Tax Planning – Definition, Types, and Difference with Tax Optimization

January 20, 2022

What Do We Understand by Tax Planning?

Tax planning refers to the analysis of a particular financial plan or situation. It ensures that all elements associated with finance work together to create a high tax efficiency that permits an individual to pay a minimum tax amount. It serves as an essential component of any financial scheme. Overall, it helps to reduce tax liability and maximize an individual’s ability to provide suitable contributions to their retirement plans.

The entire concept of tax planning consists of various considerations. They can include the income timing, amount received, purchase timings, expense planning, and other elements related to diverse expenditures. On top of that, the selected retirement plans and investments must complement the deductions and status of the tax filing. It is crucial to ensure the best possible result and outcome.

What are the Different and Distinct Classifications of Tax Planning?

Tax planning can get classified into various types and kinds that consist of the following:

Shirt-Range Tax Planning

In this case, the tax planning gets decided upon and carried out at the fiscal year’s end. This sort of planning generally gets opted by investors. They look for ways to lower their tax burden and liability legally in these instances. They usually wish to do so around the end of a financial year. Although this method does not provide commitments on a long-term basis, it can promote significant tax savings.

Long-Term Tax Planning

The tax planning gets decided upon and carried out at the fiscal year beginning for this type. The taxpayers who choose it have to follow the rules and regulations of the plan. They have to do so for the entirety of that year. Although it does not offer immediate advantages regarding finance, it becomes beneficial in the long run.

Permissive Tax Planning

This method includes tax planning under the framework and provisions of taxation law. For instance, an individual can get several facilities such as exemptions, incentives, contributions, and deductions.

Purposive Tax Planning

This planning involves a particular object and ensures optimal benefits from an individual’s investments. It can consist of the creation of a suitable agenda to change assets. In other cases, it can include the selection of appropriate investments and diversification of income assets and business. It would depend on a person’s residential status.

How Does Tax Planning Differ From Tax Optimization?

Tax optimization represents the method of searching and determining appropriate organizational and legal framework that can provide minimal tax liability for a company or an individual. On the other hand, tax planning involves the analysis of the financial plan and situation of a business to incorporate the highest level of tax efficiency.

Therefore, tax optimization encompasses a broader concept compared to tax planning. It can also get depicted as the next step of the latter process. Firstly, an individual determines the type of taxes they require and where they would have to spend them. Accordingly, they can optimize them to minimize the tax burden or liability.

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4 Cybersecurity Strategies for Small Businesses

January 20, 2022

Cyber attacks can cripple a business, no matter the size. But for small and midsized companies specifically, cybersecurity is critical. Criminals often target these businesses directly because they believe they have weaker security protocols. Because of this preconceived notion, your company could be at a much higher risk. If you want to avoid dangers like account takeover, data leaks, and malicious programs, your business needs to develop a cybersecurity strategy.

What is Cybersecurity Strategy for Businesses

Your cybersecurity strategy should involve several tiers:

Attack identification: You need to identify potential threats and monitor them in case your network is penetrated. This means a comprehensive categorization of what an attack looks like, what systems would be affected, and the potential fallout.
Threat minimization: Once you’ve identified an attack, you want to minimize the threat by monitoring the situation. Some system penetrations can be minor and may require a smaller response. But a breach will always require a response of some sort, and minimizing the resulting threat can stop the potential damage.
Damage reduction: Reducing the damage after an attack means making security a priority. If you want to restore your systems operations, you must constantly update your protocols. Don’t get complacent; cyber-attacks can happen at any time. A period of safety does not mean your system isn’t at risk.

There is no way to avoid attacks entirely. While you can thwart lower-level attacks, experienced cybercriminals are far more malicious.

You want to mitigate the fallout of these attacks because they can massively disrupt your business. For example, if your servers go down, customers can’t contact support, and employees can’t contact management. This disintegration of the information chain can result in significant financial loss, not to mention reducing your customers’ trust in your services.

Discuss security with businesses in your supply chain as well. Your networks could be interconnected, so any weakness in their cybersecurity protocols could put your business at risk. Approach the subject with tact; if an attack happens, it’s bad business to blame a supplier outright. Having these conversations ahead of time can protect your business and your business relations as well.

How to Develop a Cybersecurity Strategy

You could use many different avenues to boost your company’s security. Still, we have boiled it down to four basic strategies: employee training, password managers, secure networks, and data backups.

