AVOID INVESTING BITCOIN TO THE FOLLOWING SITES

Online Techniques

AVOID INVESTING BITCOIN TO THE FOLLOWING SITES

PAPAAZ BLOG   November 07, 2019   Comment  

1: Fake Bitcoin Exchanges

Recently South Korean financial authorities and the local Bitcoin community exposed one of the most insidious Bitcoin scams: a fake exchange called BitKRX. It presented itself as part of the largest trading platform in the country and took people’s money. To avoid this you should stick with popular, well-known Bitcoin exchanges and frequent Bitcoin forums so you get news of fakes quickly.

There are also con men who pretend to be connected to well-known exchanges, say through an app or a fake website. When the users logged in, they unwittingly gave scammers their account details.

2: Ponzi Schemes

Bernie Madoff is perhaps the most well-known Ponzi schemer. He did it with mainstream investments. But the principle of a pyramid scheme, in which you take money from new investors to pay previous investors, holds true for Bitcoin scams that have been uncovered recently. MiningMax, one such scheme, brought in $200 million before 14 fraudsters were arrested. As you can imagine, the investors never got any returns on their Bitcoin investments—it was just on “paper.”

 3: Fake Crypto-Currencies

A common scam is to present a new crypto-currency as an alternative to Bitcoin. The idea is that it’s “too late” to cash in on Bitcoin and that you need to invest in one of these up-and-coming crypto-currencies. My Big Coin was recently shut down for this reason. The fraudsters behind My Big Coin took $6 million from customers supposedly to invest into the crypto-currency. But instead they re-directed the funds into their personal bank accounts.

4: Old School Scams

If somebody emailed or called and said they were from the IRS and said you owed back taxes that had to be paid immediately… would you send them money? Believe or not, many people do. The old school method is to have the victim wire money via Western Union or transfer funds to a bank account. Now con men are contacting victims and demanding that victims transfer Bitcoin to their wallet. There’s an easy fix—don’t trust those calls or emails. Legitimate authorities wouldn’t contact you that way – and they won’t ask for Bitcoin, as you can imagine.

5: Malware

Malware has long been a way for hackers to get passwords needed to access computer networks or steal credit card and bank account numbers. Now they’re using it to conduct another one of the most common Bitcoin scams. If you’re Bitcoin wallet is connected to the Internet, they can use the malware to get access and drain your funds if you're not protecting yourself from malware.

You’ll find this malware in your email but also on websites and social media. There might be a post, for example, where someone claims a certain program allows you to mine Bitcoin for free. Download and you get malware.

Don’t Fall Victim to Bitcoin Scams

Bitcoin is a volatile enough investment as it is… with plenty of risk. Don’t increase your changes of losing money by falling prey to these Bitcoin scams. Stay alert for potential fraudsters.

Earn with Bitcoin and make Huge profit

Legit trade Online

Earn with Bitcoin and make Huge profit

PAPAAZ BLOG   November 07, 2019   Comment  

1. Earn Bitcoin with a Crypto Interest Account

In the same way that people used to (and, let’s be honest, still do) store their money in bank accounts and receive interest on their deposits, crypto interest accounts are a new and exciting model for the blockchain industry. This model is often done to in different ways, including interest-earning accounts. Some people also refer to this simply as lending out your Bitcoin. In the end, the result is the same — by transferring your Bitcoin or other cryptocurrencies to the financial service provider, you will earn interest on your Bitcoin over time.

How do crypto interest accounts work?

A number of companies now offer the ability to earn interest on your crypto holdings. The basic structure is that you send your crypto to your wallet service provider’s website and over time you will earn interest. This provides a new way for crypto HODLers to store and earn on their crypto-asset holdings.

In recent years the interest rates offered by banks have lowered, making the returns less than ideal. Individuals have been forced to find other money-making solutions. To date, there have been almost no options for crypto holders.

Crypto holders are now turning to the alternative financial service providers for these services. Clients can earn up to 6% annual interest on their Bitcoin and Ether. The interest clients earn also compounds, maximizing their annual returns.

