All posts by Jennifer Spencer

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How Profitable are Bitcoin Mining Sites in 2022

Bitcoin mining was one of the most profitable investments you could make in the world of cryptocurrency. It still is, but things have changed for the Bitcoin mining sites, and things look a lot different now than they were just a few years ago. Mining costs have skyrocketed, and it’s no longer an option for small and mid-size investors. That’s why alternatives such as pool and cloud mining have arisen and are becoming more widely used.

Use Cloud Mining to Cut the Costs

The initial investment needed to start mining is too much for most investors, and that’s why Bitcoin mining sites found on Truely.com allow for cloud mining instead. These services enable the users to mine and use cryptocurrency coins without having their own equipment. Instead, the equipment is leased for a fee. This also means profits will be somewhat smaller since fees will take part of it. However, without the initial investment, you can start earning right away and make a profit as soon as you can withdraw the coins to your e-wallet.

The Market Value of Bitcoin

Over the years, there have been fluctuations in the market value of Bitcoin. That’s why investors should be careful if Bitcoin mining sites promise profit out of the investment. The chances are that it will be profitable, but those sites can’t affect the value for which Bitcoin can be sold after it’s mined. However, in the long run, the value of Bitcoin is on the rise. It has risen over the past years and is worth about as much as it once was. This means it can be a safe investment to buy and hold as you would with other long-term assets.

How Much You Can Make

This depends on many different features that you should take into account before investing. The most important of these is how much Bitcoin you can mine within a specific time frame. That’s what you’re paying cloud mining services to do, and the more you pay, the faster the process will be. It also depends on the market value of Bitcoin at the time you decide to sell them. This will change over time, and looking for market trends without getting spooked by them too quickly is essential.

Different Ways to Earn From Bitcoins

Another essential thing to consider is that now there are more ways to earn from Bitcoin than before. This is because the mainstream financial institutions now accept the cryptocurrency market, and the coins are commonly used as a payment method. It’s also possible to lend cryptocurrency as you would lend any other currency. Depending on your arrangement, this is done for interest that you can get in crypto or fiat money. There are also social media sites that pay for content engagement using crypto.

Selling Off Your Cloud Mining Contract

Sometimes, you can sell your cloud mining contract to another investor. For example, it’s possible to sell your arrangement with the Bitcoin mining sites alone or to send the coins you’ve mined so far. This means you can make payments in traditional funds or cryptocurrency, and someone else would continue using your crypto mining contract. Not all providers allow for this feature, but it’s important to look for. It can be used as a safety measure that you can activate in a pinch when you need to leave the mining behind.

Tax Considerations

One of the main reasons Bitcoin was so popular at first is because the profits made from it weren’t taxed since the governments were unprepared for the innovation. This is no longer the case, and Bitcoin is widely used. Unfortunately, that also means it’s taxed similarly to income from other investments. This isn’t a deal-breaker but means that the profits will become smaller than before. When you’re mining crypto coins, the chances are that the mining provider handles the tax and legal part of the process or at least it should be.

Should You Invest in Crypto in 2022?

There’s no answer to this question that would fit all the investors. However, when it comes to general trends, the investment is a good idea since cryptocurrencies are rising in the long run. Therefore, it can be used as a long-term investment to hold for a while. Cryptocurrencies are now widely accepted as a payment method and a smart investment. It’s also an opportunity for small and mid-size investors with cloud mining.

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Why Will Cryptocurrency Be the Future of Money?

Cryptocurrencies are in the news once again as prices for coins like Bitcoin crash ever further on the back of institutional sell-offs, recession fears and the looming prospect of rising interest rates. Stocks in crypto businesses have followed in lockstep, putting the whole ecosystem of cryptocurrencies in jeopardy.

However, many still believe that cryptocurrencies still have the potential to revolutionise the financial industry and upend how we buy and sell. To understand why, we’ll look at what the originally stated objectives of cryptocurrencies and Bitcoin, and the things that crypto cash proponents point to when defending their argument that coin will eventually be king.

What is the main purpose of cryptocurrency?

Since they were first conceived, the main stated goal of cryptocurrencies has been to cut financial institutions out of payment transfer in favour of a decentralised, peer-to-peer model. In Satoshi Nakamoto’s white paper, Bitcoin: A Peer-to-Peer Electronic Cash System, they argue that the current system is flawed since non-reversible payments are not possible, with this impacting the freedom of citizens to trade with one another without the continual oversight of banks and governments.

