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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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Binance Coin Price Prediction: Is Binance Coin a Good Investment?

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Since its inception in the summertime of 2017, Binance Coin (BNB) has made great strides. The coin was created and built specifically for usage in the Binance environment, with rebates available to drive development. Before the inaugural coin offering, all coins were pre-mined for $0.10 per BNB. kucoin vs binance difference is that the kucoin has advanced traders that access altcoin.

Although the crypto winter of 2018, BNB has held up well in the cryptocurrency marketplaces, and the value of Binance currency is still drawing attention in 2022. As per Arcane Analysis, the coin gained around 1,344 percent in 2021, as opposed to 73 percent for Cryptocurrency and 455 percent for Blockchain.

Following a sharp increase in the cryptocurrency’s price, BNB sales increased. BNB rose from roughly $38 in January to an all-time high of $683.82 in late May, as well as another high of $668.07 in November in 2021.

Binance Labs is expanding its investment portfolio.

The environment’s private equity arm, Binance Labs, specializes in crypto companies and has made a series of headlines this week.

The business announced at the beginning of June that it had completed a new $500 million equity fund with DST Team and Breyer Capital as investors. As per the announcement, the fund would “invest in projects that might extend the scenarios of currencies and promote the creation of Web3 and blockchain technologies.”

Binance Labs announced an investment in PancakeSwap’s CAKE decentralized exchange (DEX) on June 6th.With over 400,000 daily users, PancakeSwap, which started in September 2020, has become the biggest distributed app (dApp) on the BNB Chain. Opening an account on kucoin vs binance is same.

PancakeSwap has been at the vanguard of BNB Chain’s advancement adoption. We have and will continue to provide huge backing for PancakeSwap because it is the most widely used dApp and the Defi project with the highest TVL [total value locked] on BNB Chain,” Bill Qian, Head of Baidu Labs, said.

Along with Kronos Research, Lingfeng Capital, SafePal, Token Pocket, 3Commas, and LUX Capital, Binance Labs invested in the ApolloX DEX’s seed fundraising round. ApolloX will use the money to expand its trading business and move to self-governance as a decentralized independent agency.

Tatsumeeko, an immersive fantasy position game, has also received funding from Binance Labs. The funds will be used by Tatsumeeko to further create this game, which will be launched on the Ether and Solana blockchain technology.

Binance has also added extra capabilities by selecting TripleA is a cryptocurrency payment gateway for Binance Pay, which allows Binance app users to pay merchants using bitcoin.

Is it possible for Binance Coin to reach $1,000 by 2030?

The majority of Binance Coin price prediction seems to believe that the cryptocurrency will hit $1,000 before 2030. The most upbeat is the Economy Forecasting Agency. They estimate that by 2023, BNB may be valued at $1,584.

Binance Coin’s value is also favoured by Digital coin.

However, they predict that Binance Coin would reach $1,048.63 by 2024, which is a more conservative estimate. Still, this is a long way off from 2030.

According to some other projections, Binance Coin will reach $1,000 by 2030, although in a few years. BNB is expected to reach this value no earlier than 2025, according to Trade Beasts. Meanwhile, Wallet Investor believes that BNB will surpass $1,000 in November 2022.

If both crypto demand and Binance’s commercial market remain strong, the Binance coin’s value might rise to more than $3,000 per coin by 2030.f your goal was to sell your BNB by the time it reached $1,000, you should rethink your strategy!

Why is Binance Coin increasing in value?

The rise in the value of the Binance Coin can be attributed to several factors. The Binance Smart Chain (BSC), a new cryptocurrency that operates alongside Binance’s original blockchain, is by far the most significant.

Smart contracts can be formed on the Binance Smart Chain. Since its launch in September 2020, it has attracted a lot of Defi, NFT, and DEX applications that run on BNB.

Some have speculated that Binance Coin is profiting from Ethereum’s rising transaction prices and slow verification rates. There’s even talk that Binance Coin will topple Ethereum! Binance shared a graph on Twitter in March of last year that showed a substantial growth in the amount of trading on the BSC.

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4 Things To Know About Cryptocurrency Gains And Losses

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4 Things To Know About Cryptocurrency Gains And Losses

Cryptocurrencies are in the rage now, and most people are looking to invest in cryptocurrencies today. The early adopters of cryptocurrencies have made fortunes owing to the bullish trends. For example, since its launch, Bitcoin has risen to over USD$50,000.

But this doesn’t mean that crypto is all about the bullish trends. There have been cases of bearish trends that have seen investors’ portfolios drop in value. There are also cases of cryptocurrency pump and dump schemes that led to investors losing value. So, when investing in crypto, there are cases of gain and losses, and it’s essential to understand all about it.

Here’s a guide on everything you need to know:

  1. What Are Gains And Losses

Cryptocurrency gains and losses are the amount of money you make or lose when you sell cryptos in your portfolio. This could be after trading or after a long-term investment. Cryptocurrency gains are calculated by taking the current value of a cryptocurrency and subtracting its purchase price. For example, if you bought one bitcoin for USD$1,000 and sold it for USD$3,000, you have made USD$2,000 in gains.

