Through the #DILO series of blog posts we have been bringing you insights into the life of our master’s students, sharing their thoughts and opinions, ups and downs, and key learning points during their online studies. The whole idea behind this series is to make you aware of realities of online studies, and help you in decision making.
This week we take a look at a day in the life of one of our MBA students, a pilot by profession and the one who addresses himself as a ‘transformation agent’. Let’s hear his experience studying for Master’s of Business Administration:
An Introduction
Which Uni are you studying with?
York St John University (UK)
I chose the MBA in Leading innovation and change offered in exclusive partnership with York St John University
Which programme did you choose and why?
I chose the MBA in Leading innovation and change : change is constant and without innovation, one can be knocked out or overran by change!
The Study Plan
How did you plan to study each module, and what was the reality? How many hours did/do you have to put in each day/or in a week?
To be honest, it was like an adhoc system in the beginning..
Moreover, change of company, country and crazy flight schedules including night flights meant I had to search for what would work for me.
Prepare a study plan and pick a time of the day that works best for you
What part of the day did/do you find most suitable to study? (e.g. early mornings, lunch break, evenings, weekends?)
Given the unique work requirements, studying early mornings or late nights had been virtually impossible owing to early flights or night flights.
Then I discovered I could do study while in cruise!
Long flights with extended periods in cruise became an interesting option…
How much time did you devote for each assignment?
I usually could not set for myself a fixed time..often it was the fatigue levels from day and night flights that determined how productive I could be. It was chaos because I had flight exams at the new company that also had really demanding pass rates…(80%). Only the last of the four modules worked better after the work related chaos subsided.
Dr. Radu had a chat with me after failing the first module marginally. I had thought that balancing this chaos was stretching my capacities beyond the minimum required to pass. I had intended to put a stop to studies till a better time emerged. But, I am glad that I had the talk with Dr. Radu Negoescu…I kept going and never looked back.
Travelling and Communication
How did travelling impact your ability to study?
Travel brought more chaos into the works. I worked hard to bring order to it.
How were you able to interact with peers and/or professors given the time differences?
I communicated through WhatsApp! Fantastic…it can be lonely but when a group is available, fellow students share their challenges and give each other support.
A typical day as a master’s student
What does a typical day as an Online Masters’ student look like for you?
For a pilot, no day is typical. Cruising to different destinations means having to alternate study times when freshness is at its peak for maximum concentration. However during difficult times, I had to take a minimum an hour daily to either read or do a write up.
For the dissertation though, 100 words for 100 days was the least allowable minimums…instead of waiting until last days owing to the scope and research involved.
Any advice?
There is no fixed working system. Everything is relative to one thing: one’s level of discipline!
If you have been dreaming of joining a master’s programme or have had this personal goal to gain a higher education, now is the time! Take the valuable advice from our current students, gain from their experience, add your own unique study strategies, and make your own success stories! I would love to feature you one day on our college blog.
Chat LIVE on WhatsApp with one of our Education Advisors for more information on all the programmes we offer, application process, and for information on discounts we might be offering at this time.
One of the most challenging decisions before venturing into a Master’s programme is – when to start. Most of us are so engrossed in our daily lives, trying to make a living, juggling family and work that the thought of starting a Master’s is often put on a back burner.
However, I feel when you fear the unknown, start small and take baby steps before taking the plunge.
This is precisely what York St John University is offering now in partnership with Robert Kennedy College.
Dr. iur. David Costa, Dean of Robert Kennedy College, explains the Online MBA Entry Module.
All you need to know about the Online MBA Entry Module
Why enrol in the entry module?
The online open access entry module is easy to get started with. It is a gateway to enrol for York St John University online MBA.
What is the duration of open access module?
You can complete the access module in as little as 3 months. The full MBA can be completed in 12 months.
What do you receive at end of the programme?
At the end of the programme, you will receive the University transcript from York St John University. You also will have the opportunity to continue to pursue Full Online MBA.
What is the fees for the programme?
1000 Swiss Francs (approx. US$ 1079) payable in 3 monthly installments of 333 CHF. You can register and start with just 333 Swiss Francs. If you decide to progress with the full York MBA the 1000 Swiss Francs Entry Module fee will be deducted from the full MBA fee.
