Connect with us

Business Finance

10 cryptocurrency news stories that tickle our fancy

(FINANCE) Everything you wanted to know about recent cryptocurrency stories in a nice little list so you don’t have to lift a finger. You’re welcome.

Published

on

cryptocurrency

Cyrptocurrency is the buzz here at AG, and we’ve collected some of our favorite crypto stories all in one place for your reading pleasure. Full disclosure, I wrote like, half of these. But I swear I didn’t pick the list — it was curated by the higher ups. Get all caught up on the latest in digital currency and have fun rabbit-holing down whatever catches your attention:

How to keep the IRS off of your ass when you invest
So you bought some Bitcoin because all your friends were doing it, but now tax time is coming up and you’re like wait what do I do with this? Does the IRS need to know about my awesome digital currency investment? Yes, they do. Good news though, you can stay out of tax jail using Token Tax, a tool that helps report your cryptocurrency investments. Think of it as the Turbo Tax of crypto, and your personal tax savior this year.

AI can spot crypto investment opportunities
Take most of the thought out of investing your crypto with TokenAI, a decentralized investment platform powered by artificial intelligence. Advanced algorithms anticipate market trends, and users have access to Wall Street-level tools to execute democratic investment opportunities.

TokenAI converts money into Total Market Tokens, which can be bought in bulk and converted into any form of crypto. Its creators note, “AI does not feel fear, does not get greedy, does not have an ego,” so the emotional nature of trading is removed making for better investment opportunities.

Crypto beats historic market cap
Cryptocurrency’s total market capitalization spiked over $600 billion on December 18, 2017 according to data tracking site CoinMarketCap. At the time, this broke a historic market cap record. Since then, the total market cap has roller coastered, reaching peaks of over $830 billion in mid-January and lows around $425 billion just a few weeks later.

Blockchain has a competitor that could already obsolete the tech
Blockchain better watch its back, there’s a new kid on the block…chain. Data structure and consensus algorithm Hashgraph offers an alternative to blockchain, with a decentralized platform that uses Asynchronous Byzantine fault tolerance, faster transactions, and could maybe even use your smartphone as a node. Since Hasgraph uses every container in a chain, transactions could be up to 50,000 times faster than blockchain.

Millennials prefer bitcoin to stocks
Last November venture capital firm Blockchain Capital conducted a survey that found participants in the 18-34 age range preferred Bitcoin to stock. Respondents said they would rather own $1000 of Bitcoin than government bonds or stocks. As cryptocurrency becomes easier to buy, trade, and sell, its popularity rises.

Plus, the decentralized yet transparent nature of transactions gives crypto a leg up on banks, since many millennials are wary of traditional banking methods (hi, Wells Fargo).

Debit card that lets you spend crypto lke cash
In November, London Block Exchange (LBX) announced plans for a cryptocurrency debit card dubbed “Dragoncard” because why not. Dragoncard will be powered by Visa, allowing users to spend crypto like cash by converting digital currency to sterling with the LBX app. Currently, the app will support Bitcoin, Ethereum, Ripple, Litecoin, and Monero.

LBX will handle conversions when using Dragoncard at retailers to (hopefully) speed up transactions. Due to release sometime this month, pre-registration for the digital wallet app is still open to the public if you’re lucky enough to be in the UK.

Space crypto
It’s a bird, it’s a place, it’s…space crypto? Nexus cryptocurrency aims to team up with the aerospace industry to broadcast its network from space instead of Earth. By throwing up a ton of satellites into the atmosphere, crypto infrastructure would theoretically be free from government and telecommunication regulation.

Nexus cryptocurrency founder Colin Cantrell’s father Jim Cantrell is a space entrepreneur, because that’s a thing we can be now. With their powers combined, we may have cryptocurrency in space.

The crypto that keeps Buddhists honest
Surprise, everyone can be terrible, even monks. In light of recent a corruption scandal in Thailand where several Buddhist temples were suspected of embezzling, American Buddhists are turning to cryptocurrency to build trust. Lotus Network, a “digital temple” where students and teachers can connect, uses blockchain to track online transactions.

