Sunday, 06 October 2019 07:26

The Bumpy Road to Success — Part 2 Featured

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The road that takes you to your destination in life is not as smooth as you think. No matter how well you have planned, there could be unforeseen circumstances, sometimes ones you have never thought of and too complicated. No matter what the problems are that you encounter, you

need to stay calm. You need to stay focused. You need to understand what is happening. It is through knowledge that you will start getting the answers and solution required to navigate the challenges.

You must learn how to drive on the bumpiness of life. It is never smooth. You have no option but to drive no matter the dish and potholes. You need to accept the bumpy road of life. When you do, you will come to see that they lead to the best places. You are stagnant and not moving forward if you want the road to be smooth before you embark on your journey of life. You must take time to enjoy the moment and make the most of what is in front of you. Speed bumps slow you down. Speed bump prevents accidents. Speed bumps make you a better driver.

You have the choice in life to be happy. Your happiness does not depend on anything but you. Bumps have a purpose, understand their purpose and stay positive. A road bend is not the end, so don’t make it the end. You have the responsibility to drive through the bend safely. If you don’t, you’re not a good driver and are not meant to be on the road. You must practice, make mistakes, learn from your mistakes, and make the most of life.

Despite all the confusion around you, be patient, everything will fall in place. Don’t be in a hurry to solve problems. Hurdles are disheartening, and they’re often unavoidable. If you take your time and plan, every obstacle can be a great opportunity. Your mind works to find solutions when you see challenges as a call to action. Many people are in a hurry jumping straight from discovering a problem with attempting to solving it. You need a systematic approach to how you deal with issues. It takes more than a gut feeling. You need creativity on how to find the answers to your obstacles.

We started looking at some of the things that can become a stumbling block on your journey to be successful. We will continue.

Shortcut: Life is a process, and there are no short cuts if you want to grow and develop in the process. You did not become an adult overnight. You grew; it was a process that came with different stages. In the various stages, there were developments, challenges, lessons, and knowledge. It takes years and years of hard work and practice to build yourself and anything worthwhile. It takes determination and believing that you can do it. There are no shortcuts to success.

To do something worthwhile in life like in a relationship, business, and life in general, you should never give up no matter the nature of the obstacles you encounter. Try to see it through. It is not wrong to look for ways to make things more efficient. There are no perfect relationships in life. Every relationship takes time to develop. Be patient and don’t be in a hurry. When people share their success stories, most often they don’t tell you about their tears, struggles, pain, patient, and how they were determined, making it work. It’s the blood, sweat and tears that make anything of any real importance worth it in the end.

Greed: Greed is a strong and selfish desire for something. Most people who are greedy can never be happy in their life because they are never satisfied. Even when you think they are successful, they cannot appreciate and enjoy their success. They become unstable. They love material things more than human. They become selfish and demanding. Greed causes you to risk everything in life. Greediness is the fastest way to make others believe you are not kind. Kindness is a demonstration of power, while greed is a demonstration of frailty. Cupidity exposes you as weak. People see right through for who you are, and they know you are afraid of losing.

Greed is only a means to more greed. Our desires are supposed to serve us by providing motivation and enthusiasm. But greed will reverse this relationship so that we become slaves to our desires. It destroys reputation. There are only two things you can’t buy, friendship and accolades. When you buy them, and people find out you did not acquire them in an honourable and honest manner, it depreciates the value.

Making Excuses: Excuses are rationalisations one makes for themselves about people, events, and circumstances. People create conceived reasons to defend their behaviour, so they can neglect to take the required actions and be responsible. With excuses, you place blame on an external condition, thereby not dealing with the situation in question.

Here are some reasons we make excuses:

  • Fear of embarrassment
  • Fear of failure
  • Fear of success
  • Fear of uncertainty
  • Fear of change
  • Fear of making mistakes
  • Fear of responsibility
  • Fear of lack of confidence

Fear is the root of making excuses. To eliminate excuses, you must trace and remove all fear. Fear traps and locks you away within your comfort zone, yet fear often develops as a result of a lack of:

  • Understanding
  • Information
  • Resources
  • Experience
  • Perspective

A life of excuse makes you a danger to yourself and society. You become too toxic and harmful. Excuses will hold you back from recognising opportunities, talents, and skills you might have to help you overcome your problems.

Lack of discipline: Self-discipline is one of the indispensable requirements for achieving success, but too often, the lack of self-discipline affects your desire to be disciplined. People are not born with self-discipline; they need to develop it, but they don’t know how to do so.Discipline will enable you to do the small things that do not have immediate rewards so that you can achieve a bigger dream. The lack of discipline will lead you to procrastinate, play and flit around from one idea to another – but it will never bring you the satisfaction of mastery of any skill or ideal. You need to stay focused. You must start developing discipline if you want to be successful in any endeavour.

