Tag: #money

From fiat to crypto: The history of money

Currencies have evolved from fiat to crypto; this can be because of the generation of newer technologies and people getting modern. Fiat and cryptocurrencies can send and receive payments, but their features differ. The article below discusses the history of money, from fiat to crypto; read the article to clear all your doubts regarding fiat vs. crypto. However, people now choose Bitcoin Circuit app to trade in bitcoins.

How did money evolve?

Earlier, when there were no coins and notes, people used to exchange goods as a form of payment for buying something; this was known as a barter system. Then, the coins came into consideration, and people found coins even more convenient than exchanging goods. For example- The buyer wants to buy sugar in exchange for salt, but the seller wants vegetables as payments; this can be an issue as the seller will willingly sell the item to someone ready to pay him through vegetables. So the notes were designed later. Fiat money is the currency controlled centrally by the government; the central authority takes its value, taxes, and all the other decisions. 

As the technology started getting hype, cryptos were invented; they are digital assets whose popularity has increased since they were created. Although many cryptos are not very popular and their price is also not that high, cryptos like bitcoins and Ethereum have the highest values. 

Crypto vs. fiat

Cryptocurrencies do not have a central body to control the system. Still, a government authority regulates the traditional currency, which helps in case of system disruption or other suspicious acts where users are prone to lose their accounts. Still, fiat does not let that happen because all the data is backed up centrally. 

Investing in cryptos comes with many risks because their price can change drastically at any moment, and you may end up losing your investment; it is advised never to put in a value; you cannot risk losing. But fiat currency has stable prices, and you have few chances to lose your money. 

In addition, crypto is a relatively newer concept as compared to fiat; However, cryptos are gaining a lot of popularity these days, still lesser people are aware of how to use cryptos for general payments, and only a few public places and online stores accept crypto as the mode of payment. However, these figures will increase in the future; right now, people find fiat the convenient source of payments because everyone around the globe uses it.

Moreover, unlike fiat, cryptos let the users make transactions without revealing their identity, making it appealing for people to use them. Also, the lack of central authority in the cryptos makes it possible for people to make transactions without taking approvals from an intermediary.

Making payments through fiat vs. cryptos

 Making payments through fiat is very simple; you can keep the physical currency with you, or online systems such as Paytm, google pay, or even your credit cards can help you if you are not carrying cash. 

Sending and receiving payments through cryptos

Making crypto payments is not as difficult as it sounds; all you need for this process is your device with a wallet application installed. 

Send process

Open the wallet application and press the send button to send payments using cryptocurrency. After this, put in the amount to be sent and the QR code or address of the receiver’s wallet. The payment is set to be sent; look carefully into the details to avoid future details. Finally, click send to transfer the amount.

Receive process

The process of receiving payments is as easy as sending one. First, in the wallet app, click on receive button and then share the address. The final step is to select the accept payment tab to receive the amount.

The process of sending and receiving payments can be slightly different in different wallets; those mentioned above are the general processes; if you cannot find the buttons mentioned above in your wallet, look for something slightly similar.

In conclusion, you would have understood how money evolved from fiat to cryptos and what are the differences and similarities between them. Then, you would have decided which of the above suits your demands.

How Can I Win Money Online?

So, you have read a story of a lucky guy who has won several million dollars in an online casino and would like to repeat his success. There is nothing impossible in life, you know. But not every person is lucky enough to hit a life-changing jackpot. That is why we have prepared this guide based on recommendations from experienced players. Here is more information that will help you become a successful gambler.

Get Ready for Research

If you are new to the field of online gambling, there is a high probability that you have no idea which casino to choose to play. Therefore, we recommend you start your gambling route by reading reviews and looking for feedback from other players. Let us say, you are interested in a Yukon Gold Casino you have found online. So, before deciding if you should create an account on this platform, read as many reviews as you can find. Find out the rating of a casino site. In this way, you will understand what you can expect from a particular gambling platform.

