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know banking services for students in india: education loans

In this article, we’ll discuss about one of the most important banking services for students: Education Loans.

How many times have you liked something a LOT but the price tag came in the way? We bet even as you’re reading this you have THAT ONE dress, kicks, piece of jewelry, watch, or gaming console going round in circles, almost making you shed a tear. These are relatively minor things and may not bother you as much. But let’s ask you something else. Do you have a dream of pursuing studies at a specific university? Maybe at a foreign university in your dream destination? London, USA, Germany, or more? If you’re nodding yes to this, you must already be aware of how brutally tough it can be, financially, especially when coming from a regular middle-class background. And this one, this unfinished lingering dream, it bothers, for the rest of life.

But how about we tell you a way to make it happen? A legit, no-bluff way around. It is, not much to your surprise since you’re here from maybe a google search and have read the title already, Education Loans. Read ahead to know all about–

What is an Education Loan?

All the Expenses under the Umbrella of an Education Loan

The Types of Education Loans

Why take an Education Loan?: Features & Benefits

How do Education Loans work, really?

Vidya Lakshmi

What makes YOU eligible for getting an Education Loan?

The <Ultimate> Checklist of Essential Documents

Curiosity at peak? Let’s begin!

What is an Education Loan?

Popular by various variations of its name – Education or Educational Loan or Student Loan or Study loan, this is what can eliminate the big question mark on finances that stands between you and your education.

An aid or helping hand for students around the globe, Education Loan helps one to be able to pursue education, be it Indian students in local or foreign universities or any, by evening slash removing the financial breakers coming in the way. These are peculiar to provide assistance and cover costs for finances related to higher education i.e. college/university level such as undergraduate or postgraduate degree courses, professional courses, diploma courses, and other career-oriented courses.

Expenses Covered

Making note of the entire educational journey, every and overall needs, the costs or expenses under the umbrella of education loan are—

Tuition Fee: These are simply the basic fees that educational institutions charge students for offering classes, and lectures and primarily obtaining a degree towards the culmination. Institution type, course, level of study, and more –all influence this fee.

Books, and Other Supplies: Provides for the purchase of books, and other stationary-related supplies, as well as uniforms, equipment/instruments, etc. These may also take into the list library and other subscriptions etc.

Accommodation and Living Expenses: These include housing or accommodation, which is the place of stay that the student opts for, and related basic day-to-day expenses.

Travel & Transportation Expenses: These are the charges involved in everyday commutes to longer travels such as flying abroad, or more.

Computer and Technology: Consists of the gadget and tech appliances that may be part of the course. A basic laptop is an example.

Health insurance: Having health insurance is often a mandatory requirement by many institutes.

Other Personal Expenses are there of course, which we do not need to mention and it depends on your personal preference and choice.

Types of Education Loan

The items on the list above are more or less common among all education loans. Looking further into this, education loans are distinguished in types on various basis—

Nature: Federal & Private Loans

Level of Study: Undergraduate & Post-Graduate

Location: Domestic & Abroad

Security/Collateral: Property, Deposit, 3rd-party

Sister to the other thing called Student Grant, both exist to facilitate a student’s cost of education and financial needs. What basically does set one apart from the other is the requirement of repayment. Educational Loans, share the fundamental characteristic of any loan, as their repayment is mandatory. Student Grants on the opposite end, aren’t required to be paid off, which hence reasons their other name ’Gift Aid’.

Why take an Education Loan?: Features & Benefits

Though just a loan, howbeit it has a bunch of distinctive traits and benefits that make it the most appropriate choice for students:

Burden-Free Family: The top benefit and very purpose of the education loan are that it relieves your family from a bigger burden and strain. It allows self-dependency and eliminates the family having to resort to other measures for raising money such as liquidating assets like gold, land, property, etc. So you do your quality education, all by yourself, how cool!

For All: An education loan isn’t conditional to a certain section of people, say the meritorious students, and is readily and rather easily available to all. In fact, RBI guidelines ensure absolute correct functioning and availability.

Well-Covered: The loan covers a whole bunch of necessary and possible education expenses, from smaller stuff like the cost of books to bigger such as the cost of overseas education, housing, and more.

Low & Attractive Interest Rates: In contrast to the other unsecured loans, the interest rates are lower.

Moratorium Period: Another great plus here is that you’re not stressed to repay as immediately as you’d be needed to in case of other loans. While at the very least the repayment period lasts up until the culmination of the course, a lot often there’s a good extension or grace period, named Moratorium Period granted 6 to 12 months, additionally allowing room for future income, like the student starting a job.

A Good Credit History: Students repaying the education loan gain the opportunity to work towards a good credit history enabling obtaining a home or car loan in the future easy.

Tax Benefits: Section 80E of the Income Tax Act, 1961 narrates that you can claim a complete tax rebate of the interest amount paid on this student education loan.

How do Education Loans work, really?

So how to get your hands on an education loan? You’d readily get the idea of it yourself as you make it through to the end of this read, but to give you a quick brief—

The lender, could be government or private, and would require you to fill out the application. While the forms may be readily available on the website, visiting a bank branch for an in-person meeting with a representative can bring a better understanding and enhanced clarity of what’s best suited for you and can help make a more apt decision. With the application, would the necessary documents, required by them, follow.

Vidya Lakshmi

In India, for the special purpose of making education loans more accessible to students, and turning their dream to reality, the Indian government, on the Independence Day of 2015, launched ‘Vidya Lakshmi Portal’. It’s a unique, tailor-made portal for all students looking for education loans. It settles their curiosity by allowing them to access information and details on the numerous loan options, and further even submit applications and track the progress of their education loan application, at several banks, all at this one-stop destination.

Ran by The Department of Financial Services, Ministry of Finance, Government of India, and registered with about 40 banks, some being —HDFC, Axis Bank, SBI, IDBI Bank, Bank of India, J&K Bank, etc., this portal for students seeking education loan, is simply an effort to streamline the entire process of applying.

What makes YOU eligible for getting an Education Loan?

The eligibility criteria for an education loan approval varies from country to country and maybe even institution to institution. Some basis one eligibility factors are listed below though:

Citizenship of the country where the loan is being issued at.