What are the steps to enrol and study the open access module?
Here are few simple steps to get enrolled and started:
Register for Entry Module: Just one click and you can get started. Start your MBA with just 333 Swiss Francs
Access to Online Campus: Once you pay the registration fee, you will receive access to OnlineCampus and University Library
Study 100% online: The programme offers flexibility to view the recorded lectures anytime, anywhere.
Submit assessments: Prepare for the assessments. Our Professors will assist you in preparing for your final assessment.
And Finally… Start your MBA: After successful completion of the entry module, you can choose to continue with the MBA programme.
Still have more questions? Talk to one of our advisors live on WhatsApp to know more.
Welcome back readers. Continuing about the economic predictions for 2023, let’s understand what recession is, its cause and effects on global economy.
What is a Recession and How Does It Affect the Economy?
A recession is a period of economic decline characterized by a contraction in economic activity. It is typically measured by a decline in Gross Domestic Product (GDP) over two consecutive quarters. Recessions can have significant and far-reaching effects on the economy and can lead to high levels of unemployment, reduced consumer spending, and a decrease in business profits.
The COVID-19 pandemic led to a global economic recession in 2020, with the International Monetary Fund (IMF) estimating that the world economy contracted by 3.5% that year. The pandemic also led to widespread job losses and business closures, with many countries implementing lockdowns and social distancing measures to slow the spread of the virus.
What causes a recession?
Recessions are often caused by a variety of factors such as a decline in consumer confidence, a decrease in business investment, or a financial crisis. During a recession, businesses tend to cut back on spending, which can lead to job losses, reduced salaries, and a decrease in overall economic activity.
Fiscal and Monetary Policy Measures: Since last year, Banks have aggressively raised interest rates to bring inflation under control. This would cool the consumer demand as borrowing becomes expensive, resulting in less spending and slower price growth.
The global economy is projected to grow by 4% in 2021, following a contraction of 4.3% in 2020. Photo credit: Canva.com
Global GDP Growth: According to the World Bank, the global economy is projected to grow by 4% in 2021, following a contraction of 4.3% in 2020. However, the recovery is expected to be uneven across countries and sectors, with some countries and industries experiencing a slower recovery than others.
Unemployment Rates: Unemployment rates have increased in many countries as a result of the pandemic and recession. In the United States, for example, the unemployment rate rose from 3.5% in February 2020 to 14.8% in April 2020 before declining to 6.7% in December 2020. As of January 2022, the U.S. unemployment rate was 4.2%.
Inflation: Inflation has been a concern for many countries as the global economy recovers from the pandemic. In the United States, inflation has risen to its highest level in over 30 years, with the consumer price index (CPI) rising by 7% in December 2021 compared to the previous year. The Federal Reserve has responded by raising interest rates and tightening monetary policy.
How Can We Prepare for a Recession?
While it is difficult to predict when a recession will occur, there are steps that individuals and businesses can take to prepare for an economic downturn. Here are some strategies to consider:
Build up savings: Having a cushion of savings can help individuals and businesses weather a recession. Aim to save at least 3-6 months’ worth of expenses or revenue.
Reduce debt: Reducing debt can help individuals and businesses manage their finances during a recession. Consider paying off high-interest debt and reducing expenses.
Diversify investments: Diversifying investments can help minimize the impact of a recession on your portfolio. Consider investing in a mix of stocks, bonds, and other asset classes.
Focus on cash flow: During a recession, cash flow is key. For businesses, focus on improving collections and managing inventory. For individuals, consider taking on extra work or selling unused assets to generate extra income.
Stay informed: Stay up to date on the latest economic news and trends. This can help you make informed decisions about your finances and investments.
In conclusion, recessions can be challenging and have far-reaching effects on the economy. However, with careful planning and preparation, individuals and businesses can minimize the impact of a recession on their finances and even use it as an opportunity for growth and innovation.
Effect of recession
The effects of a recession can be particularly severe for certain groups of people, such as those in lower-income brackets, as they may be more vulnerable to job loss and reduced access to credit. Recessions can also lead to a decrease in public services, as governments may need to cut back on spending to manage their budgets.
