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Crypto Insurance : Do Regular Insurance Companies Provide Protection vs. Crypto Losses?

Author: Jasmine Galbassi

Category: Finance & Crypto

Posted On: December 21, 2022

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Many crypto asset owners wonder if insurers offer protection for losses incurred after volatile market trends brought down the price values of digital coins. Actually, insurance companies, especially in the US, are hesitant to offer insurance coverages to crypto industry players. The aversion to doing so stems not only from the volatile nature of the business, but also because of the catastrophic hacking incidents that resulted in multi-million dollar cryptocurrency losses.

The reason behind the hesitancy is largely due to the nature and intrinsic traits of the crypto industry itself: (1) lack of industry policies and procedures, (2) defective internal controls, (3) flawed security standards and (4) lack of government regulatory support.

Finding Willing Insurers in the Residual Market

Insurers in the residual market might be willing to provide financial protection to owners of crypto assets. That is if the financial losses incurred were caused by data breaches, resulting in theft perpetuated by way of unauthorized transactions. However, crypto asset owners should expect higher insurance premium rates; probably several times more than those imposed by regular insurance companies.

What Exactly is the Residual Market of the Insurance Industry?

Reference to the so-called residual market of the insurance industry pertains to the group of special insurance companies that the state government designates as “last resort insurers.” They are known to provide insurance coverage to high risk individuals, which include submitting an SR-22 certification.

SR-22 is a certificate that the provider must file on behalf of a high risk individual; to attest the existence of an insurance policy that meets the minimum coverage required by the state.

An example are the high risk drivers who have had their license suspended for repeatedly committing driving infractions and serious offenses such as Driving Under the Influence (DUI) or Driving Without Insurance (DWI).

Generally, SR-22 insurers participating in the residual market are allowed by insurance regulators to collect higher rates of premium as a business concession. That way, they have greater chances of realizing profit from providing general and liability coverage to high risk drivers who go back on the road.

Due to the heightened risks to which SR-22 insurers are exposed, seeking for the cheapest sr22 insurance quotes requires extensive research and thorough comparison of price quotations given by residual market insurers. In all probability, the same approach applies to providers of cryptocurrency insurance. This is mainly because regular insurance companies are not inclined to offer financial protection for crypto asset losses.

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Inflation : How American Consumers Manage to Weather Its Impact

Author: Jasmine Galbassi

Category: Uncategorized

Posted On: October 11, 2022

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Markets and economic trends have been reacting negatively to the Consumer Price Index (CPI) since prices of commodities are still higher than RGW projections. Even if the feds reported that the inflation rate has gone down from 8.5% to 8.3%, the rate by which prices hiked is still way above the 8.1% projected. That is why as far as CPI is concerned, the prices of commodities are still uncomfortably high.

What Exactly is the Consumer Price Index?

Let us first understand the concept of the Consumer Price Index so we can understand why the market and other financial elements react to it. CPI data is a theoretical measure of the average changes in the prices of a basketful of ordinary goods and services purchased by consumers in the urban market.

The CPI serves as a reference value in determining if the prices of ordinary goods and services are getting high. There is inflation if the actual prices of goods continue to raise the CPI over time and without let up. While this is a problem that the Federal Reserve has been trying to resolve, recent developments resulted in a turnaround as the inflation rate is now exhibiting a downward trend.

Factors that Helped Stop the Continuing Rise of Inflation

Now it’s fortunate that even before the pandemic and the price inflation, many middle-income families have been making conscious efforts to manage their finances well.

The Reformed Consumers

Financial experts believe that it’s now common for folks to use the free tools and guides offered by the fintech website Personal Capital. Doing so kept many households in the safe side while receiving economic relief from the pro-people government led by Pres. Biden. Generally, the public has been practicing wise spending, always looking for discounts, loyalty rewards and cash-back offers rather than indulging in splurging by way of credit purchases.