Registration at an Institute for higher education, preferably at a deemed institution.

The ability of repayment of the loan must be You must be able to repay the loan must be proved.

Presence of security/collateral or co-signer in case the loan amount is high.

The <Ultimate> Checklist of Essential Documents

Following are a bunch of relatively generic entire documentation requirements that are usually demanded in the process of obtaining education loan services:

Identity Proof: PAN card, Aadhar Card, Driving License

Age Proof: Birth certificate, Aadhar card, Voter ID card, PAN card

Residence Proof: Voter ID card/Aadhar Card/Electricity bill/Passport

Educational Documents: School Mark Sheets and Passing certificates of 10+2 and/or UG or PG Courses, plus the Admission letter of the Institute one’s applying for as well as the Fees receipts/structure

KYC Documents

Income Proofs: Bank account statements/Salary slips/Income Tax Returns (ITR)

While this list of documents remains to be a constant mandatory throughout financial institutions, some additional documents may be required based on the lenders.

Overall, this covers all the basics of the education loan. It is an extremely facilitative instrument that can remove the biggest bump that can come in your path towards your dream career and life – finance.

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how is akudo helping students for banking services

Banking for students, just like us humans, has seen a long and dynamic journey. Just how you guys –today’s students and teens, are far far ahead of those of the previous generations (a whole new kind really!), similarly and very naturally, banking too, in comparison, is a far different picture today. First and foremost, it’s had its digital makeover. And secondly, it’s no more a mere adult’s deal – today, it’s even the young kids’ cup of tea. The credit of which highly and well-deservingly goes to Neobanks…aka akudo!

Nope, ain’t all talks, let’s see how.

Very simply, akudo is a neobank (Digital bank for students). But that’s just the tip of the iceberg. akudo is a gateway, for all the teens of today, to a secure, smart-like them future. It is unique, and what makes it one-of-a-kind is what drives it – the desire to improve financial literacy and advance financial education in today’s youngsters. By introducing banking and making it accessible to the teens, it hands over the teens the keys to a responsible, independent life.  It’s not your regular bank offering just a handful of savings account services, it’s a LOT more.

Banking for students, on your tips!

Let’s make it super super clear, at first only. All the good stuff and services that we are about to boast in just a few seconds, would all be right in your palm, on your tips. Too many times, the stuff’s good but requires a ton of effort and time. And it’s no secret that today we’re out of both. Very relatable, and hence akudo is just how you need and want it –digital-first and all shrunk into one mobile app, aka neither stepping out of the blanket in the chilly season nor sweating standing in the bank queues. The highly up-to-date digital infrastructure and setup makes akudo –highly relevant and banking –effortless.

Open Student Account in 2-minutes (0 Balance – 0 Limitation)

No bluffing, it ain’t no lie. Where the banking sector is (in)famous for its long-long lines, tedious formalities, and slow af pace of getting even the tiniest things done, akudo is a fast and furious revolution. Within only 120 seconds, you can keep reading it again, won’t change the fact ;), one can set up a brand new Zero-balance account for themselves.

Personalised Prepaid VISA Card for Students

Arriving at the fancy part. A personalized prepaid VISA card for students and teens. Yes, your own VISA card. Legit, with YOUR NAME on it, and without having to wait till you become an…adult. Exciting, no? In just two simple steps, mentioned above, <download the app> <set up your account *in 120 seconds*>, one could obtain (and flaunt) their own personalized for students prepaid VISA akudo. So now, while the friends are left counting change, you’d be there swipin’ card!

Automatic Budget and Savings for Students

Cashbacks for students, regularly!!

Everyone’s favorite thing and akudo’s love language: cashback! With akudo’s card comes along regular cashback and some of the biggest and best offers across brands. Big brands*, be it the online space or the offline arena, it’s always raining steal deals.

With the Intention of Learning, For the Love of Gaming

The entire financial fiasco and money mania often lack fun in the books. It’s always been serious, might as well call it boring, matter. This is what often keeps the teens scared and far away from it all. As a solution slash hack, akudo goes for a gamified approach. It platters a whole lot of educational resources for its teen users, covering all the money mantras, financial anecdotes, tips, and more, all tied up with rewards. Yes, not only one’s learning, they’re wholeheartedly being rewarded for it. An absolute win-win, hello?!

Active Financial Literate ‘Squad’ to Join

With new-age channels like social media and discord, akudo brings together and makes meets like-minded young folks. Engagement efforts such as giveaways, games, quizzes, events, knowledge sessions, and a lot more have knitted a strong and uber fun n’ cool community, ‘squad’ in gen-z’s vocab, which also by the way is equally rewarding like the rest of akudo. In fact, sometimes, (most times), more –we’re talkin speakers, smart watches, polaroid cameras, and whatnot.

All the good and exciting may be making you think of it as all fun and jokes, but no – the purpose is much greater.

First and foremost –freedom. Being financially independent is the truest form of freedom. akudo helps teens and students to take the very first step and embark upon a journey toward a financially-forward future, eliminating the need of depending on anyone.

Practices makes you perfect. Well-known and very true. Applying this to finance, it is only when we do it ourselves, do we actually learn it and further truly master it. With the savings account and VISA card, one gets to obtain hands-on money management. This allows true comprehension of the real, up-close functioning as well as the value of money.

Additionally, when handling money by self at a younger stage, a sense of responsibility is automatically realized or instilled and developed from a young as well.

Saving tops the list of the most important aspects to learn and befriend when it comes to finances. It is one habit that gonna be of help and much needed throughout the diverse stages of one’s life.

Getting onto learning about finances and all things money early on, braces one better for what’s ahead of them…*intense scary music* adulthood. Diving into it unequipped is a lost war, which basically means directly inviting financial-oops moments that often carve huge holes in the pocket.

More than easily being a one-stop destination for all things finance for teenagers, akudo serves the bigger purpose of being a catalyst for not only financial freedom but also a secured financial future. Too good and true! A jackpot, right?

