Bitcoin maker

best Android app for making bitcoin

 

hello friend i will share with you a (if you intrested in bitcoin)great app which was give 250 satoshi every 30 minutes You just need to claim .

and if you start booster (paid only 500satoshi) then you get 250 sathoshi every 10 minutes.

cool ha if you want download link below

 

DOWNLOAD NOW
 CAJ4OI  

use this code for reference

top 10 tip for successful stock trading

how to become successful trader

here are ten simple rule follow him

1) Choose your trading style well. Give a lot of thought to what kind of stock trading online that you want to do. You enjoy day trading, closing each operation at the end of each day? How about short-term trading in which is capable of several days at a time? Perhaps you prefer to be a weekly or monthly trader trader. While you can always change your mind, it is prudent to have a clear idea of ​​trading style you want before you start.

2) to match your trading style for your lifestyle. The choice of the trading style is particularly important from the point of view of lifestyle. Day trading usually means you're at the computer for hours at a time. Long-term online stock trading does not require much attention. As a general rule, the shorter the period of time is the most intense trade.

3) Choose a broker that matches your style of trading. This type of online stock trading may choose to do is determine the type of agent to use. Day traders have direct access to high-speed technology. traders daily, weekly, monthly and short term they can use less sophisticated discount brokers. When it comes to trading fees and other expenses, day trading is the most expensive.

4) Use a low risk, high return trading so. Stock trading involves risk. Most of the people who inflict serious damage to your trading account before you learn how to win consistently. While it may seem attractive, risk management is vital to the success of online stock trading. The only way to get the award and risk control.

5) Make sure your trading method works in all markets. The market simply will not go up. It too falls - sometimes for months or years. Using a method of online stock trading that takes advantage of both bottom-up and market-markets.

6) The best class actions. the higher value choice requires advanced skills and extensive research. Unless you are very experienced, with a lot of free time, it's usually best to seek the advice of a professional. Avoid large brokers and mutual funds. The facts show that most of the trade of "experts" they end up losing money.

7) To know when to sell their shares. Everything focuses on what and when to buy stocks, however, there are some who consider the best time to sell. paper we only become real money in their conversion into cash. Do not let your profits disappear securities due to negligence. Plan ahead. Before you go, always know the specific conditions that will signal when it's time to leave.

8) Check the winning edge. A "competitive advantage" consists of the favorable factors that set the winners apart from the losers. You must have a reliable always make use of online currency trading. Ask yourself - "What are the factors give me an advantage?" Be specific. If you are not sure, you probably will not have a border. The only way to learn is to study their methods and measure the results.

9) Invest in a good education online stock trading. Surveys show that 9 out of 10 investors believe their chances of winning are "above average", but more than 80% of them actually lose money. This is simply because they do not have the specific information you need to win. As we say in rightline, "If you think education is expensive, try ignorance."

10) Successful Association operator of online stock exchange. stock trading online presents unique challenges. Unlike traditional stock trading, no live agent to help along the way. If selected, online merchants can be experienced one of its best commercial resources. You may even end up with a good friend!

HIGHEST PAYING BITCOIN SITE LISTED

 BITCOIN SITE LISTED BELOW

Hello How's You
Today i will share about the bitcoin site which was paid hight sathoshi per claim.
and the time is 60min so you renters and clam after every 60min

here is site

1.earn bitcoin 
http://goo.gl/ZOU2z 
500sathoshi (60min time limit)

2. bitcoin 25
http://goo.gl/62AiJH
500 satoshi(60mintime limit)

3.water bitcoin
http://goo.gl/8vqcyv
500 sathoshi (60min time limits)

4.bitcoin26
http://goo.gl/ar5SGI
500sathoshi (60min time limit)

5.turtle bitcoin
http://goo.gl/BP0uJC
500 satoshi(60mintime limit)

6.metal bitcoin
http://goo.gl/sRMXWf
500 sathoshi (60min time limits)

7.wood- bitcoin
http://goo.gl/J7h28V
500sathoshi (60min time limit)

8.Fire bitcoin
http://goo.gl/GpI71G
500 satoshi(60mintime limit)

