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Do you think about starting your own business?

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There is no secret that one of the most sound way to become a “billionaire” or a wealthy person is to start your own business. Most millionaires and billionaires that are “self made” have earned their money by running successful businesses.

I’m not saying that you should run a business to become “rich”, but if you want financial freedom then you should try to use your skills and spare time to investigate whether or not starting a business is a viable option for you. 

If you are a student, then you have a golden opportunity of becoming an entrepreneur. Students often have little to no financial dependencies holding them back. You don’t need to earn X-thousands of dollars in order to survive. However, if you are more experienced and have worked in corporations for a longer period of time, you might have a better success rate even though your burn rate is much higher.

I have been an entrepreneur my entire life, I know how it is to live on next to nothing. But I was able to do that by:

  1. Minimizing monthly living expenses
    • Lived in a small flat.
    • Spent very little on clothes, accessories and food.
  2. Worked a part time job
    • I worked as a customer service representative in a VoIP company for two years, the worst job I ever had..
  3. Asking for help
    • When I ran out of cash, I turned to family to help me out. Even though this isn’t a long term solution, it can be a solution in some dire situations.

If you already have a 9 to 5 job, that’s no excuse to not start and experiment with startup ideas. You do not have to “go all in” a new startup.

My best advice that I can ever give you if you are looking to start a business is to:

START WITH EARNING MONEY.

If you have little or zero startup capital, you have to focus on something that will generate income right away. Never launch a startup that needs heavy investments to create a MVP (Minimum Viable Product) – if you do not have cash to “throw away”. Startups that need a lot of investments to be able to get a sellable product or service could easily fail and will run out of cash faster than you would think. Some startups are in constant need of new investments and you really do not want that pressure on yourself as a founder (believe me, I’ve been there).

Good business ideas where you could immediately earn money is to start consulting private persons or businesses in a field where you are a specialist. Maybe it’s in accounting, financial services, art, music, photography, design, or HR.

You should try and find one simple business case that only need one sentence to be able to explain what you are doing. 

Consultants can bill by the hour. If you do not have any clients in mind, you could start offering your services for free or at a low rate to start building up your client base. Happy clients are the best marketing of your business.

Do i need a team?

Everyone tells you that you need a talented team to make a successful business. That is both tru and untrue. If you start small, you should focus on your own qualities and what you can do to earn money without including other founders. The more founders you have, the more money you have to make to ensure profitability.

In the lecture below about “How to Start a Startup” by Sam Altman and Dustin Moskovitz, they focus mostly on doing a “software startup” like Facebook. That is not necessary what you should do, and most of their ideas and thoughts are for creating the next “unicorn“. Still they have some really good suggestions that you should be aware of:

If you haven’t done a startup before, I would suggest to do something really small but with high quality. If you are able to generate a secondary income you can gradually shift your focus towards your startup and hopefully within 6 or 12 months be able to be fully invested. At that time you might be able to include other people and start building your own team (and even start other ventures with the cashflow you are generating from your first startup).

Be passionate about your startup

This part is so important. You have to be passionate about your startup and what your startup is trying to solve for your clients or customers. If you are not passionate, you won’t be able to create a quality product or service. I strongly advice you to go for your passion, and not leap into a business idea that might generate cash faster. You need passion to be able to stick to your plan and to be able to thrive in your own business. If it’s boring, then you will have a boring life. 

I started CryptoCoinsNews.com because I have a strong passion about the decentralized currency. I started it on my own and wrote daily articles for 6 months without any income. On the 6th month I was able to get my first advertiser and could add a few freelance journalists to the project. Then the traffic started to increase gradually and we got more advertisers and I had enough cashflow to increase the team. Now CCN is the 2nd largest Bitcoin news source in the world with a great team of 21 journalists and one editor.

I will write more about entrepreneurship in the coming weeks and months. Please contact me or leave a comment below if you are wondering about doing your own startup and need some advice.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Are Crypto News Sites Allowing Freedom Of Thought?

