The term “Cryptocurrency” has revolutionized the world in such a short period of time. A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.
Cryptocurrencies are digital currencies of decentralized networks based on blockchain technology which is a distributed digital ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are not issued by any central authority, thus eliminating the involvement of third parties.
Create a Cryptocurrency Exchange Business
Cryptocurrency has taken over the business world by storm, its rise to fame is massive. The number of business bodies using cryptocurrency as a mode of transaction has increased significantly. This tremendous rise of cryptocurrencies is because they are more reliable, efficient, safe, and secure compared to traditional fiat currency.
The creation of a cryptocurrency exchange business is challenging since many exchanges are being introduced in recent times and the competition is very high.
What is a Cryptocurrency Exchange Business?
A cryptocurrency exchange or digital currency exchange is a business that allows customers to trade cryptocurrencies or digital currencies for other assets, such as traditional fiat money or other digital currencies.
This is the common mode of exchanging cryptocurrencies. In order to trade more professionally or to have a bigger stake in cryptocurrency, an exchange that requires the user to verify his/her ID at an open account is used.
Bitcoins, Ethereum, and Litecoins are the most commonly used cryptocurrencies in the digital market exchange.
There are four types of exchanges used in cryptocurrency exchange businesses.
The centralized crypto exchange is one of the most important driving forces for transacting. Centralized cryptocurrency exchanges are online platforms used to buy and sell cryptocurrencies. They are the most common means that investors use to buy and sell cryptocurrency holdings.
In the term of centralized cryptocurrency exchange, the idea of centralization refers to the involvement of a middle man or a third party to help conduct transactions.
A decentralized exchange is an exchange market that does not rely on a third-party service to hold customer’s funds and information. Instead, trades happen directly between the users through an automated process.
Systems like decentralized exchanges can be established by creating proxy tokens or assets or through a decentralized multi-signature escrow system, among the solutions.
P2P Exchange (peer to peer exchange)
Peer-to-peer exchanges are marketplaces where people can exchange or trade crypto directly with each other. They provide a technical platform on which buyers and sellers can settle trades on their own terms. Unlike traditional exchanges, they don’t process any fiat payments or hold users funds in custody
The limitations of both centralized and decentralized crypto exchanges led to the creation of the hybrid cryptocurrency exchange. This specialized crypto exchange combines the positive features of centralized and decentralized exchanges.
The hybrid crypto exchanges address all the shortcomings of centralized and decentralized exchanges. Hybrid Exchange adopts the usability and liquidity of centralized platforms and the anonymity and security of decentralized platforms.
Future of Cryptocurrency Exchange Business
Over the years it has been observed that cryptocurrencies have been highly volatile and component, especially Bitcoin. This volatility mainly depends on the decisions taken by the financial institutions on the usage of Bitcoin.
In the near future, it is predicted that the profits once made by miners by creating new blocks will reduce to such an extent that they will be negligible.
Cryptocurrency is only in its initial stages, so it is too soon to assume whether a cryptocurrency will be the future of money or what will be the impact of Bitcoin in the coming years.
Workflow of Cryptocurrency Exchange Business
Cryptocurrency exchanges are websites where the user can purchase, sell or exchange cryptocurrencies such as bitcoin, litecoin, ethereum, etc, for other digital currency, or traditional money like INR or US dollar.
To trade more professionally or to have a bigger stake in cryptocurrency, the exchange requires the user to verify his/her ID at an open account. If the user wants to trade directly or to purchase a small amount, the user can also find other platforms that don’t require any identity verification.
A seller of BTC(bitcoin) or any altcoins deposits BTC with the exchange’s address. The user can use his/her positive BTC balance in the exchange to sell the BTC for INR or USD.
Similarly, a buyer of BTC deposits USD with the exchange and then uses the balance to purchase BTC from the sellers. The cryptocurrency exchange business is done virtually in a cryptocurrency exchange where the user can convert the fiat currency into cryptocurrency using credit cards, debit cards and bank transfers.