9.dragon bitcoin
http://goo.gl/M0OLXz
500 sathoshi (60min time limits)


9.Unicorn bitcoin
http://goo.gl/UN82hs
500 satoshi(60mintime limit)

10.Earth bitcoin
http://goo.gl/WKojZr
500 sathoshi (60min time limits)

Bitcoin Fundamental

WHAT IS BITCOIN   

 

Bitcoin is a so-called virtual currency that has been devised for anonymous payments made  entirelyindependently of governments and banks. In recent years, Bitcoin has generated a great deal of attention on several fronts. Bitcoin payments are based on a new interesting technical solution and function differently to traditional payments. In certain payment situations, Bitcoin can bring advantages in the form of lower costs, rapidity, anonymity, etc. over traditional payment methods. However, usa  ge can also be more risky becauseBitcoin is not directly covered by the laws that govern other payment mediation. 

Weak consumer protection is also a reason for why it may be difficult for Bitcoin to becomegenerally accepted and viable as a means of payment. Use of Bitcoin for payments
is low today, and although Bitcoin’s future is uncertain, it is an interesting innovation  worthyof description. This article explains what a virtual currency is, and how Bitcoin
works. Bitcoin use in Sweden – which is very limited – is also described. Finally, the future  of Bitcoin and other virtual currencies is discussed. 

Responding to new needs?   

 
Many areas have undergone rapid technological progress in recent years. Our needs in termsof making payments are also undergoing transformation. For instance, households are shopping online to a growing extent, and the amount of cross-border payments is on the rise. Payment solutions, especially for person-to-person payments, have however not evolvedas quickly. Bitcoin can be seen as a response to the lack of such payment solutions andhas often been a topic of discussion in the media, at workplaces and among friends inrecent years. Various factors have evoked curiosity about how the currency works, such asthe supposed anonymity for users, the fact that banks are not involved in the payments
and the ability to make payments worldwide. At the same time, it is difficult to understand whatBitcoin really is, and how it works. I attempt to elucidate this in this article.
I start by explaining what a virtual currency is, the different types of virtual currency that exist, and where Bitcoin fits into that categorisation. I then go on to describe how Bitcoin worksand what we know about its use in Sweden. Finally, I discuss Bitcoin’s benefits and
risks, and the difficulties it may face in future.

 

 

Bitcoin is what is known as a virtual currency.
A virtual currency is a means of payment thatis, units of the virtual currency represent a value. It is intended for use in payments withina specific virtual community, such as a particular website, or in a network of users with special software for managing the virtual currency and making payments. This type of virtual community can thus be said to resemble a voluntary agreement to use a specific itemas a means of payment. This is an important difference to national currencies, such as theSwedish krona. For the latter, it has been established in law that the monetary unit in Swedenshall be called the Swedish krona. The virtual currency thus has a different unit of a

ccount than national currencies. For Bitcoin, the unit of account is the Bitcoin itself.The issuer of the virtual currency can be a non-financial company or even a private
individual, but such an issuer is not under the supervision of a government authority. The issuanceof virtual currency is thus not a government-regulated activity.However, each
virtual currency has some type of rules of its own governing where and how it may be used, and some form of technical infrastructure in which the payments are carried out. Thevirtual currency, the own set of rules and the technical infrastructure combined form small payment system, hereinafter referred to as a virtual currency scheme.
 There are a large number of virtual currency schemes that have been built up, and function, in different ways. They can be broken down into different categories depending
on the extent to which it is possible to buy and sell the virtual currency. Here, we dividethem into virtual currency schemes that are closed, with unidirectional flow and
bidirectional flows. In closed virtual currency schemes, the virtual currency can be neither boughtnor sold, but only earned and used on certain websites (such as World-of-Warcraft Gold). If the virtual currency can be bought for national currency but not exchanged back, thescheme has a unidirectional flow (such as Amazon coins). 

