Author: ritikahuria

Every income is taxable unless specifically exempted. As per the Tax rule, anyone who will be earning income with the exchange of Bitcoin, that income will be included in their taxable income.This will be included in their Self-employment tax. These type of tax rule shave made the income of bitcoin designated as the possession of valuable good like gold or land. To execute these phenomena every transaction of the bitcoin will be linked to some or the other local fiat currency, so if the bitcoin is exchanged the transaction value is recorded in USD to mark the current value for tax reporting. transaction carried by any individual will be paying the tax in their respective country in their currency. The USD is only to track the global value of the transaction. IRS will also allow you to file capital losses worth $3000 per year. Every country has different set of rules on Bitcoin but no one has completely defined it in a way that user can benefit and understand. I’m just glad to read about this that at least everything is been tracked by the government and is filed for individuals. This makes money laundering and unsafe usage of bitcoin very hard.

Reference:

https://bitcoinmagazine.com/articles/tax-day-is-coming-a-primer-on-bitcoin-and-taxes-1459786613/

The promotions of cashless payment have highly been linked with the growth of technology.  The truth is it has a higher impact on economic growth of the Countries whether it is developing the country or developed Country. The studies have shown that the cashless payment has increased the GDP of countries which started adapting the concepts of cashless payments. They have also created the higher amount of job opportunities in the market as well as created a smooth transaction process for financial institutions. Raising of Household consumption of goods and services are also observed at a higher level. It becomes very easy to track the flow of currency with cashless payment for government regulation and also reduce the amount of effort and cost that central banks invest in the providing notes and coins. The revenue tax collection has increased marking the reduction of Grey economy. In my opinion, this is the best way to track the currency regulation of any country and reduce the amount of corruption regulation.It has recently been proven in India when the demonetization happened, The revenue gathered by the country was increased by a substantial amount. This type of promotion in cashless payment can lead to a real growth in the economy of a country.

references:

https://www.entrepreneur.com/article/272410

Blockchain has opened up various opportunities for upcoming technologies. As per global business point, it is taking down walls and going to create smooth business transactions. On this concept, IBM introduced it’s own IBM blockchain. They want to create a permission network among people with identities who wants to use block chain as open source, open standard, and open governance globally without the need of Cryptocurrencies.They want to replace the use normal currency for various type industries with their blockchain, Especially while implementing their trade. They have started promoting also their Blockchain among various industries like finance, Insurance, and retail. Up till now the blockchain has not been governed or regulated by a big technology player. The fear of this happening is related to the price definition of the blockchain. As no Currency is linked with it and no government regulation, I feel IBM, If became the player in the market will be able to regulate the price and customer on its own basis. As Blockchain is still considered a new concept Government regulation and rules should be applied before it becomes too much technology driven.

References :

http://www.ibm.com/blockchain/what-is-blockchain.html

Mobile wallets have been rising high in the market capturing the other level of interest among people .But this rising market is only restricted to developed countries, Developing countries are still struggling with the advancement of the technology and right setup required to use these smart phone dependent wallets. The issue related to the high number of cards and bulky wallet exist in these countries as well. When demonetization of all big currency notes happened in India, A different kind of mobile wallet emerged in India called Paytm. Paytm is a digital payment platform that allows you to transfer cash into the integrated wallet, and make the payment from that integrated wallet. You can have any kind of transaction with anyone who owns a Paytm. To setup this account all you need is Mobile number and email id. You can associate your Paytm with any number of accounts and any type of card. Paytm has bridged the dependency of mobile wallets on smart phone. It has provided the facility to make the transfer from your mobile by simply sending a text. It has also removed the dependency from the vendors to install the initial setup required for the mobile wallets. The growth of the Paytm has exceeded the number of users of any other mobile wallets combined. In my opinion if it figure out a way to setup the environment to expand globally, and increase the amount of money that can be added to the integrated wallet, it can capture all the market at once.

References:

http://gadgets.ndtv.com/apps/features/what-is-paytm-and-how-to-use-paytm-wallet-1625271

 

As the awareness and interest of people are increasing every day in  cryptocurrency, there are more new cryptocurrency that are growing in the market. Most of these currencies are overcoming the challenges that are faced by Bitcoins. The major challenge experienced by bitcoin is the average time of 10 min before a transaction receives a network confirmation. There are projects focusing directly on time reduction of transactions. But the question comes how will this impact the use of bitcoin. The availability of bitcoins is already fixed, as it is generated by the mathematical algorithm, it was predicted that these currency are likely to take the rise at the time the bitcoin circulation slows down. But the way these currencies are coming with a fastest transaction time they have already captured a huge market.Ripple one of the Cryptocurrency has the transaction time of 3.5 seconds and also trying to collaborate with the financial institution.In my Opinion, with this type of rapid growth ,circulation of bitcoin is expected to decline and people who have stuck their money in the bitcoin might experience exponential loss in their investment.

