Cryptocurrency the Future of Money

What will the future of money look like? Imagine walking into a restaurant and looking up at the digital menu board at your favorite combo meal. Only, instead of it being priced at $8.99, it’s shown as.009 BTC.

Can crypto really be the future of money? The answer to that question hinges on the overall consensus on several key decisions ranging from ease of use to security and regulations.

Let’s examine both sides of the (digital) coin and compare and contrast traditional fiat money with cryptocurrency.

The first and most important component is trust.
It’s imperative that people trust the currency they’re using. What gives the dollar its value? Is it gold? No, the dollar hasn’t been backed by gold since the 1970s. Then what is it that gives the dollar (or any other fiat currency) value? Some countries’ currency is considered more stable than others. Ultimately, it’s people’s trust that the issuing government of that money stands firmly behind it and essentially guarantees its “value.”

How does trust work with Bitcoin since it’s decentralized meaning their isn’t a governing body that issues the coins? Bitcoin sits on the blockchain which is basically an online accounting ledger that allows the whole world to view each and every transaction. Each of these transactions is verified by miners (people operating computers on a peer to peer network) to prevent fraud and also ensure that there is no double spending. In exchange for their services of maintaining the integrity of the blockchain, the miners receive a payment for each transaction they verify. Since there are countless miners trying to make money each one checks each others work for errors. This proof of work process is why the blockchain has never been hacked. Essentially, this trust is what gives Bitcoin value.

Next let’s look at trust’s closest friend, security.
How about if my bank is robbed or there is fraudulent activity on my credit card? My deposits with the bank are covered by FDIC insurance. Chances are my bank will also reverse any charges on my card that I never made. That doesn’t mean that criminals won’t be able to pull off stunts that are at the very least frustrating and time consuming. It’s more or less the peace of mind that comes from knowing that I’ll most likely be made whole from any wrongdoing against me.

In crypto, there’s a lot of choices when it comes to where to store your money. It’s imperative to know if transactions are insured for your protection. There are reputable exchanges such as Binance and Coinbase that have a proven track record of righting wrongs for their clients. Just like there are less than reputable banks all over the world, the same is true in crypto.

What happens if I throw a twenty dollar bill into a fire? The same is true for crypto. If I lose my sign in credentials to a certain digital wallet or exchange then I won’t be able to have access to those coins. Again, I can’t stress enough the importance of conducting business with a reputable company.

The next issue is scaling. Currently, this might be the biggest hurdle that’s preventing people from conducting more transactions on the blockchain. When it comes to the speed of transactions, fiat money moves much quicker than crypto. Visa can handle about 40,000 transactions per second. Under normal circumstances, the blockchain can only handle around 10 per second. However, a new protocol is being enacted that will skyrocket this up to 60,000 transactions per second. Known as the Lightning Network, it could result in making crypto the future of money.

The conversation wouldn’t be complete without talking about convenience. What do people typically like about the their traditional banking and spending methods? For those who prefer cash, it’s obviously easy to use most of the time. If you’re trying to book a hotel room or a rental car, then you need a credit card. Personally, I use my credit card everywhere I go because of the convenience, security and rewards.
Did you know there are companies out there providing all of this in the crypto space as well? Monaco is now issuing Visa logo-ed cards that automatically convert your digital currency into the local currency for you.

If you’ve ever tried wiring money to someone you know that process can be very tedious and costly. Blockchain transactions allow for a user to send crypto to anyone in just minutes, regardless of where they live. It’s also considerably cheaper and safer than sending a bank wire.

There are other modern methods for transferring money that exist in both worlds. Take, for example, applications such as Zelle, Venmo and Messenger Pay. These apps are used by millions of millennials everyday. Did you also know that they are starting to incorporate crypto as well?

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Using A Dry Cabinet to Store Your Electronic Components

If you are finding it difficult to keep your electronic components in tip-top condition due to the high level of humidity, you are on the right page. Humidity can cause the growth of mold and condensation on your electronic components. Therefore, you may want to get a dry cabinet as these units can help you resolve this issue without any problem. Read on to find out more about the importance of using these products.

