Having the right financial documents handy for the proper length of time can save you a lot of headaches and help you to be fiscally responsible. We cover what you need to preserve and for how long below. 

Five Financial Documents You’ll Want to Keep

Generally, you’ll find that keeping track of five types of financial documents makes sense. These include property documents, tax documents, investment records, pay stubs, and loan documents. If you can save all of these, you’ll find that investing, paying off debt, doing your taxes, and other tasks become much simpler. 

1. Property documents will include anything having to do with property you own or lease. If you’re a homeowner, that might be the deed to the property, which proves your ownership. If you rent, it could be a rental agreement with a building manager or company. 
2. Tax documents will often include a printed copy of your tax return. You might do your tax return yourself if it’s not very complex, or you could pay a company like H & R Block to do it for you. Either way, keep a copy of your return.
3. You’ll only need to keep investment records if you have investments, such as a mutual fund, stocks, or bonds. At a minimum, you should get quarterly statements from your brokerage about how your investments are doing. 
4. Having your pay stubs handy can be useful when it’s time to do your taxes. You might receive a pay stub every week, every couple of weeks, or every month. 
5. Finally, you’ll want to keep any loan documents if you have any outstanding loans. Until you fully pay off that loan, keep any paper correspondence related to it. 

How Long Should You Retain Those Records?

Not everyone always agrees on how long you should retain your financial records, but there are some general guidelines you can follow. For instance, the rule of thumb with tax returns is to keep them for seven years because if the IRS ever audits you, they might go as far back as six years trying to find financial irregularities. 

To be as safe as possible, you can keep any of the other financial records we mentioned for seven years as well. You might also hold onto them for longer than that if you know they still apply to your everyday life. For instance, if you’ve lived in the same house and owned it for longer than seven years, you’ll still need to retain the deed for as long as you remain there. 

Where Should You Keep Financial Documents?

The best place to keep financial documents is in a fireproof safe. That purchase can be a little costly, but it’s well worth it, especially if there’s ever a fire or some other unforeseen disaster. 

You might also consider renting a safety deposit box at a nearby bank. 

Even though many documents exist digitally these days, retaining original financial records always makes sense. Try to keep them in the same location so that you never misplace any of them.  

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If you want to invest wisely, hiring the best financial advisor in melbourne will give you the best advice on how and where you should put your money. You see, investing isn’t as easy as you think. Some risks come with it.

Professional advisors have years of experience and specific education to help you build and protect your investments. Here are a few reasons why you should hire a financial advisor.

• To help you plan, save, and spend. 

Are your financial goals short-term or long-term? Setting financial goals takes you one step ahead of becoming financially secure. But if you are not certain or are not working on something specific, you will likely spend more than you should and end up with hardly anything for the important things to spend on.

The best financial advisor in melbourne will help you plan and set goals and recommend what investments suit you well. Expert financial advisors will screen you well to find out what kind of investor you are and the best plans for you. They will never recommend anything that you cannot handle.

• To stay on track.

If you are a new investor, hiring an expert in the field will help you stay on track with your goals. Part of a financial advisor’s job is to meticulously track your progress, your losses- yes, you read that right, understand your wants and needs, and properly secure your future.

Financial advisors constantly check on your progress and how long it will take for you to reap the fruits of your investment. For example, if your goal is to purchase a house five years from now, your financial advisor will help you plan on your micro-goals for a down payment or build a good credit score that you might need by the time you apply for a loan. Financial advisors also ensure that your goals are achieved at a realistic timeline. They may also suggest new ideas for your financial goals to safeguard your money.

• To help you balance assets. 

Asset allocation is important, and there is no right formula for each individual. However, financial professionals all agree that every investor must know and understand asset allocation. This means you, the investor, should know which basket you’re going to place your eggs in. Be it bonds, stocks, cash equivalents, etc.

Another aspect of investing is security selection. You should know the difference between asset allocation and security selection. Different methodologies are used for each category, and your financial advisor can help you with that. Knowing your selection of securities along with asset allocations will help you determine your investment results.

Understanding how your money can grow can be tricky and may take up so much of your time. Of course, you can manage your portfolio and do your research. However, hiring a professional can save you lots of time, money, and headaches that come along with investing.