For example, with compound interest, users’ effective annual interest after 12 months at 6% would be 6.2%, adding even more long-term growth opportunities.

2. Get Cash-Back in Bitcoin When You Shop Online

Ebates, a popular Google Chrome Extension, offers customers cash-back for their purchases from thousands of websites. They work with almost all major online retailers, including everything from Best Buy, to Groupon, to Nike. Once you install the extension and create an account, Ebates will notify you if there are discounts available while you browse a retailer’s website. In one click you can activate the discounts. At the end of every quarter, you get a check from Ebates with your cash back balance. It’s that simple.

In crypto, a company called Lolli is offering similar services. Make purchases on websites like Sephora, Macys, or CVS and get cash-back in Bitcoin. Every store has a different incentive amount. Some offer as much as 9% cash-back. Others will offer a set amount of BTC. This is a very easy way to earn free Bitcoin while making your everyday purchases.

Download the Lolli chrome extention for free now.

Another exciting way to earn Bitcoin as cash-back is with Pei. With the Pei app, you can unlock cash-back in BTC, USD, or gift cards. Their app is very simple to use and just runs in the background as you shop. The first step is to connect your bank account, debit cards, and credit cards to your account securely via Plaid. Then, every time you shop at a store in the Pei merchant community, you will receive cashback directly into your Pei account. It's really that simple.

Their partners include companies like Target, Chipotle, 7-Eleven, and a number of other major retailers. The best part is that you not only earn Bitcoin through Pei, but you still get to “double dip” on the points and rewards you would normally get from your credit cards. Pei is one of the best ways to passively earn Bitcoin without having to think about it.

3. Earn Bitcoin With Affiliate Marketing

Affiliate marketing is a popular way to earn money for bloggers, news sites, social media influencers, and every day people. Companies provide unique URLs or Promo Codes for affiliate marketers to send out to their audiences. If someone who clicks on that link makes a purchase on your affiliate link, you will receive a reward.

How much can I earn from affiliate rewards?

Every company structures their affiliate program differently. For a lot of e-commerce brands, you will earn a percentage of the total order amount of the customer you referred to them. For other companies, you may get a set fee for every person who signs up for a service using your promo code.

For example, Coinbase will pay you $10 for every customer who signs up and deposits at least $100. Another popular exchange, Binance, offers up to 40% of the transaction fees of your referrals. For people with big audiences, that can add up to thousands of dollars per month.

Another alternative is BlockFi’s affiliate program, which offers 10% of interest earned by referrals to the BlockFi Interest Account and $50 or 10 basis points on the loan amount (whichever is greater) of a funded loan. Learn more about how to become an affiliate.

4. Get Paid in Bitcoin

A lot of people have started accepting Bitcoin and other cryptocurrencies as payment for their work. This is an especially attractive option for people want to earn bitcoin from home or as a freelancer. Whether you’re an editor, musician, social media manager, or artist, you can make money with cryptocurrency in exchange for your services now.

Some of the more popular crypto freelance platforms include:

r/Jobs4Bitcoin — a popular Reddit job board for tasks paid in Bitcoin

Bitwage — payroll and HR services for getting paid in Bitcoin

Angel’s List — Job board site where many crypto projects are hiring

Earn.com — Earn Bitcoin for completing tasks and answering emails

CryptoGrind — A place to buy and sell freelance services using Bitcoin

CryptoJobs — Job board for freelancers that want to earn crypto for their work

Coinality — Job board for projects looking to pay in crypto

Bitfortip — Earn Bitcoin for helping people

How are crypto wages taxed?

People who earn Bitcoin or other cryptocurrencies as wages have very specific needs when it comes to accounting and paying taxes. Bitcoin taxes are one of the more confusing parts of owning cryptocurrency. You need to be able to track all of your trades and have the up-to-the-minute fiat conversion value, as well as the crypto amount.

