Bitcoin has been the buzz word in the financial space. As of a matter of fact, Bitcoin has exploded the scene in the last few years and many people
Cryptocurrencies have been in the news recently because tax authorities believe they can be used to launder money and evade taxes. Even the Supreme Court appointed a Special Investigating Team on Black Money recommended that trading in such currency be discouraged. While China was reported to have banned some its largest Bitcoin trading operators, countries such as the USA and Canada have laws in place to restrict stock trade in cryptocurrency.
What is Cryptocurrency?
Cryptocurrency, as the name suggests, uses encrypted codes to effect a transaction. These codes are recognized by other computers in the user community. Instead of using paper money, an online ledger is updated by ordinary bookkeeping entries. The buyer's account is debited and the seller's account is credited with such currency.
How are Transactions Made on Cryptocurrency?
When a transaction is initiated by one user, her computer sends out a public cipher or public key that interacts with the private cipher of the person receiving the currency. If the receiver accepts the transaction, the initiating computer attaches a piece of code onto a block of several such encrypted codes that is known to every user in the network. Special users called 'Miners' can attach the extra code to the publicly shared block by solving a cryptographic puzzle and earn more cryptocurrency in the process. Once a miner confirms a transaction, the record in the block cannot be changed or deleted.
BitCoin, for example, can be used on mobile devices as well to enact purchases. All you need do is let the receiver scan a QR code from an app on your smartphone or bring them face to face by utilizing Near Field Communication (NFC). Note that this is very similar to ordinary online wallets such as PayTM or MobiQuick.
Die-hard users swear by BitCoin for its decentralized nature, international acceptance, anonymity, permanence of transactions and data security. Unlike paper currency, no Central Bank controls inflationary pressures on cryptocurrency. Transaction ledgers are stored in a Peer-to-Peer network. That means every computer chips in its computing power and copies of databases are stored on every such node in the network. Banks, on the other hand, store transaction data in central repositories which are in the hands of private individuals hired by the firm.
How Can Cryptocurrency be used for Money Laundering?
The very fact that there is no control over cryptocurrency transactions by Central Banks or tax authorities means that transactions cannot always be tagged to a particular individual. This means that we don't know whether the transactor has obtained the store of value legally or not. The transactee's store is similarly suspect as nobody can tell what consideration was given for the currency received.
What does Indian Law Say about such Virtual Currencies?
Virtual Currencies or cryptocurrencies are commonly seen as pieces of software and hence classify as a good under the Sale of Goods Act, 1930.
Being a good, indirect taxes on their sale or purchase as well as GST on the services provided by Miners would be applicable to them.
There is still quite a bit of confusion about whether cryptocurrencies are valid as currency in India and the RBI, which has authority over clearing and payment systems and pre-paid negotiable instruments, has certainly not authorized buying and selling via this medium of exchange.
Any cryptocurrencies received by a resident in India would thus be governed by the Foreign Exchange Management Act, 1999 as an import of goods into this country.
India has allowed the trading of BitCoins in Special Exchanges with built-in safeguards for tax evasion or money-laundering activities and enforcement of Know Your Customer norms. These exchanges include Zebpay, Unocoin and Coinsecure.
Those investing in BitCoins, for instance, are liable to be charged on dividends received.
Capital gains received due to sale of securities involving Virtual currencies are also liable to be taxed as income and consequent online filing of IT returns.
Should your investments in this currency be large, you are better off obtaining the assistance of a personalised tax service. Online platforms have eased the process of tax compliance by a long way.
Bitcoin has been the buzz word in the financial space. As of a matter of fact, Bitcoin has exploded the scene in the last few years and many people
Monday, December 9, 2019
Tutorial on Workers' Compensation
Whether you're starting a new business or already in an established business, you need to know the basics of workers' compensation insurance. Almost every business that has employees other than the owner is required by state law to carry workers' comp. But you need to be careful in choosing a policy. The fact is many insurance companies can get remarkably tricky when it comes to writing policies - in their bag of tricks are such ploys as classifying the type of work your employees do incorrectly, miscalculating so-called modification factors, and making a variety of other types of mistakes which, oddly enough, result in insurance costs to you that are higher than they need to be.
Beyond needing to hold your own against your workers' compensation insurance carrier, there's another reason to take a few minutes to learn more about this type of insurance, namely, fraud. Workers' compensation fraud is the second largest category of white-collar fraud in the United States today, second only to income tax evasion. According to the industry judge, fraud occurs in almost a fourth of all claims. It can take the form of employee fraud (an employee who's been in an accident claiming to be injured more seriously than he / she really is), employer fraud (harassing employees who put in claims or trying to deceive the insurance company regarding the number of the company employees), or insurance company fraud (wrongfully denying legitimate claims).
