Why Bitcoin Still Suffers From An Identity Crisis In 2020?

Published on: 07 October 2021 Last Updated on: 26 July 2024

Depending on who you are or what you do, different ideas come to mind when you hear Bitcoin. If you are from a technology background, you will know what Bitcoin is but have still yet to use it as an asset.

However, if you are not from a technological background and have heard the name, the possibility is that you have heard about Bitcoin in rumors. Rumor-based news is always related to the black market, and people who emphasize the rumor have always considered Bitcoin an underworld currency.

The rise of the early stage Bitcoin startups is evident that the Bitcoin industry is flourishing. Bitcoin-focused companies such as Coinbase have already raised more than $100 million in multiple funding rounds.

Despite those who still question the long-term existence of Bitcoin, it has survived its first decade with flying colors. So, if you want to become a part of this revolutionized financial era, try making your first investment with the help of the bitcoin circuit.

Bitcoin: Asset Or Currency

Bitcoin was introduced in the market as a digital currency. It is supported by Blockchain technology. The sole purpose of launching a digital currency was to bypass the prying eyes of third parties.

With the traditional financial transaction, there is always a bank in between that validates the transaction. But with the Bitcoin transaction, the intermediaries can simply omit out.

Bitcoin As A Currency

Bitcoin can be used to buy a whole lot of things. You can use Bitcoin to pay your utility bills, restaurant bills, buy cars, property and book holidays. Looking at the regulation policy of the nation, you might be able to exchange Bitcoin for a lot of things.

Bitcoin was launched as a currency, but it needs to have low volatility for anything to be considered a currency. In that light, Bitcoin might not be able to earn a status of a currency.

Bitcoin As An Asset

What happens if we use Bitcoin as an asset? According to Bitcoin enthusiasts, it can be used as a hedge against inflation. Bitcoin is considered Digital Gold because of its limited number in the market.

Furthermore, experts believe that Bitcoin can be used for nations that lack adequate banking services. At present more than 2.5 billion adults do not use banking services or any other micro-financial services. Part of which is the profitability of the interest factor versus the cost to reach a bank.

Why Does Bitcoin’s, Identity Matter?

Today, Bitcoin has become one of the most used digital currencies to make international transactions. As Bitcoin usage has increased globally, lawmakers have started formulating policies to regulate Bitcoin.

However, lawmakers are facing problems in coming up with exact regulation policies for Bitcoin. This is because Bitcoin is still confused between currency and asset. According to some experts, Bitcoin is more like an asset and even compared to GOLD. While other experts believe that Bitcoin is the breakthrough the financial system has been looking for.

This means that it is upto the Cryptocurrency industry to define the actual nature of Bitcoin.

Can Bitcoin Recover From The Identity Crisis?

Yes, Bitcoin still has a chance to come out of the identity crisis. This is because, as of today, there are still billions of people who are not aware of Cryptocurrency’s existence. Those who are familiar with it are divided into several small fragments.

Hence, if the right effort is made to define Bitcoin clearly, Bitcoin still has a chance to regain its identity. The majority of the responsibility lies on the shoulders of the technologically educated generation who will carry the concept of Cryptocurrency and Bitcoin into the future.

Bitcoin? It Depends On Who You Ask!

As we have already talked about Bitcoin as an Asset/Currency, Bitcoin is bent more towards the asset class. The reason: not only because of its investment potential, but also its limited numbers in the market. The characteristics of Bitcoin are more closely related to that GOLD than currencies.

Read Also:

Why Do Crypto Investors Need To Diversify,

Mashum Mollah

Mashum Mollah is the feature writer of Search Engine Magazine and an SEO Analyst at Real Wealth Business. Over the last 3 years, He has successfully developed and implemented online marketing, SEO, and conversion campaigns for 50+ businesses of all sizes. He is the co-founder of Social Media Magazine.

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7 Best Tips To Manage Payroll As A Large Business Owner

