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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.

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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.

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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!

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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

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Erick Clifford

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Published on July 4, 2018

Top 10 Recommendations on Money Management Apps

Top 10 Recommendations on Money Management Apps

Don’t want to overspend your budget, swipe your credit card too many times, and feel like a financial mess? Instead of beating yourself up for the bad financial decisions you’ve ever made, create a new plan!

The solution is simple, save more and spend less. But, we all know it’s easier said than done.

One problem is finding quality apps that save you time and money, and aren’t just hype.

Luckily, there’re many great money management apps available at your fingertips. Here are 10 reliable money management apps that can help you save money, and crush debt.

1. Personal Capital

    When was the last time you’ve tracked your net worth? Probably months ago or maybe never. Personal Capital allows you to easily track your net worth and plan for retirement.

    Here are some of its main features:

    • Sync many investment accounts, and expenses (mortgage, credit cards, etc.) in one place
    • Discover hidden fees and how much they’re affecting your retirement plan
    • Wealth management for investors requiring a long-term strategy

    With Personal you’re free to track your expenses and net worth.

    Available for: iOS and Android

    2. Mint

      If your smartphone could only install a few apps, Mint would be one of them. Why? Because Mint tracks all your balances and bills in one place.

      Here are some of its main features:

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      • Effortlessly track all your bills and balances in one dashboard
      • Categorized expenses to understand where you spend your money
      • Uncover hidden fees, and determine your investment style with sophisticated retirement tools.

      Feel at ease with managing your money by a reputable company that isn’t going anywhere.

      Available for: iOS and Android

      3. YNAB

        Everyone needs a budget, there’s no way around it. YNAB (You Need A Budget) is an easy to use app that will change the way you think about money. Their motto is to “give every dollar a job”, and you’ll quickly discover why.

        Here are some of its main features:

        • Easily sync all bank accounts in one place
        • Visually see your debt paying progress with eye-catching charts and notifications
        • Customized categories setting saving goals

        The best part about YNAB is the community that comes along with it. You can hop on the YNAB forum to receive support, listen to the YNAB Podcast or stay tuned for their weekly videos.

        Available for: iOS and Android

        4. Wealthfront

          Albert Einstein once said “compound interest is the eight wonder in the world”, and for a very good reason. The problem is, most people are scared or unwilling to learn the basics of investing. This is why Wealthfront is the perfect solution for the hands-off investors.

          Here are some of its main features:

          • Variety of investment account options including IRA, Roth IRA, and more
          • Your portfolio composed of 7 different asset classes
          • Automatically rebalanced portfolio
          • Daily tax loss harvesting

          Wealthfront is perfect for people requiring investment guidance, or prefer a hands-off solution.

          Available for: iOS and Android

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          5. Clarity Money

            If you’re staying on top of your budget but want to take your finances to the next level, Clarity Money can help you. Clarity Money helps you stay under budget and build a personalized savings plan.

            Here are some of its main features:

            • Easily cancel subscriptions with one click
            • Synchronize bank accounts fast
            • Transfer money effortlessly between different accounts

            Clarity Money isn’t an app that does it all. But, it does make transferring money and canceling subscriptions fast and efficient.

            Available for: iOS and Android

            6. Acorns

              What if there was a way to quickly gain confidence in investing your money, without too much risk? There is, and Acorns is your solution. With Acorns’s technology, you’re able to make investments as small as $5.

              Here are some of its main features:

              • Automatic contribution option
              • Customized portfolio tailored to your needs
              • Low management fees ranging from $1-$2 per month

              Stop wasting dollars on expensive coffee. Instead, invest them towards a brighter financial future.

              Available for: iOS and Android

              7. Albert

                Do you budget by only subtracting your expenses from your income? If so, how would you discover any overpayments or extra money you could save? This is where Albert shines, and it does it all free.

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                Here are some of its main features:

                • Receive notifications for overpayments, hidden fees, and low balances
                • An Automatic budget that’s built around your spending and income
                • Easily track debt and set new financial goals

                While Albert does offer a paid option, most of its core features are FREE. So, what better option to save?

                Available for: iOS

                8. Prism

                  Have you recently forgot to pay a bill because life got in the way? Prism automatically tracks your bills and syncs your bank accounts in one place.

                  Here are some of its main features:

                  • View all your account balances in one glance
                  • Bill due dates are automatically pulled and tracked
                  • Receive early reminders for upcoming bills

                  If your budget is on “fleek” but can’t seem to stay on top of your bills, Prism is your go-to app.

                  Available for: iOS, Android, Windows, Amazon

                  9. Mvelopes

                    Remember hearing about people using envelopes to budget their money? Well, Mvelopes is the new envelope system for this generation. Easily create monthly budgets and track your saving goals.

                    Here are some of its main features:

                    • Connect unlimited bank accounts
                    • Real-time budgeting with auto transaction syncing
                    • Low monthly $4 fee or $40 annual

                    Mvelopes can help you crush debt, save more, and help you stop overspending. With its low monthly fee, it’s worth a try.

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                    Available for: iOS and Android

                    10. Wallaby

                      Most people don’t have time to track their credit card’s changing rewards and interest rates. Because of this, you need help reaping the most of your credit card’s rewards. Wallaby is the app that will help you do just that.

                      Here are some of its main features:

                      • Automatic recommendations for the best credit card to use for each transaction
                      • A friendly user interface, displaying credit cards with their corresponding images
                      • Free to use

                      If you’re using the same credit card to make your purchases, you may be leaving money on the table. Give Wallaby a try if you’re ready to maximize your credit card’s rewards.

                      Available for: iOS and Android

                      Take control of your finances and experience financial freedom

                      Picture yourself staying on budget and saving more money than you’d ever imagined.

                      It took hard work and dedication but you’d finally learned how to manage your money. You have to start taking control of your spending and saving habits.

                      You now have a list of reliable apps that can help you build better money habits, what are you waiting for?

                      Featured photo credit: Pexels via pexels.com

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