In many businesses, such as manufacturing and construction, workers' comp is a major expense item - and also a major source of friction and confusion. But most business owners know little or nothing about how it works or how rates are calculated. It's too complicated to cover in detail here, but I'll try to touch upon most of the basics in this brief article.
Basics of Workers' Compensation
If you are in the type of business that is mandated by state law to purchase workers compensation benefits, this is something to take seriously. In some states, notably Florida and California, businesses are getting shut down and owners prosecuted criminally for failure to carry this type of insurance. In most states you need it if you have one or more employees - California being one of the few that requires it even for one-person businesses.
In most states you can purchase an insurance policy from a workers' comp insurance company; However in five states (OH, ND, WV, WA, WY) you must obtain coverage through that jurisdiction's state-operated fund. These state operated funds are called "monopoly state funds."
Note that thirteen states maintain state funds which compete with private insurers. So in those thirteen, you can buy your policy either from a private insurance company or from the state fund (CA, AZ, CO, MD, ID, MI, MN, MT, NY, OR, OK, PA, UT).
If for some reason your business is found to be especially risky, you will have to get your insurance from a so-called "assigned risk" fund, and it costs considerably more. Workers' compensation is regulated primarily by the states (and Washington DC) so there are 51 separate sets of rules which govern benefits, premiums, and coverage. However, a so-called "rating bureau" called the National Council on Compensation Insurance (NCCI) has developed a manual used by many states to regulate how insurance companies calculate your rates. NCCI states rely almost completely on this manual, while some other states have developed their own manuals. For example, Nevada sticks closely to the NCCI manual, whereas California has developed its own manual.
Workers' comp policies tend to seem complicated and abstruse to the uninitiated. In addition, you can't rely entirely on your insurance agent to decipher the technical terms, options, and requirements - remember, he / she has a vested interest in selling you as expensive a policy as possible. So if your premiums turn out to be fairly significant, it's a good idea to have your policy reviewed by a lawyer with workers' comp experience or a consultant specializing in this field.
For example, do you need a guaranteed-cost policy (a policy whose premiums remain the same no matter how many claims you file) or a loss-sensitive plan? The latter alternative will cut your costs but increase your exposure.
The basic formula nearly all insurance companies utilize to calculate your policy is to multiply a rate times hundred dollars of payroll. But what is this "rate"? Where does it come from? It is based on the classification of your company type of work performed. It's always to your advantage to be in a relatively "safe" classification, such as clerical work, as opposed to a more injury-prone classification, such as construction. Experts warn that you should be vigilant that the insurance agent does not mis-classify your company - such a "mistake" can easily double your premiums.
What's more, insurance companies inevitably apply an "experience" factor to your premiums. This is a circumlocution for a multiplier calculated on the basis of your company claims history. The more or larger your claims, the larger the experience factor.
Assigned Risk Plans Explained
So what can you do if every private insurer in your state turns down your application for insurance? In that case, you have to utilize the state's assigned risk plan. This is expensive insurance. Yet, I'm told, many agents sell assigned risk insurance without bothering to mention it's assigned, and the words "assigned risk" appear nowhere on the policy. Generally, rates and service are said to be better in NCCI states. However, even if your company is in an NCCI state you will probably get lower rates if you move to "voluntary" (ie, not assigned risk) coverage as soon as possible.
Note that if you're in a "monopoly" state - ie, a state where there are no private insurers and you must use the monopoly state fund - you can still get put in an assigned risk plan. You should discuss this with your agent.
Some Tips Regarding Workers' Compensation Insurance
- Your agent, working with his / her company underwriter, decides what classification codes to utilize in developing your premium rates, as well as the various other risk factors. Reportedly, mistakes and oversights are legion in these types of policies (usually favoring the insurance company), so review your policy carefully, preferably with the assistance of a professional who has experience in this field.
- Be sure to carefully read your policy's Information Page in detail - it contains the most important details you need to check.
- You should be especially careful when your company hires independent contractors. If the independent contractor does not carry workers comp and is injured, you will be held responsible for all costs connected with the claim.
- Always make sure you indicate as named insured all legal entities which are in any way connected with your business. For example, if you own the building it's in, you should be named on your policy as legal owner of the property, as well as owner of the business.
