Author Archives: Mimir Rasmussen

How Cryptocurrencies Are Very Different From Traditional Banking Systems

The technology on Blockchain is greatly developing as the tech of the future. As the market of crypto is known to be extremely volatile, automated trading softwares are developed to ensure trades are done accordingly matching the real-time market as many individuals and businesses express their interest in cryptocurrency and incorporate cryptocurrency as payment option.

Cryptocurrency is very different from the traditional system of banking wherein money (and probably gold as well) may be stored in a vault as it waits to be withdrawn. Cryptocurrency have already entered the industry of FinTech, and because of this, traditional financial institutions and systems are probably finding it as threat.

Cryptocurrencies – What Are They?

Although cryptocurrencies have been around for almost a decade and all over the news, there are still those who are unaware of it. Cryptocurrencies such as Bitcoin, Litecoin and so much are encrypted virtual coins or digital currencies. One great characteristic of these currencies is its decentralized feature, while most conventional currencies are regulated by a centralized government, hence they can be regulated by an intermediary.

Cryptocurrencies, also known as digital currencies, are made and transacted in environments with an open source, wherein a code controls it and depend on peer-to-peer set-ups. Not a single unit could affect these currencies.

How It Works?

Cryptocurrencies such as Bitcoin operate by keeping all transactions from the origin of the cryoticurrency on a public ledger. The public ledger utilizes cryptographic systems to certify that records are correct and every identity of owners are encrypted.

Each owner or holder of cryptocurrency have a “digital wallet.” The task of the public ledger is to make sure that these digital wallets display an exact and correct spendable balance. Additionally, it verifies transactions making certain that the crypto owner is merely spending their personal balance in their digital wallet.

Cryptocurrencies are made when a “miner” deciphers an intricate computational problem to verify validate a transaction and include it to the ledger. These cryptocurencies do have a threshold, for instance there are 21 million Bitcoins, however you could think of them as completely having been made when it was initially created, denoting that miners are being remunerated with a new portion of that 21 million the minute they solve or verify a transaction. By supporting the currency’s value of as well as consenting to make use of it as money, value is then given to it. So far, the value of numerous of cryptocurrencies has risen steeply. As per NPR, if in 2010 you had bought Bitcoin worth 1000 US dollars, that investment you had made would be about $20 million now.


Debt Management – How To Avoid Delays And Defaults

When the unforeseen happens, such as getting into a car accident, some have enough funds to cover any expenditure the accident may have brought. However, some may be financially tight that the only way to pay for such expenses is to take out a loan. For example, the American Pride Car Accident Loans offer car accident loans to help individuals get by after a vehicular accident or perhaps until their case related to the accident is resolved.

Many people think that taking out loans could turn into a financial burden. This could be true especially if the loan is used on irrational things. On the other hand, if one uses their loan wisely and are able to manage debt well, obtaining loans could be beneficial.

Debt Management – Avoiding Delays and Defaults

No matter how small or big a debt is, everyone must learn how to manage it for it not to spiral out of control. Here are a few things you could do to make sure you avoid delays or defaults on your payments and to keep your debt at minimum and/or be debt-free.

Name Your Creditors and How Much You Owe

Come up with a list of all your debts, along with the name of the creditor, the entire amount you owe, monthly repayment, as well as the due date. You could utilize your credit report to verify the debts that you have on your list. Having a list allows you to have an idea of the wider and complete picture of what you are obligated to pay. Make sure to periodically check and update your list.

Pay Bills and Debts Regularly and Promptly

Deferred or overdue payments will make it more difficult for you to repay your debt because you will be obligated to pay late fee for each missed or delayed payment. If you fail to pay two consecutive payments, finance charges as well as interest rate will likely increase. If you could pay earlier, then do so. Don’t wait for its due date.

Pay at Least the Lowest Payment

In the event that you couldn’t manage to pay for more, at least pay the minimum amount. It may not aid in making actual headway repaying your debt, but it would retard your debt rising and maintain a satisfactory standing of your account. Often, missing a payment will make it more troublesome for you to catch up and could lead to default.

Determine Which Debts is to be Settled First

Usually, to first pay off credit card debts the top tactic as they carry higher rates of interest compared to other debts. Make use of your list to rank and prioritize which debt to be paid off first.


Personal Finance – Its Significance

Every person necessitates money at each stage and phase of their lifetime. At times, unforeseen and unwanted circumstances may lead to financial instability and ultimately to bad credit. Individuals with a poor credit wouldn’t be able to obtain a loan since most lending institutions do credit checks for them to get approved. Luckily there are lending companies, such as New Zealand’s bad credit loan company, Need Money Now, who are designed to offer loans to borrowers with bad credit and are lacking and in need of immediate financial relief.

Whether you have a good or bad credit score and although there are lending companies and other financial institutions that would give out loans, it is important for any individual to learn about personal finance to avoid financial instability and bad credit.

Personal Finance – Its Significance

Personal finance is the word used in pertaining to the process of managing personal financial undertakings like generation of income, spending, investing, saving as well as protection.

There are several reasons why individuals must gain knowledge regarding personal finance. However, since personal finance is a tough matter to understand, individuals just naturally have a tendency to back away and make excuses to escape learning avoid about it. Nonetheless, personal finance is greatly important and here are two reasons:

Flow or Movement of Finances

If personal finance is something that you comprehend, you will then likewise comprehend the movement or flow of your money a whole lot better. There are several individuals who jumble through life shelling out the money they earned for mortgage and bills payment then spending the remainder of it or probably let it sit in their account in the bank. They are the typically people who lack the idea and understanding of the workings of personal finance. Therefore, although they wind up making the correct choices and decisions, they are carrying it out through luck and chance. Though this approach has nothing innately amiss about it, don’t you agree that knowing precisely what transpires with your flow of money would make you manage it much better?

On Utilization

  • If personal finance is really understood, then utilization is something you ought to absolutely understand. Individuals who don’t comprehend or value personal finance are people that are not likely to have savings since they spend any remaining money they might have after monthly expenditures on entertainment as well as impulse buying. This kind of utilization is something that may and could weigh you down sooner or later when your income or earnings starts to run out and you end up realizing that you lack possible prospects.
  • This could similarly happen to individuals, who don’t spend so much and don’t comprehend personal finance. Although the funds in your account are available to you rather than it spent on something rash and thoughtless, the money is not still being used or utilized to its maximum extent.
  • Only individuals with a good comprehension of personal finance would know that funds saved had better at least be situated in a savings account that has a high interest rate and soon after should also possibly be used as investment on effects that generate an interest rate that’s much higher.