The Principle of Cloud Money
Cloud Money can be seen as a powerful and no-cash alternative to central internet business. It is not mobile money; neither can it be referred to as digital cash. It is abstract money with real assets and credit unit.
Imagine billions of dollars flowing over the air (not in a literal sense.) Weird right? Of course. But with what cloud computing has achieved in recent times; which ranges from cloud storage to cloud communication- cloud money could be one of the prominent innovations of this technology.
How It Should Work?
These days, no matter how digitally worthy credit/debit cards may seem, they still end up as physical cash in the hands of their owners or users. If that is the case, why then should we make a card for money, when our initial purpose for developing all these things was to practically eliminate the hazards of paper money? Nonetheless, cloud money will cover this transgression of digital cash. It will give business organizations an edge and a step forward to solidity and proximity.
For this innovation to work, a standard organization for cloud money (like every other ones), should be in place to set rules, terms and money policies. Things like business assets and market age of a company should determine the units in that such organization possesses in her cloud account. This accepted standard body will serve as the unbiased and impartial cloud bank with no room or expectation for physical money or paper fund.
Pros of Cloud Money:
Cloud Money has so many advantages as well as demerits. But in the course of this piece, Yee Kok Siong outlines what will make this cloud economic object a preferred means of today's business world. Vis-a-vis:
The list above is never an exhaustive one. But with the insight of what the cloud does for us, then our money can also find its way into it as well.
Nevertheless, everything perceived and seen as good has a side to it that hurts. But with every indication, cloud money will really win the heart of nearly every modern business mogul today. The internet has really saved business, improved inter-communication and expanded the spectrum of both the online and offline market place. So, cloud money will come to stay and it sure will remain to offset and balance the instability of our entire business world.
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Yee Kok Siong discusses how Bitcoin trading will impact Forex's activities:
While foreign currency is regulated by specific central banks, an exponential algorithm controls the creation of the. This automated method decreases volatility and gives you an idea about how many Bitcoins will be created in all.
Bitcoin is unaffected by monetary inflation as Bitcoin's algorithm limits mining once it reaches the upper limit of 21 million Bitcoins. On the other hand, foreign currencies are government regulated and hence, are not immune to monetary inflation. However, price-level inflation impacts both Bitcoin and Forex. Multiple factors including interest rates, nation's public debt, political stability, and economic health cause steep derivatives that result in foreign currency inflation.
A centralized currency is uniformly in demand but, Bitcoin's demand is determined by factors like public approval, emerging marketplace, and the public's trust in Bitcoin value. The increase in public approval together with emerging markets has expanded the popularity of Bitcoin. In spite of criticism by media, Bitcoin's demand continues to rise progressively.
The volatility in Forex market is around 0.5% to 1% while volatility is around 5% to 15% for Bitcoin. For this reason, Bitcoin appeals to high-risk traders.
Forex and Bitcoin can be traded over different exchange platforms. The main difference is the alternative currencies such as Litecoin and Dogecoin that are offered for trading. Forex platforms do not incorporate these crypto currencies but replace them with lesser known currencies.
Bitcoin is yet to reach its potential as it has given rise to a risky trading market. Other than the market fluctuations, there are several advantages and disadvantages of trading Bitcoin in forex.
Also read: Yee Kok Siong on Legality of Cryptocurrencies!
What is the future of Dogecoin, now that it has been around for several months and we've seen wild fluctuations in prices? Can Dogecoin survive and thrive and make a niche for itself within the crypto-currency space or is it doomed to oblivion?
To answer where the future of Dogecoin lies, we first need to look at what makes Dogecoin special and why it is in the top 10 market caps in the first place. On the technical side of things, Dogecoin is another Litecoin clone with different parameters, so it cannot sustain itself based on technical innovation. So what makes it popular in the first place?
Dogecoin started as a meme-based joke currency but everything around it took off and today it has a huge community of supporters around it. It is this community that Dogecoin needs to leverage in order to be relevant in the future. That is Dogecoin's most important strength, without which, it doesn't stand much of a chance in the brutal world of crypto-currencies.
What made Dogecoin special was that people didn't take it very seriously, and so it became an incredibly popular tipping tool on Reddit and the rest of the internet too. Then there were many projects started by enthusiasts around Dogecoin, and people felt safe experimenting in this sphere. Dogecoin therefore has value as long as it can sustain this concept of being a safe experimentation haven while being generous.
