor with nerves of steel. Do not expect the price to just go up. Set realistic goals and make a plan. That way you increase the chance of success!

What exactly are Bitcoins?
Bitcoin was first introduced in 2008 as a form of virtual currency that was issued without the involvement of Central Banks. The financial crises of the past period have led to a sharp decline in confidence in the banking sector. As a result, investing in Bitcoin was seen by many people as an attractive way to generate income without the intervention of traditional banks. Bitcoins can be mined by discovering specific numbers of 64 digits using an algorithm (a Bitcoin number is somewhat similar to a prime number). When someone has discovered a Bitcoin number, it can be traded. If someone is unable to discover a Bitcoin themselves, they now have the option to purchase Bitcoins or parts of Bitcoins that are offered for sale online. Bitcoin has gained a lot of popularity in recent years. People who bought Bitcoins in the early days made huge profits. It is therefore not surprising that many people are still interested in trading Bitcoins.

Risks of investing in Bitcoins
However, there are also risks. Central Banks, including the Nederlandsche Bank, warn against the risks. The Bitcoin exchange rate is very unstable. The volatility can ensure that you achieve a high return. If you’re not careful, the high volatility can also cause you to lose a hefty amount. Another risk of Bitcoins is the fact that the Bitcoin deposit guarantee scheme does not apply. This is because there is no central issuer of Bitcoin that can be held liable. There are also a number of legal questions. The anonymity of Bitcoin makes it interesting to use the currency in malicious transactions and to finance illegal activities. So it is important to be aware of the risks when you are going to invest in Bitcoin. You can lose your entire investment. There is also the risk that you will be robbed when physically buying Bitcoins.

Timing when investing in bitcoins
Timing is very important when you start investing in bitcoins: this is because the price of the cryptocurrency can fluctuate significantly. If you had invested € 100 in bitcoin in 2020, you would have had assets of almost € 500 million by the beginning of 2021! However, if you step in at the top, you can also lose a large part of your investment. People who invested € 100 at the peak of 2017 had only € 34 at the end of 2018. The problem with timing is that this is very difficult: few people manage to predict the market properly. It may therefore be smart to apply dollar-cost averaging. You then periodically buy up bitcoins, so that you buy at both the depths and the highs. Of course, you can adjust the strategy a bit to the situation: when the price has dropped considerably, you can buy extra and when the price has risen sharply you can even sell some bitcoins.

How can you trade bitcoin safely?
You read a lot of negative experiences about bitcoin on the internet. Precisely because bitcoin is so popular, you see that many people are being scammed. In the hope of getting rich, people buy bitcoins or other crypto coins from an unreliable party. Therefore, make sure that you buy the bitcoins from a reliable party such as Bitvavo In addition, avoid scams and do not accept offers that seem too good to be true. There is no unique formula when it comes to bitcoin investments. You can certainly get a high return with bitcoin investments, but there is also the chance that you will lose a large part of your money. Therefore, only invest in crypto coins with money that you can really afford to lose.

There is no doubt that fintechs in Australia have now established solid reputations for providing consumers, hassle-free and easy to access financing products. When compared to traditional lenders, there are stark differences between the two, particularly in conducting and carrying out key lending processes and activities.

First off, traditional lenders like banks, make the onboarding process tedious and time-consuming, while the opposite is true with fintechs. Primarily because fintechs leverage advanced technologies, including the use of online and mobile platforms.

 

Examples of Key Differences between Traditional and Fintech Lenders

Below are two examples of how such differences have given fintech lenders an edge over traditional lender:

Document/Data Collection and Loan Documentation

Applying for a loan or financing facility with traditional lenders entail visits to the brick-and-mortar office of a lending company — to manually fill up a loan application and to submit as well as sign the required documents. After which, traditional lenders will assign their in-house credit investigator to background check and verify the validity of information contained in the documents submitted by the loan applicant.

The entire process is not only time consuming, but also creates additional costs that loan applicants have to pay for as processing fees. At which point, the loan applicant will have shelled out a substantial amount of money just to have his or her application processed. Processing fees are paid even if there is still uncertainty if the traditional lender will approve or disapprove the loan application,

This is one aspect that fintech lenders have disrupted in traditional lending methods. Through the use of technological innovations, fintech lenders have enabled loan applicants to apply and submit documents at any given time and from any location by simply scanning and sending the scanned copies as attachment to emails. Validation of the information contained therein are carried out digitally and swiftly, to which the processing fees collected are minimal.

Moreover, fintech lending technologies allow approved borrowers to affix digital signatures on loan contracts and other related documents.

Credit Analysis and Underwriting

Traditional lenders are highly dependent on the analytical skills, capability and efficiency of Credit Analysts in determining the potential success of loans. Since the process of analyzing is done manually, it usually takes a credit analyst about 4 to 6 weeks to complete an analysis, before the Credit Manager can perform the underwriting process. This denotes an additional period before a loan applicant receives notice of approval or disapproval.

In contrast, lending companies that harness state of the art technologies use underwriting algorithms in analyzing the digitally collected information of loan applicants. The artificial intelligence (AI) of their analytics engine is self-learning, as it develops certain rules for discerning data available in government records, tax returns, credit history, location of applicant’s residence, number of household members and such other information used for generating a score that a Credit Manager uses as basis for decision making.

Awesome even, is that such processes can be completed in a matter of 24 hours at the most. That being the case, consumers and retailers do not lose time waiting for a fintech’s decision to approve or disapprove a financed purchase transaction.

Just some words of caution though, as the success of fintechs in Australia has also spawned the emergence of unscrupulous individuals who present themselves as tech-savvy lenders. Moreover, do not be too eager to close Australian car loans with car dealerships that are quick to close financing deals — especially if they are not holders of Australian Credit Licenses.

