ABC Money

How to use EPOS to scale your business

Claire James

-

24 August 2018

The world of payments is changing fast, and it’s time for businesses to axe their outdated till systems. But what to replace them with?

EPOS systems present retailers, restaurateurs and business owners with smart solutions to get a wealth of actionable insights into their businesses, run their businesses more efficiently, and to scale up successfully.

You can think of EPOS systems like smart tills.

Not only do they make transactions faster and more seamlessly than old manual or touch-screen tills, helping you process transactions faster and offer better customer service but they collect a plethora of data on every single transaction you process.

All this data is synced to a cloud-based back office analytics suite that you can access on any internet-connected device, helping you to unlock a world of actionable insights that can help you to grow your business.

What’s data got to do with it?

Thanks to the smartphone revolution and the rise of cloud computing, we’re now creating more data than ever before. Every transaction that an EPOS processes generates a wealth of data that you can use analyse and take action on. You’ll get the insights that only big data solutions can bring at the touch of a button.

EPOS systems can tell you what items are selling well, what you’ve got left in stock, when your busiest hours are, which members of staff are selling the most, and much more besides.

Getting the lowdown on precisely what you’re selling, and when and how you’re selling it means that you can work out how to sell more, make more revenue and grow your business.

POS systems allow you to store and access data from all areas of your business in real time.

If you run a restaurant, this means automatic updates from the kitchen staff about menu items and ingredients, as well as a fast ticketing system that means you’ll never miss an order again. If you own a retail store, a POS system will keep track of all your stock and help you process orders.

POS systems aren’t just fancy tills. They possess many other features to help your business run smoothly and keep the cash flowing.

What else can you use a POS system for?

EPOS systems can be used to manage practically every area of your business. This is the same, whether you’re running a tiny city bar or a retail franchise. However, by far the best solution for most modern businesses is proving to be the iPad EPOS system, which is flexible and portable, no matter the needs of your business.

Since computers are getting smaller and more portable by the year, it makes sense to invest in equipment that your business won’t grow out of. Most people are familiar with Apple products, and an iPad POS system is intuitive and easy to use for people of all skill levels.

Choosing a POS solution for your business

iPad POS systems will provide all the insight and ease of use of a traditional POS system, with the ability to scale your business flexibly.

Choosing from the raft of solutions on the POS market can be tricky. However, finding the right technology is essential to supporting your business growth. A POS system can really help you grow, but need to be clear on what you want out of your POS solution in order to make sure that you choose the right one.

5 Support Roles That Are Vital to Running a Medical Center

-

22 August 2018

0

5 Support Roles That Are Vital to Running a Medical Center

When you think of a successful medical facility, what’s the first thing that comes to mind? If you’re like most of us, you envision a scene where doctors are quickly moving between patients, white jackets are blowing in the air and hundreds of technical names are being rattled off at lightning speed.

Although in some situations this may be true, a successful medical center operates with optimal efficiency only when every sector is completing certain tasks to maintain the whole. In short, the medical field is reliant on many moving pieces to accurately and thoroughly treat and engage patients on a daily basis.

From the person that greets you when you walk in through the door to the individual that makes sure the operating room is clear of debris, they all come together to serve the patient.

This article shines much-deserved attention on the individuals that work tirelessly to make sure patients are cared for in the manner that they deserve.

The “Front of the House”

Although the receptionist and office staff are often overlooked in the grand scheme of things, they’re vital in the process of treating and helping patients get the service that they require.

Without a hardworking group in place, a medical facility would fall apart from the inside out. Although each job is unique and requires a specific set of skills to complete the job, they are usually responsible for:

Making sure patients arrive on time and are placed into the system.
Creating a relaxing and comfortable environment for newcomers.
Scheduling and planning upcoming events, procedures, consultations and patient interactions.
Small administrative tasks such as ordering supplies, contacting contractors and reaching out to patients.
Checking in with patients and ensuring they’ve met certain standards put in place by their physician.

The Cleaning Staff

The life of a cleaning staff, from an outside perspective, may seem dull, boring and mundane to the nth degree. However, any professional medical center will tell you that keeping the property clean, fresh, smelling great and visually appealing keeps clients coming back in the future. Similarly, the act of disinfecting reusable items allows facilities to save money and keep patients safe from bacteria, infection and the spread of harmful diseases.

