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CRYPTOCURRENCY IN AFRICA

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CRYPTOCURRENCY IN AFRICA

Africa’s cryptocurrency involvement is stated to play a role in the11% increment in the activities realized from 67% in the year 2019. A good percentage of which is attributed to a large trading volume that has been witnessed in the new investors who have tried their hand in cryptocurrency trade albeit for a first time.

Shortcomings in understanding cryptocurrency

A possible explanation as to why there is a setback in the uptake and sustenance of cryptocurrency trade in Africa, aside from the absence of a reliable network is financial illiteracy. This factor does not necessarily cut across all the quarters of African participants in cryptocurrency but has been attributed as a contributory factor at varied levels.

A number of people are only aware of a handful investment options. The most basic and common method of investing for this group is buying stocks. While buying stocks may be a good and one of the safest modes of investing, individuals who are interested in safe trade may well be made aware that cryptocurrency is one other passive way of investing that is generally considered safe.

While they are aware of a number of billionaires, it is not clear how this wealth was built and for how long. Many times it is felt that for someone to become wealthy, you must have a lot of money.

With cryptocurrency, an initial research to build on knowledge is important. This means that for any investor interested in cryptocurrency, you must first find out which type of cryptocurrency you want to engage in is trade and for what reasons. Click here to get insight on the available forms of cryptocurency, volatility and how well each is thriving at a time. Such is one platform that enlightens you on the fundamentals of cryptocurrency trade and offers you information on investing crypto.

It is also evident that quite a number of platforms that engage in cryptocurrency operations are quite vague when it comes to explaining in depth what cryptocurrency is and how one can engage as an investor or even a trader. Such are the points that have been attributed to the low turnout of African participants in the world of cryptocurrency.

While engaging in cryptocurrency trade is not a complex operation given that even first timers can easily become participants, this lack of the needed information is one of the main setbacks. Operational information needs to be easily availed and also in dialects that can be well understood by Africans, especially for the non English speaking nations.

Regulation

Some countries have their status declared as far as their stand in cryptocurrency involvement is concerned. While this may be true for some, others have no rules or regulations that state anything about its expectations on cryptocurrency trade by its citizens.

With a bit of regulations and clearly stating a country’s expectation on its citizens who are involved in crypto operations, businesses are protected of unseen losses and rip offs.

According to Forbes advisor, for those individuals interested in investing crypto for the first time, you can buy cryptocurrency on a peer to peer network at a fee. This fee varies depending on the type of cryptocurrency. In this regard you have to be well aware of acceptable ranges. Some charge a one off fee while there are others that charge a percentage of what you buy.

In the recent past, buyers via the app robinhood were able to buy some of the top rated cryptocurrencies without being charged fees for many of the major exchanges, according to Forbes.

Conclusion

Cryptocurrency has changed the way individuals look at investment. Armed with the right information, you can safely invest and trade in cryptocurrency. Financial literacy is an added advantage for anyone who wants to buy coins for the sake of trade or simply storing away assets in form of cryptocurrency in an effort to buffer self against inflation costs.

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Are Cryptocurrencies Acceptable as Payment Options?

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Are Cryptocurrencies Acceptable as Payment Options

Today’s digital world is becoming more and more financialized. Many people are participating in the digital economy by using electronic payment options such as PayPal or Apple Pay on their smart devices.

These new technologies have become a part of our lives but most people still prefer to pay with traditional payment methods such as physical cash or credit cards. However, there are some signs that these preferences could change in the near future.

According to a survey by Genesis Market Insights, approximately 80% of participating merchants accepted cryptocurrencies as payment options. This number is astronomically high when compared to previous years.

However, in the same survey, it was also revealed that more than 60% of the respondents did not actually use cryptocurrencies as a method to pay for goods and services.

There are countless merchants all over the world who want to accept cryptocurrencies but most of them do not do so because there is no demand for this kind of payment method.

This makes it clear that one of the main issues with cryptocurrencies is the fact that they are highly volatile. Unlike traditional payment methods, the value of cryptocurrencies can change overnight and this results in many people avoiding these digital assets as a method to purchase goods and services.

