Advertising
Advertising

Virtual Coins: A Virtual Goldmine.

Virtual Coins: A Virtual Goldmine.

Back in 2009 when the first virtual coin, Bitcoin, came on the scene, very few people knew what to make of this new currency. Some said it was the wave of the future, while others said it would never catch on.

The person who allegedly created the Bitcoin, Satoshi Nakamoto said (shortly after its release), “It might make sense just to get some in case it catches on. If enough people think the same way, that becomes a self-fulfilling prophecy. Once it gets bootstrapped, there are so many applications if you could effortlessly pay a few cents to a website as easily as dropping coins in a vending machine.”

Not only did this new virtual currency catch on, but it spread like wildfire. Within five years of its release, over 31 million transactions had taken place, with over 25 million people using the currency. Even though few people really understood the programming behind this virtual currency, the fact that it could be traded, bought and sold just like any other currency, made bitcoin an exciting prospect for early traders.

Within seven years of its release, many merchants jumped on the bitcoin wagon, including Fiverr.com, Overstock.com, and many other online merchants. Even some bars and restaurants are now accepting bitcoins! As a matter of fact, you can buy just about anything with bitcoin. You can even make purchases from Amazon and Ebay by using All4btc, which is a kind of go-between that lets you order from practically anywhere on the web.

Advertising

Mining Bitcoins

What really makes Bitcoin so popular, however, is the fact that anyone can create their own Bitcoins. The only drawback is that mining – the process of creating bitcoins – requires a significant amount of computer power. Many bitcoin miners, however, will work with other users to create “mining pools.” This allows them to collectively create new blocks and then split the Bitcoins.

Another thing that makes bitcoins so exciting is the ever-fluctuating value of the bitcoin. When bitcoin was first released, it was valued at 1BTC (Bitcoin) = 1USD (U.S. Dollar). As its popularity grew, the value of Bitcoin rose until, at one time, 1BTC was worth almost as much as 1oz of Gold! This meant, if you bought Bitcoins from the beginning, you would have seen a 1000% return on our investment. Bitcoin values, however, have decreased over time and seem to have steadied themselves at 1BTC = around 600USD. At the time of this writing, according to Preev.com, the exact value of 1BTC is 603.2 USD.

Advertising

How to know which virtual coins will catch on

While most investors don’t foresee any dramatic movement in the Bitcoin market, that doesn’t mean that you’ve missed the boat if you didn’t purchase Bitcoins when they were cheaper. Fortunately, new virtual currencies are being created just about every day. Most of these coins may never see any action, but there are a few notable ones. The likes of Litecoin (created by Charles Lee in 2011); Peercoin (created by Scott Nadal and Sunny King in 2012); or OneCoin, created by Dr. Ruja Ignatova in 2014 may be as much of a virtual goldmine as Bitcoin was in the first few years of its existence!

The trick is to find the “movers,” or the virtual coins that seem to be catching on. You don’t want to buy them when they have already reached their peak value, however. One of the best ways to find newer virtual coin markets that show signs of movement is by watching the market, through sites like coinmarketcap.com, which tracks virtual currency movements and display them via graphs. You can also keep an eye out for new virtual currencies, by going to Reddit, which has its community of users that discuss new Cryptocurrencies every day!

Advertising

If you have your eye on the market and you keep your ear out for new opportunities, you are bound to find some new virtual coin that may just be the goldmine you’ve been looking for. All you have to do is find them and mine them! Happy Mining!

Featured photo credit: quifinanza via quifinanza.files.wordpress.com

Advertising

More by this author

16 Young And Successful Entrepreneurs Who Prove That Age Is Nothing but a Number This Is The Secret Recipe For A Healthy Living 6 Essentials You Need to Consider Before Starting an Online Business 4 Things Every True Leader Wants You to Know Life Insurance: A Secure Way To Protect Your Future.

Trending in Money

1 How Personal Finance Software Helps You Get More Out of Your Money 2 The Best Ways to Save Money Even Impulsive Spenders Can Get Behind 3 How to Answer the Tough Question: What are Your Salary Requirements? 4 The Definitive Guide to Get Out of Debt Fast (And Forever) 5 35 Real Ways to Actually Make Money Online

Read Next

Advertising
Advertising
Advertising

Last Updated on January 2, 2019

How Personal Finance Software Helps You Get More Out of Your Money

How Personal Finance Software Helps You Get More Out of Your Money

Do you know what mental health experts point to as the biggest cause of stress in the United States today? If you said “money,” then ding, ding, we have a winner!

Three out of four adults today report feeling stressed out about money at least part of the time. People are either worried about not having enough money or whether they’re putting the money they do have to use in the best possible way.

Your money is either in charge of you or you’re in charge of it, there’s no middle ground. Using some type of personal finance software can help alleviate some of that money stress and better allow you to manage your money effectively. Without it, you may just be setting yourself up for constant financial worry. Life is already tough enough and there’s no need to make it more difficult by simply hoping your money issues will all work out in your favor. Hint: they won’t.

This guide will help you to understand how personal finance software can better assist with both accomplishing long term financial goals and managing day-to-day aspects of life.

Whether it’s tracking the savings plan for your child’s college fund or making sure you won’t be in the red with the month’s grocery budget, personal finance software keeps all this information in one convenient place.

What Exactly is Personal Finance Software?

Think of it like the dashboard in your car. You have a speedometer to tell you how fast you’re going, an odometer to tell you how far you’ve traveled, and then other gauges to tell you things like how much gas is in the tank and your engine temperature. Personal finance software is essentially the same thing for your money.

When you install this software on your computer, tablet, or smartphone, it helps to track your money — how much is going in, how much is going out, and its growth. Most personal finance software programs will display your budget, spending, investments, bills, savings accounts, and even retirement plans, levels of debt, and credit score.

