Finances

Demonetization Crisis Boosts Bitcoin Value

Posted by Jesus Gomez on February 20, 2017
Finances, Technology / Comments Off on Demonetization Crisis Boosts Bitcoin Value

Demonetization Crisis Boosts Bitcoin Value2016 was a very turbulent year all over the world, from elections to a constantly changing stock market. One of the key events of that year was India’s demonetization crisis, triggered by the government’s efforts of combating tax evasion, money counterfeiting, and hidden wealth. So far, this has made some rather mixed effects on not only India, but also to other parts of the world, impacting the value of several currencies around the world. However, one currency has managed to stay strong despite the controversy – Bitcoin, an online form of currency known for its security and ease of use.

But how is that even possible? Why of all things Bitcoin has managed to emerge not only relatively unscathed, but has managed to grow stronger from this crisis? And for citizens in America, how does this affect for people who are looking to buying bitcoin in states such as Ohio?

The Emergence of a Digital Currency

Despite what many news outlets have said about how that demonetization would seem to move India in a certain direction, with the cash shortage that left many banks and ATMs very little physical bills, the stock market crashing, and banking and businesses with uncertain futures, the reduction of the GDP growth rate, industrial output dipping, and even the loss of jobs, many would never expect buying bitcoin to benefit from it the most. For example a Bitcoin company called Zebpay has claimed that the number of users who purchase Bitcoins from them have doubled during the crisis, and purchases have increased as much as 30%.

Because India’s demonetization crisis stemmed from the government’s goals of cracking down illegal money, many believed that Bitcoin’s secure encryption and as well as its non-physical nature makes it a lot more appealing. Hence it makes for a better way of both handling currency without a need to carry anything physical and for the government to better keep track so that it won’t be abused. Many people then began converting over to Bitcoin, which saw the rise of bitcoin in the midst of demonetization in India.

buying bitcoin

Bitcoin Surges Despite Global Demonetization

The buying of bitcoin remain relatively unharmed. Bitcoin’s success despite financial crisis can be attributed to its low transaction rate, as well as being one of the more feasible options to send remittances from other countries.

In the end, what many have learned about the whole experience is that Bitcoin will continue to be on the rise, no matter how much unstable the market can be.

And for people who live in the United States, in certain area such as Columbus, Ohio, then you don’t have to worry. Because thanks to India’s growing preference for tried and true currencies such as Bitcoin, many saw digital currency as still stronger currency.

As turbulent of a time it was for demonetization to hit certain countries, many would feel relief that Bitcoin would still remain strong through it all. Many would predict that the future would see buying bitcoin growing, and that many more would begin using it besides using physical currency.

How To Get Your 3 Credit Scores Free of Charge

Posted by Delfina Wyble on October 25, 2015
Finances / Comments Off on How To Get Your 3 Credit Scores Free of Charge

What is a Credit Score?

A credit score is a history of your personal finance and how you have conducted your monetary affairs. It takes into consideration information gathered about your bill payment history, loans, credit cards repayments, the level of your current debt and any other financial information available. It will also highlight and red flag whether you have been sued or filed for bankruptcy.

A good credit score rating is vitally important for any financial future obligations you are considering. Everything from mortgages, store cards, insurance premiums, loans and even job offers will depend heavily on your rating.

It’s critical to check your free credit score every 3-4 months. A low score may inhibit all these facilities being available and a high score could save money on better interest rates and excess costs.

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How to obtain your free credit report?

If you are not certain who exactly provides information about you or holds the personal data you can request a free yearly report from the three main agencies; Transunion, Equifax and Experian.

If for any reason your request is denied then contact the Consumer Financial Protection Agency immediately.

Normally there will be a slight discrepancy between the three reports from each bureau as each company’s model is slightly different. If one company is completely out of stride with the other two then they are probably using outdated information. This needs immediate action to resolve the issue urgently.

The information documented in your credit report is used to calculate your credit score. Scores usually range between 300 and 850 (FICO and VANTAGE 3.0 scores to be specific; other credit scoring models may use different ranges).

What affects your credit score?

There are several factors that affect your score directly and there are some things that you can do to improve your rating and get a higher score.

The five major components that make up your score are:

  1. Payment History,
  2. Length of History,
  3. Amounts Owed,
  4. Credit Type Mix
  5. Recent new credit.

Few tips to to keep your score always in the high range:

  • Always make regular, on time payments
  • Never default on your payments
  • Pay through automated channels
  • If difficulties arise always inform the lender, come to an agreement
  • Try not to close accounts
  • Do not go too close to the upper limits allowed
  • Don’t have too much credit available
  • Always make regular reviews of your credit history

Apart from the mandatory free annual report from the three credit reporting agencies there are now more options for the consumer to obtain their financial information and credit scores and it can often be free.

Reports from credit reporting agencies can be misleading and tempt consumers to pay for unwanted information. When you order your credit report online always make sure you’re on the official government approved website.

Free reports can be obtained by phone 1-877-322-8228 or by writing to Annual Credit Report Request Service, P.O. Box 105281 Atlanta.

Remember: It is in your own interest to regularly check your own financial reports and fix any problems that might be there. Nobody else will do this on your behalf and you may not know how much damage is being caused.