How Hard Is It to Get a Business Loan?

Small Business Loans

While getting a small business loan may not be easy, the fact is, small business loans are not as difficult to qualify for if you get the facts straight. It just takes knowing where and how to look. With the right tools in hand, most small businesses can find the money they need, but there are some things you need to know first. Whether you are an entrepreneur seeking money for a startup or a business that’s hit a rocky patch, there is money out there waiting to be borrowed, you just need to know how to find it. So then, how hard is it to get a business loan? It can be easier than you think. Consider the following.

Leave History in the Past Where It Belongs

A great number of business owners are reluctant to apply for business loans because historically any business with less than perfect credit was in danger of being denied. That further endangered their credit score because every time your credit score was searched by a creditor, you’d take what is known as a soft hit (soft inquiry). No, one or two soft hits won’t affect your credit much, but repeated soft hits will indicate to a prospective lender that something is wrong, and they may summarily deny you credit. However, that’s the past and let’s leave it where it belongs.

New Trends in Lending

Today’s lenders have much broader qualifying criteria, and this is why getting a small business loan may not be as tricky as you had been led to believe. Some lenders don’t even look at your credit score, believe it or not, because there are other things they are much more interested in. Your historical record of sales volume, for example, could be a major factor to some lenders. Perhaps your business model could be a significant factor for startups. Remember, like insurance, lenders consider risk before forking out the cash. Also, there are new types of loans which were not available only a decade or two ago. Invoice factoring is one such loan that is becoming much more prominent in recent years.

The Key to Finding the Right Lender

Unfortunately, a huge part of the problem is the amount of time it takes you to find the lender that has a loan based on your needs and who are willing to lend under your business’s conditions. Every application you make not only takes up the valuable time you could be spending working your company, but it also, as you remember, puts a soft hit on your credit report. Today there are loan search engines like that on https://www.lending-express.com that will match your needs with an assortment of lenders meeting your criteria. You can then choose to apply to one or all of them, but the footwork is done for you so that you can go on about the business of making money. That’s what you are in business for after all, isn’t it?

The key takeaway here is that there are lenders out there that will willingly take a chance on your business venture and while each lender sets its own standards, that loan may be easier to find than you think. Even so, do it the smart way. Begin by using a loan-matching platform that will put you in touch with at least a few lenders who may take the risk. One final point to remember is that you never want to pay for this service. Like the company mentioned above, no fee should be attached to the borrower. Let the lender handle that and you are good to go. Let them pay the commission! That loan is waiting, so go for it!

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Millennials See Banks Differently from Other Generations

Millennials Are the Fastest Growing Customer Base.

Millennials are the fastest growing customer base. Their number, education, and exposure make them a target for businesses who are looking to woo clients. The story is no different in the banking industry where financial institutions consider them an asset that must be had.

Think about it; it has been predicted that millennials will represent about 75 percent of the global workforce by 2025, per Bankingly.com. Millennials also make up a more significant portion of the labor market. They may not be as wealthy as the boomers, but more workforce means more money at their disposal to contribute towards bank deposits. The millennials have it all, it seems. So it makes sense that they are a target for anyone who is looking to generate customers.

However, this generation tends to have different expectations from boomers when it comes to the financial services sector.

Understanding their Reasons and Preferences

It is no secret that consumer taste changes with each passing generation. For millennials, this means a preference for online banking over more traditional financial institutions. After all, they are a generation who practically live on their smartphones. Millennials are tech-savvy and consider their phones the new wallet because they expect digital convenience in all aspects of their lives.

The Bankingly report claims that 71% of millennials would rather go to the dentist than go to the bank. Also, around 33% of millennials are of the opinion that they do not need a bank. A further 53 percent of them believe that their banks offer the same products as any other.

This makes millennials more open to switching banks since they don’t see any differences between these financial institutions. Instead of sticking with brick-and-mortar banks, millennials prefer mobile banking. Baby boomers, on the other hand, prefer to stick with older banks due to concerns over the safety of their financial data. Such diverging attitudes create a huge problem for financial institutions.