Advertising

How It Leads to Financial Improvement

It shouldn’t come as a surprise, but people who regularly monitor their finances end up wealthier than those who don’t. When you were a kid, keeping track of all of your money in a porcelain piggy bank was pretty easy. As we get older, though, our money becomes spread out across things like car payments, mortgages, retirement funds, taxes, and other investments and debts. All of these things make keeping track of our money a lot more complicated.

Some types of personal finance software can help make things a little less complicated, setting you up to meet financial goals and taking away some of the stress associated with money.

Even if you already have a Certified Financial Planner (CFP) some type of personal finance software can be of great benefit. Whereas CFPs focus on the big picture of your money, they don’t handle the day-to-day aspects that determine your overall financial health.

It’s also not nearly as complicated as you might think and can take out a lot of the tedium that comes with doing everything on an Excel spreadsheet or with a pad and pencil.

Types of Personal Finance Software

When it comes to personal finance software, it generally fits into two categories: tax preparation and money management.

Tax preparation software such as Turbo Tax and H&R Block’s software can help with everything from filing income taxes to IRS rules and regulations and even estate plans. Plus, there’s the benefit of filing online and getting your refund check a lot faster than if you were to mail off your forms after waiting in line at the post office.

For the purpose of this article, however, will be focusing more on the personal finance software that aids with money management.

Advertising

Money management personal finance software will help you to see the health of your cash flow, pay down debt, forecast for expenses and savings, track investments, pay bills, and do a host of other things that 30 years ago would have practically required a team of accountants.

When to Use Personal Finance Software

So far we’ve gone over what exactly personal finance software is and how it can be a benefit to your money. The next logical step in this whole equation is determining when it should be used and how is the best way to go about getting started using it.

Below are four of the most common and practical ways to use personal finance software. If all or any of these apply to you and your money, then downloading some type of personal finance software is going to be a smart move.

1. You Have Multiple Accounts

There’s a good chance that when it comes to your money, it’s in more than one place. Sure, you probably have a checking account, but you may also have a savings account, money market account, and retirement accounts such as an IRA or 401k.

If you’re like the average American, you probably have two to three credit cards as well. Fifty percent of Americans also don’t have loyalty to just one bank and spread their money across multiple banks.

Rather than spending hours typing in every detail of every account you have into a spreadsheet, many programs allow you to easily import your account information. This will help to eliminate any mistakes and give you a bird’s eye view of everything at once.

2. You Want to Automate Some or All of Your Payments

Please don’t say that you’re still writing out paper checks and dropping each bill in the mailbox. While it’s noble that you’re doing your part to keep postal workers employed, we’re 18 years into the 21st century and you can literally pay every bill online now.

Advertising

There’s no need to log into every account you have and type in your routing number either.

With personal finance software you can schedule automatic payments and transfers between all of your imported accounts. Automatic transfers will help to make sure you have the necessary funds in the right account to ensure all bills are paid on the appropriate date. Late fees are annoying and do nothing but cost you money. It’s time that you said goodbye to them once and for all.

3. You Need to Streamline Your Budget

Perhaps the best feature of personal finance software is that it allows you track everything going in and out of your virtual wallet.

Nearly every brand of personal finance software out there has easy-to-read graphs and charts that allow you track every cent you spend or earn, should you choose. You might be pretty amazed when you see just how much you spent on eating out last month or if you splurged a little more than you should have on Christmas gifts last year.

Every successful business on the planet has a budget and using personal finance software can help you trim the fat on your spending in ways that affect your everyday life.

4. You Have Specific Goals to Meet

Maybe it’s paying off debt or saving for up something like a European vacation. Whatever your financial goal is, whether it’s long-term or short-term, personal finance software programs are one of the savviest ways to go about reaching those goals.

You can do everything from set spending alerts to notify you when you’re over budget to automating what percentage of your paycheck goes to things like retirement investments. The personal finance software that you choose should show you exactly how close you are to hitting those goals at any given time.

Advertising

How to Get Started

From AceMoney to Mint and Quicken, there ’s no shortage of personal finance software apps out there. Many of these programs are free to download and will allow you to pay bills, invest, monitor your net worth and credit profile, and even get a loan with the swipe of a finger.

Other programs may only offer you limited services and will require a one-time fee or subscription to unlock all that they offer. These fees can often vary from as little as two dollars to 50 bucks a month.

It’s best to start off with the free version and then gauge whether you’re able to accomplish everything you’d like or if it’s worth exploring one of the paid options. Often times the subscription programs come with assistance from financial planning and investment experts — so that can be a real benefit.

When deciding which personal finance software program to use, it’s also important to look at how many accounts you wish to monitor. Certain programs limit the number of accounts you can add. Be sure that if you have checking, credit card, and investment accounts to monitor, that you choose a service that can monitor them all.

Finally, when looking around for the right personal finance software that meets your needs, make sure that you’re comfortable with the program’s interface. It shouldn’t be expected that you recognize every single feature instantly, but if the features don’t seem readable and manageable to you, then you’re not as likely to use it and get the full benefits.

Final Thoughts

Personal finance software can go a long way in helping you to take control of your money and meeting your financial goals. It’s important to note, however, that some focus more on budgeting and expense tracking while others prioritize investing portfolios and income taxes. Explore several different programs and read reviews to find the one that’s right for you.

In this day and age, managing one’s personal finances in a secure manner that allows the user to have a real-time visual representation of their money is easier than ever before. With the numerous applications that are out there — both free and subscription-based — there’s no reason that every person can’t take control of their money and ensure they’re making smart money moves.

Featured photo credit: rawpixel via unsplash.com

Read Next