- Also you should be aware of federal workers' comp exposures. In addition to state requirements, some federal legislation also imposes liabilities on employers. You can add coverage for acts such as the following to your workers' compensation policy by endorsement (ie, by adding a supplement): Federal Coal Mine Health and Safety Act (benefits to miners who contract black lung disease; Longshore and Harbor Workers Compensation Act (benefits to employees injured in maritime employment); and Migrant and Seasonal Agricultural Worker Protection Act (housing and safety benefits to seasonal and migrant agricultural workers).
The NCCI Manual is not used for calculating rates in: Delaware, California, Indiana, Massachusetts, Michigan, Minnesota, New York, New Jersey, North Carolina, Pennsylvania, Wisconsin, and Texas. (All other states use it.)
If either you or a professional you hire feels that your premium rates are not what they should be, based on the rules and specifications in the NCCI Manual (or other state rating manual), your initial step should be to contact your agent, say the experts, and request changes; if this does not work, then you should directly contact NCCI or the appropriate state rating bureau and point out the errors in your policy as it is written.
Is your company required to pay workers' compensation benefits to illegal aliens? According to experts, the answer depends on whether the illegal alien qualifies under your state's statute as an "employee" working "in the service of" another under a "contract of hire." Thus far, Ohio and New York courts have upheld the right of aliens to receive benefits; Wyoming, Virginia, and Florida have not.
Note that only Texas, among all the 50 states, does not require employers to carry WC insurance.
About Workers Compensation Fraud
Workers' comp is a no-fault system for providing monetary benefits to injured or ill workers while at the same time shielding employers from lawsuits. But the system is wide open to fraud on a number of fronts. Employers, attempting to reduce premiums, may understate their total number of employees or misrepresent the type of work they do; workers may claim benefits they're not entitled to, for example, by exaggerating the seriousness of an injury; even insurers themselves may intentionally miscalculate premiums and this is, unfortunately, not uncommon.
Surprisingly, it's employer fraud that is the major type of workers' comp fraud. According to a recent study reported by the National Commission on State Workmen's Compensation Laws, over 13% of employers studied were operating without legally required workers' compensation insurance. In addition, others were found to be cheating the system by intentionally misclassifying or underreporting their payroll or by falsely representing employees as independent contractors.
Of course the best-known type of workers' compensation fraud - the kind most often covered by the media - involves workers claiming disabilities that don't exist. Most insurance companies have in recent years set up internal Special Investigative Units (SIU's) to deal with this type of fraud. Claims adjusters report suspicious cases to their company SIU's, which then use surveillance, background checks, videotaping, medical records checks and other tools to document fraud, then turn the cases over to the Attorney General for prosecution. Criminal penalties to workers trying to game the system can be extremely severe.
As an example of how the SIU investigation system works, CompSource Oklahoma not long ago investigated a female claimant who was receiving permanent total disability benefits for back injuries from a slip-and-fall accident. The company SIU team found that while receiving these benefits she was listed on the Internet as an officer of an outdoor recreational club. Surveillance was set up and it was found that she was engaged in mountain hiking, carrying heavy items and other activities suggesting she was not disabled. Criminal charges were filed and a conviction obtained, resulting in a lengthy prison term.
The moral of the story is simply this: Don't commit workers' comp fraud. Insurance companies now employ teams of specialized investigators who will doggedly pursue a any suspicious claim and, if fraud can be proven, will press charges without any hesitation whatsoever.
Bitcoin has been the buzz word in the financial space. As of a matter of fact, Bitcoin has exploded the scene in the last few years and many people
Sunday, December 8, 2019
Understanding the Silver Tsunami - Aging and the Workplace
In deep ocean waters a Tsunami is just a ripple on the water's surface, but when the water shallows, the wave increases in size. The ripples of an aging work force should concern us all, especially when it may be our own actions creating the wave!
Myth #1: Older workers are slow, less productive and not quality oriented.
David Kelly is with the Southwest Washington Agency on Aging & Disabilities. His class focused on dispelling several myths about employing seniors. Obviously Myth #1 is false, The National Council on Aging (NCA) found 97% of employers with older workers think they're "thorough" and "reliable".
I am not new to studying the affects of an aging work force--hence my interest in the class. As far back as high school I have had an interest in the effects of agism on American Society. From my observation, we have cause for concern.
Bitcoin has been the buzz word in the financial space. As of a matter of fact, Bitcoin has exploded the scene in the last few years and many people
In the book Generations, the authors defined seven generations as follows:
Lost Generation (1883 - 1900)
Greatest Generation (1901 - 1924)
Silent Generation (1925 - 1942)
Baby Boomer (1943 - 1960)
Generation X (1961 - 1981)
Generation Y (1982 - 2001)
Generation Z (2001 - )
Myth #2: Older workers quit more often.
