Articles Do you think about starting your own business? Published 1 year ago on March 13, 2017 By Jonas Borchgrevink The Money Makers Club now has 6 of 15 available seats. Learn more here! 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: Minimizing monthly living expenses Lived in a small flat. Spent very little on clothes, accessories and food. 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.. 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. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (0 votes, average: 0.00 out of 5)You need to be a registered member to rate this. Loading... Jonas Borchgrevink 4.2 stars on average, based on 56 rated postsFounder of Hacked.com and CryptoCoinsNews Follow @HackedCom Feedback or Requests? Related Topics:startup Up Next Acquiring Bitcoin: Alternatives to LocalBitcoins.com Don't Miss Researcher Sees Major Gains Ahead For Bitcoin, Silver And Gold You may like Click to comment You must be logged in to post a comment Login Leave a Reply Cancel replyYou must be logged in to post a comment. Articles GDPR and Blockchain: Three Projects Seeking to Decentralize Data Protection Published 1 month ago on July 4, 2018 By Daniel Mitchell The Money Makers Club now has 6 of 15 available seats. Learn more here! Whether you’ve been keeping track of the news or are a citizen within the European Union yourself, there is a great chance that you have noticed the recent discussion regarding the newly implemented GDPR (or ‘General Data Protection Regulation’) in the bloc. The rules came into effect this year alongside the recent vote in favor of implementing stricter copyright laws pertaining to intellectual property and ‘memes’ and has caused a fair bit of controversy, alongside the recent worldwide events including the USA, and their repeal of ‘Net Neutrality’ laws across the entire USA. Image source: Forbes.com Advertising, Big Data and You For a wide range of reasons, digital advertising is a huge industry – being near-perfect solutions for digital, web-based organisations which are seeking to maximise their revenue / profits, whilst minimising expenses. A common phenomenon affecting advertising is ‘Big Data’, where user information is collected and processed through complex artificial intelligence (AI) algorithms. Your usage of internet technology more likely than not creates an endless trail of digital footprints, which are gathered and interpreted by companies and their systems to provide and interpret detailed insights on user habits. Data Protection Rights GDPR is meant to result in transparent and honest interactions between consumers, big data companies, and even social media companies such as Facebook now face the challenge of how to market or rebuild trust with consumers. Though there is still a myriad of concerns amongst consumers regarding how companies will approach this. Implementation of GDPR has caused quite a shakeup for the AdTech industry, with users are being given total control over how much data websites and applications can collect about them. Now users can consent to which cookies web operators have access to, but there are still several ways for big data to continue to profit from your data without cookies. Methods such as incoming IP tracking scripts, Browser Fingerprinting and malware-infected websites are commonplace and could prove more malicious than previous methods. Can Blockchain Further Increase Data Privacy? Technology has already empowered websites visitors with the ability to overcome issues such regarding data privacy and invasive advertising tactics. ‘Adblocker’ for example is a web-browser extension which automatically removes almost all adverts from a website, and just like ‘NoScript’ (removing potentially malicious scripts from pages) has been utilised by software such as Tor Browser to achieve thorough user safety and anonymity. Through these kinds of solutions, blockchain or not, website operators are going to be encouraged to increase the quality and value of content on their pages. Considering such software and the exponential growth of blockchain as an industry, it is of little surprise that we have seen an influx of services, products and ICOs which seek to combine the benefits of these technologies with those of blockchain / cryptocurrency. Here are a few of what we consider to be the most interesting in the present crypto space… 1. Online.io Image source: Online.io The Online.io project financially rewards website operators in a ‘proof of online’ system which essentially quantifies the time spent on each website and rewards website operators appropriately. It is also the only project in this article which we haven’t reviewed on this site so far (although I wouldn’t count it out for the near future, so watch this space!) Their proprietary crypto-coin (OIO) will be used to distribute rewards to all parties based on visitor time-spent, bounce-rate and other established metrics. This presents a fascinating opportunity for website owners to still effectively monetize their website in compliance with GDPR and without the need to utilize other means of data collection. Online.io could somewhat be considered a democratized system, as users rank each website based on their experience. The highest rated websites will be rated higher in ‘Trust’ through an algorithmic formula, which acts as an indicator of website quality for future visitors. It’s likely to continue delivering a highly positive boost to the whole ecosystem as consumers now (especially millennials) would rather get rid of traditional advertising methods: hence ad-skipping buttons on YouTube as well as Ad-blockers and anti-tracker software. 