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Wednesday 9 December 2020
Beating the big boys – how VoIP helps SME’s compete
Reading Time:4mins
If you have worked in a large corporation then you’ll know that one of the benefits is a fully functioning phone system with useful features like internal directories, receptionists and call forwarding.
But when you start your own business all that is unaffordable and yet you still need to give your customers the confidence that they are working with a professional business.
Voice over Internet Protocol (VoIP) is one of the ways that a small company can look just like a big company and is something that every small business owner that needs to stay in touch should look at.
What is VoIP?
Put simply VoIP is voice calls over the internet.
Essentially it is a phone call using software together with a router or mobile data rather than sending your words down a copper cable from a desk phone.
VoIP can be implemented in several ways;
Using an ordinary phone – this is where anAnalogue Terminal Adapter or ATA is used to make an ordinary analogue phone compatible with internet calls.
Voip to Voip – some VoIP specific devices can connect directly to others without the need for software or other interconnections.
VoIP through an exchange – large systems may have a VoIP mini exchange called a PBX that allows the handset to connect using the protocol.
App-based VoIP – the user installs an app to their mobile handset or computer. The best known would probably be Skype.
Whatever method is used to connect to the system the principle is the same; voice calls are carried across the internet rather than down a directly connected hardware phone line.
Lost calls mean lost business
We live in an ‘always on’ society and consumers expect to be able to get what they need when they need it.
This is never more true when we are thinking about communications.
Customers that can’t speak to the person they need will often simply move on to the next company until they find one that is responsive and for the SME that meanslost business.
Although it seems that business is only ever done on the web, advocates argue that voice calls tend to convert better, especially when you are delivering a complex service or working B2B.
For businesses that have people out in the field phone costs can often be one of their biggest expenses and so being able to speak to colleagues easily and for free is a definite winner.
It makes sense then that smaller enterprises look towards ensuring that someone is always available but that the system they choose is reliable and of course cost-effective.
The benefits of VoIP
With a traditional PBX, services often came at a hefty price.
Back in the day adding on more functionality would often mean more hardware, installation and programming which naturally added to the cost.
With VoIP, features are essentially simple software additions that are often included anyway and so most VoIP solutions are fully configured straight out of the box.
Probably the biggest benefit for a small business is the price.
Setting up a fully-featured system is simple and start-up costs are usually very small indeed.
With VoIP, the user is generally paying for access to the system rather than a ‘per minute’ charge. Depending upon the provider, calls can often be free. This is in contrast with traditional landline services where the caller pays per minute. The exception here is with calls to customers mobiles that are often charged old-style.
If you have several employees all connecting through your business system then calls between them will also usually be free whether they are long-distance or to the next room.
For the customer, the biggest benefit is that they can get you wherever you are. They simply call your number and your phone rings wherever you are in the world.
Businesses can choose to have a non-location specific number meaning that they can always look like a local business whether you are based in Saskatchewan or Sydney!
This is wheresmall business VOIPreally comes into its own, providing instant connectivity for your customer when they are only ever calling one number.
For the business, virtual phone numbers mean that calls are routed directly to the correct person rather than being transferred.
Simple conference calling is another feature that has come to the fore recently and a good VoIP system will include this feature straight off the bat.
Being able to conference people into what was a one-to-one call is very useful and shows the customer that they are dealing with a business that knows what it is doing.
The ability to add on services that aren’t available with standard phone systems makes a VoIP solution a very flexible option for smaller businesses.
With the latest VoIP systems it is a simple matter to switch between voice and video calls, conference people in, send files, share screens and even accept or send faxes!
Using VoIP as part of a Unified Communication System
The flexibility that VoIP provides gives businesses the option of using it as the foundation of a unified communication system (UCS). The VoIP acts as a central hub that other services like emails, calling and personal greetings hang off.
A good software-based VoIP system should also integrate easily with your CRM meaning that other services can be accessed.
Integrated calendars, call logging, file sharing and team collaboration all sit in the basket of a UCS and VoIP acts as the enabler for all of these.The power of having all of these features at their command and yet at a low price means that the smaller business is able to compete easily with global corporations that may have invested millions of dollars into a bespoke solution.
VoIP makes sense for smaller companies.
VoIP systems are one of the best ways that a small company can look like a bigger business.
They allow customers to find you easily through a single number and give the business access to advanced features like conferencing and video calls.
Best of all they are probably the cheapest way to speak to your customers.
With all these benefits in mind, you can see why SMEs are loving VoIP for their communications.
Can you drive? Here are three ways you can earn a flexible income
Reading Time:4mins
Cars are really the symbol of freedom, but the freedom of mobility is just the beginning of the story. Today, a good car can also help you achieve financial independence, and do so on your own terms.
Thanks to the smartphone revolution and the multitude of apps being developed for literally every aspect of life, it’s never been easier to earn some quick cash in your free time. If you have a phone and a driver’s licence, you can start working almost as soon as you make up your mind to start driving for a living – you don’t even need to have a car, but more on that later.