When the user receives the cryptocurrency, it can be moved from one exchange to another exchange and from one wallet to another wallet. But in order to initiate that flow, the user needs to purchase the initial coins from the exchange.
Features of a Cryptocurrency Exchange Business
Security is one of the most important features in the cryptocurrency exchange business. It’s very important for the customers to know the investment details of the transaction. Thus, the exchange evaluates all security and safety features for each exchange.
Ease of Use
Cryptocurrency exchanges are composed of intuitive and easy-to-use interfaces which are very useful for users who are new to the cryptocurrency exchange platform.
The customer support feature is in-built in the cryptocurrency exchange platform which is available all the time for the users to help them with any problems they encounter.
The cryptocurrency market is very volatile in nature. The stop loss function on an exchange would ensure that the losses are minimized by automatically making a sale at the price set at the stop limit.
Benefits of Cryptocurrency Exchange Business
Reduction of Hacking Risk
Users of the crypto exchanges do not need to transfer their assets to a third party. Therefore, the risk of getting hacked is eradicated and the users have assured safety from hacking and theft.
Prevention of Market Manipulation
Due to the nature of allowing peer-to-peer exchange of cryptocurrencies, the cryptocurrency exchanges prevent market manipulation, protecting the users from fake trading and wash trading.
Cryptocurrency exchanges do not require customers to fill out KYC forms, offering privacy and anonymity to users.
Creation of a Cryptocurrency Exchange Business
In order to create an exchange trading system, the developer would require the following app-building aspects:
Design is the first step in order to create a cryptocurrency exchange platform. The design for the platform should be composed of usability and efficiency. The design creation includes the following stages.
It is the base of the future design where its key features are implemented.
It is the detailed visualization of the user’s interaction with the application that allows preventing possible UX-related issues.
- API ( Application Programming Interface):
API is the back-end part of the application that is not visible to the end-user. The server part of the application is responsible for performing the application’s internal logic and handling the basic functions.
Blockchain is the part that is responsible for the actual processing and storing of data regarding the trades between the users in a safe and secure environment.
Testing is the most important stage for cryptocurrency exchange businesses because this is the stage where the existing bugs are eliminated within the logic as well as within the UI before launching the application.
Since the application is storing sensitive data about the users, it has to be properly protected from hacking attacks and data leaks. In order to implement security to the platform, two types of methods are introduced to secure the data.
- Secure Architecture.
- User’s authentication.
Considering the popularity of the crypto exchange all over the world right now, it is understandable that more people are interested in cryptocurrency and more people are investing in the exchange.
Digital currency exchange provides great opportunities for the users who are just getting introduced to the world of cryptocurrency or to the users who are already very well experienced in it. Since cryptocurrency is a growing field and its potentials are yet to be explored.
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How to Choose the Right Business Continuity Test for You – ReadWrite
Today’s businesses need to be prepared for unforeseen impacts on their work. A Business Continuity Plan is an excellent way to do this; it consolidates everything you need to do when an outside event disrupts your business. But, of course, any Business Continuity Plan also needs regular testing to ensure it’s fit for purpose.
We’ll be taking a look at an explanation of what a Business Continuity Plan is, what testing looks like, and how often you should be testing it.
What is a Business Continuity Plan?
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A Business Continuity Plan explores how a business works after a disastrous event. It offers procedures in the face of fires, natural disasters, mass disease outbreaks, or data breaches.
A key concern of today’s plans is data backups. Since many industries (like content marketing for saas) require extensive planning, we need to know our protected data. Other critical components of the plan include comprehensive contact details for staff and maintaining productivity on a short-term or long-term basis.
If you employ a manual QA tester, you can understand a business continuity plan isn’t static. They require regular testing to ensure that they do what they’re supposed to. Testing also helps to spot any blind spots or areas for improvement.
Do I Need a Business Continuity Plan?
