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Loans: Take Control Over Your Money – Start Your Own Credit Union

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When you are on a low income, it is very difficult to get credit. And yet, most of us could not manage certain purchases outright, even if we get a decent wage. This is where the Credit Union offers a real alternative.

Run by a volunteer board of directors which are elected by its members, a Credit Union is basically a financial cooperative, owned and controlled by its members.

They offer affordable loans and encourage members to save. By law, the maximum a Credit Union can charge is 12.7% and this is charged on an ever reducing balance, which means that every week or month, you will pay less and less interest. There are no hidden charges and you will not be penalised for repaying the loan early.

Anyone can join a credit union, as long as they are part of the ‘common bond’. This could be people living in a shared area, working for the same employer or belonging to the same association.

So how do you start your own credit union?

The average time it takes to establish a credit union is between one and three years. The minimum number of members required for the initial set up is 21 and the maximum number of members once you are established is limited to just 5,000 people.

After you have secured enough members to start your union, there are a number of tasks which will need to be completed.

o Firstly, decide on a common bond – where your credit union will operate

o Get a group together with the necessary range of skills and experience to develop a successful community business

o Carry out a pledge drive – find out just what demand there is for a credit union in the area you wish to service and use the information obtained to inform your business plan projections

o Join The Association of British Credit Unions (ABCUL) as a Study Group member – for just £35 a year, you get a full manual and access to all of ABCUL’s information services

o Discuss and research your plans with the regulators – The Financial Services Authority (FSA) will need to approve your common bond and satisfy itself that your business plan and policies and procedures meet its standards. The FSA website http://www.fsa.gov.uk gives the regulatory requirements Credit Unions now have to meet to safeguard member’s money in the same way as banks and building societies

o Obtain funding & sponsorship -and include the figures in your business plan

o Choose officers – Officers and employees of the credit union will need to obtain ‘Approved Persons Status’ from the FSA, and will need training for their roles

o Think about marketing & promotion and how you will meet your business plan targets

o Launch your credit union.

It is also vital to secure sponsorship from local sources, such as employers, housing associations, business groups or councils as setting up your own credit union can initially be an expensive process. ABCUL estimates the costs at between £30,000 and £70,000 in setting up a scheme with premises and staff for the first three years.

Credit unions in the UK are also required to reach a statutory minimum reserve of 10 per cent of aggregate assets to protect their members. Until they reach this level, credit unions should transfer at least 20 per cent of their surplus into reserves each year.

Covering you and your members

In the UK a credit union has to take out insurance to protect its members’ funds from fraud and mismanagement. However, there is no industry-wide compensation scheme to protect members’ savings should a credit union become bankrupt.

Before you set up your credit union from scratch, consider investigating if credit unions in neighbouring areas would be willing to expand their common bond to your locality or place of employment.

Many credit unions are expanding their common bonds to cover much larger populations, and your area may already be included in someone else’s plans. ABCUL can advise you on initiatives happening where you are, and put you in touch with the right people.

To the wider community, a Credit Union improves the general financial knowledge of its member and offers training to its volunteers investing in local money.

It helps restore a sense of pride in disadvantaged and disaffected communities and provides a means of targeting financial exclusion.

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Art Auctions in Hong Kong Feature Five Highly-Anticipated NFT’s

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Art Auctions in Hong Kong Feature Five Highly-Anticipated NFT's
  • NFTs address shared and duplicated digital work.
  • Jacky Tsai, a Shanghai-based artist, designed a floral skull symbol in 2008.

NFT initiatives continue to explode in Hong Kong, celebrities join artists in supporting a technology altering how digital art and now movies, purchased and sold. Furthermore, NFTs address shared and duplicated digital work, lowering the value of having an “original” version of a piece.

Wong Kar Wai’s

In the Mood For Love, an unreleased behind-the-scenes video will be auctioned off by Sotheby’s in October. Moreover, Tony Leung Chiu-wai and Maggie Cheung Man-yuk appear in Wong’s most highly praised films from 2000.

Refik Anadol’s

Space pictures collected by satellites and spacecraft, utilized to create eight digital artworks by Turkish media artist Anadol. Furthermore, the images he gets are what machines dream about the cosmos.

They are created from over two million raw space pictures and sophisticated machine learning algorithms as if the original telescopes could think for themselves.