Global economic activities are affected heavily by geopolitical trends. The world economic forum suggests that amongst major factors resulting in slow down of business activity in 2023 are weak consumer demand and high cost of borrowing. This downturn would result in cutting business operational expenses and optimizing supply chains.
Photo credit: World Economic Forum
Correlation of Recession to Inflation:
The relationship between recession and inflation is complex and can vary depending on the specific economic conditions at play. In general, however, recessions and inflation are often seen as opposite sides of the same coin, with recessions tending to put downward pressure on inflation and expansions tending to put upward pressure on inflation.
During a recession, economic activity slows down, which can lead to lower demand for goods and services. As a result, businesses may lower their prices to stimulate demand and stay competitive, leading to lower inflation or even deflation. In addition, high levels of unemployment during a recession can reduce workers’ bargaining power, leading to lower wages and less pressure on employers to increase prices.
On the other hand, during an economic expansion, increased demand for goods and services can lead to higher prices and inflation. This can be exacerbated if there are supply constraints, such as a shortage of workers or raw materials, which can drive up prices further.
During an economic expansion, increased demand for goods and services can lead to higher prices and inflation. Photo credit: Canva.com
It’s important to note that the relationship between recession and inflation can be influenced by a range of factors, including government policies, international trade, and changes in commodity prices. In addition, there can be lags between changes in economic activity and changes in inflation, as businesses may take time to adjust their prices and workers may negotiate wage increases on an annual basis.
Overall, while there is no direct causal relationship between recession and inflation, the two are often intertwined in complex ways, and policymakers must consider both factors when making decisions about monetary and fiscal policy.
Can recession be avoided?
Recessions are a natural part of the economic cycle, and it is difficult to completely avoid them. However, there are some steps that can be taken to reduce the likelihood and severity of recessions:
Fiscal Policy: Governments can use fiscal policy to stabilize the economy. During times of economic growth, governments can save money, pay down debt, and build up reserves, so they have more resources to use during a recession. During a recession, governments can use fiscal stimulus measures such as tax cuts, infrastructure spending, and transfer payments to help boost demand and support the economy.
Monetary Policy: Central banks can use monetary policy to stabilize the economy. During a recession, central banks can lower interest rates and increase the money supply to encourage spending and investment. During periods of high inflation, central banks can raise interest rates and tighten monetary policy to cool down the economy and reduce inflationary pressures.
Structural Reforms: Governments can implement structural reforms that make the economy more efficient and more resistant to shocks. For example, reforms that increase competition, reduce regulation, and promote innovation can help the economy adapt to changes in the global marketplace.
International Cooperation: International cooperation can help reduce the likelihood and severity of recessions. For example, countries can work together to reduce trade barriers, coordinate their fiscal and monetary policies, and share best practices for economic management.
It is important to note that while these steps can help reduce the likelihood and severity of recessions, they cannot eliminate them. Recessions are a natural part of the economic cycle, and they can be caused by a variety of factors, including natural disasters, geopolitical events, and changes in consumer behavior. However, by implementing sound economic policies and promoting international cooperation, governments and central banks can help create a more stable and resilient global economy.
On a brighter note, recessions can also lead to opportunities for economic growth and innovation. For example, during the Great Recession of 2008, the rise of new technologies and increased competition led to the growth of the gig economy and other forms of flexible work. Similarly, many businesses have used recessions as an opportunity to restructure and streamline their operations, leading to increased efficiency and profitability.
Share your thoughts about recession in comments below.
The first thing anyone interested in enrolling for higher education in a college or University does is to check its legitimacy. And no surprises here, this is one of the top questions our education advisors get asked all the time – Tell me more about the college and partnership with British universities.
So, here is everything you need to know about RKC!
Number one of Number one: Who are we? An Introduction
Robert Kennedy College is a private educational institution based in Zürich, Switzerland. The College is a pioneer in Swiss quality online education offering rigorous but flexible learning programmes, through enhanced state of the art online e-learning technology that has been developed in-house entirely.
Exclusive Partnerships
The Robert Kennedy College online master’s and bachelor’s programmes are offered in an exclusive partnership with the University of Cumbria, the University of Salford, and York St John University
Student focused teaching
RKC’s online learning community greatly values and invests in each of its student. Here you get an opportunity to be a part of a prestigious international community of over 5000 students from 130 different countries and some world-class faculty. Chat with our education advisor to get your customized study plan.