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Student debt is no joke, with the average bachelor’s degree holder possessing nearly $30,000 in debt along with their diploma. Add your existing recurring bills into the mix, and that’s a large financial burden to take on all at once. 

If you’re worried about your wallet now that the cap and gown are gone, you’ve come to the right place. The following five financial tips will help you work your way toward financial independence as a college graduate.

1. Build Up Your Credit

Not many kids are learning this in school, but your credit score is significant. Your credit score is a simple number that exemplifies how good you are with money. The higher the score you have, the more likely you are to qualify for low lending rates and loans. Creditors and banks will see you as a trustworthy individual who shows low risk. 

You build up credit by making payments toward anything that gets reported to the major credit bureaus. While some bills qualify for this, more often you’ll see your credit score fluctuate based on credit card use and loan payments. Make payments on time, your score will go up; miss payments, your score will go down and you’ll incur a penalty.

As a recent graduate, you might not have any credit history at all. This can be easily fixed by applying for a credit builder card. These basic credit cards have lower entry requirements and will help get your credit history started on the right path. 

2. Get a Grip on Debt

The most notorious aspect of college is the crippling debt that many often face upon graduation. Don’t let the big numbers weigh you down, or you’ll find it even harder to progress financially. Instead, create a plan to help you get a grip on debt, making it more manageable for the years to come. 

There are a few student loan forgiveness plans but don’t bank on a bailout getting you out of debt. Instead, make a payment plan that will help you get rid of existing debt as quickly as possible. Include student loan payments in your monthly budget.

You can also try to tighten certain aspects of your budget to make larger payments on your debt. Both tips will help cut down on the amount of interest you end up paying in the long run. 

Of course, as you go about your journey to become debt-free, do your best to avoid taking on any additional debt. Credit card debt and payday loans are dangerous and will set you back even further. Some types of debt are worth incurring, though, such as a mortgage on a home. It’s likely that you can do just fine with that type of secured debt.

3. Start Thinking About Retirement

You’re young and still trying to find your place in the world, but it’s never too early to start thinking about retirement. You don’t have to pick a senior living center or start taking golf lessons just yet. What you should do is begin making investments for your retirement, which will compound over the next decades. 

Look at opening a simple 401(k) or another retirement account as soon as possible. Finding a job that will help you contribute to a retirement account is even better. With every paycheck, add in some funds that can accumulate over the years. The earlier you start, the more time your money can collect interest and grow.

This Business Insider example illustrates the importance of planning for retirement early. Starting your retirement fund at 25 compared to 35 can double the amount of money you save by the time you retire!

4. Get a Side Gig

If you’re lucky, you’ll snag a job in your field of study shortly after graduating college. Unfortunately, not everyone has such a seamless transition from college to the professional world. Sometimes you have to take an unpaid internship or pursue a master’s degree to get where you want to go. Other times you have to take a low-paying job to get the experience needed for your ideal position.

When you’re stuck in this situation, it will be helpful to get a side gig to help you out. A side gig doesn’t have to take up too much time. It can also provide the supplemental income to survive an unpaid internship or pay off the additional professional courses. 

A side gig can be anything from delivering UberEats to doing lawn care on the weekends. In a best-case scenario, your side gig can be something you love, like teaching music. It could also be something relevant to your career goals, which will give you even more experience. 

5. Keep a Healthy Savings Balance

It might feel overwhelming to save money when you have to pay off debt, stay on top of bills, and invest. While difficult at first, keeping a healthy savings balance can save your skin if a disaster ever strikes.

Let’s say your car stops running or you find yourself in between jobs. How are you going to get by until you come up with a solution? With a savings account, you can stay afloat without taking on debt or missing payments while you work things out. Without the money you’ve put into savings, a bad situation can easily become worse.

So how much money should you put into savings? It will depend on whom you ask, but a general guideline is to keep a minimum of three months’ salary in an emergency fund. This will provide a sufficient cushion to soften a financial blow should you ever experience one. 

As a recent college graduate, the world is your oyster. Make sure you are equipped to tackle every opportunity by staying on top of your finances. You’ll have one less thing to worry about as you pursue your wildest dreams.