Be in the know that some unlicensed dealerships maintain sales-driven collaborations with traditional lenders. As such a financing transaction is actually between the traditional lender and the consumer, which gives the former the right to repossess the vehicle in the event the consumer fails to make a specific number of monthly payments.

Piggy Bank

 

The huge bulk (85 percent) of Canadians agree that they “have to save money, but almost two-thirds (64 percent) aren’t making savings a priority,” uncovers a fresh CIBC (CM:TSX) (CM:NYSE) survey. And, while many admit they might get by with much less, several do, and several state “extra cash” is for “fun or pleasure.”

The Vast Majority of Canadians understand they want to conserve more, however, almost two-thirds are not making savings a priority: CIBC Poll (CNW Group/CIBC).

“With consumer spending nevertheless strong and fueled with a very long length of record low rates of interest, the analysis proves that very few Canadians are making savings a priority, and that’s about because we venture into the holiday spending season,” states David Nicholson, Vice-President, Imperial Service, CIBC. “That can be the time of year when a lot of people make space in our budget spending on presents, Black Friday and Cyber Monday earnings, and holiday celebrations, but do not think twice about just how small we have saved till sorrow walks in with our New Year’s resolutions.”

“People think that it’s too difficult to spare, but the simple reality is that we have simply become rusty at conserving. It is about changing your mindset, also getting into the habit of saving frequently,” states Mr. Nicholson. “The challenging part is working out self-control along with your spending so you can boost the amount that you save over time.”

No longer explanations

The vast majority of Canadians (82 percent) acknowledge they could invest, or get with, less every month — generally $360 less before setting the pinch.

Further, nearly two-thirds (62 percent) get “extra cash” annually — approximately $2,300 generally as far as $13,100 in the shape of cash gifts, employer incentives, and tax prices. However less than half (44 percent) will conserve the excess money, and just two in five say that the “extra cash is to get pleasure.”

 

ALSO READ: Digital Currencies Will Change The Financial Landscape

 

One of those who get additional cash, some by earning money online in Quebec (or argent en ligne quebec in French), during the entire year, many (66 percent) utilize it to purchase themselves presents, pay regular costs, or even to chip away at debt. Just two in five (41 percent) will place those additional funds aside for a crisis, or to increase retirement savings.

With interest rates expected to edge and individuals living longer in retirement, Canadians have to perform more than just spend less, states Mr. Nicholsonsaid

“The true issue is, how do you afford to save money? Each day that you delay starting a savings program, the more difficult and more costly it has to satisfy your own goals later in life,” he states. “The sooner you begin a savings strategy the earlier your money could be put to work for you.”

‘Give to’ yourself

The survey findings reveal that easy saving customs operate with over half (55 percent) of Canadians agreeing they would be more inclined to save in case a set amount went off their cover and into dedicated savings accounts.

“Educating yourself first is a simple and effective savings plan,” states Mr. Nicholson. “For many people, it is really simpler, to begin with, a savings target, place an automatic savings program to fulfill that aim, then, only spend what is left-handed.”

“Using a budget and budget helps decide the ideal savings level based on all your short- and – long-term targets and yearly cash flow. By preparing the withdrawal on money back, we eliminate the urge to spend those bucks, instead of attempting to conquer it,” he adds.

Earning cash to a Tax-Free Savings Account (TFSA) will provide an additional boost to your own savings because the investment or interest income that is earned will probably soon be tax-free, helping your money grow quicker. Cash at a TFSA may likewise be removed without penalty and employed for several short- or – long-term savings targets, for example, to purchase a vehicle, renovate your house, have a holiday, tap it to get a crisis, or store it for retirement.

“Before you become prepared for the very first major shopping weekend of this season, consider twice and place yourself on the peak of the gift-giving listing,” states Mr. Nicholson. “We automate our invoice payments, why don’t you automate our economies? It will be able to let you get through the approaching season, and receive your savings on course.”

5 hacks for fail-proof economies

  • Get to a savings mindset
  • Establish a target
  • Decide just how much you can reduce
  • Ensure it is automatic and regular
  • Maintain credit and spending in assessing

 

Recovering debts or unpaid invoices is vital to any business or company as this plays a crucial part in your cashflow. Whether you own the business, are the manager of accounts receivables, or simply the one in charge of retrieving the unpaid invoices of the business, the task of following-up on these aging debts is never easy, fun or a favorite job to do. This is probably why some businesses delay this task which causes poor cash flow as well as an unhealthy business outcome. While some businesses don’t see this as a priority, following up and collecting delinquent debts should be one of your top priorities if you want your business to remain afloat.

Carrying Out Debt Collection

Debt collection isn’t easy which is why you need to have effective and efficient collection strategies and practices as well as maximize the know-hows of your collection team. However, if you don’t have a collection team or have insufficient internal resources to carry out the task, it would be better to hire the service of a professional debt collection agency, such as https://www.frontline-collections.com/, to assist you in this endeavor.

By hiring the expertise of a third-party debt collection company to collect these debts, it would be possible for you to pay more attention to more significant things and be able to effectually run the daily operations of your business. If you need the expertise of a debt collection agent, do check out https://www.frontline-collections.com/.

What You Can Do To Prevent Late Payments

While hiring an expert is one good option to recover aging unpaid debts, there are things that you can do in order for late payments to not happen in the future as well as minimize issues on collection. Here are some:

Make Certain Your Collection Policy Is In Black And White

A lot of times, when specific instructions and guidelines are given verbally, it usually enters one ear and then goes out the other. Not everyone, can remember every single detail of our daily discussions and conversations. Ensure that your collection policy is clearly written down for your customer’s or client’s reference. It should also include the terms of payment of invoices and bills as well as other client documents. This way, in the event you don’t receive payment on the agreed date, you can send a collection notice. It is also important that you save copies of these collection letters or notices for record.