If the last few years have proved anything, it’s that nobody can really predict the future. As a result, unexpected events can completely upend our daily lives, and businesses can be severely compromised or go out of business altogether.
Invenio IT reported that in 2020, 51% of businesses worldwide didn’t have a business continuity plan. Given how dramatically the world of work has changed, that’s an oversight we literally can’t afford to make. As a result, 90% of businesses fail within a year if they can’t recover quickly from a disastrous event.
A business’s inability to keep working in the face of adversity is a threat to customer acquisition. Even if you have a detailed customer onboarding template, customers will likely reject you if your business isn’t reliable.
Business Continuity Plans demand significant investments of both time and resources. But they can be the difference between a business’s survival and its collapse.
How Do I Test My Plan?
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Today’s businesses can approach business continuity plan testing in several different ways. It’s important to understand that different test types share the same fundamental tasks—understanding your plan, putting it into practice, and identifying potential improvements. The difference lies in how closely you look at your plan and the resources you can commit.
You might want to take some inspiration from the quality assurance process of software testing. First, have a clear idea of what you want to look at or improve. Then, involve everyone who needs to be involved, and has a dedicated team of people assigned to the task.
Business Continuity Plan Review
A Business Continuity Plan review is the most straightforward approach to plan testing. It acts as a basic audit of your plan with key personnel—the main BCP (Business Continuity Plan) team, department heads, and some management staff. During the review, participants simply read through the plan and see if there are any obvious flaws.
The rise of cloud services means it’s relatively easy to preserve modern-day business data. For example, if we’re calculating CSAT, we might use a cloud-based graph to track our progress. Although, don’t treat these as a silver bullet; make backups and keep a record of what cloud services you use.
This kind of test is easy to arrange and helps introduce your plan to new BCP team members. However, this test is also very lightweight. As a result, it lacks an in-depth assessment of a plan’s effectiveness and doesn’t communicate procedures (or benefits) to the broader workforce.
Also known as a structured walkthrough, tabletop testing is a simple roleplay scenario. A business’s key stakeholders come together to simulate a risk to the business, and see if they understand how to respond. A continuity plan needs human eyes on it; the more hands-on you can be, the better.
Tabletop testing usually looks at a few different scenarios; participants review response procedures, outline responsibilities more clearly and see if they can improve the overall plan. If you’re just starting out, begin with something relatively simple like hacker attacks; these are both commonplace and relatively easy to thwart.
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This testing type is a great way to bring employees up to speed on what’s required of them. It takes an in-depth approach to the plan and usually brings together multiple departments. This makes understanding and amending the project much more straightforward.
At the same time, tabletop testing has significant requirements. It takes a long time to do properly, and it needs thorough documentation for it to be of any use at all. It’s also not as hands-on as other testing types; in many cases, you’re more talking about the plan rather than putting it into practice.
This is the most ambitious form of continuity plan testing. Participants in a walkthrough carry out recovery actions (such as restoring backups and testing redundant systems), and anything else a business thinks is relevant. This involves the plan’s critical personnel and any relevant employees.
It might also require traveling out of the office (for example, external data storage locations). Just as localization testing examines an app or website in different places, a walkthrough ensures all the components of your plan function wherever they’re located.
This hands-on approach to testing gives you the most precise idea of how effective your recovery plan is. That said, it’s also the most resource-intensive. For example, carrying out a walkthrough demands a lot of investment from a business. It can also be quite challenging to arrange if you need several different colleagues to participate.
How Often Should I Test My Plan?
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Testing frequency depends on your business’ needs and the resources you have to work with. As you can see, detailed plan testing isn’t something you can do every day. Even at a basic level, it requires several people from several departments to be genuinely effective.
You also need to consider what you are testing for. Today’s businesses face multiple threats, but some are likelier than others. For example, if you work in an area susceptible to flooding, you may want to focus on your business’s flood response. That said, remember to consider commonplace threats, such as data breaches, to which a security assessment is a good response.