World-class faculty
As a student at RKC, you will learn from some of best professors in the education field.
RKC’s dean Dr. iur. David Costa is one of the founders of Robert Kennedy College. In his current capacity as Dean of Faculty, he oversees the faculty review process and several of the college’s academic programmes. He lectures at Robert Kennedy College in Contracts Law, Transnational Business Law, Investment Law and Money Management, and is a frequent guest on business TV channels such as CNBC Europe and Bloomberg Television.
Our instructors are graduates from some of the best universities worldwide. Other key faculty members are Prof. David Duffil, Dr. Radu Negoescu, Dr. Alistair Benson and, Emeritus Prof. Gabriel Jacobs.
Unique course plan with one-week residency
Our programmes combine best of both worlds by offering Swiss quality education online via OnlineCampus with one-week residencies. The one-week residency represents a unique opportunity for students to work in groups, focus on case studies and get a head start for their dissertation. Residency offers a great opportunity to interact with fellow students and professors and learn from professional experiences of students from all over the world. Chat with our education advisor to get your customized study plan.
Worldwide recognition
One of the best advantages of studying master’s at RKC is that at the end of the programme, an internationally recognised full-time British degree is awarded by the University.
The University of Cumbria, University of Salford and York St John University are fully recognised by the British Government and duly listed on the United Kingdom’s Department for Education list of recognised UK awarding institutions. You can verify their official University status directly at the UK Government Website.
Flexible payment plans
At RKC we understand the importance of work-study-life balance. This is why we offer flexible payment plan where you can pay fees in interest free instalments. Check out the sample payment plan here.
Today’s job market is highly competitive and challenging. To prove your metal, one has to exhibit why you outshine in the crowd of thousands of job applicants. Higher education has increasingly become necessary for anyone seeking career advancement. And in today’s dynamic environment, just a bachelor’s degree may not suffice to get the top jobs. A master’s degree in your specialization will help expand your knowledge base and experience required to make your next career move or get the promotion.
Photo credit: Unsplash.com
The benefit of a master’s degree to you in 2023
Everyone has their reasons to pursue a master’s programme. Here are some popular ones:
1. Shield against recession and job cuts
Once you equip yourself with master’s degree knowledge and skills, you level yourself above the rest of the employees. The employer will choose the employees who are better qualified and experienced should the situation of job cuts arises. One can better their chances of sustaining their jobs and ensure job security by creating value for the company.
One can better their chances of sustaining their jobs and ensure job security by creating value for the company.
2. Building a vast professional network
While studying for a master’s, one of the benefits is that you get to interact with like-minded professionals. One gets to know people from different cultures, intellects, and business acumen from across the world. The connections you make are made from the standpoint of mutual learning and growth, which usually are impossible to make at the workplace due to competition and professional jealousy. These connections last forever.
3. Potential of earning a higher salary package
Depending on your field – a master’s degree usually means the potential of earning a higher compensation package. Being a master’s degree graduate, you can negotiate your pay package on your terms. Employers recognise the value you bring to the table and are willing to offer compensation dollars ($$) accordingly.
4. Better probability of promotions
Having a master’s degree betters your chances for that promotion at work by raising your bar to the top candidates running in the competition. So, if you are aware of any arising opportunity for promotions at your workplace in 2023, start your application for a master’s degree now.
5. Advanced knowledge
You maybe are the head of the department running the show for the company in sales, finance, supply chain, marketing, commercial law or artificial intelligence. One feels the need for new ideas to run a business efficiently and increase profitability by implementing new/better business processes. Beyond a point, one needs to learn management and leadership skills to be a better manager and effective leader. Such knowledge can be acquired by furthering your horizon with a master’s degree.
I can extend another reason for you to start a master’s programme in 2023 with the special fee promotion. You can now join a master’s programme with a deposit of just 500 CHF. Also, benefit from discounts up to 2,100 CHF. You can connect with our education advisors on WhatsApp for a live chat to learn about the application process for intakes starting in January 2023.
What is your reason for starting a master’s in 2023? Share in the comment section below, and get started with the next steps now!