Cybersecurity Training for Employees

Keeping your employees up-to-date on best cybersecurity practices can be one of the most effective security strategies. If your company dedicates time to education on cyber threats and proper response protocol, you can drastically reduce your systems’ weaknesses.

If any of your employees experience an account takeover, cybercriminals could have access to sensitive data or have the ability to access your network directly. Regardless of their level of technological involvement, every department needs to have cybersecurity training. If cybercriminals attacked an area like accounting, they could access critical financial accounts and documents.

Use a Password Manager

Complex passwords are one of the most overlooked cybersecurity strategies, but they are your first line of defense against attacks like an account takeover. If the password is safe, cybercriminals will have a much harder time breaking in. Ensure that you and your employees have long-tail passwords containing varied cases, symbols, and numbers. Many businesses will often make passwords simpler so they are easier to remember; this is a dire mistake.

Make use of password management systems, so your passwords can be as complex as possible. A good password manager will store and keep track of any password, no matter the length. These managers are, for the most part, separate from your system. So if an attack occurs, it’s unlikely that your password manager would be affected.

Securing Networks

Securing the networks themselves is just as important as educating your employees. Have a trained professional probe your network for weaknesses, so they can assess and make necessary changes.

For example, Wi-Fi networks are often an entry point for cybercriminals. If your Wi-Fi is unsecured or protected by a weak password, any computer connected to that network could be in danger. If your business often has guests connecting to WiFi, consider creating a separate network just for them. That way, you can have more robust authorization protocols for your primary Wi-Fi.

Data Backups

Data is the foundation for modern business, and securing your data means constant and quality data backups. Consistent data backup is the best fail-safe a company can have. If anything should happen, whether that be the physical destruction of equipment or the digital destruction of your systems, a backup can restore your data with minimal hassle.

Whether that data backup is onsite, offsite, or cloud-based is up to you. Find a plan that fits your budget, and choose an option that you believe will keep your data safe.

There Is Only One Way To Reduce Your Risk Entirely

There is only one way to make your risk of cyberattacks zero percent: unplug from the internet entirely. But, unfortunately, disconnecting isn’t possible for businesses today. That’s why cybersecurity strategies are so important. With the right technology and protocols, you can help catch these cybercriminals and reduce the damage done to businesses everywhere.

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About the Author

David Lukić is an information privacy, security and compliance consultant at IDstrong.com. The passion to make cyber security accessible and interesting has led David to share all the knowledge he has.

7 Virtual Event Ideas For Your Next Online Event

January 19, 2022

Virtual events are not only trendy, but they are a basic need these days. To make these events productive and engaging, you need to follow some successful strategies and creative ideas.

An organized and well-managed event can develop relationships and familiarity between your guests; it will also improve your work dynamic and communication. If you don’t want your online event to be a snoozefest, you need to look for the most catching, versatile, and unique ideas or hire an online event management service. In this blog, you will discover the seven best Virtual Event Ideas For Your Next Online Event.

So, it’s time to dive into the ideas that can magically boost up your virtual fun. Here you go!

List of virtual event ideas – inspire your new event

If you want to make your virtual event stand out from the typical events, you can follow our distilled-down list. You can pick these ideas according to your virtual meeting, friends gathering, workshop, etc.

1. Online office games – most popular

When you are organizing an online event, don’t miss Online Office Games because it is one of the most popular and entertaining ideas for virtual social events. This activity is full of fun as it includes trivia, challenges, icebreakers, and mini competitions.

Online Office Games are conducted over a secure video conference platform. And in this 90-minutes experience, you can produce a joyous environment, particularly for games enthusiasts. Don’t miss hosting this energetic and engaging opportunity for your mates. The Online Office Games can be supported by Amazon, Google, Apple, and various other organizations.

2. Combine virtual and real-world experiences – fully hosted

Well, there is no rule that you have to make your virtual event 100 percent online. When you add some real-world components, your virtual event becomes more colorful, joyous, and unique.

Following are some real-world components that you can use to surprise your guests; however, to go ahead, you can add your creativity:

You can use a welcome box filled with swag.
You can use different alcoholic and non-alcoholic deals to make your virtual hours happy.
For a morning event, breakfast pastries or coffee are good to go.
Printed materials, notebooks, and pens seem attractive and best for note-taking.
To make the event special, you need to welcome every guest, even if an attendee joins the event somewhere in the middle.