Shawn Yue Man Lok’s

Christie’s is presently auctioning 14 NFT artworks held by the Hong Kong star as part of the “No Time like Present” online charity sale.

Among the highlights of the auction are six CryptoPunks, a historical series. Moreover, for CryptoPunk #9997, the top offer in the auction is HK$5.5 million ($706,500), while the other five less uncommon CryptoPunks are all going for over HK$1 million.

Jacky Tsai’s

For fashion designer Alexander McQueen, Jacky Tsai, a Shanghai-based artist, designed a floral skull symbol in 2008. Since then, he’s used the skull in many of his works, including the NFT art he recently coined on Opensea, the Ethereum NFT art platform.

Lockdown

Bizhan Tong, 33, a British-Chinese director, is producing Asia’s first “NFT film” alongside Marvion Media, a blockchain technology firm. Moreover, The Walking Dead’s Xander Berkeley and Hong Kong actress Anita Chui Pik-ka feature in Lockdown.

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Daily Analysis -EOS, XLM, and TRX – September 27th, 2021

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Daily Analysis -EOS, XLM, and TRX - September 27th, 2021
  • EOS must avoid the $3.9340 pivot. 
  • On Sunday, Stellar dropped 0.32%.

The entire Cryptocurrency market is on a decline including top coins such as BTC and ETH. 

Even other altcoins had to face the heat, Let’s take a look at the daily analysis of EOS, XLM and TRX. To avoid a second day of losses, crypto would need to return to Sunday’s highs.

EOS (EOS)

On Sunday, EOS dropped 0.92 percent. After a 0.52 percent drop on Saturday, EOS fell 19.13 percent for the week to $3.9739. It dropped through the $3.9120 significant support level and the $3.8134 significant support level. Moreover, EOS surged to an intraday high of $4.1539, avoiding the third key support barrier at $3.6212.

This week, it breached the first significant resistance level at $4.1042 before slipping back into the red. EOS had a rocky start to the day, falling to a low of $3.9279 before recovering to $4.0076. Early on, it avoided testing key support and resistance levels.

EOS/USDT: Source: TradingView

To reach the first significant resistance level at $4.1938, EOS must avoid the $3.9340 pivot. To break clear of Sunday’s high of $4.1539, the market would need to rally. Unless crypto rallies broadly, the first significant barrier around $4.20 will likely limit any gains. According to CoinMarketCap, EOS price today is $3.95 USD with a 24-hour trading volume of $1,369,211,832 USD.

Stellar (XLM)

On Sunday, Stellar dropped 0.32%. Despite a 1.46 percent Saturday drop, it fell 11.86 percent this week to $0.2762.

It dropped through crucial support levels at $0.2701 and $0.2631. Furthermore, XLM rose to a late intraday high of $0.2832, avoiding sub-$0.25 support. However, falling short of the first significant resistance level at $0.2850, it dropped red.

1632777169 516 Daily Analysis EOS XLM and TRX September 27th 2021
XLM/USDT: Source: TradingView

XLM had a rocky start to the day, falling to $0.2730 before rebounding to $0.2778. It failed to test significant support and resistance early on. According to CoinMarketCap, Stellar price today is $0.273814 USD with a 24-hour trading volume of $356,373,202 USD.

TRON (TRX)

On Sunday, TRX fell 3.14 percent. Tron’s TRX fell 14.84 percent last week after losing 1.24 percent on Saturday. It fell to an intraday low of $0.08326 before making a rise. Tron’s TRX dropped through the $0.08871 and $0.8645 key support levels. It recovered late in the day, avoiding the third key support barrier of around $0.08161.

After failing to breach the first significant resistance level at $0.09355, Tron’s TRX dropped below $0.090 into the red. It fell through the first critical support level at $0.08871.

1632777170 44 Daily Analysis EOS XLM and TRX September 27th 2021
TRX/USDT: Source: TradingView

Tron’s TRX fell to a low of $0.08638 before rebounding to a high of $0.08841. It failed to test significant support and resistance early on. According to CoinMarketCap, TRX price today is $0.08862 USD with a 24-hour trading volume of $1,414,047,340 USD.