Looking down on yourself: If you don’t believe in you who will? Stop judging and start accepting. Stop putting yourself down with negative self-talk. You will damage your self-esteem and self-confidence if you continue to put yourself down. That includes the words you say out loud in addition to your internal negative self-talk. It is easy to believe negative thoughts and words which can distort your perception about yourself. They impact on your sense of self-worth. You can’t control what others say about you, but you can control what you say about yourself. Start talking about yourself positively to build your self-esteem. Believe you are worthy and quit the self-bullying. Treat yourself as you would a good friend and respect yourself.

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    Bitcoin was invented, at least in part, to circumvent
    governments and national currencies. In the original white paper, released in the wake
    of the 2008 financial crisis, Satoshi Nakamoto expressed a desire to create "a new electronic cash system" that was "completely decentralized with no server or central authority." 

    But as cryptocurrencies gain in popularity, grabbing an increasing share of the
    global financial pie, governments have taken notice, and now many of them are exploring how to get a piece of the action. One
    possibility is what's known as a CBDC, or a central bank digital currency.



    On Thursday, the Federal Reserve took a major step forward towards taking
    CBDCs seriously in the US, releasing a long-awaited report
    that examines the potential benefits and risks of CBDCs.
    This so-called digital dollar would incorporate elements of decentralized cryptocurrencies, like bitcoin,
    but with a major difference: It's issued and regulated by the country's
    financial authority.






    And the US isn't alone. There are dozens of countries engaged in some stage of researching CBDCs, according to Kristalina Georgieva, managing director at the International Monetary Fund. 

    But CBDCs are complex. They offer some potential benefits (providing financial resources to underbanked populations, for
    example) and potential drawbacks (including significant privacy concerns).
    For now, here's an introduction to some of the basics,
    as well as an overview of which countries are working
    on CBDCs and some clues about how a central bank digital currency
    might work in practice. 




















    What is a central bank digital currency?
    It's the virtual form of a fiat currency -- that is, government-issued money that isn't backed by
    other commodities like gold or silver. In short, a CBDC is just the digital
    form of a country's official currency. As nothing
    more than a computer code, these currencies could be stored on central ledgers within a country's national bank or on a distributed ledger the way private cryptocurrencies like bitcoin are.



    What factors are driving interest in CBDCs?
    The rise of cryptocurrencies is serving as a wake-up call to national governments,
    which have long held a monopoly on currency issuance. Concerns over that monopoly being threatened appear to be what's driving interest in CBDCs,
    according to Gustav Peebles, a professor of anthropology and an expert in monetary history,
    theory and policy at The New School in New York City.



    "Currencies throughout history can either be issued by the public or by private entities, and what crypto has shown us or has delivered is a reignition of an age-old fight between private and public currency issuance," said Peebles.

    "Central bankers suddenly got blindsided; and so, a central bank digital currency is central bankers trying to hold on to their monopoly over currency issuance in the face of erosion of that monopoly."


    What has the Federal Reserve said about CBDCs?
    The Federal Reserve released a January 2022 report outlining
    the potential benefits and downsides of issuing a CBDC in the US.
    While the Fed didn't take a stance either for or against the issuance of CBDCs, it is asking for
    public comment on more than 20 questions on the topic.
    People will have until May 20 of this year to participate in this stage of the Fed's CBDC research.
    Moreover, the report made clear that the Fed wouldn't move forward with CBDCs unless it received clear support
    from the executive branch as well as Congress.


    How would a digital dollar work in practice?
    Americans are using and carrying less cash nowadays, turning to card and
    electronic payments instead, with 40% of individuals reporting that they didn't use cash for in-person payments in April, according to a survey by the Federal Reserve System's Cash Product Office.
    Mobile payment services like Venmo, Zelle and PayPal are increasingly popular, with 64% of survey respondents saying they regularly use a digital payment platform, according to a 2020 survey by the
    Travis Credit Union. 

    But what if you didn't need to go through your bank or a third-party platform to pay or
    store your money?

    That's what the digital dollar would promise.
    CBDCs could bypass the traditional banking system by allowing money to flow directly between parties, just like
    exchanging cash or transferring funds electronically. 

    Still, the logistics haven't yet been hammered out.
    One option is for the Federal Reserve to issue digital wallets
    to Americans, making money accessible through a smartphone app
    or debit card, according to Peebles. El Salvador did this in the fall
    by giving Salvadorans access to a crypto wallet app called Chivo when it adopted bitcoin as legal tender in the country.




















