Learning the friendly way

If you’re in the process of applying for a passport chances are strong that you already know the importance of needing one. Whether you’re in a terrible hurry because you forgot to check the expiry date before booking your trip or maybe lost your passport ahead of an urgent cross-border meeting, we’ve got you covered. The UK offers a service that allows applicants to fast-track their application. 

Find everything you need to know about the process below, including the fees involved. And why might we, a fintech platform, be informing you about fast-tracking passports? Because we’re in the business of travel. With our world-friendly app that allows users to seamlessly switch between currencies as they swipe their cards around the world, we understand not every process is this simple. Now that we’ve covered that, let’s get into why you’re really here. 

How to fast-track your passport application

Getting a passport in the UK can sometimes be a lengthy process, but luckily there are options available to speed things up. Normally, it can take up to 10 weeks to receive a new passport through the standard application process. While it may be quicker in some cases, it's always best to be prepared for a wait.

The one-week fast-track option

The first option is the 1 week Fast Track service. This service allows you to renew an adult or child passport, replace a lost or stolen passport, or update your details. You can book an appointment for this service up to 3 weeks in advance and will need a debit or credit card.

How to apply

To apply for the 1 week Fast Track service, follow these steps:

1. Visit your local Post Office branch to obtain an application form (these are not available online).

2. Book your fast-track passport appointment online.

3. Pay the fee.

4. Take your completed application form and the required supporting documents to your appointment. There is a booklet accompanying the application form that provides a list of the necessary documents.

5. Once you have completed these steps, your new passport will be delivered to your home address within a week of your appointment. It's important to note that someone needs to be present to sign for the passport upon delivery.

The costs*

The cost for the 1 week Fast Track service is £155 for an adult passport and £126 for a child passport.

The same-day fast-track option 

If you need your passport even faster, there is also the Online Premium service. With this service, you can collect your new passport on the same day as your appointment. However, please note that this service is only available for adult passport renewals issued after 31 December 2001. 

If you have an adult passport issued before this date, you will need to use the one-week fast-track service or the standard application process.

How to apply

To use the Online Premium service, you can simply apply and book an appointment online. The earliest appointment you can get is 2 days after applying.

The cost*

The cost of this service is £193.50 for an adult passport. 

Who can use these services?

It's important to know if you are eligible for these fast-track passport services. If you are applying for your very first UK passport, unfortunately, you won't be able to use either of the fast-track services (unless applying for a child's first-time passport in which case you can use the one-week fast-track option). For everything else, you will have to go through the standard application process instead.

In conclusion

Remember, it's always best to plan ahead and apply for your passport in advance to avoid any last-minute stress and government regulation curveballs. However, if you do find yourself in need of a passport urgently, these fast-track services can be a lifesaver.

If you have any further questions or need additional assistance, don't hesitate to reach out to the appropriate passport office or visit their website for more information (listed below). They will be able to provide you with the most up-to-date details and guidance regarding the fast-track process.

*Please note that the fees were correct at the time of writing and are subject to change. Check the website page listed below to find the relevant information.

References:

• GOV.UK - Passport application service
• GOV.UK - 1 week Fast Track service
• GOV.UK - Online Premium service

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Saviez-vous qu'il existe cinq façons différentes d'exprimer notre amour à travers l'argent ? Ci-dessous, nous décomposons les cinq langages d'amour originaux, puis expliquons comment ceux-ci peuvent être intégrés dans un contexte financier. Après tout, le savoir, c'est le pouvoir.

Les cinq langages d'amour originaux

Les cinq langages d'amour originaux ont été introduits pour la première fois par le Dr. Gary Chapman dans son livre "Les 5 langages de l'amour : le secret des couples qui durent", offrant un aperçu de la façon dont nous exprimons notre amour et comment nous espérons le recevoir. Les cinq langages d'amour sont :

Paroles d'affirmation

Exprimer l'amour et l'appréciation par des compliments verbaux ou écrits, des éloges et des mots gentils.

Donner de l'attention

Montrer de l'amour en accordant une attention exclusive et en passant un temps de qualité significatif ensemble.

Offrir des cadeaux

Démontrer l'amour par des cadeaux réfléchis et significatifs, impliquant généralement à la fois donner et recevoir des cadeaux.

Gestes d'attention

Exprimer l'amour en accomplissant des actes de gentillesse et de service pour l'autre personne.

Contact physique

Montrer de l'affection et de l'amour par le contact physique, comme des câlins, des baisers et se tenir la main.

Ces langages d'amour aident les individus à comprendre comment ils préfèrent donner et recevoir de l'amour. Le livre affirme également que reconnaître et parler les uns des langages d'amour des autres peut renforcer les relations.

Quels sont les langages d'amour financiers ?