However, there are other reasons responsible for this lack of demand for cryptocurrencies as an electronic payment method. The main reason is that people don’t see cryptocurrencies as a means of payment and they consider them only as an investment tool.

Based on the recent Bitcoin Evolution review, many traders prefer to hold onto their digital assets instead of using them for everyday transactions because this provides much higher returns in the long term. In addition, there are still no laws regulating the use of cryptocurrencies as a payment method, which makes it even more unlikely that any merchants will adopt such methods as an electronic payment system.

People usually tend to forget that cryptocurrencies were designed as digital currencies and not just as investment tools. They were supposed to be used as a form of exchange for goods and services but this never happened due to the lack of regulation and the volatility of most cryptocurrencies.

Digital currencies such as Bitcoin were supposed to prevent the monopoly of central banks and allow people to keep their money in a system where they had full control over it, instead of putting their assets in the hands of financial institutions. However, this never happened and today’s cryptocurrencies are just speculative tools that some people buy in the hope to see their prices rise.

This is another reason why cryptocurrencies are not used as a method of payment for goods and services because people do not trust these digital assets enough to use them in everyday transactions. They could lose all their savings overnight if there would be a massive drop in the value of Bitcoin or any other cryptocurrency.

On the other hand, there are people who believe that cryptocurrencies will replace traditional payment methods in the future. This can happen if regulations will be implemented and digital currencies become more stable.

Conclusion

People believe that cryptocurrencies are not being used as a method to pay for goods and services because they are simply too volatile, there are no laws regulating them and people only consider them as assets.

However, there are some signs that this could change in the future if regulations are implemented. We will just wait and see what the future holds. Cryptocurrencies are definitely a force to reckon with and seem to be taking over the financial sectors.

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Bitcoin Wallet: What Is It And Why Is It Important?

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Bitcoin Wallet

A Bitcoin wallet represents a form of digital wallet that can be used to receive and send Bitcoins. This is similar to physical wallets, but rather than storing physical currency, digital wallets are designed to store cryptographic information that can be used to access Bitcoin addresses and carry out transactions.

A Bitcoin wallet is a program or device that is capable of interacting with the Bitcoin Blockchain. Even though most people often think of these wallets as storing Bitcoins, a typical Bitcoin wallet basically represents control of a Blockchain address. These wallets contain private keys, which correspond to the address book of the user’s blockchain. These keys can be used to authorize transactions on the Bitcoin network. This grants the user control of the Bitcoin contained in the address. If a cybercriminal steals the wallet keys, they can transfer the Bitcoins in that address to their wallet. There are types of Bitcoin wallets that must be discussed.

Types of Bitcoin Wallets

There are several types of wallets, each with unique qualities that are tailored to users’ demands. These are mobile wallets, hardware wallets, desktop wallets, and web wallets.

Mobile Wallets

These wallets are similar to desktop wallets in the functions they perform. However, they do so on mobile devices. There are several mobile wallets with a capacity to facilitate fast payments on physical stores by scanning a QR code. Users will find different mobile wallets that are compatible with Android or iOS devices. Examples of mobile wallets are Mycelium Bitcoin and Hive Android. It is important to do proper research before choosing a mobile wallet since there have been different cases of malware that seemed like Bitcoin wallets.

Need reliable source for crypto information and articles? You can get all you need on Bitcoin Prime, your one stop to reliable crypto information.

Hardware Wallets

This represents the most secure type of Bitcoin wallet since they involve storing private keys on physical devices, which have no access to the internet – similar to a USB drive. In this case, whenever a user intends to carry out any transaction, they can just plug in the hardware wallets, which can be used to authorize transactions without necessarily compromising the private keys. These wallets are not susceptible to virus attacks. Examples of popular hardware wallet manufacturers include Trezor and Ledger.

Desktop Wallets

These wallets are installed on a laptop or desktop computer. They offer users complete control over their wallets. There are several desktop wallets with additional functionality, including exchange integration, or node software. Yet, these wallets are regarded to be relatively insecure since computers can be compromised. Examples of popular desktop wallets are Huge OS X, Armory, and Bitcoin Core.