2. Peer Mountain A blockchain based project which seeks to connect so called “self-sovereign ID holders with businesses, enabling commerce at scale” by utilising technological solutions like smart contracts. Peer Mountain is unique for providing customers (a private individual / citizen) with a greater level of confidence when looking to access a product or service – no matter where they are, or what their country of origin may be. To the organisations taking part, budding entrepreneurs worldwide, a whole new market audience is available. A mutual benefit which is equally enjoyed by the ‘self-sovereign ID holder’ too – incentivised by not having to register their private information on a host of centralized servers. The security is achieved through use of innovative code: which makes use of a combination of user-experience solutions, with the innate security benefits of distributed ledger technology and cryptocurrency. 3. DOVU This team has put all its efforts into creating a ‘mobility’-focused solution which incorporates “a unified token, wallet and marketplace for earning and spending mobility related rewards”. By mobility, what they are referring to is of course transportation related activities: such as ride-sharing and courier services. In this instance however, it also applies to mobility information – and how it is bought and sold in the data economy. Unlike the other solutions listed, DOVU aims to resolve the contentious issue of data privacy by allowing service providing companies make direct offers to users of its ecosystem in return for a quantity of the platform’s proprietary token. Key use cases and clients pegged to take advantage of this platform include automotive manufacturers and marketing organisations for use in big-data research and algorithmic insight / report generation. 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. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (1 votes, average: 5.00 out of 5)You need to be a registered member to rate this. Loading... Daniel Mitchell 4.4 stars on average, based on 7 rated posts Follow @HackedCom Feedback or Requests? Continue Reading Analysis Crypto Capitulation Is Upon Us Published 5 months ago on March 15, 2018 By James Waggoner The Money Makers Club now has 6 of 15 available seats. Learn more here! Capitulation: kuh-pich-uh-LEY-shuhn (noun) the action of surrendering or ceasing to resist. From their December peak, cryptocurrency assets have given back over $400 billion. This amounts to more than the GDP of many countries. If this were values lost in the stock market whose worth is in the trillions, it would be called a minor correction. In crypto terms there is only one word to describe the carnage: capitulation. As painful as it is, the point to be made here is the capitulation is a good thing. Read on and I will share some thoughts for you to consider. Mass Media Mania First let’s take a look at some of the news that is causing such despair. Most recently the selling mania has been in response first to Facebook and more recently to Google. Both of these mass social media giants have ban cryptocurrency advertising. Read closely and you won’t be shocked to realize that the target of their ire are the many ICOs. The problem is not that Facebook and Google are the only advertising platforms. The problem is that they are considered mainstream media and without these two, the trend of cryptocurrencies gaining legitimacy is delayed. That is right, I said delayed not blocked or prevented. The World Has Changed Five years ago, when bitcoin was unknown to most people, this might have been a fatal move. Today is a different story. I recently traveled to a remote mountain town in the interior of Mexico. Everyone I met had heard about Bitcoin and eyes lit up with excitement when I ask if I could pay for lunch with bitcoin. Today are dozens of websites dedicated to cryptocurrencies, either holding them, exchanging them or just writing about them. Probably the most effective advertising remains on Google, it is called Google Search and it is free. If someone wants to learn about owning bitcoin or any other currency, there is a ton of educational information. Of course it would be far better all around if Mark Zuckerberg and Eric Schmidt had taken a different approach such as banning only advertisements for ICOs, but that didn’t happen so supporters of crypto aren’t comforted in their beliefs that bitcoin is going mainstream in 2018. The Flipside Is Being Ignored Every argument has a flip side. If the removal of ads contributes to cleaning up ICO scams, that is a good thing. We can all agree on that point. And let’s be honest there is more than one problem the crypto community needs to clean up. This adds to the ongoing regulatory news including March 7th ruling in US Federal District Court that cryptocurrencies are commodities. As such they can be regulated by the Commodity Futures Trading Commission (CTFC). On the same day the Securities & Exchange Commission issued the following order: “If a platform offers trading of digital assets that are securities and operates as an ‘exchange,’ as defined by the federal securities laws, then the platform must register with the SEC as a national securities exchange or be exempt from registration,” the commission said in its “Statement on Potentially Unlawful Online Platforms for Trading Digital Assets.” Not All Regulation Is Inherently Bad The mere hint of added government regulation typically sends stock market investors heading for the exits and the same holds for investors in crypto. But this raises the question, is some regulation of crypto a good thing? If we examine the full spectrum of regulation to this point on a global scale there is one common target most everywhere. That is the practice of exchanges. So far there has been little or not regulation, threatened or enacted, to protect investors from loss of funds due to security breaches. The