Entire manuals and powerful products are created for the staff to use to ensure the integrity of the tools they use on a daily basis. This is going to include training on how to use CIDEX OPA to disinfect medical equipmentfor example, or how to get rid of disposables like gloves and gowns.

Community Organizers and Researchers

To successfully build a client base for a medical practice, one must first understand the needs and wants of the local community. Community experts dive into the surrounding population to find certain statistics that are pertinent for doctors to understand.

Similarly, these much-needed professionals give insight into the medical underpinnings that encapsulate small and large communities surrounding the area.

With these statistics laid out on the table, doctors and specialists can modify their services to fit the needs of the individuals in the area.

Human Resources

To create an optimal flow of productivity and efficiency within a medical setting, certain professionals are put in place to deal with the inner-office politics and behavior of workers. Instances like insubordination, complaints about certain behavior, team-building activities, disciplinary actions and discreet communication allows workers to breathe a sigh of relief.

Similarly, these individuals create an atmosphere where developing personal communication and working through difficult problems is the standard. When everyone is working on the same page, patients can be treated in a more timely fashion.

General Caregiver

If you’ve ever stepped foot into a medical practice and wondered how all of the carts, wheelchairs and general assembly gets done, look no further than the general caregiver! These workers have a main focus of creating a practical and easy-to-access environment for all visitors that come through the door.

Without these people in place, the facility would be overrun by clutter and inconvenienced by broken items, lost tools and unsavory work conditions. These individuals, without a doubt, create a stress-free environment for medical professionals to work in.

While a television shows EMTs rushing gravely injured patients to the ER for the doctors and nurses to save makes a more compelling storyline than one that would focus on the support groups (unless it is a steamy soap), the latter might show us all who makes it work together.

Why buying a new home is better value than renting

Investment

ABC Staff

-

22 August 2018

0

Why buying a new home is better value than renting

With house prices in many areas still well beyond what many people can afford, record numbers are continuing to rent. A 2018 Family Resources Survey found that people in their forties are now almost twice as likely to rent than they would have been ten years ago. The research puts this down to rising house prices across the UK, which have made it unaffordable for many people to buy their first home – even into their middle age.

Others are turning to renting because, in some areas, there is a perception that monthly payments work out cheaper than what they would be with a mortgage. For instance, if you are planning to rent an apartment in London it’s highly recommended to visit the Rentberry website where you can find enough options of London apartments with afforfable prices. Without a major deposit, renters struggle to get on the property ladder and, if they do, may be charged higher rates due to a higher loan-to-value ratio.

However, for those that manage to save a healthy deposit, buying a home is almost always the better option, working out cheaper than renting in almost all areas of the UK. Furthermore, buying a home is a long-term investment that will end up paying for itself as the mortgage is paid off. Santander Mortgages recently found that wannabe first-time buyers could save £2,268 per year on average through owning their home. Although this saving was reliant on saving a 24 percent deposit of an average of £51,000, it offers hope for those on the cusp of buying.

But what about those that simply do not have a deposit of this size? Those struggling to save money may feel like a deposit of that magnitude could be out of reach for many years. The good news is, you may still be able to buy somewhere with a lower deposit, and it may still work out cheaper. The Government’s Help to Buy scheme is one route that first-time buyers can take to get themselves on the property ladder quicker than they think.

The Help to Buy Scheme applies to new build properties in the UK with values of up to £600,000. It basically aims to help people own their own home quicker, through two different options – either by lending you the difference on the deposit you need, or by entering into a shared ownership agreement with you.

The former – called an equity loan – requires buyers to have just five percent deposit, with the Government lending the buyer the rest of the required amount up to 20 percent of the purchase price. The new homeowner would then pay the government back in monthly instalments until paid off; the owner would then fully own the equity in the property.