Students can pay for classes and even make donations to specific teachers or temples with “Karma Tokens,” an Ethereum-based cryptocurrency. Since everything is tracked with blockchain, funds and spending are totally transparent, which will hopefully curb corruption.

Russia made cryptocurrencies illegal, and then made their own that IS legal. Pretty neat, comrades.
Back in October 2017, Russia decided it wasn’t really into all that cryptocurrency stuff. At least, the government wasn’t a fan of crypto that it didn’t create for itself. So after blocking citizens from accessing cryptocurrency on the basis of it being a “pyramid scheme,” the Kremlin released its own digital currency, the CyrptoRuble.

In complete defiance of the whole decentralized thing that makes crypto so appealing to users, CryptoRuble will likely be heavily monitored by the Russian government.

What happens to crypto if net neutrality dies for really real, tho?
Hey, remember that time the FCC decided to burn net neutrality at the stake and we were all worried about Netflix and stuff? Well net neutrality’s death may also impact cryptocurrency. If the execution goes as planned, Internet Service Providers could throttle the speed of crypto exchange sites, prioritize their own interests, or even cut off access entirely. Maybe go write or call your Congress representatives.

Lindsay is an editor for The American Genius with a Communication Studies degree and English minor from Southwestern University. Lindsay is interested in social interactions across and through various media, particularly television, and will gladly hyper-analyze cartoons and comics with anyone, cats included.

Business Finance

7 ways to get your freelance invoices paid more quickly

(FINANCE) It’s easy to feel uncomfortable bringing up money with your superiors, but for a freelancer, it’s more important than ever to bring up the issue. Here are 7 tips to get your invoices paid quickly.

Published

on

financial advice

For many, an awkward topic of conversation revolves around money. Whether asking for a raise or asking to borrow money, people often feeling uncomfortable when talking money.

This is equally, or possibly even more so, true for freelancers who are solely in charge of their finances. Without a system of weekly direct deposit, freelancers have to work overtime to keep their earnings in order.

The issue with this is that clients also have a lot on their plates, and something as simple as a freelancer’s paycheck is common to fall through the cracks. This causes freelancers to have to work friendly reminders into their repertoire.

However, freelancers may not always be knowledgeable of the best ways to keep their finances in check (no pun intended). Below are seven ways to enhance payment methods.

  1. You have to be willing to make billing a priority. Due to the fact that money is awkward to talk about, as aforementioned, many let this fall by the wayside. The best way to do this is to keep up to date with your invoices and send them as soon as they are done. Making a calendar specific for billing can help with this idea.
  2. This second bit dates back to when we were young and learning our manners: it is crucial to be polite. Not only is it the right thing to do, but it also increases speed in payment. Using “please” and “thank you” in invoicing emails are said to get you paid five percent faster.
  3. It is best to try and keep a complicated concept like finance as simple as possible. Make sure you are creating specific due dates. This will help to signify importance of payment.
  4. Now that virtually anything can be done online, it would make sense to use electronic payment verses an old-school check. Accepting online payments will get a user paid, on average, eight days faster as opposed to a check.
  5. This is an important notion to keep in mind for any aspect of your business life: be professional. Invoices are often seen by many eyes so it is best to include your business’s logo on said invoice. This has been found to increase chances of being paid on time by 10 percent.
  6. Specificity is urged again in the form of transparency. Make sure you are giving detailed descriptions on each invoice so that anyone looking at it knows exactly what you are being paid for. By doing this, you are 15 percent more likely to be paid on time.
  7. While you may be invoicing month by month, try to avoid sending on the 30th or 31st. Being that everyone, generally, sends their invoices in on these dates, it takes 10 – 20 percent longer to be paid. With everyone sending it at the end of the month, it has a tendency to back up payroll.

The most important thing to remember is that while the topic of money may be awkward, it is your money. If you let a few invoices fall behind because you are uncomfortable reminding your client, this has a way of adding up. Be sure to keep on track with your finances to earn what you are working for.

Continue Reading

Business Finance

Laugh at Bitcoin all you want, but Ohio business taxes can soon be paid in crypto

(BUSINESS FINANCE) Cryptocurrencies are still widely misunderstood, but an innovative Treasurer in OH is making crypto history.