With the boomers retiring, millennials are expected to fuel future growth for the banking industry through loans, mortgages, retirement accounts, etc. Nonetheless, it appears that banking needs of millennials are influenced by their lifestyles. And this creates uncertainty regarding what the future holds for older banks.

Two Main Reasons Millennials

  • The global financial crisis: The global financial crisis has made millennials skeptical of banks. The 2007 global financial crisis made it hard for older millennials who came of age at that time to secure jobs and pay off student loans. Also, they are educated enough to know that the global financial crisis was due to the greed and fraud that pervaded the banking industry at the time.
  • Millennials expect digital convenience: As mentioned earlier, millennials demand digital services because they seek convenience. The American Bankers Association reports that millennials are three times more likely to open a new account with their phone than in person. This causes them to lean more towards banks that offer digital services than the more traditional ones.
  • Millenials Are Distrustful of the Traditional Banking System World Wide. They Expect The Digital Convenience , Faster Service From Mobile Apps and Tablets For Their Banking Needs

 

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Bitcoin, Ethereum Gain Despite Crypto Market Slump

The Current Crypto Market

It’s been a mixed second week for the crypto market ever since news broke that the US Commodity Futures Trading Commission (CFTC) is conducting a probe into the activities of several cryptocurrency exchanges. The action, which was necessitated by the launch of Bitcoin (BTC) futures by CME Group in late 2017, aims to look into the activities of cryptocurrency exchanges such as Coinbase, Bitstamp, Kraken, and itBit after it emerged that manipulative trading could have distorted the value of Bitcoin futures.
The move is seen as a way for the regulators to tighten control over trading schemes that can be used to manipulate the price of Bitcoin futures, which is under government’s control. Days after the announcement was made, all of the top 100 digital currencies by market capitalization fell, with the total cryptocurrency market capitalization falling by as much as $20 billion on June 10, per

Coinmarketcap.

Bitcoin lost around 5 percent of its value on the day after it traded at $7,244. On its part, Ethereum lost about 6 percent of its value, trading at around $568. Other losers included EOS and IOTA (MIOTA). The downward trajectory continued as Bitcoin traded below the $6,500 mark as the value of Ethereum dipped below $500 over the course of one week. However, it now appears that some cryptocurrencies are back in green, leaving the rest swimming in a sea of red.

Bitcoin and Ethereum Lead Recovery

Despite the losses suffered, it appears that a recovery could be coming after four out of the top ten digital currencies saw slight gains on June 17. Also, the market capitalization of all coins has since increased to $280 billion from a midweek low of around $264 billion.
Bitcoin gained slightly after it traded at an average of $6,505. Similarly, Ethereum recorded an increase of about 0.35% as it traded at around the $500 price mark. If you are willing to look past the top ten coins though, you will be impressed the most by the performances of the Binance Coin (BNB) and VeChain (VEN), which recorded 8.4 percent (now trading at $17.15) and 6 percent (currently trading at $3.11) gains respectively.

Cryptocurrency Market Keeps Sliding for the Rest

While the continued rally of cryptocurrencies like Bitcoin and Ethereum signal that a recovery may not be far off, crypto enthusiasts still have a cause to worry as other major coins show no signs of improvement. Deep down the bottom is IOTA (MIOTA), which lost around 2.16 percent of its value and now trades at $1.18.
EOS supporters who are hoping for a revival also have some waiting to do, as the currency lost around 1.3 percent of its value over the past 24 hours, trading at about $10.58.

 

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World Finance: How Institutions Can Prepare for the Future of Banking

The Future of Banking

Finance is being taken over by tech. Advances in technology are quickly transforming the industry, and may ultimately change the face of world finance as we know it. Banks and insurers used to have less motivation to push boundaries, as the highly profitable, relatively static business models they adopted worked so well.

Today, however, leaders of the industry who had achieved excellent results and brought advanced experience into the financial and business world are being confronted by a new wind of technologies that may disrupt their markets. Peer-to-peer lenders, crowdfunding, bitcoin, mobile payments, robo advisers, etc., are bringing about rapid liberalizing of finance and trade.

