Bitcoin has gained a lot of popularity nowadays, everyone is talking about bitcoins.All this attention is especially because it’s price has gone through the roof! Though there are still a lot of people who are unaware of cryptocurrencies, and how they work.
What is Bitcoin?
Bitcoin is a cryptocurrency and a payment system worldwide.It is the first decentralized digital currency, as the system works without a central bank or single administrator.It was invented by Satoshi Nakamoto in 2009.It is an open source software. This means, that no person, company or country owns this network just like no one owns the Internet.
The system is peer-to-peer, that is, users can transact directly without an intermediary like a bank, a credit card company.Transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain.
What is Bitcoin mining?
Just like anyone can join the Internet, anyone can help to verify and record payments into the blockchain. This process is called mining.In mining, users offer their computing power.Miners are rewarded with newly created bitcoins and transaction fees.
Currently, miners receive 12.5 bitcoins every 10 minutes. This halves every 4 years. The next halving will happen in mid-2020.
How to mine Bitcoins in India?
Now the question is, how you can mine bitcoins in India? There are mainly two ways by which you can mine bitcoins-
1.MINING BY OWN HARDWARE
Bitcoin mining can be done by a personal computer, tweaked a bit especially for cryptocurrency mining.It requires basic software and some specialized hardware.
When mining began, regular PCs were fast enough to generate bitcoins. That’s the way the system was set up and it was easier to mine in the beginning.It becomes harder to mine as more bitcoins are generated. Over the last few years, miners have had to move on to faster hardware in order to keep generating new bitcoins.
It was found that graphics cards were more efficient in executing these tasks than the conventional CPU processors.So that multiple GPUs are assembled together are used to mine.
New faster hardware is being created by various mining start-ups at a rapid rate dedicated to mining only and with a price tag of full mining rig starting with approx $3000.
The software required to mine is very straightforward and easy to use and is open source, meaning free to download and run.
A miner needs a bitcoin wallet which is an encrypted online bank account. The problem is, as in most bitcoin scenarios is that, a lot of wallets are unregulated and are more prone to attacks.Late last year, hackers stole some $1.2 million worth of the currency from the site Inputs.io. When bitcoins are lost or stolen they are completely gone, just like cash. With no central bank backing your bitcoins, there is no possible way to reimburse your losses.
The second piece of software needed for Bitcoin mining is the mining software itself.One of the most popular software available is GUIMiner.When launched, you don’t need to do anything the program begins to mine on its own and it looks for the magic combination that will open that padlock to the block of transactions. The program keeps running and the faster and more powerful a miner’s PC is, the faster the miner will start generating bitcoins and start getting back their investment made for the hardware.
If you don’t want to buy all these expensive hardware and worry about setting it up and all, then cloud mining for you.It is gaining a lot of popularity nowadays as it is a great option for mining.
Some companies like Hashflare, Genesis and Bitconnect have set up so-called farms to collectively mine cryptocurrencies for individuals unable to assemble their own machines, for a fee.Individuals can now spend as low as $2 to start mining, and these companies assure fixed returns every month which makes it a great option.
Is Bitcoin legal in India?
Even as economies like Japan and Russia move to legalize the use of Bitcoins, India, despite being at the cusp of a digital revolution is yet to officially recognize the cryptocurrency.
As per now, we can say that Bitcoin is neither legal nor illegal in India.
Top 10 reasons why Startups and Business fail
A Startup is started by individual founders or entrepreneurs to search for a repeatable and scale-able business model. More specifically, a startup is a newly emerged business venture that aims to develop a viable business model to meet a marketplace need or problem. A startup is not a smaller version of a company, a startup is a company in continuous search for a sustainable and scale-able business model.
According to IBM institute of business value, 90% of Indian Startups fail in the first five years.
In this article I will write about Top reasons why Startups and Businesses fail and what you can do to keep a good health of your business venture.
1.) Missing innovation around customers need.
Most startups fail because of the very reason they started, to provide value to the customers. We need to keep in mind a startup or a business will flourish only if it solves a problem of customer which they cannot solve themselves. it should provide some value to the customer. Most of the business today focus on their money making model not their customer’s money making model. Customers tend to buy or use those products or services that they perceive create greater value for them than competitive offers. It is essential for executives and leaders to create higher value for their Customers than competition can.
lets understand with an example,
Reliance Jio Infocomm Limited, is an Indian mobile network operator. Owned by Reliance Industries. it provided value to the customers by providing a great mobile data package they would only charge for data and not for calls. this was effective for customers because the calls were free they had to pay for data which was relatively less than other telecom operators in India.