Published

on

crypto

Ohio. The part of a title of that one Bowling for Soup song, home of Lake Erie and now the first state to start accepting crypto as a form of payment for taxes.

On Monday, December 3rd, businesses in Ohio will be able to pay their taxes in cryptocurrencies like bitcoin.

It seems like a rather easy process to enroll. Companies that want to join in on all of the history-making, crypto fun just have to go to OhioCrypto.com and then register to pay whatever taxes they want in crypto. There are 23 eligible business-related taxes and there is no transaction limit.

While there is no timeline set, there are hopes of expanding the program to individual tax payers.

Ohio’s state treasurer, Josh Mandel, is the man responsible for the state’s light speed propulsion into the finance future. The crypto program is just one step of many of the state’s bigger picture goal of rebranding itself as tech-friendly. Mandel is quoted as saying, “We’re doing this to provide Ohioans more options and ease in paying their taxes and also to project Ohio’s leadership in embracing blockchain technology.”

I had no clue Ohio residents were referred to as Ohioans, but onto the thought I’m sure looming in the back of everyone else’s mind:

What could go wrong with a crypto tax payment program?

For starters, the crypto market is currently the definition of a dumpster fire. Crypto has been in a nose dive for sometime now. Last November, Bitcoin prices capped off at about $8,000. This November, it isn’t even half of that.

Also, what is a stat going to do with a bunch of crypto currency. The treasurer’s office is not holding, mining or investing in crypto for payments or processing. Instead, the state will work with a cryptocurrency payment startup, BitPay to convert the bitcoin to dollars. But per the startup’s official blog, their open-source Bitcoin wallet Copay has been compromised by malicious code. BitPay says that their app was not vulnerable to the malicious code but that they are investigating whether or not any of the CoPay users had been exploited by the vulnerability.

Ignoring those slight holes in the plan, it is kind of cool that Ohio is the first state to make its foray into blockchain payments. They even have plan to expand into other cryptos in the future.

Never thought I’d say that Ohio would lead the way into the future but hey, it’s been a weird year, so why not.

Continue Reading

Business Finance

Founder surprises employees by gifting them $20M in bonuses

(FINANCE NEWS) In a rare feel-good moment, we pause to acknowledge how one CEO earned lifelong loyalty with his generosity.

Published

on

bayada founder surprises all

Home health care is, arguably, one of the most thankless jobs. You work long hours, do a lot of dirty work, and provide physical and emotional care for clients and families. In an unusual move, the chairman and founder of a home health care company has decided to show gratitude to the employees who made his business great – by sharing some of the profits.

Bayada Home Health Care, based in Moorestown, New Jersey, is preparing to transition into a nonprofit.

Chairman and founder Mark Baiada, a man clearly more interested in care than profit, explains that “I don’t really need the money,” so he’s turning the private nursing service into a “mission-driven” nonprofit.

“We’re putting mission over money,” he told the Philadelphia Inquirer.

But first, he wanted to thank his employees. So he took $20 million and divided it between 32,000 employees (including some who are already retired), based on the number of years they’d worked for Bayada.

Brand new caregivers received $50, while some long-time employees took home tens of thousands.

“I wanted to show some gratitude to everybody for all the hard work you’ve done taking care of our clients,” he announced to a stunned crowd of employees surprised during a luncheon at Philadelphia’s Bellevue Hotel.

Baiada’s wife, a fan of The Bachelor, called the announcement “better than the most dramatic rose ceremony ever.”

The generous kick-back will likely have the positive side effect of generating loyalty to the company. Nicole Green, a pediatric nurse with Bayada for three years, says “I’ve only worked at Bayada a short time but I’m a lifelong employee now.” Green plans to put her share of the gift towards her daughter’s college tuition.

“Everyone was in awe. Mark totally surprised us,” said Green. “He didn’t have to do this.”

“These are everyday people who work hard in a low-margin service business,” said Baiada. “I’m honored to work with them. I don’t go to patients’ homes much, but my employees are there every day.”

Continue Reading
Advertisement

Our Great Parnters

The
American Genius
news neatly in your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Emerging Stories