You can not say enough about how important it is for businesses, especially big ones, to manage their payroll well. As an essential component, a seamless payroll system ensures that employees are compensated accurately and timely, fostering a content and motivated workforce. However, managing payroll for a large business can often be a Herculean task, with numerous complexities and challenges. In this article, you will explore the seven best tips to help business owners streamline this critical process. 1. Put A Payroll Policy In Place To ensure smooth payroll management, establish a clear and comprehensive payroll policy. This document should outline the payment schedule, overtime rules, deductions, and other relevant policies. By doing this, you create consistency and transparency, reducing confusion among employees and promoting compliance. Further down the line, integrating an automated payroll system can significantly bolster these efforts. Such a system streamlines the execution of the established payroll policy by automating the calculation of deductions, taxes, and overtime, ensuring employees are paid accurately and on time. This integration reinforces the principles of consistency and transparency and alleviates the administrative load, allowing your team to dedicate more time to strategic priorities. 2. Set A Payroll Budget Add up all the costs of paying employees, like salaries, benefits, and taxes, to get a realistic payroll budget. This budget serves as a financial guide, helping you allocate resources effectively. To keep your business's finances stable, review and update the budget regularly to account for changes in staffing or pay. 3. Categorize Employees Categorize your employees based on their roles and responsibilities. Classify them as full-time, part-time, or temporary workers. This categorization is crucial for accurately calculating wages, benefits, and taxes. It also helps in compliance with labor laws and ensures that each employee receives the appropriate compensation and benefits based on their employment status. 4. Develop A Payroll Calendar Creating a payroll calendar is like having a roadmap for paying your employees. It helps you stay organized and ensures that everyone gets paid on time. With that in mind, break down the calendar into clear milestones, such as when to collect employee hours, process payroll, and distribute paychecks. This way, you can avoid last-minute rushes and keep your payroll process smooth. 5. Maintain Proper Compliance Compliance with employment laws is crucial, so stay updated on local, state, and federal payroll, taxes, and employee benefits regulations. This includes understanding minimum wage laws, overtime regulations, and tax withholding requirements. However, regularly review and update your payroll processes to align with any changes in legislation, preventing legal issues and fines. 6. Conduct Regular Audits Audits are like check-ups for your payroll system, so regularly review your financial records, tax filings, and payroll transactions to catch any errors or discrepancies. This helps maintain accuracy and ensures your employees receive the correct compensation. Addressing issues promptly can prevent financial discrepancies and maintain trust with your workforce. 7. Invest In An ESS This tool empowers employees to access their payroll information, update personal details, and view pay stubs independently. Aside from that, this reduces administrative burdens, enhances accuracy, and fosters transparency. Investing in ESS technology streamlines communication, saving time for both your HR department and employees. This modern approach can boost efficiency and employee satisfaction. Have An Effective Management In Payroll Indeed, mastering the art of payroll management is pivotal for large businesses seeking sustained success and operational efficiency. By implementing the best practices outlined in these tips, you can confidently navigate the complexities of payroll on a larger scale. For specialized support tailored to the unique needs of large enterprises, explore the benefits of professional payroll services for large business. Take charge of your payroll processes and pave the way for a more efficient and successful future. 5+ practical payroll tips and tricks for businesses In case you are effectively managing payroll, several variables must be considered carefully. Below, I will discuss 5+ helpful payroll tips and tricks for businesses. 1) Get An EIN Any business with employees or plans to hire them must have an employee identification number (EIN). The IRS uses an EIN of the companies, through which you can track payroll tax payments and business income taxes. Furthermore, firms can hope to hire workers at some point with the advantage of obtaining an EIN sooner instead of later. One of the fastest ways to get an EIN is by fax, telephone, or mail. The app procedure is usually straightforward, requiring an applicant with a valid taxpayer identification number. 2) Accurately Classify Workers To expand workers properly and capitulate with IRS and other state requirements, you must categorize them correctly. Workers are complicated as employees or independent contractors and their requirements. That is why businesses must comply with the tax contribution along with withholding laws. But not other contractors. 3) Set A Budget This is important to understand clearly what affects payroll expenses. This will depend on your company’s expenses. Above all, businesses must always have enough cash to pay employees in total and timely. Payroll is one of the significant expenses that is often higher than other employers anticipate. For example, employers are legally required to match with Social Security and Medicare withheld from an employee’s pay. Furthermore, companies that offer benefits like health insurance can consider costs. 4) Create A Payroll Schedule You can set a payroll schedule that works with the cash flow of your business required to help discourage cash flow crunches. But it is also essential to comply with other federal and state laws. The pay period should also be consistent regardless of your choice. 5) Keep Policies Simple And Clear The more complicated the payroll regarding policies surrounding attendance and other benefits, the more complex the payroll procedure becomes. The less this is, the more employees can easily understand your policies. After all, establish guidelines that include exactly how and when employees can get paid and several other things. In this case, creating and maintaining a clear and concise payroll policy document and updating information are also necessary. 6) Be Transparent With Your Employees Employees can harm morale if this is due to miscalculated paychecks or confusion regarding how payroll policies are designed. This is also important in how they feel comfortable, and concerning any payroll-related problems with the manager, it will ensure all issues and other possibilities. Beyond damage control, consider transparent payroll policies that explain the payroll procedure. You should also keep the payroll management standardized across the entire information. 7) Keep Through Payroll Records This is a crucial practice if you want to keep the payroll records accurate. After all, this can help businesses get a better picture of several critical pieces of information, such as payroll costs, productivity levels, and tax payments. But certain payroll records are also required legally. Conversely, violations can also result in cost fines levied by the Labor Department and other state agencies. Read Also: CRMDialer: A Zoho Alternative 6 Top CRM For Small Businesses In 2019 Cold Calling Script For Successful Sales Persons

