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What is the best strategy to make money with Cryptocurrency without losing your job?

When you are into a job, do not get high on crypto currency. Remember, your job is the first priority and checking prices of the coins every now and then can adversely affect your productivity.

So, should you forget about crypto currency?

How to buy Binance (BNB) coins from India?

To buy BNB coins in India, you will need to first add some BTC and buy BNB coins in exchange. As of now you can’t buy BNB from anywhere else expect the official Binance website.

In case you are just getting started, you will need to buy Bitcoins from Zebpay. (Here is the signup URL). You will need to verify your details and it may take some time to activate your account.

In the mean time, head over to the official website of Binance and create an account with them. It will not take you more than 2 minutes. Once you sign up with them, you will get an activation link in your mail box. Go to your inbox and activate it. Do not forget to see the other folders if in case you fail to find it in your primary mailbox.

Before reading further, make sure to tap your back. Tap Tap. You have successfully registered your account with Binance and you can now buy BNB coins.

However, before you do that, let’s talk some security. It is time to enable the Google 2F authentication so that no one gets access to your account easily.

Caution: While setting up the 2F A, make sure you keep the 2FA backup code in a safe place. This would come handy if you lose your phone.

Note: If you are not from China, you will not be able to verify your phone number. So, from the security perspective, it is very important that you enable the Google 2F authentication.

Okay, now if your Zebpay account is activated, it is time to buy some Bitcoins. Read the detailed guide here – How to buy Bitcoins from Zebpay

After purchasing Bitcoins, it is time to transfer your BTC to your Binance account. Even if you have some BTC in your Poloniex account, withdraw it and add the BTC address of Binance.

Where can you find the BTC address on Binance? Check the image below.

If you have done the above steps properly, you should now have BTC in your Binance account. Hurrah! One more step and you will have BNB coins in your Binance account.

How to buy BNB coins from Binance?

You can trade BNB with BTC, ETH, NEO, QTUM, GAS, BTM.

Go to the trade section>> https://www.binance.com/trade.html

Enter the amount.

It will automatically show you the maximum amount of BNB coins you can buy.

Hit the buy button.

Tada, you are done.

Note: Do not just transfer any other coins directly to Binance with the hope that you will be able to buy BNB by exchanging the coin directly on the website. No, you can’t. You will just be able to buy BNB or any other alt coins on Binance in exchange of the above mentioned coins only.

Now head over to your Blockfolio profile and update it by adding your BNB coins. Go to sleep.

P.S. Should you buy BNB coins? I will add my views tomorrow. In the meantime, go through this REDDIT thread.

How to buy NEO from Bittrex?

NEO (previously knows as Ant Shares) is on the rise and people are looking to invest some money in NEO can do so by opening an account with Bittrex. As of now, NEO is not available in Poloneix exchange. Bittrex supports all countries. Currently, Bittrex ranks 5th in the list of best Bitcoin exchanges.

How to open an account with Bittrex?

Go to Bittrex.com and signup with them.

Verify your details.

It takes hardly few minutes. This is something really good about Bittrex.You will need to upload your passport to get verified.

You will also require verifying your phone.

I recommend you to enable 2FA to keep your accounts secure. While enabling the 2FA, please make sure to note the backup key and keep it in a secured place.

Even if you lose your smartphone, you will be able to login to your account if you have access to your backup key.

5 Important Things You Need To Know About SIP

SIP or Systematic Investment Plans is one of the most preferred investments options in the present scenario as it involves periodic investment and thus less cost is incurred at one time. It is also an investment with best returns as it is a Mutual Fund type investment. But before investing in SIP there are few things that you must necessarily know.

5 Important Things To Know About SIP

Pradhan Mantri Jan Aushadhi Scheme

Pradhan Mantri Jan Aushadhi Scheme was introduced to promote generic medicines that are available at affordable prices rather than the expensive ones frequently prescribed. Generic medicines are those who have equivalent effects and chemical composition as of their highly expensive substitutes. Thus Jan Aushadhi is a health plus social reform scheme which would enable all the citizens of India to avail medicinal help in the case of health deterioration. The scheme aims to benefit both the pharmacist and the customers.

PMJA

Jan Aushadhi Scheme: Administration, Quality, Safety

The Indian Department of Pharmaceuticals is the main monitoring body of the Jan Aushadhi Scheme. This department has set up an administrative body separately to carry out all the proceedings of the scheme. The administrative body is known as the Bureau of Pharma Public Sector Undertakings of India(BPPI). BPPI is responsible for promotion, quality checking and supply of the generic medicines under the Jan Aushadhi Scheme.

As for the quality of medicines, it will be thoroughly tested under NABL certifications. The batches of generic medicines will be produced by private suppliers in a completely monitored manner to ensure the production safety. Moreover, the rigorous testing would also ensure that the generic medicines are as effective as their expensive substitutes. A website has been launched where customers can view all the Jan Aushadhi medicines that have been manufactured.