Splend’s team was kind enough to delineate some of the most popular on-demand gigs you can do with just a driver’s licence:
1. Ridesharing
The humble old taxi cab may soon be a thing of the past – ridesharing offers the same service, in most cases at a higher standard, and it’s so much easier for the passenger to catch a ride. You probably have at least one rideshare app on your phone, but have you ever thought about taking the driver’s seat?
Uber is the widest-known brand in ridesharing but Bolt, Free Now, Ola, and ViaVan are all competing for a slice of the cake and with many others are still joining the party as ridesharing continues to disrupt personal transport.
They all have their perks and their drawbacks, but what they tend to have in common is that they all offer a flexible, reliable source of income as long as you have a clean driving record and the right car. Splend has compared London’s most popular rideshare apps so it’s no use going into too much detail about each platform. Find the one that’s the best fit for you until you get the hang of it, but it’s best to sign up and use several simultaneously.
2. Courier and parcel deliveries
The social nature of ridesharing is a blessing and a curse. If you’re an outgoing person, you’ll enjoy meeting tons of people and time will fly on the job, but if small talk is not your thing, you might enjoy something with more you-time, such as deliveries. Not to mention that it’s also safer and less stressful to do during the pandemic, and it might be more profitable while people are trying to avoid social contact.
The smart technology that gave rise to ridesharing has also revolutionised the courier and parcel delivery industry. Except you can juggle even more apps: Uber Work Hub, Amazon Flex, CitySprint, Hermes, Yodel, Stuart, Gophr or Street Stream, just to name a few. The same goes as with ridesharing: you just need a smartphone, a driver’s licence, and some time to kill.
Courier and parcel deliveries are a great way to diversify your work: you can simply drive the same car that you use for ridesharing, and switch between the activities as you see fit.
3. Food deliveries and shopping
Since we mentioned the pandemic, it’s worth adding that it hasn’t been all fun and games in hospitality either. However, the unprecedented situation has forced the industry to adapt, and now more restaurants offer takeaway menus and food delivery services than ever before. Again, mobile apps have saved the day, giving powerful online platforms to restaurants that hadn’t even had a website before, let alone a delivery fleet.
The same thing happened to grocery chains and other retail units, further diversifying the variety of on-demand work opportunities. As a result of this overnight change in two industries at the same time, the demand for delivery drivers has skyrocketed. Since all these jobs are completely flexible, you can do them full time or just pick up a package on your way to your car, do an extra round of shopping when you’re out for groceries, etc.
Splend advises to have Uber Eats, Shift, Deliveroo, and Beelivery installed on your phone and check in regularly in between rideshare and parcel delivery gigs to see if there’s a quick job in your area. An occasional peek at TaskRabbit or Airtasker is also worth it, because you might often find jobs that only require a car.
To this article’s initial point, the biggest appeal of having a car is the freedom and flexibility it brings into your life. But all that freedom goes down the drain the moment you lock yourself into a four-year car finance deal. So how can you enjoy a car without such a compromise?
Splend Australia was founded in Sydney in 2015 inspired by this exact paradoxical situation on-demand drivers were facing, and shortly afterwards Splend UK also opened its doors in London. Their PCO car rental plan offers flexible access to cars that meet all the rideshare industry standards, as well as the peace of mind that you can hand back the keys at no extra cost after a short minimum rental period. They don’t just give you the keys and leave you to it either: your rental agreement includes dedicated support to help you get started with rideshare driving and maximise your income, as well as all the essentials so you can focus on the road instead of the paperwork and car admin.
They also have a Rent to buy plan where you can work towards owning your car, as well as a referral program with generous cash bonuses to supplement your income.
How Does Team Building Affect Teamwork and the Interaction of the IT Team?
Reading Time:3mins
Being a team-player is a valued individual characteristic sought by many different companies across many different industries. In the IT industry, many employers look for this characteristic in prospective hires. Many companies even give employees some time off for team building just to develop this one trait among teams specifically. But why is teamwork important? And why is it important to build collaboration within an IT team?
Why does an IT team need to build teamwork?
Anyone serious about software development and software testing knows just how difficult it could be to work alone. The level of difficulty even scales with the scope of the project. Bigger projects require more developers that could commit more man-hours. Bigger projects could also benefit from more testers and their meticulous testing practices.
But how do all these relate to teamwork and interaction in the IT team?
It all boils down to the software development lifecycle (SDLC).
What happens in software development?
See, there are many different types of SDLC models, but most of them share the same phases: planning, requirement analysis, design, development, testing, documentation, and evaluation. And as you’re already probably aware, different people would usually work on all these different phases!
This means that the person who analyzed the requirements for the program to be developed may not be the same person who would go on to design and develop the actual program. Those who worked on the requirements may be able to work on documentation. Those who made the test requirements may not be the same people to perform them.
Best practice also dictates that the person who developed the program isn’t the person who would do most of the testing and evaluation. This is also one of the main reasons why many of the bigger corporations choose to work with third-party providers that offersoftware testingservices.