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daos, dapps & defi for dummies

If for you, the D in DAOs, dAPPS, and DeFi, stands for “dude, no clue” then you’re at the right place.

Changing times, the internet and technology have dawned upon us a whole bunch of acronyms, terms, and equally many concepts. And lately, it’s all been about crypto! While we’re pretty sure it ain’t an alien term, let’s start with a quick brief.

Cryptocurrency

In the simplest of terms is a decentralized currency for the digital space, enabling the virtual exchange of assets. It is free of any central authority and essentially eliminates the fuzz of paperwork documentation. Popular ones are Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNC), Tether (USDT), and more.

Then there’s another funda that you should be well versed with, it is:

Blockchain

This technology is a new-age invention, literally about a decade and a half old, basically a revolution when it comes to data management and architecture. It is a digital ledger, a network of ‘blocks’, that keeps account of ownership and transactions/exchange of digital assets.

This lands us on another term, which promise! is the last one before we dive into the d-terms we are actually here for, ‘Ethereum’.

Ethereum

It is a decentralized blockchain-powered platform that is further made use of by developers in creating secured digital technologies and smart contracts. It also has its own currency Ether(ETH).

Note: Smart contracts are contracts that, without the need of any intermediary to meddle, and upon certain conditions being met self-execute.

Decentralized, as defined by Merriam-Webster Dictionary, is the dispersion/distribution/ delegation of functions and powers from a central authority to regional and local authorities.

Now, that we are through with all that we need the background of, let’s decode these Ds.

What is DAO?

Acronym for Decentralized Autonomous Organisations, DAOs are bodies led by the community or members and have no central authority. With absolute transparency and inclusiveness at heart, these are no-leadership, collective-owned entities that fundamentally aren’t rigid when it comes to their basic hierarchy and structure. Which simply implies that each is answerable to all.

You could think of these as highly similar to and even an envisioned digital version of cool n’ modern start-ups that we see these days!

Features

These DOAs are blockchain-powered establishments that are housed on the internet and are an amazing gateway to gather and work around with like-minded fellas (who btw could be absolute strangers living on the other end of the world) on a par.

Here, all the members or token holders joining hands, share a common vision and interests, unite for a mutual mission (very important), and harmoniously take part in the management and decision-making processes in the organization. All that goes on in these processes – decisions, votes, conclusions, etc. is religiously updated on the blockchain which as to abide by and ensure fundamental transparency.

Now, this may have you wondering if there’s no big boss overlooking the management, how does the organization work really?

Working

There may not be superior or top-level management puppet-ing things and actions from above, but that doesn’t eliminate the need for an internal constitution to keep the wheels running smooth within and in a certain decorum.

Hence, enters the picture, smart contracts. These are what hold these concerns together and facilitate systemized working. Establishing primary ground rules, these on their own, carry out or self-execute the chosen course of action when the necessary conditions are met, owing to their automated nature. Again, these rules are recorded well and in advance in the blockchain and are all open for the public eye to achieve maximum transparency.

There are popularly two types of DAO membership, aka. road to becoming a member, which is Share-Based and Token-Based. It’s through this membership that gates to operate and take part in the decisions open.

The Industry Biggies

Meet and check out some of the most popular DAOs:

Uniswap

The DAO

American CryptoFed DAO

Pleasr

Friends With Benefits

Now hopping onto the next, dAPPS.

What is dAPP?

Short for Decentralized Applications or Apps, dApps are simply applications, similar to the mobile apps that you’re often glued to, except that these run on blockchains or peer-to-peer (P2P) networks instead. As the name itself suggests, they are decentralized, meaning are free from being under a single authoritative control.

Features

While these on a broader view share traits to the regular mobile apps, what essentially sets things apart is their establishment on an open-source, public blockchain network, with which comes security tagging along. When it comes to dApps, it’s more of the users than the creators. How so, you ask? Once the apps are created and put on a blockchain, any piece of data put hereon by any user cannot be removed by even the creator/central authority, let alone any other user. Data manipulation is straight outta the window and freedom is ensured.

User privacy is the next big aspect that makes shine dApps in favorable light as these applications don’t require personal information for the users to explore its functions. Oh, what a dream!

In addition to this, another benefit on the cards is no downtime. Even in cases of some part of the network going down, the apps are unbothered and continue to run.

Working

dApps are the coming together of smart contracts (yes, again!) and a front-end user interface. While the frontend user interface is similar to that of mobile applications, it is the backend that runs on a P2P network and is supported by smart contracts. It is the rules and predetermined functions written within the smart contracts that, as previously discussed, self-execute, that govern these applications.

The Industry Biggies

Here are some dApps that you have heard about:

Uniswap

PancakeSwap

Arc8

Curve

Opensea

And lastly, our last big one for this read, DeFi.

What is DeFi?

By this part of the read, we have pretty much been through and thorough with how with smart contracts, i.e. that are simply bits of code at the backend & conditioned to execute in favorable conditions, executed on blockchain networks, have enabled peer-to-peer interactions and transactions. Then we also crammed through the applications, dApps, built on P2P networks and enabled via smart contracts.

Now, comes Decentralised Finance, popularly acronymed as DeFi, which is the arriving shift in the world of finance. Under the canopy of DeFi – fall a plethora of financial services that camp on a peer-to-peer network of blockchain. One can trade, lend, borrow, get a loan, earn interest, and more, you name it.

This smart-contact-empowered decentralized financial system is an alternative to the ancient one that stays stuck in the shackles of authority and control and often offers unpleasant experiences. Basically here, you are the boss of your money.

Features

Owing to the very nature of blockchain networks, DeFi applications are open – like for real, open to all with an internet connection; an epitome of transparency and visibility – all transactions are simply out there; and high on privacy – no personal details required whatsoever. These eliminate human gatekeepers – which implies no third-party intervention during financial transactions between two parties. Also, hello! no paperwork, phew! This further saves heck loads of time and unnecessary fees and prevents any possible resulting human errors and delays. Overall, DeFi applications readily offer local banking and currency alternatives and a global arena to explore.

Since these are dApps only, the working remains the same.