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As the interest in cryptocurrencies has exploded during the past couple years, crypto news sites have been on the rise.  These sites are quickly becoming an invaluable resource for traders who enjoy learning about new crypto projects and trade ideas.  The content distributed through these platforms is typically created by a combination of full-time staff and guest contributors/bloggers.  Many of these writers also have a lot of experience in crypto trading so the articles are extremely beneficial for readers.

One thing that readers should always keep in mind is that the content from these sites normally represents the independent thoughts of the writer.  This is important because writers/traders aren’t infallible.  They can make mistakes like all of us.  So, the best approach for readers is to try to attain a diversity of thought.  A diversity of thought means to gather as much information as possible, from a wide selection of sources.  This is absolutely necessary before reaching a conclusion on a certain topic.

But what happens when a website prevents writers from writing about specific topics?  A colleague of mine recently tried publishing an article at Coinnounce.  The writer wanted to publish an article about the buying opportunity that the Bitcoin crash was affording investors.  Normally an article is rejected for legitimate reasons such as poor grammar, plagiarism, or promotional work.  Unfortunately, Coinnounce cited that the website was bearish on Bitcoin and that they wouldn’t be publishing bullish articles.  Even more troubling is that when Bitcoin rebounded in price, Coinnounce reached out to my colleague and told him they would now be willing to publish the bullish article.

When I found out about the rejection and the reason given, I decided to browse the Coinnounce website (which I had never heard of) to find out what kinds of articles were being published.  And sure enough, the articles were nearly all bearish in some fashion.  The problem with this approach is that nobody knows where Bitcoin is going.  It’s 100% speculation.  What actually matters is the logic presented in the article that helps back up a prediction.  So, while Coinnounce is free to run its business as it sees fit, the website (or the articles published) should have a disclaimer that the information presented represents the thoughts of the website’s owners/editors.  Otherwise, readers may not have a clear understanding of what is being presented.

The point of this article is not to call out Coinnounce.  Rather, the point is to make sure readers are aware that some sites may have different motivations than others.  It’s important to read from a variety of sources to get as much information as possible.  This is true not just for cryptocurrency markets, but for everything in life.  I’m proud to write for Hacked which runs an open and honest platform.  The articles written do represent the thoughts and feelings of the writers.  So, while the editors may not always come to the same conclusions that the articles do, they will never suppress freedom of thought.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Are Cryptocurrency Exchanges Asking Low Volume Coins For Bribes?

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Over the last few years, as cryptocurrency trading volume has soared, there has been tremendous growth in the number of exchanges.  Crypto trading volume really took off in 2017 as retail traders and institutional money flooded into the market.  This presented an opportunity for savvy entrepreneurs to stake their claim and start an exchange.  Unfortunately, not all exchanges are created equal.  Crypto trading is still an industry in its infancy which means it’s not regulated nearly as tough as many other industries.

Big Exchanges Charge Expensive Listing Fees

During the crazy bull run that lasted through the very early part of 2018, crypto projects were desperately trying to get listed on the biggest and most active exchanges.  The most coveted exchanges include Binance, Bittrex, Poloniex, Kraken, and BitStamp.  And while these exchanges certainly offer an attractive landing spot, there is a major problem; the listing fee.  As these exchanges have grown and gained power, only projects that are willing to pay an expensive fee receive a listing.

In August, Bitcoinist.com ran a story about the reported listing fees that Binance was charging.  Christopher Franko, the co-founder of Expanse, submitted a listing request in early August.  According to Franko, Binance contacted him and requested a $2.6 million payment to list his coin.  This approach is problematic for small projects as they can’t afford to pay the fee. Only the biggest projects which are extremely well capitalized and have money to burn can get listed on the most popular exchanges.

In October, Binance issued a listing fee update.  The company now claims that the exchange “will make all listing fees transparent and donate 100% of them to charity.  Project teams will still propose the number they would like to provide for a “listing fee,” or now more appropriately called a ‘donation.’ Binance will not dictate a number, nor is there a minimum required listing fee.”

