Despite The Marketplace Twists,Thorns and Thistles, Here Is How USDT Has Weathered The Storm

USDT has weathered the storm these past two years to soar to the third place on the list of the most capitalised crypto. Here is the journey so far for Tether this year.

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The meteoric rise of USDT in 2020 H1: Everything you need to know

Predictions for what will happen in the cryptocurrency world exist at any given time, and vary wildly depending on who you ask. Long gone are the days when Bitcoin was expected to reach $100,000 “by the end of the year,” although there’s still the odd enthusiast with overtly positive expectations to come up with such claims now and then.

Still, most movements in the crypto market are predicted by at least a few people, and in some cases these crypto gurus, when predicting such market changes, end up causing them in response.

However, 2020 has seen a market change nobody ever thought, among many other things the world has seen this year. Specifically, the rise of the USD Tether (USDT) and stablecoins in general has been higher than even the most optimistic of predictions.

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What’s USDT? Why is it important?

The USD Tether is the name of a specific stablecoin, USDT for short, whose value is pegged to that of the US Dollar. 1 USDT thus equals 1USD at all times. It’s one of many coins with prices pegged to those of fiat currency, and thus it is categorized as a stablecoin – because the price always remains stable.

Is it a bad coin? Why people never thought it could rise?

Stablecoins can be divisive among the community, because they imply the creation and use of blockchain as a means to move fiat instead of independent digital currencies – something some crypto enthusiasts consider against the spirit of cryptocurrencies.

However, stablecoins aren’t considered bad in general. Over the years, many crypto analysts have actually predicted they could become an entry point into cryptocurrencies for many people, and the relative safety of their prices has led several crypto exchanges, Binance chiefly among them, to adopt their own stablecoins and offer instant exchanges into them to crypto holders.

Stablecoins are, thus, quick ways for holders to jump out of the market without necessarily going through the bothersome process of turning their crypto into fiat. Since this process doesn’t involve actually exchanging tokens for fiat, but for other tokens, many of the costs – such as a bank transaction and withdrawal fees – are skipped. It’s the preferred way for holders and traders to take a step away from the market if they plan on returning to trading soon.

But why would USDT grow so suddenly? Why would it get popular? Are new people joining the market?

The reason USDT has risen in the past few months has little to do with newcomers and a lot to do with existing crypto traders, current events, and how those shape the economy.

As had been long predicted, a worldwide recession is underway, and if you believe certain predictions, we’re yet to see the worst of it. The current pandemic, along with the gross mishandling of it by many world governments, is leading the worldwide economy towards a second shutdown within a year, one that’s expected to hit much worse than the first one.

And the thing about the first one is it proved many theories about cryptocurrencies’ place in the economy, well… wrong.

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Wait, what was wrong?

One of the most commonly held beliefs among cryptocurrency enthusiasts was that crypto would rise if markets went down. Some people went as far as to call it the new gold, usually following the (not quite true) belief that gold always goes up when markets go down.

However, March and April 2020 told a much different story: As COVID-19 had markets close and stocks went down across the board… so did cryptocurrencies. Ether hit its year-long low in mid-March, having shed 50% of its value in a span of just two weeks. Bitcoin did likewise in April, hitting a year-low price of just under $5,000/BTC – less than 50% of the high reached back in September, which had the token valued at almost $12,000.

Being the main tokens in the market, they’re often used as a way to see the current trend in crypto prices. Both tokens severely underperformed when the recession first hit, and while both have also recovered since (Bitcoin partly helped by its May 2020 halving,) with a second, worse recession dip in our doors its only understandable people are trying to jump ahead of the market.

Will this rise last?

USDT isn’t much of an investment, being tied to the value of a clearly inflational currency, and therefore there’s little reason to hold it in a world where cryptocurrencies aren’t yet mainstream. But,the green light is in the fact that mnay hold it as a midpoint between investing and selling off their crypto holdings.

USDT is currently serving as a bellwether for crypto traders who fear the current economy might send token prices to the ebb. Once markets recover, however, many of them will jump back – and USDT might return to its regular trade values or yet, grow stronger.

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You Can Improve The Profitability of Your Business With Accurate Records. Here Is How To Do So

You need a steady approach to build a business. Part of the mix will be accurate record keeping. Here is how this pans out.

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How Accurate Business Records Can Improve Your Profitability

Your business may be on the brink of collapse and you don’t even have an idea! In today’s competitive economies, any business that is not improving is surely on a steady decline. To stay afloat, stave off competition, and turn a decent profit, your business needs a strong record-keeping culture.

“If you can’t measure it, you can’t improve it” Peter Drucker.

This quote by successful business mogul, Peter Drucker, should be framed and hung in every business owner’s office as it is a foundational principle. It is critical to keep detailed records of every aspect of your business for the following reasons:

Gauge the effectiveness of your expenditures

There are a thousand and one tools that are being advertised as “driving business growth”. Digital marketing, fancy productivity tools, content development services among others are the in-thing for businesses these days. Most businesses are pushing for a wider audience on social media.