The Tech-Savvy Consumer Investor

There are also the more adventurous and tech-savvy adult consumers, who looked for financial apps they deem as the best alternative to manage their finances like alternatives to simplify apps. One such example is The Money Patrol, an app that not only provides tools for helping users track and manage finances so they can set aside money for emergency funds. The financial app also gives users tools that they could use if they want to dabble into micro-investing as a way to increase their savings.

The Biden Administration’s Sweeping Inflation Reduction Act

Congress through the relentless efforts of Democratic lawmakers passed the Inflation Reduction Act, which Pres. Biden signed and enacted it in August 2022. The bill, which was all-encompassing, included provisions that made sure health and medical care costs will not be affected by inflation. Starting in 2026, the government will maintain the right to negotiate the lowest prices possible for drugs and other medications that have already been on the market for at least nine years. This implies that pharmaceutical companies and healthcare providers will be barred from raising the prices of medicine.

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SEO for Fintechs Must Stay Up to Date with Google’s Search Engine Tweaks

Author: Jasmine Galbassi

Category: Finance & Crypto

Posted On: August 14, 2022

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Fintech companies strive to come up with technology that can simplify the way financial matters are managed by a specific target consumer. Technology here may be in the form of software, a smartphone app or both, if the target audience are institutions providing financial services to customers. Yet you must know by now that you need to have your website SEO improved to increase your chances of connecting to the people who will benefit from the application you developed.

Even if the platform hosting your website already applies SEO techniques, bear in mind that you also need to align your SEO strategies with the behavior of your target consumers. You can’t find success if your website does not carry content that Google’s AI will recognize as the most relevant source of information.

As an example, the integration of cryptocurrency mobile applications is an approach merchants use when offering crypto money as payment option. When such companies need a fintech company that can provide them with the mobile app, your website’s content should be aligned with Google’s latest tweaks in its algorithm.

Understanding Google’s Periodic Search Engine Algorithm Tweaks

Google is known to continuously make improvements with the way its AI ranks and indexes websites. It’s Google’s way of preparing for the millions of organic searches launched via Chrome platform. However, certain developments, including emerging lifestyle changes in different generations, may provide Google with bases in tweaking the algorithms of its search engine.

Although the basic elements of SEO remain the same, it’s always necessary for fintechs to keep abreast with the way Google categorizes and ranks websites. Google wants to make sure that only reliable and appropriate sources of information for their respective niche will appear as top results.

Understanding SEO by Understanding Google”s Evaluation Methods

Google makes no secret with the way it analyzes websites especially for search page ranking results, as this tech giant updates its Quality Raters’ Guidelines. Here, fintechs fall under the Your Money or Your Life (YMYL) industry category.

YMYL includes websites that offer content pertaining to well-being in terms of health, financial or legal conditions. Google considers this category highly important for consumers who conduct searches about such industries. That being the case, Google raises the bar when it comes to ranking YMYL websites for quality standards. Apparently, Google wants to make sure it will not link searchers to websites that furnish inaccurate, misleading or harmful information.

So if you’re a fintech looking to improve your sales by increasing your visibility to your target consumers, make certain your SEO attributes are aligned with the latest updates Google incorporated in its search engine algorithm. Remember, the most important standard for quality in order to rank high in Google’s search engine page results is the trustworthiness and verifiability of your content as 100% accurate.

Now if you need to find a Phoenix SEO company that also has the knowledge and ability to increase the visibility of your website to financial institutions near you can likewise help you increase the local organic searches coming your way.

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Choosing the Right Cryptocurrency Exchange Company to Keep the Crypto Ecommerce Alive

Author: Jasmine Galbassi

Category: Finance & Crypto

Posted On: July 19, 2022

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After Bitcoin prices dropped below $20K last week, buying activities started picking up, which is the usual investing trend for commodities with volatile prices. The increased demand caused the price of Bitcoin (BTC) to rally, which today (July 19) closed at $23,466. This implies that those who were able to buy it at $19K can sell it tomorrow, and roughly gain around $4K. However cryptocurrency experts are saying that the rally in the price of BTCs does not mean that the crypto crisis is over, because there is still a chance that the price of BTCs could still hit rock bottom. Cryptocurrency owners should pray that no major cryptocurrency exchange company falls and be forced into liquidation.