The current situation and forces have led to questions being asked about the future of finance. Unless the big names of financial services rethink their business models in some very fundamental ways, they may find themselves losing market share to today’s ever-aggressive innovators. These innovators have come up with ways to offer better products than traditional financial organizations as you would see below.

Modern Technology Use Cases in Financial Services

Technology is driving innovation in the world of finance in several ways. These include:

  • Remittance: This is one of the problem areas for conventional financial institutions. Cross-border payments have traditionally been a slow and expensive process, with some transfers taking up to three days to arrive. The blockchain enables innovators to challenge this process by significantly speeding up confirmation times and simplifying the payment process, all while reducing costs. Blockchain also enhances transparency in the financial industry. This helps to minimize risk and human errors.
  • Chatbots and Customer Service: Another issue that customers often face with traditional financial institutions is that they offer poor customer experience. Chatbots help to correct this, thereby improving client satisfaction and lowering cost.
  • Machine Learning, Artificial Intelligence, and Fraud Detection: Machine learning and artificial intelligence make fraud detection easier, as they help enhance efficiency through the mining of unstructured transaction and account information to give a 360-degree client view and facilitate faster transaction authentication.

How Traditional Financial Institutions Can Prepare for the Future

If the aforementioned disruptive technologies are an indication of things to come, then financial institutions must make efforts to move with the times by generating more innovative ideas to take their business forward. This can be done by:

  • Embracing technology: To ensure continued success, banks will have to adopt technology to keep up with the rapid shift in digital economics. Unless banks train staff on the use of and invest in tech, they may find themselves lagging behind their non-bank competitors in the foreseeable future.
  • Adopting blockchain: Financial institutions should look to take advantage of blockchain if they aim to provide customers with quicker and inexpensive ways to transact.
  • Staying social: Banks can improve customer satisfaction by not only providing engaging content but also by providing customers with several platforms with which to contact them and respond promptly to inquiries.

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How Will the Use of Robots Impact the Banking Sector

Bot Banking Are you Ready for the Future

Robots are gradually changing the face of modern banking. Think the ubiquitous ATM, virtual tellers, or even robo advisors in wealth management, which may soon become a common sight in the financial services industry. Their potential invasion into the banking sector has many observers worried about how it could affect the industry.
Proponents of these technologies argue that they have the potential to reduce costs, expand skills, and improve customer experience. Skeptics, on the other hand, are worried that the rise of the robots could mean the beginning of the end of human participation in the banking industry.

Benefits of Using Automation, Robots in the Banking Sector

While people still perceive robots as threats, a study conducted by IT and consulting firm, Cognizant reveals that this need not be so. The research found that automation and technology should not be feared as they actually offer benefits that may not be possible otherwise. Findings from the study revealed that front-office and customer-facing automation brought about at least 15% cost savings each year.
Other benefits of automation were found to include more standardized process workflow, lower error rates, improved management of repeatable tasks, as well as a lesser need for multiple systems or processes to complete an operation. Indeed, the fusion of digital technology and automation into the banking industry has enabled managers to offer more streamlined and efficient products.

Humans and Technology Can Coexist

Many people worry that the rise of automation in the banking industry could lead to a massive trend of unemployment for bank workers because these technologies would do the work of many employees at a cheaper cost. They opined that as technological advances are made, jobs that previously required manual oversight will be in short supply, leading to a fall in demand for human workers in the banking sector.
Such concerns have lingered on for years. However, research carried out by Accenture suggests it may be wrong to conclude that the rise of automation in the financial services industry could lead to job displacements in the sector in the long run. The study shows that contrary to such widespread beliefs, organizations who embrace intelligent automation may see their revenues increase by as much as 32 percent by 2022. More importantly, employment could also rise by 9 percent over the same period.
This, it is believed, will be occasioned by job change and evolution. More so, humans will be needed to teach, monitor, and maintain these technologies. On its part, automation will boost human skills and judgment. Not to mention that banking sector jobs that require creativity, judgment, and empathy will still need humans to be in control.