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These things work, however, there’s often a point of diminishing returns where the amount expended becomes way greater than the revenue generated. Without keeping accurate records, this becomes a cash drain for the business, slowly losing money despite the fact that the customer base is being expanded.

Action point: Measure everything! Most digital marketing tools have analytics such as interactions, click conversions, etc. They’re not there by mistake, run the numbers and be sure that every cent spent is justified by commensurate income.

For productivity tools and others, ensure that your staff give feedback on a regular basis, so you can know which subscriptions to pull the plug on as they’re no longer working.

Fraud Prevention

No matter how careful you are in the recruiting process, it’s inevitable that some of your employees or even partners will try to steal from the business.

Fraud is one of the biggest causes of business failure and it stays unnoticeable until things get really bad. It, therefore, becomes very important to keep detailed records and track the flow of cash through the business.

Action point: If you’re finding it difficult to keep financial records because of the size of your business, you may consider finding an external auditor.

Preferably, you should contact certified professionals such as auditors who will go through the existing records and fish out any previous fraud. Going forward, you can employ a chartered accountant to help track the flow of money through your business.

Legal Agreements, Receipts, etc.

Lots of businesses get into trouble and have to close down after losing huge sums in lawsuits. This often occurs due to inability to keep records of contracts and copies of agreements signed with counterparties. How can you ensure you don’t fall a victim to this? Find out in the action point below.

Action point: If you can afford it, employ a lawyer, possibly on a part-time basis. This legal staff will be responsible for keeping records of contract documents and going over contractual terms to ensure that they’re in your favour and you don’t lose out whenever litigation comes up.

Last Words

Not keeping detailed records can be detrimental to your business. However, by following the above action points, you can plug the leaks and build the profit-generating business you have always dreamed of.

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How COVID-19 Has Impacted Global Exports

Global exports have been impacted by the outbreak of COVID-19 around the world. Here are the areas that can be clearly identified.

Global trade has experienced a huge boom over the past century due to advances in transport and information technology. Particularly over the past couple of decades, a country like China has been able to position itself as a global manufacturing hub.

The country has also led the rest of the world in the exports of consumer items, and parts that require assembling elsewhere. The COVID-19 pandemic, originating from China, has caused a lot of disruption that has significantly reduced output or even completely halted production in some areas.

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After months of economic and social inactivity due to the Coronavirus lockdowns, countries were eager to reopen and return to, at least, a semblance of normal, regular life. These reopening steps were not without consequences as a resurgence of the virus spread was experienced.

The Impact Fronts

Some states in the USA had to reenact the lockdowns, while regions in China underwent widespread testing, as well as reintroducing some form of lockdown too. In this post, we explore the impact of the resurgent outbreaks on the global export scene.

The decrease in man-hours: Manufacturing is one of the few industries where the now popular “Working from Home” system is difficult to implement. Manufacturing crews have to be on-site to get the job done, but with people trapped at home due to lockdowns, operators are unable to work, consequently resulting in lower output and exports.

Another way in which these effects play out is in manufacturing companies having    to lay off their workforce due to decreasing revenue. It then becomes a circular           cause and effect cycle of the lockdowns leading to fewer hands on plants, reducing     revenue, and in turn, staff lay-offs.

Scarcity of consumer goods or supply glut: As production levels drop, consumer goods producers like China, the US, and some European countries may not meet the regular demand for export commodities; hence, the potential shortage of those products.

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Conversely, there is also the likelihood of a drop in demand as the rest of the world is equally dealing with some form of lockdown and reduced activities too (this was the case with crude oil where futures were traded at negative prices due to weak demand). Whichever way this plays out, it will ultimately lead to an imbalance in global trade, which is not something we would like to see happen.

Unavailability of Assembly Parts: Manufacturers of more complex technological products like cars or heavy machinery depend on manufacturing hubs like China for parts to be assembled at local plants. A resurgence of COVID-19 cases in manufacturing hubs like this will lower the output of such plants, consequently affecting the global supply chain negatively.

All Hope is not lost

While the outlook may not seem so bright based on the above factors, governments and world leaders are rising to the challenge. There have been a series of capital injections and efforts to stimulate economies to get things running again.

Hopefully, these efforts will help to ramp up production on the supply side (exporting countries) while boosting economic activity on the demand side (importers and consumers) to return some balance to global trade.

COVID-19 Has Altered The Business of Global Conferencing : Here Are The Keynotes

Global conferences have taken a hit with COVID-19 running riot across the globe. Fast-thinkers in the field have switched to online conferences to make up for the physical deficit.Here is what to know.

The raging pandemic has redefined how people perceive what might be the right way to do business around the world. What with lockdowns and shutting down of national borders? Dynamism seem to be the way to go here.

