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James Newsome

3 Tips for Your New Accounting Firm

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Although accountancy may seem like a role for more traditional forms of currency, even cryptocurrency traders need an accountant. As a result, if you want to take the steps towards operating your own business and remain in the cryptocurrency world at the same time, starting up an accounting firm makes a lot of sense.

As with any small business, however, starting an accounting firm requires one element above all else: a lot of hard work. You also have to figure out the purpose, market, and overall goal of your prospective company. Additionally, it’s obviously beneficial to be a licensed accountant – although this isn’t a necessity depending on how your business is set up. If you hire a manager, for example, they can have a CPA license instead of you.

When it comes to setting up this type of business, there are many aspects to take into consideration. Below are three of the main ones when starting a new accounting firm.

1. Insurance is a must

Before you journey too far into the process, it is essential you get the right insurance coverage for your upcoming firm. When you have insurance in place, you can be safe in the knowledge you’re operating both lawfully and safely. Furthermore, it protects your firm from potential financial loss should you encounter a disgruntled client.

When searching for insurance, you’ll find there are various policies on offer. These are each created with different risks and industries in mind. To make the search easy, however, specialist accountant insurance is available. With this, you know you have the right type of coverage for your firm.

2. Go virtual

Here’s a question: Would you rather spend $2,500 or $25,000 on start-up costs for your accounting firm? Of course, your answer is the lower number of the two. Well the difference between them can all be down to one element: the space you use for work.

If you decide to go with a traditional brick-and-mortar approach, this is going to put a significant hole in your budget. It does, however, give your business a more professional appearance and a physical location for clients to visit.

Yet operating digitally is all the rage right now – and for a good reason. It means you and your employees (if applicable) can work from home, forgoing the need for a physical space. Plus, thanks to advances in technology and software, you don’t require a load of space for tangible equipment. You can get away with just a laptop and printer.

3. Define your brand

What type of accounting firm are you hoping to be? Do you want to target specific clients like cryptocurrency traders? Maybe you want to be an affordable online solution for small businesses doing their taxes? Perhaps you will be a jack of all trades and cover all bases?

Whatever route you decide to take, it is important that you define your brand. With a strong brand, the public is going to know exactly what your firm stands for. It will also help your company stand out from the competition.

Common Cryptocurrency Myths You Shouldn’t Believe

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Blockchain and crypto are concepts that are difficult for many people to understand. Because of this, there are many misunderstandings when it comes to their use and what they are. Let us debunk some of the most common cryptocurrency myths.

Common Crypto Myths

They Don’t Have Any Value

The first cryptocurrency myth is that cryptocurrencies are not physical objects, existing only on computers as lines of code. But that does not mean they have no value. There are plenty of services that accept Bitcoin and other coins.

The price of crypto is a different matter, as it is hard to establish a fixed value. Their prices are more volatile than that of traditional fiat currencies.

But as cryptocurrency users believe in their inherent value, this system will continue to exist.

Bitcoin and Blockchain Are the Same

Blockchain is the base on which all cryptocurrencies rely to function and it is distributed ledger that uses cryptography to record the ownership of an asset such as Bitcoin. Blockchain is basically the platform on which the cryptos are created.

While most cryptos work on a blockchain, the technology can be used for various other purposes, such as hosting dapps or smart contracts. There are also many different types of blockchains and coins, but the two terms are not interchangeable.

They Are Illegal Digital Money

In certain countries, such as Bolivia, Russia, Algeria, Ecuador, and Trinidad, the use of cryptos is illegal, but EU nations, G7 nations, and the USA have all recognized crypto as legal tender.

Cryptocurrencies Are All the Same

There are thousands of cryptos in the crypto space, and while some have the same role, there are plenty of differences between them. For example, Bitcoin was designed to serve the purpose of currency and be used as payment. Ripple was created to facilitate remittance transfers at a higher speed. BAT was launched to enable online advertising. Monero uses a number of privacy implementations to provide anonymity. There are many other coins that have different features and were designed to serve distinct roles either within or outside their blockchain.

