Financial Planning is an ongoing process to help you make sensible decisions about money that can help you achieve your goals in life. It might involve putting appropriate wills in place to protect your family, thinking about how your family will manage without your income should you fall ill or die prematurely, spending money differently, but it involves thinking about all of these things together i.e. your 'plan'. You can build a plan on your own, or if your needs are more complex you might want the help of a Financial Planner.

Create a sound financial plan in six steps

1. Establish your goals in life – short, medium and long term.

2. Work out what assets and liabilities you have – write them down.

3. Evaluate your current financial position – how close are you to achieving your goals?

4. Develop your plan – create a “route map” for achieving your different goals.

5. Implement your plan – make the changes and make it happen.

6. Monitor and review your plan on regular basis and make adjustments when needed.

The PLORAX WORLDis the professional body of choice for professionals in the Crypto currency mining industry in the Poland and in a growing number of major financial centers globally. We function to set standards of professional excellence and integrity for the crypto mining industry, providing qualifications and promoting the highest level of competence to our PATRON, individuals and firm.

The PLORAX WORLDis the exclusive licensing authority for the ACCERTIFIED FINANCIAL PLANNERTM designation in the Poland. This is an internationally recognized qualification that is awarded to individuals that fulfil stringent experience and knowledge requirements and have been appropriately tested. ACCERTIFIED FINANCIAL PLANNERTM professional is a Financial Planner who has completed this high level qualification and also abides by our strict code of ethics and professional practice standards.

It's very important that your financial planner is someone that you can trust, has the required knowledge and skill to help you achieve your goals in life. Accredited Firms and CFPTM professionals are monitored regularly to ensure that they maintain the highest standards and can continue to deliver the valuable service you expect and deserve.

"Bitcoin" is a decentralized means of tracking and assigning wealth or economic value. Bitcoin is a digital currency, software protocol, computer network, idea, community, movement, etc.

No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.

It’s the first example of a growing category of money known as cryptocurrency.

Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the block chain, and also the means through which new bitcoin are released. Anyone with access to the internet and suitable hardware can participate in mining. The mining process involves compiling recent transactions into blocks and trying to solve a computationally difficult puzzle. The participant who first solves the puzzle gets to place the next block on the block chain and claim the rewards. The rewards, which incentivize mining, are both the transaction fees associated with the transactions compiled in the block as well as newly released bitcoin.
Bitcoin Mining is intentionally designed to be resource-intensive and difficult so that the number of blocks found each day by miners remains steady over time, producing a controlled finite monetary supply. Individual blocks must contain a proof-of-work to be considered valid. This proof-of-work (POW) is verified by other Bitcoin nodes each time they receive a block. Bitcoin uses a POW function to protect against double-spending, which also makes Bitcoin's ledger immutable.
The primary purpose of mining is to allow Bitcoin nodes to reach a secure, tamper-resistant consensus. Mining is also the mechanism used to introduce bitcoins into the system. Miners are paid transaction fees as well as a subsidy of newly created coins, called block rewards. This both serves the purpose of disseminating new coins in a decentralized manner as well as motivating people to provide security for the system through mining.

Like in real life, your wallet must be secured. Bitcoin makes it possible to transfer value anywhere in a very easy way and it allows you to be in control of your money. Such great features also come with great security concerns. At the same time, Bitcoin can provide very high levels of security if used correctly. Always remember that it is your responsibility to adopt good practices in order to protect your money.

Backup your wallet

Stored in a safe place, a backup of your wallet can protect you against computer failures and many human mistakes. It can also allow you to recover your wallet after your mobile or computer was stolen if you keep your wallet encrypted.

Backup your entire wallet: Some wallets use many hidden private keys internally. If you only have a backup of the private keys for your visible Bitcoin addresses, you might not be able to recover a great part of your funds with your backup.

Encrypt online backups: Any backup that is stored online is highly vulnerable to theft. Even a computer that is connected to the Internet is vulnerable to malicious software. As such, encrypting any backup that is exposed to the network is a good security practice.

Use many secure locations: Single points of failure are bad for security. If your backup is not dependent of a single location, it is less likely that any bad event will prevent you to recover your wallet. You might also want to consider using different media like USB keys, papers and CDs.

Make regular backups: You need to back up your wallet on a regular basis to make sure that all recent Bitcoin change addresses and all new Bitcoin addresses you created are included in your backup. However, all applications will be soon using wallets that only need to be backed up once.

Encrypt your wallet

Encrypting your wallet or your smartphone allows you to set a password for anyone trying to withdraw any funds. This helps protect against thieves, though it cannot protect against keylogging hardware or software.

Never forget your password: You should make sure you never forget the password or your funds will be permanently lost. Unlike your bank, there are very limited password recovery options with Bitcoin. In fact, you should be able to remember your password even after many years without using it. In doubt, you might want to keep a paper copy of your password in a safe place like a vault.

Use a strong password: Any password that contains only letters or recognizable words can be considered very weak and easy to break. A strong password must contain letters, numbers and punctuation marks and must be at least 16 characters long. The most secure passwords are those generated by programs designed specifically for that purpose. Strong passwords are usually harder to remember, so you should take care in memorizing it.

Offline wallet for savings

An offline wallet, also known as cold storage, provides the highest level of security for savings. It involves storing a wallet in a secured place that is not connected to the network. When done properly, it can offer a very good protection against computer vulnerabilities. Using an offline wallet in conjunction with backups and encryption is also a good practice. Here is an overview of some approaches.

Multi-signature to protect against theft

Bitcoin includes a multi-signature feature that allows a transaction to require multiple independent approvals to be spent. This can be used by an organization to give its members access to its treasury while only allowing a withdrawal if 3 of 5 members sign the transaction. Some web wallets also provide multi-signature wallets, allowing the user to keep control over their money while preventing a thief from stealing funds by compromising a single device or server.