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All You Need To Know About Bitcoin

All You Need To Know About Bitcoin

What is Bitcoin?

Bitcoin is a new currency known as a “cryptocurrency.” It was introduced in 2009 by a person, who still remains unknown, using the alias “Satoshi Nakamoto.” Bitcoin transactions are made from one bitcoin address to another without a middle man, and banks are not involved. When you decide to start buying and selling with bitcoins, you have to sign up for a bitcoin address. You are then given a string of numbers and letters (your bitcoin address) with which you can carry out online payment transactions with other users. Consequently, there are no transaction fees and users do not even have to provide their real names.

Why choose Bitcoin?

Bitcoins are used to purchase merchandise anonymously. Moreover, international bitcoin payments are convenient and cheap because bitcoins are not affiliated with any country or under any rule. Small businesses seem to benefit as there are no credit card fees. You can even buy bitcoins as an investment, since they have the potential to increase in value. This is apparent in the steady rise in the value of bitcoins since their inception.

Getting Bitcoins

Purchase on Exchange

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You may easily buy or sell bitcoins by using their associated currencies in markets which are known as “bitcoin exchanges.” There are lots of places to purchase bitcoins. Two examples of these markets are Blockchain and localbitcoins.

Transferring Bitcoins

Bitcoins can also very easily be transferred from one account to another simply by using computers or mobile apps. These provide a convenient method of transaction, as your bitcoins can then be used as basically digitized cash.

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Mining

People are involved in competing to “mine” bitcoins by using computers to solve complex math puzzles. This is the way bitcoins are produced. At the moment, a winner is rewarded with 25 bitcoins roughly every 10 minutes with every complex puzzle solved.

Owning Bitcoins

Bitcoins can easily be stored in a “digitalized wallet” which is either on the “cloud” or on your mobile or computer. This wallet is like a virtual bank account which is primarily used to keep your bitcoins safe. With a bitcoin wallet, you can transfer bitcoins between other users and yourself, or you can pay for the products and services that you have purchased, all in a very convenient and quick manner. However, one must remember that these digital wallets are not insured the way typical bank accounts are insured by the FDIC.

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The bitcoins on the cloud or servers are also vulnerable in that they are susceptible to being hacked by other users, groups or even companies. Not only this, but the bitcoins in your mobile phone or computer may be deleted accidentally or eliminated by a virus that has infected your software.

Maintaining Anonymity

Although every bitcoin transfer is recorded in a public log, the names of respective buyers and sellers are never disclosed, only their wallet IDs are. Because of this established anonymity, which allows bitcoin users to keep their transactions private, it also lets them purchase or sell off anything without a trace leading back to them. While this has some advantages, it also has disadvantages because it is now the transaction method for shady people. These people use bitcoin as the currency of choice for dealing with transfers regarding illegal activities, such as drugs and other banned products or services. The anonymity has made room for misuse, and this is one of the concerns being discussed regarding what the future of bitcoin could be.

What is the future of bitcoin?

Because governments have little control over these transactions, because of the problems they potentially present in terms of continuing illegal matters, and because of the lack of taxation of this currency, there is a general rise in concern towards the use of bitcoin. As bitcoin is unregulated, the future is still hazy in terms of how bitcoin will be dealt with. However, this is also a very uncertain matter that can change anytime.

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What do you think about bitcoin? Do you think it is a good investment plan? Let me know in the comments.

Featured photo credit: Gwopr via bitbillions.com

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Published on November 8, 2018

How to Answer the Tough Question: What are Your Salary Requirements?

How to Answer the Tough Question: What are Your Salary Requirements?

After a few months of hard work and dozens of phone calls later, you finally land a job opportunity.

But then, you’re asked about your salary requirements and your mind goes blank. So, you offer a lower salary believing this will increase your odds at getting hired.

Unfortunately, this is the wrong approach.

Your salary requirements can make or break your odds at getting hired. But only if you’re not prepared.

Ask for a salary too high with no room for negotiation and your potential employer will not be able to afford you. Aim too low and employers will perceive as you offering low value. The trick is to aim as high as possible while keeping both parties feel happy.

Of course, you can’t command a high price without bringing value.

The good news is that learning how to be a high-value employee is possible. You have to work on the right tasks to grow in the right areas. Here are a few tactics to negotiate your salary requirements with confidence.

1. Hack time to accomplish more than most

Do you want to get paid well for your hard work? Of course you do. I hate to break it to you, but so do most people.

With so much competition, this won’t be an easy task to achieve. That’s why you need to become a pro at time management.

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Do you know how much free time you have? Not the free time during your lunch break or after you’ve finished working at your day job. Rather, the free time when you’re looking at your phone or watching your favorite TV show.

Data from 2017 shows that Americans spend roughly 3 hours watching TV. This is time poorly spent if you’re not happy with your current lifestyle. Instead, focus on working on your goals whenever you have free time.

For example, if your commute to/from work is 1 hour, listen to an educational Podcast. If your lunch break is 30 minutes, read for 10 to 15 minutes. And if you have a busy life with only 30–60 minutes to spare after work, use this time to work on your personal goals.