According to TurboTax, employees getting paid in crypto must report their W-2 wages in dollars, when if they are earned in Bitcoin or another digital asset. For freelancers, gains or losses from services rendered must also be converted from crypto to dollars as of the day received. Those figured need to be reported on your tax returns.

There are a number of companies specializing in crypto taxes that make this whole process simple, and affordable. Many also provide expert customer service to support you with your individualized questions and need. Their software can help you with anything from collecting and evaluating your crypto trades to crunching the numbers on the Bitcoin your earned from your job. Some of these providers include:

1. TokenTax

2. BearTax

3. ZenLedger

4. CoinTracker

5. CryptoTrader.tax

Learn more about the best crypto tax software companies.

5. Earn Bitcoin by Trading or Mining

For some people, trading crypto is the easiest way for them to earn more Bitcoin. There are numerous trading strategies and every trader has their preferred way to increase their crypto holdings through trading. However, an increasingly popular way to trade is by leverage trading. In this scenario, traders will borrow funds to bolster their trading. In crypto, these leveraged loans are called crypto-backed loans.

One of the easiest ways to mine crypto using your personal computer is with Honeyminer. You just download the application and run it in the background. That’s all.

What is a crypto-backed loan?

Crypto-backed loans are structured like collateralized loans, where the borrower provides the lender with collateral in order to get access to more funds. More specifically, the borrower gives the lender their cryptocurrency in order to get USD. Once the loan is paid off, the borrower gets their crypto back. This is a safe and easy way to get access to USD or stablecoins.

A benefit to crypto loans is that they don’t require a hard or soft pull of a potential borrower’s credit score. Because the loan is secured by an asset as collateral, there is no risk to either side. If the borrower decides to not pay back the loan, the lender can just sell the borrower’s collateral to recoup the funds.

Additionally, crypto-backed loans don’t trigger taxable events. Transferring your funds to a crypto lender does not constitute a selling action, so there are no capital gains implications involved.

Learn more about how crypto-backed loans work.

What is crypto mining?

Another way to earn Bitcoin is through crypto mining. Mining in the context of cryptocurrency is what powers the blockchain. Miners use computers to calculate complex cryptographic algorithms to un-crack code. This process confirms all crypto transactions and adds them to the blockchain for the public record.

Crypto miners are incentivized to complete the computer processes with what are called “block rewards,” which give miners free Bitcoin or other crypto in exchange for their efforts. The difficulty of crypto mining can go up or down depending on how many people are mining that blockchain or how congested the transaction network is.

How much does crypto mining cost?

Crypto mines can be an expensive operation. Antminer, a popular miner hardware manufacturer, sells their S7 ASIC Bitcoin Miner for $199.99 each on Amazon. A crypto mining rig can have anywhere between four to tens of thousands of these devices. Additionally, the cost of the hardware’s upkeep and electricity costs can be substantial. Bitmain’s SanShangLiang industrial mining complex in Mongolia has over 25,000 machines that process $250k of Bitcoin every day as of May 2018.

To fund their operations, some miners will turns to crypto loan companies to fund their operations. Learn more about funding a mining operation with your cryptoassets.

Avoid Losing in FOREX trade

Online Techniques

Avoid Losing in FOREX trade

PAPAAZ BLOG   November 07, 2019   Comment  

Over leveraged - Leverage two-way street. The brokers want you to use high leverage because that means more spread income because your position size determines the amount of spread income; the bigger the position, the more spread income the broker earns.

Relying on Others - Real traders play a lone hand; they make their own decisions and don't rely on others to make their trading decisions for them; there is no halfway; either trade for yourself or have someone else trade for you.

Stop Losses - Putting tight stop losses with retail brokers is a recipe for disaster. When you put on a trade, commit to a reasonable stop loss limit that allows your trade a fair chance to develop.

Demo Accounts - Broker demo accounts are a shill game of sorts; they're not as time-sensitive as real accounts and therefore give the impression that time-sensitive trading systems, such as short-term moving average crossovers, can be a consistently profitable trade; once you start dealing with real money, the reality is quick to set in.

