5 Top Financial Technology Trends

Trends in FinTech

Lately, there has been a lot of buzz in the financial services space over the quick and radical changes in the sector brought about by its shift to a new, digital model that will fundamentally transform everything.
In this Featured Article, we take a look at the trends shaping the financial services industry to bring you the most current trends affecting your everyday life. Financial Technology is move at an incredible speed.
  1. Digital Transformation

Our world is becoming very tech-inclined with a growing reliance on technology and online resources. This, coupled with increased competition from fintech and regtech firms whose business model revolves around a variety of new technologies has forced traditional financial institutions to invest in digital technologies to remake processes and become more efficient.

  1. Artificial Intelligence (AI) and Blockchain

AI and Blockchain continue to expand the frontiers of technology, enabling companies to solve even harder problems and disrupt the financial services landscape with huge competitive advantages. AI, for one, is taking the financial services industry by storm.

Several financial services firms now rely on artificial intelligence to cut cost, save time, and add value. For instance, wealth management institutions now use robo-advisors to analyze and understand client investment, spending, and general behavior regarding money management so they can customize the advice offered to customers.

Similarly, the blockchain, the technology which runs cryptocurrencies, continues to power innovation in the financial services sector. It offers an opportunity to speed up and simplify cross-border payments, ensure greater trade accuracy, improve online identify management, and ensure transparency in financial operations.

Through smart contracts, transactions and agreements are executed automatically once the conditions coded in them are satisfied. This help eliminates the need for an intermediary and leads to a reduction in cost.

  1. Digital-Only Banks Influence in the Financial World Continues to Grow

Digital-only banks and fintech companies are threatening to replace traditional banks as the focal point of the banking experience. As technological advancements continue to expand and consumers become more comfortable using the internet, their expectations for instant and straightforward digital interactions will continue to increase.

By their very nature, digital-only banks possess the tools necessary to offer consumers what they expect and prefer. Not operating from any physical location means they attract low transaction cost, which allows them to distribute resources better to provide customer experiences that are uniquely differentiated.

For instance, DBS Bank, a Marina Bay-based digital-only bank offers up to 7% interest rates on savings accounts, unlimited access to ATMs, zero balance requirements, etc., all of which can be difficult for legacy organizations to provide.

  1. Big Data Continues to Drive Modern Business Operations

Organizations continue to find new ways to leverage big data. This data now enables companies to create real competitive advantages by providing large amounts of information to assist with their research, marketing, etc. It is predicted that the Internet of Things will make big data even bigger by providing plenty of storage space as well as by offering the big data itself.

  1. Banks and Financial Institutions Embrace Cloud-Based Offerings

Cloud innovation has been a thing in the financial services industry for a while now. However, it wasn’t until recently that banks started to embrace it. The innovation was generally not well received by traditional banks due to security issues. Brick and Mortar institutions feared that entrusting data to cloud will make it more susceptible to hacks.

Today, however, the technology is becoming more widely accepted, as banks now use cloud computing for non-critical functions like email, human resource, customer relationship management (CRM), customer analytics, as well as for development and testing.

 

Checkout Unique Finance and get a bonus from me.

World Currencies of Low Value

 

World’s Lowest value Currencies Compared These to Cryptocurrencies

A currency is an essential symbol of value in any country, as it is a leading measure of economic health. Different currencies around the world have a different value. In some states, holding a fistful of dollars will make you feel quite rich owing to currency collapse.

In this post, we have compiled a list of some of the worst currencies based on their value to the US Dollar.

  1. Iranian Rial (IRR)

1 USD = 42,105 IRR

The Iranian Rial is currently the worst performing currency in the world. Its poor performance has been attributed to the economic and political uncertainty which continues to prompt panic buy of scarce dollars.

  1. Vietnamese Dong (VND)

1 USD = 23,202 VND

Currencies, they say, are a reflection of the economy they serve. The rowdy atmosphere, poor infrastructure, bribery and corruption, unnecessary regulations, taxes, and subsidies, etc., which characterize the Vietnamese political and economic scene have all contributed to the country’s shrinking currency. With Vietnam being a socialist-oriented market economy, it’s easy to see why this is the case.

