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The Risks of Investing in Bitcoin

There are many advantages of using Bitcoin, but there are also some disadvantages. The software that powers the Bitcoin mining system is open source, and anyone can view its code. Many organisations and companies are also working to improve the software, including MIT. Bitcoin mining is extremely energy-intensive, and the University of Cambridge has calculated how much energy each computer would need to process one transaction. The calculator estimates that the United Kingdom alone used 304 terawatt hours during 2016.

According to Crypto Expert Richard Schueler The main drawback of using bitcoin is that you must know the underlying technology of the system to use it. Nevertheless, Bitcoin is one of the most popular forms of asset trading today. Bitcoin exchanges are the most popular way to amass Bitcoin. Many people purchase Bitcoin as an investment, due to its digital nature and investment value. However, bitcoin has many risks, and various agencies have issued alerts warning investors of these risks. For these reasons, it is best to seek expert advice before making any financial decisions.

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As the world's first digital currency, Bitcoin is widely used by many people. This decentralized, peer-to-peer system enables individuals and businesses to make secure transactions on the internet. Bitcoin has the potential to disrupt many systems and even surpass sovereign fiat currencies. As such, governments may want to take legal action against its creator to prevent any possible ramifications. But before making any big decisions about the future of the cryptocurrency, you should consider the following risks.

Bitcoin is an electronic form of money. The idea behind it was to serve as a substitute for conventional money. The creators of Bitcoin, the anonymous group or entity known as Satoshi Nakamoto, intended for bitcoin to become a legal tender, a digital currency that could be used to buy goods and services. The financial crisis of 2008 was a major motivator for the development of Bitcoin. As such, it is important to remember that Bitcoin uses the same basic principles as conventional currency, and many of its underlying algorithms are the same.

Bitcoin Expert Richard Schueler says in many ways, that Bitcoin is similar to fiat currency, with the added benefit of being backed by consumer confidence. As more consumers enter the crypto-sphere, the confidence in Bitcoin increases. The downside of using Bitcoin for payment is that its value can fall wildly over time. It is important to have a diversified portfolio and to remember that this type of investment is risky and should only be used as part of a diversified portfolio.

The value of Bitcoin comes from other sources. Since there is no central entity to enforce its value, Bitcoin does not have a centralized authority to rely on. Because there is no physical commodity backing the virtual currency, many people mistakenly believe that Bitcoin does not have any value. In fact, Bitcoin's current individual unit value is around $30,000, and its market cap is now worth over $625 billion. But before you think that it is worthless, keep in mind that the average value of Bitcoin is around $30,000 and this number is increasing.

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Richard James Schueler On How Scam Can Affect a Business

Serious scams can occur in several ways for a business. Whether it is a scam within your business from the upper levels, fraud from an employee, or external fraud, the effects on a company can be overwhelming. Before people dive into how scams can have a vast impact on a business, it is important you understand the number of ways business fraud can take place. Here’s a shortlist to give you a deeper insight:

Insurance fraud: A company might file false or exaggerated claims for an insurable event, e.g. a fire in the business building

External fraud: Companies can be the victim of external sources of fraud through spam emails, cybercriminals, and the like

Billing fraud: Similar to above, but is based on the false reporting of expenses in the hope of financial gain

Tax fraud: Deceptive reporting of income to reduce tax liabilities

Accounting fraud: False reporting of income, profits, and expenses to deceive investors

Identity fraud: Assuming a business's identity to utilize their financial resources illegally

Richard James Schueler says that fraud scams occur both at an external level and an internal level. Whether it is an external source manipulating the business or someone within the business manipulating the books, there are a number of potential outlets.

Either way, the effects on a business can be overwhelming. Here’s how:

Fraud can be a traumatic experience for clients and can have irreparable impacts on the client’s mental health and their life. Due to this, even after the entire situation blows over, it is likely that those involved with your business will be far less confident in dealing with you.

Businesses may feel concerned about being associated with you, and the effect this may have on their brand image. What’s more, individuals may be concerned about the impact continued dealings with you will have on their family, careers, and mental health. Hence, it is likely that they will find a new business to deal with for the services you offered them.