Trading During Off Hours - Bank FX traders, option traders, and hedge funds have a huge advantage during off-hours; they can push the currencies around when no volume is going through and the end game is new traders get fleeced trying to trade signals. There is only one signal during off hours it is better to stay out.

Trading a Currency, Not a Pair - Being right about a currency is half a trade; success or failure depends upon being right about the second currency that makes up the pair.

No Trading Plan - "Make money" is not a trading plan. A trading plan is a blueprint for trading success; it spells out what you see your edge as being; if you don't have an edge, you don't have a plan, and likely you'll wind up a statistic (part of the 95% of new traders that lose and quit).

Trading Against Prevailing Trend- There is a huge difference between buying cheaply on the way down and buying cheaply. What was a low price quickly becomes a high price when you're trading against the trend.

Exiting Trades Poorly- If you put on a trade and it's not working make sure you exit properly; don't compound the damage. If you're in a winning trade don't talk yourself out of the position because you're bored or want to relieve stress; stress is a natural part of trading, get used to it.

Trading Too Short-term- If your profit target is less than 20 points, don't do the trade; the spread you pay to enter the trade makes the odds way against you when you go for these tiny profits.

Picking Tops and Bottoms- Looking for bargains works well at the supermarket but not trading foreign exchange; try to trade in the direction the price is going and your results will improve.

Being Too Smart- The most successful traders I know are high school graduates. They keep it simple and don't look beyond the obvious; their results are excellent.

Not Trading Around News Time- Most of the big moves occur around news time. The volume is high and the moves are real; there is no better time to trade fundamentally or technically than when news is released; this is when the real money adjusts their positions and as a result the prices changes reflect serious currency flow (compared to quiet times when bank traders rule the market with their customer order flow).

Ignore Technical Conditions- Determining whether the market is over-extended long or over-extended short is a key determinant of near-time price action. Spike moves often occur when the market is all one way.

Emotional Trading- When you don't pre-plan your trades, it is essentially a thought and not an idea; thoughts are emotions and a very poor basis for doing trades. Do people generally say intelligent things when they are upset and emotional? I don't think so.

Lack of Confidence- Confidence only comes from successful trading. If you lose money early in your trading career it's very difficult to gain true confidence; the trick is don't go off half-cocked; learn the business before you trade.

Lack of Courage to Take a Loss- There is nothing macho or gutsy about riding a loss, just stupidity and cowardice. It takes guts to accept your loss and wait for tomorrow to try again. Getting married to a bad position ruins lots of traders. The thing to remember is the market does crazy things often so don't get married to any one trade; it's just a trade. One good trade will not make you a trading success; rather, it is the monthly and annual performance that defines a good trader.

Not Focusing on the Trade at Hand- There is no room for fantasizing in successful trading. Counting up and mentally spending profits you haven't made yet is mental masturbation and does you no good. Same with worrying about a loss that hasn't happened yet. Focus on your position and have a reasonable stop loss in place at the time you do the trade. Then be like an astronaut sit back and enjoy the ride, there is no sense worrying because you have no real control; the market will do what it wants to do.

Interpreting Forex News Incorrectly- Fact is the press only has a very superficial understanding of the news they are reporting and tend to focus on one element and miss the point. Learn to read the source documents and understand them for real.

Lucky or Good- Your account balance changes don't tell you the whole story about your trading; the fact is if you are taking a lot of risk and making money, you will eventually crash and burn. Look at the individual trade details; focus on your big losses and losing streaks. Ask yourself this - if I had a couple of consecutive losing streaks or a couple of consecutive big losses, how would my account balance look. Generally, traders making money without big daily losses have the best chance of sustaining positive performance. The others are accidents waiting to happen.

Too Many Charity Trades- When you make money on a well-thought-out trade, don't give back half on a whim; invest your profits from good trades on the next good trade. Here is a simple way of trading multiple time frames in forex.