As it is, Bitcoin has already lost 70% of the value created by the 2021 cryptocurrency trading and exchanges. During the year, the demand was so high, BTC prices peaked at an epic all-time high of $68,000 in November. Although it’s still a long way for BTC prices to go back to the prices reached in 2021, many who knew how to play their BTCs right made a killing by taking advantage of the spikes in prices when the demand became high. Not a few bought their BTCs when the digital coins were selling only between $3K and $4k in early 2019.

The Volatility of Cryptocurrency Ecommerce

If you’re looking to get into the cryptocurrency business, be wary that this is also the time when there are unscrupulous elements that will take advantage of the current rise and fall of the value of digital money, particularly bitcoin. Bear in mind that cryptocurrency uses a digital monetary system that exists outside of banks and other traditional financial institutions.

Transactions are between peers but kept confidential through the process of encryption. The purchase and storage of virtual money involve cryptocurrency exchange companies. However, as the sell-off at low prices continues, the BTC could become oversold to make recovery even more difficult to achieve, for a cryptocurrency company.

What to Look for in a Cryptocurrency Exchange and Storage Company?

Certain factors, such as financial backing of investors, fees collected, continuing availability of payment processing and transferring methods and high level security including updates, are good indicators of a good exchange site.

One thing that makes a cryptocurrency exchange platform present a feel of a traditional financial approach is when the crypto company has insurance coverage with the Federal Deposit Insurance Corporation (FDIC) on the digital money held on behalf of account holders. This gives a kind of assurance against potential loss in case of security breaches.

An excellent feature of an ecommerce cryptocurrency exchange site is an advanced trading and brokerage platform that professional traders can use when contemplating on selling their digital money. Brainvire ecommerce development recommends crypto exchange websites that provide trading accounts with a broad selection of payment methods.

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Significance of Receiving a Notice for IRS Code 846

Author: Jasmine Galbassi

Category: Finance

Posted On: May 6, 2022

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Within 24 hours after filing an e-return, or 4 weeks after filing a paper return by mail, filers can use the Where’s My Refund? to check the status of a refund. The tool tracks the progress of any claim for refund in three stages: IRS Received the Return, IRS Approved the Refund and finally, the IRS Sent the Refund. As confirmation of a refund , a taxpayer receives a personalized notice referring to the information under IRS code 846 on the 2021 tax return transcript.

https://youtu.be/DRwiPkFSZsU

The notice will provide the approved refund amount and the actual date the refund was deposited in a taxpayer’s bank account.

According to the IRS, the tax agency ordinarily issues up to 9 out of 10 approved refunds in less than 21 days. However, the number of claims for refunds for the tax year 2021 is extraordinary.

An estimated 40 million people availed of unemployment benefits in 2020 net of withholding taxes. Congress waived the 2020 unemployment benefit taxes in March 2021, which as a result, entitled more than 60% of taxpayers to receive tax refunds.

Currently, the IRS is still dealing with millions of backlogs in processing paper returns with claims for tax refunds. Nevertheless, any taxpayer who receives a Code 846 notice will be more than happy to know that the long wait is finally over.

Providing Accurate and Complete Bank Information for Refund Direct Deposit

While 8 out of every 10 taxpayers with claims for refunds opted to have the funds deposited in their bank account, it’s important to make sure all bank information indicated is accurate and complete.

First off, make certain that the receiving bank is a United States Bank or an affiliated financial institution of a US bank.

The bank account must be registered in the name of the taxpayer; or in the names of the couple who filed a joint tax return and joint claim for refund.

Double-check the account number and bank routing number typed in as bank information. Although the bank routing number and deposit account number are also indicated at the bottom of checks, one can always contact the bank’s customer service to confirm said numbers.