Some of the phases in some SDLC models even happen simultaneously – prototypes and tests may be designed at the same time. Deployment prep can start as soon as the developers start various tasks too.
How does team building help an IT team?
In IT teams, communication is key and teamwork is more than just a trait you put on a résumé. Both of these are something that all members of the team should know how to do almost naturally, as a single task or action can bring about immense changes that could affect the whole team. And, like many other teams, IT teams could benefit from team building activities for a lot of reasons.
It encourages communication
Team building activities encourage team members to work with each other with communication at the root of success. These activities can also help team members familiarize themselves with how other people in the team communicate, as not everybody communicates in the same way. Many IT teams prefer straightforward communication though, leaving nothing to imagination and interpretation.
It promotes accountability
Individual accountability matters to IT teams, especially for those working with sensitive data. Every team member must learn their responsibilities, and each must be aware of what others expect from them. While the success of a product is a collective effort, teams must always be able to trace where mistakes were made. By promoting accountability, each person in the group becomes reliable and responsible.
It develops collaboration
An IT team needs to be collaborative and interactive. Team members should know who to turn to for questions and guidance. At the same time, they need to know how to talk to that person when the need for interaction arises. By building a relationship with the people in your team, you can communicate your needs better. You can communicate openly with people in the team so you can align your goals and timelines.
It increases productivity
With every benefit that team building offers to IT teams, an increase in productivity comes right after. Like a well-oiled machine, an IT team that practices good communication, accountability, and collaboration, is an IT team that experiences productivity boosts multiple times a day. By working towards a common, communicated goal, there are fewer duplicated and unnecessary tasks done. There’s less resistance within and from the team, so individuals can get more relevant work done.
Bitcoin and other cryptocurrencies have become popular again. Bitcoin acts rather like gold for investors in that, when things are volatile and uncertain in the world generally, people rush to safe havens. Gold (and to some extent, silver) has been one of those safe havens for centuries. Now Bitcoin has started to be seen in the same way.
At the end of November 2020, the price of Bitcoin nearly reached the heights it achieved in the glory days of 2017. On 30th November one Bitcoin was worth $19,850.11 (or £14,880) according to CoinDesk, a Bitcoin price index. It gradually slipped down after that and could drop significantly again (in fact it probably will) but the fact that it got as high as it did brought it back into the media once again.
So what’s all the fuss about? What is Bitcoin and what about other cryptocurrencies like Ethereum, Bitcoin Cash and XRP? What is this cryptocurrency thing? Read on to find out!
Bitcoin is a cryptocurrency – in fact the original cryptocurrency – which works in an opposite way to how normal or ‘fiat’ currencies work.
With pounds sterling, for example, we have a central authority – the Bank of England – that produces and ratifies all the notes and coins we use. That goes for pounds sterling in digital form too.
With bitcoin, though, there is no central authority that says how much a bitcoin is or where the bitcoins are in the world. It is all done via millions of computers around the world – decentralising the whole process. Every bitcoin transaction is recorded on every computer taking part in the project and it means that no one can rub out or reverse a transaction as it would have to be done on millions of computers around the world at the same time.
In fact, bitcoin are nothing that you can hold in your hand, or even see on screen really. They’re just numbers. You keep them in a virtual ‘wallet’ on your computer or on a USB device, and you can buy and sell things with them online.
Bitcoin and other cryptocurrencies have ‘crypto’ in the name because of the complicated cryptography that keeps all the transactions safe from prying eyes and stealing fingers. Instead of a central bank or government creating the ‘money’, cryptocurrencies are developed as code by groups of IT people who build in ways that the money can be produced. With bitcoin, for example, people around the world can ‘mine’ for them (online). This is done by using your computer – or several computers – to unlock the cryptography to enable transactions to happen.
it runs on the ‘blockchain’
Blockchain is the decentralised technology on which cryptocurrencies like bitcoin run, but it is also the platform for all sorts of transactions. Blockchain can be used in various areas of life such as voting, art ownership, health, education, property transactions and much more.
The blockchain is a decentralised online ledger, storing information across millions of personal computers across the world, recording transactions in real-time. With the blockchain you can’t rub out or reverse any transactions, you can only add new ones. So if you want to reverse a transaction you have to do it again but in reverse. It’s all totally transparent (which is what makes it so good for voting systems, for example). Everyone can see what is being done so it’s impossible to commit fraud on it (at least that’s the theory).
What other cryptocurrencies are there?
Currently there are well over 2,000 cryptocurrencies (!). As you can imagine, most of them are tiny and very obscure. Some are actively fraudulent and just created by people wanting to steal from the unsuspecting so be very careful before you buy into any of the smaller cryptocurrencies. Best to stick with the most popular ones and only buy them through a reputable cryptocurrency exchange.
The currencies modelled after bitcoin are collectively called altcoins and have often tried to present themselves as modified or improved versions of bitcoin. While some of these currencies are easier to mine than bitcoin, none are currently as valuable as bitcoin and most have their detractors as well as their supporters.