Bitcoin and other cryptocurrencies differ from the opaque transaction systems currently used by publicly broadcasting every transaction and recording it on a public ledger (the blockchain) that can’t be edited by any one user.

Transactions are based on cryptography, not trust in a bank to behave correctly. As Nakamoto puts it: “The root problem with conventional currencies is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.”

Why will cryptocurrencies like Bitcoin be eventually used as currency?

Nowadays, the uses of cryptocurrency are broadening. Firstly, as the price of currencies has risen and fallen, spread betting sites are now offering users the opportunity to use crypto for spread betting transactions. As the value has gone up, many have used crypto as an asset to buy and sell for profit. And many businesses have sprouted up based on blockchain technology.

All these are well and good, but what about the original objective? Well, many still believe that, even as the price yo-yos, you’ll be able to buy a cup of coffee with Bitcoin in the future.

The main reason for this is the growth in positive institutional moves regarding crypto. Banks, hedge funds, and even businesses like Tesla have all made crypto investments in the past few years, signalling a sea change in how crypto is perceived.

Institutions like Deutsche Bank predict that cryptocurrency users will quadruple by 2030, arguing that regulation of the crypto markets will stabilise the value of coins – after all, who can trust to pay with a coin that is worth a chocolate bar one day and a Michelin-starred meal a month later! This will make them more likely to be seen as a legitimate currency and therefore much more likely to gain mass adoption.

Of course, all this is still speculation: only time will tell whether cryptocurrencies are adopted as a day-to-day means of paying for products and services and Satoshi Nakamoto’s dream becomes reality.

Articles

Why Risk Management Matters More Than Ever in 2021

Within some sectors, there is the belief that risk management is only something that big corporations and financial institutions ever worry about. This just isn’t the case, and in 2021 risk management in your organisation has never been more important, regardless of whatever sector you’re in.
 
It’s not a fad, nor is it something that has to break the bank, but it is an area that virtually all companies need to consider on some level.
 
Proper Risk Management Saves Money, Not Loses It
There’s a perception that risk management is just another area of compliance that will drain money from your company’s already stretched budget. This really isn’t the case at all, especially when you’re part of a sector in which you could potentially face litigation — the vast majority of sectors these days — risks to physical safety of yourself or employees, risks of employee action reflecting badly on the company…the list goes on.
 
All of these risks have something in common, they are far more expensive to deal with than it would have cost to have some proper risk assessment and auditing done ahead of time in preparation for if and when it happened.
 
Laws and Regulations are a Potential Minefield
A number of important and landmark acts of parliament in Australia have done much good in protecting people from various harms, but the added risk to businesses who are exposed to legal actions from staff or clients claiming the protection of these rules makes them a potential disaster.
 
Government statistics from 2018-2019 showed that the Australian Human Rights Commission received almost 14,000 enquiries from people wanting to make complaints on the grounds of disability discrimination, sex discrimination, harassment, bullying and other matters. Discrimination, bullying, harassment can happen just about anywhere and there are very serious laws governing how people can respond to them.
 
Effective risk management would study all these areas of potential grievance and build effective strategies to minimise that risk. No matter how good things seem at one time, it’s crucial that any business or organisation is prepared for when things take a turn for the worse.
 
Risk Management is Needed in Just About Every Sector
Even those sectors focused on human contact, spirituality, health and well-being, education and other things for which we hold deep and positive associations cannot escape the need for risk management. Action is required in a world where fears are heightened, people are concerned about many different things, and where the potential penalties can be so damaging both to balance sheets and to company reputations.
 
Specific Situations are Impossible to Predict, but not the Broader Risk
Risk management doesn’t look at dealing with very specific situations of conflict and risk within a company or organisation. There are infinite things that can happen at different times and to different people. What can be prepared is strategy and safety nets to cover as wide as possible a range of situations. Government offers comprehensive guidelines and advice on why risk management matters.
 
Trying to prepare for every specific situation is a drain on resources for probably very little reward, but by comparing probabilities and potential impacts, your company can quickly identify areas where you need protection. This allows you to use resources more effectively.
 
Being Prepared is Good for Business
Whether your operation benefits more from profit or reputation — or a combination of both — risk management is a serious field that warrants your proper and thorough exploration. In 2021 and the age of heightened concern and worry all around, it’s best to be prepared. Proper assessment of risk will ensure your profit margins and reputation are better kept intact.