  1. Indonesian Rupiah (IDR)

1 USD = 14,611 IDR

Despite having a relatively stable economy, geopolitical instability, which can be linked mainly to the Syrian crisis, still serves as a drag on the value of the Indonesian Rupiah.

Outside of politics and civil unrest, Indonesia lacks many raw materials needed for industry. As a result, it imports most of these materials from other countries, which weakens its currency relative to the hard-to-find dollars.

  1. Guinean Franc (GNF)

1 USD = 9,021 GNF

The Guinean Franc is the world’s fourth and Africa’s worst-performing currency. Experts attribute the weakness of this currency mainly to the high poverty levels in the West African country.

  1. Sierra Leonean Leone (SLL)

1 USD = 8550 SLL

As conflict and poverty continually ravage Sierra Leone, its currency continues to take a hit. The Leone has lost a significant portion of its value against the US Dollar due to civil disturbances, economic and political uncertainty, and inflation.

  1. Laotian Kip (Kip)

1 USD = 8,508

The value of the Laotian Kip was officially lowered from its issue date in 1952. Since then, however, the communist country has strengthened the value of the currency at different times in the past and continues to make efforts to boost its worth even though the IMF feels the currency is too strong given the nation’s large current account deficit.

  1. Uzbekistani Som (UZS)

1 USD = 7,774

Having suffered economic and market sanctions for over two decades, Uzbekistan devalued the Som in September 2017, with $1 valued at 8,100 Soms at the time. The currency has since been on the rise, as the nation’s new economic policy continues to attract foreign investment, setting it up for more gains.

  1. Paraguayan Guarani (PYG)

1 USD = 5,741 PYG

Poverty, corruption unemployment, and inflation, etc., which plague the Paraguayan economy on a massive scale, have caused the Guarani to be in free fall. Investors appear to be increasingly less willing to hold onto the currency for the reasons identified.

 

The Worlds Best Currencies

Checkout Unique Finance and get a bonus from me.

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.

 

Checkout Unique Finance and get a bonus from me.

Regulating Virtual Currencies and ICOs

Cryptocurrency Patterns

THE pattern is familiar. Computer-geeks development technologies which make threats to turn over establish markets and practice. Regulator then mix up to recognize and reclaimed the monster. It’s this that’s happening in the financial world in the wake of an increase of crypto-currencies. Within the past year the pool of virtual currencies has both deepened, from $40bn – $500bn, and widened, because of the spread of “initial coin offerings ICOs, a type of fundraising in which investors in young organizations are given with digital tokens. Minimize funds, college students and pensioners have all been over-involved in the crypto craze.

This worries Authority, since the crypto-sphere is far from risk-free. Values could leap and dive: following a giddy rise, between December and Feb. the price tag on bitcoin fell from almost $20,000 to lower than $7,000. It is now around $9,000. Many ICOs have proved to be scams. Legitimate tokens are in danger to be stolen. Some crypto-currency exchanges have been hacked.

National Authorities

Responding, national authorities are beginning to think seriously about an appropriate platform for finance’s frontier that is unruly. Authority fret about how to classify ICOs as well as tokens are they securities, or even not and how exactly to tax them. They want to stop their use for these evils as money laundering and financing terrorism. And also they bother about how to protect investors that are retail the risk of giving up their shirts.

Certainly, hardly per day passes without a supervisor somewhere calling for tighter regulations, or taking action. On April 6th the Financial-Conduct-Authority in Great Britain cautions company services that are connect to crypto derivatives that they had been subject to its guidelines. On 10th April Taiwan’s finance ministry said it absolutely was planning crypto regulation aimed at money launderers. On 17th April New York State’s attorney general requested thirteen crypto exchanges for information regarding their operations, disputes of interest as well as safeguards for customers.

Authority are planning together because well as separately. Once the governors associated with the G20 countries’ main banking institutions met in Buenos Aires in March, crypto was high on their agenda. They consented that at present these assets are extremely tiny to get of systemic value, but they committed themselves to extending criteria to which financial institutions currently stay such as know-your-customer KYC rules and procedures for monitoring unusual transactions to the crypto-world, to be able to thwart the use that is illicit of currencies.