 

When the virtual currency canboth be bought and sold and used outside of a certain website, the scheme has bidirectionalflows. As explained below, Bitcoin is an example of a scheme with bidirectional flows. However, these categories can overlap.Afurther distinction that can be made is whether the virtual currency is centralised
or decentralised. As with banknotes and coins, payments with virtual currency units are madeby means of them changing ownership. The ownership structure must therefore be registeredsomewhere, otherwise it might be tempting for a virtual currency unit holder to duplicateit and use it multiple times. A centralised virtual currency scheme has a centralisedsystemfor verifying and executing transactions, often with the issuer. 

In practice, the latter   administratesall of the accounts through which the payments are made. In a decentralised  virtualcurrency scheme, like Bitcoin, the transactions are instead verified and executed via tahenetwork of users that carry out some form of activity to this end. The right to register 
events is thus delegated to the network’s participants.4
 The decentralised virtual currency  schemesare not uncommonly based on an exchange of encrypted messages and are  thereforeusually called cryptocurrencies. The anonymityand security that this provides are  thefundamental concepts on which Bitcoin rests.

How To Earn Money?

The Most Searched Question 

on internet  in now days people more connected on internet instead of real life. so all things are possible online now but most people scamed by E -pirates (haha i will give them name E- pirates) cool ha

 

 

there are so many way which was help you to make money

which one was right ? how can you select right way.....mm it was so difficult . Dont worries guys I m here for you never or ever give registration fees or all thing like that..be awar of this type of web or people who want to still your money . never truts whom guy whoes give you very expensive salary and tell make money in one month it was never possible.real money can only making buy hard so be prepared to hardword forgot the things like you made millionaire in one month,two month, no one can made millionaire in to short time.

 

but the smart mind and hard work you will be millionaire in day.it all depend on you.

we have many examples here who was millionaire now but in past he/she has nothing but now he/she millionaire because of his hard working with smart mind.

re

so forget about money do you best you wull be next millionaire..its my first post about money. after thisi think you will understand the situation. my next article is about to how you make money right whith you tenant.so keep in touch

forgive for my Language problems..

thank you guys

GO Here For More>>>Click Here<<

how make money through freelance

easy introduction of freelancer

freelancer

freelanceris right and real choice of earning at home without any investment.

if you have any type of talent like
writing,
painting,
data analyzing,
web developing,
customer service,
programming,
or etc

 

freelancem

you just need to put your telnet on freelancer.there lot of website which give you work after pay them fees but be aware of this type of website
like 90% of website are fake which ask for registration fees or all type of stuff.but freelancer is totaly genuine site you never had to pay for any type of work .
so
how to work  on freelancer?
1.just go here freelancer and register with your data .
2.after submitting your data verity your account .link send in your inbox click on it .
3.chooses your skill and qualification (menu profile>my skill)
completing profile is key to make money on freelancer
4.start biding on project (menu make money> bid on project)to make money

 

there lot of project on freelancer choose one and start working you will get automatically comfort after some day. don't worries about your payment payment .freelancer is worldwide site you need to just focus on your task.
guys i am sharing freelancer because of so many people find job and some of people betray by scamming website. never ever invest your money any site without any knowledge of site policies,reputation around word,check all of details then start your work don't waste your golden time on this type of shitty website
if you have any type of question please ask me
thank you

Healthy Natural Tips

Eight Ways to Naturally Lower Blood Pressure 

1. Know Your Numbers Aim for a total blood pressure less than 120/80 mm Hg.

Systolic blood pressure is the top blood pressure number, which measures the pressure in the arteries when your heart beats. Aim for systolic blood pressure less than 120 mm  Hg (millimeters of mercury). A systolic blood pressure higher than 120 mm Hg indicates your heart is working overtime to pump blood through your blood vessels, which exerts maximum pressure on your arteries.

Diastolic blood pressure is the bottom blood pressure number, which measures the pressure in the arteries when your heart is at rest between beats. Aim for diastolic blood pressure less than 80 mm Hg. A diastolic blood pressure reading above 80 mm Hg indicates your heart is working harder than necessary to fill your left-ventricular heart chamber with blood. Over time this can lead to congestive heart failure.

Prehypertension starts at 120/80 mm Hg and
hypertension starts at 140/90 mm Hg:

To gauge your blood pressure, stop by your physician’s office or local pharmacy. A health care provider will use three tests to ensure accuracy. If you have or are at risk for
hypertension, talk to your physician about a home blood pressure monitoring device.