The Industry Biggies

The following are some DeFi examples:

MakerDAO

Curve

Uniswap

Lido

Aave

We stand in front of a drastically different, arguably better, and definitely more advanced-tech future ahead of us, already taking place, as we speak. The world’s expanding and how and it’s certainly no less than a mandatory to keep up with all that’s brimming, DAOs, dApps, and DeFi just being a couple of many.

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what is cryptocurrency & how does it work

Cryptocurrency. Heard it quite a lot, haven’t we? It’s like all of a sudden the entire world’s revolving around Crypto. And let us guess, this may not be your first “what is cryptocurrency” or “crypto for dummies” article. It’s not you alone, the concept’s toooo wide and above most of our heads to understand it in a go. But don’t worry, be assured this is gonna be your finale search.

So, let’s address this giant elephant in the room, and get down and done with it.

What is cryptocurrency?

Since all things now have a ‘digital’ badge, how could money say any behind?

Cryptocurrency is simply a digital slash virtual version of the money we use every day. It is with the use of cryptography and blockchain technology set up that financial trade, transfer, and transactions are made possible. The decentralized setup enables higher control over one’s money and no control or interference from intermediaries such as a central authority/banks/government.

Still a handful, right? No biggie, let’s break it down further.

So we mentioned ‘blockchain’ above. All cryptocurrencies fundamentally use blockchain technology. What’s that now?

Blockchain is a decentralized database that maintains a growing record of what are often addressed as “blocks”. These are interlinked and form a wide chain of networks. Possessing the features of a ledger, it records and tracks transactions, ownerships, transfers, or other movements of assets.

You could think of it as the teacher’s register or the attendance record.

What makes it essentially special is that it allows no hampering of transactions, as in once the transaction is added it cannot be reversed or deleted and is also open & visible to all. This is what brings in higher security and transparency.

Since, we also mention ‘decentralized’, which is amongst its prime feature, it simply implies, also discussed above, that there ain’t any single authoritative entity overlooking the transactions or with the power to meddle in between. This absolute digital atmosphere further eliminates human errors. It is bookkeeping systems reimagined and how!

The scope of blockchain technology is immense, touching a plethora of diverse industries. From crypto to apps to DAOs and self-executing smart contracts, it’s the heart of it all.

Objectives of Cryptocurrency

The primary objective of blockchain-powered cryptocurrency, as one can easily figure out by now, is to develop a secure and transparent system to manage data or value altogether. A digital record of transactions that stays above modifications and manipulations, and is easy to verify, can only be made possible by a distributed ledger system such as blockchain.

The development of blockchain and crypto go hand in hand. The purpose behind the sole existence of cryptocurrency is to birth a modern-day alternative to the traditional currency and the way they function, that is by being governed or backed by governments or central banks.

Crypto essentially is a manifestation of a tech-led, new-age digital asset that can be used as a medium of exchange, which further is immune to the risk of fraud or identity theft as it involves no 3rd party involvement.

Crypto also goes beyond borders and other regulations and restrictions that the traditional currency is often subjected to.

Common Cryptocurrencies

While you may have heard these being tossed around quite a lot, this is because these have the highest market capitalizations and the most widespread adoption. Let’s briefly take a closer look at them.

Bitcoin (BTC)

Based on a peer-to-peer network, Bitcoin is a major, very well-known decentralized digital currency, created way back in 2009. Its shares the common traits of any cryptocurrency, as in bitcoin transactions can be made by staying anonymous and are recorded on a blockchain, that is public and open to view by all.

Despite being regarded as a risky investment, owing to its high volatility – that is high level of price fluctuations over the years, people view it in a ‘golden light’, quite literally, for it enjoys the reputation of “digital gold” –as it is considered a store of value and a shield against inflation.

Jumping into its history a bit, here’s something cool for you. The brain behind today’s most loved and known cryptocurrency, well… is a mystery! It was on a mailing list discussion about cryptography, that a document titled “Bitcoin – A Peer to Peer Electronic Cash System” was posted, and from where it all started. The publisher (individual or a bunch) went by the pseudonym Satoshi Nakamoto, though their real identity, despite several attempts of investigation, remains unknown to date.

With the original protocol being created in 2008, the very first version of the software alongside the first units of bitcoins was released in the following year. It first witnessed popularity only amongst a handful of tech enthus, contrary to today, where it is grabbing eyeballs and is being appreciated day after day.

Ethereum (ETH)

Native currency to the popular cryptocurrency platform and blockchain, Ethereum, Ether is the second largest cryptocurrency owing to the market capitalization, second to Bitcoin. Sold on plenty of crypto exchanges, Ether is believed to be a lucrative investment as a hike in its price is foreseen in the future. Looking at the backstory, Ether wasn’t intended to take over the market and fiat currencies like it has, instead it was purposed to be used for payments & computational services as well as to build and run dApps on the Ethereum network. Ether also takes a lead in the aspect that it less prone to price manipulation.

Tether (USDT)

Stepped into the market as RealCoin in 2014, Tether, in 2015 rebranded and was issued by Tether Limited Inc. It is acronymed as USDT as it is pegged to the fiat currency – US Dollar which makes it at a stable value relative to the currency and it hence often used as a stablecoin. This essentially becomes the first choice for those who intended to dodge volatility, which is well there in other cryptocurrencies. In fact, it is hence also used to store value in volatile times. With a significant presence in prominent cryptocurrency exchanges, Tether is also often the means of transferring value among these very exchanges.

Binance Coin (BNB)

Denoted as BNB, is the native currency of the largest cryptocurrency exchange, Binance, although they did once camp on the Ethereum network. Initially birthed to facilitate Binance network fees & payments, it is now widely used across exchanges for the trade of goods and services, even including transactions relating to travel bookings, entertainment, and more. The Binance Coin makes it space in the market by offering the coin holders reduced trading fees, extending participation chances in Binance’s IEOs, and the opportunity to cast a vote in certain decisions by Binance.

Some other cryptos include Solana and Terra.

Now, enticed by these uber-cool cryptocurrencies, you must be curious as to where you could possibly find them? @ Crypto Exchanges!