Here’s a list of the most popular ones at the moment:
ethereum
Ethereum is the next biggest cryptocurrency platform after Bitcoin. The coin that works on this platform is known as Ether. Although Ether is the second biggest decentralised currency it’s a long way behind Bitcoin at roughly one tenth of the value. However it is used a lot within the ‘alt-coin’ sphere so it’s useful to have some of these to hand.
ripple (xrp)
Ripple is often poo-pooed by crypto enthusiasts. They say it’s not a proper cryptocurrency as it isn’t fully decentralised. However, it is popular and has real-world application, primarily because it acts like SWIFT, helping money to be transferred across the world.
litecoin
Litecoin is the one that is closest to Bitcoin in the way it works and is often known as ‘silver’ to Bitcoin’s ‘gold’.
tether
Tether is known as a ‘stable coin’ in that it has ‘tethered’ itself to the dollar. The reason for doing this is to make it less volatile than the other cryptocurrencies and therefore make it more attractive to possible investors and users.
Bitcoin cash
Bitcoin Cash is the product of what is called a ‘hard fork’ in development circles. Essentially a group of developers didn’t like the direction of Bitcoin and came up with a different plan for it. That meant they sort of broke away from the other developers and created something a little different from the original.
libra
Set up by Facebook, Libra hasn’t actually even launched yet but it has been talked about so much it seems as if it has already been around for years!
monero
Monero is a secure, private and untraceable currency that is being produced by a community of developers. It is donation-based and doesn’t seem to have a particularly commercial bias at the moment.
Cryptocurrency exchanges
You can buy and sell cryptocurrencies through specialist exchanges. Like cryptocurrency itself, the exchanges have had a checkered history already. Some have folded without warning, taking people’s money with them.
However there are some that have survived and improved their security levels.
The most well-known one is Coinbase. It isn’t the cheapest one. Their fees are around x. However, it is pretty secure and has been around long enough to trust it.
Once you have got your head around bitcoin – and some of the other cryptocurrencies – and have invested in a few of them, you could consider becoming a bitcoin ‘miner’ and making money by ‘digging up’ bitcoin.
However, it’s not an easy thing to do in this country as it takes a lot of computing power to mine for bitcoin and our energy prices are higher than those in many other parts of the world. Also, as the price of bitcoin is very volatile, the value of the ‘coins’ you manage to get could sometimes be worth a lot less than it cost you to mine them.
Yes you can. In fact, just over a year after bitcoin first started, an IT guy named Laszlo Hanyecz bought two pizzas with bitcoin. He bought them for10,000 bitcoin, which, right now equates to about $190,000. Seriously expensive pizzas!
And that is part of the problem with using bitcoin as currency right now. A lot of people – myself included – don’t want to use the bitcoin (or parts of bitcoin) that they own because their value could go up over the next few years. Why waste appreciating assets on everyday purchases?
However, there are various companies across the world that accept bitcoin. Places like Starbucks and WholeFoods will take them, for example. I have also come across a florist in South Africa and a number of art dealers who take them.
On the whole, ether is only used to buy other alt-coins and services in the cryptocurrency sphere but a growing number of online retailers are now taking them.
Should I invest in Bitcoin or other cryptocurrencies?
You could do. I have!
However, i wouldn’t do put any money in until you have some decent investments in more secure products like pensions, and stock market funds. Cryptocurrencies are very new and very volatile. One day they’re up and the next day they’re down, so you must make sure you have solid investments elsewhere to fall back on.
If you would like to invest in them I suggest you put only a very small percentage of your spare cash there. Make sure it’s money you’re prepared to lose…because there’s a decent possibility that you will lose it!
Jasmine Birtles owns a small amount of Bitcoin, Litecoin, XRP and Ethereum.
This year’s been a tough one – but you can still make money before it finishes! With most Santa’s Grottos closed this year, you can snap up the opportunity to make money as a virtual Santa, instead. Here’s how to earn cash in the next few weeks!
Virtual Santa does the same job as an in-real-life one – except on Zoom! Lots of families will miss out on visiting Santa’s Grotto experiences this year, but still want to entertain their children. That’s where Virtual Santa comes in.
You’ll host a unique video call with the family to talk to their children and give them a special message from Santa. You can choose how long you want each call to be, and set your rate accordingly. Some Virtual Santas have set up entire grottos in their homes, garages, or office spaces to really add to the experience, too!
What You Need to Be a Virtual Santa
This is a no-experience-necessary type of job. However, if you have any experience as an actor, or previously as an in-person Santa, that could really help!
You need to:
Be confident talking to strangers
Have a great knack for communicating with young children
Be able to stay in character for the whole video call
As for the equipment you need, it’s very simple! The basics you need to become a virtual Santa include:
A Santa suit!
Reliable internet connection
Decorations for your background
A high-quality webcam and microphone
Access to reliable video call software like Zoom
A diary like Calendly so people can book their call slot.
If you want to go all out, consider roping in a friend to play the part of Santa’s Elf, too!