Reference:

4 Cryptocurrencies With Much Faster Block Times Than Bitcoin

With increase of urbanization, The daily requirements of people are also increasing along with options of availability. Every Store and every bank offers there unique card discounts to attract people. Struggling with the amount of cards and the weight of wallet , Mobile wallets was introduced.As it came up as a new technology everyone in the tech market like Google, Apple, Samsung and PayPal wants to capture this. As Apple pay and Samsung are only restricted to their phone users, Android and PayPal are widely spread. Coming out of the tech competitors, there are other type of wallets available like Capitol One Wallet which is specific to some bank brands, Star bucks or Walmart which are specific to stores.The usage of these handy wallets is not dependent to only users but the vendors also play a very important part. The users are concerned about the security issues, therefore something that seems new to them is difficult for them to adapt.But for vendors ,they have to bear the initial cost of installing the contact less point of sale (POS ) equipment.Either way, the popularity of mobile wallet is increasing day by day and it is expected to get 22% more users by next six months.

References:

http://www.toptenreviews.com/business/payment-processing/best-mobile-wallets/

https://thefinancialbrand.com/55074/mobile-wallet-payments-digital-banking-report/

Be it be security or demonetization, the growth of card less payments  is increasing everyday. The number of users who prefer making their payments without cards are spreading all over the world. The demonetization  act in India has also played a really important part of, people freely making their card less transaction. Long ques in the ATM’s forced customers  to consider to the option of other Fin Tech like Pay TM. It’s a Fin tech start up in India, which has been wildly spread in a very short duration of time.This start up has replaced the concept of people carrying cash. This is an instant money transfer platform which works a lot like  Paypal , but the transfer of money is much faster. The PayTM stands from PAY through mobile, Uses all kinds of ways for money transfer. One can create a PayTM wallet and save your money their, Or It also provides you to save the option of your credit or debit card and the money will be deducted from that for the corresponding transactions ,It can also use our net banking accounts.This is an app which has spread and is also used in the payments of jeweler which involves a transfer of large amount of money to to the payment of your taxi fare.

The latest technology of mobile wallet is slowly gaining people attention. The idea of not carrying wallet and making the payments just by the details of your card is a little scary for people.With the growing attention of Apple pay, people are becoming aware of it’s use and advantages.It is considered to be the safest way of doing payments so far. The Credit card uses the magnetic strips which contains all the information of the card holders in a simplest form written at the magnetic strip without any encryption, anyone can hack that process or the system with card details and use these information for their own benefit. Even with the chip card, all the information is stored in the chip and with the correct resources, it can be hacked. But with Apple Pay it uses the most secure form of payment method. It does not save the details of the card holder. The method comprises of two major elements First is NFC and second is finger touch. The NFC used reduce the distance of the payment to the minimal, that means the application is supposed to be at a distance of 2 to 4 cm for the payment to happen. Secondly Finger touch act like a second layer of security which provides an additional authentication process for initiating the payment. The best part of using Apple wallet is Apple as a company never treat it’s customer as a product so they don’t save or use your personnel information for anything else.

Bitcoin is emerging as a new form of currency exchange and method for people to convert their black money into white. There have been enough bitcoin regulation available in market for now and people are selling and buying them on the web. There are no government regulation related to them and no one to enforce any rules on them. People who bought them long ago can sell them now at the current price making a lot of money in return. This can be evolved as a new form of share exchange market with no set of rules available of how much to sell and at price to buy.This process is creating the irregular form of money which should not be supported in the real world.The inventor of Bitcoin Satoshi Nakamoto has not been found in person yet and certainly nobody knows how much virtual money he had collected and for what type of purpose he is using it for. These type of money can be used for illegal and harmful type of action on international level.Without any International body involvement ,the invest of the money in the bitcoin will be stuck as their are no regulations to convert your virtual money into actual currency.

There are so many accounting rules which are becoming easier and accurate to be implemented with Financial systems. The concept of Multi period accounting is one of them. It enables users to create accounting for a single accounting event for more than one GL period. For Example, business cycle of an Insurance premium payment. Normally an insurance premium is paid Annually. A premium paid annually is an advance payment of insurance for 12 months. At the time we pay the premium, the actual expense does not occur, rather it occurs as and when the month for which insurance is paid completes. It is difficult to implement this concept by entries in the manual journal book and keeping track of the full payment done as well reductions done every month as monthly expense. With the help of Financial system and the availability of the automation concepts there are setups with which we can implement these business processes for different type of payments and reduce the effort of recording these reductions every month. In any organization, this concept is common and can be observed and put into actions in tiny things like buying office supplies to bigger things like paying the rent for organization building.