Crypto Exchanges

This is no new thing for you. How? Remember Amazon, Myntra, or Nykaa? Yep, same thing! –Except that its crypto instead of clothes or makeup.

A cryptocurrency exchange is a marketplace, that allows the basic trade of various cryptocurrencies. Users trade – buy or sell here using their fiat currency aka US Dollar or Euro. Basically, you purchase money with money!

These exchanges make money themselves by charging simple fees for their usual services, which is often a calculated percentage of the transacted value, or depending on the type of order. While these play a similar role to financial exchanges, they differ in their regulation. These aren’t insured, which as a con makes them more prone to malicious fraud and hacking attempts.

Hence, a careful selection of cryptocurrency exchange should be made considering and keeping in mind the following aspects: accessibility, liquidity, security, storage, fees, the offered coins, tax information, etc.

Here’s a look at many’s go-to ones:

Binance

A global platform for all crypto traders, Binance was founded in 2017 and is headquartered in Malta. It offers an array of services, with trading of various cryptocurrencies to support for trading pairs, diverse languages, and secure storage of funds. Decentralized exchange, mining pool, and educational and research initiatives are some of Binance’s supplementary ventures, aside from its primary crypto exchange business. It is otherwise in the good books for having low fees and fast transaction speeds.

Coinbase Exchange

Founded in 2012, and available in 100+ countries, Coinbase is home to many popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and more, and facilitates the purchase, selling, and storing of these. Since its countries-wide presence, it supports a variety of payment methods, credit & debit cards, bank transfers, and PayPal to name some. The diversity doesn’t end here and extends to the range of products it has in store for its consumers such as cryptocurrency wallet, cryptocurrency debit card, and even a platform to earn interest on cryptocurrency holdings. It is especially popular amongst beginners for its ease of use and security.

Gemini

The brainchild of the Winklevoss twins, Gemini is another popular loved platform for the exchange of digital assets, established back in 2014. Also present in several of countries – US, Canada, UK, and South Korea, to name a few, supporting diverse types of payments, and offering a bundle of products, Gemini stands apart from the rest by focusing on security and compliance, having a dedicated customer support system and being a secure and regulated platform for exchange.

Some other exchanges are KuCoin and Bisq and many more.

Exploring the Potential of Cryptocurrency

When evaluating a broader perspective, people seem to be in splits when it comes to cryptocurrency. While one-half debates for it to be a revolutionary piece of technology that has the potential to shake up the existing traditional financial systems and altogether alter money for people, the other seems to have not yet made up their minds due to the fears of it being a risky investment.

When looked at it, Cryptocurrencies have a plethora of properties that expand their potential: such as it allowing peer-to-peer transactions, barring the presence of a 3rd party, making transactions exponentially better & cheaper, and being borderless & offering to a global market. But, the future fights uncertainty. It could grow to absolutely step into the shoes of traditional fiat currencies or could settle as a special-use case.

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the 7 best side hustle books to check out in 2023

We curated some best side hustle books for 2023, while the ‘hustle culture’ as a whole often finds itself caught up in the debates of right and wrong, side hustle on the other end continues to stand on top of everyone’s list and shine as a promising prospect.

What is Side Hustle?

Side job, gig, or hustle, is anything but an opportunity you should be sleeping on. It is an additional endeavor taken up as a supplementary income stream, secondary to the main ‘9-to-5’ job. This could look different for each as often, and most ideal, a passion, hobby, or thing of interest monetized.

Why side hustle is important in 2023?

Side hustle comes in with a good lot of benefits, from the main one – added supplementary income, which in itself has tons of pros (keeping this for some other day) to a time to explore one’s passion or simply make better use of some spare time. In addition to these predictable perks, some other by-benefits are:

a chance to gain hands-on experience with newer things and also get familiar with varied work environments, which could prove to be insightful for anyone considering a career change

betterment when it comes to skills like time management and balance

help bring diversity to one’s portfolio or resume

enhance creativity

a chance to meet new people and network

Overall, evidently making it a very win-win deal. But then comes the big “How?”

Best Side hustle books in 2023? (How to start)

We love the idea of it and all but don’t know where to begin and how to go about it. And this is why we have brought you this repository of resources – a list of books, from the ones who know it all, specifically touching upon the topic of the side hustle and its know-hows at lengths and giving you some superior side hustle tips. Scroll through!

The Ultimate Side Hustle Book: 450 Moneymaking Ideas for the Gig Economy

The Side Hustle Path: 10 Proven Ways to Make Money Outside of Your Day Job

Side Hustle: From Idea to Income in 27 Days

Clever Girl Finance: The Side Hustle Guide: Build a Successful Side Hustle and Increase Your Income

Redefining Rich: Achieving True Wealth with Small Business, Side Hustles, and Smart Living

So You Want to Start a Side Hustle: Build a Business that Empowers You to Live Your Life, Your Way

What If It Does Work Out? How a Side Hustle Can Change Your Life

The Ultimate Side Hustle Book: 450 Moneymaking Ideas for the Gig Economy by Elana Varon

Dive into this one by Elana Varon and never again wander for a side job idea because yes, you read it right, 450! Very literally ‘Ultimate’.

This read discusses the deal of the ‘gig economy’ and takes you through an enormous list of ideas and activities, all penned down for you to choose the best fit for your side hustle. Not just that, with each, it covers all the details in between – skills required, experience needed, pay rates, and more. And as if that wasn’t resourceful enough, it also serves precious few words of wisdom from a successful bunch of hustlers. What makes the one especially different is how it actually gives new creative ideas and doesn’t forget the fun part through it all.

Wanna know more?: Read reviews at Goodreads.

The Side Hustle Path: 10 Proven Ways to Make Money Outside of Your Day Job by Nick Loper

Most google searches give us these very new, out-of-the-box ideas that might sound amazing but do we really trust them? No – because we want some tried and tested answers, right? Well, this is what this book by Nick Loper is all about – Real life instances of some real-life now-successful hustlers.

It ditches honey-coated schemes and overnight tactics for, as mentioned, some ‘proven’ insights fetched out of case studies of real hustle stories and all packed in an easy-to-read and understandable manner, making it an absolute resource for any beginner.

