finance

What is Digital Currency?

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We now live in a digital world where almost everything is now digitalized. Even money itself has now become a become a digital currency. From the looks of this, cash may not be present forever, because there’s been a recent switch in modes of payment which can cause the extinction of cash. This recent development is Digital currency (or money).   What is digital currency? Digital currency (or money) is a form of money or means of payment that is available in only electronic or digital form. It is not physically tangible because they’re in electronic form and can only be accessed with computers or mobile phones with an internet connection. Digital currencies are stored in a centralized or decentralized ledger or block-chains.   Characteristics of digital currency As stated earlier, digital currencies only exist in electronic/digital form. They don’t have any physical form. Digital money can be in centralized or decentralized currency form. An example of a centralized form is the Fiat currency. A decentralized form of currency example is Cryptocurrencies such as Bitcoin.   Types of digital currency Different types of digital currencies exist in the digital world. Here are 2 major types of digital currency; Cryptocurrency: this is a digital token that is unregulated and exists in digital form. It allows people to make payments to one another through an online method. The most common examples of cryptocurrencies are Ethereum, Bitcoin, and Litecoin. Central Bank Digital Currency(CBDC): it is a digital money form that is granted by a central bank and can be accessed by the populace.   Benefits and risks of digital currency Digital currencies can be favorable or unfavorable in the financial world. Some of the benefits of digital currencies include; Speedy deals– deals are faster than the traditional form of payment because the transfer of available funds is made easier through online approaches. No extra fee charge– compared to traditional financial institutions that include an extra fee on every transaction made, the use of digital currencies requires no extra fee charged for any transactions made. Funds tracking– since transactions are made online, you can track your funds for any payment made. Easy accessibility– digital currencies (or money) can be used by anyone since it is done online.   Some risks of using digital currency are; Exposure to hacking– since digital currencies are operated online, they’re vulnerable to hacks, and most times funds are stolen. Instability– most digital currencies are decentralized meaning they are not backed up by central banks or the government. This makes them unstable and may lose or gain value quickly. Criminal accessibility– criminals can scam or exploit individuals with the use of digital currencies because they are easily accessible. They can use digital currencies for laundering money or illegal activities.   Future of digital currency Digital currencies represent the future of finance. Therefore, governments and central banks of countries all over the world are on the look to create their digital currency. Digital currencies, since their launch, offer flexibility in terms of easy accessibility to every individual. It will also help to build the economy of the country because it will be economical, and serve as a quick and easy mode of transaction. Digital currency can help to improve trade and also open up multiple chances to improve the financial state of countries.   Conclusion Due to innovations and digitization of the world now, it can be said that even money is moving in the digital direction. Digital currencies are the future of money/finance. Digital currency is not physical but is available in digital forms making the world a less stressful place by making transactions easy and faster! ALSO READ: Reinvention            

10 Profitable Side Hustles in Nigeria .

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10 PROFITABLE SIDE HUSTLES IN NIGERIA   Side hustles are for anyone. Who doesn’t want an extra income? 9-5 workers, students, and part-time workers can get engaged with various side hustles.   It is no doubt that most Nigerians are industrious people always trying to make ends meet. But with only one source of income, it is quite difficult to meet these needs because they are often faced with financial difficulties.   In Nigeria, side hustles are considered small jobs or businesses for generating extra income aside from your primary source of income. Most Nigerians, therefore, opt for side hustles to complement their existing income because they won’t have to worry about the arrival of their next salary as they can use funds gotten from their side hustles to cover up for expenses that might come up.   If you’re looking for a way to make additional money in Nigeria, here are 10 side hustles you should check out to make extra cash.   Freelance Freelancing is one of the best side hustles to make money online. You can generate income by monetizing your skills such as writing, graphic designing, proofreading, website development, content creation e.t.c. You can work under an individual, client, or company. It is a flexible side hustle in that you can choose who you work with, the type of job you want to work on, and where you want to work from. Freelancing sites such as Upwork and Flexjobs recruit freelancers.   Virtual Assistance Virtual assistants are people that help other people online to achieve business and personal goals. Virtual assistance is a very flexible job with a wide range of skills/services rendered to clients. Working as a virtual assistant, you can try out different aspects of online jobs and pick the ones you are best at. Examples of services/skills rendered are answering emails, making appointments, designing, administration support, social media management, creative development,  and product research.   Uber In Nigeria, Uber is one of the most popular rides. If you have a good car, you can go for this side hustle. All you have to do is sign up on their app. You can make a lot of money of about 200,000 Naira per month. This side hustle offers flexible working hours and they also have earnings that can be converted into cash for you!  It is worth it if you live in busy cities as you can make more money due to the high demand for transportation and its availability.   Blogging If you’re trying to look for a paying side hustle in Nigeria, then blogging is one of the best options for you especially if you’re a passionate writer or content creator. You can monetize what you are passionate about and get good income for your blog or content from advertisements, affiliate marketing, and selling products online on your blog.   Cooking and delivery Food is an important factor in the general output of humans. In Nigeria, most people in the working force skip their meals, which in turn reduces their productivity in their various companies. To bridge this gap, cooking food and delivering it as a side hustle has been developed. This can be done right at home if you have a kitchen. Delivery can be done through cars, tricycles, or bikes to a customer’s location. Additional income can be made just by meeting other people’s meal needs!   Delivery for sites There are various online shops in Nigeria. Examples are Jumia and Konga. Take Jumia for example, it is the largest online shop in Nigeria, you can help them supply products bought by their various customers. All you have to do is to register and get verified. You can earn from delivery through commissions per goods delivered to clients. The more you deliver, the more you earn!   Tutoring If you enjoy teaching and are interested in young kids or teenagers,  then this side hustle is right for you. You can monetize your teaching services by teaching a particular age group of students, virtually or on-site. You can earn an extra income by just organizing tutorials for people.   YouTube YouTube is the 2nd largest visited website worldwide. If you’re good at sharing information or talking about your interests or hobbies, then this is for you! You can start up a YouTube channel, all you need is a very good information niche and a good camera. You can earn by uploading video content. With a lot of views and subscriptions, advertisements, and sponsorship deals, you can be sure to earn on this platform.   Online Shop We now live in a digital world where most shops are online. It is now possible to order goods from an online store rather than an onsite shop. Having an online shop enables you to reach a lot of people from different cities, states, and even countries. With this advantage, you’re able to earn more by having your shop online.   Photography Whether you’re an amateur or professional, photography is a great side hustle. Asides from taking pictures at events e.g birthday parties, and wedding parties, you can also sell your pictures online to websites that need images to update their content.   Conclusion Most Nigerians need a passive flow of income asides their primary source of income. Side hustles can ease financial struggle and stress, it can also help you grow financially. It can be seen that side hustle is an important factor for you to become independent financial-wise. ALSO READ: Small Business -6 steps to Create a Successful Marketing  Plan