Clearly Communicate to your Customers Your Payment Policy

Ensure that you have an established collection strategy and communicate it to your customers so that they are aware of payment expectations. This will be much easier for your customers or clients to pay you. Ensure that your customers understand clearly the policy and payment process before agreeing to your T&S.

Timing Is Important

In terms of getting paid for the services or goods that you have provided; it is important that you don’t put off contacting your clients or customers when the payments begin to slow down. Immediately after you are able to make a sale, give your customer an invoice. If the invoice has passed its due date, rebill your customer right away. Periodically, send invoice reminders to your customers with all the necessary the information they need to pay.

https://youtu.be/ZG7R65cQwC0

Gavel

 

The litigation loan sector is growing quickly. Lawsuit loan firms (also referred to as litigation financing companies) offer a means to allow you to have the money upfront.

This way you may continue to pursue your situation prior to a settlement or award would be created without worrying about missing important invoices and obligations.

If you are in the middle of personal injury litigation, by way of instance, it can be quite tricky to think of the money to cover your health bills, routine bills, and living expenses — particularly in the event that you’ve had to miss hundreds of hours of work.

Nevertheless, this developing sector is not yet controlled as with other consumer financial products, which makes plaintiffs particularly vulnerable to large prices in addition to more expensive, protracted litigation.

Knowing the sheep from the wolves could be very difficult. So here are 7 quality of great lawsuit loan firms so can make your decision properly.

Works nicely with you and your lawyer

A respectable litigation loan company will reach out to you and work closely with your lawyer. In the event, the business and attorney construct a working connection, that will permit you to concentrate on regaining without needing to manage every small detail of your situation.

In the event, the creditor pushes you to sign a contract immediately, be skeptical.

Simple to reach and incredibly receptive

You are coping with sufficient — the harms, the litigation, the invoices — the final thing you want is to play telephone tag or not have the ability to make it through to your lawsuit loan firm.

You ought to have the ability to generate a quick call, speak with a real individual, and receive your queries or issues dealt with immediately. Should you need to leave a message, then you ought to expect a return phone that same moment.

 

ALSO READ: Cryptocurrency Backed Loans – What are they?

 

Clear loan provisions

Ensure that to read all the loan conditions carefully prior to coming to an arrangement. Some litigation loan businesses attempt to slide additional fees to the bargain, and since they are specialists, these charges can be simple to overlook.

A pro guideline to follow:

When the wording is protracted and hard to comprehend, you should walk off. The expressions and fee arrangement ought to be easy, clean, and specific.

Low rates of interest and modest without additional interest

Do not be swindled from your whole settlement only for needing some excess cash as you await your litigation to become solved. In the event the loan organization is attempting to bill you 30-40% interest, then find a different one.

Another factor to look out for is if the creditor compounds the interest, if so, just how frequently. Compounding interest fairly simply suggests that you are paying interest to your interest, which means that you can quickly assemble a massive mountain of interest that is hard to repay or frees up a vast majority of your payoff.

The very ideal alternative is to locate a lawsuit loan company that protects easy interest rather, but these could be few and far between. This is essential to fully grasp to what degree your litigation loan will charge.

Zero program charges

Some litigation loan businesses charge you to look at your situation to find out whether you meet the requirements. You should not need to pay a charge for it, so be certain they aren’t charging before you are even their official client.

Risk-free

A great lawsuit loan company will not ask that you repay any money should you lose your situation. This is known as “no recourse financing.”

Another significant thing to describe the provider is whether it is possible that you wind up owing the creditor over your compensation or award sum could be worth. There ought to be a limit, but a few litigation loan businesses don’t incorporate one in their own arrangement, so make sure you ask before you sign anything.

Open to all queries

Last, if anything’s unclear, a great lawsuit loan firm should welcome inquiries. Their main job is to aid you. If they are not eager to do so, or should they appear reluctant to reply to your queries or concerns, then they likely are not the perfect companion for you.

The very last thing that you would like to do is register up an arrangement with a lawsuit loan company that simply wishes to benefit from your position and steal your cash.

 

Debt capital to finance your business

August 27, 2020 | Finance | No Comments

For many founders, financing their business is the first major hurdle because they do not have enough equity themselves. But this must not be an obstacle, because the debt often makes the bulk of the financing of a company and therefore represents an important second pillar. This is to fund you to a fixed-term borrow from lenders, such as by

  • Your house bank
  • Microfinance institutions
  • Promotional banks
  • Online loan exchanges

The borrowed capital must be paid back with interest. It describes the debts of your company that arise from liabilities or provisions. Bringing in outside capital makes sense if the costs arising from the use – such as interest costs – are lower than the expected benefit from your business venture. Hence, the debt should be used to:

  • the working capital fund
  • to cover long-term capital investments in combination with equity

Note that lenders require collateral from you in order to be able to extend a loan.

Pros and cons of debt financing

The advantage of debt financing is that, as the founder, you retain control and co-determination rights over your company and thus also the profit. In addition, there is a tax advantage for you in that you can claim the interest payments for tax purposes.

The disadvantage of debt financing is that you can only obtain debt for a certain period of time. You must have paid off the loan after the term has expired. In addition, you are also obliged to meet the agreed interest rates and repayment installments, even if your company should get into financial difficulties. Some people tried their luck in the game of chances sites such as qq online to earn extra money in order to pay off debts.