Learn to Play

It does not matter which casino game you would like to select. This might be slots, roulette, blackjack, or even poker. Do not start playing for real money before you are confident in your skills. For this purpose, you can:

  • Read the rules of the game or games you would like to play;
  • Practice in the demo mode – the gameplay is the same, while the money is virtual;
  • Play with low bets – there are a lot of casinos that allow players to make bets of several dollars.

Do Not Look for Quick and Easy Ways

In the process of reading reviews and rules of games, you might come across sites that promise sure-fire strategies or even special codes that will guarantee winnings. Believe it or not, cheating at an online casino is almost impossible. Even if someone manages to use third-party hacking software, the probability that the winning will be paid out is reduced to zero. Before paying the money, every such request is processed by the support team. Having suspected that something is not right, the truth will be discovered.

 

More so, every platform that promises you quick and easy winnings thanks to a special manual or code that you need to purchase is a trick for naive people. Looking for a way to cheat a casino, you will be cheated.

Enjoy the Process

Even if the main intention is to win in a casino, remember how the system works. For a hundred players to win, thousands have to lose. And this might happen that you are not in the first group. Be ready for this. So, if you are playing in a casino, be ready for possible losses. However, the money you lose is not just a loss, this is a payment for your entertainment. That is why consider this money as an investment into your entertainment and enjoy playing your favorite casino games.

How To Avoid High Fees When Transferring Money Online

Transferring money overseas through your bank is one of the easiest ways to get the funds where they need to go. However, that convenience often comes at a price. These money transfers often come with high fees that means you end up losing some of your funds in order to pay it off. Here are some ways in which you can transfer money online without the cost of high transfer fees.

Exchange Rates

One of the biggest factors that impacts the money you are sending, potentially decreasing the amount that is received is the current exchange rates between two money markets. It is smart to consider the different exchange rates for your relevant currencies to determine if you should send the money. If exchange rates favor one currency and that is not in the direction you are sending your transfer, it might be a good idea to wait until those rates improve. If the rates are beneficial for your transfer, you might want to consider even increasing the amount you are sending in order to fully maximize the transfer. Of course, these situations and circumstances don’t apply to everyone, and some people need access to funds immediately, not having the ability to wait for a better window or time frame. In that case, you will want to look at options to save on transfer fees or rates with different companies.

Money Transfer Companies

Instead of using a bank, consider businesses that focus on transferring money. The benefit of utilizing or going through different companies is that you get better rates in terms of the exchange of currencies, as well as lower fees associated with utilizing their services. A drawback with these companies is that because they are not as known or popular as bank transfers, the money transfer can take longer to complete for several reasons. First, you will need to open an account with the company you are transferring money with. Once set up, the transfer itself may also take an extra day or two longer to complete than traditional financial institutions. However, if time is not of the essence and you can afford to take a couple extra days to transfer your funds, the extra effort and time may be worth it to ensure that you are able to send the most money possible. These, of course, will vary from company to company, so be mindful of what companies in your area provide in terms of services and options.

Money Remittance Company

When it comes to making smaller transfers, consider using a money remitter. These are ideal for sending money to family and friends, as opposed to sending money for business or commercial purposes. This is similar to a money transfer company, but deals with physical currency, while other transfer companies deal with cashless transfer options. This can be especially important and essential for certain countries and different circumstances where you need to send money in its cash form quickly. Be mindful to use the best international money transfer app for your needs, ensuring that the availability is present in your country and that the transfers go through with full confidence at the lowest rates. These transfers are also optimal for smaller amounts of money transfer versus larger transfers. 

Peer To Peer Transfer Companies

These companies operate in a similar way as money transfer companies, acting independently from banks or financial institutions. However, they operate in a unique manner that allows them to save you money. When it comes to peer to peer transfers, the money is not physically sent from one country to another. What occurs is that money you intend to send to another country is then matched by another transfer going in the opposite direction. This saves on transfer fees, creating a lower cost to the customer and recipient in general, making such peer to peer companies a viable solution for many users. In terms of transfer time, these may be faster than other companies since money is not physically moving itself, but being drawn from currency of that area. 