Public Awareness of Bitcoin

When bitcoin joined general public awareness it was mainly being a facilitator of anonymous, illegal product sales on the “dark web” and as the currency of choice for online ransoms. Many in police thought its anonymity would make it well suited for criminals of all of the stripes. But until recently evidence of this was scarce. The overwhelming view had been that crypto-currencies had great utility to cyber-criminals but restricted use to other criminals, claims David Carlisle regarding the Royal United Services Institute, a think-tank. Instability as well as illiquidity incomplete their use for money launders. However evidence that offender are making more use of these is rising

Nearly all countries have since decided that the website’s profit offset its costs. It’s too early to say whether this can be true of crypto assets or even the Blockchain technology that under-pins them. However it will be wrong to prohibit them before knowing the answer.

Checkout Unique Finance and get a bonus from me.

Is Bitcoin’s Slow Dominance of the Internet a Good Thing?

Back in 2008 when Bitcoin was first conceived and began making its entry into the world of currency, there was a great deal of speculation as to whether or not this digital currency could (or would!) take the power of finances away from central banks around the world that have always held the keys to wealth. Over the past 8 years Bitcoins have surged in value from their humble beginnings at a value of $0.01 per coin to over $1200 per coin in 2013 and then back down again to just about half that value where they are currently valued at. Even though this currency is highly speculative, there are those who question whether their slow dominance of the Internet is a good thing – or not. Here are some thoughts on the issue.

Difficult to Use without Being Valued against other Bitcoins

As a peer to peer currency that is really valued by supply and demand, it should also be realized that there are only so many Bitcoins that will ever be made. The supply is finite, which to some, gives them value because of the old ‘supply and demand’ rule of finance. When it comes to wagering on online games such as poker, it becomes difficult to use them as a currency because it is difficult to break them down into smaller units that can be used as a wager and also, hard for ultimate values to be assessed as the value is even more volatile than many of the leading currencies on the market. It is far easier to use a major currency against another major currency than it is a digital currency against a major currency. In short, they are not yet fully understood by the masses and computations are highly complex. Too complex for the average financial transaction online.

The #1 Concern – Digital Anything Is Open to Hackers

Then there is the concern that since Bitcoins are a digital currency, hackers can literally take over a person’s supply with no one being the wiser as they can also create bogus Bitcoins that may be passed as authentic. The current level of online security appears to be inadequate to keep up with the type of security needed for digital currency so the slow dominance of the internet in this regard is actually a good thing. The longer it takes for this particular currency to gain in popularity and use, the longer cyber security teams will have to find ways to secure sites that accept Bitcoin payment.

In the end, the faster anything at all gains dominance over a market, the quicker it can come tumbling down. When people like online gamers are wagering bets, the money they are playing with needs to have real value. There is nothing ‘tangible’ about an online game as there would be such things as ordering articles from an online merchant and with the hopes of winning, that money being wagered becomes all the more important. It’s just that – a wager, a bet. With nothing to say that other digital currencies won’t hit the market, lowering its value and no sure way to protect against hackers at this time, slow dominance is indeed a very good thing.

 

 

Checkout Unique Finance and get a bonus from me.

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.

Checkout Unique Finance and get a bonus from me.

The Benefits of Online Trading Platforms

These past few years have been very important for the development of cryptocurrencies. Many have even come to crown 2017 as the year of the Bitcoin as this topic has been at the forefront of discussions worldwide be it on the news, online, in magazines, among friends & family etc. Naturally, with the increased interest that this topic has been sparking many have decided to jump on the bandwagon and learn how to trade and invest online. There are many things that beginners must be aware of when it comes to trading cryptocurrencies such as the use of an online trading platform.

Essentially, this trading platform is a software that brings traders and investors together in one place and allows them to buy and sell their currencies and other financial instruments. There are many different trading platforms available and are predominantly offered by brokers either for free or for a minimum amount of trades per month.

These online trading platforms offer many benefits when compared to traditional brokers and financial dealers. For one, it’s quick and easy to use and secondly, they offer a number of educational opportunities to help investors learn more about dealing and trading a number of commodities, shares and currencies.

The added convenience of being able to access your online broker whenever you wish, be it day or night, is also another great feature allowing for more flexibility. Further advantages of online trading platforms include:

1. Ease of dealing

Gone are the days when trading involved calling a broker to arrange for purchases or sales. With online trading it’s all done in just a few clicks and it’s rare that traders need to speak directly with their broker.