Typically, a dry cabinet is an enclosure that can protect your materials from excessive moisture. In most cases, these products are used to store appliances and equipment that may not work properly if exposed to a high-humidity environment.

Actually, some instruments and equipment such as electronics, pcb boards and lens will stop working if stored in a high humidity environment. Moisture can reduce the internal performance of components and may cause them to malfunction.

Without further ado, let’s take a look at some solid reasons why you may want to store your electronic components in an Auto dry cabinet.

Importance of Using Dry Cabinets

First of all, you need to understand that fungus can develop in areas where the humidity level is too high. If something can damage your electronic components the most, it cannot be any other thing but a fungus. On top of this, the fungus is difficult to remove and may cause a lot of damage to your expensive electronic components.

Apart from this, the fungus continues to grow between the lens and the lens of the glass. Usually, you may face this problem if you keep your camera in an environment with fungus and a high level of humidity. The moment fungus starts to grow, it won’t take much time to spread and infect other things that you have placed near your gear.

If your electronics has been infected with fungus, you may not want to clean it with force or you may end up damaging the special coating on your electronics.

Typically, EMS manufacturers store their humidity sensitive devices in drawers and cupboards. Inside these storage units, the environment is dark and humid. As a result, fungus can easily thrive. Besides, these EMS manufacturers are from countries where the climate is humid and tropical throughout the year.

So, the best solution is to get dry cabinets. These units can make sure your expensive electronic is protected against dust, water vapor, and a high level of humidity.

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Digital Currencies

“Ah but it’s Digital now”. “Digital” a word whose origins lie in the latin digitalis, from digitus (“finger, toe”); now it’s use is synonymous with computers and televisions, cameras, music players, watches, etc, etc, etc. But what of digital money or even digital democracy?

The printing press caused a revolution in its time, hailed as a democratic force for good by many. Books available to the masses was indeed a revolution; and now we also have e-books and technological devices to read them with. The fact that the original words have been encoded into a numerical form and decoded back to words electronically does not mean we trust less the words we are reading, but we may still prefer the aesthetics of a physical book than a piece of high-tech plastic which needs to have its battery charged to keep working. Can digital currencies such as bitcoin really provide a contribution to positive social change in as spectacular a way?

To answer this we must ask what of money, how are we to understand it, use it and incorporate it into a sustainable model of a ‘better world for all?’ Money, unlike any other form of property, is unique in that it may be used for anything prior to an event even occurring. It implies nothing, yet can be used for great good or great evil, and yet it is only what it is despite its many manifestations and consequences. It is a unique but much misunderstood and misused commodity. Money has the simplicity of facilitating buying and selling, and a mathematical complexity as demonstrated by the financial markets; and yet it has no notion of egalitarianism, moral or ethical decision making. It acts as an autonomous entity, yet it is both endogenous and exogenous to the global community. It has no personality and is easily replaceable, yet it is treated as a finite resource in the global context, its growth governed by a set of complex rules which determine the way in which it may behave. Yet despite this the outcomes are never completely predictable and, furthermore; a commitment to social justice and an aversion to moral turpitude is not a requirement of its use.

In order for a currency to effectively perform the financial functions required of it, the intrinsic-value of money has to be a commonly held belief by those who use it. In November 2013 the US Senate Committee on Homeland Security & Governmental Affairs acknowledged that virtual currencies are a legitimate means of payment, an example of such is Bitcoin. Due to the very low transaction fees charged by the ‘Bitcoin network’ it offers a very real way to allow the transfer of funds from migrant workers sending money back to their families without having to pay high transfer fees currently charged by companies. A European Commission calculated that if the global average remittance of 10% were reduced to 5% (the ‘5×5’ initiative endorsed by the G20 in 2011), this could result in an additional US$ 17 billion flowing into developing countries; the use of the blockchain would reduce these fees near to zero. These money transfer companies who extract wealth from the system may become dis-intermediated through the use of such an infrastructure.