The lack of repeat and new customers after a fraud allegation will have a vast financial impact on your business. But, that is not the only way this can have an impact. In fact, international estimates show that public bodies can lose between 0.5 and 5% of their budget to losses from fraud. For starters, the legal fees incurred to support your business after a fraud allegation can be vast. This, of course, depends on the nature of the fraudulent activity, and whether it was internal or external. It also depends on how many people, including employees, clients, and customers were involved. On top of this, a business will have to put strict measures in place to avoid this happening again, whether that is hiring new talent to deal with accounts and systems properly, or putting new processes and checks in place to avoid this. Certain scams especially external cases can involve monetary fines from the ICO, or even ransoms having to be paid. Ultimately, the financial losses are untold and affect businesses in a variety of different ways.

Similarly, it is unlikely that new customers will feel safe seeking your services if you have been involved in a fraud allegation. They may be concerned about being linked with you, as well as having concerns over whether their information is safe with you. This is likely to limit the influx of new customers in the future.

Morale in the company can be affected in several ways. For example, employees may feel guilty for not detecting fraudulent activity, affecting their confidence in their abilities. This can have a knock-on impact on employee productivity. If the fraud came from high up in the company, employees will likely feel a lack of trust in their superiors. Ultimately, it is unlikely to be positive for any of the employees at present working there.

Richard James Schueler says that avoiding fraudulent actions at all costs is important. Having the correct processes, training, and systems in place to avoid external fraud is vital. What’s more, keeping an eye on accounts and employee activity to avoid internal fraud is a superior place to start.

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Richard James Schueler’s Guide to Avoid Scam in Cryptocurrency

Cybercrime has been a profitable business for swindlers since the initial days of the internet. Despite the progressions in security, such as biometrics, and promise payment trends, like the blockchain, hackers, and criminals will always be a step ahead of us. That is why it is essential to become well-informed on the common ways that scammers use to steal hard-earned money so that one can thwart any threats before they become a trouble.

Richard James Schueler talks about ways scammers steal money:

Phishing scams

This is one of the oldest, and most common, scams. Phishing scams are when cybercriminals set up malicious software onto your device, after you click on a link that you get in an email or social media message, to trick you into sharing login credentials to your social network, or bank account, work account, or cloud storage provider. They might even be able to steal your health insurance or frequent flyer miles!

Your Computer is Infected

You are online doing your thing and then a popup occurs from a legitimate-sounding antivirus software program warning you that your computer is infected and you need to download the program. As you click on the link, the malicious software starts scanning your computer for login information. In other cases, the “software” finds a virus and promises to eliminate it for a fee. Of course, this never occurs. But, the cybercriminal has your credit card information.

A friend has sent an E-Card.

This is another email scam that has been around for years. Essentially, you get an E-Card in your email inbox that appears to be from a family member or friend. You open the card, which results in malicious software being downloaded and installed on your operating system. Finally, this software will start sharing private data and financial information to a deceitful server that is being controlled by cybercriminals.

They try to be sentimental

There are some tremendously vile people out there who will claim that they are from a charity and plead for your financial help. Even worse, they will take benefit of recent natural disasters or events so that their scam seems legit – while also tugging at your heartstrings –to obtain your cash and banking information.

Free trial scams

An advert endorsing a product or service welcomes you to try it out for free or for a very low cost. When you sign up, you might be signing a membership or subscription service that locks you into expensive repeat payments.

Sextortion

Scammers send you an intimidating email claiming your computer and webcam have been hacked and you have been recorded watching pornographic videos. They demand payment for the footage not to be released.

Social media scams

Fraudsters utilize social media for scams, including quizzes and phishing for personal details. Scammers can also pose as friends asking for display ads, or money for ‘free’ vouchers and products or services claiming celebrity support.

How does the Scam work?

The scammer can already know a lot about you or the individual they are pretending to be. They might know your name, where you stay, and other information they have found on social media sites or by hacking a family member’s email. And at times they simply guess. But they always say you have to pay immediately by wiring money, paying with gift cards, or sending a money order, reloadable cards, or cryptocurrency. Some other tactics scammers use in fake emergency scams are:

The scammers usually include an “authority figure,” like a police officer, fake lawyer, or doctor. They think it makes them sound more persuasive, and it frights them.

The scammers say it is urgent and that you are the only one who can help.

They tell you it is essential to keep it secret. They tell you that they do not want you talking to other family members and friends and realizing it is a con.

