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4 Potential Benefits of a Bitcoin Currency

4 Potential Benefits of a Bitcoin Currency

Current understanding and use of Bitcoin as a currency is not straightforward. More importantly, despite little awareness regarding Bitcoin in the public, the currency has registered exponential growth within half a decade.[1] Its progressive development and potential advantages as a global currency has outdone any other national currency in history. This explains why in conventional use, Bitcoin is a virtue goldmine. Bitcoins present an extremely rewarding, profitable, and reliable investment, both in terms of income generation and in reducing operational expenditure.

This article acknowledges that the technical details of Bitcoin technology may be irrelevant from the perspective of investors and or businesspersons. The brief discussion excludes the focus on the crypto-currency model, the cryptography mathematical model, the use of block-chain technologies, which may not be as important as the realization of the potential benefits of a Bitcoin wallet. As such, the article seeks to exclusively review the realistic user-based advantages of using Bitcoin as a currency. Before listing the potential advantages, however, it is important to provide a succinct history of the currency.

Above the technical profile, the question of how one may benefit from using the Bitcoin currency remains. In other words, why should you invest in the Bitcoin currency? Here are four reasons that define Bitcoin as a currency of tomorrow, and its relevance in a globalized future:

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1. Absence of a Central Authority and Jurisdictional Regulation

Transactions in Bitcoin are based on a consensus network where peers send and receive a purely digital currency. There is not a nation, agency, or individual who owns and controls the Bitcoin currency. This means that unlike contemporary national currencies, Bitcoin is a payment system empowered and defined by its users, and thus it lacks a central authority in charge of its circulation. Further, Bitcoin transactions do not require or facilitate intermediaries/middlemen, such as banks, in the contemporary financial world.

The absence of any central authority thus gives total and absolute control to Bitcoin users globally, regardless of their jurisdiction or residence and qualifies the currency with unlimited exchange freedom. Bitcoin transactions are feasible any time, from anywhere, between anybody, and without rules and regulations that are common with modern bureaucracy. This defines the infinite potential for an investor or a businessperson for never having to observe the day or time (where weekends of during night time) of transaction, as well as peer location or personal identity of peers you transact with. In the words of Satoshi Nakamoto, Bitcoins can be “transported over a communications channel” to a global user.[2]

2. Capitalization on an Anonymous Virtual Identity

To begin with, Bitcoin omits and does not require personal information or identity in any transaction. Transactions do not rely on the names of sellers and or buyers, and they do not even record personal addresses. Each user has a unique Wallet ID, which constitutes their virtual identity. Furthermore, Bitcoin eliminates any risks when transacting with merchants or customers.

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Bitcoin transactions come with a high level of security because they are:

  • Secure from charge-backs and fraudulent losses
  • Ledger-systemized
  • Irreversible
  • Accounted for and recorded in a public log based on unique user’s Wallet ID
  • Based on user agreements, making PCI compliance for all transactions irrelevant

Governments and organizations have risen up, severely opposing this benefit of a Bitcoin currency, arguing against potential abuse. Assorted interests have pointed out the likelihood of Bitcoin usage in drug trafficking and illicit commerce.[3] In the meantime, businesses are protected and galvanized regardless of the limited personal identity required.

3. Acquisition Integrity and Usage Mechanisms

Receiving and sending Bitcoins from and to peers (Bitcoin users) is not only reliable and secure as noted above, but acquiring a Bitcoin wallet is also as reliably systemized action.

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Bitcoin can be acquired in four distinctive ways, namely:

  • Competitive mining using Bitcoin mining hardware, where cryptography is systemized using advanced block-chain technologies
  • Payment from another user for agreed goods/services
  • Purchased with national currencies at Bitcoin exchanges
  • Peer exchange using send/receive payment arrangements

    Given that the Bitcoin network is peer-to-peer, every one of these transactions are recorded and accessibly open for review in a public ledger, known as the block chain. Therefore, the transactions can always be checked and validated in real time, as authentic transactions with highly protected digital signatures, by specialized mining hardware.

