Cryptocurrency – Boon or Curse

Cryptocurrency – Boon or Curse

Since the beginning of time, Humankind has always looked for options to explore and expand their wealth. We started with the barter system and now we are living in a world of digitalized money. We have always wanted to grow and understand the working of the technology in various ways possible. Here we are in an era of machines where everything can just be handled from the web. Let’s have a look at one such currency to understand what is it actually worth.

Cryptocurrency is a medium of exchange, created and stored electronically in the blockchain, using encryption techniques to control the creation of monetary units and verily transfer of funds. The best example is BITCOIN.

Understanding blockchain isn’t that difficult once you understand the working diagram.

Now let’s actually talk about Bitcoin. Bitcoin was the first cryptocurrency created by Satoshi Nakamoto using blockchain and had been a significant player in the crypto market. The cryptocurrency, denoted by bitcoin or BTC, can be accepted as payment for goods and services or bought either from other people or directly from exchanges/vending machines. These bitcoins can be transacted via software, apps, or various online platforms that provide wallets. Another way to obtain bitcoin is through mining. The Bitcoin system runs on a P2P network, and transactions happen directly between users with no intermediary. Bitcoin decentralizes the responsibilities of verifying the validity of transactions to the entire network.

How does this currency come into your hand? As specified above, It can be earned after transfers, but there is another way. Transactions you make are recorded in the public ledger called blockchain and are verified by network nodes, which could be any individual using a computer system with Bitcoin software installed. Once you have made a transfer, the transaction will be broadcast between various people and confirmed by the network. Upon verification, it will be recorded in the blockchain, and then the transfer is completed. This record-keeping process is referred to as mining, and people offering the computing power to do so are called miners. Bitcoins are created as an incentive for solving the cryptography puzzle using transaction data; thus, successful miners are rewarded with the newly created bitcoins, on top of transaction fees. So if you know about computing and able to solve a few puzzles, you will be able to earn a few bitcoins and make some money. This is very similar to working hard in a gold mine, but at the end of the day, you get the money, not the mine owners.

As everything in this world has pros and cons, let’s find out what are for these types of currencies.

Pros

1. It is transparent: It is an open ledger on which all transactions are recorded and monitored. Hence, Transactions are available for verification by anyone, anytime.

2. Portability: Unlike heavy bags full of money. You can carry billions on just a single device with you.

3. Independent: Since you are in control in of transactions without a third party involved, this helps to keep it safe. This protects you from identity theft.

Cons

1. Understanding: This currency is based on computer understanding, and a lot of people find it hard to understand technology hence it would be hard for them to trust such a tech.

2. Gone if lost: We live in a world which is connected to web and money like this easy catch for some hacker who knows you and has a deep understanding of blockchains. Hence, Once lost they can’t be recovered in case of security issue. Always keep your money away from the web.

There is one point which has been bothering me. You decide if it’s good or bad.

Transactions can’t be traced: So, there is no fear of anyone tracing the money through any organization. Hence, you can buy anything you want without being traced, and this is a boon for countries under a dictator’s rule. But it also makes a perfect tool for criminal transactions. A drug dealer could have someone dealing with a tremendous amount of money without being caught.

All the facts have been laid down. The decision is yours to make now.

Is it a myth or a possibility for the future?

10 things you should do to be a successful entrepreneur

10 things you should do to be a successful entrepreneur

All of us have a dream to be a millionaire, start a business, be happy. We have always wanted to be our own boss. This is a path only a few dare to take, but the risks it involves are great hence a few with a strong will, manage to succeed. I had my ups and downs when I ventured. I have failed more than I have achieved, but this made me realize all of us are scared deep down to take risks. We all want to have a safe career where our families are well provided, but we still keep dreaming. There are hundreds of article out there explaining how to be an entrepreneur. I am not going to talk about how to be one. I am here writing about 10 things to do before you venture the cutthroat competition of entrepreneurship.