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Robots Advance In Banking – Wall Street

Stock Trading Robots

Robotics, designed by artificial-intelligence and machine-learning, is demonstrating to become a game-changer that could bring exclusive efficiencies operational to the financial-services- industry.

Investment into robotics increased by 116% in 2016

Robotics process automation may bring time which is notable cost efficiency improve productivity and operational improvements to financial institutions the use of robotics in financial services is gathering pace but many banks remain into the very early phases of adoption

Aside people, robots are here! Robots are turning out to be smarter, faster as well as cheaper and their deployment across industrial usage such as for instance automotive as well as electronics has surged in the last couple of years. From commercial robots to cars that are self-driving robotics technology is turning out to be more intellectual enabled that replicate human skills as well as cleverness.

Funding for Robotics

Base on research the number of funding deals in robotics worldwide nearly doubled from $274 million in 2015 to $588 million in 2016. The investment growth in 2015 was 116%, as compared to 155 per cent in 2016.

The International-Federation of Robotics approximation that there will be a total supply of 1.3 million industrial robots between 2017 and 2019, forecasting a growth that is average of 14% in the supply of robots from 2018 to 2019. In 2015, the worldwide yearly supply of industrial robots increased by 255,000, a 16% growth from the previous year.

While robotics equipment has found increasing applications that are industrial the final couple of years, its entry into the services sector, especially financial services, is very present. This technology is currently recognized to create fundamental changes to your way banks operate heralding an era that is new self-service banking. For instance, millenials have actually high digital expectations from their banks. They’re prone to be more willing to engage with robots for financial transactions and prepared to rely them for complex activities.

To reach these prospects, banks are making use of robots in several processes. There obviously was what we refer to that as software-programs robotics process automation, that will be becoming a game changer in back end computer. Humanoid-robots are offering customer service at choose branches, bringing special element to clients. Also, robo-experts are now being deployed in areas such as investment advisory.

Robots for innovative customer service

Robots have unique advantages they are time and cost efficient, enhance productivity, deliver superior results, and can work without sleep over repeated tasks. When enabled with intellectual computing, artificial intelligence AI, and machine learning capabilities, robots might be trained to operate autonomously. They can also learn how to enhance performance and accuracy with little or no input that is human. Additionally, multi-lingual language processing and voice recognition abilities enable robots to communicate and conduct seemingly intelligent conversations with customers.

Summary

Banks should not just focus on cost advantages, or disadvantages, they additionally need to enhance their competition by ensuring that they make it possible for higher precision, dependability, and improve service capability, while up scaling their cognitive ability through AI, deep learning and robotics.

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How Technology Is Making Everyday Lending Easier

Technology Making Lending Easy

Technology has – and is – making everyday lending easier. Not only is it now easier than ever to get a loan, but the entire process is far more efficient than it has ever been before. With the chance to apply for payday loan on your mobile device, you can quite literally apply anywhere, at any time of day. Here, we’re taking a closer look at how technology is making everyday lending easier.

Use Your Mobile

Today, you don’t have to log onto a computer to request a loan; you can do it directly from your mobile device. With little to no time to take the time to travel to a location to withdraw cash, mobile lending is on the rise and applying for a loan online takes minutes. Once you have completed the simple online registration form and your loan has been approved, the money will be transferred to your bank account and will be available to spend immediately. You can even top up your loan online by logging into your account!

Online Registration Form

If applying for a loan via your mobile device isn’t for you, there’s still the option to fill out an online registration form on a laptop or computer. Many of these online registration forms require you to share your personal, contact, employment and financial details, which depending on whether you saved your details online, can be filled out automatically, saving you even more time when it comes to completing a lending application. Once you have filled out all the required fields, your credit score will be automatically calculated. From here, you will be told whether or not you are able to take out a loan.

Loan Repayment

Repaying your loan doesn’t have to be difficult either. With your online account, you can easily repay your loan online. You won’t have to answer question after question, as all of your details are stored in one place, saving you valuable time. When logged in to your account, you can view all of your payments, as well as when your loan is due to be repaid. This will help ensure that the money is repaid on time, and you can even set up reminders on your mobile phone for additional peace of mind!