When you are sending money overseas, there are many factors to consider to ensure that you are using the options that are most optimal and ideal for your situation. Consider the transfer amount you need to send, as well as the different currencies, exchange rates, and transfer fees. You work hard for your money and you want to ensure that as much of it stays in your pockets or makes its way to the people that need them.

The Money Journal: A Simple, Analogue Way to Tracking Your Money

“There’s an app for that” has become true in almost every situation of modern life. People are tracking everything they do, from drinking water, to where their kids are, steps they’ve taken, and how much they spend. Apps and computer programs are also reminding us to do things, automating tasks like our grocery lists and distracting us from work or studies.

There’s no getting away from how intrinsically linked we are to modern technology in our daily lives. However, there may be times when going analogue is the right option. 

You don’t always need a program to do things for you. Additionally, sometimes it’s better for you to be actively involved in the process rather than to let technology do the work for you. Budgeting and tracking how much you spend is one such task.

Getting yourself an old-school ledger or creating a diary of your spending habits can give you a far greater sense of control. You are seeing the amounts you’ve spent in black and white on the paper, and you are actively adding things up and seeing the results. Being this involved in the numbers can help you get to grips with the money you’re spending and how you can better budget things moving forward.

Start By Picking Your Style

There are various ways to track the money you spend. Which one you choose will depend on your personality and the way you prefer to focus:

  • Daily Inputs

With this method, you note each purchase you make in your ledger as it happens or as a wrap up at the end of the day. This allows you to see exactly what you’re spending on a daily basis and gives you an incredibly accurate breakdown of your habits. This will help you see immediately what your triggers could be for indulging or overspending, allowing you to change bad habits into good ones over time.

This method is also extremely helpful because you can use your daily journal to reconcile your monthly statements for your credit and debit cards. It’s not always that easy to work out exactly what you’ve spent your money on at the end of the month. Especially when the vendor uses a merchant code or name that is nothing like the name of the actual business.

  • Monthly Audits

This method isn’t completely different from the daily method. For it to work properly, you need to keep a record of when and where you make purchases that don’t have some kind of automatic electronic record. Your cash purchases are often forgotten about during the month. So, make sure you have a book (or an app) to keep a note of those for the end of the month.

Then, at the end of each month, sit down with your credit or debit card slips, bank statement, and notes of your cash purchases, and get to work. While this method may take a few hours once a month, you don’t have to worry about jotting down every time you spend money as you go.

  • By Category

When inputting your daily and monthly spends, it’s a good idea to organize them according to a system. Many people like to go by category. These include groceries, clothing, fuel or transportation, rent, for the home, eating out, etc. With this method, you can also easily include how much money you get in from your job and any other sources of income you may have.

  • By Retailer

Another way to organize your purchases is to go by retailer or store. People like to see where they are spending more money than they should or which stores might be a particular weakness for them.

Setting Up Your Analog Journal

A bullet journal is one of the easiest ways to set up an analogue method for tracking your expenses and putting together a comprehensive budget that is easy to follow. 

Don’t worry, this doesn’t mean you need to be good with design and colour, or use an array of cute decorations. Bullet journals are highly functional task management systems, you can just make them as elaborate and decorative as you want to.

  • Monthly Budget vs Spend

The best place to start is with a monthly budget. 

You may need to track your spending habits for a few months before you can start making accurate budgets. Once you have that, you can record how much you want to spend on categories or in certain stores each month and compare it to what you actually spend each month throughout the year.

  • Bill Tracker

This is where you’ll track each purchase that you make. You can have one page for daily purchases and another page for the monthly bills like rent, insurance or your Netflix subscription. This is where you’ll get accurate information to project your monthly and yearly budgets.

  • Debt Payments

Keeping track of your debt is always important. It’s also nice to be able to see a visual representation of your debts and how each payment you make is getting you closer to the end. You can also use this to help you decide if it’s worth taking out a loan or line of credit for a future purchase.