The real-world materials can make your hourly event unexpected, memorable, and more connected.

3. Invite pets – fun with fondling

In your next online event, don’t forget to ask your teammates to bring their pets and introduce them to others.

This pet activity will become incredibly fun if any of your guests own unconventional pets – llamas or teacup pigs.

All animals, even common household pets (like labradors and tabbies), should be welcomed like guests, which is undoubtedly a joyous yet free virtual social idea.

Pro tip: If you are eager to score more points with your coworkers, you can mail goodie bags to the pets – toys or snacks can go a long way.

4. Dance party – fire up the virtual floor

If you want to make your virtual event a stress reliever, dance can be proved very effective. Dancing is a fabulous team bonding activity that shows your coworkers’ goofy side. For a virtual dance party, you need to queue up a groovy playlist, invite your friends, and bust a move. Your dance rhythm on the tuned beat can do all the talking.

5. Magic show – tricks, effects, & illusions

If you are at a virtual event with your friends or cousins, a magic show can be proved as amazingly uplifted. A magic show is full of unexpected and appreciative performances. It can create a giggle and a sense of wonder on your guests’ faces.

6. Pay attention to transitions

It is fed up to be tied in front of a computer consistently. So, for a longer event, meeting, or workshop, the transition can make the attendee fresh and delighted.

To resonate with the attendee, you can create the following opportunities in between the session:

Hiring a band
Running for a quick-cooking demonstration
Including a fun YouTube video
Conducting a rapid-fire interview
Playing icebreaker games
Inviting a fitness instructor or yoga team

To make your event remembered forever, you need to create fun activities for every participant.

7. Remote videos – perfect for multilingual attendees

If you want your online event fun-filled and entertaining, you need to add remote videos to your list. It is a fantastic and practical addition when you have multilingual attendees. Video remote interpretation helps you develop a meaningful relationship with participants. VRI also allows the users to have quick-connect times; you can use it for immediate interpreting situations.

The key takeaway

Virtual gathering on social platforms Zoom, Webex, and Google Meet is helpful nowadays. If you are throwing a virtual social event, you can use the above-mentioned unique ideas as a springboard. Those ideas will make your guests feel as if they are at your place.

Your hosts’ preferences can also be a helpful guide for your online event planning. Now, only the sky’s a limit for your next online event!

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Credits and Incentives Offer the Immediate ROI that ESG Skeptics Seek

January 19, 2022

By Anthony DeCandido, RSM partner and financial services senior analyst

The number of middle market executives prioritizing environmental, social and governance (ESG) is high. However, there are still skeptics struggling to quantify the immediate return on investment for developing their ESG strategy.

Yes, it has been proven by empirical research that ESG offers above-normal financial and nonfinancial performance. Still, many executives who remain unconvinced might choose to put off what we at RSM believe is a top three business imperative behind technology/digital strategy and regulatory affairs.

Those executives who trust that ESG improves business and societal outcomes are proactive in integrating these principles into corporate activities. But others, who may just see ESG as additional compliance, might only adopt it out of obligation to address stakeholder concerns, such as inquiries on fair labor, supply chain management or carbon emissions practices.

Unlike most prior business initiatives, the movement behind ESG has been almost entirely led by consumers. It is everyday influencers—investors, suppliers, customers, employees and community members—who have demanded ESG prioritization from the bottom up versus a top-down policy driven by regulators or governing bodies.

The evolution of ESG’s driving forces

Whether a middle market executive buys into the ideology of ESG soon may not even matter. Millennials, who are far more mission-focused than their Generation X and baby boomer predecessors and make up the largest segment of the U.S. workforce, are increasingly holding management and executive decision-making responsibilities. This could explain the business community’s growing familiarity with ESG.

According to RSM’s Middle Market Business Index ESG special report,1 the number of firms that are “very familiar” or “somewhat familiar” with ESG has risen substantially from the fourth quarter of 2019 to the third quarter of 2021—from 39% to 69%. As we note in the report, this 30-percentage-point increase is a dramatic change and a sign of how much interest there is today for ESG within the middle market. We are starting to see more organizations take action to incorporate ESG issues into their operations.

Moreover, the tide is already turning from a bottoms-up to a top-down approach, as several regulatory forces converge to bring greater market education, adoption and standardization among the middle market. The American Institute of CPAs, Center for Audit Quality, Auditing Standards Board, Chamber of Commerce, and even the SEC all have task forces concentrated on setting methods for ESG integration, with the goal to push better business and societal outcomes. And, each of them has the power to positively influence executives to adopt ESG practices even faster than what we’ve observed over the past 16 months.