Web Wallets

These are online services that can help users store or send cryptocurrency. Employing their services comes with certain advantages. It is possible to access these web wallets anywhere and from any device. It is simply as easy as checking an email. Yet, a major cause for concern is security. Besides the risks of malware or attacks that can steal passwords, there is a considerable risk of the counterparty. There are instances when users logged in to a third-party service, just to discover that their Bitcoins are not there anymore.

Importance of Bitcoin wallets

Now that it is much easier to purchase or sell Bitcoin, there is a need to effectively store these digital coins in a safe place. This is what a Bitcoin wallet does. Just like a physical wallet, which holds fiat currency, a Bitcoin wallet is a digital wallet that can help store Bitcoins. The device that contains your wallet stores the private keys, and not the coins. While coins are stored on the Blockchain, the wallet contains the private keys that are used to access the digital coins.

Conclusion

It is only natural that Bitcoin transactions attract cybercriminals. While it is impossible to hack the blockchain, these criminals target digital wallets as the soft spot. These wallets contain the keys through which the Bitcoins in the blockchain can be accessed. For this reason, keeping Bitcoin wallets safe is just as essential as their importance.

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Buying Bitcoins in 2022? Try These Crypto ATMs for a Smooth and Secure Experience

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Most people probably don’t know that Bitcoin ATMs have been around since 2013, but investors preferred using online exchanges to buy and sell cryptocurrencies. However, that trend has undergone a huge change with the massive installations of Bitcoin ATMs across the country. In recent years, we have seen an enormous spike in the number of Bitcoin ATMs in Jonesboro, Arkansas. Local investors and visitors to the state prefer using these sleek machines to buy their preferred cryptocurrencies.

Bitcoin or Crypto ATM, as they are popularly known, is providing people with a genuinely convenient alternative to online exchanges. It is designed to remove many of the hurdles associated with online exchange-based BTC transactions. They are strategically placed in many places in Jonesboro. You will easily find one when you want to buy BTCs or other cryptocurrencies.

Resolves the Usual Problems Faced When Using Online Exchanges

Online exchanges had established themselves as a standard method of transacting BTCs, but people prefer using BTC ATM now as they help remove different hurdles and deliver a smooth Bitcoin buying experience. 

When you use an online exchange, you have to link your bank account details to meet the KYC protocol. This means your BTC transactions are not private when you use these exchanges. They will have easy access to all of your personal and banking information. 

Another major problem is that some exchanges can take weeks to verify your IDs and other details. And unless they do so, you will not get your BTCs in your wallet. It sends all claims of privacy for a toss. 

Long transaction time is another huge issue BTC buyers face when they do it through an online exchange. Some exchanges can become very busy, resulting in long delays in receiving your Bitcoin. You will not face any of these issues when using a Crypto ATM in Jonesboro, Arkansas. 

Benefits of Using a Coin Cloud Bitcoin ATM

Bitcoin ATM has emerged as a truly convenient and refreshing option for Bitcoin investors. With crypto ATM machines proliferating all over Arkansas, it has become more convenient than ever before for people to buy Bitcoin. You can transact securely, faster, and without the involvement of any third party. Your phone and a wallet are all you need to start buying Bitcoins in Jonesboro, Arkansas, right away.

In 2022, Bitcoin ATMs are expected to become the default resource for a large percentage of Bitcoin transactions in Arkansas and the whole country. Investors realize the amazing convenience of using these machines. They don’t have to schedule a BTC buying session or take time out from their busy schedule to buy BTCs. Simply locate a Bitcoin ATM in Arkansas, and complete the buying process in a few simple steps.

Most BTC buyers prefer Cryptobase ATMs as these advanced Crypto ATMs are designed for security, speed, and convenience. You can buy BTCs and other popular cryptocurrencies for as little as one dollar. For a better buying experience, use Cryptobase wallets to receive your crypto coins. Please visit https://www.cryptobaseatm.com/ to find the nearest Bitcoin ATM.

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