Debt / Loans

You should use borrowed capital for larger investments in tangible assets, such as the acquisition of fixed assets such as machines, buildings, systems, tools, and other work equipment or the acquisition of patents, licenses, concessions, etc. The borrowed capital is repaid for a fixed term and a defined interest rate. You can obtain outside capital in the following form:

  • Current account credit
  • Working capital loan
  • Investment loan
  • Microcredit

The latest about Facebook’s cryptocurrency project known as Libra, is Calibra’s shift in the development of a conventional payment processing system.

The partnership with the non-profit Libra Association is no longer focused on developing blockchain technology to support FB’s Libra token. It can be recalled that the plan encountered serious opposition from legislators and regulators. During last year’s Congressional hearings, FB officials who were grilled by House Representatives failed to provide credible defense of its ability to protect potential consumers, who will consider using the Libra cryptocurrency.

Can FB’s Calibra Offer the Same Financial Services of WeChat Pay?

The opposition to Facebook’s cryptocurrency project is mostly due to the social media site’s involvement in several scandals affecting the security and privacy of user information. Nonetheless, the FB subsidiary still plans to launch a payment processing system called Facebook Pay.

In doing so, FB will be able to offer FB users the same e-wallet services that leading mobile social-app WeChat provides to its millions of app users. Although it is not yet clear if Calibra will have the same features as WeChat Pay and its QR Code payment protocols.

The Calibra platform’s digital payment system will accept government-backed currencies like the U.S. dollar, U.K pounds, Canadian dollars, Australian dollars and the likes. Eventually, Calibra’s payment systems will include Libra tokens as part of the currency options available to FB users

FB’s payment processing subsidiary is set to launch its platform in October, after Trump’s ban on the China-developed mobile messaging and social app WeChat, takes effect on September 20, 2020.

However, it is still not clear whether U.S. lawmakers and regulators will allow Facebook to operate its Calibra subsidiary as a financial services provider, Zuckerberg’s plans to capture former WeChat app users via a Calibra app, can still face regulatory pressures.

The government of Singapore has taken a step forward in recognizing cryptocurrencies as legal tender through the Payment Services Act (PSA).

The Act, which passed parliamentary legislation last January 2020 includes cryptocurrency as among the specific payment services allowed as part of the country’s payment systems; officially categorizing digital coin payments under “digital payment token services.”

The PSA sets the regulatory guidelines that the Monetary Authority of Singapore will follow in overseeing not only cryptocurrency operations but all other payment services currently being utilized in the country’s payment system.

The list of specified payment services mentioned in the new legislation includes: payment accounts creation, local money transfers, foreign or cross-border money transfers, merchant-purchases payment services, e-money issuances, digital or cryptocurrency payment services and money-changing activities.

MAS Allows 7 Cryptocurrency Firms to Operate Pending License Approval

As a demonstration of the government’s willingness to promote new and innovative payment methods, the Monetary Authority of Singapore gave 7 cryptocurrency operators temporary authority to operate.

Within a period of 6 months, Coinbase, Binance, Bitstamp, Luno, Gemini, Wirex and Upbit can offer cryptocurrencies as modes of payment, while pending the MAS’ decisions on whether to approve or reject their respective license application.

Their immediate acceptance as part of Singapore’s payment system was in line with their early compliance in notifying MAS about their cryptocurrency operations in Singapore

Crypto currency, aka cryptocurrency, has become one of the non-cash transactions that is currently developing in the world.

Many transactions, including buying and selling in cyberspace, can use crypto assets, such as Bitcoin. One can even take out loans against their crypto assets. Although this may not work on other transactions such as car accident loans (presettlement funding).

Despite the growing popularity and acceptance of cryptocurrency, there are still quite a lot of countries that are gray about this to the point of banning the use of crypto.

Only One Real Currency?

US President Donald Trump has criticized the circulation of cryptocurrencies. In a series of tweets, Trump said he was not a fan of bitcoin et al. In fact, he called them not money.

“I am not a fan of Bitcoin and other cryptocurrencies, where they are not money, and the value is very volatile because it is based on the intangible,” Trump wrote.

Trump said cryptocurrency assets that are not regulated properly will only produce bad things, such as drug trafficking and other illegal activities. Not only that, but Trump also touched on the new cryptocurrency launched by Facebook, Libra. According to him, Facebook must comply with US banking regulations such as other national or international banks. He said Facebook must have official Charter Bank licensing documents if it issued Libra.

Trump rails against Facebook’s planned cryptocurrency

Chairman of the American central bank, The Fed, Jerome Powell; Minister of Finance, Bruno Le Maire; and Bank of England Governor Mark Carney is a series of officials who do not like the presence of Libra.

“We only have one real currency in the US, and it is stronger than ever, strong and reliable. So far, the currency is the most dominant in the whole world and will remain that way. The currency is the American dollar,” chirped Trump.

There is truth about the fluctuating price of Bitcoin, Trump has a point. If you remember, the price of bitcoin has continued to decline in 2018. At the end of November 2018, the bitcoin exchange rate touched its lowest point at 4,833.09 US dollars. The price of bitcoin went up in 2019. In fact, at the launch of Libra at the end of June, a single bitcoin bit broke through more than 10,000 US dollars.

The Blockchain System In Terms of Reliability

All data is always alive and disseminated to all participants in the blockchain system, thus increasing data reliability because it does not depend on just one provider that requires secondary investment costs such as a DRC (Disaster Recovery Center) system to support operating reliability. If a node belonging to a bank fails, there is nothing to worry about. He will receive the latest data when alive and reunited.

The unit of information received and sent can be considered as a new ‘currency’ whose value is agreed upon by each bank, and this is a new treasury business opportunity for each participating bank and relinquishes bank dependency from one of the most dominant currencies at once able to hedge the original currency used.