The latter option – shared ownership – allows people to purchase between 25 percent and 75 percent of a property. This is ideal for people who cannot afford to buy 100 percent of a home, or for people that wish to live in a slightly more expensive area than they would otherwise have been able to afford. It’s also ideal for those who require a slightly larger property – perhaps a young family – but could only afford to buy a smaller property without assistance. Shared ownership basically means that the buyer jointly owns their home with the Government. They would make monthly repayments on their mortgage, along with proportionate rental payments to the Government for its share. When the property is sold, the Government is paid back, along with any corresponding profit it may have made on its share.

By using the Help to Buy scheme, buying a new home can often work out cheaper than renting. Mortgage rates are still at a historic low, so buyers with a good credit history can expect to pick up a deal with a high street lender at around just two percent interest. With a larger deposit – helped by the government’s scheme – buyers can expect even lower rates.

It is worth noting that house prices are stagnant in many areas. While the prospect of depreciation may put some buyers off ownership, the market also presents ample opportunity. A stagnant market can mean that demand is lower, leading to an ideal environment for buyers to put in offers some 10-15 percent lower than asking prices. The “buyers’ market” also applies to new homes; developer’s eager to sell off properties often sell off-plan (before completion) at 5-10 percent less than market value. Furthermore, many new build developments offer to cover the cost of a buyer’s stamp duty, meaning huge savings in some of the more expensive areas in the country.

So, there you have it. While you may be dubious that buying a home can actually save you money, a new build may just be the answer you are looking for. With Help to Buy, no stamp duty, and below-market-value deals to be made, you could find yourself closer to home ownership than you think.

All You Need to Know About Bridging Loans

Finance

ABC Staff

-

16 August 2018

0

All You Need to Know About Bridging Loans

Using bridging loans is a great way for borrowers to get the financing that they need, even when there is a gap between when they owe money for a debt and will have credit available. Rather than missing out on an investment opportunity or the home of your dreams, when you use a bridging loan you will be able to get the financing necessary.

What is a bridging loan?

These loans are called bridging loans because they “bridge the gap” between selling property and purchasing new property. They are a short-term loan that can be used to facilitate a transaction by ensuring that the borrower has the necessary funds before they are able to sell their home. Many banks, mortgage brokers, and specialist lenders like The Bridging Loan Company provide bridging loans to potential borrowers. Make sure to always compare the offers and take into account the terms of the loan.

Who should use a bridging loan?

Designed for people who are going to be buying property, these loans are marketed towards investors and landlords. They can be used for:

Property development
Buy to let property
Investment purchases
Home purchases

These short-term loans are designed to allow a borrower to secure a purchase, even though they haven’t yet sold their current piece of property. They can also be used by a borrower who is interested in quickly selling their new property after they buy and renovate it, or a borrower who will be purchasing a home at auction and does not have the necessary time to get a traditional mortgage in place.

What are the interest rates for bridging loans?

It is possible to get both variable and fixed interest rates on a bridging loan. When you have a fixed rate, that means that the rate will stay the same for the life of the loan, ensuring that the monthly payment doesn’t change. Variable rate bridging loans will have a rate that may change, and this can make the monthly payment increase or decrease.

What are the types of bridging loans?

The two types of bridging loans are open and closed loans.

Open loans do not have a fixed date of when the money will be repaid. This gives borrowers a little bit more flexibility, and these loans will generally be used when the borrower needs to settle a transaction quickly. Borrowers can use an open bridge loan to buy new property before they sell their current home or to purchase property for renovation.

Closed loans are used when the borrower knows for sure when they will have the necessary funds to payback the loan before the end of the loan’s term, and they will have a fixed date in place for repayment. This is ideal for a borrower who has signed contracts for a purchase and sale but needs to wait until the transfers are complete to be able to repay their loan.

While some people tend to shy away from bridging loans because they have higher rates of interest and can be a little bit more expensive than other types of loans, when used correctly they are a great way for borrowers to get the money they need right away. They are very flexible and can be used by those who need to move quickly to buy property, or by those who simply haven’t had time to get another type of funding in place.

Is there a way to stop the current London exodus?

News

Claire James

-

14 August 2018

0

Is there a way to stop the current London exodus?

Between 2012 and 2017, the number of people leaving London for other parts of the country skyrocketed by 80%. Even before a referendum on leaving the EU was a twinkle in David Cameron’s eye, the unsustainably high cost of living in the capital, coupled with the ongoing devastation of the housing crisis was driving Londoners away in droves.