2.) Negative cash-flow and negative working capital.
Negative cash-flow and negative working capital are two different things. Negative cash-flow is a situation in which the cash outflows during a period are higher than the cash inflows during the same period. Negative cash-flow does not necessarily means loss, and may be due only to a mismatch of expenditure and income.
Negative working capital is closely tied to the concept of current ratio, which is calculated as a company’s current assets divided by its current liabilities. If a current ratio is less than 1, the current liabilities exceed the current assets and the working capital is negative.
3.) Don’t expand with negative margin.
Expansion with negative margin is the very reason startups and businesses fail. Some startups do not think enough on how they are going to generate profit. Compromising on margin means your business may not sustain long in the future. their is a concept of negative-profit-margin where a business incurs expenses while building a customer base, so in future they may generate sufficient sales to cover the cost. have a look at the e-commerce giant Amazon. Amazon consistently lost money for its first several years as a public company. It first reported a quarterly profit in the fourth quarter of 2001 and, at $5 million, it barely counted. Amazon CEO Jeff Bezos has long maintained that investing in future growth is more important than hitting quarterly earnings targets, much to Wall Street’s chagrin. But you need to foresighted enough to know whether your way of loosing money and getting customer base the right path or their is another alternative to it.
4.) Hire and retain talented manpower.
Manpower, the people who actually work for the organisation, the people who converts your dream, action plan to execution and get the result. there are cases where people come to your company to learn and leave when required. Retaining talented manpower is the key to run your business, to ideate and get it executed accordingly. to counter these issues embed the following points into the culture of the company.
- Recognize and reward good work. Appreciate employees for their hard-work.
- Create an environment that makes your employees feel like an asset to your company.
- Make expectations and goals of the company clear.
- Create an open and an honest work environment.
- Provide opportunities to grow and learn.
- Let your employees know that their is room for advancement in the company
5.) Scalability with recurring revenue model.
Incorporate some methods in your business due to which your one time customer will again comeback to you. Build some methods in your business so that your customers can generate you a recurring revenue. for example the telecom operators they have plans for calls and data, customer buys their plan as it stick to them for the next one month or even year. Printer manufacturers they will give you printers at a low cost and charge you for the ink, if you run out of ink you will again go to same manufacturer to get the ink.
6.) Mixed marketing signal and wrong positioning.
One of the best ways a startup can kill itself is Mixed Marketing Signal, not giving the customer the signal to buy the product, getting your customers confused about what the product is, for whom the product is meant for, who will find it useful, who should not buy it. Positioning your product in the wrong way is very dangerous for example the King-Fisher when it acquired the Deccan the branding was so much mixed the people were not able to understand whether the Deccan was a full-service carrier or a low-cost carrier, the branding was so blur the people neither got into King-Fisher nor in the Deccan. Mixed marketing signal and wrong positioning is one of the biggest reason why startup and business fail. The branding of Thumps-Up is concise and clear “Aaj Kuch Toofani Karte Hai” shows that it is for youth, for the risk taking people, the daredevils, the youngsters.
7.) Releasing products as a laggard.
Releasing your products so late in the market that the market has saturated. It does not mean that you cannot sell. A last mover also has his own advantages over the first mover. for eg the Patanjali (FM-CG Company) was the late mover but it was the fast mover, currently it is growing 200% every year, Dabur, Procter and Gamble, Hamdard, Hindustan Unilever were the first mover but the market share is now dominated by Patanjali.
8.) Save yourself from getting out-competed.
Most of the business fear that they will get out-competed from the giant players in the market, that they will get overrun by the competition, their so called best invention can be easily manufactured by the other big companies, they won’t be able to save their business secret from the competition. to save your business you may go for following points as applicable
- Intellectual property rights.
- file patents for your products.
- Exclusive rights.
- Economies of scale.
- Proprietary technology.
- Brand Equity.
9.) Listen to the feedback.
Start working on the feedback from the customers, it is impossible to look for and incorporate every feedback. Incorporating feedback and making necessary amendments to the product may make it likable to many more people.
10.) Build a complete ecosystem.
A business model should be their to build the complete ecosystem from marketing, sales, engineering design, developers, business leads, Intrapreneurs so when your business runs into a difficult situation a team should be ready to handle the situation.