Courage Under Fire- When a policeman breaks down the door to a drug dealer's apartment, he is scared but he does it anyway. When a fireman climbs onto the roof of a burning building, he is scared but does it anyway - and gets the job done. It's the same with trading - it's OK to be scared, but you have to pull the trigger; no trigger = no trades = no profits = no trader.

Quality Trading Time- I suggest 3 hours a day of quality, focused trading time; that's about all your brain allows. When you are trading, you must be 100% focused - halfway is plain bullshit and does not work. Don't even think that time spent in front of the computer watching the rates has any correlation with profitability; it doesn't. Spend less time but when you are trading, be 100% focused.

Rationalizing Killer- Absolute Killer. Put your trade on and let it run. If it hits your reasonable pre-determined stop, you're out. Moving your stop is like getting up after being crushed with a knockout blow; it's pointless, things will only get worse. Don't ignore the obvious - you are wrong, so get out. Come back the next day and try again. A small loss will not hurt you, but a catastrophic loss will.

Mixing Apples and Oranges-  Have you ever done this: you see the EUR/USD trading higher, so you buy GBP/USD because it hasn't moved yet. That's a mistake. Most of the time the reason the GBP/USD hasn't moved yet, is because it has already overbought or some 4:30 am UK news was bearish. Don't mix apples and oranges; if EUR/USD looks good, buy EUR/USD.

Avoiding the Hard Trades Bank- FX traders have an axiom: the harder the trade is to do, the better the trade. This I learned from experience - when I needed to buy EUR/USD and it was hard to get them, that's when it is necessary to pay up and get the business done. When it's easy to get them, then sit back and wait for better levels. So if you're trying to get into a trade or more importantly get out of a trade, don't putz around for a few points; get your business done.

Too Much Detail-  If you are trading more than 2 indicators, then you need to clean house. Having many indicators stifles trading and finds reasons not to trade. A setup and a trigger is all you need. Here are some of the trading conditions you want to avoid in the forex market.

Giving Up Too Easy- Your first trade of the day may not be your best but certainly, it's no reason to quit. I have a preset daily trading limit and I use it; you can't make money by making excuses. Getting trades wrong is natural and should be expected.

Jumping the Gun- Don't be penny-wise and dollar foolish; wait for your trade signal to be clear. Put on your trade and give it a decent size stop loss so that you don't get knocked out by random noise. Do trades and don't buy lottery tickets (extremely tight stops).

Afraid to Take a Loss- Trading is not personal; it's business. Don't think that a poor trade is a reflection of you. It could be you are just ahead of your time or a commercial order hits the market and temporarily creates a small unexpected move. Again, place your stop beforehand and NEVER increase your pre-determined risk. If its going bad, it will probably get worse; I think that's Einstein in motion stays in motion

Over-Relying on Risk Reward-  There is zero advantage in risk-reward; if you put a 20 point stop and a 60 point profit your chances are probably 3-1 that you will lose; actually with the spread its more like 4 to 1 (from entry point if it goes down 17 points you lose or up 63 you win; 17/63 is close to 4-1).

Trading for Wrong Reasons- Because the EUR/USD is going up is not in itself a reason to buy. Buying EUR/USD because it's not moving is even worse; you're paying the toll (spread) without even a hint that you will get a directional move. If you are bored, don't trade - the reason you are bored is there is no trade to do in the first place.

AVOID LOSING YOUR MONEY ONLINE

Legit trade Online

AVOID LOSING YOUR MONEY ONLINE

PAPAAZ BLOG   November 07, 2019   Comment  

In 2013, Business-to-Consumer e-commerce sales (excluding gambling) will most likely top $1 trillion for the first time. Followed by the UK and Germany, the Asia-Pacific might finally surpass the US to become the leading market for Business-to-Consumer e-commerce sales. There are various reasons why people continuously prefer e-commerce shops over physical stores. At the top of the list: time saving (73%), greater variety (67%) and easy price comparisons (59%).