Nope. NCA & 9to5 National Association of Working Women show an 88% lower turnover rate in baby boomers compared to Gen Y's & Gen X's.
The class moved into a discussion about technical competence. Gen X & Y are more adapt at using computers, but the general consensus in the class were Baby Boomers had the mental edge. Reacting to business changes favors experience.
Yes, there is a health care cost issue, but reality is such that Baby Boomers are needing to work longer. Business Entrepreneurs would be wise to seek seniors if for no other reason than self preservation.
In the areas of customer service, business ethics, and work pace, Baby Boomers still out perform the younger generations.
Myth #3: Older workers cost more to pay & insure.
True...sort of! Some of the studies show the most costly person to insure is a 30 year-old with two dependents. When surveyed, 90% of Fortune 400 bosses felt the ROI of hiring mature workers was high. While some surveys among small business found a lowered acceptance of older workers, I feel we should all take an active role in welcoming seniors in the work place.
At the ripe old age of 40, I doubt I will get to retire until my 70's. If we create a culture of putting Baby Boomers out to pasture, then I may age out of my job in 15 to 20 years. Yikes!
Here are some numbers...brace yourself--these numbers are important to making my point.
Looking at the US Census projections for two age brackets: 18 to 64 and 65 years and over, it is important to note the swing.
In 2010 the 18-64 age bracket will make up 63% of the US population while the 65+ bracket account for 13% of the total population. In 2030, those projections become 57% and 19% respectfully.
The younger generation will shrink (percentage-wise) while the senior generation will grow. In real numbers. The 18-64 group will total 194.7 million in 2010 and 213.5 million in 2030. This is an 8.8% total increase. The 65+ age group will grow from 40.2 million in 2010 to 72 million in 2030--almost doubling in size.
We already know the impact of an 8% unemployment rate. 77 years ago our nation was suffering from a 25% unemployment rate. With projections suggesting we all will need to work into our 70's, what will be the unemployment rate in 2034 when I (hope to) turn 65
At 65 and looking for a job, someone from Generation Z will probably be interviewing me. If we do not create a culture of hiring seniors right now, then Generation Y will be unaccustomed to hiring older people and that bias will be passed down to Generation Z.
My point may be self serving, but as Smith pointed out in the "Invisible Hand" theory, "an individual pursuing his own self-interest tends to also promote the good of his community."
We cannot stop the wave, the ripples are already showing on the surface, but we can deepen the foundation of the shoreline and lessen the impact of the Silver Tsunami.
Ed Bejarana
Editor, East Portland Chamber of Commerce Business Blog
Reference Links:
Age Wave
Invisible Hand
Bureau of the Census
National Council on Aging
9to5, National Association of Working Women
Southwest Washington Agency on Aging & Disabilities
Bitcoin has been the buzz word in the financial space. As of a matter of fact, Bitcoin has exploded the scene in the last few years and many people
Spread Betting With Currencies
To be successful with Spread Betting it is important to understand at least the various spread betting markets available today.
Spread betting can simply be defined as a bet on a future result or an outcome. Money is made by choosing the correct outcome for a particular bet instrument. The outcome is determined by the underlying market price of a bet instrument.
This article will explain the real basics of currency spread betting and provides a simple example.
Currencies are the largest liquid financial market today and can be very risky. However, if you manage your risk correctly, profits derived from currency trading can be worth the while.
Currency spread betting is similar to your traditional foreign exchange trading and is primarily based on at least the performance of two currencies and how both effect one another. The most popular and most active traded currency pairs these days are the USD/GBP, USD/EUR, USD/JPY and USD/CHF. For those not familiar with currency symbols, USD refers to the United States Dollar, EUR to the European Euro, JPY to the Japanese Yen and CHF to the Swiss Franc.
With spread betting you can bet on whether a currency will strengthen (going long) or weaken (going short) compared to the base currency.
Bitcoin has been the buzz word in the financial space. As of a matter of fact, Bitcoin has exploded the scene in the last few years and many people
Take for example the USD/GBP currency pair where the USD is the base currency. If the entry USD/GBP (1 USD =? GBP) price is 0.6366 when you place a spread bet order, and you believe that the GBP will strengthen, you can wager $ X.XX amount per decimal movement in the price buy placing a SELL order (you believe the price is going to fall).