Blood Pressure Fact: An increase of 20/10 mm
Hg, starting at 115/75 mm Hg, doubles the risk
of cardiovascular disease.


2. Choose Plant-Based Foods. Vegetarian diets are associated with low blood pressure. New research published in Jama Internal Medicine shows adults who follow a vegetarian diet have a blood pressure 7/5 mm Hg lower than adults who consume a diet including meat.Changing the way you eat to favor fruits, vegetables, whole grains, and legumes can
bring your blood pressure down and reduce need for antihypertensive medications. Based on clinical trials, people who make dietary changes can expect to see lower blood
pressure, an average drop of 5/2 mm Hg, in just six weeks Blood Pressure

Fact: When you avoid animal fats and added oils, your blood becomes less viscous—that is, it’s less “thick.” It becomes more like water and less like grease, and that
means it flows more easily through your arteries. Your heart no longer has to push as hard to keep your blood moving. Plant-based foods are naturally rich in potassium and low in sodium, fat, and cholesterol.

3. Reduce Salt Intake.
Adults should consume less than 1,500 mg of sodium each day.
Instead of adding salt to recipes, try experimenting with spices and herbs, such as
cinnamon, pepper, curry powder, and cilantro. On the go? Become savvy at reading nutrition labels. Packaged meals, snacks, and salt-added canned goods can easily supply a day’s worth of sodium in just one serving. In addition to wreaking havoc on your heart, a diet rich in sodium can take a toll on your kidneys and disrupt calcium balance, increasing the risk for osteoporosis.Here’s how to decipher sodium content in food labels:
Low Sodium: contains 140 mg or less sodium
per serving.
Very Low Sodium: contains 35 mg of less
sodium per serving.
Sodium Free: contains less than 5 mg of
sodium per serving.
Blood Pressure
Fact: Just like fatty foods, sodium’s blood-pressure-raising effect can strain your arteries, which makes your heart work harder to regulate blood flow in your body. Excess sodium consumption over time can increase the risk of a heart attack or stroke.

4. Power Up With Potassium.
Aim for 4,700 mg of potassium each day.
Your kidneys use potassium and sodium to balance blood flow in your body. By opting for
foods low in sodium and rich in potassium, your blood pressure will naturally fall. Adults should aim for 4,700 mg of potassium each day. Especially good sources include:

Blood Pressure
Fact: Researchers from the Coronary Artery Risk Development in Young
Adults (Cardiac) study find study participants who consume the most plant foods reduce their risk of developing hypertension by 36 percent.

5. Maintain a Healthy Weight.
Maintain a trim waistline and BMI between 18.5 and 24.9. Excess weight can take a toll on your heart. The good news is losing even 10 pounds can lower blood pressure. People who maintain a healthyweight reduce risk for type 2 diabetes, heart problems, joint problems, and some forms of cancer.

Your body mass index (BMI) is a measure of your weight that is adjusted for your height and is used to assess health risk. You can use a variety of online calculators, including the simple tool at NutritionMD.org. A healthful BMI falls in the range of 18.5 and 24.9

After you assess your BMI, measure your waistline. A waist circumference greater than 40
inches for men and 35 inches for non pregnant women is linked to increased risk for high blood pressure. To measure your waist circumference, place a flexible measuring tape around your bare abdomen just above your hip bone. The tape should be snug but not tight. Exhale before measuring. Blood Pressure6
 Fact: A healthful plant-based
diet causes easy weight loss, and losing excess weight can help lower blood pressure by 5 to 20 mm Hg.

6. Exercise. 
Get at least 30 minutes of moderate physical activity each day.
Exercise can help bring your weight and blood pressure down. All you need is a 30-minute brisk walk each day. Sixty minutes of aerobic exercise--swimming, biking, or kickboxing—
three times a week counts, too. Maintain a regular exercise program and expect to see
lower blood pressure in just one to three months.14,15 Blood Pressure
 Fact: Becoming more active helps lower blood pressure by 4 to 9 mm Hg.