We no longer need to rely on the competency – and often motivation – of the person working at the local store, as we now have an unlimited range of international products at our fingertips. Furthermore, good bargaining skills are no longer required in order to secure a good price, as tons of limited special offers and too good to be true promotions are flooding our inboxes on an hourly basis. Therefore, one would be foolish to pass up the opportunity to buy something exquisite and/or “desperately” needed at the best price available online.

While apparel, computer and consumer electronics still make up 40% of current online sales, the Internet is enabling us to purchase anything we ever wanted, no matter how far away we live.

The online market continues to grow, cybercrime follows

Unfortunately, the number of reported cybercrimes concerning online shopping fraud continue to grow at a daunting speed, too. Online retailers go out of business all the time, but no one would guess that a reasonable number of them are struggling with chargebacks and providing funds to tackle the issue. Consumers, on the other hand, are burdened with sorting out legitimate e-commerce ads from sophisticated fraud, hidden amongst hundreds of obvious spam offers and phishing attempts.

According to the Federal Trade Commission of America, online shopping fraud involving Weight-loss Products was the top category of fraud in 2011 with an estimated 5.1 million victims. A little further down the list, one can spot unauthorized billing for Internet Services (1.9 million est.) and Credit Card fraud (1.3 million est.). While fraud usually remains undetected for a long time – if it ever is – its detection relies primarily on tips from vigilant consumers that recognize certain behavioral traits and raise a red flag.

The FTC Consumer Sentinel Network Data Book reported an estimated $330 000 000 loss due to money transfer fraud complaints as of September 2013.

Trust your instincts when it comes to online shopping

Would you trust any of above gentlemen to (let’s imagine) babysit your child for a day or care for your dog while you are away, in real life, without checking their credentials? We hope not.

Back to the digital world: Why then would you purchase something or use a service online, when the corresponding website offers only wire transfer payment options and doesn’t have a physical address or a working phone number anywhere to be found? Please remember: If an offer seems too good to be true, it probably is.

6 common online shopping fraud schemes

Let’s have a look at some very common pitfalls when it comes to online payment and how to spot them.

• Internet auction fraudA consumer pays for an item he recently won on an appealing auction site, but the seller either sends a fake or a product of lesser value, or doesn’t deliver at all. With almost 500 reports per week, auction fraud accounts for roughly 48% of online fraud reports to the FTC.
• Gift card & promotions phishingThis scam is particularly effective during the holiday season. Consumers receive an email that looks like it comes directly from an authorized retailer. Unfortunately, the links to the special promotion lead to a fake replica of the real website.
• Online vehicle sales fraudCriminals attempt to hide behind the names of reputable companies such as eBay Motors Vehicle Purchase Protection (VPP), although VPP is not applicable to transactions that originate outside of eBay Motors and it explicitly prohibits wire-transfer payments. If you really want to initiate a distance purchase of a vehicle, ensure that both the seller and their ownership of the car are actually legitimate. Do not send payment upfront to a complete stranger.
• Domain renewal fraudConsumers receive a fake invoice for the registration or renewal of a domain that matches or is similar to their own domain.
• Fraudulent online shopsThe list is endless. Fake pharmacies, for example, offer drugs at low rates and/or without a prescription. Be aware that you may risk your health as well as your money!
• Chargeback or “friendly” fraudAfter receiving the purchased goods, a fraudulent consumer requests a chargeback from the issuing bank to receive a refund of their money. The merchant is accountable, regardless of whatever measures were taken to verify the transaction beforehand.