At a minimum, it’s best to conduct one tabletop test per year for each key area of concern. This includes recovering from likely disasters, business continuity, incident response, to name but a few key areas of potential agitation. You should also aim to carry out an in-depth walkthrough every two years. Time-intensive tests like tabletop testing might need to be carried out on weekends to ensure you don’t compromise your work schedule.
What Else Should I Consider?
The essential part of any testing is documentation. Record your testing, with particular emphasis on anything actionable. You also need to follow up on these actions for the testing to be worth doing at all.
If you’ve made any significant changes to your business (like moving premises or changing the size of your workforce), make sure you increase the frequency of your testing—at least in the short term. These major shifts can have a dramatic impact on what your continuity plan looks like.
Make sure you tell your wider workforce about your plan and encourage people to take part where necessary. This could shed light on new, valuable ideas, such as wiping sensitive files from your hard drives.
By treating your Business Continuity Plan as an organic element (such as one that is open to revision and evolution), you’ll do an excellent job of keeping your business safe in the future.
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10 Strategies to Retain Employees in a Workplace – ReadWrite
A top performer just resigned out of nowhere, and you are now at a loss. What might be the reason for it? And how will this impact the rest of the employees?
With that happening, you will have to lean on your other employees, making them take on more responsibility. In the meantime, you will look for a replacement for the employee that left. It’s a big ask, specifically if they are already stretched thin. Such actions will stoke stress and uncertainty in your employees.
Given the likelihood of cascading fallout, it’s natural to think that the departure of one employee could be the tipping point of other employees feeling to leave as well. At the very least, it can affect the morale of the employees, which can undermine their work performance.
So, this is the time to make sure that your business is taking the proper steps to drive job satisfaction and retain employees.
What Prompts Employees to Leave?
To find out the reason behind your top performer’s sudden departure, do an exit interview. Exit interviews will tell you whether your employee retention tactics need improvement or not. And what needs to be done to retain employees and employee productivity.
You most likely will hear one or more of the following reasons from the departing employee:
- Inadequate benefits and salary
- Feeling overburdened with work or lack of support from the team
- Limited career advancement opportunities
- Need to maintain a balance between work and life
- Lack of appreciation and recognition
- Unhappy with the management team
- Concerned about the company’s financial health and direction
- Dissatisfied with the company culture
- The desire to make changes
Strategies that will help you Retain Employees
If you feel that your company is at risk of losing talented employees, you need to develop strategies to retain employees. Here is how you can boost employees’ job satisfaction and increase your chances of holding on to top talent in your company.
1. Orientation and Onboarding
You need to help each new hire to settle in so they can find success from the beginning of their job. Your onboarding session should include what the job entails and inform your employees about the company culture. And how they can contribute and thrive in the new atmosphere, office and culture. Don’t skim through this initial step.
The support and training you give from Day 1, whether virtually or in-person, can set the tone of their entire tenure at your company.
For instance, you are a cellphone repair shop. Your onboarding session should not only include giving training on your cellphone repair store software. Instead, it should consist of a session on your repair store’s culture and how normally the day goes about while repairing devices.
2. Mentoring Programs
Pairing a new employee with a work buddy is an essential component of the onboarding process and helps retain employees. In addition, these work buddies can welcome new employees into the company and guide them.
New employees learn the ropes from experienced employees. In return, they give the experienced ones fresh viewpoints.
Consequently, mentorship should not be limited to new employees only. You can have mentorship opportunities for existing employees as well. It will give them a sense of understanding of where they stand and what they need to improve to succeed.
3. Compensation for Employees
Companies need to give their employees competitive compensation. However, it means that the company has to evaluate and adjust salaries frequently.
Even if you are unable to increase the pay, try to provide other compensation. Such compensations can be in the form of paid time off or bonuses.