Cryptocurrency, Bitcoin in particular, has about 14 million in distribution despite its instability. Because of its volatility, free and paid crypto signals are available in the market for real time trade recommendations and ideas to ensure users and investors do trades that are favorable to them.

Investors who are surmising the future potentials of the blockchain and cryptocurrency have pushed most of the present market cap, and this is probably to continue until a particular measure of stability in value as well as acceptance in the market is realized. Aside from the specified value, those invested in crptocurrency seem to be depending on a distinguished “inherent value” of crypto.

The public ledger of the blockchain technology underlying cryptocurrency has the capacity to disturb an extensive multiplicity of transactions, including the usual systems of payments. These ropes in bonds, stocks, as well as other financial assets wherein records are digitally put in storage and where it presently necessitate a reliable intermediary to verify transactions.

Key Market Players to Forward the Evolution of Cryptocurrency

For the cryptocurrency market to attain its subsequent stage in its progression en route for mainstream acceptance as well as steady expansion, key market players have an important role to play.

Consumers and Merchants

Cryptocurrencies offer consumers cheaper as well as quicker peer-to-peer alternatives for payment compared to those offered by the usual financial service providers, not having to supply any personal data. Although cryptos carry on to get some approval as an option for payment, volatility of price as well as the speculative investments urge consumers to not make use of crypto to buy products and services but to trade it instead.

Tech Developers

Numerous brilliant tech developers have dedicated their efforts to mining cryptocurrency, whereas others have concentrated on activities that are more entrepreneurial in nature like creating wallet services, exchanges, as well as alternative digital currencies. For the crypto market to get acceptance from the mainstream, consumers and businesses will have to see crypto as a solution that’s user-friendly as compared to the usual transactions. Moreover, the industry must develop teachnologies and protocos for cybersecurity.

Investors

Generally, investors seem to be certain of the opportunities linked with crypto as well as cryptography. The underlying technology’s “inherent value” provides investors with a reliable reason to be hopeful about it.

Regulators

The governments’ attitudes are erratic in terms of the classification, management as well as the legality of crypto. Furthermore, regulations in various regions are evolving at dissimilar paces.

Financial Institutions

For a long time, financial institutions like banks have linked individuals with money to those who require it. However, this intermediary status has been weakened, and disintermediation in the sector of banking has quickly evolved. The outcome is the emergence of Internet banking and the increased utilization of alternative methods of payments by consumers.

 

Many of the UK’s elderly population are looking for ways to beef up their retirement fund while still able. The most common financial tool they have resorted to is the equity release mortgage. It is a type of loan available to older adults who are at least 55 years old or older, which allows them to take out a loan using their real property as collateral.

Overview of an Equity Release Mortgage

A loan under an equity release arrangement offers older adults the chance to borrow money that does not have to be paid off periodically and immediately. Settlement of the debt will take place at a future time; either when the senior borrower passes away or has reached a point of needing long term care in a nursing home.

The equity release scheme operates on the principle that real property appreciates in value. Therefore, the proceeds of a future sale based on the appreciated value, will more than cover the total amount due on the outstanding loan including all interests compounded through the years. The only drawback is that the lump sum payment will greatly reduce the potential value of the senior borrower’s legacy for his or her heirs.

Nonetheless, equity release mortgages in the UK are backed with a No-Negative Equity Guarantee. This feature ensures that in case the total debt exceeds the proceeds from the sale of the property, the agreement does not include a transfer of debt to the borrower’s heirs. Once the property has been sold to satisfy the borrower’s equity mortgage debt, the loan will be deemed as fully paid.

Still, to avoid equity release deals that impose unreasonable demands and conditions, it would be best for seniors to enter into this kind of agreement with the help of a professional financial adviser. The first step to take when considering to borrow money under this scheme, is to determine how much can be availed — by using an equity release calculator uk lenders use in calculating how much they can offer.

Is it Wise for Seniors to Invest in Cryptocurrency?

Often times, scrupulous individuals consider senior citizens as easy pray for their scams or illegal activities. Knowing that most retirees have some money stashed away for their golden years, scammers or swindlers often target easy-to-convince seniors.

Although cryptocurrency is receiving much attention as a lucrative form of investment, this is one type of money-making tool that retirees should not at all consider. First and foremost is the fact that the UK government is not supportive of the blockchain technology. The lack of regulatory oversight, makes the platform highly susceptible to manipulations, cyber attacks, and illegal operations.

Last year, major banks in the UK have been weeding out deposit accounts that seemingly engage in cryptocurrency trading. Banks are wary that the frequency and the amounts involved in the exchange could be indicative of money laundering activities. As a result, the crackdown on bank deposits used by cryptocurrency dealers and miners for their exchanges, involved freezing of the accounts. This was regardless of the depositors’ clean and long-standing records with the bank, and their reputation as law abiding UK subjects.

That being the case, it would be best for senior citizens not to be entangled in such transactions, lest they find their retirement money frozen for an indefinite period of time.

More and more individuals are taking out consumer loans as they could be very helpful and useful, especially now that there are more lending companies and options which are alternatives to traditional loans taken from banks. For example, the American Pride Legal Funding provides automobile accident settlement loans which could be issued quickly after approval. Such loans make it easier for individuals to settle any unforeseen expenditures.

Most consumer loans are secured, which means that a collateral is needed to acquire a loan. Collaterals depend on the type and amount of loan you are getting. With the increase and progress of online lending as well as technology itself, cryptocurrency could now be used as collateral to obtain a loan.