But no one regulator stands to have as great of influence over ESG corporate behavior as the Internal Revenue Service. The IRS can rally ESG priorities among corporate leaders with direct credits and incentives upon ESG adoption. Federal, state and local tax programs and incentives can help executives finance new projects, expand operations, train employees and enhance after-tax earnings.

Such opportunities could be viewed as the short-term, quick wins needed to validate launching an ESG program and convince middle market executives of said program’s value.

Being socially responsible has its benefits

ESG’s financial benefits have become too enticing for organizations to ignore any longer. Consider the substantial credits and incentives available to organizations through the following programs:

Work opportunity tax credit (WOTC) – Does the company have frequent new hires or anticipate growth in new hires? The WOTC is a federal credit administered by each state and aims to encourage the employment of target groups such as veterans, summer youths and long-term unemployed, to name just a few.
Renewable energy credits and incentives – Is the business currently involved in or considering developing, constructing, owning, leasing, operating or investing in a renewable energy facility? Companies that invest in qualifying technologies or produce renewable energy may be eligible to claim investment or production tax credits. Qualifying technology includes solar energy, wind energy, geothermal, combined heat and power, waste energy recovery property, municipal waste, hydropower, and open- and closed-loop biomass. Also, businesses that invest in qualifying electric vehicles or charging stations may be eligible to claim tax credits.
Rehabilitation tax credit – Is the business considering a significant building rehabilitation project? If the building was originally placed in service before 1936 or is a certified historic structure, the company may be entitled to a 10-20% tax credit.
Low-income housing tax credit (LIHTC) – Is the business considering developing housing units? One of the most successful federal credit programs is the LIHTC. Over a 10-year period, the LIHTC can provide an affordable housing credit of 30% of an existing building’s qualified basis or 70% of a new building’s qualified basis.
Carbon oxide sequestration – Does the company plan to acquire any equipment that will reduce carbon emissions? Any business that captures carbon dioxide or carbon monoxide and either disposes of or utilizes the gases themselves or hires a third party to do so may be entitled to a credit. This credit may apply to industrial facilities, electricity generating facilities, oil refineries, crude and natural gas drilling operations, ethanol plants, cement manufacturing plants or natural gas processing facilities. Additionally, businesses with taxable income may have the opportunity to invest in a carbon capture sequestration project as a tax-equity investor.

For middle market executives who haven’t yet bridged the gap between ESG adoption and its many advantages to society, our planet and their bottom line, these new tax credits and incentives could provide enough encouragement to win over naysayers and justify taking the leap.

¹RSM US LLP, RSM US 2021 Environmental, Social and Governance Special Report, https://rsmus.com/economics/rsm-middle-market-business-index-mmbi/environmental-social-and-governance-esg.html (accessed Oct. 28, 2021).

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About the Author

Anthony DeCandido is a partner and financial services senior analyst at RSM US LLP, whose focus is to forecast economic, business and technology trends shaping the industries RSM serves, particularly private equity. Anthony has prepared research around a critical business theme affecting all industries: environmental, social and governance (ESG). As a lead advisor with RSM’s ESG advisory practice, he guides clients through strategy development, data collection, and reporting and communications.

What is Uninsured Motorist Insurance?

January 19, 2022

Getting into an accident is frustrating. However, the situation is worse when the driver who causes the accident does not have sufficient liability coverage. The nightmare scenario is if the individual has no insurance or leaves before you can get their information. This is where uninsured or underinsured car insurance comes into play. It provides you protection in the event you have an accident with an irresponsible driver.

How Uninsured Motorist Insurance Works

In the scenario where you are in an accident that is not your fault, you would typically file a claim with the at-fault driver’s car insurance company. Your car gets fixed, and you get compensation for lost wages or medical expenses. There is no money out of your pocket.

However, what happens if the driver who hit you does not have car insurance or if they don’t have sufficient car insurance to cover the damage? These are not uncommon scenarios. An uninsured motorist accident attorney will likely see several cases that fall into this scenario each year. In many places, the minimum liability insurance requirements do not provide sufficient coverage to cover a car accident. This is why many drivers opt to get underinsured or uninsured motorist coverage to protect their finances if an accident is caused by a driver who does not have sufficient insurance.