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Grand City Properties S.A. recently announced its share buy-back program for 2021, which comes right after the successful completion of the previous cash tender that the company set in motion in January. As of the expiration of the tender offer, a total of 3,370,708 shares were validly tendered into and not withdrawn from the tender offer. The new program will commenced in second quarter of 2021 and finalize the moment that the 10 million shares buy-back limit is reached. GCP intends to repurchase shares for a maximum aggregate amount of €200 million in conformity with the market regulations via the Xetra trading system of the Frankfurt Stock Exchange.

The share buy-back program has been authorized by the Annual Meeting of the company that took place on June 24, 2020. Grand City Properties has been granted the right to buy back up to 20 percent of the aggregate nominal amount of its issued share capital. Some of the objectives of the authorization include equity compensation of company employees and the use of shares to pay for acquisitions. By conducting a share buy-back, the real estate conglomerate is completing an accretive acquisition that is favorable for the company’s market price. Motivations for repurchases include operational and financial performance, not to mention increasing EPRA NTA per share.

The share buy-back program is a strong indicator of the board’s confidence in the company’s future and long-term strategy. Not only will it benefit Grand City Properties but also the shareholders. Unlike other organizations, GCP takes buy-back timing more seriously. The company and affiliated purchasers may collaborate with one broker on any single day.  Grand City Properties has a long history of returning value to its shareholders, delivering a significant amount through dividends and share repurchases

Grand City Properties is a residential real estate company located in Luxembourg, which its activity was founded by Yakir Gabay back in 2004. Interestingly enough, it manages 64,000 apartments in Germany and the United Kingdom. The company’s stock was first listed on the Frankfurt Stock Exchange almost a decade ago  at a price per share of €2.7 and market cap of €150 million. At present, almost half of the share ownership is held by Aroundtown S.A., a publicly listed real estate company that invests in commercial, as well as residential locations around Europe. It was also developed by Yakir Gabay.

GCP’s market value is €4 billion and 55% of the outstanding shares are available to the public for trade. The real estate conglomerate keeps a close eye on the market so as to enhance its financial profile, resorting to various sources of capital including straight bonds, debt financing, and perpetual notes, and, finally yet importantly, equity capital. Rafael Zamir is the chief executive officer. Current Board Director members include Christian G Windfuhr (chairman), Daniel Malkin, and Simone Runge-Brandner. The aim of the company is to hold the majority of acquired properties in its own portfolio for the long term.

Getting back on topic, Grand City Properties seeks to create long-term shareholder value by means of the continued buy-back of its shares at discount. The vast majority of companies engage in the repurchasing of shares that they have issued and returning more capital to shareholders. It’s believed that stock repurchase programs spent have reached an all-time high. Companies that undertake such an activity generally have a surplus cash position that exceeds the overall debt maturities. This is the case of GCP, which performed exceptionally well in 2020.

Grand City Properties tends to enjoy popularity among investors, which can be explained by the fact that the dividend stocks provide a considerable source of income. The company is doing well from a financial standpoint, meaning that it is in good financial health. It’s good to see that GCP is paying a percentage of its earnings and cash flow. Owing to the acquisition of multiple properties and the management team’s ability to overcome unexpected challenges, the company has become a top performer, experiencing slower, more mature growth.

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Features of Demat account:

1. Conveniently accessible: Demat accounts are really easy to access. All one needs is a working internet connection and transaction password to get through with the transaction. It also helps in keeping track of all the other trade’s amount. As any trade made just goes into the record. These details can be accessed anywhere.
2. Dematerialization of stocks: Shares can easily be converted to physical form if the existing ones are in electronic form. Or just the exact opposite is also possible that is the conversion of physical financial securities into electronic form. The consumer just needs to ask the chosen depository participant to do that.
3. Dividend on stocks: Demat accounts have replaced the old and highly inefficient methods with the new ones to receive all the money directly into the linked bank account. This includes dividends, interests, refunds, etc. All of this is instantly credited. Any further problems faced can be flagged instantly and resolved.
4. Transfer of securities: Before the advent of Demat accounts transferring stocks was no joke. It involved a humongous amount of paperwork. Not to forget the moving of all of those heavy amounts of papers which actually were stocks. But now with the Demat account, in-play stocks can be transferred just by the touch of some fingers. 
5. Cashing on stocks: With a Demat account in use, the process of liquefying stocks has become simpler than ever. Unlike the traditional method of liquidating stocks before, the Demat account allows its users to bid the present stocks in its hold on their price in the market. This way customers can sell off their shares pretty fast and encash them.
6. Potential collateral: Shares stored in electronic form in a Demat account hold up against the bank acting as collateral. A loan can be obtained pretty fast without signing any collateral deal. The value of the stocks present in the Demat account is the real nectar that the banks as honeybees want to extract. So they offer a deal without any collateral.
7. Developing country: Demat accounts provide special facility to the foreigners those are especially interested in investing money in Indian stock market. With its clean interface and exemplary support services, it has proved its mettle in the field of share trading. Streamlining such an amount of money from foreign countries can help the economy of our country to grow.