Education serves as the foundation block of human society. It is a dynamic process, and education can be received from a variety of institutions all over the world. Education has seen numerous changes through the centuries and is an ever-evolving field constantly facing new challenges. Educational institutions aim at providing structured learning to develop knowledge and skills along with the holistic balance for overall growth, enabling the individual to lead a successful life. Various institutions operate to provide age-appropriate education to kids and adults.
Who is an education leader?
A leader in education is one that other educators look up to for guidance, direction, and example. An educational leader serves as a guide in an organizational setting. They operate either as sole leaders or as a team of education administrators. An education leader plays a pivotal role in determining the reputation and climate of the school. Learning communities function and thrive under the direction and vision of their leader.
What common traits make a successful (and influential) leader?
Unlike management leaders, the challenges that education leaders face are unique and diverse. There is no other industry with such constant learning as the education industry.
“Leadership is the capacity to translate vision into reality”
Education leader creates opportunities, supports processes and empowers educators. Here are some of the typical traits found in an inspirational, educational leader:
An education leader is a lifelong learner
An innovator, has vision and is a planner
Expert in utilizing data and resources
Leads by example
They create collaborative, inclusive learning environments
High emotional quotient and critical decision maker
Has a positive and can-do attitude
Excellent communicator and problem solver
Empowers educators and promotes the development of leadership skills
Pivotal in community building and transpiring the values, philosophy, and ethos of the educational institution through the community
The list above is not exhaustive. 21st-century leaders operate in complex environments and are expected to be active facilitators of change.
“Change is an opportunity to do something amazing”
Education leaders must possess an in-depth understanding and knowledge of the communities’ learning requirements. In a heavily media-saturated society, the dynamism and rapidly changing education requirements are unpredictable. Still, education leaders are responsible for preparing learners for the future. Effective leaders tend to develop learning strategies focusing on the future while analyzing current education trends.
What leadership models are valid in education?
While various leadership models are adapted from the business world to the educational, theories and models regarding the role and function of education leaders have been reformed and remodelled to echo the change over time.
Here are a few of the leadership models applicable to the education sector:
Transactional leadership
Transactional leadership centres around rewards and punishments and these are made very clear from the beginning with straightforward job descriptions and expectations. The leader allocates work, and the subordinate is solely responsible for it.
Transformational leadership
This form of leadership allows dreams to take shape. A transformational leader develops a vision and implements it while taking care of their employees and giving them ample opportunity to succeed.
Servant Leadership
The servant leader puts the interest and needs of others first. The leader would share power, delegate, improve, and work for the benefit of the less privileged.
Laissez-faire Leadership
This leader’s involvement in decision-making is minimal because they allow people to make their own decisions. For this leadership style to be successful, the employees must have integrity and be self-driven.
You can also chat LIVE on WhatsApp with one of our Education Advisors for more information on the programme that is right for you, the application process, and details on discounts we might be offering at this time.
Tuesday, November 15th, 2022 – a rather unremarkable date, unless you have been invited to the York Minster in York to be cheered on by family, friends, and tutors, for achieving your Master’s degree. And boy, was this a remarkable day for those who could make it to York!
The third week of November is a great time of the year in York. We get to meet (or meet again) our students on a day of celebration of their efforts in a truly awe-inspiring venue – one of the largest Gothic cathedrals in Europe.
Weather is generally bad in November though – and Tuesday was no exception, with quite heavy rain in the morning, yet nothing could wipe the smiles off the faces of the hundreds of students getting gowned up and ready to walk into the Minster. RKC’s own were present in big numbers – more than one hundred graduates were in York, and so were we. We caught up with some of them and will be sharing their thoughts on the experience in a short series of posts in the near future, so stay tuned.
In the meanwhile, take in these smiles!
If you have had a dream of attending your own graduation ceremony and are looking to do a master’s degree, then have a look at our list of programmes and see if we have anything you are interested in doing.
You can also chat LIVE on WhatsApp with one of our Education Advisors for more information on the programme that is right for you, the application process, and details on discounts we might offer.
Here’s another gem of our #dilo (a day in the life of) series featuring our students. We asked some of our past and current students to share their thoughts and opinions and give feedback on how they handled the challenges of online learning.
Learn from those who came before and see if what worked for them will help you become a better student! Hopefully, this will help you to make an informed decision.