What Is the Difference between Uninsured and Underinsured Coverage?

Underinsured motorist coverage will cover your expenses if you are hit by a driver who does have insurance but does not have sufficient insurance to cover the costs related to the crash. In some cases, underinsured and uninsured mortgage coverages are packaged together as a bundle.

The definition of underinsured will vary from state to state. However, it is typically a driver who has auto liability insurance, but the liability limits are low so that they won’t cover your bills after an accident or the liability limit is less than or equal to what your uninsured motorist insurance will cover.

Types of Uninsured and Underinsured Motorist Coverage

Like most types of auto insurance, uninsured and underinsured coverage can be divided into two categories. There is bodily injury and property damage.

Underinsured motorist bodily injury will cover any injuries you sustained and injuries suffered by people in your vehicle. This includes pain and suffering, lost wages, and medical bills. Drivers should remember that medical payments (Med Pay) and personal injury protection (PIP) may not provide sufficient coverage if you are in an accident with an uninsured or underinsured driver.

Underinsured motorist insurance can protect your car if someone hits you and doesn’t have enough insurance when it comes to property damage. For example, there could be a driver who causes a three-car pileup, there is a lot of damage, and the person who is responsible has low limits. Their coverage will not be enough to repair your vehicle, so this is where uninsured or underinsured insurance kicks in and covers things like your collision deductible, car rental, and other out-of-pocket costs.

Conclusion

Get into a car accident is frustrating enough on its own. Getting into a car accident with someone who lacks insurance can cause a whole host of additional headaches. For this reason, underinsured and uninsured motorist insurance is a good idea to consider.

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What is So Special About Online Personal Loan Companies?

January 19, 2022

Have you been seeing a lot about online personal loan companies recently? Most people prefer to operate on the internet nowadays. In other words, if a task can be done on a smartphone or computer and without leaving the house, this is the option people will take. From business meetings to shopping for groceries, you can do it all on the internet.

Indeed, the next thing you can do is apply for a personal loan. But, is this something you want to do? What is so special about online personal loan companies? Let’s take a look at why you should consider this option.

They Make Applications Easy

One of the elements that people dread when they want a loan is the application process. This has the reputation for being long, boring and difficult. While this might be the case if you want into a bank and want a loan, online personal loan companies are making it a lot easier. They realize that this is not something people want. Instead, they are making it easier and faster to apply for a loan online. You can do this at home and when you want to. What’s more, they are able to get back to about a long quickly.

You Can Compare Loans

Often, you are going to have several loan options open to you. Of course, you want to choose the best one for your finances and situation. Well, the great thing about doing this online is that you can easily compare loans. For instance, you can read more about 5K funds personal loans on this link. When you have all of the information in front of you, you can make the best decision that you are going to be comfortable with.

You Enjoy Competitive Rates

There are a lot of online personal loan companies out there. While this can make your decision more difficult, it is actually a good thing. This type of competition in the digital space means that loan companies have to work harder to gain you as a customer. So, often this leads to them offering you competitive rates. It will be beneficial to shop around and see what the best options are for you. Just make sure that you read all of the small print, terms and conditions so you are aware of what each loan is about.

Access Loans Quickly

The chances are, if you want a loan, you need it quickly. The good thing about online personal loan companies is that the whole process is quicker. When this is the case, this means that when your application is accepted, you can receive the money quickly too. This can allow you to fulfill your financial requirements or grow your family without having to wait too long. The process can be so efficient that you can receive the funds you need within just a few days. Check out what some lenders say and it could be even quicker.

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The Big Three of 2022: Precious Metals, Cryptocurrency, and Real Estate

January 19, 2022

The world seems to be obsessed with the latest, the newest, the next hot idea. A decade ago, it was BlackBerry phones and the latest Chuck Taylor shoes. A year ago, it was TikTok. Who can decidedly say what the next big trend is going to be?

Take, for example, the current craze for cryptocurrencies. They are the talk of investment and technology forums. They have central bankers around the world considering how—or whether—they can be regulated. In contrast, gold and other precious metals are among the most established investment assets in the world.

Diversification is one of the most important elements to consider when it comes to your investment portfolio. While most investors begin their career with stocks and bonds, there’s a wide variety of alternative investments that can act as great diversification tools to a traditional portfolio. Real estate and gold have long been viewed as viable alternative investments, but crypto is now on the rise as well.