11 valuable tips on how to avoid online purchase fraud

1. Don’t open unsolicited emails or email attachments from unknown sources, particularly if they claim to be from bank offices, payment services or even law enforcement agencies like the FBI that you have never been in contact with before. Ensure that you have a good real-time malware scanner running, that scans all email attachments when they are opened.
2. Don’t click on links in unsolicited emails and never fill in personal or financial information on an online form that is referenced from or attached to the content of such a message. Watch out for hard to spot spelling errors in the link target and enter the url manually into the address bar of your browser. See if you can find any information enclosed in the email on the website, directly.
3. Read the fine print before registering as a user and/or placing an order or a bid in an auction. Choose another seller if the fine print places you in an uncomfortable position.
4. Don’t send online account details, your social security number and/or credit card details via (unencrypted) email. You wouldn’t put it on the windshield of your car while driving around in the city, would you? Unfortunately, some online shops don’t care much about your privacy, e.g. sending you your newly registered username and password in plain text as confirmation. In cases like this it would be best to immediately revoke your registration.
5. Look out for a small security lock icon at the bottom of your browser or next to the “https” in the browser bar when accessing any profiles, user accounts or online forms that ask you for financial information. It does not necessarily guarantee protection, but is a good start. For further details about how to recognize a secure website, continue reading “Managing network threats” in our Knowledgebase.
6. Never (ever!) send money via wire transfer to a complete stranger. Keep in mind, that a wire transfer is like sending cash in an simple envelope. Use your credit card or a trusted payment service such as Paypal to provide an extra layer of security to keep fraudsters out of your bank account. Even wire transfer companies such as Western Union and Moneygram explicitly encourage you not to use a money transfer to purchase an item from a stranger, and they are the experts!
7. If you sell something online, on the other hand, don’t ship the goods uninsured. If you can’t confirm the identity of a buyer, always ask for money upfront. Don’t refund money that has been overpaid by a check that you received but have not yet claimed – it might bounce!
8. Trust your instincts and/or the knowledge of the Internet. If an offer seems too cheap to be true, it could be a fake or fraud. Google, Bing or Yahoo etc. reviews of the company. Also try searching for the company’s name using keywords such as “fraud” and “scam”.
9. Reconcile credit card and bank statements on a regular basis to detect unauthorized charges as soon as possible.
10. Use different and strong passwords for every single one of your online accounts. Change them every couple of months, but don’t store any of them in your mailbox, please.
11. Protect your computer with more than just conventional anti-virus software. Slightly modified domains or domains bearing special characters may not appear suspicious at first. Emsisoft Anti-Malware with its sophisticated Surf Protection module, detects most phishing sites and blocks any connection attempts to them, thus protecting you against phishing in the best possible way.

REASONS FOR THE FAILURE OF ONLINE BUSINESS

Online Techniques

REASONS FOR THE FAILURE OF ONLINE BUSINESS

PAPAAZ BLOG   November 07, 2019   Comment  

1: Not Analyzing The Needs & Demands Of Target Customers Beforehand

Not analyzing the needs & demands of target customers is yet another reason why 42% startups fail to succeed. Remember, you need enough customers to buy your products or service, for your business to succeed. And that’s why it makes sense to evaluate your potential customer base before launching your new business.

You’ll need to present yourself attractive option to lure customers to your business. The best way to understand the needs and demands of your potential customers is to put yourself in their shoes and look at your products and services with their point of view.

Then tailor your products, services and your marketing efforts to those customers. There are manifold rewards of understanding your customers: you get to strengthen the brand loyalty and trigger positive word-of-mouth recommendation for your products and services.

2: Not Having A User-Friendly Website

A basic ingredient to run an online business is to have a well-designed website. You need to put everything regarding your business in your web pages. People will come across your business through your website. When they will visit your website, it should make a good first impression on them. This means that each color, font, image, symbols, text, etc, elements you pick to create your website should impress the visitors.

Your website must hold all the information that your target customers want. It must have pages such as About Us that tells all about what your company and business does. Tell how your business stands out in your niche market. There should be details about the products or services you sell.

Also, mention the specific solutions that your business provides to the customers. Makes sure that your website has other pages like Contact Us that has your company’s physical address or any other address.

Pages such as Terms and Conditions, Privacy Policy, etc. must also be there as part of your website.But most importantly, your website design should stand out in its use of design concept, colors, typeface and various other elements.