They Are Not Secure

The structure of a blockchain prevents any entity from modifying the information in the blocks that have already been added to the chain. Any attempt of alteration would be detected by the network, which makes it harder to compromise.

They Are Only Used in Illegal Purposes

While there have been and still are many criminal cases in which cryptocurrency has been used to bypass authorities, more and more exchanges are using mandatory KYC (Know Your Customer) procedures when trading to decrease the possibility of illicit crypto use.

They Are Not Accepted as Payment

Since the first Bitcoins were made in 2009, cryptocurrencies have come a long way. More and more big companies, such as Microsoft, Dell, Newegg, and Expedia, have already integrated Bitcoin payments for their services. And not only that but other platforms are broadening their list of available cryptos.

A platform that accepts a wide variety of cryptos is the online crypto sportsbook and casino 1xBit. Here crypto owners can start gambling or betting by using any one of the over 20 different digital assets supported by this online casino.

The registration process is fully anonymous, as the crypto casino does not ask for any personal data, not even an email address. An account number and password are generated for you by the online sportsbook with just the click of a button, and that is it. You will then be able to fund your multi-currency account with any crypto you want. Payouts are fast, and there are no transaction fees to worry about.

What’s more, new users are eligible to claim a welcome bonus of up to 7 Bitcoin, which can be collected through 4 initial deposits where the bonus reward is between 1 and 3 BTC.

VIP members can benefit from a cashback reward that can be as high as 11% of any bets made, regardless if they win or not. The percentage of the cashback depends on how high your status is on the crypto casino.

Crypto owners can easily use their digital funds to bet and gamble anonymously on 1xBit, where plenty of bonuses and promotions are waiting for them.

3 Industries That Adopted Blockchain the Fastest

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Blockchain has been around for quite a while now. As time passes, this technology is only consolidating its authority. It is slowly becoming a key technology for many industries of the future, and currencies like Bitcoin are becoming widely accepted, even by major companies like Microsoft, Starbucks, and AT&T.

But, all of these implementations are only a rather recent development. In the race for blockchain adoption, a few industries acted way faster than the ones mentioned above. We’re going to cover the three industries that contributed considerably to blockchain adoption in the early days.

Gaming

Gaming is one of the first implementations of blockchain in something other than cryptocurrencies. This is thanks to technology’s peer-to-peer functionality and underlined anonymity. This is preferred by many gaming niches, including gambling. But, blockchain gambling is a bit different from the classic one.

Classic online gambling is closer to land-based gambling. You’re able to find a lot of casino games like poker, slots, roulette, and many others that would traditionally be featured in a regular Vegas casino. Slots like Book of Ra, Sizzling Hot, and Lucky Lady’s Charm are very popular both in mobile but also desktop casinos.

A lot of these casino games also have dedicated mobile apps that bring gambling closer to the user. You can find countless examples on Google Play but also iTunes. However, blockchain gambling differs a bit. Most blockchain casinos only have desktop or browser versions, and can’t be accessed through a native mobile app.

Blockchain casino games also take a different stab at gambling altogether. Whilst they feature slots and other classic casino games they don’t have any recognizable titles. But, they do have a lot of “new age” games that can be very entertaining. Games like Dice, sports betting, and even esports betting are very popular on the blockchain.

Banking

Banking represents a key industry that blockchain is set to disrupt. Although many people hoped that cryptocurrencies would replace banking; blockchain managed to find a better use case by supporting banks and enabling them to perform at a new level. Blockchain is transparent and decentralized, making it a great addition to banking.

Ripple is a network that was first released in 2012 and aimed to improve banking. Global transactions are inefficient and take a lot of time since they go through multiple banks. But, Ripple enables banks to perform borderless real-time transactions. The project supports over 300 financial institutions in 40 countries, including American Express and Money Gram.

Retail

Every retail company is competing right now to develop a better system that’s getting more people through the door and creating an advantage. This only leads to more digitalization, the creation of retail apps with useful customer features, and even the adoption of blockchain.