This indicates that the tug of war between the believers of cryptos and their opponents — who support hard assets such as equity, precious metals and real estate — is intensifying. The lines have never been more blurred, so it’s never been more important to draw distinctions between the different asset classes.

Precious Metals

Gold needs no introduction. This is a tangible asset that’s been around since the dawn of time, the creation of the universe, the whole Big Bang. You can hold it in your hand, wear it as jewelry on your finger, wrist, or neck. You can invest in it as a physical asset or through an exchange-traded fund. Gold has long been touted as a “real asset,” one that investors flock to in times of economic upheaval or uncertainty.

It’s also used as an inflation hedge, as it is seen as a store of value when other assets become worth less due to the effects of inflation. But the most important thing to remember is that gold also doesn’t correlate very well with the stock market, making it a good diversification tool.

One of the drawbacks of investing in actual gold bullion is that it is bulky and heavy and must be stored somewhere. It’s also not particularly liquid, as dealers charge a markup to buy the metal and will never pay the actual market price if you’re selling. Gold also doesn’t pay any dividends or generate any cash flow, unlike stocks or (potentially) real estate. If you simply want access to the gold market without owning the actual bullion, you can buy an exchange-traded fund that tracks the gold market.

Cryptocurrency

Cryptocurrency has become sort of a major buzzword recently. First created in 2009 with bitcoin, these are essentially virtual coins “mined” using open source software based on blockchain technology. Other common cryptocurrencies include ethereum and litecoin.

Cryptocurrency is a relatively new entrant into the investment world. However, crypto has been all the rage in 2020 and 2021, with numerous coins posting gains of 1,000% or more. The debate over the long-term viability of crypto is polarising, with one side believing it is essentially worthless while the other believes that it will eventually replace fiat currencies like the U.S. dollar. This massive uncertainty as to the true value of the asset class has made crypto notoriously volatile – but has definitely put money in people’s pockets.

Real Estate

The housing market has been on fire over the past year or so, and many investors are paying more attention to real estate as an investment. The value of real estate doesn’t correlate with the stock market, so it’s a great way to diversify one’s holdings. Real estate also boasts of many options when it comes to investing, from personal home ownership to rental properties and commercial buildings.

Generally, real estate grows a bit more than the inflation rate. There are also many ancillary benefits to investing in real estate, from potential tax write-offs to steady cash flow. Picking the right real estate investment is like choosing a stock — not all are the same, and for real estate, location really can be everything. Liquidity can also be a problem with real estate, as transactions can take days, weeks or even months.

This year, as with all the rest, it’s worth remembering that there are no shortcuts when it comes investing. Investors would be well to focus on generating long-term wealth, trim their expectations from different asset classes and focus on staying invested in the longer run. It is important that they do not overestimate their risk appetite or underestimate the possibilities of low returns from any asset class, point out experts.

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How Blockchain Can Prevent Scams in Money Remittance Operations: Insights From Expert Yotam Dar

January 19, 2022

Yotam Dar, expert in cybersecurity as it relates to fintech, has said that money remittance operations have always been fertile ground for online scammers. They prey on vulnerable people who often can’t afford to lose the money of which they are defrauded. For too long, governments failed to provide the infrastructure to make cross-border transactions simple and secure, so many malicious actors entered the space to capitalize on the confusion. There are typically so many third parties involved, and this increases the surface area for scammers to target.

Comment examples of scams include online dating, lottery, and shopping scams. We’ve all seen the emails where you’ve won the lottery in a country you’ve never heard of, and you might think surely no one would ever click on that. Yet unfortunately, people do and lose their hard-earned cash. Scammers are targeting the least computer-savvy people generally, but it doesn’t mean others are safe. Shopping scams are also common where a site will have many fake reviews which lead customers to think they can trust the firm, when in reality they take the money and run.

Blockchain may be the future of the web and a key way to protect people’s savings from these fraudsters. People often use blockchain and cryptocurrency interchangeably, but crypto is just one small use. Blockchain at its core is a way of decentralizing digital assets where no one party is the source of truth. This has many interesting implications, which we will explore in this article, in particular with regard to fraud prevention.

The power of the ledger

What makes the blockchain so different from traditional web applications is the use of a ledger. This records the entire history of the digital asset in a way that can’t be changed. Importantly. This isn’t controlled by one single entity, but instead shared amongst the entire blockchain. In other words, everything is transparent and if someone were to try to manipulate a record, the other nodes in the chain would instantly sniff it out and correct it.