Known as crypto-backed loans, these loans are secured or insured by crypto or digital currency assets, meaning fiat money are lent or loaned in exchange for cryptocurrency such as Bitcoin, Ether, or Litecoin as security or guarantee for payment. Many crypto holders take put crypto-back loans since the loan process is uncomplicated and the fiat money is directly transmitted into the bank account or digital wallets of the borrower.

Crypto holders may find crypto-backed loans to be a very cost-effective means for managing the digital currency as necessitating access to the fiat money (typically US dollars). So how can crypto-backed loans be used? Here are some:

  1. Compensate for travel expenditures like vacation trips
  2. Purchasing a home or investing in real estate
  3. Financing a business startup or business undertakings and operating costs
  4. Consolidating or settling debts
  5. For other personal purchases or products and services

How Crypto-backed Loans Benefit Borrowers?

Lenders don’t usually do credit history checks as well ask for evidence of payment capability. This could be regarded as a major likelihood of credit risk.

  1. Loans could be easily and directly transferred to your bank account or digital wallet and could be withdrawn via any bank card ore bank transfer.
  2. Lenders of crypto-backed loans could offer a borrower a lending term and condition that is flexible which could be made better for both the borrower and the lender.
  3. Crypto holders could use various digital currencies, such as Bitcoin and Litecoin, as collateral.
  4. Crypto assets could be preserved or kept as no requirements are needed to sell them for fiat money.

How Crypto-backed Loans Benefit Lenders?

  1. There is a minimized risk since the total repayment or settlement of the loan as well as the interest is guaranteed and without deferments.
  2. The system or method is fundamentally automated; moreover the exchange directly transpires in the bank account thus making it simpler to keep an eye on and track fund usage.
  3. The range is stretched to audience of borrowers across the globe causing decentralized peer-to-peer crypto lending to be perimeter agnostic, hence loans could be extended in whichever currency that is available.
  4. Complete legal status is given and the strong setup guarantees security of the funds.
  5. Barriers are not present with regards to the least possible requirements for a lender. Any legally recognized entity or individual could be a lender.

For the longest time, many individuals have been taking out loans the traditional way to augment finances through banking institutions and other lending companies. However, with the advancements in fintech, consumer loans whether secured or unsecured, such as https://www.forbrukslån.com/, are now available and accessible from numerous lenders, even if you have bad credit.

Today, one form of loan that is increasing in popularity are loans that are backed by digital currencies. Known as Crypto-backed loans, this form of loans epitomizes an excellent option or alternative to the usual loans taken out traditionally, mainly because of the technology on blockchain utilized to secure the loans wherein it amplifies transparency as well as trust.

Crypto-backed Loans – What are they?

Crypto-backed loans, as indicated in the term itself, are loans guaranteed or secured by assets in the form of cryptocurrency or digital currency. Although there is no tedious documentation, verification as well as credit checks, to be able to obtain a loan, you basically must have a cryptocurrency to function as a collateral.

Lenders provide crypto-backed loans through platforms with decentralized blockchain, wherein smart contracts are generated as soon as each party settle on a reciprocated agreement. Since there are no hidden charges or fees, the process in getting crypto-backed loans is straightforward as well as transparent. Just like any collateral, once a borrower has fully paid off their loan, they get back their cryptocurrency assets.

Because of the volatility of cryptocurrency, there is a fluctuation of crypto assets as well. Therefore, to protect themselves, lenders include margin calls wherein borrowers have to raise their collateral in the event that its value suddenly or severely drops.

Why Consider Crypto-backed Loans?

Any holders of crypto have a long-standing view of their assets or investments. Though they intend to hold their assets, at times certain situations and conditions push investors to sell their crypto assets for fiat money. However, instead of selling them, investors could utilize their crypto as collateral or guarantee to a loan, which allows them to retain ownership of their assets as they get access to the fiat money that they need to finance their ventures.

Although not fully embraced yet, many would agree that crypto-backed loans are better compared to traditional loans. This is so since processing is quick, wherein there is no verification or credit checks included and the loan you take out is nearly immediately issued. Moreover, crypto-backed loans are safe since the crypto assets that are put up as collateral are securely kept in cold wallets up until the borrowers completely pay off the loans.

Where do borrowers use crypto-backed loans?

Borrowers take out crypto-backed loans for several different reasons. Here are a few:

  • Buying a home or for home improvements or renovations
  • Paying off student loans or credit card debts
  • Financing a startup or other initiatives for business
  • Paying off travel or vacation expenses

 

Why do many buy, sell, or exchange cryptocurrencies like bitcoins? When the bitcoin’s worth touched $20,000 on Dec. 17, 2017, a lot of individuals, even those unfamiliar with bitcoins, started asking the question “when to buy bitcoin” in the hopes of hitting it big.

One does not need to have a degree in accounting or economics to realize that individuals who made investments in bitcoin some years ago are now reaping the fruits of their investments.

Cryptocurrencies or digital currencies were designed and developed to offer individuals financial freedom. Although it may take time, cryptocurrencies, if adopted fully, could altogether eliminate banks or intermediaries. For the time being, digital currencies are being utilized worldwide for numerous purposes, whether utilized as an alternative to weakening fiat currencies, or as a replacement to financial institutions like banks and credit companies, cryptocurrencies are generating a type of financial freedom that, for the longest time, individuals across the globe badly need.

Financial institutions like banks charge fees that are utterly high, dictate which part of the globe where funds can and can’t be transferred or sent, as well as limit the opportunities of consumers to attain financial freedom. Moreover, there are financial institutions that have caused numerous individuals to lose their livelihoods, jobs, and homes.