2. Affordability

Online trading is very affordable, as more and more brokers are offering online trading, the costs of dealing has decreased considerably, thus allowing traders to benefit from greater income when successful trades are made.

3. Greater control

As previously mentioned, online trades can be conducted at any time day or night, allowing traders to choose when they choose to trade. Additionally, trading can take place via mobile device or laptop, allowing for even more flexibility and freedom and trading on the go.

4. Real time trading

Online brokers offer real time prices and an advanced interface, so traders can keep an eye on their deals at any time and get the most up-to-the-minute prices.

5. Faster transactions

Online trading is extremely fast. As soon as an account has been set up with an online broker, trading can take place immediately as long as sufficient capital is in the account. There are numerous online trading platforms out there, trading with IG offers all the above, plus the knowledge that you’re trading with one of the most popular and trusted online brokers on the internet. Make sure to spend enough doing due diligence and familiarizing yourself with online trading in general including the different trading strategies that are available to help make the most of your trades and have a better overall knowledge of the industry.

Checkout Unique Finance and get a bonus from me.

Crypto Accounts: Managing Your Digital Currency

If you’re yet to look seriously at the rising trend of cryptocurrency, then it can be difficult to comprehend the vast amount of technical terminology that surrounds the revolutionary new currency. With the vast number of benefits that users of cryptocurrency are making use of already, it can be all too easy to make a conscious effort to ignore the notion of digital currency and assume that it is nothing more than a passing fad. However, as large businesses and traditional banks race to keep up with the unregulated arena of digital currency, now is the time to look seriously at the best ways that you too can take advantage of the global possibilities of cryptocurrency. Learning the best ways to manage your digital finances is key to getting the most from the digital revolution.

Digital threats

 As cases of online crimes play an increasing part in the newspaper headlines around the world, we are all a little more security conscious when it comes to our online data. This extends to how we use, store and trade our digital currencies. Due to the fact that it is a financial service, hackers and scammers are particularly interested in ways that they can gain access to your store of digital money. Newcomers to digital currency are especially vulnerable to hackers, with phishing attacks and social media hacks being two of the most common ways for criminals to gain access to your finances. As much as the decentralized nature of cryptocurrency is a major draw of the technology, it can also act as a negativism due to the lack of protection. While crypto trading is one of the safest ways to send and receive money from anywhere in the world, you need to be aware of the security as well, and maintain a high level of awareness in the same way that you protect your traditional banking details.

Making the best use of your wallet

 The majority of people that are making the most of cryptocurrency use digital wallets in order to keep their finances safe. There are a huge number of options available, but the key with all of them is to keep your passwords secure and to make certain that your forward-facing access points are protected. Often this is simply a case of having your active wallet up to date with a smaller amount of money in order to minimize any risk of a damaging loss. As personal hard drives, home computers and smartphones slowly take the place of traditional bank vaults, it is more important than ever that those using cryptocurrency are protecting themselves from criminals in every way that they can. Basic steps such as two-step verification and making use of a password management service can all minimize the risks and leave you to take advantage of the many benefits of a decentralized digital currency.   Learning about the differences between a hot wallet and cold wallet, as well as keeping up to date on the latest scams used by criminals, are the best ways to make your digital finances safer and more secure. This will allow you to manage your cryptocurrency in the safest way possible, allowing you to take full advantage of the benefits, with far less likelihood of becoming an easy target for thieves.

Checkout Unique Finance and get a bonus from me.

Bitcoin Investment Worse Than Gambling Russian Minister Says

 

The Russian Opinion

Opinion is widely divided the world over on what to do with Bitcoin and its cohorts of cryptocurrencies. Just a few days when it was widely reported that the Russian government was intending some form of licensing and taxation on the cryptocurrency industry, the Russian Minister for the economy has come out with an attack on Bitcoin specifically.

The Minister in an interview expressed the view that Bitcoin investments is as unsafe they come, saying that its risks are greater than playing the roulette with your money at the casino.