7. Limit Alcohol Use.
Women should consume less than one drink per day (due to breast cancer risk),
men no more than two. Alcohol can cause a sudden rise in blood pressure. Women should consume less than one alcoholic beverage per day (daily alcohol use increases breast cancer risk) and men should limit themselves to no more than two drinks.An alcoholic beverage is 12 ounces of beer, 5 ounces of wine, or 1.5 ounces of 80-proof distilled liquor. Blood Pressure
Fact: The National Heart, Blood, and Lung Institute finds modifying alcohol consumption can lower systolic blood pressure
by an average of 2 to 4 mm Hg.

8. Avoid Tobacco.
There are many good reasons to quit smoking and healthier arteries is one. Each cigarette immediately raises blood pressure and damages the arteries. The Centers for Disease Control and Prevention finds people who smoke have twice the risk for coronary
heart disease and stroke, compared to nonsmokers.Blood Pressure

Fact: Quit smoking for someone
you love. Secondhand smoke increases heart
disease risk by 25 to 30 percent

Know about Stock Market

Investment

1.basic of stock.

The money you earn is partly spent and the rest saved for meeting future expenses. Instead of keeping the savings idle you may like to use savings in order to get return on it in the future. This is called Investment.

One needs to invest to

1. earn return on your idle resources
2. generate a specified sum of money for a specific goal in
life
3. make a provision for an uncertain future

When to Start Investing

The sooner one starts investing the better. By investing early you allow your investments more time to grow, increases your income, by accumulating the
principal and the interest or dividend earned on it, year after year.

The three golden rules for all investors are:
1. Invest early
2. Invest regularly
3. Invest for long term and not short term

Where to Invest
One may invest in:
1. Physical assets like real estate, gold, jewellery, commodities etc

2. Financial assets such as fixed deposits with banks, small saving instruments with post offices, insurance/provident/pension fund etc or securities market related instruments like shares, bonds, debentures etc.

Short & Long Term Options
for Investment

Short Term:

1. Savings Bank Account
2. Money Market or Liquid Funds
3. Fixed Deposit with Banks

Long Term:

1. Post Office Savings
2. Public Provident Fund
3. Bonds
4. Mutual Funds

2.up and down stock

Before investing in a Market

Before investing, it is always wise to learn the Basics of Stock Market. We have compiled articles and tutorials on the Share Market Basics. Also included
here explanation of Stock Market Terms and jargon used by people involved in trading stocks and shares. Whether it is Bombay Stock Exchange (BSE), National Stock Exchange (NSE), London Stock
Exchange (LSE) or New York Stock Exchange (NYSE), trading terms or more or less similar.

Why Trade In Stock Market

1. You do not need a lot of money to start making money, unlike buying property and paying a monthly mortgage.
2. It requires very minimal time to trade - unlike building a conventional business
3. It’s ‘fast’ cash and allows for quick liquidation (You can convert it to cash
easily, unlike selling a property or a business).
4. It’s easy to learn how to profit from the stock market.
But You need to have your basics clear. Unless you do….you will be wasting
your time and loosing money. You need to be crystal clear of each and every
aspect of Investments, stock options, Stock Trading, Company, Shares,
Dividend & Types of Shares, Debentures, Securities, Mutual Funds, IPO,
Futures & Options, What does the Share Market consist of? Exchanges,
Indices, SEBI , Analysis of Stocks – How to check on what to buy?, Trading
Terms (Limit Order, Stop Loss, Put, Call, Booking Profit & Loss, Short & Long),
Trading Options – Brokerage Houses etc.

 

3.stock ratio

StockMarket System

1.Primary market
2.stock market is a secondary market
3.trade stock for listed corporations
4.Progressive development of stock market

Primary Market

• The primary market provides the channel for sale of new securities. Primary market provides opportunity to issuers of securities; Government as well as corporate to raise resources to meet their requirements of investment and/or discharge some obligation.
• They may issue the securities at face value, or at a discount/premium and these securities may take a variety of forms such as equity, debt etc. They may issue the securities in domestic market and/or international market

Secondary Market

• Secondary market refers to a market where securities are traded after being initially offered to the public in the primary
market and/or listed on the Stock Exchange. Majority of the trading is done in the secondary market. Secondary market
comprises of equity markets and the debt markets
• Difference between Primary and Secondary Market isIn Primary Market securities are offered to public for subscription for the purpose of raising capital or fund
Secondary Market is an equity trading venue in whichalready existing/pre-issued securities are traded among investors.