Wanna know more?: Read reviews at Goodreads.

Side Hustle: From Idea to Income in 27 Days by Chris Guillebeau

The best part about this one and the main reason we are listing this at all is that it’s the brainchild of one who is quite a successful hustler and well-knows the mantra. Also, a New York bestseller. Guillebeau in this read jots down a step-by-step recipe for financial freedom, security, and success. He teaches and takes one through the journey with this roadmap, starting from as early as imaging an idea to taking off just right and then continue nurturing it for sustainable success.

A unique point of difference here is that Chris shows you the how(s) and gives other side hustle tips ‘without’ asking you to leave behind the security of your existing job. So you easily get to have a security net as you adventure around, how cool!

Wanna know more?: Read reviews at Goodreads.

Clever Girl Finance: The Side Hustle Guide: Build a Successful Side Hustle and Increase Your Income by Bola Sokunbi

By a clever finance girl herself, this guide is for all those dreaming of and ready to acquire financial prosperity. The read begins with its focus on fighting the fears and constructing sturdy confidence, expanding all the way to building a solid foundation and a ‘realistic’ plan to persistent income.

As a well-off female entrepreneur, and building the Clever Girl Finance community, Bola is dedicated to empower women and constantly working to assist them in acing finance and the future.

Wanna know more?: Read reviews at Goodreads.

Redefining Rich: Achieving True Wealth with Small Business, Side Hustles, and Smart Living by Shannon Hayes

So we have all heard and been part of this debate about the hustle culture. While most hustle gurus preach all-work, fast pace, mental and physical grind, and more, Shannon births a refreshing new definition of ‘rich’, by having escaped the toxic work field to a mountain farm herself. The read, a rather fresh take on side hustles, is a punch to all the traditional fundas, as it embraces creative and overall fulfillment, and is anything that demands one to pick one of the two – career and family or profit and creativity.

The book further focuses on holistic balance and abundance that isn’t merely limited to finance, and essentially helps build a richer, gratifying life altogether. A resourceful pick, this one is a treasure for anyone out there headed for a sustainable life, wishing to enjoy the success ladder along with all the joys of life.

Wanna know more?: Read reviews at Goodreads.

So You Want to Start a Side Hustle: Build a Business that Empowers You to Live Your Life, Your Way by Carrie Bohlig and Craig Clickner

What’s better than an expert spilling the beans about their success mantras? Two of them! Carrie ad Craig, share their learnings and anecdotes collected over their years as entrepreneurs. Both with this book, aim to handhold anyone with (or looking for) an idea through the journey of bringing it to life, in a way that produces long-term wealth.

The one aspect that the duo considers to be a crucial one when it comes to side hustles is ‘lifeset’, and which the two give due focus and space in the read too. They very much think of the right vision as a building block and hence cover all the possible ‘how-tos’ of establishing one. More importantly, the right one.

Wanna know more?: Read reviews at Goodreads.

What If It Does Work Out? How a Side Hustle Can Change Your Life by Susie Moore

“What if it does work out” is one instance that our mind barely ever envisions as usually the fear and the anxieties pertaining to the unknown fog our brain. Perhaps to change this very actuality, Susie in her book delivers a dose of confidence, which we’d rather call a pep talk on simply yet practically going for the dream life.

Maintaining an inspirational and encouraging tone throughout, Moore showers expert side hustle tips, along with real-life success stories and coaches one to monetize thing of interest. An absolute hype pal of a read, one thing is for sure and we guarantee, this book will have you believing you can do it and in the best cases, also have you quit hesitating and getting on it ASAP!

Wanna know more?: Read reviews at Goodreads.

It is safe to conclude that side hustle is too good of a prospect to explore, especially in today’s date and time, where the internet is practically flooded with digital and remote opportunities. And though still, if you hesitate taking our word for it, grab a copy of any (or all) listed above and we’re sure you’ll have your mind all convinced on hopping onto a side gig!

[akudo-cards]

nft for dummies. must know how for students & teens

If you have been surfing the internet or following the everyday news, especially over the past few months, you must have seen and heard ‘NFT’ making quite some rounds. But do you know what’s beyond and in-depth of this acronym? (you ain’t alone!) NFTs is a brand new, freshly outta oven concept, a very exciting one, and so in this read, we’ll be going through and to its very ends. By your final scroll, we guarantee you’ll know all about it!

What is NFT (non-fungible token)?

To begin with, NFT stands for Non-Fungible Token. These are unique digital assets/goods that are part of/based in/recorded on a blockchain.

Too much? I agree. Let’s break it down.

Starting with Non-Fungible. Fungible is anything that is interchangeable or replaceable by an identical item, says the dictionary. From this we can understand that Non-Fungible correlates to unique, often identifier and interchangeable, directly which further rightly makes it irreplaceable.

Next, Digital Assets. There’s an array of very diverse and very everyday stuff that finds it place in the digital arena and can qualify as NFT. Art – drawings, paintings, photos; music, movies, in-game items & avatars, kicks, domain names, and oh, the most exciting one – memes! And also tweets. (yeah, crazy no?) Basically a whole lot of cool/fun real-world stuff that NFTs tokenize or represent. In other simpler words, with the help of NFTs, it is this tokenization that symbolizes the ownership of the assets via a digital authorization or certificate.

Lastly, Blockchain. Blockchain is a technology of digital ledger. Remember the school’s attendance register? Something along those lines. It is a public digital record that hosts an ever-updating network of blocks, and A.K.A. digital assets all linked or chained together. Popularly loved to be tamper-free, it essentially ensures security, accurate recording of ownership, and tracking of assets.

If you got the hang of it, (which we hope you did) pretty sure you’re going “woah, cool!” Right? Because same!

Why NFT is so much into Buzz?

Though the first crumbs of NFTs go back in the days, 2014 precisely, it’s only now getting its (arguably due) fame. It has arrived and blazed up, in all its glory and as the craze predicts, is here for a long run. But then again, why though?