Scammers play with your emotions. They are counting on you to act quickly to help your family or friends. And they are counting on you to pay without stopping to check out whether there is really an emergency. If you get a call like this, you can be sure this is a con.

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How Philanthropy is Beneficial for Your Business?

Contributing to corporate social responsibility and corporate giving assumes more significance in the current day scenario. The companies will get back by giving something to people’s social causes. The benefits offered through this approach for the companies include wide popularity for your brand and employees.

Philanthropy boosts brand awareness

According to Richard Schueler, Corporate philanthropy is a win-win opportunity for the companies. The corporates can avail of tax benefits by giving away some of their earnings for the upliftment of people. They can also offer free products such as hearing aids to help old aged and poor people. The companies can also pay aged and economically weaker people's healthcare costs. People from economically weaker sections can be supported with products like laptops, books, and stationery and help communities. You can embed your brand on the products offered for free. It enhances awareness of your brand and products. It helps to improve your sales and profits.

Young people support businesses that engage in corporate social responsibility acts. Also, top-notch professionals will want to work for your business further enhancing your brand visibility. Customers will be ready to pay a higher price if your products are of good quality and durable. Some companies give away a small portion of the profits to students to buy stationery like pencils, books, school bags, etc.

Richard Schueler, an entrepreneur, and philanthropist says buyers will contribute some amounts to online sites for charities when they buy products. Therefore, your company can simply act as a messenger to help the needy with those contributions. Your employees take a proactive approach to such activities without asking for any extra pay.

Employee freedom for social campaigns

Your company will enjoy a positive response with the help of corporate philanthropy programs. You need to give freedom to employees in your company to begin their campaigns like crowdfunding. They could also generate funds for flood victims and other natural calamities through social media posts and blogs. You can even donate funds to the charity. Donations to the reputed charities will qualify your company for tax deductions.

Businesses can post videos and infographics on YouTube and create profiles on social media platforms like Facebook and Twitter. They can also give details about their products and services. The users can reach your website for more information on your products through backlinks.

Social media helps to improve connections with valued customers. It helps to establish direct connections with the users and measure feedback on your products and services. The companies can consider improving their offerings based on the feedback.

You can improve sales leads with the help of social media channels and convert them into potential sales. You can reach several million people worldwide. YouTube plays a vital role in educating viewers about your products and services.

Many people search YouTube to know about popular products and their features before deciding to place a purchase order. Therefore, companies should create videos that provide details and benefits of using such products on social media channels.

Many people learn how to operate and how to use newly purchased products using videos posted online such as on YouTube. Product experts can be used to get more information and create instructional and informational videos and promote your offerings. Satisfied customers will help to promote your products and services to others and boost your sales. Richard Schueler says YouTube needs to be used as a cost-effective method to improve awareness about products and services.

The companies can give their contact numbers in the videos so that customers can call and buy your products. It is paying rich dividends to the companies in improving revenues with enhanced sales. Medical products, washing machines, laptops, mobile phones, etc, can be promoted economically on social media channels. The companies can also send advertisements through SMS and improve brand awareness and products. Digital marketing is affordable and provides organic growth. You need to develop content that can be easily read on smartphones without consuming the whole of their data. You can also spread low-bandwidth videos to smartphones to enhance user awareness about your new product launches and services. With cheap data packs, users do not mind receiving such useful videos.

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Richard Schueler’s Guide to keep you Safe from Scam

Scams can come in several forms, but they are all designed to get hold of your money. They do this by getting you to disclose your personal details, stealing your information, or even tricking you into handing over the cash willingly. It is important to know how to recognize a scam so you can guard yourself against fraudsters.

Ways to recognize a scam

Email     address - If you get an email, enlarge the pane at the top of the message     and see who it has come from, it can say it is from TV Licensing but if     you click or hover over the name it may reveal something different. If it     is a scam, the email address the message has come from may not match up     with the sender’s name, have random numbers, misspellings, or be from one     of your contacts that have been hacked.

Unsolicited     or unexpected contact - If you have received any contact, but especially a     phone call, out of the blue, it is best to stay away from it. There has     been a ban on cold calling about pensions for the last few years now. This     means you must not be contacted by any company about your pension unless     you have asked them to.

Text     messages – Modern scammers can make their numbers appear like the one you     believe, like your banks. The scam text message may even appear in the     same conversation as legal texts you have had before. This is known as     ‘number spoofing.