The future of Dogecoin will therefore depend on how this community bands together and works on future projects that will benefit the currency. There are many works in progress and it is hard to judge their feasibility in the real world. However, the community needs to remember what makes Dogecoin special and not let that slip away because competition in this space can be fierce.
Dogecoin also did a lot of newsworthy things like funding an Olympic bobsled team and other charity work. This gave it a lot of attention and also a nice increase in price. However, now that the news cycle has died down, the price of Dogecoin is also steadily coming down, from a peak of 220 odd satoshi to under 130 satoshi. This will probably fluctuate, but you get an idea of where things are headed. Dogecoin community needs to take more initiatives around this currency and make sure it still remains relevant and newsworthy for both the short term and the long term.
Yee Kok Siong says that the world of crypto-currencies is extremely volatile and it is very hard to predict the future of Dogecoin or any other currency. The community needs to focus on the strengths and develop from there, which is the only way to increase the probability of success in the future.
Also read: Trade Bitcoins and Get the Most Out of It
Cryptocurrency has a great 'attractiveness' quotient attached to it. More and more people are looking to understand the dynamics of how the cryptocurrency works and what more can be done with it. The concept that originated in 2009 took its time to grow but in the last five years, it has really established itself in the financial markets. Those who are miners and those who are investors have reaped in the benefits of cryptocurrency through buying, selling and trading. Investments in cryptocurrency have yielded 8-10 times profits to investors who started early and have been constantly tracking their investments.
Trading of cryptocurrency is now an established process that you can do with digital money. However, as it this concept is strengthening its foothold, there are many options opening up for it. Here are uses of cryptocurrency discussed by Yee Kok Siong, some of which you aware of while some would come as a surprise:
Cryptocurrency is a good way to multiply your money. Once you get cryptocurrency in hand, you can decide how much to spend from it and how much to invest. However, getting cryptocurrency from a reliable source is very important. Cryptocurrencies come in many names like Bitcoin, Ethereum, Ripple, Indus Coin etc. While going in for purchasing these, you need to check the authenticity of the service provider. Check if they display the ticker rate and symbol on their page and the exchanges where you can trade your cryptocoins.
2) Pay for travel
The travel industry is opening to the prospect of using cryptocurrencies like never before. Hotel stays, air travel and packages can now be bought using cryptocoins. Travel operators that provide customized packages find the concept of cryptocurrency really convenient since there are no conversions required when you pay using cryptocoins and it is the fastest method of payment from an inter-country perspective as there are no middle men involved. This also works out to be the cheapest method since there is no percentage kept with the banks or financial institutions when they route your payment.
3) Pay for education
Wherever there are diversities coming in, cryptocurrency will be preferred. In case of educational services, payments done by students to colleges (mostly fees) have always been complex. Account transfers, wire transfers, foreign currency demand drafts and such instruments are the most popular methods. However, all of these attract an additional fee when you make the payment. Moreover, these are not instantaneous. Students across the world have been looking for options that can ease this burden for them.
Cryptocurrency contains the power to change this scenario and make it simple. University of Nicosia, Cyprus is the first accredited university in the world that has officially accepted Bitcoin as a mode of payment. The payment comes through the processor Bitpay and it can be done in BTC. The University truly values the potential of this digital currency and has even started a course called Masters Degree in Digital Currency to prepare specialists for the future.
4) Crowd Funding
Crowd funding is a unique way of utilizing your cryptocurrency. Just as how any other crowd funded business works, here also you can put your money on somebody else's business and be a part of his success. Many companies that offer funds to new businesses have created a platform using cryptocurrencies for e.g. crowd funding company called Lighthouse has a platform of Bitcoin.
The way it works is that you can donate your money from your wallet to the company for a specific business. There are no charges for the donation until your money is delegated to a specific project and that particular company meets its goals and objectives. Your funds remains safe with the crowd funding company until the project has met its criteria. This is a great way to invest your cryptocoins and completely hassle free. You can also withdraw the donation at any point of time. Cryptocoins like Altcoin, Dogecoin are also popular for crowd funding apart from Bitcoins.