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AGMH.O Announces Strategic Partnership With HighSharp, Makes Six-Month Commitment To Breaking $100M Sales Mark

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AGMH.O Announces Strategic Partnership With HighSharp, Makes Six-Month Commitment To Breaking $100M Sales Mark

Strategic partnership will enable AGMH.O hit the $100 million mark in sales within six months

China, September 27, 2021 – AGM Group Holdings Inc. (“AGMH”) (NASDAQ: AGMH), an integrated technology company focusing on high-performance chip solutions, computing equipment, and fintech software services, announced that it entered into a six-month strategic cooperation agreement with HighSharp (Shenzhen Gaorui) Electronic Technology Co., Ltd (“HighSharp”), a renowned fabless integrated circuit designer that provides advanced semiconductor solutions for supercomputing hardware.

AGM Holdings Partners With HighSharp To Bring $100M In Sales

According to the agreement, HighSharp will grant AGMH the priority to use the latest generation of chips and production services. Additionally, AGMH commits to developing the relevant business clients and complete orders of at least $100 million within the cooperation term. After the corresponding order quantity is reached, HighSharp will jointly develop the exclusive AGM chips by the technology invested as capital stock with AGMH.

AGMH.O Releases Jinli Miner-C16

Previously, AGMH released the Jinli Miner-C16, with a rated hashrate of 113TH/S and an energy efficiency ratio of 30.9J/T, outpacing the best in the industry. It is worth noting that the majority of clients of AGMH’s C16 coming from the United States and Canada were nearly out of reach of the impact of China’s banning policy on bitcoin, and therefore distinguishes AGMH from its peers in the overseas markets. 

About AGM Holdings

AGM Group Holdings Inc., is a financial integration company focused on high-performance chip solutions. Headquartered in Beijing, China, the company provides chip design, chip research and development, and produces crypto mining hardware. AGM Group Holdings Inc. which trades on the NASDAQ with the ticker AGMH also provides fintech software services. AGMH aims to be a major player and contributor to the global blockchain ecosystem.

For more information on AGMH:

Website: https://www.agmprime.com/

Email: [email protected]

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Could A Bitcoin Bull Flag Leave Bears Blindsided

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bitcoin bull flag

Bitcoin price is at a crossroads, either ready to fall into the troughs of a bear market, or blast off and show the world the bull run has yet to officially end. But which is it? No one truly knows, but a technical pattern and the psychology behind it could reveal the potential outcome ahead of time.

Could a potential bull flag forming on daily timeframes confirm, and lead to what is ultimately the checkered flag of the current market cycle? Let’s examine the bullish chart pattern.

What Is A Bull Flag? Bitcoin Price Pattern Targets New All-Time Highs

Technical analysis is the study of chart patterns, sequences, candlesticks, indicators, oscillators and more. The study is used to improve profitability by using statistics to increase probabilities of results. This can vary from finding price targets to sell assets, or finding support and resistance.

A bull flag is a bullish chart pattern and there is potentially one forming on the daily BTCUSD price chart. It is hard to say that Bitcoin price action is bullish right now, considering it was trading at $65,000 only a few months ago, but the pattern fits the shape.

Related Reading | Build Base Or Bust? Bitcoin Touches Down On Parabolic Support

The pattern is characterized by a long sharp move that creates a flag “pole” followed by consolidation within a channel which represents the flag itself. Bull flags are often found slanting slighting downward, as the pattern gives bears the false sense they are winning, which results in an even sharper move higher when these traders realized they were wrong.

Will the bull flag pattern confirm? | Source: CME BTC1! on TradingView.com

The Psychology Behind The Chart Pattern Breakout

Bears sure seem to be in charge of Bitcoin price action as of late, but bulls could be preparing to blindside bears with a breakout of the bull flag pattern and short squeeze.

The psychology of the bull flag is the perfect setup: A pole is caused by bullish buying and shorts covering. At the local high, price repeatedly is rejected making lower highs and lower lows. Bears celebrate and but become complacent, even adding to losing short positions.

Related Reading | Why Bitcoin Bears Might Not Get To Buy New Lows

When bulls gain the upper hand, the resulting breakout is often even stronger than the pole itself, because more shorts have piled on who cover, combined with any incorrect positions that have accumulated during the pattern itself.

Bitcoin price is currently at $43,000, and if the pattern is valid, based on the measure rule the target would be closer to $82,000. Serious momentum from buyers and shorts covering both would be necessary to restart such a powerful trend.