When you’re taking bookings, it’s a good idea to ask the children’s names on the booking form. This way, you can greet your customers by name as soon as the call starts – which is a great way to play into the “Santa knows everything” ploy!
Finally, if you want to look professional and encourage more sign-ups, consider creating a website using a service such as Wix or WordPress.
Tax and Being Santa
Even Santa pays his taxes! If you’ve not earned anything else through self-employment this year, you may not need to register with HMRC as self-employed. Why? Well, this is a side earner – it’s unlikely to net you over the personal allowance of £1,000 a year that can be made before you must declare it.
However, if you make more than £1,000 – or you have other self-employed activities in this tax year (either completed or coming up before April), you must register as self-employed with HMRC. You might be doing your virtual Santa gig while on furlough or working reduced hours with your day job – you’ll definitely need to let HMRC know about your second income if this is the case. It could impact your tax code.
How to Market Your Virtual Santa Service
The great thing about being a virtual Santa is that you don’t need a fancy website to get started. It does help, though, to have a social media profile or two to get started with your marketing.
There are lots of ways you can tell people about your Santa Service, including:
Post on local Facebook groups
Use the NextDoor app to tell local people about your service
Tell your friends and family
Contact local charities and groups – if you offer some free sessions in return, they will help promote you!
Get in touch with local nurseries and primary schools
You could even find your local parish newsletter for an advert!
It’s also worth getting in touch with colleagues, posting on other social media such as Twitter, and you could even make a TikTok video!
Getting Paid as Santa
The most important thing is to make sure you’re paid for your service. With something like a Virtual Santa job, the amount you’re charging is relatively small. For a ten-minute call, most people would be willing to pay around £5-£10 depending on what you’re offering in the call. If, for example, you and your Elf will sing a Christmas song to entertain your young customers, you could charge at the upper end of this range.
As it’s not a lot of money in each transaction, get payment up front before the call. Once someone is booked into your calendar, send them a Paypal link or your payment details. Make sure you keep a spreadsheet of your bookings, payments, and amount earned. You’ll need this information to report to HMRC for tax purposes!
Getting payment in advance helps guarantee commitment from your customers. They’re more likely to actually turn up to the call if they’ve already handed money over! However, as you know you’re dealing with families with young children, do understand if your customer doesn’t join the call when they’re supposed to. If they apologise with a legitimate reason – including toddler tantrums causing delays! – try to reschedule if you can. Those who simply don’t turn up… well, that’s their loss!
More Ways to Earn Money This Christmas
There are plenty of ways you can earn money from home this Christmas, from passive income streams to tutoring online. Try these articles for inspiration:
Back in 2017 it was ‘the thing’ to be buying and selling Bitcoin and other cryptocurrencies like Ethereum, Litecoin and XRP (Ripple).
It was also ‘the thing’ to get into Bitcoin mining to make Bitcoin (or other cryptocurrencies) for yourself.
However, in 2018, the bottom dropped out of the cryptocurrency market for quite a few months and it all went a bit quiet.
It didn’t go away, though, and, in my opinion, cryptocurrencies are the future. I don’t know how far in the future but I do feel they’re the future.
Bitcoin mining is still going on, even though the rewards go up and down. At its height, a single Bitcoin was equivalent to around $20,000, then it went down to more like $4,000 but now it’s back up to $19,000. Any moment now it could plunge back down again, so don’t think of this as a steady earner!
To understand what Bitcoin mining means, you first have to know what Bitcoin is and how it works. So, here goes!…
what is bitcoin?
Now before you freak-out at the very idea of Bitcoin, or cryptocurrencies generally, take a breath for a moment and remind yourself that you’re already quite used to digital money at least.
You might have some cash in your wallet right now but you probably have credit and debit cards too. In fact, it’s highly likely that you now use your cards more than your cash. if you’re under 45 or a townie you’re likely to have no cash at all in your wallet and you can’t even remember the last time you went to an ATM!
So, having embraced digital money, it’s not too much of a step to go to cryptocurrency. And that is what Bitcoin is: it’s a cryptocurrency – the original one in fact – and it has given birth to hundreds and hundreds of other cryptocurrencies (known generally as alt-coins) that most people have never heard of (and, in most cases, probably never will).
The next most popular cryptocurrency is Ethereum, followed by a few other favourites such as LItecoin, Zcash, Dash, Ripple, Monero, Bitcoin Cash and NEO.
In fact, when we talk about Bitcoin mining, we really mean mining for a few different currencies. If you get into this activity you could find yourself mining mostly Ethereum or Litecoin perhaps, rather than actual Bitcoin.
its not actually a coin
You’ve probably worked this out already, but cryptocurrencies aren’t an actual ‘thing’.
You can’t see or feel them like you can with folding money or credit cards.
They’re barely blips on a screen.
