digital currency

Advantages of Cryptocurrency

Cryptocurrency is a digital alternative to using cash or credit cards to make payments. Its use is growing day after day as an alternative to traditional payment methods. It, however, took time before people accepted and welcomed it into the market. Below are some of the advantages of using cryptocurrency.


Fraud is kept at minimal with cryptocurrency because it is digital, cases of counterfeit or reversed payments are reduced. This has been a huge challenge with traditional payment methods.

Identity Theft

digital currency, investmentsYou are not required to give personal details when using cryptocurrency. This reduces cases of identity theft. When you use a credit card, for example, the store gets so many personal details. This is so even with small transactions. On the same note, credit card transactions require a pull of transaction where money is drawn from another account. Cryptocurrency works on a push basis. This is where the holder is given the option to send the exact amount without transaction fees.

Versatile Use

It is easy to make cryptocurrency payments comply with certain terms. For instance, a digital contract can be created to make future payments, get third party approval or reference external factors. This type of payment is efficient and fast even with special contracts.

Easy Access

The use of this currency is available to anyone with access to the internet. Cryptocurrency is growing very popular in some parts of the world. Kenya is among them. About 1/3 of the population is using digital wallets through local microfinance services.

Low Fees

A cryptocurrency transaction can be completed without charges or extra fees. However, if you are using a digital wallet or third party services, a small fee applies.

International Trade

Payments with cryptocurrency are not subject to country’s levies, interest rates, transaction charges or exchange rates. This makes it possible to complete transactions across borders with ease.


There are about 1200 types of unique cryptocurrency. This makes it possible to use the payment method which matches your needs. Well, we can use coins for everyday transactions, but we have types which can only be used for a specific purpose or particular industry.

The above are the advantages of using cryptocurrency. If you have had doubts about it, you can start using it with confidence. The discussed are not the only benefits of using cryptocurrency. We highlighted the major ones. To learn more about this currency, click here.…

Financial Habits that Could Make You Rich

It is the dream of everyone to live a beautiful, comfortable life. To live such a life you need money and resources. Most people are usually born without these resources. This is why hard and smart work is always encouraged.

With the two, you can quickly create a financial empire that will live on for various decades. This read explores the different financial habits that could make you productive.

Spend less than you earn

spend lessOne of the most significant principles that you should apply that will make you financially secure is spending less than your earning and investing the difference. If you have credit cards, always ensure that you pay them entirely every month.

It is never too late to start; if you are determined, you can begin applying these principles as early as today. Once you have adopted the right habit, do not let them go but carry them instead for the entire year.

Invest in yourself

One of the mistakes that many people make when it comes to personal finance is that they always fail to invest in themselves. Whenever you are buying anything, make sure that it is in line with your goals and values.

This is one of the ways of ensuring that you are not overspending or that you are not spending on misplaced priorities. You can regularly examine whether and where you are spending your time and money.

Pay your debts

One of the mistakes that many people make is failing to pay their debts. Well, you should ensure that you always pay your debts. If you get bonuses from your income or investments, then it is the right cash to use to pay off your debts.

These financial windfalls should always be considered and must be marked in due time for repayments. You cannot be financially secure with lots of debts.

Money habits

Just like the adage goes, old habits hard die, the same applies to money. You should, therefore, purposely focus on building good money habits. The habits begin the moment you start making various choices on how to spend, save, or invest your cash. Since some habits can be addictive, it is essential that you tread carefully.

Putting your money on automatic

automatic Putting your money on automatic could be an excellent choice when it comes to managing your finances. One of the best ways is having a standing order.

You can instruct your bank always to pay the various individuals as soon as the money hits your bank. This will prevent you from using cash that is meant for another purpose.


Services Offered by the Banks

The banking sector has revolutionized the financial world. Banks remain some of the most profitable ventures out there. This could be attributed to the fact that they keep the customer’s cash which is then used for various purposes. This article highlights some of the services that are offered by the banks.

Advancing of loans

loans The advancing of loans is one of the functions of the banks. It is important to point out that banks are classified as profit-oriented outfits. When they issue their clients with loans, they expect to make some profits on the same, and that is why they charge interest. Banks typically have cash reserves which they use to provide their loans with short-term, medium-term, and long-term loans.


The banks also offer overdraft facilities to its customers. However, when using the overdraft services, the customers are usually not allowed to use the overdraft services multiple times. The banks usually charge interest on the overdrawn amount.

Discounting bill of exchange

The discount bill of exchange is another type of lending that is offered by the banks. When a customer holds a bill of exchange, he is discounted by the bank. The debtor will accept the bill that is drawn on him by the creditor and will agree to pay the amount that is mentioned after the maturity. The banks usually make marginal deductions which are typically in the form of commissions.

Cheque payment

The cheque payment is another universal service that the banks offer to its clients. Whenever a client is issued with a cheque, he can draw the cheque upon the bank and request the bank to pay the money. Before settling for the cheque, the bank will have to subject the cheque to official procedures and formal verification.

Foreign exchange

The banks also trade with foreign currencies. All banks all over the world exchange foreign currencies with the local currencies. Modern banks have, however, outsourced this responsibility to various agents who act on their behalf.

Payment and collection of credit instruments

banks In the modern transactions, various types of credit instruments like the cheques, promissory notes, and bill of exchange are typically offered. Banks deal with all types of the credit instruments. Banks do the collection and pay on behalf of the customers. They make money on the transaction fees and commission that they charge the customers.