An Introduction
Who are you, really?
I am an ambitious 40 (soon to be 41) year old woman, juggling a very demanding job while trying to maintain a healthy lifestyle and continually developing myself on a professional level.
Which programme did you choose and why?
MBA Coaching, Mentoring and Leadership. I manage the HR function of a law firm, and I thought this programme would give me added skills which I can use in my current role.
The Study Plan
How did you plan to study each module, and what was the reality? How many hours did/do you have to put in each day/or in a week?
I tried to watch all the videos and do as much reading as I possibly could during the first three weeks. I always aimed to start writing by week 4. A great piece of advice I got was, “Just start by writing sentences. The more you read, the more you’ll be able to articulate your ideas”. I found the advice to be very true and a good strategy. I would say I dedicated an average of 20 hours a week approximately.
What part of the day did/do you find most suitable to study? (e.g. early mornings, lunch break, evenings, weekends?)
I would stay a couple of extra hours in the evening at work and dedicate that time to my studies. I found that to be easier than coming home and starting again. On the weekends, I would typically dedicate mornings to studying.
How much time did you devote to each assignment?
I honestly cannot quantify that. One particular assignment required a lot more time than others, as it required a lot of practice. So I would say that I dedicated as much time as I could depending on the requirements for each module.
Photo credit: Canva.com
Travelling and Communication
How did travelling impact your ability to study?
My work does not require me to travel, so it was a matter of ensuring that any holidays would be planned in a way that they would not interfere with my studies.
How were you able to interact with peers and/or professors given the time differences?
The online platform makes this pretty easy. Professors are usually quick in replying. I think the residency in York was an essential part of this programme because it made the whole experience real. You realise that most people are struggling with the same issues as you, and keeping in contact with several peers (mainly via Whatsapp) has provided a great support network, especially during dissertation!
A typical day as a master’s student
What does a typical day as an Online Masters’ student look like for you?
Go out for a run first thing in the morning before getting ready for work (currently back in the office 3 days a week). Deal with everything the day throws at me. At the end of the working day, I either spend an extra couple of hours at the office to dedicate to my studies or go home. I would summarise it as busy; however, now that I am in the final stages of this programme, I can honestly say that I would do it all over again. Looking back, I can say that the past two years have gone by very quickly, and all the effort was well worth it.
Photo credit: Canva.com
Any advice?
Any advice you have for students to better plan their studies.
Always give yourself sufficient time to write your assignments, and don’t leave them until the last minute. Read, read and read, as that is the only way you’ll be able to write. If you have a block on some days, that’s fine, pick up the next day, and if you don’t know what to write, it means you haven’t read enough.
I hope this blog has answered some of your questions, and please watch this place for similar blogs. So, if you have been considering doing a master’s degree and now understand how to study better for an online programme, look at our programmes and see if anything interests you.
Time is money, and both time and money are evolving rapidly. The discovery of the internet disrupted the way the world operated, bringing political, business, economic and social changes. It improved business processes and made online transactions, and banking, among other things, quicker and less complicated. And this is just the beginning; we humans are, after all, constant inventors and innovators.
Traditionally, political, economic, and legal systems structures are defined by contracts, transactions, and records. Nations and organisations set boundaries of operation to identify and chronicle managerial and social events.
But now it’s time for economic transformation. However, the slow and administrative regulations are stifling the digital transformation.
Blockchain technology is here to help!
What is Blockchain?
Blockchain is an open, distributed technology that enables the process of recording unalterable transactions and tracking assets. Blockchain works on five basic principles:
Distributed database
Immutable records
Transparent access
Algorithm-based computational logic
Two-way participant transmission
Photo credit: Pwc.com
Blockchain gets its name because of the way the transactions are grouped together into blocks of data, then chained together by way of a mathematical function that creates a hash code
Blockchain has disrupted the business industry with its application in financial services, healthcare, artificial intelligence (AI) and the internet of things (IoT) for supply chain, retail sector, oil and gas, telecommunications, insurance, smart contracts, voting and crypto of course.
So, how do blockchain technology and cryptocurrency work together?