There is the extremely rare 51% attack when someone gains control of a controlling share of the blockchain and is able to make manipulations. This is almost impossible to do for an established coin because of how fragmented the overall ownership is.

In most circumstances, this makes it far more difficult to carry out a scam because you can’t conceal information and the blockchain cannot ignore any attempts to distort the market. This transparency is radical but needed.

This function means it can even be used for ID. For example, IBM has created a blockchain that can be used to verify that people are who they say they are.

Things will always stay the same

NFTs have massively taken off in the last few years because of one key underlying reason; the blockchain is immutable. If you aren’t aware of what NFTs are yet, they are Non-Fungible Tokens, which essentially means each one is unique and cannot be replaced. The reason they are irreplaceable is that it’s impossible to edit their ownership history. Otherwise, they would be worthless as anyone could spoof the original version and the true owner would be unable to prove they are holding the authentic asset.

This immutable feature of the blockchain is a great weapon against fraud. Once the record has been written, there’s no way to go back and alter that record. Think of how in a bank, someone could potentially delete a transaction, and it would be hard for another entity to prove that was what happened. There’s no debate with the blockchain, as they couldn’t edit the record even if they wanted to.

This feature is great for preventing money remittance scams. Imagine online dating scams where someone could verify someone’s ID record using the blockchain to know the person they are talking to is really who they claim to be. The same principle applies to selling branded goods online. A seller would be unable to sell counterfeit goods, as they would need to provide proof of authenticity through the blockchain.

We can think even larger, for instance with a property. Rather than the painful bureaucratic process currently in place with escrow. They could use smart contracts whereby the buyer and seller can create clauses with trusted third parties. For example, if the money for a home is deposited into a bank account, then the change of ownership of the blockchain record will be complete. It reduces the risks for all parties as the seller doesn’t risk not being paid and the buyer doesn’t risk paying but not receiving the product.

Privacy-friendly

One of the major stumbling blocks for using the blockchain so widely is the privacy laws around the world. GDPR gives people the right to be forgotten which is important to protect their privacy yet this clashes with the blockchain which by its nature never forgets and is transparent.

For these scenarios, Zero-Knowledge Technology can be used. At an abstract level, zero-knowledge means being able to prove something is true without revealing any more information than is necessary. Let’s say, for example, you want to check the creditworthiness of a potential buyer. Traditionally, they’d need to provide sensitive information such as bank statements, but really all you need to know is they have at least a minimum amount. A zero-knowledge solution would simply check if the money was enough and relay the message to the buyer.

This can be used in a blockchain context to give buyers and sellers the confidence they need whilst still allowing people to control what information is actually seen. For example, permissions can be set up such that a buyer can see some entries on the blockchain but not the entire thing.

This also means the other users of the blockchain never have full access to other records, which protects everyone’s data security. Two-factor authentication can be used for further peace of mind.

Users are protected from both cyberattacks and data breaches in this way. It’s a smart solution to a common problem which complies with common laws across the world.

Final thoughts

Money remittance scams are a plague for many and have caused so much hurt. Blockchain technology could be a key way of preventing future scams and better protecting those who are vulnerable online. The additional security provided could also lead to greater consumer confidence, especially for new businesses, as people will have an easy way to ensure they aren’t being scammed.

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What Can a Good SEO Strategy Do For Your Website?

January 19, 2022

Search engine optimization is currently one of the most popular forms of promoting a company on the Internet. You’ve probably read more than once about what SEO is and how popular it became. However, do you know what benefits it can bring for your company? If you want to expand your business in the world then you must hire an SEO marketing agency. We present the most important advantages that come with a well-prepared SEO strategy and can make your business even more profitable.

Increasing your website’s visibility in organic results

One of the key benefits of WordPress SEO services is to increase the visibility of your website in organic search results. The user, by entering the key phrase, enters the site and is able to get to know your company, use your services or purchase a product. In positioning, you don’t only deal with keywords, but also long-tail phrases which are usually less competitive and more closely respond to your potential customers’ expectations.

Lowering the cost of customer acquisition

Usually you have to pay a great amount of money for the fact that someone sees your ad on Facebook, in the newspaper or on TV. With Google on the other hand, you may be number one for free – you can, but you don’t have to pay for a SEO service. The cost of acquiring a customer may therefore be only related to some additional activities. Either you do the optimization yourself or hire a specialized company.