Probably the most important point to note about cryptocurrencies is the distributed and decentralised nature of their networks. With the growth of the Internet, we are perhaps just seeing the ‘tip of the iceberg’ in respect of future innovations which may exploit undiscovered potential for allowing decentralisation but at a hitherto unseen or unimaginable scale. Thus, whereas in the past, when there was a need for a large network it was only achievable using a hierarchical structure; with the consequence of the necessity of surrendering the ‘power’ of that network to a small number of individuals with a controlling interest. It might be said that Bitcoin represents the decentralisation of money and the move to a simple system approach. Bitcoin represents as significant an advancement as peer-to-peer file sharing and internet telephony (Skype for example).

There is very little explicitly produced legal regulation for digital or virtual currencies, however there are a wide range of existing laws which may apply depending on the country’s legal financial framework for: Taxation, Banking and Money Transmitting Regulation, Securities Regulation, Criminal and/or civil law, Consumer Rights/Protection, Pensions Regulation, Commodities and stocks regulation, and others. So the two key issues facing bitcoin are whether it can be considered as legal tender, and if as an asset then it is classed as property. It is common practice for nation-states to explicitly define currency as legal tender of another nation-state (e.g. US$), preventing them from recognising other ‘currencies’

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Importance of Credit and Financial Services for an Individual and Business

Just like money, the importance of credit and financial services cannot be ignored. We know that money is like the backbone of any economy. Plus, the functionality of an economy is dependent on the financial system of the state. In this article, we are going to find out more about the importance of credit and financial services as far as individual investment and growth are concerned. Read on to find out more.

Importance of Credit

In any economy, the role of credit is of paramount importance. Basically, credit is a form of trust that allows someone to provide resources or money for another person. Moreover, it is the credit system that gives support to the economic activities of a state.

If you want to achieve your professional, personal or financial goals, you have to understand the importance of credit. Today, commercial banks keep the savings of their account holders and provide these funds on credit to needy people and businesses.

Smart people use credit money in order to run a business successfully. If they are not provided money by banks, they won’t be able to use their talents and abilities. Bank loans help a lot of businesses produce goods and services for the economy.

When people buy a house for the first time, credit plays an important role in these transactions. The lending bank needs a surety that the borrower will be able to pay off the loan in a timely fashion. Therefore, they check the ability of the borrower to make sure they earn enough money to pay the installments and meet their day-to-day expense.

Importance of Financial Services

Financial services are an important section of any financial system. This financial system offers different types of finance using different credit instruments, services, and financial products. With the help of these services, it is possible to increase the demand for certain products and services.

With the help of financial services, it is possible to improve the economic condition of a state. If people in a state enjoy a higher standard of living, it means that the financial services of the state are up to the mark.

With financial services, people get different types of consumer products, such as cars, through a process called hire purchase. Apart from this, mutual funds allow individuals to avail of opportunities, such as saving options. This allows them to enjoy a reasonable return on investment, which is the dream of any business.

As far as promoting investment for raising capital is concerned, merchants can borrow money from a bank. Apart from this, insurance companies allow producers to reduce their risk caused by natural calamities and changing business conditions.

Businesses can get different types of financial assets that allow them to get the maximum return from their investments. For instance, some factoring companies can use financial services in order to increase their profit and turnover.

In short, this was a description of the importance of credit and financial services for an individual or economy. Hopefully, you will find this article helpful.

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The Effect on the Sports Card Industry

On March 30th, 2021 PSA (Professional Sports Authenticator) announced they were temporarily suspending all their grading services below Super Express ($350 a card) for at least 90 days with the hope of reopening all services around July 1st, 2021. PSA received more cards in 3 days than they did in the previous 3 months which is what led to the backlog and ultimately the difficult decision of suspending new submissions for a couple months.

OK, so let’s look at the impact this may have in the short term. Long term should be negligible to the sports card industry as it looks like at this point in time since they intend on being back to servicing all PSA grading levels within 90 days.

1 – People I believe will step back and take note on inspecting each card and really enjoy the card look for what it is more rather than just looking for a graded card since they won’t be grading nearly as many cards as they were previously simply because of PSA’s postponement of services.

2 – With SGC (Sportscard Guaranty Company) at minimum of $75/card and BGS (Beckett Grading Services) at minimum of $100/card to get a card graded within 1 month or less we most likely aren’t going to see much of an increase in business since PSA still has Super Express service open at $350/card and their brand commands so much higher values in the open market.

