After years of talk, the world's most familiar digital payment platform, Paypal, is finally embracing cryptocurrency as a form of accepted currencies for all its US users.
Bitcoin, Ethereum, Bitcoin Cash, and Litecoin will be the cryptocurrencies accepted by PayPal. "The shift to digital forms of currencies is inevitable," said Dan Schulman, president, and CEO of PayPal in an October 21st press release.
Experts in the crypto world have often linked the volatility and shortcomings of cryptocurrencies to its lack of accessibility in markets, so this new acceptance on part of Paypal might just be what's needed to propel cryptocurrency use into the mainstream economy. Paypal will develop complementary cryptocurrency educational resources on its website.
Currently, you can get on the waitlist to trade cryptocurrency on PayPal, as it's not officially tradable yet. Beginning sometime early next year, users will be able to not only buy and sell the currency but also use it to make purchases to any of Paypal's 26 million merchants.
What Is Cryptocurrency?
You may have heard the words "cryptocurrency" or "Bitcoin" before; you may even know what they are. Pop culture has long depicted futures in which money has gone completely digital. With the growing acknowledgment of cryptocurrency, that future may not be far away.
The Dutch bank ING released an extensive survey about cryptocurrency, in September, revealing that while almost three-quarters (74%) of people know that cryptocurrency is a type of digital money, nearly the same amount of (73%) incorrectly identified the governing body for cryptocurrency, or said they did not know how it worked.
Cryptocurrency is a type of digital currency secured by cryptography technology that makes it nearly impossible to counterfeit. Cryptocurrency is not controlled by any government or entity, and the middle man (AKA the bank) is cut out of the equation.
How Does It Work?
Cryptocurrencies allow you to make secure transfers online which are denominated in terms of tokens. Behind the scenes, the network shares a blockchain (digital ledger) that records all transactions.
How Can I Use Cryptocurrency?
In order to buy cryptocurrency, you need an online application, known as a "wallet" to digitally store it in. This can be done through an app such as the Bitcoin Wallet, or through a free investment app such as Robinhood.
You can use your cryptocurrency to buy goods or services from many retailers and merchants that accept cryptocurrency, transfer it directly to other cryptocurrency users, or exchange it for other digital or paper currencies.Cryptocurrency can also be earned through mining, which is often referred to as the process of digitally mining for gold.
Money Work GIF by Mr.Cryply Giphy
Types of Cryptocurrency
The original Bitcoin code was developed in 2009 by the individual or group known by the anonymous pseudonym, Satoshi Nakamoto. Bitcoin is not owned by any individual or company. All users are able to use and develop the bitcoin software.
Today, Bitcoin is split into two different cryptocurrencies: the original Bitcoin (BTC) and Bitcoin Cash (BCH). The main difference between the two is that the latter was created to increase the speed of transaction processing. Some experts worry about the security of the newer Bitcoin cash, as the program doesn't necessarily follow the guidelines in programming set out by Nakamoto. As it is, Bitcoin still remains the most widely used of the two.
Since cryptocurrency operates in a decentralized manner, cutting out the middleman in currency transactions (AKA the bank) can have many benefits.
- Cryptocurrency transactions are instant and direct, unlike transfers that need to run through banks and can sometimes take days to process.
- Cutting out the need for the bank reduces inflation and reduces fees.
- Transactions are not limited by time, location, or bank holidays.
- More secure transactions from cryptographic technology.
- Cryptocurrency allows much clearer transparency since the data stored in the blockchains are available for anyone to view.
- The inability to make payments with cryptocurrency.
- Cryptocurrency is unregulated, which makes it an attractive means of illegal activity and overall is considered a high-risk investment. Cryptocurrency does not hold any intrinsic value-such as that of fiat currency backed by gold or a governing body. Berkshire Hathaway's billion-dollar CEO, Warren Buffet, is a longtime opposer of cryptocurrency. In an interview with CNBC, Buffet said that he would never invest in cryptocurrency because he believes it holds no value.
According to a 2019 survey, only 10% of people understand cryptocurrency. However, it does have backing from the SpaceX and Tesla founder, Elon Musk, who sees potential in Bitcoin. The future of cryptocurrency heavily relies on its ability to further reach into the retail economy.
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Airbnb offers an affordable option for people looking to be more comfortable as they travel.
However, there are downsides to staying in a host's home rather than a hotel. Whereas hotels are designed for constant streams of visitors and often have furniture built to last, at an Airbnb, you may be staying on old or cheap furniture that a host is using in order to maximize their profits.
And while most reputable hotels will have regular room inspections from staff to check for any wear and tear, Airbnb damage disputes are oftentimes he said, she said situations. If you are in an Airbnb and something breaks, there are a few steps you should take in order to ensure that you are not on the hook for damages out of your control.
If you're keeping tabs on the art and tech worlds, you've probably been hearing whispers about "NFTs" for the past month. Just over the past week they've entered the mainstream lexicon.
Twitter founder Jack Dorsey made the news for selling his first ever tweet. The app has been teasing paid subscription models and newsletter-like features, but tweets for sale is "the next frontier."
just setting up my twttr— jack (@jack)1142974214.0
The 2006 tweet went up for auction as an NFT, and the current bid is $2.5 Million. But what does it mean to own that? Why would anyone want to? And what even is an NFT?
Long gone are the days when the majority of Americans dreamed about owning a home with a white picket fence.
The traditional American Dream may be on its deathbed, but that doesn't mean a core component of the vision can't survive. It simply takes a diverse perspective. People can still believe they can attain their own vision of success in society with hard work, knowledge, and risk-taking. Investing in today's American Dream may literally mean investing money in our modern economy, starting with our infrastructure.
Real estate investing in particular is a lucrative method that can boost income and secure a better financial future for many. There's always risk involved, but the payoffs can far outweigh the uncertainty. Selecting solid financial investments is about confidence and competence. If you're looking for some advice on this kind of investment, here are a few savvy tips for new real estate investors.
Stick To a Specific Strategy or Niche
Real estate is a challenging sphere of the business world, one that requires several key skills: groundwork knowledge, networking, perseverance, and organization. True knowledge of the real estate market will come with time and experience, but it's a smart idea to select one area of the market and stick to it. This is the best way to attain in-depth familiarity with your specific niche.
First, choose a geographical area close by and then a niche strategy within it, such as house flips, rental rehabs, or residential or commercial properties. By doing so, you can become aware of current inner working conditions in the market and you'll have a better idea of how these trends may change in the future.
Be Vigilant About Viable Financing Options
While it takes money to make money, you don't have to use all your own money. A common misconception about real estate investing is that you must be wealthy to start off. This isn't straight fact, however. A majority of people can test the waters of real estate investing without a lot of initial cash in their pocket.
Aside from traditional financing options from banks and institutions, private lending options can be worthy solutions. Hard money lenders are popular, reasonable choices, and they tend to have fewer qualification requirements upfront. However, be sure to strategically choose a hard money lender to find the best possible fit.
Master the Art of Finding Good Deals
There may be hundreds of thousands of available properties for sale on the current market, but the bulk of them will never amount to the final money-making result you desire. Another great tip for new real estate investors is to use good math to estimate profit. Taking risks is part of the process, but you have the ability to analyze properties and use networking sources to find the greatest deal. You can't win every deal, but you can steadily work towards a thriving financial future.