Small Exchanges Offer An Alternative

Crypto projects that aren’t as resource rich will have a very difficult time getting listed on the most popular exchanges.  The expensive initial listing requirement will consequently relegate many projects to listing on smaller exchanges such as KuCoin, OKEx, and Cryptopia.   While there is nothing wrong with these exchanges, volume isn’t as pronounced as it is on the largest exchanges.

Instead of generating revenue from expensive initial listing fees, these small exchanges rely on trading volume for the bulk of their revenue.  From 2017 through the early part of 2018, that wasn’t a problem.  Cryptocurrency trading volume exploded as retail and institutional money flooded into the market.  Both traders and exchanges were reaping the benefits.  But now that crypto has been in a prolonged bear market, volume has cooled off.  Some of the small exchanges now rely on other gimmicks to generate revenue.

Many of the gimmicks center around advertising/marketing expenses.  For example, on Cryptopia, companies can pay fees to have their coin advertised on the trading landing page.

Bribes To Maintain Listing

While there is nothing wrong with generating revenue from advertising, there have been some troubling reports lately about exchanges asking coins to engage in “liquidity management.”  Rahul Sood, the Chief Executive Officer of Unikrn, recently took to Twitter to let the world know that both OKEx and KuCoin had delisted his UKG token because he refused to engage in liquidity management.

Sood made it clear that he was entirely focused on building his business and not trying to “game” volume to appease the likes of OKEx and KuCoin.  And Sood certainly isn’t the only crypto executive who’s voicing his frustration.  David Koepsell, CEO of Encrypgen, also stated on Telegram that Encrypgen’s token, DNA, was delisted on KuCoin because he refused to pay a bribe.

It’s unclear what bribe KuCoin was asking for but most likely related to a fee for “market making.”  Unfortunately, given the current lack of trading volume in the crypto markets, these small exchanges have had to resort to questionable tactics to bring in additional revenue.

Conclusion

KuCoin and OKEx don’t appear to be playing the long game.  They are delisting solid coins like UKG and DNA that refuse to pay bribes.  While that may not be a problem now, it may become one in the future when the volume returns to the alt market.  Projects that were delisted for refusing to pay a bribe won’t return and, instead, will take their business elsewhere.

One bright spot in the story is that Cryptopia doesn’t appear to engage in the same questionable tactics.  While the company does charge a small fee for an exchange listing, there are no reports of demanding coins pay a market making fee to stay listed.  Since the OKEx and KuCoin delisting, Encrypgen’s volume has exploded on Cryptopia.  Only time will tell but Cryptopia may end up being the big winner in all of this.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4 Reasons Why Traders Shouldn’t Miss Out On ABCC Exchange

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As most crypto traders are aware, 2018 has been a bloodbath beyond anyone’s wildest imagination.  Most, if not all, gains from 2017 have been wiped out.  And while the pain will certainly end at some point, it’s unclear when that will be.  But as Harvey Dent famously said in The Dark Knight, “the night is darkest just before the dawn.  And I promise you, the dawn is coming.”  When brighter times do finally come, trading volume will certainly explode again as old investors return and new investors discover cryptocurrencies for the first time.  A platform that is poised to benefit from that growth is ABCC Exchange.

ABCC Exchange is a world-class digital assets exchange that aims to provide a frictionless, user-centric trading experience. The company is focused on embracing the philosophy of decentralized technology which essentially means open, frictionless and participatory.

The company’s main goal is assisting investors with identifying valuable decentralized technology assets, offering a secure online trading platform and providing professional trading services.  Below are four reasons why ABCC may be on the verge of revolutionizing crypto trading.