Loan Repayment Calculator

As well as being able to repay your loan online, you no longer have to work out the best loan yourself. By using an online calculator, you can identify how much you can apply for before filling out a quick and easy application. By filling in the amount borrowed, term and interest rate, you can immediately find out the total monthly payment, total charge and total repayment for the amount borrowed.

Technology has undoubtedly made everyday lending easier, and receiving your payday loan is only set to become even more straightforward in the near future. With several new technological advancement being trialled each day, who knows how instant lending could become?

 

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IS BITCOIN THE NEW EVERYDAY MONEY

Bitcoin has created a whole industry and a new way of doing business that one could doubt even its maker never thought possible. From its days of obscurity to its fame and notoriety, Bitcoin today is among the most hotly sought commodities in the world. But is it the alternative every day currency that Satoshi Nakamoto hoped it will be? Let’s find out…

The Economics

Bitcoin in its present form faces serious challenges as it has retracted from being the cheap means of transaction to one that has become completely uneconomical for everyday transactions when it comes to micropayments. Bitcoin miners are allowed to set their own fees for verifying transactions and as such transactions with small fees attached to them often go for days without being verified as the miners don’t find them lucrative. It is estimated that it costs up to $24 to send about $10 in Bitcoin which is just not a feasible number for businesses and customers who wish to pay in Bitcoin

Speed or Lack Of In Transaction

A perfect everyday transaction money is one that moves fluidly and very swiftly from the paying party to the recipient in the least possible time. What makes credit card payments popular is the little time it takes to process them, and this is something Bitcoin in its present state cannot just compete with. Bitcoin is only able to process a maximum of 4 transactions per second which is just not enough for a currency that could potential have millions of people trying to conduct their transactions all at the same time.

Usability

One of the other indices for the use of Bitcoin as an every currency is the safety that comes with its payment. Bitcoin transactions are completely irreversible once initiated and as such it stands at a disadvantage when compared to Ethereum and other cryptocurrencies that allow for the use of Smart Contracts which protect both buyer and seller.

Value

When it comes to actual value Bitcoin stands heads and shoulders above any other blockchain product as it is several times the value of its closest rival on the market. The hike in Bitcoin’s value has seen the increase in the reluctance of its holders to spend it on their day to day transactions, preferring to hoard it, which is why a lot of people tag it as the digital equivalent of bullion gold.

Conclusion

With a very cumbersome transaction process and high fees, Bitcoin stands at a great disadvantage to fiat as well as other cryptocurrencies that offer more efficient service, but its high value makes it the best option for storing value as far as cryptocurrencies are concerned. Therefore if you are looking for a currency to pay for your pizza and ice cream Bitcoin might not be your best choice.

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LendIt Fintech USA 2018 San Francisco March 9-11

LendIt Fintech is the World’s Leading Event in Financial Services Innovation. LendIt Fintech hosts three conferences per year in the USA, Europe, and China. These events bring together every major fintech, blockchain, lending and digital banking companies from around the world. Professionals in the financials services industry come to learn, network and do business.

 

Online Lending, Event Management, Financial Technology, Networking, Peer to Peer Lending, Market Place Lending, Blockchain, Digital Banking, Banking, Fintech, and Financial Services

Meet Chris larson and The Lendit Team

A serial entrepreneur, Larsen, 57, cofounded the online mortgage lender e-Loan, in 1997, and, eight years later, Prosper, the peer-to-peer lender that has been valued at more than $1 billion. He seems to have hit it bigger here, even if XRP is nothing more than a speculation vehicle — and one that’s down 65% since the beginning of the year. While Larsen stepped down from the company more than a year ago, he still serves as executive chairman and tells Forbes he’s “100% focused on Ripple and helping the team any way I can.” Given these kind of numbers, he’d be crazy not to.

LendIt has always been about community. It all began back in 2012 when Jason Jones was speaking at a conference in New York that was organized by Dara Albright. He proposed creating a new event focused on marketplace lending (then called peer to peer lending), a place where the new community could come together. He had been interested in marketplace lending for some time and, along with his partner Bo Brustkern, was in the process of launching one of the first funds in the space.