If the GBP did indeed strengthen and the USD/GBP was say 0.6100 three hours from when you opened the trade, your profit will be based on what you wagered multiplied by the decimal spread movement. In currency trading one decimal/basis point movement is also referred to as a "pip". If you bet $ 1.00 on a decimal movement and you expect the GBP to strengthen then your unbooked profit will be:
6366 - 6100 = 266 x $ 1.00 = $ 266.00
Remember that (for the example above) if the market moved towards the GBP weakening and you bet on the GBP strengthening, you would make a $ 1.00 loss for every decimal movement in the opposite direction of your entry trade price (0.6366). If the USD/GBP moved towards 0.6632 your unbooked loss would be:
6366 - 6632 = -266 x $1.00 = $ -266.00
Take Profit and Stop Loss Levels
Spread betting platforms should show you your live unbooked profits and losses for every open trade. It is normally up to you to instruct the betting platform when you would like to book a profit or loss.
You can close trades manually or give automated instructions beforehand. For example, you can when you place your bet set a "Take Profit" value so that the betting platform can book your profit when a market instrument moves in your direction and reaches your desired take profit value. You should also be able to set a "Stop Loss" value to instruct the platform to close your order when the market moves against you and you do not want to lose your entire position.
Deposit Margins
Most spread betting platforms attempt to fully or partially insure you and them against a potential loss. The value of this insurance is determined when you open a trade and is referred to as the 'margin'. The deposit margin will usually ensure you have enough reserved funds in your trading account to cover any potential losses that might occur if the market moves against you and your order is ultimately closed out.
The margin is calculated automatically based on various factors internally known to the betting provider. Some of the factors include a percentage of the value of your opening bet, the stop loss value you set as well as the volatility of the chosen market or instrument.
When a trade is closed manually or automatically, your reserved margin is released to your account for offset against any profits or losses booked against your account.
The deposit requirement usually set by spread providers for a trade within a new betting account is equal to the maximum loss for that particular trade. This means the maximum you can lose equals the deposit margin. However, certain betting providers allow more experienced traders to lose more than the initial margin without closing the trade. When this happens, betting providers will usually issue margin calls forcing traders to top-up the initial margins.
Currency spread betting will always be risky as you are betting on a future outcome.
Risky Business
Do not attempt spread betting without having at least basic knowledge of how it moves, what affects it, any underlying volatility and any forthcoming market announcements that may have an impact on prices. The key to currency trading success is to ensure you have enough knowledge to react quickly to various market news and announcements.
This type of trading carries a high level of risk to your capital with the possibility of losing more than your initial investment and may not be suitable for all investors. Ensure you fully understand the risks involved and seek independent advice if necessary.
Bitcoin has been the buzz word in the financial space. As of a matter of fact, Bitcoin has exploded the scene in the last few years and many people
What Is Blockchain?
Blockchain is an irrefutably resourceful invention which is practically bringing about a revolution in the global business market. Its evolution has brought with it a greater good, not only for businesses but for its beneficiaries as well. But since it's revelation to the world, a vision of its operational activities is still unclear. The main question stick in everyone's mind is - What is Blockchain?
To start with, Blockchain technology serves as a platform that allows the transit of digital information without the risk of being copied. It has, in a way, laid the foundation of a strong backbone of a new kind of internet space. Originally designed to deal with Bitcoin - trying to explain the layman about the functions of its algorithms, the hash functions, and digital signature property, today, the technology buffs are finding other potential uses of this immaculate invention which could pave the way to the onset of an entirely new business dealing process in the world.
Blockchain, to define in all respects, is a kind of algorithm and data distribution structure for the management of electronic cash without the intervention of any centralized administration, programmed to record all the financial transactions as well as everything that holds value.
The Working of Blockchain
Blockchain can be comprehended as Distributed Ledger technology which was originally devised to support the Bitcoin cryptocurrency. But post heavy criticism and rejection, the technology was revised for use in things more productive.
To give a clear picture, imagine a spreadsheet that's practically augmented tons to times across a plethora of computing systems. And then imagine that these networks are designed to update this spreadsheet from time to time. This is exactly what blockchain is.
Information that's stored on a blockchain is a shared sheet whose data is reconciled from time to time. It's a practical way that speaks of many obvious benefits. To being with, the blockchain data doesn't exist in one single place. This means that everything stored in there is open for public view and verification. Further, there isn't any centralized information storing platform which hackers can corrupt. It's practically accessed over a million computing systems side-by-side, and its data can be consulted by any individual with an internet connection.