5) Common daily purchases
Coffee shops, pizza outlets and grocery chains are opening up to accepting this new form of payment. You can transact at these outlets in the regular manner and pay up using your cryptocurrency wallet. Wal-Mart is one of the biggest names that have associated itself with cryptocurrency. Apart from these, TigerDirect, NewEgg and OverStock are also names that come in this category.
Inclusion of cryptocurrency in daily life has led to a huge change towards perception of cryptocurrency and also for clearing the skepticism that the common man still faces over the concept of digital currency.
Cryptocurrency is growing steadily from strength to strength. With more consumers and more avenues opening up, the time is not far when digital currencies would be the most accepted form of payment especially for payments that transcend borders. Uses of cryptocurrency are also increasing and apart from those mentioned above, electronics, online retail and trucking industry are also taking it up in a big way. Your time to buy cryptocurrency is now and you can be rest assured if you go in with a trusted partner like.
Let me be clear. When I am speaking about currency trading, I am talking about professionally managed currency trades with the purpose of trading a good or service. However some people out there will choose to speculate or even gamble on the future position of some currencies. Some of those people claim to make a good living from such speculation. I say that you will never get a straight story from any such person. You will likely only ever hear about the rare wins and not hear about the frequent losses they incur.
Professionally managed currency trades involve a systematic, non-emotional approach which combines market knowledge and the willingness to hedge your resources in a safe manner. If your business is dependent on profiting from the value of the dollar and not from your good or service, what are you doing in business?
Many business owners frequently do business in the currency spot market. This may be occurring because they don't know where to turn. But many business owners think they know more than the market does. When I come across owners who do this, my first question is: And how is that going? Invariably, they respond with some story about losing thousands or even millions of dollars.
Why take a chance when there are so many tools available to you to help mitigate the currency risk? You have currency options, currency swaps and the Big Kahoona: The forward currency contract.
The forward currency contract is a way of guaranteeing that you can buy or sell currency at a contracted rate in some time in the future. With a "forward", you base that future price on market conditions, usually tied to interest rates. Interest rates are much less volatile than basing on the Spot market which is up and down and very hard to predict. When you have a forward currency contract, you have an agreement between you and your currency trader or bank that guarantees you will be paid the price contracted to. This takes all the guesswork out of foreign trading. Now you can concentrate on buying or selling your goods or services because you have predictability in future currency value.
It is true that your obligation is to honor your side of the contract by buying or selling at the specified time. Most traders will allow short time extensions. You can also set up a swap for another contract. And you can sell the first contract and buy another one if you wish. There are a number of different kinds of forward currency contracts as well. So the negatives that people use when "forwards" are talked about are not really good reasons to avoid them. They are more often than not emotional excuses to avoid something they are afraid of. Professional currency trading is about removing the emotion from the transaction.
Also read: Ransomware Protection Guide by Yee Kok Siong
With a 35,000% increase in value in 2017 and a market cap of over $118 billion, Ripple has become a much-debated topic among analysts and investors alike. But, what is Ripple? Is it like other cryptocurrencies? Why has it been on fire lately? Yee Kok Siong answers to these questions below.
1) What is Ripple?
Ripple is a payment solutions company, founded by Chris Larsen and Jed McCaleb. Their Ripple Transaction Protocol (RTXP) contains the cryptocurrency XRP. Ripple claims to offer faster, reliable, and affordable transaction solutions for financial institutions. The company has created a hundred billion XRPs and it currently holds 61% of the coins. The current plan is to release a billion coins a month.
2) Differences Between Ripple and Bitcoin
Both Bitcoin and Ripple are cryptocurrencies that use block-chain technology. But, there is a fundamental difference between the two: unlike Bitcoin, Ripple cannot be mined. The currency is not set up as a mineable currency, and its use is fixed to the Ripple network.
Both Bitcoin and Ripple use validating nodes for validating ledgers. Bitcoin has about 10,000 trusted nodes, while Ripple has only five. However, the company plans to add 11 more over the next 18 months. The five validating nodes are controlled by Ripple. XRP has received criticism for the absence of independently trusted validators. The XRP Ledger is available to all, so anyone can download it and become a validator. Many companies run their own nodes on the Ripple network.