Bitcoin The Extreme Volatility

Makshim Orekshin expressed the view that the extreme volatility of the cryptocoin makes it paramount that government must only allow its access to qualified investors who can read the risks involved. Mr. Orekshin at the World Youth and Students Festival in Sochi said that “Bitcoin as an asset is wildly unstable; one minute it goes tens of percents up then the next it goes tens of percents down. As an asset that is available to the layman it must not have such wild characteristics. Because you can earn big one minute and then lose everything you have the next minute”

“Those who are not familiar with the risks of such assets must not have access to it” He added further, “because in almost every instant the result will be disastrous for such people”

The Economic Minister’s comment hints that even within Russia, there is no consensus on what form of regulation the cryptocurrency industry should be placed under. Only a few days back, the Minister of Finance proposed a licensing exercise for bitcoin mines and exchanges, while the President Vladimir Putin has been reported in the past to be leaning towards creating a National Cryptocurrency controlled by the government which will be known as the CryptoRouble.

While governments continue to bicker with one another, Bitcoin and other cryptocurrencies continue their wild gains this year.      That’s a Fact Jack !

 

March 28, 2018 at 11:04pm
Bitcoin Investment Worse Than Gambling Russian Minister Says Facebook Twitter Google+ LinkedIn Print Friendly Taxi Insurance Special Needs Looking for the short answer? Yes! If you drive a taxi for a living, standard… https://t.co/pqW8AJ1y0D

March 28, 2018 at 9:32am
Six Amazing Financing Options for Start-up Businesses
Start up Businesses
Business depends upon the idea and vision of an individual or a group of people, and one cannot start it until and unless is confident about the idea. The biggest advantage of… https://t.co/H2TVTY7aOU


Checkout Unique Finance and get a bonus from me.

THE FUTURE OF CREDIT WITH BLOCKCHAIN TECHNOLOGY

 

 

Crypto Credit Cards

The cryptocurrency has taken the world by storm, as it has finally shaded its fringe idea reputation and is now among the most hotly sought-after commodities in the world. Due to the industry’s wild successes this year, which has seen the industry multiply over 10 times in value this year, people are trooping into the industry in their millions seeking to be part of this gold rush.

And although the ways of acquiring cryptocurrencies has become exceptionally simpler over the years with most exchanges now accepting credit card payments, there are a significant section of investors who don’t wish to pay the astronomical amounts cryptocurrencies such as Bitcoin are currently priced at. This naturally sends these groups of investors into the only other way of acquiring cryptocurrencies which is mining. And true to its rise, mining some of the more valuable cryptocurrencies is become more and more out of the reach private individuals, due to their capital and energy intensive nature.

But like every other obstacles there are solutions that have been made to circumvent them. Investor’s and cryptocurrency enthusiasts around the world now use what is known as cloud mining in order to still participate in the mining of their desired cryptocurrencies without having to make investments in the hundreds of thousands of dollars to set up industrial  scale mining operations. Although there are a lot of cloud mining operations that are labeled as Ponzi schemes, but the industry is rapidly maturing and has some reputable and innovative ones like Miner Gate which seeks to take the cloud mining to new heights. Some of the great benefits that cloud mining offers the user include:

Simultaneous Mining

Most people who take on the mining industry by themselves do so by concentrating on a single cryptocurrency at a time to maximize the usability of their computing power (also known s hashing power). This is quite limiting as cloud mining operations offer the user the chance to maximize the use of their hashing power by mining for several cryptocurrencies at the same time which is also beneficial as far as spreading the miner’s risks are concerned.

Smart Mining Operations

To take this great innovation to another level, cloud mining service providers such as Miner Gate have another cool feature up their sleeve where by the users’ mining rig automatically focuses on mining the cryptocurrency with the most value among the multiple mining options offered. This is done by calculating the value of the cryptocurrency against the power needed to mine it. Users are of course not forced to use this feature as they can switch it off at any time of their choosing.

Small Scale Profitability

Cryptocurrency mining operations especially that of Bitcoin have the reputation of being too expensive and often small scale mining operations tend to make heavy losses as the cost of maintaining the mine is significantly higher than the reward obtained at the end of the day. And this is where Cloud Mining pools work their magic for potential miners, as they allow multiple small scale mining operations to pool their resources and mine as a single entity. Any reward gotten at the end of the day is distributed among the participating miners according to the amount of hashing power they contributed to the operation.

 

Checkout Unique Finance and get a bonus from me.