Achieving Financial Freedom

The outlook of the general public states that during phases of instability, typical systems for banking every so often miss the mark to address the people’s needs. But, during such phase, the framework of blockchain and cryptocurrency could still thrive. Not only could crypto holders rely on their assets for daily transactions or payments, but could as well utilize them to yield more wealth. Here are a few approaches wherein you could attain financial freedom with cryptocurrencies:

Staking

Rather than mining, which could be painstaking, expensive since a particular hardware is required, as well as intermittently rewarding, several cryptocurrencies have taken on the idea of staking for transactions to be verified. As a reward or incentive for the securing of the system, the method permits crypto holders to generate and earn interest on their token. Typically, the method entails locking up in a live wallet a specified quantity of tokens. The more tokens you stake, the greater the incentive or reward.

Purchasing and Holding

Since the release of bitcoin in 2009, the value of numerous cryptocurrencies has quickly escalated. Although the short-term concern remains to be about volatility, the value of digital currencies has increased for the demands of the market to be met, causing cryptocurrencies like bitcoin to have billions in capitalizations in the market. In 2011, bitcoin was exchanging between 1 and 2 US dollars. Currently, its value is on the 10,000 US dollar mark.

For individuals new to cryptocurrnecy, a workable strategy is to have a little amount of these digital currencies as well as holding it for some months. On condition that you have a device to connect and access the internet, you could immediately install, create, and access a wallet.

Day Trading

Digital currencies are traded on exchanges, similar to how those found in worldwide equity markets function. If you are experienced in technical analysis and are positive that your capabilities match the market on cryptocurrencies, this method could be greatly profitable. But, day trading could be a risky venture since every so often some tokens could go through short-term phases of high volatility.

Tax On Cryptocurrencies

May 17, 2019 | Finance | No Comments

The season of Tax is the time when taxpayers prepare their financial accounts and reports of the year prior. It commences in January and concludes in April. For many taxpayers, preparing tax could be a bit difficult especially if they are hopeful for a better return on their tax, which is why they employ the help of a Tucson tax preparer or any other tax prepare in their locale. In the US, the annual tax returns of individuals must be filed by the 15th of April subsequent the reported earnings.

Taxes are obligatory fees levied or imposed on people and businesses or corporations and is implemented by a local, regional or national government so as to finance public services and programs and government undertakings. In economics, these taxes befall whoever pays the tax, such as businesses and the consumers of the products and goods.

Tax on Cryptocurrencies

By now, we all know that cryptocurrencies are digital currencies or virtual money that is built with cryptographic codes that provide secure transactions. Cryptocurrencies are difficult to fake compared to the traditional currency that we have. Because of its rising popularity and use, the law considers cryptocurrencies as property, which are subjected to the regulations of capital gains and losses similar to reals estate, bonds, stocks, as well as other types of property. Hence, tax should be levied.

In the US, paying taxes on cryptocurrecines like Bitcoin has become a priority for many individuals after the Internal Revenue Service or IRS publicized on the 2nd of July 2018 that one of their primary efforts for the year is the taxation of cryptocurrencies or virtual currencies.

With cryptocurrencies, the challenge related to taxes is the data or records composing the all transactions such as the mining income, buys and sells, trades and transfers, as well as other activities involving cryptocurrencies. These data or records are most probably distributed across numerous diverse platforms and exchanges, therefore making the calculation of tax and the process of reporting very difficult.

Making Crypto Tax Reporting Easier

Always keep a record of all your cryptocurrency exchange, where you sold or bought them.

Keep records or accounts of any cryptocurrencies that you have received or accepted as an income

Learn and train yourself to calculate or compute your bitcoin gains and losses as well as on your investments on cryptocurrencies

Just like taxpayers who seek help from tax preparers, get the advice or help of an expert on crypto tax

Report your losses on cryptocurrencies to save on your US tax bill

Peer-to-peer or P2P lending reviews, like the grupeer review, are quite favorable since borrowers and lenders both gain from it.

For borrowers, P2P lending grants interest rates that are lower as well as a chance to obtain credit for individuals who have a spoiled their credit history. On the other hand, investors or lenders who lend via platforms of P2P delight in a considerably higher rate of interest than any other savings account can tender.

Some investors or lenders consistently collect returns at around 8% to 13% yearly. Furthermore, both lenders and borrowers gain from bettered transparency.

Although P2P lending has transformed the manner people borrow, save as well as invest money, this lending sector itself is being disturbed by providers of cryptocurrencies. Supporter of cryptocurrency assert that the technology on blockchain can genuinely have a result that’s transformative on P2P lending. Debatably, utilizing cryptocurrencies such as bitcoin and ether for P2P lending will grant scalability, transparency and efficiency that is much greater as well as the possibility of lower costs.

Cryptocurrency, what is it and why is it worthwhile?

Cryptocurrency have already made the headlines, so by this time, almost every person has an idea of what cyptocurrency is. For those who do not, cryptocurrencies are also termed as digital money, virtual currencies, or simply as tokens. They aren’t similar to any standard currency that the world uses. These digital currencies could only be utilized online. One distinguishing attribute of cryptocurrencies is that they are decentralized. This denotes that it is not controlled by anyone, it is entirely unconnected to central governments or banks.

Cryptocurrencies are structured and systematized over a network called blockchain. A blockchain is a ledger that is shared and distributed wherein it records each and every single transaction.  These transactions made on blockchain are irreversible and permanent and intrinsically transparent, causing the transaction to be more valuable and reliable

What are the notable benefits of cryptocurrencies?

Transaction fees are minimal. When compared to credit card transaction fees, digital currencies have zero to minimal transaction fees.

You are the owner. In banks, when your money is kept there, it could be frozen or restricted by the bank itself, the government or by another unit. With cryptocurrencies, provided that you have the private key as well as the matching public key that constitute the address of a token, nobody could take that from you.

