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11
Jan
2020

Amidst Continuing Hacks and Scams, How Should the Cryptocurrency System Move Forward in 2020?

It is now widely recognized that the cryptocurrency financial system has become a burgeoning industry. So much so that it has become ripe with opportunities for fraudsters and hackers, as millions have become victims of cryptocurrency investment scams and cyber attacks. Apparently, the common factor that has made victims vulnerable to criminal elements is their complacency.

They see the blockchain system as having sufficient shield against the prying eyes of financial regulators and tax enforcers. Yet they also take it to mean that the entire workings of the cryptocurrency financial system is safe from the schemes devised by scammers and hackers. .

Victims tend to overlook the fact that the beginning and end of cryptocurrency transactions still require participation of banking institutions. Not unless one is a cryptocurrency miner who gets to own a unit of cryptocurrency for every block of encrypted transactions he or she adds to the blockchain system.

Purchasing cryptocurrency with real cash, is still the fastest approach to owning digital money. Mainly because it takes high-powered computers to solve complex encryptions plus a lot of hard work is involved. Now in order to have real-world value, cryptocurrencies have to be cashed out through bonafide bank accounts or central bank-accredited payment processors.

Actions Taken to Strengthen the Security of Financial Transactions Involving Cryptocurrency Exchanges

As far as The Society for Worldwide Interbank Financial Telecommunication or SWIFT is concerned, they have reacted to cyber attacks by reinforcing cybersecurity controls, and by identifying the weakest players in the SWIFT community.

Moreover, this organization of global financial telecommunication experts, makes sure that information about the modus operandi of known cyber attackers, are disseminated worldwide to prevent further occurrences of hacking incidents.

In the cryptocurrency system, which is basically a decentralized method of exchanging digital funds, whilst working outside of a central bank or a recognized administrator, members of the cryptocurrency community rely on each other in preventing scams and hacking incidents.

Cryptocurrency service providers like operators of crypto exchange platforms and digital asset custodianship, have also taken steps to prevent digital funds from being stolen. However, the fact that many crypto-related investment frauds and illegal cash-outs still happen, the use of encryption controls, of blacklisting addresses and of capping cash-out transaction, have not proven as sufficient deterrents against criminal elements and their modus operandi.

What Financial Experts Recommend to the Cryptocurrency Community in Moving Forward to 2020

Many articles written about cryptocurrency fraud suggest that it is not only the technology of the system that requires strengthening. Proponents and players in the digital currency market must acknowledge that it takes more than encryption to provide the necessary check and balances in ensuring the validity of blockchain transactions.

Improving the cryptocurrency system also requires risk management and adherence to basic financial controls. Particularly that of segregating duties, functions and roles among those who have access to the blockchain system to deflect conflicts of interests. Segregation pertains to those who have custody of customer assets, as well as from those who facilitate trading or exchanges of cryptocurrency funds.

Most important of all is to instill the importance of education or know-how among participants, before entering into cryptocurrency transactions.

Rather than have digital asset owners and potential investors rely on information provided by influencers, participants should have a clear understanding of how crypto-exchanges and fund transfers work; of the risks involved, as well as have accessible information about established institutions and organizations that can help in verifying the legitimacy of digital investment offers.

Posted by Madelina Feliks in Cryptocurrency, Finance
15
Dec
2019

Five Ways You Can Invest In Cryptocurrency

Investing money that you do not need immediately is something many people are looking forward to. Whether it is about shares, real estate or consumer goods, people have always been looking for investment opportunities to grow their assets. One of the most recent major trends is investing in crypto. They have been around a decade now (at least for  Bitcoin) and have already brought in quite a few extra millionaires. Crypto were seen a few years ago as the alternative to existing currencies. And very many see crypto as an alternative to many insurance types such as the final expense life insurance for seniors. Although this is currently not so bad in practice, there are various ways to invest in it. Here are more ways to invest in crypto.

Ways To Invest In Cryptocurrencies

1. Trading in crypto

The most common way to invest in crypto is by trading. This is also called crypto trading or trading. Trading in crypto is fun because you are really active in buying and selling. Keep in mind that it takes time to get to know and follow the market. This is necessary to reduce your chance of losing and to increase profit. So first do a good research on the different coins to assess the profitability. Buy the coins that you expect to increase in value through a trading platform, and save them in a wallet. Then wait until they increase in value and sell them for a profit.

2. Invest for the long term

Another option to invest in crypto is to purchase it for a longer period. Although some people dropped out after the big fall in the value of Bitcoin in early 2018, this currency has again shown steady growth this year. And given the high point at the end of 2017, there is still a lot of potential in this. Buying Bitcoin can therefore certainly yield a nice profit. In addition, there are also plenty of altcoins with potentials, such as Ripple, Ethereum, NEO and Cardano. Although no one can predict exactly what the value of cryptos will be in the future, there are great expectations among some connoisseurs.