They’re pretty much just numbers but they are numbers that can buy you things. Some companies – particularly internet companies – will give you goods and services in exchange for cryptocurrency payments (mainly Bitcoin or Ethereum), but what’s more likely is that you will exchange these ‘coins’ for FIAT currency (i.e. pounds, dollars, euros etc).
it’s decentralised
So the first thing you need to know about Bitcoin is that it is decentralised.
This means that, unlike all other normal currencies (or FIAT currencies), there’s no central organisation, like a bank or government, producing the currency and telling everyone what it’s worth.
Also, there’s no one organisation overseeing its payments and transactions. Those are all done on a network of computers around the world – in other words, the transactions are all distributed across this network of computers. So if you send Bitcoin to a company or person it isn’t processed by a single organisation like Visa or Worldpay, it’s all processed across a large, distributed network of computers.
That distributed network really is placed across the world and it’s stored on individual personal computers. That means that if you become a Bitcoin miner you will actually become a bit of the Bitcoin ‘bank’.
so what is bitcoin mining?
It sounds like you dig these funny Bitcoins out of the ground, like gold or zinc or diamonds.
But actually, the ‘mining’ element means using powerful computers to unlock very, very complicated cryptographic puzzles which protect the transactions.
The way the Bitcoin network has been set up means that there are only 21 million Bitcoin in existence. Many of those have not seen the light of day yet. What ‘miners’ do is to bring them into general use a few at a time.
They get to do this by sorting out the complicated puzzles that make transactions secure. Each time they sort out one of these puzzles – and therefore ratify transactions – they get ‘rewarded’ with a bit of Bitcoin.
So a Bitcoin miner is someone who can earn Bitcoin by running one or more powerful computers to unlock those clever puzzles, 24/7.
Check out this video to find out more about what a Bitcoin miner does
it helps to know about Blockchain
Bitcoin runs on technology called ‘Blockchain’.
Some people confuse Bitcoin and blockchain but they are quite different entities.
Blockchain is the decentralised technology on which cryptocurrencies like Bitcoin run, but it is also the platform for all sorts of transactions, not just cryptocurrency. In fact blockchain could revolutionise the way we live our lives. It can be used in all sorts of areas of life such as voting, medicine, education, property transactions and much more.
The blockchain stores information across millions of personal computers across the world, recording transactions in real-time. With the blockchain you can’t rub out any transactions, you can only add. So if you want to reverse a transaction you have to do it again in reverse. No one can go in and change a transaction. Everyone can see what is being done so it’s impossible to commit fraud on it (at least that’s the theory).
There’s a nice two-minute explanation of what blockchain is here, if you’d like to know more:
and it helps to know about ‘nodes’
…a bit anyway.
Nodes are essentially hardware that store the blockchain. So your computer – should you choose to be a miner – is a node. It’s supposed to store the entire blockchain (and that’s a lot of GB by the way) and it has to verify the blocks of information as they are added.
It’s all very energy-hungry so be warned!
Is it worth getting into Bitcoin mining now?
Actually it could be, depending on how cheaply you can get your electricity and hardware.
I often quote the multi-billionaire investor Warren Buffett who famously said of investors that you should be “Fearful when others are greedy and greedy when others are fearful.”. In other words, be contrarian, be different. Go against the crowd. That’s usually the best way to make money.
Right now, cryptocurrencies – and Bitcoin in particular – are still looked askance by traditional investors (though less so than they used to be). You don’t hear people talking about them all the time in cities like you used to. In 2017 although they have become of interest again in the least few months. So it means that things have calmed down a bit; prices for equipment are not quite so crazy and many of the con-artists who had slid into this sector have either got bored and picked on another industry or have been found out and closed down.
So, although the rewards are up and down (currently up but they could go down again at any moment), they are still not bad and, in my opinion, are likely to increase over the next few years.
If you’re genuinely interested in this idea and have the space to house the equipment, now is as good a time as any to get into Bitcoin mining.
How do you set yourself up as a Bitcoin miner?
get a stack of computing power
For normal people like you and I, the best thing to do is to get a machine from Coinmine.com which is a ‘plug and play’ product for mining at home. It looks a bit like an Xbox and they say it takes just five minutes to set up.
It’s a nifty product that you can put anywhere – they say their customers stick it in the garage, in their bedroom, in the living room or in their mum’s basement. Wherever there is wifi – and an electricity source – it will work.
You can mine Bitcoin and alt-coins Etherium, Monero, Zcash and Grin with it. If you want to, you can cpnvert alt-coins into Bitcoin as you go.
If you want to set up your ‘node’ in a really serious way you need a load of computing power because you’re going to have to store the blockchain and act on it to unlock the transactions so you will need
CPUs (Central Processing Units – the brains of the computer where most calculations take place)
GPUs (Graphics Processing Unit – a single-chip processor that performs mathematically-intensive tasks, which otherwise, would put quite a strain on the CPU)
It’s so tough to mine cryptocurrencies now (i.e. it takes such a lot of power to do it) that you need a machine called an ASIC to help you.