It is accessible. There are thousands to millions of individuals around the globe who are unbanked. However, anyone who has internet access to could use cryptocurrencies to send and receive payments.

It is prompt and quick. Using wire transfers and cheques could take 3 to 5 business days for it to be cleared and received. Transactions using cryptocurrencies are almost prompt and fast, with operations that are more complicated taking only 10–20 minutes.

Identity is safe and secured. When doing online shopping, it is at all times a necessity to input all your personal and sensitive data, like your credit card details. This poses serious risks. With cryptocurrencies, money could directly be sent to the receiver without divulging any sensitive info apart from the total amount of payment.

Cryptocurrencies are alternatives that are unsoiled and transparent to institute fiat currencies as well as  a technology that changes society for the better. Merging the advantages of P2P lending with the blockchain technology will make lending and borrowing as well as saving money very simple, efficient and transparent.

Develop an understanding of the importance of a financial strategy when venturing into a business. Bear in mind that going into business is not just about making profit from an innovative product or idea.

Making profit is merely the goal, while the money infused as capital to build the business is the foundation. Money is invested to acquire assets to use in selling an innovation whether as a product or as a form of service. It is therefore pertinent to have a financial strategy on how to make vested money and profit yields work toward building a sound financial condition for the business.

It is not wise to let a business run without having any business financial plan integrated as part of management processes. Simply going where the business flow takes you is a flimsy business finance strategy. Mainly because this is a hit-and-miss stance which could find your business drifting while waiting for a lucky break, or eventually veer away from what you originally perceived as your business mission.

Example of a Business Finance Strategy

We have established beforehand that the main goal of operating a business and of investing seed money into a business is to generate profit. If you are a startup venturer, it is best to keep your profit making goals in proportion to your seed capital. Avoid aiming for big profits by entering into get-rich-quick methods or by way of unfair trading practices. Such methods may work at first, but will eventually backfire on you.

A business finance strategy is incorporated as part of a business plan. In a detailed manner, the strategy specifies how cash that is available on hand will be allocated and used in running the business.

Establishment of a Working Capital Fund

An example of a business finance strategy is one that establishes a Working Capital fund. The fund must be placed in a deposit account in order to segregate money purely for operational purposes. Other liquid capital funds must be allotted for investing on a major additional asset, or for the settlement of current liabilities or long term-obligation in a planned manner.

The next strategy is to implement a system of projecting cash flows for each month, as a way of earmarking Working Capital funds. That way money collected from business operations, flowing in as additional working capital fund will only represent increments. At the end of a cash flow period, any amount exceeding the original balance of the Working Capital Fund will immediately identify the operating period as a growth month.

On the other hand, if at the end of the period the Working Capital Fund is less than the original balance, then a deficit occurred. This denotes that business operations for the month did not bring in enough cash to cover the expenditures for the period, let alone generate potential increments to the capital funds.

In such cases the Working Capital fund requires replenishment, but a review of the cash receipts, expenses and other disbursements must be performed to ensure propriety and validity of transactions that resulted to a deficit.

You must have certainly heard about digital currencies or what is known these days as cryptocurrencies. Bitcoins, Peercoins, and others are becoming more and more popular in the marketplace. Statista says that there are more than 1400 Bitcoin ATM all over the world. Cryptocurrency is also becoming a trend in many online deals for various industries.

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As we are entering another decade of this digital era, the financial industry will continue to revolutionize and make a huge change in the way we deal with our transactions and savings. We are almost in the era of cashless transactions as we embrace electronic and digital currencies.

Let’s take a look at the professionals’ point of view on the impact of digital currencies in the financial landscape in the years to come.

1. Inexpensive International Money Transfers

Digital currencies are a huge help for international money transfers. Many people can take advantage of bitcoins to receive or send money internationally. This bypasses expensive foreign exchange services of banks and other payment processors.

2. Better Security To Protect Digital Currencies

At present, it’s unfortunate that a few of us lost money in online transactions. Regardless of how small or big the amount of lost, financial technology will move to develop a stronger, more secure system to protect digital money and digital transactions.

3. Alternate Currency Reserve (In Volatile Economies)

Digital currency is relatively new thus it is less stable when compared to currencies such as the EUR and USD. However in several nations susceptible to inflation like Venezuela, their digital currency, bitcoin is in more ways stable compared to their own national currency. As a result, it’s no surprise that the use of Bitcoin in Venezuela has expanded almost seven times at the start of the year.

4. Efficiency – Faster, Easier, And More Secure Payments

Digital currencies make payments faster, simpler and even more secure. Because of efficiency when using digital currencies, this could impact how banking institutions work. Banks should commence using the concept of digital currency.

5. Market Transparency

Digital currencies lead to changing the conventional way of doing business. People who use digital currencies appreciate market transparency. The availability of public ledger creates transparency for all users. For this reason, there is a big chance that traditional transactions will go down while digital currencies will continue to rise and may take over the financial system.

6. Cryptocurrency Empowers The People

Cryptocurrencies will be less complicated due to lesser intermediation. With this new structure, the cryptocurrency code will set the rules. Bank personnel that took advantage of the system their own personal profit will eventually suffer a loss from their misdeeds. This revised financial structure eliminates the banking institutions as the middle person and gives more power and flexibility to the people.

7. Possibilities of One World Currency

We are moving towards global conglomerate that digital currency could become a currency for the entire world having the same value regardless of the country and removes expensive currency exchange rate as we know today.

Digital currencies as we know today serves a lot of benefit to many users. Although it is not yet widely accepted by the general public, the vision that most finance professionals are looking at could be possible. In fact, we have started way back then when financial technology had been introduced starting with credit cards and ATM machines.

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