Durability and Authenticity of Blockchain
Bitcoin has been the buzz word in the financial space. As of a matter of fact, Bitcoin has exploded the scene in the last few years and many people
Blockchain technology is something that minims the internet space. It's chic robust in nature. Similar to offering data to the general public through the World Wide Web, blocks of authentic information are stored on blockchain platform which is identically visible on all networks.
Vital to note, blockchain cannot be controlled by a single people, entity or identity, and has no one point of failure. Just like the internet has proven itself as a durable space since last 30 years, blockchain too will serve as an authentic, reliable global stage for business transaction as it continues to develop.
Transparency and Incorruptible Nature
Veterans of the industry claim that blockchain lives in a state of consciousness. It practically checks on itself every now and then. It's similar to a self-auditing technology where its network reconciles every transaction, known as a block, which happens aboard at regular intervals.
This gives birth to two major properties of blockchain - it's highly transparent, and at the same time, it cannot be corrupted. Each and every transaction that takes place on this server is embedded within the network, hence, making the entire thing very much visible all the time to the public. Furthermore, to edit or omit information on blockchain asks for a humongous amount of efforts and a strong computing power. Amid this, frauds can be easily identified. Hence, it's termed incorruptible.
Users of Blockchain
There isn't a defined rule or regulation about who shall or can make use of this immaculate technology. Though at present, its potential users are banks, commercial giants and global economies only, the technology is open for the day to day transactions of the general public as well. The only drawback blockchain is facing is global acceptance.
Bitcoin has been the buzz word in the financial space. As of a matter of fact, Bitcoin has exploded the scene in the last few years and many people
To start with, Blockchain technology serves as a platform that allows the transit of digital information without the risk of being copied. It has, in a way, laid the foundation of a strong backbone of a new kind of internet space. Originally designed to deal with Bitcoin - trying to explain the layman about the functions of its algorithms, the hash functions, and digital signature property, today, the technology buffs are finding other potential uses of this immaculate invention which could pave the way to the onset of an entirely new business dealing process in the world.
Blockchain, to define in all respects, is a kind of algorithm and data distribution structure for the management of electronic cash without the intervention of any centralized administration, programmed to record all the financial transactions as well as everything that holds value.
The Working of Blockchain
Blockchain can be comprehended as Distributed Ledger technology which was originally devised to support the Bitcoin cryptocurrency. But post heavy criticism and rejection, the technology was revised for use in things more productive.
To give a clear picture, imagine a spreadsheet that's practically augmented tons to times across a plethora of computing systems. And then imagine that these networks are designed to update this spreadsheet from time to time. This is exactly what blockchain is.
Information that's stored on a blockchain is a shared sheet whose data is reconciled from time to time. It's a practical way that speaks of many obvious benefits. To being with, the blockchain data doesn't exist in one single place. This means that everything stored in there is open for public view and verification. Further, there isn't any centralized information storing platform which hackers can corrupt. It's practically accessed over a million computing systems side-by-side, and its data can be consulted by any individual with an internet connection.
Durability and Authenticity of Blockchain
Bitcoin has been the buzz word in the financial space. As of a matter of fact, Bitcoin has exploded the scene in the last few years and many people
Blockchain technology is something that minims the internet space. It's chic robust in nature. Similar to offering data to the general public through the World Wide Web, blocks of authentic information are stored on blockchain platform which is identically visible on all networks.
Vital to note, blockchain cannot be controlled by a single people, entity or identity, and has no one point of failure. Just like the internet has proven itself as a durable space since last 30 years, blockchain too will serve as an authentic, reliable global stage for business transaction as it continues to develop.
Transparency and Incorruptible Nature
Veterans of the industry claim that blockchain lives in a state of consciousness. It practically checks on itself every now and then. It's similar to a self-auditing technology where its network reconciles every transaction, known as a block, which happens aboard at regular intervals.
This gives birth to two major properties of blockchain - it's highly transparent, and at the same time, it cannot be corrupted. Each and every transaction that takes place on this server is embedded within the network, hence, making the entire thing very much visible all the time to the public. Furthermore, to edit or omit information on blockchain asks for a humongous amount of efforts and a strong computing power. Amid this, frauds can be easily identified. Hence, it's termed incorruptible.
Users of Blockchain
There isn't a defined rule or regulation about who shall or can make use of this immaculate technology. Though at present, its potential users are banks, commercial giants and global economies only, the technology is open for the day to day transactions of the general public as well. The only drawback blockchain is facing is global acceptance.
Bitcoin has been the buzz word in the financial space. As of a matter of fact, Bitcoin has exploded the scene in the last few years and many people
How Long Do I Have to Wear a Self-Tanner?