Discovering And Recovering From Identify Theft

Identify Theft is not a big problem if you have the right gadget with you. It is a real problem that affects millions of Americans every year. And, the number of victims keeps growing. According to Javelin Strategy And Research, over 16 million cases of identity theft were reported in 2017 resulting in over $16 billion in stolen money. Different Ways You Can Identify Theft For Your Betterment There are multiple ways you can identify theft for your betterment. Make things easier for yourself to enjoy the day. Work out the plans that can help you to achieve your goals. Identity Theft Explained: Stated by a credit repair company in San Antonio, when your personal and sometimes sensitive information is stolen from you and then used to open accounts in your name, you become a victim of identity theft. Stolen information includes your name, social security number, credit card numbers, bank account information, and other financial data. Your information can be taken via discarded mail, email scams, attacks on financial institution databases, or through any other company that stores a list of sensitive consumer data, for that matter. Thieves may start off with just a couple of pieces of information about you. They use this information to access further data that are key in opening accounts in your name and racking up debt. The Impact Of Identity Theft On Your Credit Score: Simply put, the longer identity theft continues the more it ravages your credit. If you have not put an identity theft monitoring mechanism in place, months may pass before you realized someone has been using your identity. You may not notice until the day you apply for a loan and are surprisingly turned down. Discover the victim before you identify theft. Identity thieves have no interest in protecting your credit. They’ll use your identity as long as they can to spend money until your score is so negatively affected no more lines of credit can be opened in your name. This means, depending on the condition of your credit when your identity was stolen, thousands upon thousands of dollars of debt can accrue before you ever realize your identity has been stolen. Then, your score will plummet from too much debt and have to start rebuilding your credit score. Recovering From Identity Theft: Once you discover you’ve been a victim of identity theft, you must contact all the financial institutions affected such as credit card companies, banks, and other lenders. Report the incident with them, and they’ll help you begin the process of filing your claim and freeze all fraudulent accounts. You need to identify the theft that can work well for you. Next, you’ll need to have new cards issued for any existing accounts you had before identity theft took its toll on your credit. Next, put a freeze on all future lending with a fraud alert. Instituting fraud alert mechanisms will tell lenders to take extra precautions before granting a new line of credit in your name for the next 90 days. Protecting Your Credit: The best way to ensure you don’t become a victim of identity theft is to use a credit monitoring service. These services often come as a no-cost benefit offered by many existing lenders. Credit monitoring will alert you any time there is a change in your credit score. It will also let you take a peek at your credit any time you need to check in on it. You can also protect yourself by using unique, strong passwords at each of the financial websites you have credit lines with. Never click on emails asking for personal information from you. Shred all financial documents, and never give out passwords on the phone. Read Also: Debt Consolidation Plans For Your Debt Relief How To Stay Safe When Making Mobile Payments How To Start A Blog Without Breaking A Bank? The Best Strategies For Retirement Funds Distribution What Are The Types Of Debt That Can Be Discharged In Bankruptcy? How To Check Someone Out Online: 5 Tips On Finding Out Someone’s Personal History

How to become a sub-broker?