How To Open A Jan Aushadhi Store: Eligibility, Other Processes

A pharmacist needs to fulfill certain eligibility requirements to open a Jan Aushadhi store. An application will be accepted by the government only if it follows certain requirements. They are as follows:

  • The applicant for opening a Jan Aushadhi store must be an individual capable enough to provide their property to set up the store. Leased or rented properties also fall under this category.
  • When the application for Jan Aushadhi is made, the applicant must not be employed at any other organization.
  • The applicant must secure a license for sale under a recognized and authorized body. In short, the applicant must possess a Retail Drug License.
  • Applicants for a Jan Aushadhi store must have all their monetary statements updated for a duration of three years. Their financial accounts must be audited along with a transparent documentation stating their bank account details.

The above eligibility criteria being fulfilled, the State Health Department must be contacted to enable the procedure to commence a Jan Aushadhi store. Preferably these stores will be in proximity to hospitals and other health clinic facilities. To promote the sale of Generic medicines from these stores, the hospital doctors and other medical assistants will be instructed to prescribe those particular medicines.

How Successful has been Jan Aushadhi Scheme

The Government of India has extended a budget of 2 Lakh INR along with an extra 50,000 INR for hardware installment and other infrastructural developments. As per the set norms, the Jan Aushadhi Stores must sell a generic medicine at a discount of 16%. Also, the government has promised financial incentives to Jan Aushadhi Store owners based on the total number of generic medicines sold. The number of active Jan Aushadhi stores are  87 as of now. An entire updated list along with the locations have been provided in the official website of Jan Aushadhi Scheme. The timing for a Jan Aushadhi store is from 8 a.m. to 8 p.m.

The Jan Aushadhi scheme is flexible in every way. Thus if followed in a well-planned manner it would go a long way in helping the citizens of India as far as the sale of medicines is concerned.

Bharat QR: All You Need To Know

Post demonetisation, the government has plans to fulfill a revolutionized motto: To create a forward “Digital India“. The government has taken a step further in their encouragement tactics by introducing Unified Payment Interface through the launch of BHIM App. Now the current trend that has been introduced to promote cashless transactions is Bharat QR. The Bharat QR will enable a simpler approach to availing the benefits of cashless transactions, minus the extra processing fee required in case of debit cards and other merchant payments. Let us take a closer look at the details of Bharat QR.

Bharat QR

What are QR Code Based Payments

QR code based payment basically provides a unified gateway for all payment modes. For example, a user wants to pay via credit or debit card. But the one accepting the payment does not have the swiping machine. This is usually a dead end, where cash payment is the immediate option pursued. Now another option can be considered. That is payments via interfaces Freecharge and Paytm. But again both the sender and the receiver need to have similar apps. Now, this is where Bharat QR comes to play. Being the unified gateway it does not need similar apps or a swiping machine. Bharat QR needs a supporting banking app like the BHIM App and you are all set to make the payments.

How Does Bharat QR Work?

Bharat QR is a code that will support all standardized payment means. It includes Visa, MasterCard, Debit Cards and Rupay Cards. Its range and flexibility make it user-friendly thus promoting more people to go for cashless transactions. The interface will help customers make payments even in the absence of swiping machines and similar payment apps. Thus a two-way benefit is seen: a shopkeeper need not invest in a Point of Sale (PoS) swiping machine and the customer does not have to incur the processing fee losses while making payments via debit cards on PoS swiping machines.

 Payments Via Bharat QR

Bharat QR’s interface has been integrated into Pockets App introduced by ICICI Bank and PayZApp introduced by HDFC Bank. More banks will soon be integrated by launching supporting banking apps. For generating the QR code, BHIM app has to be used. Thus before making payments with Bharat QR, make sure you have BHIM App installed in your SmartPhone. The following steps have to be taken thereafter to complete the payment:

  • Scan the QR code via the BHIM App.
  • It will redirect you to the payment portal associated with your bank. There enter the payment details and the amount you have to pay.
  • Add a remark as to where the payment is being made.
  • Enter the 4 digit passcode as generated by the BHIM App.
  • Your payment will be authenticated and the money will be debited from your account and initiated to the receiver’s account.
  • The receiver then needs to take a print out of the generated QR code and add it to the payment desk.
  • Thus the amount debited from the customer will immediately be credited to the receiver’s bank account.

Bharat QR: How Secure Is It?

Bharat QR does not demand your ATM pin or CVV details. You simply have to scan and pay. Thus it is an extremely secure interface to make all merchant payments. Your card details are protected and the payment details remain secure with the sender. Also, the receiver can receive the sum immediately in their bank accounts without going through the hassles of a swiping machine or mobile apps. Scan and Pay. Scan and Receive. That is the simple and secure fundamental of Bharat QR.

5 Advantages of Investing In ELSS

Equity Linked Savings Scheme or ELSS is an equity mutual fund which has two-way benefits: excellent returns and tax saving. Thus it is a profit plus savings investment option that have multi-faceted advantages in the present market. Here are 5 advantages of ELSS that makes it a popular option for all investors.

adv of ELSS

Low Initial Investment Value

One of the primary advantages of ELSS is its low initial investment cost of Rs.500 (minimum) per month. Often investments generating high return rates tend to be costly and hence is not an affordable option for the majority. But any individual can invest with a minimal value. Since the concept is to invest in market shares the initial cost is a profitable aspect as you are getting greater returns for lower cost.