For those who are new to the world of self-tanning, the process can be quite intimidating, and worries are certainly understandable. The most common concerns are turning orange, smelling like burnt toast, and leaving lotion stains all over the place. The good news is that you will quickly get the hang of it after a few tries, and realize that in order to have great success, you must follow three rules: 1) use a high-quality product, 2) apply it properly, and 3) leave it on long enough for it to take effect.
The latter can sometimes be the most intimidating since self-tanning products seem to come with a Catch 22: although you have to wear it long enough to do its job, you don't want to smell bad at work or school while it's doing it, nor do you want to wear it too long and risk looking like a carrot. Fortunately, you do not have to worry much about any of these concerns so long as you follow the three rules mentioned above; especially the rule about leaving your product on for the right amount of time.
DHA Reaction Times
If you are using a high quality product, which you should be, it will take at least 6 hours for it to begin taking effect, and at least another two or three for it to render long-lasting results. This means that most good quality self-tanners must be worn between 6 and 10 hours for best results. Why? The answer is DHA. According to the American Academy of Dermatology, the most effective sunless tanning products contain dihydroxyacetone (DHA) as the active ingredient.
Before you take a shower, go swimming, get sweaty, or come into contact with water at all, you must let the dihydroxyacetone take effect first. If you do anything that gets you wet or makes you sweat profusely before the product can work, you will not get the best color possible because the DHA didn't have time to react with the amino acids in the upper layer of dead skin cells to produce a lasting color change.
Application Tips
To solve the concerns of smelling strange or feeling uncomfortable for an entire day, simply apply your self-tanner at night, let it fully dry, go to sleep, and then shower it off in the morning. This method gets great results. After you shower, any residual streaks and smells will be gone, and you will see nothing but luminous, glowing skin!
Bitcoin has been the buzz word in the financial space. As of a matter of fact, Bitcoin has exploded the scene in the last few years and many people
The latter can sometimes be the most intimidating since self-tanning products seem to come with a Catch 22: although you have to wear it long enough to do its job, you don't want to smell bad at work or school while it's doing it, nor do you want to wear it too long and risk looking like a carrot. Fortunately, you do not have to worry much about any of these concerns so long as you follow the three rules mentioned above; especially the rule about leaving your product on for the right amount of time.
DHA Reaction Times
If you are using a high quality product, which you should be, it will take at least 6 hours for it to begin taking effect, and at least another two or three for it to render long-lasting results. This means that most good quality self-tanners must be worn between 6 and 10 hours for best results. Why? The answer is DHA. According to the American Academy of Dermatology, the most effective sunless tanning products contain dihydroxyacetone (DHA) as the active ingredient.
Before you take a shower, go swimming, get sweaty, or come into contact with water at all, you must let the dihydroxyacetone take effect first. If you do anything that gets you wet or makes you sweat profusely before the product can work, you will not get the best color possible because the DHA didn't have time to react with the amino acids in the upper layer of dead skin cells to produce a lasting color change.
Application Tips
To solve the concerns of smelling strange or feeling uncomfortable for an entire day, simply apply your self-tanner at night, let it fully dry, go to sleep, and then shower it off in the morning. This method gets great results. After you shower, any residual streaks and smells will be gone, and you will see nothing but luminous, glowing skin!
Bitcoin has been the buzz word in the financial space. As of a matter of fact, Bitcoin has exploded the scene in the last few years and many people
The Far Reaching Implications of the Bitcoin Protocol
It is hard to imagine a world where smart phone technology is ubiquitous, and there are still individuals who do not have access to adequate financial institutions. In these modern times there are roughly six billion people with limited or no access to banking facilities. Difficult to fathom, right? Sadly this is the truth for many people in developing countries. Coupled with corruption, limited modes of transportation, and high transaction fees, bank accounts are a luxury that many people cannot afford. Enter Bitcoin into this equation and financial freedom is just the beginning.
Bitcoin is not just money for the internet; it is a programming language that allows for the decentralization of any information system. As said by Andreas Antonopoulos (2014), "Bitcoin is the internet of money." In order to understand this let's use the analogy of the internet; which allows any individual admission to a global communication and information network instantaneously. In this same way, Bitcoin is allowing individuals' instant access to a free global financial network. The implication of a decentralized financial network free from the corruption of third party moderators is overwhelming. Ponder for a moment introducing 6 billion potential consumers to the global marketplace. The possibilities for economic growth and innovation are exponential. This exists because Satoshi Nakamoto, the inventor of Bitcoin, chose to create open source software that gave all users equal say. The power of the Bitcoin network is its users, which currently exceeds the combined computing power of the top 600 super computers on Earth. This equates to a network, which is for all intents of purposes, impenetrable. Essentially, each individual computer acts as a voting node. These nodes vote on the validity of the current Bitcoin equation, otherwise known as the block chain. In order for the block chain to be verified, a majority of the voting nodes must corroborate if the equation is done correctly. This process happens in nanoseconds, meaning not all voting nodes will participate in every given block chain verification.