    The money would essentially be in an account you'd have
    with the Federal Reserve or some entity such as a private
    bank that the Federal Reserve partners with. When you paid for something, the Federal
    Reserve would take money from your digital wallet and deposit it directly into the other party's digital wallet,
    bypassing the complex web of networks currently involved in electronic payments.
    As a plus, this would remove fees generally associated with such payments. 


    US digital wallets could upend commercial banking
    Digital wallets issued by the Fed, though, would be a destabilizing form of CBDC.
    "It really messes with the general pyramidal structure of central banking as a concept, which has always been that central banks are not bankers to average citizens," according to Peebles.

    As a rule, central bankers oversee the banking system, whereas private banks interact with the consumer. 

    Such a shift would be destabilizing, Peebles noted, because if the average person can make everyday payments through a Fed account, there's less reason to keep an account at a private bank.
    "That might push private banks away from what they've gradually morphed into today -- this deposit facility -- and send them back to their original task: just providing loans," Peebles said.


    Not only is it destabilizing, the Fed's report appears to throw shade on the idea that the Fed
    currently has the authority to create such accounts.
    Moreover, the Fed could be signaling that it's wary about expanding its current role to these
    proportions.

    "The Federal Reserve Act does not authorize direct Federal Reserve accounts for individuals, and such accounts would represent a significant expansion of the Federal Reserve's role in the financial system and the economy," the report said. 

    A less destabilizing CBDC proposal wouldn't require a federal account but would involve a "cash card," that is, a card that customers
    of private banks could use at ATMs to load up on digital cash instead of paper money.
    "Just like paper money, if the holder lost that card or had their wallet stolen, the card would have value on it that anyone could use," Peebles said. 


    CBDCs could help unbanked households
    As of 2020, 5% of US adults, or roughly 16 million individuals, were unbanked, meaning they rely on nonbank products
    and services for cash, according to the Federal Reserve's 2020 Survey of Household Economics and Decisionmaking.
    Underbanked rates were higher among Black and Hispanic adults and those from historically excluded and low income
    groups. For those who have bank accounts, it's already possible to set
    up direct deposit with the government for federal money like tax
    refunds or stimulus payments. With a CBDC, the Federal
    Reserve could make such funds instantly available by depositing them into a digital wallet, regardless of whether the
    person had a bank account. 


    Privacy concerns over CBDCs
    The primary concern over a government-issued digital dollar centers on privacy, particularly when it comes to the issuance of Federal Reserve accounts.
    The US government could track all citizens' purchases through an e-wallet,
    giving the Fed an account of everything we do and eliminating space for unsurveilled monetary exchange, according to Peebles. 



















    If the US government monitors everything you buy -- from milk at your local
    store to poker chips during your next casino trip -- there's potential
    for abuse. "All sorts of profiling could emerge out of that, and hackers might deem that database to be quite valuable, too," Peebles said.
    "So you could picture predatory marketing to the elderly, for example, if the data got out."

    One possible sticking point could be if people are using their Fed accounts to purchase illicit goods, such as cannabis.
    While states across the country have legalized cannabis for medical and recreational use, it's still
    illegal on a federal level. If someone purchased the substance from
    a dispensary using digital dollars, the government could theoretically decide to impose criminal sanctions for the transaction. 


    Which countries are exploring CBDCs?
    About 110 countries are at some stage of CBDC development, according to the IMF.
    The Bahamas, Nigeria and several countries in the eastern Caribbean through
    the Eastern Caribbean Currency Union (including Grenada,
    Antigua and Barbuda, Saint Lucia and St. Kitts and Nevis) have already issued CBDCs.
    The names of their e-currencies are the Sand Dollar, eNaira and DCash, respectively. 

    China, which outlawed cryptocurrency last year, is leading the "in-development" pack with the digital yuan, having trialed over $5
    billion worth of transactions since June 2021. China has conducted
    various real-world pilot runs to test the "reliability of economic theories, the stability of systems and the controllability of risks,"
    according to a recent report by the People's Bank of
    China. These pilot runs included giving digital yuan to a random pool of applicants to be spent at
    designated offline locations or on the site of China's largest online retailer, JD.com. 

    Instead of adopting its own digital coin or CBDC, El Salvador made bitcoin legal tender last year, meaning the established cryptocurrency must be accepted as a
    form of payment throughout the country. Soon after, Panama followed in El Salvador's footsteps and unveiled a similar plan to make bitcoin legal tender.


    The US is now the next country entering the fold with the release of
    the Fed report, opening the gates for debate over the digital dollar.

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