1. Self Motivate:

There are a very few people who would motivate you, but there would be a whole lot of them out there who would bring you down. When I decided to go down this path, I got a lot of negatives, and I realized that I need to keep motivating myself. Some people kept trying their best to keep me down. No one said, “it’s a good thing to take a risk.” No one said, “I am the best, and I can do it.” The question comes how do I motivate myself. Read a book, Watch videos, listen to speeches, all of these are a great help but the most important step would be to remind yourself that you are the best and you can do great things. You came into this world to do great things. Every morning is a new beginning, and there is no mistake huge enough to bring you down. You did something wrong that’s alright. Tell yourself mistakes happen, and you need to fix it.

2. Work for an Entrepreneur:

Before you jump into the field, learn the moves from the side. Work with an entrepreneur. I am not talking about someone who made their money years ago, but someone who is starving at the moment but making a success into the market. I am talking about someone who didn’t just bring their idea into the market but making it better every day and expanding their business. That is someone from whom you can learn the moves and mistakes. The market is here and today, what he is doing might be obsolete in a few years, but you can always learn what not to do. So, to be honest, there is an upside to the slope.

3. Research and learn fast:

In order to succeed you need to keep learning and updating yourself every minute of your life. Study how you need to build your network, research what other products are available in the market, research who would be interested in your idea, learn how to modify and develop your idea better, learn how the competition is working. It comes down to this point where it is all about learning and building your place. This will make you ready for what is next to come.

4. Work more than 11 hours every day for a year:

I have seen people do a 9 to 5 job and run away as soon as they can to their home. That’s not a business will work. A lot of people think that once you own a business, you can take off whenever you want, you can leave whenever you want. What people don’t realize is, that is not as easy as it looks, it takes more effort to start and run a business than just working as an employee. Take a step, work more than 11 hours in your present job, see if you can make it happen. Stop making excuses to stay out and party, work harder than the CEO of the company. This would bring terrific results, you will end up being noticed by the higher management. Staying in office doesn’t mean you take as many breaks as you want to along with your friends. Work to make things happen, see how hard you can push yourself. Practice pushing yourself a little more every day.

5. Save money:

Saving money is the most crucial part. A few ideas get investors hyped up, but no one will jump out their seat to invest their money into your project. The project needs work before it can take form and get investments. How are you going to bring your idea into a form? You would need money. Do not take a loan from your parents! Save some money every month while you are working as an employee in a firm. Master the skills, you would need them in the future. Make sure you save your own money.

6. Learn to sell:

Before making the plunge learn to sell yourself first. Every personality development course is going to tell you that you need to sell yourself to selected during an interview. I am saying you, you need to sell yourself every step of the life. A friendly customer gets more discount than an irate one. Ever thought what makes that happen? The lovely customer was able to sell himself as a nice person who gained the salesman’s empathy. Since you want your idea to be sold into the market, you need to sell yourself first. Sell yourself to the investor, sell yourself to the team, sell yourself to the customer. It’s all in the sales, my friend.

7. Build Network, establish relationships:

You want your idea to reach a broader market learn to expand your relationships. Everything in this competitive world is about the network. You might not be very good at making friends, but you need to learn to influence people and build relationships if your idea to reach the right people. It happens at times that your idea reaches, bouncing around on different ears, to someone who would like your project and be actually interested in investing money and help you expand your business. You never know who is going to connect you to an investor.

8. Build an audience:

Build an audience with people surrounding you. Talk to people about your idea, talk to your friends and their friends about your plan. There is a technique in psychology called seeding, you keep talking about an idea again and again in front of others and when it comes to action people are automatically drawn to it. You already have built an audience all you need to do is sell your idea, and at the right time with the effort, it will reach the right ears.

9. Explore the industries and learn your strength:

When you start exploring the industry, you learn more and more every day. Every industry you work for will give you a new perspective of looking at things. I have worked with every industry out there to see what I could learn from them and where I could fit in. I was not only growing but also able to think of ways to improvise things. You learn where your strengths are and what are your weaknesses. A little work on it every day will fix everything right up.

10. Get on Ground Zero:

Take a risk, a project where everybody is afraid to fail. Take that project and do everything to make that project happen. Finish the deadlines, work harder than everyone else, research and learn more and more every day about the project. Get down where the action is real. What will happen if you fail? Nothing! You will learn something from your failure and will make sure it is not repeated next. But, can you imagine what happens if you succeed in making it a success? A project where no one was ready to take a step, but you made things happen. You would be the best employee in the organization on the fast track to promotions.