However, it isn’t just residents who have been looking for an alternative home base; jobs are being lost, and eighteen banks have pledged to relocate their London hubs to Frankfurt in the years since the referendum result. Indeed, as CityMetric has reported, although London’s business economy has actually been thriving, its productivity—the quality of the available jobs and their attendant wages—has been on a downward trajectory. Coupled with the personal financial issues facing Londoners in recent years, and it seems like the damage to the capital could be irreversible.

This is, however, no guarantee, and measures are being put in place to try and encourage London businesses—and Londoners themselves—to remain in the city. Here are a few.

Keeping Londoners in London

The London exodus is mainly being carried out by older millennials—that is, adults aged between their late-twenties and early-forties. The main reason behind this is a lack of affordable housing, which has pushed younger Londoners out into the suburbs, and nearby counties such as Essex and Kent.

It isn’t just cash-strapped millennials who are making their way out of the capital either; even the city’s oligarchs and high net worth individuals are upping sticks and leaving their large residences unoccupied. This has been variously attributed to the introduction of taxes on second properties, the impact of Brexit and the rising crime rate in the city.

Indeed, one way to tackle both problems at once—occupying unused or abandoned second homes and keeping crime at bay—is through the use of property guardians, which vacant property specialists Oaksure describe as trained individuals who “remove the risk of a property being targeted by squatters, metal thieves and vandals”. Coming into prominence around the time of the ongoing vacant property crisis, 73% of London’s boroughs are currently making use of the scheme, prompting the Government to put legal rights in place for the country’s 7000-plus guardians.

London mayor Sadiq Khan also made tackling affordable housing a major part of his initial election campaign, and is currently working on his pledge “to build 10,000 new council homes…over the next four years” in the capital. £1.67 billion has been granted by the Government to begin work on this project, which is a bid to replace the controversial Right to Buy scheme which came into being in the eighties.

Will London lose its status as a business capital?

With so many more things to organise and implement as a result of Brexit, the business world is finding it far more difficult to keep itself together for the sake of staying in the capital. As the Financial Times notes, if the UK is set to leave the EU on March 29th 2019, “companies may have to boost warehouse capacity, ensure they have sufficient cash flow…and prepare for the event in customs”. To say the least, this is a lot to take care of whilst keeping an operation running normally in the first place.

Whilst the Government promises to mimic European financial rules as closely as possible for the sake of established companies, the crucial step will be to incentivise new British businesses. Government funding schemes are being proposed by the Chancellor to keep small businesses afloat and encouraging new ones to take the next step. Considering that SMEs currently make up over 99% of private companies, and create 73% of jobs in the private sector, ensuring there will continue to be innovative businesses is essential. New companies may also attract talent back to London, whilst also encouraging the major companies to train UK workers to meet the standards needed for the city to thrive.

So whilst the outlook may seem gloomy, whether from the effects of the housing crisis or Brexit, some work is being done to ensure that London’s reputation for greatness will encourage its talent to stay put.

How Might Brexit Affect Interest Rates?

ABC Staff

-

13 August 2018

0

It’s now over two years since the UK voted to leave the European Union and ‘Brexit’ became probably the most used word across the country. With it now even closer to happening in March 2019, a lot of people have been wondering, questioning and worrying about the impact it’s going to have on a lot of things. So much so that the term ‘what will Brexit do to interest rates’ is one of the top Google suggestions.

The short answer is that nobody knows for certain. But to try and make it clearer, this is what we currently know and can assume may happen.

What’s Happened Already?

Immediately after the Brexit vote, savings rates fell to record lows. Part of this was down to the Bank of England’s decision to halve the Bank Rate in August 2016, while the rest was mostly down to the uncertainty that the Brexit decision introduced. Another factor was that many investors sought out government bonds due to the instability, which pushed up their prices and reduced their yield. This is often used as a benchmark for other rates, which had an impact.

The Bank of England’s Role

The Bank of England (BoE) sets the UK interest rate and can increase or lower it as and when it sees fit, so it is pivotal in reacting to Brexit. After the vote the BoE did lower interest rates in an attempt to encourage spending and make debts cheaper. However, in November 2017 they raised the interest rate again, more to keep it in line with inflation.