Who Is An Introducing Broker?

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  Does the world of investment interest you? And Have you been looking out for a way to make money without conducting direct trades? Then you may find success as an Introducing Broker. It is no news that in the forex market, the services of various people are being relied on. It welcomes every category of participants from active traders to passive ones and even those who do not execute trades but aid the trade of others by their services. The forex market is the largest functional market in the world presently, with a huge turnover of about 6.6 trillion dollars daily, thus making a lot of people attracted to this space. Attracting new clients, however, is one of the hardest tasks to achieve after opening a brokerage firm as this can be achieved through advertisement, e-mail marketing, tradeshow participation, and search engine optimization(SEO). But an important service a forex broker shouldn’t ignore, to help increase client base, earnings and great profit is that of an introducing broker. An Introducing Broker, therefore, is an intermediary between a brokerage firm and its clients. An introducing broker can be an individual or a legal entity e.g. a company. It is not mandatory that all its activities are related to financial services, but its main task is to attract customers – profitable traders, money managers, investment advisors, and high-income generating website owners, to the brokerage company. How to become an Introducing broker To become an introducing broker, you do not have to acquire any special license or document. Nor do you have to pay any special fee. All you need to have is a finance practice, particularly in the forex space, and possessing a strong online presence. This is because your potential clients are from the network of active followers. An interested customer base with certain initial capital, interest in alternative forms of investment, and a desire to trade independently, and invest in various financial markets are what an introducing broker needs. Also, an introducing broker needs to have top-notch communication and social skills as they are the crucial pillars of modern-day marketing. Functions of an Introducing Broker As independent agents that they are, they help to: Attract clients to trading platforms of partner brokers. Motivate clients to trade actively. Accept orders from clients to conclude exchange transactions. Work directly with end customers by providing thorough aid to customers e.g. filling documents, technical help, training, and advisory roles. Organize marketing strategies and activities to attract many potential traders as possible. Provide successful clients with recommendations for investor accounts within the framework of trustworthy management. Benefits of being an Introducing Broker The following can be noted as advantages of being an introducing broker: No upfront investment: it is a business that needs little to no initial or continuous investment, to start up or maintain. No office needed: an introducing broker can work from anywhere around the world, all that’s needed is good internet and a laptop. Possibilities to get wages independently: introducing brokers receive a reward for each client that is attracted. Increased prospect for entrepreneurial growth: being an introducing a broker is a good way to refine your entrepreneurial skills. This is because the platform allows you to earn money by solving the trading needs of diverse clients using your skills and technology. Hence, introducing brokers can accept job roles in marketing, customer relations, public relations, and financial services. Freedom: being an introducing broker implies that you do not have to be restricted to the 9-5 job life. Hence, you can take on other job roles without risking your trading business. The job of an introducing broker offers more flexibility. With your special trading method, you can offer value-driven services to your clients through your broker’s platform. A cost-effective way of generating revenue: being an introducing a broker also requires little to no financial investment. All you need is to only build a solid community of active followers and have decent knowledge about the operations of the forex financial market. Also in carrying out your functions, you do not need to purchase promotional tools and materials since the broker already assign them upon registration as an introducing broker. Provision of multiple ways to boost profit: One of the bonuses of being an introducing broker is that your profit can be made from a variety of earning models. The only thing you would need to activate these bigger earnings is to properly grasp the dynamics of the marketing structure. This is because they earn commissions based on the number of impressions and clicks on the links used in client sourcing. ALSO READ: Small business -6steps to create a successful marketing plan