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    4. Globalization and Tax Exemptions

    Given that Bitcoin is a digital currency that has no legal tender status ascribed to any nation or any jurisdiction, all transactions are above tax liability. In what is emerging as a form of modernized finance, Bitcoin is still a goldmine.[4] No government in the world currently taxes any capital gain, income, or payroll limits recorded on Bitcoin. The practicality of that single fact, not only consolidates Bitcoin as a global currency, but also offers infinite potential for investors and businesspersons to benefit from the no-tax transactions.

    Featured photo credit: Antana via flickr.com

    Reference

    [1] http://www.businessinsider.com.au/bitcoin-price-skyrocketing-june-13-halvening-2016-6
    [2] http://www.huffingtonpost.com/david-seaman/bitcoin-is-not-what-you-t_b_11071712.html
    [3] http://www.businessinsider.com.au/potcoin-and-dopecoin-2014-3
    [4] http://www.huffingtonpost.co.uk/paul-mcneil/finance-modernized-by-bit_b_12760672.html

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    Last Updated on October 16, 2019

    11 Meeting Scheduler Apps to Boost Your Productivity

    11 Meeting Scheduler Apps to Boost Your Productivity

    Automations are key to improving efficiency. Set the system up right from the beginning and you’ll reduce the amount of no-shows and cancellations.

    Whatever your business is, with automations, meeting scheduler apps do more than just streamline appointment setting. They prime your workflow for maximum results.

    Meeting scheduler apps are awesome if you use them right. Use them wrong and you can look like an arrogant elitist.

    In this article, I will share with you 11 great meeting scheduler apps you can start using today to boost your productivity.

    1. ScheduleOnce

      ScheduleOnce is an industry leader and robust solution. Whether you work alone or have a large team, ScheduleOnce can support you.

      ScheduleOnce allows you to create multiple users and multiple calendars. I use one calendar for booking podcast guests with automations set up to prep my guests for our interview. I use another calendar for strategy sessions and coaching calls.

      ScheduleOnce also has embeddable widgets so you can keep the scheduler inside your own website.

      Starting at $7 a month and a 14 day free trial, ScheduleOnce can fit a variety of needs in business.

      Available on Web

      2. Calendly

        Calendly stands out for its clean, easy to use interface. If you like clean design, Calendly might be your choice. It too has robust automations and integrations for individuals and teams alike.

        You can try Calendly free for 14 days. Their basic plan is free while their most robust plan is only $12 a month.

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        Available on Web | Google Chrome Extension

        3. Assistant.to

          For those who use gmail, Assistant.to is a super simple solution.

          From inside an email, you click on the Assistant.to icon and pick times your free. Assistant.to embeds the times directly into the email so the recipient can quickly pick a time that works for them.

          While it doesn’t have all the bells and whistles of apps like Calendly or ScheduleOnce, Assistant.to is completely free.

          Available on Web

          4. Acuityscheduling

            Acuity is a robust meeting scheduler very similar to ScheduleOnce. It integrates with CRMs, Email Marketing platforms, Analytics tools and accounting software.

            It comes with a 14 day free trial. They have a free solo account but if you want the benefit of the integrations, you’ll start as low as $15 a month and can cost up to $50 a month.

            Available on Web | iOS | Android

            5. Pick

              Built for simplicity, Pick is direct and easy to use. You can create your own url extension like pick.co/yournamehere and it integrates with Google calendar and Office 365.

              At $3 a month, this is a great tool for quick scheduling.

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              Available on Web

              6. X.ai

                For those who are early adopters of AI, this may be the solution for you. X.ai created two AI assistants they call Amy and Andrew Ingram. After setting up your account you simply CC them on your emails with the person you’re wanting to schedule and the AI assistants will email your guests from there until your appointment is set.

                This type of scheduler feels more personal because of the dialogue. There are stories on their site of people thinking Amy and Andrew are real people. X.ai integrates with Google, Office 365 and Outlook.

                Starting at $29 a month for an Individual account and $39 a month per user for a Team account, Amy and Andrew are ready to schedule meetings for you. Want to try it out first? They do have a free trial.