3 – The suspension of PSA grading services leaves the opportunity for companies like HGA (Hybrid Grading) and CSG (Certified Sports Guaranty) to make up ground especially on the lower-end cards with values of $500 or less because of their low cost grading services. So far I believe it will be CSG that has the best chance at grabbing a good piece of the market share for value cards of $500 or less away from PSA at least in the short term while PSA’s value service is suspended. How much CSG retains in market share if PSA reinstates the value grading service at $25 is the unknown variable.

4 – In the short term, PSA 10 values should increase on all cards but especially should increase on lower end cards valued at $1k or less simply because you can’t grade with any sports card PSA at that value unless you wanted to utilize the Super Express service, but that wouldn’t make financial sense to do at $350 per card. I fully expect this will create more demand for those cards in the short term. However, in the long term many of the base level cards that are PSA 10 should return to normal values once/if PSA resumes their value service which is currently set at $25/card. The higher value cards of staples in every market (baseball, football, basketball, etc) should continue to rise though as there are less of those available in the marketplace which is the simple rule of supply and demand.

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E-currencies have been around

E-currencies have been around for some time, and are in wide-spread use on the internet. E-currencies are certainly here to stay, and will become an increasingly important part of internet commerce. Eventually, e-currencies may become the preferred medium of financial exchange between consumers and merchants, and a popular means of transferring money between individuals. Popular e-currencies include e-Gold, e-Bullion, c-Gold, Pecunix, Liberty Reserve, and GoldMoney. Unfortunately, e-currencies are tainted by association with so-called “HYIPs” (High-Yield Investment Programs) which are basically scams of one kind or another promising unrealistic returns on “investment.” Yet more unfortunately, many of the characteristics of e-currencies make them appealing to a wide variety of low-lifes, among them terrorists and pedophiles.

I recently became interested in e-currencies as a way to easily send money to relatives overseas. Quite simply, I became tired of the effort required to send an international bank wire. Not only do international bank wires incur high fees for both sender and recipient, they seem to invoke suspicion at most US bank branches. Alternative money wiring services are often even worse. And of course, the US government takes a keen interest in any transfer of funds outside the US of any size or frequency. Finally, e-currencies offer the opportunity to diversify outside of the US dollar, into gold-backed currency.

It is no surprise that governments are not in love with e-currencies. The issuance of money has long been the domain of sovereign governments around the world. Governments around the world retain the rights to essentially steal from their citizens by diluting the value of the currency they hold by simply printing more money. Control of the monetary system, and a monopoly on the legal use of violence, are precious privileges of any government, since control of these is control of the citizenry.

But these are not the concerns you will hear about from the US or other governments. They are also (legitimately) concerned with their inability to regulate the exchange of value among parties, some of whom they are supposed to protect. Currencies in use by their citizenry outside their control can easily be used for all sorts of illicit activity. But, targeting e-currencies is a ridiculous way to thwart the objectionable intentions of the underbelly of society. In a later article, I will directly challenge the irrational logic of the US government’s persecution of e-currencies.

Like all currencies, e-currency value is directly tied to the confidence level that consumers and merchants have in the purchasing power of that currency. If the US government announced tomorrow that they were going to issue thousands of trillions of new US dollars, no one would want to be caught holding the resulting worthless paper on the morning after. Similarly, if consumers and merchants do not have confidence in an e-currencies future value, they will assign it little or no current value.

Since most e-currencies are backed by gold or a cache of sovereign currencies, the issue of inherent value is not a problem. The challenge for any e-currency is to answer the potential for future de-valuation by some major act of man or government. Will the company behind the e-currency suddenly disappear with all the gold? Are they lying about the 1:1 ratio of gold to currency units in their reserves? Will a government body suddenly seize their assets, imprison the principals, or inhibit the ability of people to exchange value through the e-currency system? In fact, e-currencies share many of the value-risk characteristics of smaller countries whose future governance is uncertain, and who may have pegged their own currency to the US dollar.

So then, what is the future of e-currency? I believe that for a select handful of e-currencies, the future is bright indeed, though one must tread carefully in the short term. It would seem equally foolish to either ignore e-currencies or trust them completely. I will expand on these assertions in subsequent articles.

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Can I Create My Own Cryptocurrency?