BoE governor Mark Carney has said that Brexit negotiations will influence monetary policy and therefore interest rates. This isn’t surprising, and it’s expected that they will keep increasing the rate over the coming years. What remains to be seen is by exactly how much it will grow.

Impact on Mortgages and Loans

A great example of how hard it is to predict what effect Brexit will have on interest rates is with what happened to mortgages. Many expected mortgages to rise after the Brexit vote but in fact they fell. Since then they have started to creep up though, so in some ways these predictions were right.

Interest rates increasing is also going to affect loans. It will likely make them more expensive to access and could make borrowing a lot harder and riskier for many people in the coming years. A lot still depends on the Brexit negotiations outcome, but anyone who might need a loan in the near future could be better off applying now before the rates increase.

Future Changes

For the time being there’s not much we can do other than wait and see the Brexit outcome and prepare for interest rates to rise. Anyone with a mortgage could avoid risk by re-mortgaging onto a fixed rate one, as rates are unlikely to fall. Plus, it’s important to remember that wider economic factors both in the UK and abroad will continue to affect interest rates, it’s not all about Brexit.

5 promotional items to boost your marketing

Business

ABC Staff

-

13 August 2018

0

5 promotional items to boost your marketing

Promotional items for your company

Are you about to set up your own company or are you already running your own business? Then marketing is an essential thing to help you with attracting customers and generating sales.

A perfect way to get more customers and to introduce yourself and your company to customers to be are promotional articles. No matter what your budget might be or what kind of promotional articles you might search for, you will surely find something to suit your purposes and needs perfectly. First thing is to not underestimate the impact business cards have. A business card gives people a brief introduction of who you are and what you offer. They remain as a staple tool that is why most of the people prefer to use business card design and printing service to promote their business.

Take a look and decide what is most suitable for you and your needs!

Buying promotional items online

Almost any kind of promotional article is available online these days. So why wasting time in a store searching for something, when you can just scroll and order online? Here are a few examples for the right choice of promotional items.

1. Giveaways

These favorably priced items are affordable for almost any business. Lighters, notepads, ball pens or key holders are a low-priced and efficient way to offer your customers a little present in return for their loyalty.

2. Cups and jars

A promotional item that serves a certain purpose is more interesting than anything else. Cups and jars are also an ideal choice when looking for a promotional item that can be used on a daily basis.

3. Textiles

For those who can afford spend more than just a few cents on promotional items textiles are a great option, and comes in different forms:

– shirts
– caps
– jackets
– cotton bags
– towels

are only a few examples or textile items that will get you visibility to help your business flourish and bloom.

4. Office equipment and technology

Almost everyone owns a computer or a smart phone these days. Therefore, accessories for computers, smart phones and offices are a good way to show your appreciation to your customers. USB flash drives, mouse pads, power banks or smart phone cases are among the range of products available for marketing purposes.

5. Sweets

No matter what age, everybody loves sweets, chocolate and other goodies! Surprising your customers with peanuts, chocolate, licorice, gummi bears or a little bag of potato chips is also a perfect way to become more popular and will increase your monthly turnover. True to the motto “you will catch more flies with honey than with vinegar” sweets can make a difference when trying to reach out to new customers.

Logo print

Whatever the item or items you choose for your marketing campaign, do not forget to put your logo EVERYWHERE. Show your customers who you are and what you stand for, by putting this logo and even a marketing slogan on every product. This is a good way to stand out from the crowd and will make it easier for customers to remember you. Especially for hotel and restaurant owners, a logo can be very helpful. Print or embroidery on your service staff and employees’ uniforms has a subliminal marketing effect.

Viderium Expands its Operations into Latvia

Claire James

-

11 August 2018

0

Viderium Expands its Operations into Latvia

Viderium Ltd is a firm that focuses on providing a range of data solutions, such as creating and operating data centres that facilitate high-performance computing, or HPC. Data centres typically store computer systems and related equipment, including telecommunications and storage systems, as well as security devices, environmental controls and backup power sources. Data centres have emerged as an asset class that attracts interest from investors. These centres are classed as ‘technical real estate’, which investors see as a hybrid investment that combines the traditional characteristics of property investment with the prospects of a fast growing computer company.