3) Reasons for Recent Price Hike of Ripple
The recent price hike of XRP has a lot to do with the currency's expected use by financial institutions and investment by believe-the-hype investors. Ripple has been successful in gaining banks as customers for its other products. Ripple's xCurrent is preferred by financial institutions because it offers real-time communication and quick corrections, thus reducing delays in bank transactions. The company plans on introducing a new product, xRapid, that incorporates XRP. They see the new product as an opportunity to get banks to use XRP. Investors see the potential of the currency as a financial vehicle used by banks worldwide.
Ripple, or more precisely, XRP, is a rising cryptocurrency. It's different from the leading digital currency Bitcoin because its supply is controlled by the founding company. Ripple is banking on banks adopting it in the future. One can speculate that the recent increase in Ripple's value will fuel more debates about its pros and cons.
Read also: Crypto Market Analysis by Yee Kok Siong
The forex market contains the Foreign Currency Market and the Euro-forex Market. The International Forex Market is virtual. There isn't a one central bodily location that is the overseas forex market. It exists within the dealing rooms of assorted central banks, giant worldwide banks, and some massive corporations. The dealing rooms are linked through telephone, computer, and fax. Some nations co-find their dealing rooms in one center. The Euro-foreign money Market is where borrowing and lending of forex takes place. Rates of interest for the various currencies are set in this market.
In the foreign money market, you pay No commissions and No alternate fees. Since you deal immediately with the market maker by way of a purely digital online change, you remove both ticket costs and middleman brokerage fees. There is still a cost to initiating a commerce, however that price is mirrored within the bid/ask unfold that is also present in futures or equities trading. However, trading by way of our buying and selling station gives tight consistent spreads.
Yee Kok Siong says that by far the best time to trade the foreign money market is when it is the most active and subsequently has the most important quantity of trades. A fast currency market means extra opportunity for value strikes either up or down. A gradual market generally means you might be losing your time - turn off your computer and go fishing!
The greatest volume of foreign money transactions goes through throughout London time, followed by New York after which Tokyo hours. London time subsequently is the centre of the foreign money buying and selling universe.
What does this mean to us the typical foreign exchange dealer and is there a finest time to trade our chosen currency pair?
Sure! To start with we must take a look at overlapping buying and selling times.
The foreign exchange market begins with Japanese traders between eight:00 pm to four:00 am EST. At 3:00 am EST London merchants start their day and finish at 11:00 am EST. New York merchants open at 8:00 am and finish at 4:00 pm EST.
If we are buying and selling EUR/USD, USD/GPB foreign money pairs we should look at when the trading time for these pairs overlaps. Due to this fact, one of the best time to trade the forex pair: EUR/USD and USD/GPB is between 7:00 am and 11:00 am EST when the two markets for these currencies are most active. (ie. when they're overlapping).
Foreign currency trading is a zero sum game and we as merchants must try to do all the things attainable to get that further benefit over our competitors and swing the chances in our favour. Selecting one of the best time to commerce the currency pair we have now selected is without doubt one of the things below our management that may simply be done.
One other thing forex day merchants ought to pay attention to associated to the best time to trade is that Mondays and Fridays are usually poor days to trade. Why is that this?
Empirical research suggests that Monday buying and selling is normally tentative because the market is making an attempt to make careful steps to confirm or establish a trend. Fridays are also poor days due to the huge amount of closing trades on that day.
The perfect time to trade the currency pair of your selection is when trading in that specific currency is most active. The perfect days to trade the forex market is extra probably between Tuesday and Thursday. Good luck with your buying and selling!
Also read: Yee Kok Siong on How to Keep Your Credit Card Information Safe
If forex trading is done the right way, a trader can sustain long term profits that can enhance their financial freedom for the rest of their life. The use of currency software has made this process easier. However, if forex trading is done the wrong way, you might risk your investment.
There are things to be aware of before entering forex markets
Prior to stepping in the forex market, you need to conduct thorough research on currency trading. It is important to learn the basic technicalities of how currency markets function. This will enable you to analyze forex data from a clearer perspective. With the help of latest currency software, you can expect up to triple digit profits. There are real-life examples of traders who started off with only $100 and earned profits up to 1,000,000!
The grandness of Currency Trading Software
The utilization of forex software minimizes a lot of the risks involved with forex trading. Currency trading software assists you in gauging the market and also conducts trades for you automatically. In addition, such software offers valuable tips and methods that can help you cope with certain unpredictable factors that are often seen in forex markets.