En prenant les piliers originaux, nous avons créé cinq langages d'amour financiers pour vous donner une idée de la façon dont vous vous manifestez financièrement dans les relations (familiales, amoureuses ou autres). Que vous partagiez un appartement avec votre frère, une entreprise avec un ami, ou un compte joint avec un partenaire, tout le monde pourra se retrouver dans ces langages d'amour financiers. Après tout, gérer l'argent de manière positive est la pierre angulaire de toute relation saine.

Les cinq langages d'amour financiers

Il est précieux d'être attentif à vos propres schémas, ainsi qu'à ceux de ceux que vous aimez. En reconnaissant le langage d'amour financier de votre partenaire, vous pourriez mieux comprendre comment créer plus d'harmonie dans la relation en comprenant ce qui les pousse à dépenser de l'argent. Sans plus tarder, plongeons dans les cinq langages d'amour financiers.

Communication ouverte

Bien qu'il y ait peu de sujets moins agréables à aborder que l'argent, avoir une communication ouverte et honnête en ce qui concerne les finances est non seulement précieux, mais essentiel. Avoir la compétence, ou avoir affûté la compétence devrions-nous dire, de parler des questions financières avec un être cher est un exploit, et pour certains, le langage d'amour financier le plus naturel. Ces discussions vous feront probablement vous sentir renforcé et plus connecté aux personnes qui vous entourent, ce qui rend plus facile d'être sur la même longueur d'onde.

Gestes d'attention : édition financière

Alors que les gestes d'attention originaux consistent à faire des choses qui rendent la vie de ceux que vous aimez un peu plus facile, dans ce contexte, les gestes d'attention concernent des tâches liées à l'argent telles que les impôts ou la gestion du budget. Avoir quelqu'un qui fait vos impôts par amour pourrait être un peu ambitieux, donc regardons les alternatives. Il pourrait s'agir d'organiser le budget des vacances ou de créer un plan d'action pour aider votre ami à sortir de la dette, ou simplement de réparer quelque chose pour vous afin de vous faire économiser de l'argent.

L'amour dans les économies

Bien que cela ne semble pas être l'option la plus sexy, planifier l'avenir et avoir une sécurité financière est un acte d'amour inestimable. Que ce soit par le biais d'investissements, de plans de retraite ou même d'un fonds d'urgence, quoi de mieux pour dire "je t'aime" que "faisons une décision financière pour vieillir ensemble". Le langage d'amour de certaines personnes consiste à exprimer leur affection en fournissant, alors pourquoi ne pas les laisser mettre leurs compétences en planification et leur diligence à l'épreuve et vous couvrir de leur amour ? Cela pourrait même vous aider à atteindre vos objectifs financiers encore plus rapidement.

Vivre une expérience ensemble :

Le langage d'amour financier de cette personne consiste à exprimer son attachement à travers des expériences et du temps de qualité, en dépensant de l'argent pour faire un voyage, en passant une soirée passionnante ou simplement en vivant une nouvelle aventure. En investissant du temps et des expériences, vous dites tout simplement que vous appréciez passer du temps avec eux plus que vous appréciez les gains monétaires.

L'art d'offrir :

Le dernier langage d'amour financier que nous avons pour vous aujourd'hui tourne autour de l'acte de donner des cadeaux. Êtes-vous quelqu'un qui aime gâter ses amis avec des présents, ou adorez-vous gâter votre partenaire avec quelque chose de merveilleux ? Alors celui-ci est pour vous. Bien que cela ne devrait jamais impliquer de vider votre compte bancaire, investir votre amour (et votre argent) dans un cadeau approprié est un excellent moyen de montrer de l'affection. Rappelez-vous, c'est souvent la pensée qui compte plutôt que l'étiquette de prix.

Quel est votre langage d'amour financier ?

Avec lequel de ceux-ci vous identifiez-vous le plus ? Parfois, en identifiant ces besoins intrinsèques, nous sommes en mesure de mieux comprendre non seulement nous-mêmes, mais aussi nos attentes envers les autres. Quel que soit votre langage d'amour financier, veillez à verser le plus grand amour dans vos propres finances et à travailler régulièrement pour atteindre vos objectifs financiers.

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Nous sommes ravis d'annoncer l'intégration du token Chain (XCN) sur Tap ! XCN est désormais disponible pour le trading sur l'application mobile Tap. Vous pouvez dès aujourd'hui acheter, vendre, échanger ou conserver XCN pour n'importe quel autre actif pris en charge sur la plateforme, sans limitation de paires. Tap est agnostique en termes de paires, ce qui signifie que vous pouvez échanger n'importe quel actif contre un autre sans vous soucier de la disponibilité d'une "paire de trading".