Reason #1 – State of the Art Trading Features

While many other trading exchanges have only basic functionality and very limited order types, ABCC is just the opposite.  It’s a state of the art platform that caters to both beginner and experienced crypto traders.  For a while, ABCC offered just its base trading platform.  But on November 2nd, the company launched its beta version of the ABCC Pro.  The Pro version benchmarks with the user experience on top exchanges such as BitMEX.  It also includes the following enhancements:

  • A chart section that includes both candlestick chart and line graph
  • Night mode
  • Enhanced security
  • A “My Assets” section where traders can now view real-time updates in their total assets
  • Full-screen mode
  • Ability to see customer orders directly within the depth
  • 160+ trading indicators
  • Stop loss and stop limit
  • Easy-to-use mobile APP

Crypto volatility has been astronomical during the past few weeks causing traders to spend a lot of time managing their portfolios.  Because of that volatility, traders are always trying to find new ways to risk manage and limit potential losses.  One of the best ways to limit losses is with stop loss orders.  And with seemingly perfect timing, ABCC released the addition of stop loss functionality.

Most crypto traders probably already know what a stop loss is but for those who don’t, here is a quick overview.  A stop loss order is designed to limit an investor’s loss on a position.  For example, setting a stop loss order for 10% below the price at which one bought the crypto asset will limit the loss to approximately 10% should the asset fall to that price level.

As someone who has generally used only the most basic of crypto exchanges, these features are extremely welcome and useful.

Reason #2 – Trading Strategy Competition

Accompanying the release of stop loss functions, ABCC has announced a trading competition in which first place will receive a prize of 2,000 USDT.  The competition is scheduled to begin on December 5 and last for one week.  During the competition, each user will be ranked based upon their rate of return from all trading pairs.  The total prize pool for all competitors is 4,500 USDT.

These competitions are beneficial on several different levels.  It’s obviously beneficial for traders as they get to practice and hone their trading skills on ABCC’s state of the art platform while hopefully doing well enough to earn prizes.  And it’s beneficial for ABCC as it should serve as an opportunity to generate additional revenue through increased trading volume from both existing and new customers.

In August, the company held another trading competition with prizes that included a Tesla, 40,000 USDT, and smaller daily rewards.  So new traders and competitors should expect that the December competition won’t be the last one that ABCC holds.  So if a trader doesn’t do well this time around, keep practicing and perhaps their fortune will change the next time around.

In addition to increased revenue, trading competitions always bring a lot of hype and publicity which should do well toward enhancing ABCC’s brand recognition and ability to serve more customers in the future.

Reason #3 – ABCC Token (AT)

AT, an original token of ABCC Exchange, is mined automatically when ABCC users conduct trading activities via the Trade-to-Mine mechanism. 80% of trading fees from crypto trading and 80% of net profits from options trading are rewarded back to AT Holders in the form of BTC, ETH and USDT.

A new product, Daily Options, was recently launched by ABCC.  This new product also introduces a new use case for AT as traders will be able to make predictions regarding the future price changes of BTC.  ABCC users can expect additional product offerings, such as Daily Options, in the future.

Reason #4 – Vitalik Buterin Endorsement

As blockchain startups look to disrupt industries, it never hurts to have a major endorsement from one of the most prominent figures in the blockchain movement.  Earlier this year, Ethereum founder Vitalik Buterin participated in an interview with Jon Evans at TechCrunch Sessions: Blockchain.  During that interview, Buterin stressed his desire for everything to be decentralized.  Additionally, when the conversation turned toward exchanges, Buterin had this to say: “I definitely hope centralized exchanges go burn in hell as much as possible.”  He said there is no reason whatsoever why some projects need to pay up to $15 million in listing fees just so that people can trade their tokens on centralized exchanges. While it’s still in the early phase for decentralized exchanges, it never hurts to have someone like Buterin on your side.

Conclusion

While the crypto trading environment isn’t what it was in late 2017, the recent volatility has certainly created an opportunity for new exciting platforms like ABCC to fill a void for traders.  One thing not previously mentioned is that ABCC Exchange aspires to list as many good projects as possible.  Unlike other exchanges that attempt to bleed companies dry, ABCC hopes to build strong partnerships and relationships with their listed clients.  Conducting business in this fashion allows both ABCC and the listed projects to grow and prosper together.

The existing platform and the coming enhancements should certainly go a long way to helping traders manage their existing portfolios while simultaneously exploring the market for those undervalued projects that are working on breakthrough technology.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

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