As mentioned in the introduction, more companies are accepting Bitcoin nowadays, even major brands like KFC and Burger King, in certain countries. Bitcoin is kind of notorious for being slow but its Lighting Network is meant to fix all of these issues and set it up for retail mass adoption

Moon Marketing and Coin Liquidity Solutions Announce Strategic Partnership

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Moon Marketing is extremely excited to announce that Coin Liquidity Solutions has become an official Moon Marketing partner and will be providing special services to projects within the Moon Marketing Network from now, forward.

Who is Coin Liquidity Solutions?

“Coin Liquidity Solutions is a team of experts & professionals. We dedicate ourselves to providing crypto-projects with complex trading assistance, forming suitable trading conditions, providing in-depth consultancy, and sharing wide opportunities within this eco-system.”

How can CLS help?

“Our main goal is to make the token and project itself more attractive for users on exchanges and push for better involvement of the community in your project’s eco-system. You will receive quality assistance in elaboration & implementation of your trading strategy, which will reflect your company’s priorities and help to match your specific goals. Build up liquidity within your markets, reduce the amount between buy/sell orders, add an additional revenue stream, and satisfy your community with a more accessible trading environment.”

Why do projects need CLS?

“We have a wide experience in trading, both at stock markets and in the crypto-industry. We’ve been working with projects of different sizes and stages of the development, from TOP-100 to brand-new start-ups. We’ve been adjusting & upgrading our instruments, collecting project feedback/suggestions, facing challenges, and solely concentrating on the trading side of the industry. We suppose that a strong long-term partnership comes only a certain level of transparency, openness, and mutual respect, which we would be glad to provide you with.”

CONTACT CLS HERE: HELLO@COINLS.IO

Gold is Showing Resilience in Tough Times

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The first financial quarter of 2020 resulted in unusual financial distress in all industries and markets. In most cases, stocks and commodities have experienced significant declines around the board, and world economies are now facing the possibility of months-long recovery. In the midst of this general economic uncertainty, however, gold has displayed relative resilience. True to form as an asset that can often prosper when others fail, it has withstood the worst of the recession and is on the rise overall.

In some level, this can be explained simply by the nature of gold. Nonetheless, there are several specific factors to consider when determining the apparent power of the precious metal.

The Central Banks Buy

As recently reported, central banks are buying gold and helping to raise their prices even during the current economic crisis. Countries like Russia and China are trying to become less dependent on the all-powerful US dollar, and part of their attempt to do so means switching to larger gold stores. Data from the World Gold Council shows that even in the difficult first quarter of the world, central banks have bought some 145.5 tons of gold. This is one reason why gold has maintained some strength, even though the dollar itself has also remained relatively resilient (whereas it tends to move more inversely).

A Recent Dip Proved Insubstantial

Coming out of the first quarter, at the beginning of May, gold dipped marginally, causing some doubt that, after all, its resilience would not be sustained. It rebounded relatively quickly, though, and at the time of this writing, it has been back at its highest level since the last week of April. In addition, this gold chart shows the latest trader sentiment that a relatively large majority of commodity traders—66 percent, for the time being — identify as buyers. It suggests that gold has withstood a shortfall and is likely to stay solid in the early days of the second quarter.

Investors Like Gold’s Potential

With regard to the slight dip at the beginning of May, some were of the opinion that the decision to reopen a few countries may have had an impact. The hope is that, as countries relax their lockdowns, economies can start to operate more normally, and trust in other assets and investments will return at the cost of gold. Nonetheless, some high-profile investors claim that gold has more room to run. These investors — notably the CEO of Strategic Wealth Partners and the founder of Newton Advisors — believe that Gold ‘s status as a “calamity hedge” will last longer.

India Hasn’t Rebounded Yet

The final point is less immediate, but it is still worth taking into consideration when assessing long-term prospects. In the last year or two, the demand for gold in India has been declining in one of the world’s biggest stories. Usually a stable market, India had clearly seen a decline in gold buying interest. Indian demand for gold was set to recover in 2020, however, before the economic crisis hit. It is interesting, then, that the recent strength of gold came in spite of ongoing issues with Indian demand, rather than as a result of a rebound there. It is now less certain whether or not Indian demand will rebound at any point in 2020, but if it does, there will be another boost to gold.