At that same time Peter Renton, the founder of Lend Academy, had decided that he wanted to start a marketplace lending conference in 2013. The members of the Lend Academy community had been reaching out to Peter on the need for an industry event that would bring the community together in person.

So, it was serendipitous when Jason and Dara connected with Peter and together they decided to launch the world’s first marketplace lending conference. They had modest expectations, they just wanted to put on an event where the entire community could come together to network and learn. The first conference in New York ended up being sold out and was a big success.

Today, Jason, Bo and Peter run the LendIt conferences and Dara has moved on to launch a new venture. LendIt has grown into the largest lending and fintech conference in each of the regions they operate: USA, China and Europe.

Our conferences bring together the fintech firms, investors, and service providers

Lending

Lending has been the bread and butter of LendIt events from inception. As online lending has grown up, so too has LendIt. In the early days there were just a handful of early companies who were thinking very differently about how lending should be done. There is now a healthy ecosystem that has been built around the lending industry. At LendIt Fintech USA 2018 we’ll cover all verticals of lending. Many people are familiar with LendingClub CEO Scott Sanborn who will kick off the event. While we will cover every aspect of lending, here are a few other notable speakers:

  • Jay Farner, CEO, Quicken Loans
  • Max Levchin, Co-Founder & CEO, Affirm
  • Anthony Noto, CEO, SoFi
  • Renaud Laplanche, CEO, Upgrade

Digital Banking

Every bank needs to have a digital strategy these days. Consumers have more options than ever and companies need to check all of boxes no matter what size bank they are. We’ll hear a wide range of perspectives from startups to established banks looking to serve a younger customer base. This track will also cover mobile technology, banking infrastructure, data science, partnerships, wealth management and how banks can compete in the ever changing marketplace. Below are just a few names that we’ll hear from on digital banking:

  • Yolande Piazza, CEO, Citi FinTech
  • Suresh Ramamurthi, Chairman & CTO, CBW Bank
  • Luvleen Sidhu President, Co-Founder & Chief Strategy Officer, BankMobile
  • Jeremy K. Balkin, Head of Innovation, HSBC Bank USA
  • Nicolas Kopp, U.S. CEO, N26 Inc.

Blockchain for Financial Services

For 2018 we looked at one of the biggest new trends in financial services, blockchain and decided to create an event within our event. We are debuting our new blockchain event Blockfin by LendIt. Blockfin is co-located within the LendIt Fintech event meaning attendees have access to both events. We teamed up and are co-hosting the event with CryptoOracle. BlockFin brings together the top innovators and experts from the entire blockchain ecosystem including technology platforms, crypto companies, investors and banks for 2 1/2 action-packed days of learning, networking and business development. The event will include: 1:1 investor meetings, a demo stage for crypto funds & ICOs and 40+ hours of cutting edge blockchain and cryptocurrency content. Some names we are excited to hear from include:

  • Tim Draper Founder & Managing Director DFJ
  • Richard Craib, CEO, Numerai
  • Tom Ding, Co-founder & CEO, String Labs/Dfinity
  • Vincent Wang, Chief Innovation Officer, China Wanxiang Group
  • Kathleen Breitman, Co-Founder, Tezos
  • Catherine Wood, CEO/CIO, ARK INVEST

Specialties  In Financial Technology

This is just a taste of what you can expect out of LendIt Fintech USA 2018. You can learn more by visiting our speakers page or looking at sessions confirmed on our agenda. If you plan to attend the event, be sure to act soon as the price increases by $400 on Friday night. As a Lend Academy reader you can use our special discount code “LENDACADEMYVIP” for an additional discount.