Take note that the number appearing at the bottom of the ATM or prepaid debit card is the bank card number and not the bank account number.

Also, have awareness that a bank account can receive up to three refund deposits only in every tax year. In the event that a taxpayer has more than 3 approved tax refunds, the IRS will send notice that the rest of the IRS code 846 items will be sent in the form of a check refund.

Readers who may still have unanswered questions about Irs code 846 on transcript 2021 (Explained) – Afribankonline provides a comprehensive article about this particular IRS topic.

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Crypto CFDs are Trending, But Are They the Right Investment Options for Newbies?

Author: Jasmine Galbassi

Category: cryptocurrency, Finance & Crypto

Posted On: April 20, 2021

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The prices of bitcoin (BTC) in recent days are on a downward trend, as the $63K + price recorded last April 16, 2021 has dropped to $55K + as of April 20. Actually, this is the kind of price trend that has been keeping the financial derivative markets bustling for several months now. CFDs or Contracts for Difference (CFDs) trading platforms for one have been alive with crypto CFD trading, since the younger generation of investors consider it as a more affordable and less risky type of investing in cryptocurrencies.

Although only a few countries allow CFD trading as a legit financial activity, those that do so like the UK, Germany, Italy, Cyprus and Spain, impose regulatory laws and policies on CFD trading platforms and brokers. Still, even non-citizens of these countries participate since CFD trading takes place online. While the reason why there has been growing interest in CFD trading is because many are taking gains. However, many newbies have been floundering, while others have found little success.

What Makes CFD Trading Look Promising to Young Investors?

CFD brokers provide customers with a social trading platform. That way, newbies and those who find it difficult to grasp the meaning of terminologies commonly used in CFD trading, can engage by just copying the trading positions of peers and expert traders.

Now here’s the thing, while the blockchain technology supporting cryptocurrencies is already complex and hard to understand for many, participating in CFDs for bitcoins can be twice as difficult. Contracts for Difference mainly involve price speculations, and is a cheaper form of investment because one does not need to buy the asset covered by the contract. All that a CFD trader has to do is to buy a contract supporting one’s price prediction of whether the price will go up or down.

What Newbie CFD Traders Need to Understand about CFD Trading?

According to Yahoo finance, crypto trading platforms report that recent buying activities are coming mostly from retail investors, consuming the BTCs being unloaded by institutional investors. Now why is the price of BTCs going down? It denotes that there’s a large supply of BTCs in the market but only a few are buying. Since buyers are mostly retail investors, the demand is not as great. The related price forecast therefore is that BTC prices will continue to go down if the market behavior does not change.

CFD brokers offer trading positions, of whether the price of an asset like bitcoin will go up or down, when paired with the value of another asset, usually the US dollar. If a CFD trader bought a contract that matches the outcome after the lapse of a specific period, the trader gets to collect a certain percentage of the price difference between the BTC and the USD. If otherwise, the trader pays rather than gain from the price difference.

However, this is only part of what a newbie trader needs to understand about Crypto-CFD trading, as certain factors depend on what the CFD broker stipulates as terms of each CFD contract. That is one of the reasons why some CFD traders make comparisons among CFD brokers when engaging in this type of investment trading.

In most cases, they checkout reviews of analysts on CFD brokers in order to find out not only about offers and requirements but also about the integrity of the broker. AskTraders’ analysts for one published a comprehensive review of CFD broker Tradeo, which revealed that this broker is licensed by the government of Cyprus but it does not hold a licence issued by UK’s FCA.

Although Tradeo’s Cyprus license provides protection of up to $20K to customers in case of broker default, the lack of FCA license will not entitle Tradeo’s UK customers to the same protection mandated under the UK laws. Moreover, the AskTraders review took note that posted by customers at Trustpilot and Forex Peace Army, mentioned issues pertaining to the broker’s inadequate customer service, hidden account charges and pushy sales people.

Such information are likewise critical to one’s CFD trading experience, which newbie CFD traders must consider before making hefty financial decisions in relation to CFD trading.

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