First and foremost, blockchain technology is trailblazing and is a revolution in itself. It has and will change the way data is taken care of digitally. Since it’s entirely digital, it keeps at aby any human errors or manipulations. Hence, eventually bringing much higher security, better-managed transactions, improved ability to track & verify, and enhanced transparency, into the system. And this amazingly goes for a plethora, if not all, sectors and industries. Ooof!

Shining the light, especially on NFTs, NFTs are pretty much a pro version of the fellow sensational cryptocurrency., and what makes it so is the fact that the former revolves around representing/tokenizing real-world assets. Now sure, this representing or giving a unique identification or token to a real-life asset is no new day concept, but what actually is creating all the difference is when this is married together with the blockchain tech. When both, with their respective pros unite, what is birthed is an epic revolutionary shift in how we handle data at all.

Another aspect that makes NFTs promising is how they empowered the creators. With its ever-so-long list of benefits, it has given the creators of the assets a safe and secured global playground to not only showcase their piece of effort and craft but, on top of that monetize it. With the rightful credits and curbed risks of fake/copies, creators and artists are being bestowed with the flourishing environment that values and is well-flowing with advancements and lucrative opportunities to maximize their dues.

How You Can Create NFTs?

All the exciting stuff must have got you wondering “how are these NFTs made though? Like its digital and all, so what’s the working like”

So NFTs are brought to life through a process called Minting. They are created, or instead, the correct term – minted which is nothing but entering/recording/writing the digital asset to the blockchain. This procedure broadly is a three-step deal:

–        with the first step being the creation of a new block

–        then, validation of the information

–        and finally, recording the information onto the blockchain.

It is through the instrument of smart contracts that ownerships are assigned, acknowledged, and transferred.

Note: NFTs can only have a sole owner at a time.

Where You Can Sell NFTs?

Now that the NFTs have got you pretty fascinated by them, we’re sure you wanna look them up for yourselves. Right? So “where do I go looking for them?” Well, here—

Just like our go-to beloveds like amazon, myntra, and more, there exist marketplaces of similar fashion, with NFTs on the racks. Broadly these are sectioned into Decentralized and Centralised, the former being a more preferred and advised pick. To name a few:

Opensea |art, domain names, music, photography, etc

SuperRare | art

Raribal |art, gaming, photography, etc

WazirX | art, photos, videos, audio

BollyCoin |all things Bollywood

Niftygateway | art, photography, 3D, music, etc

Foundation | art, 3D art, photography, video

Ethereum – Most Famous Blockchain for NFT?

This is another word that you’ll often find, at most times, going off with NFTs – Ethereum. To give you a brief for better understanding, Ethereum is a blockchain network, which on a wide scale is home to many NFTs.

Is it the only one? No, there are other blockchains such as Solala, Flow, Tezoz, EOS, WAX, and more that too host and enable the purchase of NFTs. But Ethereum stands atop the list. Here’s why—

Ethereum was the one to actually popularise NFTs, credit for which goes to it being the first smart-contract-enabled network. This stands to be the reason for the network to have to be highly secured and make ownership and tasks of transferability smoother and withhold the genuinity.

Further, this data architecture and its implied benefits, enable NFTs to sell for a comparatively higher price point. This makes Ethereum more creator-friendly (obviously so).

Since it’s been a choice for both the creators and the purchasers, it naturally offers a wider market /audience, with heightened reach and exposure, further attracting the creators to stick to Ethereum. It’s like a loop!

Fun fact: Ethereum’s currency is Ether (ETH).

Examples of NFTs

We think enough talk’s been done about NFT, and it’s time to put the show on. Here are some incredibly popular and very talked-about NFTs, some of which’s selling prices will most definitely have your eyes popping out!

The Merge by PAK: Sold for $91.8 Million

Disaster Girl by Zoë Roth: Sold for 180ETH

Success Kid by Laney Griner: Sold for 15ETH

The Azuki Collection by Chiru Labs: An anime-themed collection of 10000 avatars

Trollface Club by Carloz Ramirez: 100+ unique reworked trollfaces!

Bored Ape Yacht Club (BAYC) by Yuga Labs: A collection of 10,000 different Apes

CryptoPunks by Larva Labs: 24 x 24 pixels’ art image, with CryptoPunk #5822 being sold for $23Millions and CryptoPunk #7523 sold for $11.75Millions

NFTs are anything but not boring. They are seeing great great heights, today more than ever and it’s only a matter of time before these at-first heavy-looking works make space in the everyday vocab and scenario of one and all. Hopefully, this read did so for you!

[akudo-cards]

Best 7 Cryptocurrency Investment Tips For Teens

https://akudo.in/cryptocurrency-invesment-tips

Cryptocurrency is no doubt a thing of interest for all. Despite being around for quite some time, it is now that it’s observed to be gaining momentum with people going bonkers to invest in cryptocurrency. Having said that, crypto is no road to take with your eyes closed. Where on one hand, it enjoys the attention it's getting and tons engaging with it, on the other end, the scenario’s not quite the same. It is debated to be a risky step, and here’s why:

PS.: No we’re not trying to scare you off with a danger list right at the very beginning of this read. We’re simply bringing these to your notice with the intention to expand your awareness about the potential risks, & the ifs and buts, and then further help you with some tips to get past them and well, play the crypto game like a pro!

So, the mood-breakers. To begin with, the inherent nature of crypto is advanced, if not “complex”, this is the very basic roadblock when it comes to crypto investment for teens or crypto investment for students or even adults for that matter. Then follow volatility which is frequent & drastic fluctuation of prices and its limited acceptance as a medium of payment; as well as the crypto world lacking regulation and security, often not being strongly immune to hacking, fraud, etc. In addition to these, the mining process is said to require a large amount of energy, posing potential harm to the environment. 

Again, despite these crypto is still a fun deal. The only takeaway? We just gotta know better! So let’s brush through some basic tips n’ pointers when taking into account to invest in cryptocurrency.

First things First: Learn about Investment

The very obvious first and foremost point to (strictly) remember when considering to invest in crypto, or anything for that matter is to take time to actually study or research it first-hand. No, don’t simply go for it because your bestie’s in or some far-off relative thought it was intriguing. Even so, just simply learn it yourself, as deeply as you can. Be alert enough and informed enough to make a decision, by yourself. Asking for guidance from an elder though is always a good thing!