Keep in mind that if you reside in the area, you may even apply for bad credit loan in Singapore to help cover urgent financial gaps. This option, however, should be approached with careful consideration of repayment terms.

 

  • Savings

It’s also important to track what you have in your savings and how much you can put into that account or investment each month. 

If you earn any extra income from a side hustle, for doing paid surveys or any other kind of work, don’t fritter it away. Record how much you have made and save at least a portion of it if possible. You can watch the money grow and calculate how long it will take you to reach a particular goal.

  • The Contents

No journal is complete without a contents page. This will help you find the information you need easily and to flick to the right page quickly when you want to input new information. You can also colour-code each section with tabs, making it easier to jump to the right page directly.

There’s merit in using apps and there are advantages of going analogue. If you find you struggle to keep tabs on your spending even when you’re using an app, keeping written records is the best alternative. 

It’s common knowledge that it’s easier to commit something to memory if you write it down, and this applies to your money and financial situation too.

An innovative new APP to keep parents sane and CHILDREN having FUN whilst LEARNING FINANCIAL LITERACY! #Nestlums

Launching today, Nestlums is a new mobile app which offers modern money training for children through a unique, character-driven, gamified experience, without connecting to a bank account or touching any real money.

The modern digital world presents new challenges in teaching children about money. Research released today by Cauldron shows that in 1 in 4 UK families, a child had made an unauthorised purchase online. A third of parents also said that they were unsure their child has the necessary understanding of financial literacy concepts for their age. 

As families have been spending more time at home, it is likely children are also spending more time online. The Nestlums team hope the app can provide tangible support in building financial understanding, especially where digital money is concerned.

Created for people who want their children to develop good financial habits early, Nestlums harnesses the power of play to make a typically uninteresting subject engaging and rewarding. In the app, charming ‘Nestlum’ characters encourage kids to earn virtual currencies through the successful completion of real life tasks, set by parents in the app. Upon completion, children can then go on to manage, save and spend their earnings.

 

“We know that getting to grips with money can be hard for kids, especially as it becomes increasingly less visible in the modern world. My seven year old daughter barely has a clue what’s going on when I tap my card in a shop!” explains Wayne Travis, Creative Director from Cauldron. “With the growing prevalence of virtual currencies and the rise of the dreaded in-app purchase, we wanted to reinforce the idea of earning money honestly, appreciating the value of money even if you can’t see it or touch it, and not blowing it recklessly.”

 

Nestlums features two virtual currencies: ‘Gems’, which let kids unlock and play games within the app, and ‘Coins’ which represent a tally of real world money that can be honoured by parents as actual pocket money outside of the app.

 

“We designed the wise little creatures in Nestlums to tune into a child’s innate sense of empathy, and give them something to bond and play with as they progress. We’ve always said to parents: if they won’t listen to you, maybe they’ll listen to the Nestlums!” explains Fox Rogers, Design Director at Cauldron. “We are striving to create responsible financial behaviours that translate into the real world.”

 

Nestlums is the first public initiative from Cauldron, the recently re-branded creative arm of fintech pioneers Thought Machine, and has been created in partnership with BAFTA award nominated games developers Glitchers.

The app is aimed at younger children who do not yet have their own bank account or smartphone, and is intended to live on the parent or guardian’s device. Nestlums has been specifically designed as a safe space for children to learn financial behaviours. For example, the app does not connect to a bank account or card and features a secure ‘grown-ups’ section for managing a child’s tally of coins against money spent/honoured in the real world. 

“Multiple children can be set up in Nestlums, and there is no limit to the number of tasks that can be set, rewards given, or games played, allowing Nestlums to be adapted to suit every family.” says lead Game Developer, Max Scott-Slade at Glitchers. 

 

Nestlums can be downloaded from the Apple App Store or Google Play Store for a one off payment of £2.99, and features no subscription charges, in-app purchases or advertising.

For more information on Nestlums, please visit: https://www.nestlums.io