Create a morning routine that will set you up for success every day. Start waking up 1 to 2 hours earlier to have more time to work on your most important tasks. Use tools like ATracker to break down which activities you’re spending the most time in.

It won’t be easy to analyze your entire day, so set boundaries. For example, if you have 4 hours of free time each day, spend at least 2 of these hours working on important tasks.

2. Set your own boundaries

Having a successful career isn’t always about the money. According to Gallup, about 70% of employees aren’t satisfied with their current jobs.[1]

Earning more money isn’t a bad thing, but choosing a higher salary over the traits that are the most important to you is. For example, if you enjoy spending time with your family, reject job offers requiring a lot of travel.

Here are some important traits to consider:

  • Work and life balance – The last thing you’d want is a job that forces you to work 60+ hours each week. Unless this is the type of environment you’d want. Understand how your potential employer emphasizes work/life balance.
  • Self-development opportunities – Having the option to grow within your company is important. Once you learn how to do your tasks well, you’ll start becoming less engaged. Choose a company that encourages employee growth.
  • Company culture – The stereotypical cubicle job where one feels miserable doesn’t have to be your fate. Not all companies are equal in culture. Take, for example, Google, who invests heavily in keeping their employees happy.[2]

These are some of the most important traits to look for in a company, but there are others. Make it your mission to rank which traits are important to you. This way you’ll stop applying to the wrong companies and stay focused on what matters to you more.

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3. Continuously invest in yourself

Investing in yourself is the best investment you can make. Cliche I know, but true nonetheless.

You’ll grow as a person and gain confidence with the value you’ll be able to bring to others. Investing in yourself doesn’t have to be expensive. For example, you can read books to expand your knowledge in different fields.

Don’t get stuck into the habit of reading without a purpose. Instead, choose books that will help you expand in a field you’re looking to grow. At the same time, don’t limit yourself to reading books in one subject–create a healthy balance.

Podcasts are also a great medium to learn new subjects from experts in different fields. The best part is they’re free and you can consume them on your commute to/from work.

Paid education makes sense if you have little to no debt. If you decide to go back to school, be sure to apply for scholarships and grants to have the least amount of debt. Regardless of which route you take to make it a habit to grow every day.

It won’t be easy, but this will work to your advantage. Most people won’t spend most of their free time investing in themselves. This will allow you to grow faster than most, and stand out from your competition.

4. Document the value you bring

Resumes are a common way companies filter employees through the hiring process. Here’s the big secret: It’s not the only way you can showcase your skills.

To request for a higher salary than most, you have to do what most are unwilling to do. Since you’re already investing in yourself, make it a habit to showcase your skills online.

A great way to do this is to create your own website. Pick your first and last name as your domain name. If this domain is already taken, get creative and choose one that makes sense.

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Here are some ideas:

  • joesmith.com
  • joeasmith.com
  • joesmithprojects.com

Nowadays, building a website is easy. Once you have your website setup, begin producing content. For example, if you a developer you can post the applications you’re building.

During your interviews, you’ll have an online reference to showcase your accomplishments. You can use your accomplishments to justify your salary requirements. Since most people don’t do this, you’ll have a higher chance of employers accepting your offer

5. Hide your salary requirements

Avoid giving you salary requirements early in the interview process.

But if you get asked early, deflect this question in a non-defensive manner. Explain to the employer that you’d like to understand your role better first. They’ll most likely agree with you; but if they don’t, give them a range.

The truth is great employers are more concerned about your skills and the value you bring to the company. They understand that a great employee is an investment, able to earn them more than their salary.

Remember that a job interview isn’t only for the employer, it’s also for you. If the employer is more interested in your salary requirements, this may not be a good sign. Use this question to gauge if the company you’re interviewing is worth working for.

6. Do just enough research

Research average salary compensation in your industry, then wing it.

Use tools like Glassdoor to research the average salary compensation for your industry. Then leverage LinkedIn’s company data that’s provided with its Pro membership. You can view a company’s employee growth and the total number of job openings.

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Use this information to make informed decisions when deciding on your salary requirements. But don’t limit yourself to the average salary range. Companies will usually pay you more for the value you have.

Big companies will often pay more than smaller ones.[3] Whatever your desired salary amount is, always ask for a higher amount. Employers will often reject your initial offer. In fact, offer a salary range that’ll give you and your employer enough room to negotiate.

7. Get compensated by your value

Asking for the salary you deserve is an art. On one end, you have to constantly invest in yourself to offer massive value. But this isn’t enough. You also have to become a great negotiator.

Imagine requesting a high salary and because you bring a lot of value, employers are willing to pay you this. Wouldn’t this be amazing?

Most settle for average because they’re not confident with what they have to offer. Most don’t invest in themselves because they’re not dedicated enough. But not you.

You know you deserve to get paid well, and you’re willing to put in the work. Yet, you won’t sacrifice your most important values over a higher salary.

The bottom line

You’ve got what it takes to succeed in your career. Invest in yourself, learn how to negotiate, and do research. The next time you’re asked about your salary requirements, you won’t fumble.

You’ll showcase your skills with confidence and get the salary you deserve. What’s holding you back now?

Featured photo credit: LinkedIn Sales Navigator via unsplash.com

Reference

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