Hope, you liked the “Top 10 reasons why Startups and Business fail” these were the results of my observations of business, startups who are making to the top and who are hitting rock-bottom in their venture. If you have some more suggestions do mention in the comment column, I would love to incorporate some of your ideas in this post.
Jio Fiber :100 MBPS Ultra High speed internet in India ! Everything you need to know.
Jio has been taking over the responsibility of revolutionalizing the Indian internet market for last 2 years and till now they have been extremely successful in doing so, the company introduced themselves well in the Indian networking market when they launched their Jio sim cards which provided free 4G internet for 1 year with free calls and messages, this scheme caused a vast scale impact as everyone could now use high-speed internet without giving a penny ! By doing so Jio Placed themselves in the Networking market at a high position and caused terrible loss to their rivals like Idea, Vodafone, Tata Docomo and Airtel.But Jio didn’t stop here after attacking the Networking market, they’re planned to go for the Home Broadband Market, now this is tough as Home Broadband has a lot of difficulties like they should be well established locally, provide better scheme so as to attract customers. detaching the people from their existing home broadband is another issue.So as always Jio came up with a revolutionalizing concept of using optical fiber in-home broadband by doing so they are well above their competitors as very very few Home Broadband providers use Optical Fiber.
So what is Optical Fiber?
an Optical fiber is a thin flexible fiber with a glass core through which light signals can be sent with very little loss of strength.This means the transfer of data with the use of this fiber can be done if the speed of light and thus this help provide Ultra Highspeed internet up to 100-200 Megabytes per second. the first use of Optical fiber in the home Broadband market was done by Google in Kansas City in the USA on the year 2011 by now Google Fiber had well established in other parts of the US. The same picture is seen here in India from the year 2016 when Jio fiber started their beta versions in south Bombay.
Jio fiber scheme and installation charges.
Jio fiber is currently under beta phase which means it is not commercially launched yet. it is currently available in few parts of India and mostly in South Bombay and some Suburbans of Mumbai.
The scheme goes as this “100 GB DATA of 100 MBPS for per month,if 100 GB data is over before 1 month then 1 MBPS speed with unlimited data but if you want more 100 GB data you can do a FREE RECHARGE at jio.com also you can do this recharge for over 10 TIMES A MONTH! that means 1000GB DATA of 100 MBPS ! and do you know what is the best part this scheme is absolutely free for first 3 months ! you just have to do a security deposit of 3,400 rupees which is refundable if you like to discountinue the service.” well isnt is this great and mouthwatering for a guy who wants to use ultra high-speed internet in the house .
now about the installation charges, the Jio engineers will come to your house for setup and installation, with the optical fiber is a very thin white colored cable which has a glass-like thread size fiber in it also an important thing to note is that the wifi router will be provided by Jio itself and your old router will be removed as only jio routers are capable of handling optical fiber signals . the installation is FREE but might take a bit of time as it is a lengthy process and involves a lot of things.
The good, The bad, The ugly
the good thing is of course very obvious that you can now enjoy highspeed internet without any loading time, the youtube videos load flawlessly and now you can enjoy 4k videos too. downloading files and videos is a matter of few seconds and not at all time-consuming. the service and technical support is extremely good ! my experience with them has been excellent, when I called the service center after my router stopped working properly , they were quick in response and tried their best to resolve the issue by instructing me over phone but when the problem was unable to be solved, they sent their technicians within 1 hour and they did a good job of fixing it, without charging me any money .
the bad thing is if you are a heavy online gamer it might cause a problem as the wifi router they provide heats up quick if you play online games too much , I once tried the limit of the router by playing Counter-strike : global offensive for 5 hours straight and well it was not a good result as after 2-3 hours the router was so heated up and started giving a loss of 40% in the game, but after I restarted the router after 10-20 mins it was working fine.
another minor problem I faced was the range of wifi the router provided, yes the range is quite less, my whole apartment is not able to get the connection as some spaces are left out, this was eventually overcome by using boosters.
as you can see the all the problems I faced was due to the router and not Jio network. but I think Jio will improve it as the progress.
the ugly part of Jio fiber is that after 2 months of use it is not giving me 100 MBPS as promised now it comes up to 35- 40 MBPS which is way below their specified number. in overall, after using Jio fiber for 7 months I will rate them as follows
Netspeed – 3.5/5
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