A Bitcoin ASIC is a specialised Bitcoin mining computer, or “bitcoin generator”. All serious Bitcoin mining is performed on dedicated Bitcoin mining hardware ASICs, usually in specially-cooled data-centres with low-cost electricity.
Quite a few companies do ASICs. Some recommended ones are:
You will also need some other bits of equipment if you’re serious about it:
A power supply. Bitcoin machines need special power supplies that funnel the power into them efficiently,
Cooling fans – this is really important to keep the machines working and keep you safe!
Back-up generators – this is a nice-to-have and you could wait until you are clearer about how much power you are actually using before you shell-out for one of these.
The above is what serious miners have and they tend to store it all in a large shed or commercial space somewhere.
For you and me, the Coinmine solution is probably best.
Or you could just set it up on a cryptocurrency exchange like Luo.com, as that makes it easier to transfer the Bitcoin into Sterling, dollars or euros.
get the right software
You will need software on your computer that will do the mining for you. Once you hook everything up it will work out for you which cryptocurrencies are best to mine in your space, then it will get on with it.
Once you have set up the machines to work on the transactions you can pretty much let them get on with it.
It’s important to make sure they are kept cool. There could be a fire hazard if they overheat and, of course, the machines themselves will go down if they get too hot.
Otherwise, though, you can leave them to do their work.
How much does it cost to be a Bitcoin miner?
The main costs to you are
The price of the hardware – basic cost
The hourly cost of the electricity used to run them 24/7 – basic cost
Not surprisingly, Bitcoin mining is particularly popular in countries where electricity is cheap and also, ideally, where the weather is cold so that the machines can be kept cool.
Rather hilariously, a year or so ago in Iran quite a few locals set up Bitcoin-mining operations in their mosques because they get their electricity for free. Clever eh?
How much can you make through Bitcoin mining?
You get paid in Bitcoin itself, so as far as Sterling or US dollars are concerned, the actual amount you make will depend on the current value of Bitcoin, which changes every day.
However, if we talk in Bitcoin only, in the UK, where electricity is relatively expensive, right now it’s not going to be a massive earner for you. However, once you’ve set up the machines and have it running, it’s not like it’s going to be much work for you either.
The profit you make will depend on the current value of Bitcoin (or the other cryptocurrencies you are mining) minus the cost of the machines you’ve bought and the hourly electricity cost. And it’s that electricity cost (particularly in the UK) that can be a real downer when it comes to your earning power.
This guy says he makes $35 a day (about £1,000 a month) just through mining for cryptocurrencies, but then he’s managed to keep his costs right down.
He has also worked out that it takes about 2-3 months to pay off the cost of his machinery just by Bitcoin mining.
future values
The big question – and the one most miners rely on – is what will be the value of Bitcoin and other major cryptocurrencies in the future.
It’s possible that the currencies you ‘mine’ right now could shoot up in value over the next few years. You don’t know that – no one does – and it’s quite a gamble. However, if you are managing to at least cover your costs now – and even make a bit of a profit – it could be really worth your while keeping hold of the currencies as a potential future investment.
I repeat: it’s quite a gamble. No one knows what will happen to cryptocurrencies in the future. But as far as I’m concerned, it IS the future. We are just at the foetal stages of this very interesting financial development, like being at the beginning of credit cards.
Matched betting is getting increasingly popular. It’s a great way to win money at online bookmakers, as you are effectively covering all the outcomes of an event. This method is totally legal and can be done at licensed gambling sites.
New players are able to take advantage of a lot of offers straight away. But many people soon begin to wonder: how possible is matched betting long term? Can you make money continually or is it just a quick injection of cash? In this article, we’re going to explain its longevity.
Matched Betting After Sign Up Offers
If you’ve not created an account or signed up to a bookmaker before then match betting is likely to be fully available. There are loads of online bookmakers that you can join, with our beginner’s guide to Matched Betting explaining how it all works.
As online gambling continues to grow, so does the number of sportsbook sites. You can keep joining new bookies to collect their sign up offers when they appear. However, there isn’t an endless number of sites.
So, to continue placing match bets after all the available sign up offers have been used, you need to get promotions for existing players – or reloads as they are often called. These may be:
You can either choose to find these reload deals yourself or use services that track them.
Can I still be doing it in a few years?
By following this process, it is possible to continue matched betting in the long term. However, it can get more difficult the longer you go on. For example, you need to have a constant stream of reloads to use. If they start to dry up then this will make match betting much more difficult to maintain.
Another significant hurdle is a problem called ‘gubbing’. Gubbing occurs when a bookmaker starts to restrict your account by limiting the type or size of bets that you can make. For instance, you may be prevented from placing bets higher than £5, you may be excluded from using reloads, or your account may be shut down altogether.
Gubbing can happen for a variety of reasons, but one of the most common is when a player only uses promotions to place bets. You can try to avoid this by making your bets more natural, but this can be time-consuming and difficult to keep track of if you’ve got several accounts open.