Conclusion:

With so many features and advantages listing the features and what not it is quite difficult to choose a tasting platform. One prominent name among these services is 5paisa. It is one of the best in the market.

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If you and your family have been struggling financially, either due to the unprecedented effects of 2020 or events that occurred before, and are facing an impossible situation, a Chapter 7 bankruptcy may be the right choice for you. 

What is Chapter 7 Bankruptcy?

Filing a Chapter 7 bankruptcy allows you to eliminate a large amount of your unsecured debt (e.g. credit card and medical bills) in a relatively short amount of time, pending the approval of a bankruptcy judge. A Chapter 7 bankruptcy does not require you to submit a repayment plan—in fact, it does not require you to repay your creditors at all. (This type of bankruptcy is also known as liquidation, whereas a Chapter 13 filing is known as reorganization, as it requires you to create a repayment plan that allows you to repay your creditors as well as stay on top of your current bills.) 

What Would Filing For A Chapter 7 Mean For You? 

First and foremost, filing for this type of bankruptcy means the elimination of a large amount of your debt. This means that you and your family can rest easy knowing that your wages will not be garnished to appease your debtors, and you will have a relatively clean slate. 

Filing for a Chapter 7 bankruptcy will affect your credit reports, as will any type of bankruptcy and most alternatives. However, once you have filed, it can take only a few years to repair your financial standing and credit score if you work at maintaining your finances and avoid falling back into debt. Filing can also mean peace of mind knowing that you and your family are free from the debt that is burdening your lives, and that is much more important in the long run. 

There are of course some alternatives to filing for bankruptcy, such as consumer proposals, but they carry with them certain stipulations that a Chapter 7 filing does not; mainly that you will still need to pay back a certain amount of money to your debtors. This may not be an option for you if you are already drowning in debt and collection calls. Consumer proposals are also a result of mediation with those who are harassing you and your family, something that can be difficult to achieve. If you need immediate help within a few months and do not wish to deal directly with creditors, filing for a Chapter 7 bankruptcy is your best bet at eliminating debt and ensuring that creditors do not come knocking at your door. 

What Is The First Step?

So you have decided to file for a Chapter 7 bankruptcy, now what? First, you will need to meet with an experienced bankruptcy attorney to determine whether or not you qualify for Chapter 7 bankruptcy. Research your attorney options and look for one that offers a reasonable payment plan. This ensures that, after filing, you aren’t immediately jumping back into debt in order to afford your attorney’s legal fees. 

Once you have found an attorney who can help you assess your financial situation, it is time to start the process of filing a Chapter 7 bankruptcy. If you have chosen your attorney wisely, this process should happen quickly, getting you that much closer to eliminating your crushing debt once and for all and getting back to a more stable financial footing. 

Is It Worth It?

Bankruptcy was designed to help those who find themselves in impossible situations, and there is no shame in utilizing it when you find yourself beneath mountains of debt. That is why it is there, so, why not use it? 

While bankruptcy and its implications may seem like a last resort due to its negative reputation, it can actually be the lifesaver at the end of your financial rope. If done correctly, filing for a Chapter 7 bankruptcy can help you and your family get your debt back under control and have you on your way to financial stability, and, in the end, that makes it all worth it. 

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So, being a responsible contractor you have to ensure that you and your employees along with your construction and construction tools have been given ensured with proper project specific construction insurance by your company. Having insurance helps in protecting against the losses and damages that might occur. It will be helpful in situations where you face a major accident or any dire consequences due to your construction.

BENEFITS OF HAVING INSURANCE

There are different jobs like workers, carpentry, plumbing, electrician, painting, landscaping for a construction. All these jobs have different types and amounts of risk associated with them and accidents do occur despite having safety measures. So, depending on the project, it is mandatory for a company to provide project specific construction insurance to everyone associated with that construction. Here are few benefits that can be got.