                Available on Web

                7. YouCanBook.me

                  is another competitive solution for scheduling meetings online. You can manage the calendars of your entire team, configure booking forms, and integrate with your calendar.

                  They have a free account branded with their company name or you can have some control over your branding and appearance at $10 a month for all their features. Either way, this company is worth a look.

                  Available on Web

                  8. Doodle

                    Doodle is unique in the space of meeting schedulers because it helps groups of people find a time to meet that works for everyone.

                    It integrates with your calendar and allows you to send a poll to all invited. Once people vote on the poll you can see which time works best for everyone.

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                    You can also run polls for food preferences if you’re scheduling a lunch meeting or a section of town if people are coming from all over.

                    While there is a free account, you’ll unlock it’s potential starting at $39 per year.

                    Available on Web | iOS | Android

                    9. WhenAvailable

                      WhenAvailable is another scheduler that works for groups of people. You can use it to schedule a pickup game of basketball, decide on your next book club or book your family reunion.

                      Their free account allows up to 20 guests, unlimited events and one contact group. For $15 a year you unlock all the goodies including reminders and chat messages.

                      Available on Web

                      10. Rally

                        Like Doodle and WhenAvailable, Rallly is helpful for scheduling meetings and events with multiple people involved. You create a poll and everyone votes. It’s quick and easy.

                        Unlike Doodle, it doesn’t have as many features, but it’s entirely free.

                        Available on Web

                        11. NeedtoMeet

                          Finishing strong, NeedtoMeet is our last app that allows you to schedule meetings or events for multiple people. It has mobile apps, custom urls, easy polling, notifications and commenting.

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                          NeedtoMeet also allows 1:1 Meetings for things like performance reviews for your whole team. You send out the your calendar slots to your team and they can only pick 1 slot, minimizing the amount of emails and scheduling you have to coordinate.

                          While they have a free account, you can unlock all features for only $19 a year.

                          Available on Web

                          Bonus: Don’t Make These Common Mistakes When Using Meeting Schedulers

                          In the excitement of streamlining your scheduling process, it can be easy to forget the feelings of those you’re inviting to meet. I know. I’ve done this.

                          To say “Hey, schedule time on my calendar” feels colder than “Hey, here’s my calendar. To avoid all the back and forth, pick a time that works best for you.”

                          Always make sure to frame your invite with your scheduler app with the benefit to them and why we’re doing it this way rather than the old fashioned, personal way.

                          A little finesse goes a long way. Without it, you risk seeming transactional and cold.

                          Some meeting scheduler widgets you can embed in your site can take a couple seconds to load. If you go this route, make sure there’s text just above the widget that lets your guest know the calendar will appear below and to wait for it to load.

                          If you use an online meeting tool like Zoom, it’s also important to explicitly let them know the meeting will take place on Zoom and include the Zoom link in the email reminder. Many make the mistake of not clarifying where the meeting will actually take place which can create last minute chaos at the time of the meeting.

                          Should you require special settings, like ethernet, external mics or lighting, let your guests know that on your thank you page and reminder emails so they are prepared for the meeting and you end up with the best meeting possible.

                          With clear communication in your automation, your meeting scheduler tools can almost perform like a virtual assistant for a fraction of the cost, or free, depending on the app you choose.

                          The Bottom Line

                          Meeting scheduler apps are diverse in features and unique in design. Before committing to one and realizing it’s not a fit, I recommend exploring which 3 might best fit you and then doing a trial with each of them at the same time so that you can see how they feel as you use them side by side.

                          Scheduling meetings the old fashioned way can be tedious. Conversely, finding a scheduling app that works seamlessly in the background is heavenly.

                          Like cell phones, meeting scheduler apps are moving from a nice-to-have luxury to must-have necessity in the lives of productive people. As you explore your options, stay true to your brand and the tools that have worked well for you to this point and simply find a meeting scheduler app that plays well with what you have created.

                          Featured photo credit: rawpixel via unsplash.com

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