In addition to this, retirement plans and health benefits are also necessary. These valued offerings can help increase job satisfaction and ultimately will help retain employees.
Offering perks to your employees can make your work stand out to new hires and re-engage current staff. All this will also boost the morale of your employees. Remote work options, parental leave, and flexible schedules are perks that many employees value the most.
To evaluate your business and see what you offer your employees.
5. Wellness Offerings
Keeping employees healthy – physically, financially, and mentally is just good business. Even the current pandemic has urged many companies to improve and expand their wellness offerings so that their employees’ well-being feels prioritized and supported.
They have stress management programs, reimbursement for virtual fitness classes, and retirement planning services. Taking their example, start implementing these strategies to show that your employees are essential to you.
The pandemic has also enabled us to underscore the need for good workplace communication. Employees reporting to you should feel that they can come to you if they have an idea, concern, or questions at any time.
Similarly, you should promote constructive, timely, and positive communication across all departments, including remote and onsite employees. Please make sure you actively connect with every staff member daily to get a sense of their job satisfaction and workload.
7. Constant Feedback on Performance
Most company owners are abandoning annual performance reviews in support of frequent meetings with every team member. In such one-on-one sessions, discuss the short and long-term career goals of your employees.
Such activities can help them visualize their future in your company. The key takeaway here is not to make promises that you can’t keep. Instead, take them through their potential career advancement journey together. And lay down a realistic plan that can help them achieve their goals.
8. Development and Training
You can retain employees by helping them figure out their key areas for professional growth as part of your continuous feedback on performance. It can include needing to learn new skills. Getting new skills is extremely important in the current era as technology alters our work.
Substantially, when people learn new skills, they learn new tricks to keep up with the evolving business requirements. So, make sure you invest in the professional development of your employees. Make them attend virtual conferences, pay for continuing education, and provide tuition reimbursement.
In addition to this, don’t forget succession planning. It can be highly effective for advancing professional development and can help in building leadership skills.
9. Rewards and Recognition
Each employee feels the need to be appreciated for the work they do. And in the current circumstances, if you understand your employees, it’s bound to leave a considerable impact.
So, make sure you thank your employees who have gone the extra mile. And do mention how their hard work has helped the employees. Some companies even have reward systems that they use to incentivize great innovation and ideas.
Also, having a small company doesn’t mean that you can’t have an effective recognition program. You can do it even if you have a small team and a limited budget. You’ll want to arrange your recognition program in such a way that you and your employees can benefit from it.
10. Work-life balance
What kind of message is your time management giving to your employees? Do you expect your employees to be available 24/7?
You need to realize that a healthy work-life balance is essential for job satisfaction. Employees need to know that their managers understand the fact that they have lives outside of their office. Encourage your employees to set boundaries and give them vacation time. And if late sit-ins are required to end tasks, give them extra time off to compensate for that.
The ten strategies to retain employees given above are just some ways you can increase your employees’ job satisfaction. For that, you need to stay updated with market standards of benefits and salaries. And try to use the best practices to develop an attractive workplace culture.
Jotform Rebrands to Focus on the Power of its Forms – ReadWrite
When companies rebrand, they often do it with a renewed or revised focus. Sometimes the company pivots entirely, heading in a new direction to keep up with changing trends and demands from its audience.
In the case of Jotform, the company recently rebranded to better focus on what it’s done so well for 15 years: provide its audience with versatile, easy-to-create, powerful forms.
Since its launch, Jotform has undergone tremendous growth. More than 10 million users have shaped the form builder and its complementary services. The platform has grown to include payment processor integrations, state-of-the-art security measures, conditional logic, and more. It supports small businesses, large corporations, nonprofits, and everything in between.
And now, Jotform is focusing on further improving its powerful forms to continue to support its broad audience of users.
Here’s what you can expect from the newly rebranded Jotform.
A new logo and tagline
Jotform boasts a streamlined, simplified logo that honors the original. The “f” in “Jotform” is now lowercase for easier readability, and the logo features a new and refreshing color scheme.