For you to be in a position to make your own cryptocurrency, here are some of the things for you to follow.

Build A Blockchain

The first step towards a creating the best cryptocurrency is building a blockchain. Blockchain technology is the background and of every cryptocurrency that you see in the world today. A blockchain has contained the details of each cryptocurrency.

It is a ledger that shows the background of every cryptocurrency that you have. It also shows more details of who owned the cryptocurrency coins previously before you.The best cryptocurrencies have a very effective blockchain technology.

Code

All the software’s that you see on the internet are made out of a code. This is the same case with cryptocurrency. Fortunately, a majority of the cryptocurrency is made using the same code. Mainly, cryptocurrencies are made using the C++ code. You can outsource all the codes you need from GitHub and use them to make your cryptocurrency. However, the code will vary from your specifics. If your blockchain is longer and faster you must add programs for that. Generally, programs can vary from one week to several months when making a blockchain.

In order to make the best cryptocurrency, one needs to ensure he has put the greatest level of security to be observed. There are hackers everywhere and it is always your role to alienate the hackers. One powerful tool that has been used to alienate hackers is the use of private and the public key. This is because every key is generated from the previous key. Through the use of cryptography, each key can be traced from the first transaction ever made.

You should also ensure that you create a pool of miners. For a stable cryptocurrency like bitcoin? anyone can be a miner. A miner does two things.

-Creates the crypto coin

-Authenticates the cryptocurrency.

You must form a standard way of creating and authenticating your cryptocurrency.

Access The Market Needs

Many cryptocurrency experts have said that the most important part is accessing the market needs. You should be keen and observe what other cryptocurrencies are not offering and offer them yourself. If we look at the biggest cryptocurrency in the market, today bitcoin.

It was formed to bring a faster transaction in the online world. Bitcoin also gained much recognition because it was able to hide the identity of the users. They remained anonymous but one could still make a legit transaction. These are the most important parts to keep into consideration when creating a cryptocurrency.

To make a very successful cryptocurrency, you need to ensure that you are able to do proper marketing of your cryptocurrency. This means going to merchants and requesting them to accept your cryptocurrency as their mode of payment. These are generally some of the best ways in creating the crypto coin.

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Discretionary Income Choices

Making the most of your discretionary income

Discretionary income is what you have left over after paying your fixed costs. It is yours to spend on whatever you choose.

But…
How you spend this money can make a difference to your financial situation, but before this we have to ascertain what is discretionary income.

Rent/rates

Car running expenses

Power

Debt

Groceries etc.

People who have an addiction of some kind will prioritize their spending so that the addiction is included among their fixed expenses.

Everyone as an adult has freedom of choice unless they have debts which means their freedom is being eroded away in relation to their level of debt.

The old Proverb, “The borrower is a slave to the lender,” sums it up.

We all have some control over most of our fixed expenses such as groceries and power;we can cut down on these but with items such as rates/rent are fixed but even then we can choose to live in a more modest apartment or downsize.

The excess to your expenses is called discretionary income.

Another way of increasing your disposable (discretionary) income is to increase your income by getting a part-time job, getting a higher paying job, or selling stuff online.

Saving your discretionary spending for some greater purpose instead of frittering it away gives your life some meaning. Instead of just letting things happen you are making things happen. Many people in 10-20 years time wondered what happened.

There is a major difference between saving your money and investing it. Astute investors use their discretion to increase their wealth by investing in higher risk stocks and shares, gold, and cryptocurrency. There are enough online platforms where you are able to drip feed money into these things if you are still climbing up the investment ladder.

But then you may prefer to save for a holiday and tick off one or two items on your bucket list. The border closures will restrict your choice of places but here in New Zealand there are so many fantastic places to visit it is an opportunity to discover your own backyard.

Among the more popular activities in New Zealand are landing on the Franz and Fox Glaciers, going for a dip in the Hanmer Springs hot pools, visiting the wine region of Marlborough, or attending one of the sports meetings around the country. One thing I have to mention here is the Tranz Alpine Express train journey between Christchurch and Greymouth. It is rated one of the finest train journeys in the world and having experienced it I do not disagree. It has to be on everyone’s bucket list.

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