Nous sommes ravis d'accueillir XCN sur notre plateforme, enrichissant ainsi les options disponibles pour nos utilisateurs. Chez Tap, nous nous efforçons de diversifier constamment notre offre en intégrant de nouvelles cryptomonnaies, offrant à chacun l'opportunité d'explorer de nouvelles perspectives.

Fondée en 2014, Chain fournit aux organisations l'infrastructure nécessaire pour construire de meilleurs services financiers à partir de zéro. Le jeton Chain (XCN) est un jeton utilitaire et de gouvernance pour le protocole Chain, permettant à ses détenteurs de voter sur les améliorations du protocole et divers programmes pilotés par la communauté. XCN peut être utilisé pour un accès premium, des réductions, et le paiement de frais commerciaux sur Sequence et d'autres produits de l'écosystème Chain.

Apprenez-en plus sur XCN dans notre article dédié ici.

So you decided to go deeper into the fundamentals of investing and learn what an APY is. You've come to the right place, let's get you started with this perplexing "APY" term.

What Is APY?

In conventional finance, a savings account frequently offers both a low-interest rate and an annual percentage yield (APY). Let's look at what they are and what they mean.

• The Annual Percentage Yield (APY) is the annual return from the principal and accumulated interest on investments or savings, expressed as a percentage.
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• The simple interest rate is the amount earned on the original deposit. 

Assume an account at a bank offers a yearly interest rate of 5%. If someone deposits €2,000 into the account, it will be worth €2,100 after a year with the 5% yearly interest rate.                                           

The Difference Between Interest Rate, APY and APR

The APY takes into account the impact of compounding, whereas the interest rate does not. The APY is the projected rate of return earned annually on a deposit after taking compound interest into account.

Compounding interest is the interest that a person accrues from their initial deposit, as well as the interest they earn from their original investment (or in other words, the initial deposit amount plus the interest generated).

The terms APY and APR are frequently used interchangeably, although they represent two different things. These words are sometimes confused due to their close resemblance. However, APY and APR aren't the same things.

The APR (annual percentage rate) is a formula that determines how much interest you'll pay when borrowing money and is the rate of return earned if your funds are invested in an interest-bearing account. 

When a person takes out a loan, their lender sets an APR that varies based on the loan. APRs are either fixed or fluctuating depending on the type of loan the user requires. However, the APR is a rather basic interest rate and does not take compounding into account, unlike APY. 

How Is APY Calculated?

APY represents your rate of return, also known as the amount of earnings or profit you can make. Of course, your ultimate earnings will vary depending on how long you keep your assets invested while the holding period will influence how much you will earn. 

APY measures the rate of the annual return earned on any amount of money or investment after taking into account compounding interest.

The following is the formula for calculating APY:

APY = (1 + p/n)ⁿ − 1

Where:

p = periodic rate of return (or annual APR)

n = number of compounding periods each year
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Bear in mind that an APY can be calculated in a variety of ways depending on the provider.

The three core questions to ask yourself before investing are:

• What do you aim to achieve from each investment?
• How much money can you safely invest?
• How much risk are you prepared to take?

Establishing the answers early on will help you determine which investment avenues are best suited to your needs. For instance, investing for retirement will require a more steady and low-risk approach, while looking to make high profits will require a more high-risk approach. 

Below is a list of other factors to consider:

INFLATION

Inflation is the rate at which the value of a currency decreases. Always ensure your return on investment is higher than the inflation rate otherwise your investment will lose value over time. 

RISK

Managing risk is an important element of investing. Higher returns typically involve higher risk, ensuring that your strategies align with what you are comfortable with is a must. 

LIQUIDITY

Liquidity indicates how quickly an asset can be sold. For investments made using capital that you might require in the short term, you will want to ensure that you invest in a market that has high liquidity. For example, the Bitcoin market is highly liquid while a smaller altcoin will likely be harder to sell. 

DIVERSIFICATION

Diversifying your investments helps to manage risk and spread rewards. Similar to “don’t put all your eggs in one basket”, diversification ensures that should one coin underperform the impact is greatly reduced. Try to include a range of coins in your portfolio. 

TAX

Last but not least, ensure that you are aware of the tax implications of your investment, as tax laws vary from country to country. The responsibility lies with each individual to establish what these are and adhere to them accordingly. 

The DeFi scene has exploded in recent years, with a number of successful protocols contributing to the rising volume and liquidity (Uniswap, PancakeSwap, and SushiSwap to name a few). While these protocols have entirely democratized trading in the crypto space, there are still some risks associated with getting involved. 

If you have experience in DeFi trading you’ve likely come across this term. Impermanent loss refers to losses made as a result of the price changes of the digital assets from when the liquidity provider deposited them into the liquidity pool to now. Below we break down how impermanent loss happens and how to manage the risk. 