Pro tip: When the money goes down the drain, having someone to blame won’t be of any help. :p

Getting the Basics of Investment Right

Now let us take a quick tour of the basics of investment in exchange. The best tip is to know the basics right, right?

Pick a Cryptocurrency Exchange

Today, if you have to buy anything, say a diary, where would you first go? Most likely amazon, no? Now taking this reference for the case of crypto, the ones who want to trade/buy or sell crypto, go to crypto exchanges. These act as the meeting point for the buyers and sellers and are mere platforms with various cryptocurrencies on display, open for purchase, sale, or trade. They thrive on the fees they charge for the services they offer.

A few that you may have heard about before are – Binance, Coinbase Exchange, KuCoin, Bisq, and Gemini. Binance, Coinbase Exchange, Gemini, KuCoin or Bisq.

Landing on these websites may be a tad intimidating at first, and it might take a few to find your way through the interface.

It is always better to take time to know the exchange, ensure its legitimacy and educate yourself on all its clauses inside out. You wanna be sure to know the terms and the functioning. Check payment methods, trading fees, customer support, security, overall reputation, and more.

You must also look for exchanges that entertain fiat currency, i.e USD, INR, Euro, etc. transfers and purchases. In some, only crypto purchases just bring in the additional exchange between an intermediator.

Create your Account

The very common step –is that you simply have to create your account, as you would for any other platform, with basic mandatory verification.

Once the verification process is complete, you may (or may not) go ahead to deposit money into your crypto wallet for purchases.

Place the Order

Post that you’re all ready to make your crypto purchase, once you decide which.

There is a plethora of cryptocurrencies to invest in, many of which are widely loved and trending. Such as Bitcoin (BTC), Ether (ETH), Tether (USDT), Binance Coin (BNB), Solana, Terra, and more. Now how to know which?

There ain’t a certain cryptocurrency suggestion anyone could give you, but there sure are some factors you should consider when contemplating which crypto to go for. These are:

Purpose of the Purchase: whether you’re looking for crypto to store or as a medium of exchange, or even to further build stuff (dApps)!

Reputation and Acceptance: Just like you’d check the basic reputation/review for any brand or product, quickly dig into the current image of the crypto and enquire how it is working/being ranked or preferred in the market. Next, also consider its adoption. Not every crypto works everywhere or for different purposes. You’d wanna make sure to pick one with as wider use and base as possible so you’re not confined or restricted later and have growth potential.

Background/Tech Check: While you may or may not be aware yourself of or understand it, but try learning a bit about the technology on which the cryptocurrency is based. This background check will help you determine if it is more advanced and better developed than the rest and, how secure it is, etc.

Market: Lastly, examine the overall market demand for crypto. This is essential as many aspects have a direct impact on it.

Once the choice in crypto is made, enter the choice of payment method. As suggested previously, payment methods being offered must be looked into prior to going for the exchange. There are usually the following couple of options:

Bank Transfer

Credit or Debit Card

Cryptocurrency itself

PayPal

Even Cash (for exchanges with a physical presence.)

Opt for a Storage Method

 Once you are through with the offer, you’d be asked to opt for the desired storage method, as in where you’d want to keep it. The storage options may differ from exchange to exchange, less in the cases of brokers. These could be keeping the crypto in the crypto wallet on the exchange itself, or on independent fee-based hot or cold wallets for increased security.

Hot Wallet & Cold Wallets: The two are simply wallets to store cryptocurrency. The point of differentiation being – Hot wallet is connected to the internet and can be accessed only with internet-powered devices, whereas a cold wallet isn’t and is present in the form of tangible external devices. Both have equal pros and cons and hence it all boils down to preference. Hot Wallets, being completely dependent on the internet, are easier a target for hackers and frauds. On the other end, Cold Wallets are not as convenient in terms of use and keep.

A Generic Checklist

Here’s an additional checklist of things that you must be in the know of/aware of/remember –all of it.

Here for the longer term: We’re going to have you put your commitment issues aside! (ooof)

When investing in crypto, don’t get in thinking of it as a one, or a few, time thing. Neither can a few times guarantee you a big win. Think long-term and let that formulate your choices.

A Strategy: Simply being in the game doesn’t get you returns. Build and have a solid trading and investment strategy. And mind you, not the one adapted random well-wishers, wannabe advisors, or gurus. Sources like these are a big no-no. That is a losing move right there, even before you win.

A Diverse Assortment: Don’t keep it all in one place. That’s just inviting unnecessary risk. Diversify your portfolio every step of the way. The sectors you choose, the coins themselves, etc.

Risk and Volatility: These two are crypto constants, and always are part of the games. Hence, a, accept it. It’s never gonna be without it, and if anyone does advise you or claim otherwise, then that’s danger –so step away. The craft is to know how to tackle them and sail smooth. So, b, draft a strategy that takes these two factors into consideration and dodges them well.

“Buy the Dip”?: Um, maybe not. Against the saying, it may not be always advisable to buy the dip. Which is basically, investing in crypto when the value/price is dipped or down. Though it does benefit the average cost of stock over time, there still exist better ways (read: safer, less risker) around that, so try exploring them. Even if you do go for the dip, have a risk-managing kit in place.

The OG Saying: “If you don’t own your keys, then you don’t own your bitcoin”. That’s an old mantra that’s been going around in the crypto space. Basically, it relates to storage.

So among the storing options, there’s one where you can keep the coins on the exchange and another in wallets. Cue to the Hot/Cold wallets we talked about above. The differentiating point is…the keys! You don’t have the keys to the exchange or any third party; implying no guarantee of ownership. And that’s well, danger.

Conclusion

Overall, that was a quick run-through of the very basic procedure of investment in cryptocurrencies. It may seem easy but requires much brainstorming and accurate decision-making to prevent big monetary falls. As hinted throughout, one must have an alert mindset before stepping into something like this, even more so when investing as a teen or student. Absolute assistance or at the very least parental monitoring is advised.