The company has recently announced that it plans to expand, moving some of its business operations to Latvia.

Currently, Viderium has facilities in Hampshire in the South of England as well as in Rotterdam in the Netherlands. The company, which offers a corporate bond to those investors who are qualified, will benefit from the move to Latvia for several reasons, including more diversified operations and lower outgoing costs.

Ross Archer, Chief Executive Officer at Viderium, notes that Latvia was selected as the third site for the company as it offers “some very favourable commercial terms which will only enhance our bottom line.” Archer goes on to explain that high-performance computing is an ‘energy intensive’ activity, and therefore it is important to Viderium that it finds locations that are “the most cost effective and sustainable areas to do business.”

Latvia offers very competitive pricing. However, it also offers technical advantages such as fast internet speeds. Latvia was ranked as one of the top ten countries for internet connection speed and boasts the newly created Baltic Highway.

Launched in 2012, the Baltic Highway is a data transmission network that has seen an increase in the access speed for international online content. The highway has also facilitated the development of digital services that rely on the internet between the East and the West. Since its creation, the Baltic Highway has offered high capacity infrastructure to businesses in the area, which has created strong investment opportunities for companies that are data-intensive.

The combination of lower operating costs and a solid internet infrastructure makes Latvia a smart choice for Viderium. The company plans to ship equipment to the facility in Latvia by July 2018.

Follow news and updates from Viderium on:
Facebook, Twitter & LinkedIn

4 questions to consider when moving your company

Business

Claire James

-

11 August 2018

0

4 questions to consider when moving your company

You’ve looked around your increasingly tight squeeze of an office, reviewed your company’s forecast and realised the time has finally come. Your old office has served you well, but things are really taking off and you know it’s high time to relocate base.

But this isn’t something you can just do off the cuff—there are various things you need to take into consideration before making the move. In this piece, we’ll look at the main questions to consider when relocating your company.

What do you need for your new office?

Before you begin the process of leaving your old office, you should figure out exactly what you need from your new space. Firstly, you need to ensure your new office is the right size for your company, and not just for the number of employees you have today. If your business has lofty ambitions, you should think about how many more staff you want to employ in the future, and whether prospective offices will allow for this.

When you have an idea of how much office space you require, you’ll then have to ask yourself what type of office you’d like. Do you want to foster a collaborative and social environment with an open plan workplace, or are cubicles more appropriate for your business? Would you prefer a serviced office with a flexible lease? A serviced office may be more cost-effective by coming with equipment, furniture, and maintenance services, however, you should consider whether you truly need all of these. It could turn out the furniture doesn’t fit in with your brand image and you already own all or most of the equipment provided.

How will you actually relocate?

Once you’ve found your dream office, attention will turn to how you will relocate there. You have two options when it comes to this—either move your office possessions yourself or hire someone else to do so on your behalf. If you are only a small company with few office possessions, it may make more sense to organise the move yourself. However, if you have plenty to relocate it’s wise to hire a professional to do so for you. Man and van services are growing in popularity due to their keen prices and quality of workmanship https://www.themanwithvannetwork.com

Organising the move yourself could be costly—more items means both more trips and more chance of damaging your items, something experienced removal companies can prevent from happening. They also take the stress of physically moving out of your hands, something that additionally serves to reduce business downtime.

You have a few different options when it comes to hiring an outsider. You could look towards either a generic man in a van or an office removals company, both are good options that should help your move go smoothly. However, a dedicated office removal company is probably the best idea. Their experience in moving offices means they’ll know how to go about the operation in the best way, and remove risks specific to office moves. Some office move specialists even offer dedicated project managers as part of their service. This can ease the stress of the move by putting the organisation in the hands of someone who does this for a living.

How will this affect your clients?

So, the moving date is now set in stone and looming on the horizon. It is absolutely imperative that you let your clients know about the move if you feel it could disrupt your business. It’s not just the moving day itself that can potentially wreak havoc on your operations, but the days around it where you’re packing up the old office and settling in to the new one.