How does impermanent loss happen?

Impermanent loss is when the price of the digital asset changes from the time you deposited it, providing liquidity to a liquidity pool, to the time you withdrew it. The bigger this change, the bigger the loss (essentially less dollar value at the time of withdrawal). There are of course ways to mitigate impermanent loss.

Liquidity providers' exposure to impermanent loss is decreased when trading in pools with assets that have smaller price ranges, like stablecoins (a stable asset) and wrapped versions of coins for example. In these cases, liquidity providers can provide liquidity with a lower risk of impermanent loss.

In some cases, impermanent loss can also be counteracted by trading fees. Liquidity pools exposed to a high risk of impermanent loss can still be profitable thanks to lucrative trading fees. 

For example, Uniswap offers liquidity providers 0.3% on every trade, so if the pool has a high trading volume, liquidity providers can still make money even if exposed to impermanent loss. This will depend on the protocol, deposited assets, specific pool, and wider market conditions. 

What does impermanent loss looks like for liquidity providers in liquidity pools?

Here is an example of what impermanent loss might look like for a liquidity provider trading on automated market makers (AMM).

Say John finds an automated market maker that requires a pair of digital assets equating to the same value. For the sake of this example, say 1 ETH is equivalent to 1,000 USDT, which he deposits in a liquidity pool. The total value of his deposit, therefore, sits at $2,000. 

Other liquidity providers have contributed a combined offering of 10 ETH and 10,000 USDT into the liquidity pool, meaning that John holds a 10% share of the overall liquidity pool. 

Let's say that the price of ETH rises to 4,000 USDT. During this time, arbitrage traders will contribute USDT to the liquidity pool and remove ETH until the ratio reflects the price increase. Note that AMMs don't have order books. Instead, the price of assets is determined by the ratio between them in the liquidity pool, meaning that while the liquidity remains constant, the ratio of assets in it changes. 

In this case, if the price of ETH is now worth 4,000 USDT then the arbitrage traders will work to ensure that the liquidity pool now holds 5 ETH and 20,000 USDT. The liquidity pool's total liquidity is now worth $40,000.

If John decides to withdraw his funds, he's entitled to 10% of the liquidity pool's share based on his initial deposit and the size of the liquidity pool. He, therefore, is entitled to withdraw 0.5 ETH and 2,000 USDT, equating to $4,000 in value. However, if he'd kept the initial 1 ETH and 1,000 USDT this would be worth $5,000 now. 

In this case, John would have made bigger returns had he hodled instead of using the liquidity pool and this is what impermanent loss is all about. 

This example does not incorporate trading fees that John might have earned for providing liquidity to the liquidity pool. In many cases, these fees would cancel out the losses and make the process profitable. Either way, understanding what impermanent loss is, is imperative before providing liquidity in the DeFi space.

A look at impermanent loss vs price increases (excl trading fees)

So, impermanent loss happens when the price of the cryptocurrency assets in the liquidity pool changes. But how much is it exactly? Note that it doesn’t account for fees earned for providing liquidity.

Here is an overview of the impermanent losses incurred due to asset price increases (note that trading fees are not factored in here).  Impermanent loss examples:

1.25x price change = 0.6% loss

1.50x price change = 2.0% loss

1.75x price change = 3.8% loss

2x price change = 5.7% loss

3x price change = 13.4% loss

4x price change = 20.0% loss

5x price change = 25.5% loss

Note that impermanent loss happens whether the price both increases or decreases as it is calculated by the price ratio relative to the time of the initial deposit into the liquidity pool. Unfortunately in these cases, price volatility leads liquidity providers to lose money.

The risks associated with becoming a liquidity provider

Realistically, impermanent loss isn't the best name. The losses are known as "impermanent" because they only become evident when you withdraw your coins from the liquidity pool. However, the "temporary loss" then becomes pretty permanent. Although the fees might be able to compensate for those losses, it does seem like a somewhat deceptive title.

When you put cryptocurrency assets into an AMM, be cautious. Some liquidity pools are far more vulnerable to fleeting losses than others, as we've discussed above. As a general rule, the more volatile the assets in the liquidity pool are, the greater your chance of being exposed to impermanent loss. It's also preferable to start by depositing a little bit of money in a liquidity pool to see the returns before exposing a lump sum. 

Another thing to keep in mind is to look for more established, tried-and-true AMMs. It's fairly simple to fork an existing AMM and make a few modifications thanks to DeFi. However, this might introduce bugs that lock your funds in the liquidity pool indefinitely. If a liquidity pool promises exceptionally high returns, there's more than likely a tradeoff taking place and there's likely to be much higher risk associated. Be sure to understand the ins and outs of any liquidity pool before making any deposits.