The advancement in digital currencies and how large businesses are adopting these

How people spend money has changed dramatically over the years. From the rise of the internet which led to online shopping, and the way people carry money with them in the high-street has all adopted a growth in technology. Large businesses have had to quickly adapt the way people can buy things in their stores in order to keep people interested, and with the advancement of digital currencies, the way people spend is going to keep on changing. From looking for the latest fashion, to being influenced by an advanced blackjack guide leading them to put a deposit in the casino, spending has now become digital.

Rise Of The Internet

The rise of the internet was a huge milestone in communication and technology, and the World Wide Web seems to grow even more every year. With the rise of the internet, online shopping has become a huge part of every-day life, and now a large percentage of internet users shop online rather than, or as well as, in store. According to the Office Of National Statistics, measuring online retail sales in the UK in 2015, the percentage of women purchasing online increased from 49% (in 2008) to 75%, and the percentage of men grew from 57% in 2008 to 77%. Because of this huge increase, more businesses have had to become available online as well as in store in order to adopt to this.

E-Wallet

E-Wallets have been around for a while, but it is only recently, since PayPal split from eBay to become independent, that E-wallets have had a huge effect on digital currencies and how large businesses are having to adopt. Buyer protection is guaranteed when people shop through an e-wallet like PayPal, and because of this, more people are looking to them in order to purchase online. Because of this, large businesses are having to add PayPal onto their online stores, to keep up with the increasing demand for this.

E-Wallets have become an increasingly popular form of digital currency, and people can also use PayPal in a high-street store, instead of using cash.

BitCoins

As of March 2016, Bitcoin’s market capitalization reached nearly $6.5 billion and although this form of digital currency isn’t being used commercially, they are beginning to climb up the ranks. Bitcoin and other cryptocurrencies are used by third parties in exchange for payments for big companies such as Dell, Microsoft and Expedia, but the trend hasn’t yet taken off. However, if it does, then there could be a chance that large businesses will have to quickly adopt to this demand.

Barclays became the first big British bank to form a partnership with a digital currency firm. Circle, the firm that the bank partnered with, runs partly on bitcoin’s blockchain network. This shows that bitcoin is beginning to make its mark, and other large businesses, from banks to retail stores, may have to adopt a new stance when it comes to looking at the use of bitcoin as a digital currency commercially.

5 Financial Moves That Can Negatively Impact Your Credit Score

5 Financial Moves That Can Negatively Impact Your Credit ScoreBuilding a good credit score is important for financial success. You’ll need a strong credit rating to secure loans for long-term purchases like a car or a home. The majority of credit scores fall between 301 and 850 with the following ranking:

  • Excellent: 781-850
  • Good: 661-780
  • Fair: 601-660
  • Poor: 501-600
  • Bad: below 500

Although most people’s scores vary over time for many reasons, it is important to try and keep your credit score as high as possible so that when you need credit (to buy a home, for example), you’ll be able to get it at a reasonable rate. To protect your rating, avoid the five following financial activities:

Skipped Payments or Late Payments.

While it’s not unusual to miss an occasional payment, doing so consistently sends a bad message to prospective lenders who view your credit history. When deciding whether to give you new or additional credit, they will check to see if you keep up with current credit payments. Frequently missing payments or making routine late payments raises a red flag. If you must miss a payment or be late, contact the lender to explain why. Chances are any penalties may be waived, including a ding to your credit rating.

Overextended Credit

When exciting credit card offers overflow your mailbox, resist temptation to accept them all. Carefully review all offers’ fine print and compare them to get the best offer. Opening too many credit lines at the same time can make you appear vulnerable to overspending.

Cosigning a Loan

Your intentions are undoubtedly good when cosigning for a friend’s credit purchase. However, your own credit rating hinges on the other person’s ability or commitment to pay bills on time. When a slip-up occurs, you will be held financially responsible, and your credit rating may suffer as a result.

Switching Credit Cards Too Often

It’s hard to pass up a great credit offer, especially one with extended 0% interest and no balance transfer fee. But switching from one account to another too quickly can make you appear financially unstable. Potential creditors may wonder about your ability to actually pay off those transferred balances along with your willingness to make payments when the introductory interest rate expires. Each credit application impacts your credit score, so avoid doing it too often.

Not Reviewing Your Credit History Annually

Everyone should check their credit rating at least once a year by requesting a free credit history report from the three main credit bureaus: Experian, Equifax, and TransUnion. All the scores are slightly different, and they can be obtained for free (yes, really free) from AnnualCreditReport.com.

  • Experian uses the PLUS Score to explain credit scores, along with impact factors and ways to improve scores.
  • Equifax scores range between 280 and 850 to predict credit risks.
  • TransUnion’s TransRisk is a consumer credit score resembling the Fair Isaac Corporation (FICO) score, ranging between 300 and 850.

Organizations like Credit Karma offers free Web-based credit and financial management to American consumers. It offers free updated weekly credit scores and reports.

With a wealth of financial resources like these widely available, make time to review your financial standing by getting a copy of your credit score and ensuring all information is accurate and updated. Lenders will be ready to review your application favorably when you establish and maintain a strong credit rating.

Three Kinds of Good Debt

When it comes to personal finance, most people don’t know that much. You start to notice this when you read personal finance media that’s geared toward the general public. These TV and radio shows, blogs, and websites often try to communicate the most basic principles in just a few words, because most people aren’t going to take a lot of time to think about this stuff. Because the concepts have to be distilled so much, a lot of the nuance can be lost in the process.

One example is debt. The average personal finance talking head communicates thoughts like “Debt BAD! Saving GOOD!”. And while both statements are (sort of) true, there are exceptions and differences in understanding that make such statements irrelevant. Statements like these are supposed to protect people from their own ignorance. If someone takes on debt recklessly, they’ll be in trouble. Putting fear of debt into someone keeps them safe (sort of).

The problem is, there are plenty of examples where taking on debt is a good thing, in the best interest of the borrower. From a financial perspective, there are numerous situations in life where a person will not be able to make the most of their financial situation without borrowing. Financial institutions and governmental legislation collude to make this borrowing among the most affordable on the earth, among other benefits. Quick and easy loans are available, and they can be a very good thing. Here are a few examples.

Mortgage Loans. Buying a home is one of the best ways to build wealth. Most people don’t have enough cash on hand to buy a home outright. So they have to go to a bank or other institution to borrow the money. The government likes homeowners. Homeowners pay their taxes, buy stuff, and generally don’t cause trouble. So the government helps make mortgage loans really cheap. What’s more, homes tend to appreciate in value 4-6% per year. If you’re only paying 3.5% APR on your loan each year, you’re actually growing wealth faster than you’re losing it. This is an amazing example of “good debt”, even if you are $200,000 in the hole for your new house.

Business Loans. As above, the government loves strong businesses. They are essential to the economy, job creation, personal autonomy, that sort of thing. They subsidize business loans and make it possible for new entrepreneurs to take a huge risk on a new business, without having to put their personal assets at risk.

Student Loans. We all know that lots of Americans took out student loans only to find that they couldn’t get a job and pay them back. This doesn’t make them bad. Student loans are a great way to invest in yourself. Like the examples above, the price of student loans is kept artificially cheap, as the government subsidizes the education of its citizens.

These are great examples of good debt. It’s not consumer debt – simply borrowing money to add new pleasures to your life. It’s affordable because these things are likely to make you a better citizen and increase your financial responsibility.

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