Work from the comfort of your home
Most people love the opportunity of working from home. With forex currency trading software and an internet connection, you can easily conduct all your trade from home or anywhere else. You are no longer confined to being where forex trading physically takes place.
All day and night long trading
The demand for currency trading is so high these days that forex markets are open 24 hours a day. These markets are open 6 days a week, which allows you to carry on your trade even when you're not physically present in front of your computer or working conducting trade on the software.
No need to keep an eye on your trading
Currency Trading Software has an automatic robot that performs trades throughout the day and all night. With Forex currency trading software, there is no necessity of paying any fees or commissions. The only fee that needs to be paid is the bid-ask spread. The rest of the profits are all yours to keep.
Cut out the middleman
The robot in currency trading software eliminates the use of a middleman. This allows you to trade directly with the broker by utilizing the software. It also saves valuable time and effort which you would have to spend otherwise if a middleman was present.
Also read: Basics in Trading Digital Options by Yee Kok Siong
Advances in mobile and digital technology have seen new and modern developments change the way we do things. Shopping and making payments for services will never be the same again. More and more people, as well as businesses, are beginning to accept and adopt modern payment methods that make business and commerce safer, available to a greater number of people, while adding an alternative form of payment.
A good example of these modern payment methods is the mobile wallet. This is a wallet that is contained in the mobile phone of an individual and can be used to make payments for goods and services. It works in a simple yet effective and secure way. An individual who owns a mobile phone will either download the mobile wallet application, or use the provided application that is contained on their sim card. They will then register for the application using an identification document. After this process is complete, they can deposit funds into the wallet by depositing actual funds with an account operated by the service provider. When payments are made from this digital wallet, funds are deducted from the actual account registered under the user's credentials.
Mobile money can be used when shopping online. The funds can be used at stores online as well as in making regular payments such as utility bills payments, grocery shopping and a host of other stores and online applications. Having the chance to use mobile money as a form of payment is a good and welcome alternative. Users of these applications will have the convenience of paying for goods and services whenever they want to. This process of using a mobile wallet also saves people the time and effort that is associated with other forms of payment. For example, making online payments is made easier and doesn't require the use of credit cards.
Yee Kok Siong observes that some of the places where these forms of payment find useful applications is in third world countries. In these nations, most forms of payment are not developed. Many people do not use other payment forms such as debit or credit cards. The majority of people use cash as the main form of payment. This is quite risky as the money can get stolen or lost. Cash payments also require long processes such as queuing at the bank and queuing at the store, as well as making ATM withdrawals.
In these parts of the world, most people own or operate a mobile phone, so it is a welcome addition to the other existing options. Other people in other nations as well, such as advanced nations in Europe and the USA, have welcomed the advent of mobile payments. It is an alternative they can use when shopping online or even physically in stores.
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Litecoin is a decentralized online currency. It can be used to purchase internet services, such as website development or goods, such as jewellery or other related accessories. The great thing about Litecoin is that it provides merchants with a safe and easy way to accept money, as there are no fees when sending or receiving funds. You will also find that all payments are recorded via an online system, otherwise known as the blockchain. This enables the payment receiver to immediately verify the payment and the user, without having to research it all by hand.
Litecoins can be used worldwide, by anyone. The fees experienced by Litecoin users are significantly lower when compared to that of credit card companies and bank transfers. For example, a customer in France can receive a payment from someone in New York within seconds, with both parties obtaining clear proof that the transaction has gone through while also having it stored on the blockchain system. Litecoin uses software which allows you to send payments, much like sending an email. It is worth noting that there will only ever be 84 million litecoins, so you don't need to worry about inflation affecting the overall value of your currency. Many people make exchanges using litecoins, with millions of trades happening every day. These exchanges are often used to trade Euros, dollars and more into litecoins, so the possibilities really are endless. This also enables users to protect their financial investments by trading their physical currency into litecoins, so exchanges can happen without worry of the new currency depreciating in value.
Yee Kok Siong says that litecoins can be a great way to make online purchases, not to mention that they can also help you protect your own finances by protecting you from inflation and other external influences that might affect the value.
Also read: Basic Steps To Make Your Own Cryptocurrency
About Mr Siong
An arbitrageur and an investor and in the eyes of banker an HNI. Mr. Siong is a self-motivated entrepreneur who believes that no market is perfect and it is up-to an individual to understand that imperfect gap and business opportunity and make the most out of i