As such, it might not be the best idea to call in clients to your office during this period, so you should either try and find a neutral location to meet, or postpone client meetings altogether. You’ll also need to update your clients with your new address and number, and remember to update your email signatures and footers, your website contact details, and Google listings.

How will this affect your staff?

Another consideration of moving office is ensuring your employees can continue working during this period, so it’s a good idea to schedule a few work from home days around the time. To smooth the transition to the new office, you should also make sure you have your new office’s internet services and phone lines sorted in advance. These can often take longer than expected to set up, so organising beforehand will help ensure your new office is up-and-running as quickly as possible, minimising disruption to your business.

Having a contingency plan for emergency scenarios, such as no heating or air conditioning (depending on the season) is also advisable. Think about buying or hiring portable heaters and fans so that your employees can still come to work.

Ask yourself the above questions when moving office to help the process go as smoothly as possible. Good luck—you’ll be settled in and looking forward to your future in a shiny new headquarters in no time.

4 Questions to Ask Yourself Before Trading or Investing in Cryptocurrencies

Claire James

-

8 August 2018

0

4 Questions to Ask Yourself Before Trading or Investing in Cryptocurrencies

The increasing popularity of Bitcoin and other cryptocurrencies over the last couple of years reveals deep-rooted human propensity to embrace risk in the search for gains. Of course, in 2017, Bitcoin rewarded investors with 1,390% gains, Ethereum soared 8,981%, Litecoin delivered 5,572% gains and Ripple investors amassed an outstanding 28,963% by the end of the year. However, the cryptocurrency markets have been on a predominantly bearish trend for much of this year. Bitcoin is down 53.49%, Ethereum has lost 50%, Litecoin has declined by more than 71% and Ripple investors have lost a massive 84% in the year-to-date period.

Cryptocurrencies are massively volatile, and fortunes can be made or lost within a short while as seen above; yet, most people joining the cryptocurrency train tend to have a certain measure of megalomania that they’ll make money. Before you get started trading or investing in cryptocurrencies, here are 4 important questions you may want to ask yourself.

Do I understand cryptocurrencies?

Cryptocurrencies are still in a nascent stage likened to the wild wild west. There are currently more than 1770 cryptocurrencies, altcoins, and tokens in the market. Some of them are innovative and unique, some of them are copycats, some are trying to reinvent the wheel, and some of them are worth nothing more than a landing page and whitepapers. You need to be sure that you understand the value proposition of cryptocurrencies, know how they are likely to change the world, and be able to separate the promising ones from the scams.

Do I have the knowledge it takes to succeed?

Trading or investing in cryptocurrencies will requires lots of effort conducting due diligence on your path. You’ll need to become accustomed to fundamental analysis and you’ll need to embrace the multiple screens and squiggly lines of technical analysis. You’ll need to take the time to find an exchange that will help you reach your goals. For instance, this Binance guide by ChainBits takes new traders and investors through the basics and advanced modules of using a cryptocurrency exchange. You’ll also need to go out of your way to invest in the storage and security of your coins.

Can I afford to take the risks?

When trading or investing in cryptocurrencies, it is often advised that you should only play the markets with money that you can afford to lose. The bulk or entirety of a cryptocurrency portfolio can be wiped out in a flash by bad news, regulation, or cybercrime. Hence, you need to be sure that the money you want to spend on crypto won’t be money that will take you closer to bankruptcy if things go south. Buying cryptocurrencies with credit cards might not be a good idea and you should think twice about holding all your investment as cryptocurrency or putting the kids’ college fund on crypto.

Can I control my emotions?

Legendary investor, Warren Buffet is often quoted for advising stock investors to “be greedy when others are fearful, be fearful when others are greedy”. While the same might not necessarily hold with cryptocurrencies because of how the herd mentality moves the market; cryptocurrency traders and investors might want to be extra cautious about greed. Anybody can make money in a bull market, but it takes a great deal of experience, expertise, and discipline to consistently make money in a bear market. You need to be able to control the debilitating emotions of fear and greed so that you can cut off losers as soon as possible and allow your winners to run all the way to the top.

What’s data got to do with it?

What else can you use a POS system for?

Choosing a POS solution for your business

ABC Money 2025 - 1st Edition