Living life with the best ride about your Finance.

Featured Cronica Social Pages


cronica social
Tips for a succesful and lasting career in Finance

cronica social
Career options that make people famous and successful

cronica social
How to decide what career is best for you

View Articles

A Brief Overview on Mining Cryptocurrency

Cryptocurrency like Bitcoin (BTC) are all in the rage today. So it is impossible that any internet savvy individuals are not aware of its existence. However, what we can’t let slip are those folks who don’t have much idea how it is acquired or where it is used.

Let’s not Complicate our Lives Here

Speaking of which, it is used as a digital currency to make paperless transactions online. In fact, there are even other investors who use http://vipsignals.trade to trade cryptocurrencies much like when trading using real money in FOREX. It is just mind-blowing and almost impossible for average Joe to keep up-to-date with these digital currencies every minute and hour of the day.

But for sure, you do not want to be left out. As much as possible, you want to join the bandwagon or at least, know how you can use cryptocurrencies to make money and make paperless transactions. There are various types of cryptocurrencies such as Bitcoin, Litecoin, Ripple, Ethereum etc. just like the currencies used in different countries (HKD, SGD, USD). To minimize confusion, we will be using Bitcoin as an example for this article’s sake.

How it Started?

Cryptocurrency mining is the process used to which new coins are being introduced to existing circulating supply. This is the process used as well in securing the coin’s network. People who are mining coins are called as miners. Thus, rather than having central authority that’s controlling and securing the supply of money, this security and control is throughout the network to which miners help maintaining.

Any transactions occurred within the network is collected by miners and gathered into a block. Miners are verifying all transactions in the block as if he/she tries to submit the block with invalid transaction, it gets rejected.

Example of invalid transaction is when Person A sent 20 BTC to Person B despite not having 20 BTC to send in the first place.

Once the transaction is validated by the miner, he/she should compute cryptographic hash.

It is essential for miners to carry out this computation to be able to prevent anyone from creating blocks.

As a result, it maintains uncompromised network towards deceptive blocks.

Work Hard for Reward

As for the computation of cryptographic hash, it demands substantial computing power since hundreds of millions of calculations ought to be executed every second. This is otherwise called as proof of work. As soon as the miner solved the hash successfully, the block will be relayed to the network and be checked all over again in consensus rules. When accepted, the block will be added to blockchain network while the miner gets set amount of BTC as reward.

Why Do Business Organizations Need Compliance Analysts?

When contemplating to build a career in the field of finance, the job of a compliance analyst is one of several highly recommended finance-related positions. The demand for compliance analysts is evergreen, especially in major countries like the U.S. and the UK.

The regulatory landscape in America is quite complex as businesses have to pay heed not only to federal laws but also to legislations and policies imposed by each autonomous state or territory in which a business operates and carries out transactions.On the other hand, members of the European Union like the UK, deal with compliance complexities related to agreements and policies set out by the European Council.

Currently, with the UK’s impending Brexit or withdrawal from the European Union, review and analyses of business compliance remains important, as there may be Brexit conditions to consider during the transition period. Now more than ever, compliance analysts play important roles in various sectors and industries in light of global transactions that may transpire via the World Wide Web.

After all, subsequent modifications in regulations tend to transpire in concurrence with the political ideologies of those currently serving as legislators and executive administrators in each country participating globally.

What Do Compliance Analysts Do?

Any type of regulation that a business needs to comply with is finance related, regardless of industry classification. Most regulations impose fines, penalties and surcharges on those that fail to comply. Other finance-related issues include fees, caps or limits, and taxes, as well as risk assessment valuations.

That being the case Compliance Analysts are expected to perform the following:

* Make certain that all activities of the business entity are in accordance with the rules and regulations pertaining to its industry, not only in the territory in which the organization operates but also in countries with which they maintain inter-global deals, transactions and ventures.

* Keep track of regulatory compliance by gathering pertinent data, whilst reviewing completeness and proper validation of all necessary documents that serve as proofs of compliance.

* Keep abreast of amendments and modifications enacted as laws and imposed by related government agencies; such as but not limited to the IRS, SEC, Dept. Of Labor, Dept of Trade and Industry, Dept. Of Finance, FDA, Consumer Protection Bureau and EPA.

* Act as representative or assist the Senior Compliance Officer in representing the interests of the company when called to attend public meetings or discussions and regulatory hearings related to the industry.

* Liaise with various organizations and governing bodies implementing and supervising the rules and regulations related to the industry

* Identify potential compliance problems and formulate ways or strategies aimed at eliminating possibilities of non-compliance, including preparation of risk management analysis and reports.