For people in the business of organizing conferences that draw participants around the world, they have had to think twice and fast.

Global Conferencing

Global conferences are platforms that provide the opportunity for a heightened level of knowledge sharing and collaboration on an international scale. Topics as far-ranging as science, art, computer programming, diseases, world economy, and virtually any other discussion point you can think about all have global conferences dedicated to them.

Beyond just sharing knowledge, collaborations and networking occur, leading to the development of new ideas and adaptations.

The traditional global conference structure has been seriously threatened by the outbreak of the Covid19 pandemic in two significant ways. The first is the travel restrictions that have grounded many flights and closed a significant number of airports around the globe.

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The second and perhaps most important threat is how infeasible it is to have a global conference with hundreds of people in attendance due to the risk of spreading the infection. This raises the question about what the future of global conferences is going to look like? Is it over or can we find a way around this?

The Internet to the rescue

What if global conferences were moved online and hosted over the internet? We’ll consider the pros and cons below:

Possible Drawbacks

Technology Failure: Having server downtimes or hardware problems in the middle of a presentation at an online global conference can be messy, drawing everyone back and slowing down the pace of the whole conference.

Coordination: Organizing people is always a herculean task even with in-person events. With an online global conference, it might be more difficult to get everyone to work on schedule as the urgency of face -to- face interaction is lacking.

Advantages of Online Conferencing

Lower costs: Think of all the funds that go into organizing a regular global conference: hotel bookings, centre payments, flights to and fro, and a host of other logistics.

These costs will be eliminated both for organizers and participants. Perhaps these funds can be invested in getting better and faster internet connections for participants, solving the first point under the possible drawbacks

Flexibility: Participating from home or the office might make coordination difficult. On the other hand, it also gives participants the freedom to spend more time on research and fine-tune their findings and knowledge for sharing with others from around the world.

Better Accessibility: Even before COVID-19, lots of interested people are denied the opportunity to participate due to the inability to get visas for the country in which the conference is holding.

For some others, they are unable to transport and feed themselves throughout the conference. Hosting the conference online eliminates this problem as way more people can participate remotely, which is good for everyone involved.

Conclusion

There’s a lot to be said for both sides of the argument about moving global conferences online. However, the pros seem to outweigh the cons, making it a quite an attractive option.

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As COVID-19 Unsettles Global Business, Here Are 5 Client Management Tips That Can Help You Save Money

With COVID-19 putting everyone on tenterhooks, the likelihood of burrowing deep into a shell is high. However, you need these tips to make the best of the situation.

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Businesses all over the world have taken hits from the current pandemic. From closing down completely to losing lots of customers, the effects vary depending on location, business size, and industry of operation.

On the other hand, some businesses seem to have the whole situation hacked; increasing their customer base, cementing the loyalty of existing customers and, overall, even doing far better than they were during the pandemic.

What differentiates the survivors from those who are going under? A big part of the answer has to do with client management.

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What You Need To Do

Client management is how a business interacts with customers to ensure they’re satisfied with their services, increase retention rate, and ultimately get references to new customers. Below are some client management tips for these uncertain times:

Stay in Touch: We understand that you’re struggling with other parts of your business and trying to hold things together. However, it is important that your customers don’t feel disconnected from you during this period. While it’s “just business”, don’t forget that your clients are still human and we all crave some sort of connection.

You don’t necessarily have to communicate every day, but a weekly newsletter may not be a bad idea. “Out of sight is out of mind” goes the saying, so seeing a mail with the name of your business keeps you in their mind and they will be less tempted to go shopping for options among your competitors.

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Resist the temptation to skimp on quality: This is important because almost everyone else is doing this and avoiding that trap will stand you out. With lower revenues, businesses are looking to cut costs by lowering quality while selling at the same price.

If you have to, you might even raise prices slightly, but if you communicate properly (check point 1 above), your customers will appreciate your commitment to quality and keep patronizing.

Pay extra attention to feedback: With lockdowns and working from home arrangements, people have more time on their hands and feedback about products and services will be on the increase.

Watch these closely to feel the pulse of your client base and tailor your services and products to fit their desires. A golden rule of client management is that the customers themselves are your best teachers. Listen closely enough and they’ll show you how to serve them.

Throw in as many freebies as you can afford: A marketing and customer service trick that’s as old as time, giving customers a bit more than they paid for is always a sure winner. Either it’s free delivery or some form of discount, your clientele will be grateful, and you know what that means; loyalty.

Think like a product manager: At the beginning of every week, you should ask yourself or your team “how can we make the experience better for our customers this week?” It may be as simple as adding a button to a mobile app interface or reducing payment and checkout to just one page. Consistent improvements show customers that you are committed to serving them better.

Managing clients effectively is a tough balancing act, but following these will not only save you from losses, but protect your bottomline.

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