Alternatives to Matched Betting
Away from match betting, there are very few gambling promotions that give you a good chance of winning. For example, online casino promotions generally do not pay out in real money. Instead, they often pay out in bonus money which has terms and conditions like wagering requirements that are generally difficult to overcome. Players often end up losing all the bonus money before the wagering is complete.
However, some online casinos offer bonuses with no wagering requirements. This means whatever you win is paid out in real money straight away – and the process is pretty straightforward. You need to choose a no wagering casino and activate the bonus (this step may require a deposit). Whatever you win from this bonus will be paid to your cash balance. You can withdraw any winnings straight away if your cash balance is higher than the minimum withdrawal amount.
Therefore, a casino bonus with no wagering is one of the better alternatives to match betting. However, just remember that they both work in a completely different way! For instance, a casino bonus can only be used on casino games which are games of chance. This means you are not guaranteed to win. Make sure to carefully check the terms and conditions of each offer before using them and gamble responsibly.
Building yourself an ecommerce website the easy way
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Building an online store or ecommerce business is becoming a very popular way to create an income. More and more people are looking to either carve out their own way to make money or are expanding a land based business by creating an online presence.
It could be that you are setting up a small business selling your own branded white label products and need an online store. Alternatively you may be selling your own products at local shops and markets and wish to create an online presence so you can sell directly to a wider audience.
Ecommerce has allowed people to set themselves up in business when before it would have been out of their reach. You can use this plus other readily available tools and software to make your business with little investment and little technical knowledge.
What is ecommerce?
Ecommerce is a way for individuals or businesses to sell products and services electronically over the internet. That means from business to consumer, consumer to business, consumer to consumer and business to business. There are online sites such as Amazon and eBay who help facilitate this and of course private websites owned by sellers.
Why would you want an ecommerce business?
There are many reasons to open up an online business. The most common reasons would include:
Complimenting an existing shop
It could be you already have a land based shop and would like to start selling online also. This could be to increase sales by shipping further afield or to sell items with reductions. It may just be to raise brand awareness. It could even be that you are planning on closing the brick and mortar shop and operating solely online to save overheads.
To start up a new business
You may have had a business idea for a while and decided the best course of action was to launch online.
To be your own boss
Starting an online business gives you the chance to rid yourself of bureaucracy and do things your own way.
To work from home
your personal circumstances may dictate that full time working elsewhere is problematic. Working from home could suit a variety of lifestyles such as carers, single parents and people with disabilities. Due to the range of options available you could be selling services such as proofreading or graphic design and be able to work completely remotely.
To sell your own goods
Perhaps you have a skill or talent in creating crafts or jewellery. Possibly you have a great idea but cannot find anyone interested so you decided to push ahead and make your own business.
What are the options for building one?
Whatever you are selling and for whatever reason you want to work online one thing is common to all people. You will need a website. Whether this involves a shop or not will depend on your own requirements but for this example it will be assumed that you want to build an ecommerce site with a storefront. You have a few options on creating your site.
Coding
This avenue is only open to people who have the time and coding skills to be able to complete it. If you have great coding skills then you are free to build your own store but for most people this will not be an option.
Professional web agencies
This is a great way to get a customised website built with great functionality and with SEO. The downside is it will cost a lot of money. If your budget allows then you can go down this route.
Content management systems
A CMS or content management system is a piece of software that allows you to build your own website by creating content, modifying it and managing it. There are many options online for this type of web creation. Wix and WordPress are two very popular choices. They each have their strengths and weaknesses but one thing they have in common is that you can use them to create a website without any coding knowledge.
Page builders
These are widgets or plugins that work alongside WordPress and Wix to aid in the building of your website. They let you drag and drop content to build up a site visually much quicker than normal. They have disadvantages in that they can create slow loading websites and you may need to pay a monthly or yearly subscription fee.
Building your online store
By playing with WordPress you can get used to the tools available and how the software works. Once you have drawn out your website by hand it is time to start putting the store together. Please note planning the website before creating it is vital. This is an area many beginners tend to ignore and it is much harder to correct things later on.
One of the least expensive ways to build an ecommerce site quickly and easily would be to go to wordrpress.org and download the WP software for free. Then use this in conjunction with WooCommerce. It is possible to use these tools without paying any fees although there are many widgets you may like to add on to help with SEO and emails. SEO is important for Google rankings and business growth. Be sure to check them out for hidden costs and include them in your monthly budget.
You can use free or paid themes to help you get started and there are many tutorials and resources online to help with questions you might have.
Domain name and hosting
Once you have started creating your design then you will also need a good domain name and hosting.
Choose a memorable domain name that is relevant to your business and not too long. Hosting is also important and visiting FortuneLords can give you excellent advice on where to host in the UK. You should look for good bandwidth, storage, security with SSL certificates and be able to upgrade. If your business takes off you want the ability to be able to upgrade your hosting without having to migrate.
Summary
One of the easiest ways to build an ecommerce site is to use a CMS with ready made ecommerce software like WooCommerce. If you can avoid page builders and unnecessary widgets then you can reduce your costs. By using independent web hosts you have more control over your hosting plans.