Alternative Funding For Your Small And Start Up Business

In terms of funding a small business, the choices are practically endless. However these choices differ in the way you access it. Starting a business may require you to get additional funding apart from your own savings. In most cases, businessmen look at banks as the best source to receive financing. But there are actually other methods to acquire financing and some of them offers a more favorable term compared to a bank. Let’s take a look at these choices to fund your small start up business.

Conventional Bank Loans

The first place most business owners consider are bank loans. This is regarded as the standard funding path. The process starts with an application by filling out a loan application form. The entire process of applying a bank loan takes longer depending on your financial situation, typically from 2 weeks to 3 months.

If you have not applied for a bank loan in the past, be prepared to provide all the details they require from your personal information down to the detailed information about your source of income and your business if it is already operating. You will generally be required a lot of financial details and evidence that you have a good credit standing and that you are in compliance with the tax law.

Sadly, conventional bank loan processes is tedious and daunting. Many banking institutions are cautious when lending money to small businesses particularly for start up businesses. Additionally, there are drawbacks for businesses, as rates of interest and prerequisites may be higher and hard to meet compared to non-standard lending companies. Nonetheless, if you are able to meet all their requirements, you are assured to receive the right loan amount to finance your business.

Non-traditional Small Business Loan options

With traditional banks daunting application process, it is helpful to look at other alternatives such as small business loans from private lending sectors. The best thing about alternative loan products is that they are supported by private organizations who can make independent decisions and not relying on other organizations.

Small business loans may not offer big loans but they can offer reasonable amounts from a thousand dollars to as high as $250,000. Alternative loans offer a more practical and reasonable terms working on the capacity of the borrower to pay rather than dictating on how they want to be paid. Such is in the case of alternative lending companies in New Zealand that offers easy loans NZ in order to support small and start up businesses in the country.

The main advantage of these financial loans is the overall flexibility. Several loan providers place tight limits on loan products which often suppresses a business’ power to make use of the money when it is most needed. Alternative loan providers go on a far more personal approach that enables smoother experience for both parties.

Explore All of Your Options

Other sources of funding may come from your relatives and friends who are willing to invest in your business. In many cases though, while friends and relatives are willing to invest on a family member’s business, there are still difficulties along the way as not all them can be trusting. The problem for several business owners and entrepreneurs is they do not take into account all their alternatives. By looking into all options available, a business may thrive without too much worry of how to fund their business in the long run.

Studies and Experts Recommend Putting Personal Finances in Order First, Before Making Marriage Plans

Getting engaged feels like one step closer to seventh heaven; but you can’t say it really is if you and your betrothed are financially hard up.. The problem is not the wedding per se, because engaged couples can always do with a simple civil wedding if tying the knot is the only issue.

Marriage after all is more than just changing status, it is actually a whole new life with someone who thinks the world of you. Yet what if there are things a betroth needs to know regarding an intended spouse’s true financial conditions? Like some student loan that is still hounding a partner and his or her present earnings; or a heap of credit card debts that has been saddling one’s personal finances since time immemorial.

Even if a set of parents or both sets of parents are extending offers of shouldering the wedding spend, problems regarding money does not end there. In fact you are likely to get into bigger financial woes. What if your spouse-to-be has plans of buying a house and of having lots of children? That being the case, you cannot just let your fiance’ or fiancee make plans without him or her knowing that you still have personal obligations to settle.

If in learning about your real financial status he breaks up with you, there is no reason to bawl over the breakup because it means your future marriage would have been doomed from the very start. If he says it is okay, and that the two of you will find a way to work it out, it means he truly loves you no matter what.

However, it will not be wise to readily agree to push through with wedding plans. In these days of economic uncertainty, happily ever after has greater chances of happening if both parties to a marriage are financially stable.

Putting Marriage Plans on Hold is Better

According to Suntrust Bank, their studies about marital relationships revealed that financial problem is a leading cause of marriage breakups. Thirty-five percent (35%) of those who participated in the bank’s survey specifically identified money as the primary cause of troubles between them and their partner. Of the divorcees surveyed, fifty-nine percent (59%) admitted that financial setbacks were major contributors to the breakdown of their marriage.

In a separate study conducted by leading credit report provider Experian, twenty percent (20 %) of those surveyed gave confirmation that financial discord posed as a significant factor in their divorce.

Even financial experts recommend for engaged couples to sort out their personal financial obligations first before taking the plunge. Most millennials are actually making plans to reach financial goals first as their initial step in planning a wedding. Peter Walzer, President of the American Academy of Matrimonial Lawyers (AAML) commented that they are no longer seeing couples aged 20 or thereabouts getting married. Instead, they are seeing 30-something couples tying the knot but with some, still finding it difficult to stay married.