A great opportunity for small businesses

Promoting a fresh website can take from 6 months to even several years. For some it may seem like a long period of time, but the results obtained by the business – provided that the actions are performed correctly – can last for years.

You should remember that SEO is a long-term process. Ceasing to optimize the website may result in a decreased visibility – Google focuses on promoting sites that are constantly developed. Regular investment in search engine optimization brings huge benefits, especially to newly developed businesses that are not able to spend large budgets on promotion.

Brand recognition and business trustworthiness

Positioning is a big step towards ceasing to be anonymous and building company’s recognition on the internet. Activities in social media, obtaining opinions from customers, etc. are measures that can encourage a person to buy your product or use your offer.

Online promotion is not only an opportunity to build a brand, but also customer trust. It’s evidenced by the return of existing customers and systematic orders. Such people, if they are satisfied with the services, also willingly recommend the company to their friends or other Internet users, e.g. on forums.

Gaining a competitive advantage

High positions in search results are also a great way to increase a competitive advantage in your industry. The more key phrases in the tops, the more visits by users who begin to identify our site with a specific offer while remembering its address and company name. In the future it has a chance of being translated into additional direct inputs.

Speaking of the competition … Its analysis is an integral part of SEO. It is not only about catching up with it, but planning actions so that you’re always two steps ahead.

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Bitcoin Prime: Is it worth using?

January 19, 2022

Crypto trading is booming and people all over the world are realizing that automated trading software could help them take full advantage of the popularity of cryptocurrencies. Thus, the demand for trading robots has also grown exponentially in recent years.

But the resulting demand has also led to the creation of many scams in the market, which makes it essential to promote trading software such as Bitcoin Prime. That’s why we try to describe Bitcoin Prime’s technology here as objectively as possible and give an overview of the platform.

What is Bitcoin Prime?

All trading robots promise to automate day-to-day crypto trading activities, but Bitcoin Prime takes automation to the next level by integrating artificial intelligence processes and mechanisms into market analysis. Moreover, the software interface is easy to use even for new and inexperienced traders. Bitcoin Prime’s AI-powered algorithms collect and analyze market data faster than any human could.

Who created Bitcoin Prime?

The official Bitcoin Prime website claims that Steve McKay is the man behind the trading robot. It would be a veteran of Wall Street who would have spent most of his time trading on behalf of large banks. According to reports online, McKay developed a knack for algorithmic trading about 3 years ago and he has improved since then.

According to reports, McKay started working on Bitcoin Prime 3 years ago and the project got serious after he managed to collaborate with programmers who had strong experience in software development. According to the Bitcoin Prime website, the trading robot has just passed the beta testing phase and the claim is that it could potentially generate high profits for its users.

Start trading in 3 easy steps

1. Open a free account

Registration is quick and easy because Bitcoin Prime does not waste time with unrealistic requests for personal information. You just need to provide your full name, a phone number and an email address.

2. Make a deposit

Once you submit the information, Bitcoin Prime performs quick checks, after which the software redirects you to the appropriate affiliate broker. You can then fund your account via the broker’s platform.

3. Start trading

You can start trading with the demo account to practice before moving to the real account. Real trading is only possible after funding your account. You can trade both on the mobile app and on the site.

Advantages and disadvantages of Bitcoin Prime

Advantages:

– Cross-platform access: Bitcoin Prime has a mobile app as well as an internet platform, allowing users to access their accounts on the go.

– Easy to use: The software has a simple user interface with clearly labeled tabs and sections. The aesthetics and contours of the interface provide a satisfying user experience.

– Demo account: Few trading robots offer users the opportunity to “test” the software before putting their funds on the line. Bitcoin Prime indeed incorporates a demo trading account function whose performance is almost as good as those of the real account.

– AI Algorithms: The Bitcoin Prime website claims that the software works with AI-based algorithms. This technology is powerful, which implies that Bitcoin Prime has the potential to outperform its competitors.

– Variety of payment methods: Bitcoin Prime accepts payment by bank cards and various digital payment platforms.

– The software is free: Just open a free account and download the software.

– Responsive customer service: Bitcoin Prime’s customer service team runs 24/7 communication channels and they respond relatively quickly.

Disadvantages

– Initial deposit: Full access to Bitcoin Prime requires a deposit of $250.

– Inability to eliminate market risk: The software is not able to reduce market risk due to the highly speculative nature of the cryptocurrency market.

So is it worth using? Of course!

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