3. Invest in STOs and ICOs / IEOs

Another way to try to grow your assets is by investing in STOs and ICOs or IEOs. Behind these coins are real companies, unlike with digital coins. An STO (Security Token Offerings) is a share in an organization or is entitled to a portion of the profit. You can see it as a sort of IPO on the blockchain. An ICO (Initial Coin Offering) or IEO (Internal Exchange Offering) is a crowdfunding project within the blockchain industry. At an ICO you can buy coins via the platform of the blockchain project itself, while you can buy an IEO via a crypto-exchange.

4. Invest in a mining company

Crypto must be loved. Computers verify transactions and record them in the blockchain. By making complex calculations, your computer receives a reward for this. A few years ago it was still interesting to mine. These days, mining requires more and more computing power. In addition, it is almost no longer profitable due to the high electricity costs. You can, however, invest in a mining company that collects money to realize computing capacity.

5. Invest indirectly through a fund in crypto

The investment opportunities mentioned above as the first two, in particular, are difficult. You have to keep an eye on the price and decide when you want to buy or sell. To make investing in crypto easier and more interesting for institutional investors and, for example, investment funds, there are now also more ready-made solutions. An example of this is an ETN (Exchange Traded Note), with which you can invest in crypto without owning it. The development of this has only just begun, but it could well become popular.

We are only at the beginning of the blockchain and crypto revolution and there are still plenty of opportunities to make money. By the way, always keep investing wisely. A large part of the crypto market is not regulated. Your profit can be high, but your loss can also be large.

Posted by Laney Seward in Cryptocurrency
04
Nov
2019

Settlement Funding: A Cash Flow Remedy For Injured Persons And Legal Professionals

Pre-Settlement Loans is a comparatively recent financing approach to plaintiffs associated with lawsuits plus the attorneys addressing them over a contingency charge basis. There are numerous terms applied interchangeably to legal funding. This includes pre settlement loans auto accidents, third party financing, lawsuit funding, suit settlement money, presettlement auto financing, post-settlement financing, lawsuit financial loans, and lawsuit finance.

Litigation Funding, Shaking Up The Legal Industry

What is a pre-settlement loan or legal funding?

As outlined by Legalist, legal funding is considered the process whereby both injured persons and lawyers can get financing litigation or other legal related funding through a third-party funding business. These financial institutions provide assistance to their clients in return for a percentage of their settlement money. In line with the Litigation Financing Journal, these kinds of transactions happen to be “ nonrecourse, meaning that in case the client seems to lose the case, the funder is unable to pursue the client’s various other assets not related to the lawsuits to gain pleasure. ”

A third-party financing company is just the organization that provides a cash advance, or perhaps legal money, to the plaintiff or the legal practitioner. Such businesses that provide these kinds of advances are usually known as legal funding firms.

If the individual (or legal professional working on a contingency payment basis) would not win his case, chances are they are not in charge of repayment in the funds advanced by the third party finance company. That’s why using the term “advance” is more appropriate than the term “loan. ” Because there is zero payment important unless there is a favorable result in terms of money, award or perhaps verdict, legal funding advancements are not financial loans but are, rather, nonrecourse orders. The “ nonrecourse ” concept is very important to understand since it is the main aspect differentiating legal funding via traditional funding such as financial loans and lines of credit.

Mainly because legal financing transactions happen to be nonrecourse, there exist some companies struggling to recoup their particular investment. Because of this, legal financing is more high-priced than classical financial choices such as loans, credit lines, and low-rate charge cards. So, why not merely use a more affordable option?

Creating Paths To Success

Though credit lines and bank loans are much less expensive cashflow solutions, these choices are not always functional or attainable. Banks generally require a guarantee in the form of nonliquid assets (such as an inventory portfolio, genuine or real estate property holdings). Therefore, if the consumer is unable to produce payments, the bank can recover their investment selling the collateral.

Other Options for The Plaintiff

Injured persons should get a loan or a credit line from a lender, use their very own credit cards, demand financial support from relatives and buddies, use cash stashed away within a savings account or perhaps take out credit against all their 401(k). Or if you have a crypto fund, you could borrow against your crypto funds. Should you be a lawyer, make an effort to increase affiliate fees and referrals, expand on your own network by attending community events, employ credit cards and savings accounts or obtain a small business financial loan.

So, whether you are an individual involved in a lawsuit and need funds while anticipating a settlement or perhaps an attorney needing capital holding out to receive the contingency cost, legal funding can be an important solution to your money flow challenges. Just make sure to exhaust less expensive financing alternatives first, if possible.

Posted by Laney Seward in Finance

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