Flexible Lock-In Period

ELSS generates the best returns if invested for a longer period of time. But keeping an emergency scenario in mind, the lock-in period has been set at 3 years. This means that funds can be drawn from ELSS after a short tenure of 3 years and the funds withdrawn will be completely exempt from taxes. Thus it can be said that the lock in period is flexible and can be risked by all investors.

Tip: ELSS is not bound by a long lock duration, but is financially advantageous if the investment is for a longer period. This is because the market share rates are volatile and show an unpredictable graph of increase and decrease at times. But if invested for a longer time the average rates are almost always high producing good returns.

ELSS Generates Excellent Returns

ELSS generated returns are based on several market aspects. This includes the growth of stock, the present share value, etc. Thus it produces an overall return value from all sides making it an extremely beneficial investment. Other savings and investment schemes promise a return 8%-9% on the average scale. But when it comes to stocks of good quality produce very high returns, especially in the Indian economy. Thus the average return is 22.9% as calculated on the basis of last 3 years.

Can Be Linked To Other Trending Investments Like SIP

With the initial cost as low as a minimum of  500 INR per month, periodic investment is made easier for individuals. Thus continuous profits are gained on continuous investment. This concept can be made more beneficial by linking a SIP with the ELSS Scheme. Thus along with the funds saved in ELSS, a return amount will be generated monthly after the lock-in period of 3 years. The return amount generated will be due to the SIP investment linked. Moreover, as ELSS is exempt from taxes, the returns you gain on SIP is not taxable. Thus you can save and earn simultaneously.

Tax Benefits Of ELSS

ELSS is a tax saving scheme that falls under the Section 80C of the Income Tax Act. This means that it is an investment plus savings scheme of mutual funds that qualifies for tax deductions. According to Section 80C, the tax deductions are up to 1.5 Lakhs INR. Also, the returns earned (after the lock-in period of 3 years) is completely exempt from taxes. Thus ELSS ensures returns with tax exemption.

Also Read: 5 Mistakes to Avoid while investing in ELSS

Is ELSS for Senior citizens?

ELSS For Senior Citizens- YES or NO?

ELSS is an investment that is not exactly centered around senior citizens. This is the reason why there is a misconception regarding its benefits for senior citizens. Another notion related to this is that ELSS returns depend on market trends. Thus it is not suitable for senior citizens to invest in it as it involves taking a lot of risks. The truth, in fact, differs. ELSS is beneficial for senior citizens in many ways only if a judicious investment is done. Let us consider the possibility that ELSS holds for a senior citizen.

ELSS for senior citizens?

The Age Factor

The age factor usually deters senior citizens from investing in an ELSS scheme. This should not be the case. Practically thinking, ELSS is more beneficial with a short lock-in period of 3 years. This means that funds can be withdrawn within a short tenure in a case of an emergency. Also after the lock-in period, the withdrawn amount is not taxable. Another aspect of ELSS is its long-term benefits. It is safe to say that on an average, senior citizens who have just attained the age of 60 have 12-15 years of time to devote to investments. In such cases, ELSS generates the best returns as it has been seen that on a long term basis ELSS reaps highly profitable gains. Thus both tax savings and high profits requirements are met, which is essential for senior citizens.

Judicious Investment in ELSS is Completely Risk-Free

It is obvious that a risk factor is involved with ELSS as the scheme depends largely on unpredictable market trends. Though in the long run, it is almost always advantageous, senior citizens might have to think twice before taking the risk. But let us consider the positive side here: ELSS generates excellent returns with tax benefits. So why not avail these benefits in parallel to taking a safe route? Thus judicious investment must be made in ELSS. Instead of complete exposure to ELSS, part of investment must be made in it. With an initial investment cost of 500 INR per month (minimum), it is an affordable option. This would ensure three things:

  • Tax savings of up to 1.5 Lakhs INR through different schemes along with ELSS.
  • Security provided by the investments other than ELSS will mitigate risks largely.
  • ELSS will generate excellent returns.

A Regular Means Of Income

ELSS is technically an excellent retirement scheme. Low investment cost per month ( INR 500 minimum), the tax benefits plus the high return rates makes it one of the best investment scheme. The judicious investment will also lower the risk that ELSS presents. Keeping all these factors in mind including the lock-in period of 3 years an individual can take any of the following routes:

  • Investing in ELSS with SIP 3 years prior to retirement: If this scheme is followed, SIP will generate monthly returns after completion of 3 years. The returns are not taxable as SIP is done under ELSS. Thus on retirement, the flow of income will not cease.
  • Investing in ELSS post-retirement as savings: This is a savings option that can be considered. If investment in made in ELSS, and withdrawal is made after 3 years an average return of approximately 22.9% will be generated (as per recent calculations). Again this serves as an income source and will be beneficial in case of an emergency.