question that needs to be ask is this. Will SEC regulation result in better pricing and lower trading costs; if So, then this would provide a desirable outcome. It is understandable if you laugh at the prospect of any government regulation having a beneficial outcome, but if you look at past SEC practices, you would come away with different conclusion. So when the next regulation catches the headlines will it be to ban the existence of bitcoin, Ethereum, Ripple, Litecoin and others or to protect the investor from scams and excess costs? Capitulation Is A Good Sign Over the course of a pretty long investment experience, I have witnessed true misery on more than one occasion. The pain is unbelievable, there is no perspective on the future and all you want is to take action to end the misery. That is when you know the worst is happening and nothing is ever going to make it better. That is when major stock market bottoms are formed. It surely is painful these days for crypto investors. This is a good sign. 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. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (26 votes, average: 4.77 out of 5)You need to be a registered member to rate this. Loading... James Waggoner 4.4 stars on average, based on 96 rated postsJames Waggoner is a veteran Wall Street analyst and hedge fund manager who has spent the past few years researching the fintech possibilities of cryptocurrencies. He has a special passion for writing about the future of crypto. Follow @HackedCom Feedback or Requests? Continue Reading Altcoins What’s Behind Cardano’s Rising Popularity in South Korea? Published 7 months ago on January 26, 2018 By Joseph Young The Money Makers Club now has 6 of 15 available seats. Learn more here! Cardano, better known as ADA in South Korea, pronounced as “aeda” in the local market, is growing at an exponential rate due to UpBit. UpBit, South Korea’s second largest cryptocurrency exchange behind Bithumb, is operated by Dunamu, a subsidiary company of Kakao, the operating company of KakaoTalk and KakaoPay. The two mobile applications, KakaoTalk and KakaoPay, have a market penetration rate of over 90 percent in their respective markets–financial technology (fintech) and messaging. Although UpBit remains as the only cryptocurrency exchange that has integrated Cardano within the local South Korean cryptocurrency exchange market as of date, the popularity of Cardano on UpBit is increasing rapidly. According to CoinMarketCap, 75 percent of Cardano’s daily trading volume is processed in South Korea, by UpBit. Within its debut month, more than 3 million South Korean users signed up to use KakaoPay, the country’s most widely utilized fintech app. KakaoPay operates as a mobile bank, allowing users to send and receive money, obtain loans, and conduct financial activities. KakaoPay supports UpBit because a subsidiary company of Kakao in Dunamu operates UpBit. Given that Cardano is one of the most popular cryptocurrencies on UpBit in terms of daily trading volume, naturally, as general consumers in the traditional finance market using KakaoTalk and KakaoPay move to the cryptocurrency market, the first few cryptocurrencies they are introduced to are bitcoin, Ethereum, and Cardano. Cardano is also receiving significantly more mainstream and local media coverage than other alternative cryptocurrencies, specifically because the South Korean media has portrayed Cardano as a direct competition to Ethereum. Because Cardano is a smart contracts protocol, it is structurally similar to Ethereum. The two key differences between Cardano and Ethereum are that Cardano uses a proof-of-stake (PoS) consensus algorithm and it also has two layers that are used for smart contracts processing and payment settlement. In South Korea, cryptocurrency mania has swept across most major industries. 5 out of 10 people on the streets, in subways, buses, and cafes talk about bitcoin, cryptocurrency, and blockchain technology on a regular basis. As such, the majority of investors are more technical than other regions. Most investors of Ethereum in South Korea understand that the Ethereum Foundation and its open-source development team has been planning a PoS update via Casper. When Cardano debuted with a PoS protocol, it led South Korean investors to believe Cardano is a more innovative platform and has a technical edge over Ethereum. January 31 For cryptocurrencies with strong followers in the South Korean market, January 31 is an important date to keep track. On January 31, local cryptocurrency exchanges are expected to open account registrations to new users and six major local banks are set to provide banking services to cryptocurrency exchanges. Consequently, on January 31, it is likely that a massive amount of Korean won will flow into the local cryptocurrency exchange market. The recent cryptocurrency exchange ban fiasco, which turned out to be false, further increased the presence and popularity of cryptocurrencies in South Korea. Cryptocurrencies like Cardano, EOS, Qtum, and Ethereum that have strong bases in South Korea will likely increase in value throughout late January and early February. 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. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. (12 votes, average: 4.83 out of 5)You need to be a registered member to rate this. Loading... Joseph Young 3.4 stars on average, based on 3 rated postsJoseph Young is a finance and tech journalist based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering exclusive content, interviews, insights and analysis of cryptocurrencies, innovative and futuristic technologies. Follow @HackedCom Feedback or Requests? Continue Reading 5 of 15 Seats Available Learn more here. 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