SAFETY AGAINST INJURY

The main important reason to have a project specific construction insurance is to have security against injuries or accidents that might occur. As construction work involves many dangerous risks associated with working with heavy equipment, electrical wire, or scaffolding, there is no guaranty for safety. So, it is a good way to have insurance by your side for safety reasons.

PROPERTY DAMAGE PROTECTION

There are many possibilities for your construction to get damaged. This can be due to natural disasters or workers’ negligence. There might be flooding due to pipe leaks, your installed tools or equipment may be faulty, or there may be other problems. So, in order to overcome all this, having a project specific construction insurance can be needful.

ASSEST AND SAFETY FOR EMPLOYEES

In order for your construction work to go smoothly without any problems, there is a need for reassurance. Having an assurance that your workers and the tools or equipment they utilize have a project specific construction insurance can be a relief.

INSURING LEGAL FEES

There many accidents, which will be taken to court for having a case trial. During such a crisis, having a project specific construction insurance can be helpful in providing legal fees to the affected. As court cases take a lot of time, you will get some help if you have insurance as it will include coverage for your employees, leased or rented tools, witness fees, lawyer fees, and other expenses of the court.

INSURING COSTS AND DAMAGES

During the worst cases, you can be found responsible for the accidents in court judgments. During that time you can use this project specific construction insurance as a way to pay the demanded amount for the loss and damage caused.

CONCLUSION

As construction works are risky and unpredictable, it is better on your part to have a project specific construction insurance from your company to ensure the safety of yourself as well your workers.

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So, where’s the benefit in this? This is done only when you can find a mortgage that offers better terms and an opportunity to save more money. 

It is like exchanging one debt for another. You can even trade your credit card debt for getting certain loans that include home equity loans. Or you can transfer your car loan to a new lender in order to get a better rate of interest.

The major objective of refinancing any debt is to save money over its tenure and to get hold of better terms & conditions. That includes lower interest rates, more time to pay it off, etc. 

If you are confused about how to make it possible, then don’t worry because we have got you covered. In today’s blog, you will know about the different ways in which you can refinance any financial debt and its benefits.

Benefits of Refinancing Your Debt

Before we check out the ways in which you can refinance your debts, here are some quick benefits that you can enjoy by doing so –

 Better Mortgage Rates

One of the most common reasons for refinancing debt is to get better mortgage rates. Lower mortgage rates help you to save a lot of money over time.

Reduced Monthly Payments 

With a lower interest rate, you will have to pay lesser monthly payments. As you can reduce your monthly payments, you can use this money elsewhere.

Reduce Your Term 

Refinancing your debt can reduce the term you have to pay your money to the lender. Reduced repayment term is often the best way to improve credit score.

Better Cash Flow 

All of the above points contribute to better cash flow. This will help you use this money in different aspects of your life.

Different Ways To Refinance Your Debt

For those who are refinancing their debts for the first time, it can be a bit tricky. But you should not worry as there are different ways in which you can do so without much hassle.

Straight Refinancing 

Straight refinance is a kind of loan that can be used to refinance an already existing loan if there is no extra cash. These refinance loans are usually for 15-year or 30-year loans and come with fixed or adjustable rates of interest depending on the lender.

The overall process is really simple and quicker than other methods. It allows a person to get a lower mortgage interest rate or maybe a shorter repayment term.

But keeping the existing balance as it was. Straight refinancing also has some other extra benefits as well.

First & foremost, it helps in debt consolidation. Using the principal money from the refinance, you can pay off the high-interest debt and save thousands of pounds every year.

It also helps you to enjoy a better credit score. When you pay the mortgage straight up, it improves your credit score since it reduces the credit ratio. 

This will be beneficial when you are getting certain loans that ask for a higher credit score. Individuals can enjoy tax deductions from straight-up refinancing methods.

Credit Card Refinancing 

One of the common ways to refinance is with the help of your credit card. The best way to do it is by balance transfer.

You can transfer the balance of one credit card to a different credit card that has lower interest rates and terms. You can opt for a zero-interest credit card for convenience. 

It should be noted that some credit cards with balance transfer facilities come with transaction fees. This is true even if the card is a zero-interest credit card. To avoid this fee, you can find out if any bank is willing to offer you a no-fee balance transfer credit card.