Quick     decisions. If you are pushed into making a decision instantly, be     suspicious. Scammers do not want you to have time to think about it. Any legal     company that calls you would not mind if you hang up and call them back     later. Use the phone number you get on letters from the company or on the     back of your card.

If it     sounds too good to be true, it usually is. This is something you usually     find with pension or investment scams, where the fraudster ensures you     huge returns but tells you it is low risk.

Richard Schueler says that scammers are getting increasingly sophisticated in their attempts to get your money or personal details. Be alert and guard yourself against being scammed by following these tips.

Know     who you are dealing with. If you have only ever met an individual     online or are unsure of the legality of a business, take some time to do a     bit more research. Do a Google image search on photos or search the     internet for others who might have had dealings with them. If an email or     message comes from a friend and it seems unusual or out of character for     them, get in touch with your friend directly to check that it was really     them that sent it.

Do not     reply to phone calls about your computer asking for remote access; hang     up, even if they mention a renowned company. Scammers will frequently     ask you to switch on your computer to fix an issue or set up a free     upgrade, which is actually a virus that will offer them your passwords and     personal details.

Do not     open pop-up windows, suspicious texts, or click on links or attachments in     emails – delete them: If hesitant, confirm the individuality of     the contact through an independent source such as a phone book or online     search. Do not use the contact details provided in the message sent to     you.

Keep     your computers and mobile devices secure. Always use password     protection, do not share access with others, and update backup content and     security software. Protect your Wi-Fi network with a password and avoid     using public computers or Wi-Fi hotspots to access online banking or offer     personal information.

Richard James Schueler says that it is important to review your privacy and security settings on social media. If you use social networking sites, be careful who you connect with and learn how to use your privacy and security settings to make sure you stay safe.  If you have recognized doubtful behaviour, clicked on spam, or have been scammed online, take steps to secure your account and be sure to report it.

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Richard Schueler talks about some positives of cryptocurrency

Crypto is a comparatively new asset class that started with the formation of the Bitcoin blockchain. The primary benefit of Bitcoin and most other cryptocurrencies based on blockchain technology is that they do not have a payment processor, central authority, or company owner. Rather, crypto networks are peer-to-peer, which means people can transact with one another directly. Many of the additional benefits of cryptocurrency stem from their decentralized and peer-to-peer nature. Richard Schueler talks about some positives of cryptocurrency in this post.

• As they are based on cryptography and blockchain security, decentralized cryptocurrencies tend to make for safe forms of payment. This may be one of the most definite advantages of cryptocurrency. Crypto security is verified in large part by hash rate. The higher the hash rate, the more computing power it will take to compromise the network. Bitcoin is the safest cryptocurrency, having the highest hash rate of any network by far. Using a crypto exchange is as secure as the exchange itself. Most incidents of crypto being hacked entail exchanges being hacked or individuals making errors.

• Crypto transactions can be made easily, at reduced cost, and in a manner more private than most other transactions. Using a simple smartphone app, exchange wallet, or hardware wallet, anyone can send and get a variety of cryptocurrencies. Some cryptocurrencies types, including Ethereum, Litecoin, and Bitcoin, can be bought with cash at a Bitcoin ATM. A bank account is not always necessary to use crypto. Someone can buy bitcoin at an ATM using cash then send those coins to their phone. For individuals who lack access to the conventional financial system, this might be one of the biggest pros of cryptocurrency.

• While some people only want to invest in cryptocurrency for price appreciation, others might find benefit in the ability to use crypto as a medium of exchange. Ether and Bitcoin transactions can cost anywhere from nickels and dimes to several dollars or more. Other cryptocurrencies like XRP, Litecoin, and others can be sent for less or pennies. Payments for most cryptos settle in seconds. Wire transfers at banks can cost considerably more and frequently take three to five business days to settle.

• Cryptocurrency has become known as a non-correlated asset class. Crypto markets mostly function independently of other markets, and their cost action tends to be determined by factors other than those affecting commodities, stocks, and bonds. It is worth noting that during the last few years, cryptos have started to trade in tandem with stocks for reduced time periods.

Richard Schueler says that with all the benefits cryptocurrency has over fiat currency and other asset classes, it is hard to argue there is no value in using or investing in crypto.