Doubling in value from one price pattern alone would be shocking for bears and bulls alike, but it would be accurate based on a variety of factors. For example, the bull flag is touching down on what could be a parabolic base three, or an Elliott Wave impulse wave five just beginning. It also could be one big trap for Bitcoin bulls who could get caught in further downside.

Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com

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What If You Bought $1,000 Worth of Cosmos (ATOM) in January?

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What If You Bought $1,000 Worth of Cosmos (ATOM) in January?
  • A popular cryptocurrency exchange just added Cosmos.
  • Cosmos is termed as ‘Blockchain 3.0’.

Some in the crypto sector are worried about the amount of fragmentation in blockchain networks. Moreover, there are hundreds, yet few can converse. Furthermore, This is something that Cosmos hopes to alter by making it accessible.

Cosmos is termed ‘Blockchain 3.0’. Thus, as previously said, ease of usage is a major objective. In order to this aim, the Cosmos SDK focuses on modularity. As a result, a network may be rapidly constructed by using preexisting code. Now, in the long term, it is anticipated that sophisticated applications will be simple to build.

Cosmos (ATOM) would have been worth $4,690 now if you purchased $1,000 worth on Jan. 1. According to CoinMarketCap, $1,000 would buy 154.08 ATOM. Moreover, As of Sept. 21, each ATOM is worth $30.44 and almost 370 percent gain.

ATOM/USDT: Source: TradingView

Also, Cosmos peaked at $44.70 last week (Sept. 20) but has since dropped. To put that in perspective, here’s what $1,000 worth of other cryptocurrencies, including its rivals, would be valued in similar conditions.

  • Bitcoin (BTC) purchased for $1,000 would be worth $1,404
  • Ethereum (ETH) purchased for $1,000 would be worth $3,747
  • Dogecoin (DOGE) purchased for $1,000 would be worth $42,940
  • Solana (SOL) purchased for $1,000 would be worth $82,086
  • Polkadot (DOT) purchased for $1,000 would be worth $2,833
  • Avalanche (AVAX) purchased for $1,000 would be worth $18,737

The Market is Always Volatile and Unpredictable

The author estimates are based on CoinMarketCap data, prices from Jan. 1 to Sept. 21. As a result, these pricing comparisons may be deceptive. Furthermore, unpredictable occurrences like Elon Musk’s comments on Dogecoin may significantly affect pricing in the highly speculative cryptocurrency market.

A popular cryptocurrency exchange just added Cosmos to their list of supported coins. Moreover, its network hosts over 250 apps, including Binance Smart Chain and Crypto.com. According to CoinMarketCap, Cosmos price is $38.63 with a 24-hour trading volume of $1,373,110,982.

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Crypto.com Announces Free Crypto Tax Service in the UK

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Crypto.com Announces Free Crypto Tax Service in the UK

Crypto.com Tax was successfully launched earlier this month in Canada, America, and Australia. Aside from all this, the company announced that this service is now available in the UK as well and will be offered in more regions in the future.

The Crypto.com Tax service makes submitting crypto tax returns simply by integrating with major wallets and exchanges, including the Crypto.com App and Exchange. Designed specifically for UK tax requirements, this service supports more than 20 of the biggest wallets and exchanges.

In addition, Co-founder and CEO of Crypto.com Kris Marszalek said as the world’s leading and most compliant crypto platform, Crypto.com has long been committed to providing a tax reporting service that is compliant with all laws. Their team is poised to offer this to all crypto users in the UK and other regions in the future.

Users can get quick and accurate tax reports through Crypto.com Tax, which includes transaction history, capital gains and losses, and other crypto-based taxable and non-taxable transactions.

Even more, the calculation logic has been developed in consultation with professional tax advisors to ensure compliance with UK tax law and Guidance.

Moreover, Crypto.com has served more than 10 million customers with its fastest-growing crypto app,  Crypto.com Exchange, and Crypto.com DeFi Wallet, since Crypto.com’s founding in 2016,

The Crypto.com NFT platform, introduced just last week, has been carefully curated from sections of art, design, entertainment, and sports to provide the best experience for collecting and trading NFTs. More so, Crypto.com empowers all of the worlds to transition to cryptocurrencies with over 2,600 employees in offices in the Americas, Europe, and Asia.

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Cardano (ADA) Summit Failed to Push the Price Despite Key Developments

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Cardano (ADA) Summit Failed to Push the Price Despite Key Developments