Equity Investment

• When you buy a share of a company you become a shareholder in that company. Shares are also known as Equities. Equities have the potential to increase in value over time. It also provides your portfolio with the growth necessary to reach your long term
investment goals. Research studies have proved that the equities have outperformed most other forms of investments in the long
term.

• Equities are considered the most
challenging and the rewarding, when compared to other investment options.

• Research studies have proved that investments in some shares with a longer tenure of investment have yielded far superior returns than any other investment.

• However, this does not mean all equity investments would guarantee similar high returns. Equities are high risk investments.
One needs to study them carefully before investing

Types of investors
• Speculators
• Hedgers
• Arbitrageurs

What is loan ?

 

1.LOAN SERVICE

AN UNDERSTANDING OF THE SEVERAL essential elements of a term loan is necessary in order to appreciate fully the important and unique position that such loans have come to occupy in the business credit market of the United States. The basic elements that define a term loan are: 

(1) credit extende to a business concern

 

(2) a direct relationship between bor-
rower and lender

 

(3) provision at time of making the loan

 
that some part of the principal is repayable after the passage of one year.

1 'While particular types of collateral security, repayment provisions, uses of funds by borrowers or loan agreements may be associated with term loans, none of these are essential characteristics.

 
Term Loans Are a Form of Business Credit

 
The fact that term loans are credits extended to business
concerns serves to differentiate them from many other types
of loans, also having terms of more than one year, that are
made by commercial banks, insurance companies and other
financial institutions. 

The salient factor is that the term lender usually appraises the probabilities of financial success of a business enterprise in judging the likelihood of repayment other loan at maturity. Thus the definition of term loans excludes consumer loans, where attention is focused on the moral
and financial worth of an individual—who is not necessarily
an entrepreneur. Also excluded are loans to individuals se-
cured by mortgages on residential property. In making loans of this type the lender customarily looks to the value of the
pledged In contrast, even where term loans to businesses are collaterally secured by real estate or other property,
the lender generally looks mainly (or exclusively) to the
earning power of the business rather than to the value of
pledged property to protect himself against loss. The collateral security given by a business concern is usually of a specialized type that cannot be liquidated by the lender to realize any certain amount in case of default.

 
Term Loans Involve a Direct Relation Between Borrower and Lender The circumstance that term loans involve a direct relationship between borrower and lender serves to distinguish them from corporate bonds and debentures sold to investment bankers for public distribution. Although such securities generally mature more than one year after date of issuance, and are like term loans in this respect, there is no direct relationship between the borowing enterprise and its creditors.

 
Almost invariably these bonds or debentures are accompanied by trust indentures requiring the appointment of trustees to act for all security holders. In all likelihood individual security holders are unknown to the borrower. The term loan is unique in being a medium-term credit, usually accompanied by a formal loan agreement between borrower and lender, but retaining that direct and intimate connection between business concern and financing agency that has always been associated with the busiess loan activities of commercial banks.

 

2.take loan

4."Private placements" of corporate securities with insurance companies and other institutional investors resemble term
loans more closely than they resemble publicly marketed debt securities. 

Private placements may involve use of the same legal forms as those employed in the traditional investment banking operation but they dispense with registration under the Securities Act of 1933, and short-circuit underwriters and
security dealers who perform the function of breaking up
large loans into small units for wide distribution. The steady
trend toward institutionalization of savings, together with the application of stricter controls (reflected in higher costs) of public distribution of securities, have led many concerns to "wholesale" their debt securities directly to the large investing agencies. 'While securities privately placed by business corporations generally mature after longer periods than do term loans, and in fact "straddle" the medium-term and long-term business credit markets, it would be illogical to differentiate medium-term private placements from term loans. 