Since its first implementation in 2009, blockchain has not been well known. Blockchain technology is the foundational technology for cryptocurrency, which was first implemented just a decade ago but was revolutionised with the widespread use of the application by Bitcoin. Bitcoin was the first cryptocurrency and operated through blockchain.
Blockchain is the foundational technology for cryptocurrency
Blockchain made it possible to record bitcoin transactions without a central authority establishing trust in a trustless environment. Being a digitalised, decentralised, public ledger, blockchain allows the formation of digital information into blocks, which are stored across a network of computers, creating a database. When verifiable transactions take place, the data is stored in blocks, which, when complete, are added to the chain.
Cryptocurrencies like Bitcoin, Ethereum, Litecoin and, USD Coin are used to buy goods and services. And cryptocurrency uses blockchain, an enhanced cryptographic security system, as a public ledger with immutable records that cannot be deleted or altered.
Cryptocurrency is used as a digital form of cash to buy goods and services through various trading platforms or digital wallets. The blockchain technology here records the transaction when ownership is transferred to the new owner. Every transaction, therefore, is a public ledger, unalterable, secure and time-stamped.
The pace of technology will not slow down. Cryptocurrency and blockchain hand in hand continue to disrupt much more than the financial services industry.
What are your thoughts? Share in the comments below.
One day I was sulking over the pitiful return I got from my money in a bank’s saving account (The rate of interest offered by my bank is a little shy of 0.01% for a balance over $5000 and 0% on balances less than $5000). My colleague shared a similar disappointing story of seeing his money stay the same over a period, giving no returns. He was a risk-taker and invested in crypto about a decade ago. I stayed put as I knew little about crypto and thought it was all a scam! Fast forward ten years, he now owns a healthy bank balance or, should I say, digital currency balance and a brand new mode of payment!
This trend is here to stay and become a financial revolution in the currency world.
Photo credit: Canva.com
There is an increasing interest in buying and using cryptocurrency, especially among millennials, as this is the future of payments. Consumers don’t want to miss out on this lucrative investment opportunity or miss being part of the futuristic trend of being able to pay with digital currency for retail purchases. The market has a strong interest, and the findings suggest that current owners, former and even non-owners, are eager to own and use cryptocurrencies for making purchases in the future. As per the Cryptocurrency Payments Report May 2021, “12% of consumers (a projected 30 million) currently own one or more cryptocurrencies, 4.5% (11.5 million) have owned them in the past, and 17 million non-owners may acquire cryptocurrency to make purchases in the near future.”
Currently, crypto owners have spent their digital currency on making purchases of jewellery, grocery, online gaming/gambling, food delivery and even real estate. They would like to pay for retail products, travel, financial services, furniture and appliances and streaming services with cryptocurrency.
All they await is more merchants to open doors to cryptocurrency and start accepting the new mode of payment! So, merchants pay attention!
Here are 5 reasons why businesses should join this revolution and should consider accepting cryptocurrency:
1. Opening doors for new customers
Businesses can give their brand an instant facelift by accepting virtual currencies. It provides a cutting-edge image to the company, attracting new customers keen on spending cryptocurrency.
2. Lower fraud risk
Unlike credit cards, cryptocurrency is safe from chargebacks or fraud. The transactions processed with cryptocurrency usually cannot be reversed or cancelled, which means lesser chances of fraud.
3. Lower transaction fee
Businesses can potentially save a lot on the processing fees they usually pay on transactions using the traditional methods. With cryptocurrency, the processing cost will reduce even more if using the same blockchain crypto. Hence, businesses will eventually get a bigger slice of the profits.
4. Lesser trading risk
Cryptocurrencies are meant to pose smaller risks. The market fluctuations do not affect the value of your business when you are dealing in cryptocurrency.
5. Boundaryless payments
In this international market, especially in post-covid conditions, businesses can go global by accepting digital payments from anyone anywhere. Anyone having an internet connection can make a purchase without worrying about the exchange rates for currency conversions.
Cryptocurrencies have been gaining momentum and have caught the eye of one too many. This is one of the ways to stay ahead of the competition by taking on the forward-thinking opportunity.
Robert Kennedy College has recently become one of the merchants where one can pay with cryptocurrency. RKC offers a secure method to pay your course fees using Coinbase. Payment is accepted using Bitcoin, Ethereum, USD Coin and Litecoin.