3: Not Having A Memorable Logo

If you take a good look at the logos of the online business startups, you will find that their logos are mostly nothing more than a casual drawing. Remember that a logo is not just a symbolic representation of a company in a market. It is, in fact, a tool to engage your potential customers with your business. A uniquely designed logo draws people’s attention quickly, which becomes the starting point for engaging them with a business.

The fact is that a memorable logo design can help you build a brand identity. If people like the logo, they will keep it in memory. Whenever they see the logo, it will immediately remind them of your business.

4 : Not Having A Good Social Media Presence

Another reason for the failure of many online business startups is that they simply ignore the power of social channels in promoting a business. In the modern world, people use social channels to get updated information. They communicate with the world using a variety of these channels including Facebook, Twitter, YouTube, Instagram, Google+, and many others.

Your potential customers of startup are mostly present on different social media. Make sure that your business has a dedicated social media page on most of these channels. Then, post content regarding your company, business, products or services regularly. The content should be such that they can interact with your business.

5 : Not Effectively Managing Company Cash Flow

Besides inadequate understanding of customer preferences, 29% startups often struggle to keep their finances uptight. Addressing this issue is perhaps the first step in helping startups achieve success. Unfortunately, even the most promising of entrepreneurs fail to set up a stable flow of cash.

In order to succeed, startups must try to keep their costs low and try to ensure a smooth inflow and outflow of the company cash. It makes sense to utilize the vast ocean of free and easily available resources to keep the operating costs low.

6: Not Having The Right Team

Yet another reason why 23% startups fail is not having the right team. An article published at Entrepreneur.com reveals that forming the right team is perhaps the first critical step to building a sustainable company. No matter you’ve spent through your nose for a creative logo design, a fancy website and an extra-luxe office space, nothing can save your startup company from falling flat if you don’t have a great team.

Remember, only an effective team can quickly make adjustments and quickly pivot to the ever-changing market conditions. A right team can bring large rewards to startup founders. Therefore, it makes sense to invest in a good team to steer your startup towards success.

7: Not Being Prepared To Beat The Competition Hands Down

Despite the fact that most experts and industry veterans suggest startups to not be careful of the competition, the reality is that around 19% of the startups fail as they aren’t really prepared to combat their competition.

It makes sense to do a thorough competitor analysis to understand what your competitors are doing and why. You must be well aware of the strengths and weaknesses of your competition in order to make well-informed decisions and strategically plan your marketing activities.

8: Not Being Careful Of The Product Pricing & Cost

One of the most critical reasons why startups fail is the pricing and cost issue. Remember, pricing remains a critical component that defines the fine line between startup success and failure. You’ll need to find the perfect balance for the price of your products.

Neither should your product price be too high nor should it be too low. It makes sense to carefully analyse the market conditions and the total manufacturing, packaging and distribution cost to name a selling price for your products.

9: Not Having A Powerful Internet Marketing Strategy

If you are running a business on the web, it still requires an aggressive and effective marketing strategy. Do not forget that there is an internet marketing plan that successful businesses always have in their store. They evaluate their marketing plans periodically and make timely improvements. So, if your online business website is not ranking high up in the search results when customers type some search words on Google, you will not get the customers. Your business website must come up at the top search results for different keywords. So, are you equipped with a sound internet marketing plan?.

Do you have an email marketing plan for instance? If your email design speaks a lot about your business values and personality, it will bring more customers. Your email marketing campaign will entice your potential customers. Similarly, make sure that your SEO strategy is also in place to improve your search rankings.

10: Lack Of Commitment

One of the most sought-after ingredients to run any business, especially online business, is the commitment. But many business owners do not maintain the initial level of high commitment. They start well but lose their focus and determination to succeed for different reasons. Many of them are left with no enthusiasm if they face some failures. For example, if they do not get the customers’ response, they get dejected and lose patience and interest.

To restore your commitment, make sure that you maintain high level of energy and interest in what you are doing. Take help of experienced people whenever you face problems. That will enable you to understand a problem, which keeps the interest going.