Both media compete in the same credit market.
Term loans are closely related to, but are to be differentiated
from, purchases by banks of instalment contracts arising from the sale of commercial and industrial equipment. The bulk of such instalment paper pays out over periods exceeding a year, and in a sense reflects the extension of term credit to the buyer of the equipment as well as to the seller who transfers the contract to the bank. There are a number of reasons why it is inadvisable to regard the acquisition of such instalment contracts by a bank as term lending.

 

 First, the majority of these credits are secured not only by the particular income producing equipment involved and by the name of the buyer, but also by the name of the seller, thus producing a credit appraisal problem different from that usually encountered in term lending.

 

Second, instalment financing of incomeproducing equipment often involves use of financing plans under which many buyers purchase equipment from a single seller upon identical terms—a feature not characteristic of term loans. 

 

Third, bankers have extreme practical difficulties, in the
records of their personal loan or time sales financing depart ments, in separating contracts pertaining to consumer goodsfrom those relating to commercial and industrial equipment,only the latter of which constitute business credits. 

 

Finally,and most important, even in the case of nonrecourse paper the credit relationship between the ultimate borrower the purchaser of the equipment—and the lender is not usually established directly, as is true of term lending, but is established through the seller as an intermediary. For all of these reasons it is inadvisable to classify purchases of contracts as term loans.

 
Term Loans Are Credits Extended for More Than One Year
The force of defining term loans to include only credits with
maturities at time of making more than a year distant is obviously to exclude loans the proceeds of which may be used by the borrower to finance only short-period expansions in his operations. 

 

The traditional theory of American commercial banking has sanctioned certain relationships of banks to business enterprises which exclude extension of term loans.
This traditional theory, largely evolved out of the experience
of British banking during the nineteenth century, held that
commercial bank credit would be extended in the form of
short-term notes, given by borrowers to procure funds for
manufacturing or holding commodities for sale during temporary peaks in activity, such as seasonal expansions. Equity capital or funds borrowed on long term were expected to satisfy all the fixed capital requirements of a business concern, as well as to provide minimum working capital needs at seasonal low points in inventory holding or productive operations.

3.paper work

 
The early regulations of the Federal Reserve Board concerning the kinds of loans upon which member banks could get Reserve bank credit reflected this philosophy. It was a natural concomitant of this theory that the banker expected an annual "clean-up" or extinction of indebtedness during the seasonal nadir in the borrower's operations. This, in theory, provided an annual test of the borrower's ability to achieve financial independence of the bank, and gave assurance that the bank was, in fact,financing only temporary expansions and was not permitting its funds to become part of the "permanent" capital of the business.

 

 
'While it is generally recognized that the breach between
this theory and American banking practice has steadily
widened, the theory has usually been honored in form in the
business loan activities of commercial banks. Bankers con-
tinued to take demand, 90-day, or six-month notes from borrowers, with a full expectation on the part of both parties
that these obligations could not be discharged at maturity
(without great inconvenience or embarrassment to the borrower) and would be renewed at their due dates.

 

4 Business
concerns faithfully continued to extinguish their indebtedness during a short period each year at one bank by borrowing on short term at other institutions, thus preserving the fiction of the annual "clean-up." This had at least the limited value of showing that the borower could get credit from another institution.

 

4.granted

 
Only with the advent of the term loan during the 1930's
was there a definite break with the orthodox theory of commercial banking relationships with business enterprise. For the first time there was a frank recognition by both debtors and creditors that, de facto, many business debts would not terminate within a year, that the proceeds of loans would not be used wholly to finance short-lived expansions but would be devoted to the acquisition of fixed assets, the long-term expansion of working capital or the refunding of long-term debt. Since a loan to be repaid more than one year after date of creation could not be considered to provide merely seasonal working capital, a one-year term establishes the line of demarcation between term loans and the traditional short term business loans.

 

5 Although there is difference in opinion
concerning the appropriate distinction between medium

term and long-term business credit, for purposes of the present study fifteen years will be considered as the outer margin of medium-term loans. Loans and private placements of debt securities having terms of more than one and not more than fifteen years are the "medium-term" business credits with which we are concerned.