                                       We hope to see you in San Francisco in April

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The Pros & Cons Of Cryptocurrency

There has been a steady growth of interest when it comes to cryptocurrency. As it becomes more integrated into different levels of our lives, it’s no surprise that increased awareness is driving the growing financial revolution. While there are both positives and negatives to the digital currency, the truth is that there are enough big businesses and corporations looking at ways to integrate the technology and make the most of its advantages, so the notion of digital currency is not going away anytime soon.  With fluctuations in value creating an ever-changing market for bitcoins and other, less popular, examples of cryptocurrency, you may be looking at the best ways that you can take advantage of the growing market and influence of this digital powerhouse. If you’ve been looking for good investment opportunities and therefore considering investing in a cryptocurrency, or if you are simply curious how you can use it to manage your finances more securely, then you need to be aware not only of the potential benefits, but also of the negatives as well. This will give you the options with a clear view of what to expect, and will improve your chances of having a positive interaction with cryptocurrency yourself.

Con – It can be difficult to comprehend

Perhaps the most challenging obstacle in terms of large-scale adoption of the various cryptocurrency options, is that it can be a difficult subject to comprehend. The very idea of a decentralized financial system that is stored via blockchain can be challenging, especially if you’re not tech-savvy. Due to the fact that it seems occasionally incomprehensible, people are proving to be very wary taking advantage of the benefits that it can offer, and that appears to be the last hurdle that digital currency advocates will need to tackle if they want to see wider use.

Con – Challenges of market fluctuations

There are a variety ways that you can use cryptocurrencies, but the majority of people using them at the moment are simply using them as an investment. While the more eager users are using their digital currency to buy tickets to sporting events, gamble online, or even buy a house with bitcoin, most are simply waiting for the dramatic market fluctuations to work in their favor. Treating your bitcoins as you would any other commodity may be the way to initiate a more widespread understanding and trust in the new currencies.

Con – No security in case of loss

As with every emerging technology, there are those that use naivety and inexperience to scam, cheat and steal your hard-earned money. This has certainly proven to be the case with digital currencies, so it’s important to be aware of the safety risks. Treating your bitcoins as real money will get you in the right frame of mind, as you simply have to follow standard security protocol as you would with hard currency. For those using cryptocurrency to buy, sell or gamble online, simply be as careful as you would with any investment. For online casinos, look out for the old tricks updated to the digital age, and don’t trust companies that offer unrealistic bonuses, odds, and offers. With a little basic security, you can minimize your chances of making a loss that can never be returned.

Pro – Unparalleled Transparency

This is one of the major reasons why digital currency offers much more potential for societal change and accountability. While the use of cryptocurrency is anonymous, the transactions themselves are all stored on an open ledger (the blockchain). This means that the data is available to view by anyone at any time, and that’s a major boon for those wishing for a more transparent banking system. It is because of this transparency that bitcoin is considered one of the hottest topics in world currency.

Pro – Instant and 24-hour accessibility

It is possible to spend or buy wherever you are, and you don’t even need a computer to use it. Everything can be managed on your mobile device, meaning that even for those with little in the way of technology, they are still able to access their finances and make decisions in real time. This accessibility is a key feature for the adoption of bitcoin, and is being used across the world to provide opportunities for those who would previously have struggled to become online consumers.

Pro (and con) – Absolute anonymity

Having an unregulated currency that is not bound by customs adjustments and fluctuating political changes is a positive and a negative. Cryptocurrency is completely anonymous, which is great for those that value their online privacy and are wary of handing over too much of their digital data. While the additional layer of security that anonymity provides is an excellent benefit, it has also led to the inevitable adoption of the technology by the criminal fraternity. The black market and the dark web are big users of cryptocurrency, and criminals obviously value their anonymity as much as they value the ability to send vast sums of money anywhere in the world with a few taps of their phone. For more law-abiding citizens, the benefits of anonymity are many, but perhaps the most enticing is the fact that there is no chance of identity theft, and that’s of major interest to anyone looking for more secure ways to remain online safely.

Every budding technology will have a degree of uncertainty about the future, and cryptocurrency is no different. While the popularity is growing, and businesses race to keep up with growing demand for its use, it may be too early to know just how big of an impact cryptocurrency will have. As a potential financial revolution, it’s worth keeping an eye on, and maybe investing in now before interest spreads worldwide.

 

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