Bitcoin is primarily thought of in the west as trendy, new technology and a means of accruing wealth. Recently, the popularity for crypto-currencies has grown rapidly within investment circles, hedge funds, and among the technologically inclined due to its rising value. Though Bitcoin is utilized predominantly inside these aforementioned groups, current buzz surrounding Bitcoin millionaires and the public hearings in New York regarding future regulation have catapulted the currency into the mainstream ( NPR ). However, limiting the Bitcoin protocol to these previously mentioned industries is extremely short sighted given the genius of Satoshi's underlying goal. Remember, the Bitcoin protocol can be applied to any information system, such as the system of voting. When applied to voting, there is no longer the need for a third party organization to verify an election as this is done by each individual voting node. This completely eliminates voter fraud and voting machine tampering. Individuals would be able to vote from the comforts of their own homes, using verifiable identification codes, through a transparent voting system.
We have seen that the Bitcoin protocol not only has the power to shape the future of our global financial network, but of our voting, our phones, and our cable television. Any system that is based on an unbiased third party mediator can be replaced by implementing the Bitcoin software. As the software is policed by all participating members, the possibility of corruption, or hacking the system is minuscule. Regardless of whether Bitcoin the currency ever blossoms into a legitimate mainstream form of monetary transaction remains to be seen, however the revolution in software that Nakamoto has unleashed has only just begun.
Bitcoin has been the buzz word in the financial space. As of a matter of fact, Bitcoin has exploded the scene in the last few years and many people
Bitcoin is not just money for the internet; it is a programming language that allows for the decentralization of any information system. As said by Andreas Antonopoulos (2014), "Bitcoin is the internet of money." In order to understand this let's use the analogy of the internet; which allows any individual admission to a global communication and information network instantaneously. In this same way, Bitcoin is allowing individuals' instant access to a free global financial network. The implication of a decentralized financial network free from the corruption of third party moderators is overwhelming. Ponder for a moment introducing 6 billion potential consumers to the global marketplace. The possibilities for economic growth and innovation are exponential. This exists because Satoshi Nakamoto, the inventor of Bitcoin, chose to create open source software that gave all users equal say. The power of the Bitcoin network is its users, which currently exceeds the combined computing power of the top 600 super computers on Earth. This equates to a network, which is for all intents of purposes, impenetrable. Essentially, each individual computer acts as a voting node. These nodes vote on the validity of the current Bitcoin equation, otherwise known as the block chain. In order for the block chain to be verified, a majority of the voting nodes must corroborate if the equation is done correctly. This process happens in nanoseconds, meaning not all voting nodes will participate in every given block chain verification.
Bitcoin is primarily thought of in the west as trendy, new technology and a means of accruing wealth. Recently, the popularity for crypto-currencies has grown rapidly within investment circles, hedge funds, and among the technologically inclined due to its rising value. Though Bitcoin is utilized predominantly inside these aforementioned groups, current buzz surrounding Bitcoin millionaires and the public hearings in New York regarding future regulation have catapulted the currency into the mainstream ( NPR ). However, limiting the Bitcoin protocol to these previously mentioned industries is extremely short sighted given the genius of Satoshi's underlying goal. Remember, the Bitcoin protocol can be applied to any information system, such as the system of voting. When applied to voting, there is no longer the need for a third party organization to verify an election as this is done by each individual voting node. This completely eliminates voter fraud and voting machine tampering. Individuals would be able to vote from the comforts of their own homes, using verifiable identification codes, through a transparent voting system.
We have seen that the Bitcoin protocol not only has the power to shape the future of our global financial network, but of our voting, our phones, and our cable television. Any system that is based on an unbiased third party mediator can be replaced by implementing the Bitcoin software. As the software is policed by all participating members, the possibility of corruption, or hacking the system is minuscule. Regardless of whether Bitcoin the currency ever blossoms into a legitimate mainstream form of monetary transaction remains to be seen, however the revolution in software that Nakamoto has unleashed has only just begun.
Bitcoin has been the buzz word in the financial space. As of a matter of fact, Bitcoin has exploded the scene in the last few years and many people
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