To become a reputed and successful entrepreneur, it takes hard work. In India, the opportunities for launching new businesses are umpteen, but the competition is fierce. There is no magic mantra that can help one company find success within record time. It requires dedication, perseverance, and knowledge. Sub-brokers are entrepreneurs with immense potential for making a profit. They are not trading members of stock exchanges, but they can act on the behalf of one. They can also assist business owners and new investors to buy or sell securities through registered trade members. The opportunities of a sub-broker business are plenty. If you have a fair idea of the share market and its products, it is going to be a rewarding business for you. In fact, it is a rewarding profession for novices as well. Anyone with the aptitude for share trading and the will to learn about the share market should be able to master the necessary skills of a sub-broker. What are the necessary qualifications of a sub-broker? The qualifying criteria remain more or less constant across the country for sub-brokers. Here’s a list of the edibility requirement for joining the elites – The person should have a graduate degree. Any subject should do, but the aptitude for share trading is a must. The applicant should have passed their 10+2 examinations at the least. They should know about the financial markets of the country. They should either have the qualification that gives them the knowledge of it or previous experience that gives them the insight of the share markets. He or she should also be able to manage basic financial transactions. They should have the latest information on the economic, socioeconomic, political and environmental scenario in the country. That is because every change in the scenario impacts the share market. They should know how to operate computers. The applicant must also be able to learn specific trading and monitoring software necessary for the process. Nothing can replace good communication skill for sub-brokers. They should be able to convince and comfort their clients during and after investment. It is a highly competitive niche and reliable skills of communication can give you an edge over your competitors. They should be good at management. You must remember that every business is about great management. Nothing can take the place of management when it boils down to man, market, and money. The aspiring sub-broker should clear the basic NISM modules on mutual funds, equities, F&O, and commodities. These regulations ensure that all sub-broking work should follow the completion of these modules. How to find a stockbroker to work with? Next, it is time for the sub-broker to find a broker as a partner. It is the most crucial step towards setting up the sub-broking business and you need to keep a few things in mind before you go down this path – i. Pick a good broker Finding a good stockbroker does not mean looking for one with a lucrative office or higher profit share. The broker you should look for should be reputed in the market, should be trustworthy and active. Make a list of the priority values you want to see in your stockbroker. Consult with your friends, family and fellow sub-brokers during the selection process. Check the broker’s profile before you go into business with him or her. ii. You should be ready for the full-time commitment Being a sub-broker is not a part-time hobby. It is a business and a full-time commitment. You will almost never be off the clock. Even when you will be away from your desk, you will be receiving updates on your mobile phones. Staying connected 24/7/365 will ensure that you will always be ready when a big business opportunity knocks on your door. iii. You need to be more than the average sub-broker Clients expect a lot more than the usual assistance and dealing. It is a competitive market, and you need to cater to your clients’ needs for market advice, investment aide, and product selection. Every client now deals in multiple products like mutual funds, currency, equities, and securities. It has become the responsibility of the sub-broker to advise them on the selection of products to avail the best investment opportunity at the time. What are the finishing touches of becoming a fine sub-broker? Get your own client database Becoming a good sub-broker takes a lot of practice and time. It is important to have databases of people, who are likely to become your clients soon. It is possibly the only profession where cold calls are still valuable and useful. The first stage of the database may consist of your family, friends, ex-colleagues and social media contacts only, but you need to start working on that data. You will have to go through multiple rounds of meetings with your clients, explain the prospects, your business USP and their chances of making profits in the long run. Build your network Finding a reliable sub-broker is a challenge for many regular share market clients. You need to fill that gap and become the sub-broker they can trust. So, do not push sales from the first round of calling and meeting. Ask for references once you establish a relationship with the client. Attend networking meetings. They might be a tad bit cliché, but they are always effective in getting new leads for the new sub-broker. Yes, you should expect to find them the moment you step in. It will take some time for others to warm up to you and for you to notice the new opportunities in the market. Keep yourself updated Lastly, no great sub-broker can remain great without regular brush-up of their market knowledge. So, go ahead, install some of the best market update applications, follow rewarding share trading blogs and follow the news on the changes in the financial policies of the country that can affect the market. To offer your clients a little more than the next sub-broker is offering, stay updated with the international market news as well. The ups and downs of the global market always influence the prices in the Indian share market. Read Also : How To Choose The Best Broker For You How Real Estate Factors Into Business Decisions

Why Bitcoin Still Suffers From An Identity Crisis In 2020?

Bitcoin: Asset Or Currency

Bitcoin As A Currency

Bitcoin As An Asset

Why Does Bitcoin’s, Identity Matter?

Can Bitcoin Recover From The Identity Crisis?

Bitcoin? It Depends On Who You Ask!

What Is The Concept Of ‘HODL’ Which Everyone Is Talking About In Bitcoins

Why Do Crypto Investors Need To Diversify, Too?

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Mashum Mollah

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7 Best Tips To Manage Payroll As A Large Business Owner

Discovering And Recovering From Identify Theft

How to become a sub-broker?

Why Bitcoin Still Suffers From An Identity Crisis In 2020?

Bitcoin: Asset Or Currency

Bitcoin As A Currency

Bitcoin As An Asset

Why Does Bitcoin’s, Identity Matter?

Can Bitcoin Recover From The Identity Crisis?

Bitcoin? It Depends On Who You Ask!

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What Is The Concept Of ‘HODL’ Which Everyone Is Talking About In Bitcoins

Why Do Crypto Investors Need To Diversify, Too?

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