The logo’s pencil has been updated with multiple colors to represent the multiple products and features the business has created. The colors represent form fields, table cells, graph bars, and even the lines on a document.
Similarly, Jotform’s new tagline honors the company’s vision: “Powerful forms get it done.” This tagline demonstrates that, even as the company has grown and evolved, it has always remained true to the powerful forms at the core of its business.
A revised website
The Jotform website has some aesthetic updates, but it remains easy to use and navigate. The homepage reflects the new tagline, color scheme, and logo, and the My Forms dashboard has been rebranded with a cleaner, clearer look.
The form builder navigation has also undergone a color change. The revised colors are high contrast, and the page was designed to keep your attention on what really matters — the form.
The same pricing
Jotform may have been rebranded, but its pricing plans have remained the same. Jotform offers five plan tiers, and those tiers make it a suitable option for nonprofits as well as the largest corporations.
The Starter tier is available for free, and it includes many essential features. It supports up to five forms and 100 monthly submissions. This plan also generously includes 100 MB of space and 1,000 form views.
The Bronze plan is just $24 per month when billed annually, while the Silver plan is $29 per month and includes up to 100 forms. For $79 per month, the Gold plan includes unlimited forms to support operations with significant form creation and management demands.
The Enterprise plan is for the largest organizations, and it supports multiple users, SSO login integrations, and more.
Jotform may be changing, but its pricing hasn’t budged.
Easy online form builder
Jotform’s form builder is clean, concise, and user-friendly. It’s easy to build a form from scratch with the drag-and-drop interface or edit an existing form template. The builder features a wide variety of form field types, including signature, date picker, address, and fill-in-the-blank fields. In addition, you can make any form your own.
Jotform also offers more than 10,000 professional form templates to help you get started and save time. Choose from registration, feedback, request, membership, application, event registration forms, and more. These forms cover a wide variety of industries and needs.
When using the online form builder, you can create a form in just minutes. You can then share a link to that form, embed it on your website, include it in an email, and more.
As Jotform has evolved, the company has continued to add form integrations for enhanced performance and convenience. Jotform has established integrations with some of the most essential and popular apps:
- Google Sheets
- Adobe Sign
- Google Calendar
These integrations enhance your form’s performance and save you and your respondents time.
An array of features for even more powerful forms
As the demand for powerful, versatile forms has increased, Jotform has developed new features that give you more control and flexibility:
- HIPAA-compliant forms meet the healthcare industry’s need for forms that protect patient data.
- Smart PDF Forms can convert a PDF into a fillable online form.
- Jotform protects your privacy and security with encrypted forms, 256-bit SSL, and more.
- You can collect payments and donations, and set up recurring subscriptions with your choice of more than 30 trusted payment gateway integrations.
Jotform may have started out as a form builder, but the company expanded to encompass Jotform Tables, which allows users to collect, organize, and manage the data that’s generated by its forms. It’s also possible to import CSV or Excel files into Jotform Tables, so you can use your existing data.
These tables require no coding and work as a centralized database. There are more than 300 table templates available to help you get started. As with its other products, Jotform has kept Jotform Tables accessible and affordable, making it a practical choice for all Jotform users.
Jotform: Powerful forms for the future
Jotform’s rebranding reflects the company’s evolution but also its dedication to its root cause: to provide users with quality, powerful forms. Jotform may have changed its logo and branding, but this is evidence of the company’s growth and success.
Rather than pivoting, Jotform continues to focus on the features and developments that will take its forms to the next level. From payment processing to enhanced security, its services and features are evidence of what business owners, nonprofits, entrepreneurs, teachers, bloggers, and more need as technology evolves and those users find new and unique ways to put forms to use.
In 15 years of growth, Jotform has stayed true to its roots but continues to make its forms even more powerful. Whatever your form and data needs, powerful forms get it done.
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