If you have a great offer on a credit card that comes with lower interest rates, and also there is enough credit to transfer, then you can opt for it. Pay off the high-interest debt with the help of this low-interest card, and that will surely save you a lot more money. To get the best benefits, you will have to do the maths.

Debt Consolidation 

Debt consolidation comes to play when you fail to make even the small payments on your previous loans. The option allows you to consolidate all the other loans into a single monthly payment.

You will get a big sum to pay off all the other debts. The advantage you get here is that it will help you to lower all the monthly payments. This way, you can even bring down the total interest rate. 

We believe that your home equity is one of the best ways to consolidate your debt. You should look out for any underlying terms that can increase the overall interest, or extend the repayment time by years or charge extra fees that can severely increase the debt load.

Debt consolidation is a lot beneficial if you are consolidating a student loan debt. For instance, if you have taken a major student loan years back, your minimum payments are high. 

And it can be a great pain to pay them out every month of the year. To get some relief, you can effectively consolidate the loans into one single loan from a single lender. On top of that, you can even decrease the monthly pay off and get better repayment plans as well.

The Bottom Line

So, here are the different ways in which you can refinance your debt and secure your finances more smartly. Refinancing is a great way to clear the debt, reduce mortgage rates, increase your savings and be financially smart.

If you want to know more about how you can get loans at lower interest rates first, improve your credit score and learn how to check your full credit report right now. Only after that opt for debt refinancing. So thorough research for your financing options as well.

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Cryptocurrencies are a topic for specialists

This is perhaps the most important reason why people outside the cryptocurrency community feel reluctant and fearful about the topic. The old truth is that people are afraid of what they don’t know. The same anxiety accompanies children who are about to get on a bicycle for the first time. Likewise, people feared the introduction of ordinary coins first, and then electronic payments. Today, making transfers via the Internet and paying with a credit or debit card is common, although a dozen or so years ago it seemed impossible. It is similar with cryptocurrencies. You don’t have to be an IT genius to learn about virtual coins. All you need is interest and practice.

Big organizations are against cryptocurrencies

It is a myth that can be debunked very easily – if cryptocurrencies were not supported, the entire system would have collapsed long ago. It is true, however, that state institutions are afraid of the dissemination of virtual money, because this could threaten the current financial system, and thus, offices would lose their power over money. A distributed network allows the entire community to control cryptocurrencies.

However, over time, this approach also began to change. This can be confirmed by the fact that PayPal has introduced the option to buy, store and sell assets through their system. In the US, you can already pay with virtual money for passport services, and the Central Bank of the Bahamas has created a cryptographic version of the Bahamian dollar.

Cryptocurrencies are completely anonymous

This belief arose from the fact that no personal information is required to perform transactions with cryptocurrencies. While there are coins like Monero, which are called “the most anonymous cryptocurrency”, in fact, transactions involve transferring funds from one public address to another. This means that you can easily check the recipient and sender details as well as transaction details.

Cryptocurrencies are money from the criminal world

This is coupled with the belief that cryptocurrency transactions are anonymous and untraceable. According to research, criminals most often use US dollars in cash. Cryptocurrencies are not common enough to be an easier means of financing than cash or electronic money.

Organizations are responsible for cryptocurrencies

On the contrary. Cryptocurrencies are designed to decentralize the network, which means that the system is controlled and operated by independent entities from around the world. Each user can mine new blocks. No complicated equipment is needed for this. In addition, most cryptocurrencies are created on an open source system – anyone interested can freely research, modify and distribute it.

Bitcoin and blockchain are the same

These terms are usually confused by people who are just starting their adventure with cryptocurrencies. In fact, the blockchain technology has been included in the so-called The whitepaper of the Bitcoin project, however, the technology has spread over time and is being developed by subsequent creators. Currently, most types of cryptocurrencies are based on blockchain. This project is also used in many places not related to virtual money.

These are just some of the most common myths around cryptocurrency. They usually result from ignorance. Unfortunately, they are harmful because they effectively discourage new people from the topic, thus inhibiting its development.

The article was developed in cooperation with the gielda-kryptowaluty.pl portal where you will find all the necessary information for both beginners and more advanced people in the world of cryptocurrencies.

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