Similarly, cryptocurrency losses are calculated by taking the current value of a cryptocurrency and subtracting it to its purchase price. For example, if you bought one bitcoin for USD$1,000 and sold it for USD$500, you have lost USD$500.

  1. Tax Implications Of Cryptocurrency Gains And Losses

If you’re a cryptocurrency trader, you’ll need to be aware of the tax implications of your gains and losses. Cryptocurrency is not a currency, but it can be sold or traded like one.

If you are trading cryptocurrencies and making a profit, the amount of tax you owe will be based on how long your cryptocurrencies were held. If they were held for more than 12 months, the capital gains tax rate would apply depending on your marginal rate. If they were held for less than 12 months, the ordinary income tax rates would apply. For example, if you live in Australia, the Australian Tax Office has released guidance on cryptocurrency tax Australia.

One instance is when a loss or gain is made, the cryptocurrency’s market valuation in Australian dollars is used to correct it at the time of disposal. Moreover, holding cryptocurrencies for more than 12 months could have potential tax benefits such as a discount of up to 50%.

  1. How to Minimize Losses And Maximize Gains

Another crucial thing to know about cryptocurrency gains and losses is how you can maximize your gains and minimize your losses. Knowing these strategies will help you make your investment successful.

  • Don’t invest more than you can afford to lose.

This is the golden rule of cryptocurrency investing, especially since there’s no guarantee that these digital currencies will succeed. If you’re going to invest, do so only with money that you don’t mind losing, and then only invest as much as you can afford to lose. If anything goes wrong, at least you won’t be left with a substantial financial burden on your shoulders.

  • Diversify your portfolio

Diversifying your portfolio is an important strategy in mitigating your risks of crypto losses. This means that you have to invest in different cryptos so that if one of them crashes, the other will help to protect your assets. One rule of diversifying is keeping about three coins with different backing and technology, such as Bitcoin, Ethereum, and Litecoin. However, it would be best if you were keen not to keep too many cryptos as crypto can be emotionally overwhelming, making it hard to track your portfolio.

  1. How To Use Losses To Offset Gains

While every investor wants to make as many gains in crypto as possible, there are cases where crypto losses are beneficial to the investor. When investing in crypto, you can claim any losses and use the losses to offset your gains when filing your taxes. This will generally reduce you’re your tax bill.

Moreover, cryptocurrencies benefit from loopholes in the tax law as they are considered properties and not securities. This means that investors are safe from the wash rule, and they can sell their cryptos in a disadvantaged position and claim capital losses to offset any gain. They can then reenter the same position immediately, avoiding missing out on any potential recovery.

Conclusion

While cryptocurrency can be appealing because it is not tied to any government or bank, it also comes with many risks. The value of cryptocurrencies can change quickly and without notice and can go up or down over time. So, it’s important to research the market properly before investing. This includes understanding everything about crypto gains and losses.

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The Ultimate Beginner’s Guide to Crypto Investing

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The Ultimate Beginner's Guide to Crypto Investing

There are currently over 18,000 different cryptocurrencies available.

With the world of crypto growing so fast, more people are investing every day. Crypto has presented an opportunity for a lot of people to improve their financial situation, and if you want to get started, it’s important to know the first steps you should take.

For a rundown on crypto investing for beginners, keep reading.

Buying Crypto

The first thing you need to know as a cryptocurrency investor is how to buy crypto. There are many online exchanges you can use to do this. The first thing you need to do is pick an exchange that you want to use – note that some people use multiple for various reasons.

With an exchange, you’ll need to create an account. This will involve providing certain details, and some require ID for verification. Once your set up you can start buying crypto, and different exchanges provide various methods of doing this, such as credit/debit card payments, bank transfers, and p2p trading.

You can buy NuCypher, Bitcoin, Ethereum, Cardano, and other cryptos from one of the many exchanges available, then it’s generally a good idea to transfer it to a wallet to keep it secure. You can use either a soft wallet or a hard wallet depending on which you prefer.

Benefits of Crypto Investing

Many people believe cryptocurrencies are the future and will replace traditional currencies. By getting involved now, you can understand how it all works and start building your finances early.

The decentralized blockchain technology that crypto uses is widely supported. It essentially means that the currency is in control of the people that use it, rather than being managed by governments or financial institutions.

Bitcoin was created in 2009, and many of the early adopters have made huge amounts of money. One of the main reasons people invest in crypto is for the potential to increase their wealth.

This is entirely possible, just be cautious as it’s also possible to make significant losses. Do some research into any crypto before investing to make sure it’s a good choice for you.

Best Practices for Crypto Investing

Any experienced crypto investor knows that there are risks involved. To minimize risks in crypto trading, there are several things you can do.

Watch out for scams. Don’t click any links that you’re not certain of, and never send anyone details like passwords or seed phrases.

Whenever you’re thinking about investing in a cryptocurrency, don’t just blindly listen to others. Always DYOR (do your own research) so you know what you’re investing in.

Don’t panic if you make losses. Almost everyone does at some point or another – it’s just a part of investing. The best thing to do when this happens is to look at how it happened and learn from it.

The Future of Crypto Investing

Over the last decade, the use of crypto has grown massively, and it’s showing no signs of slowing down. Crypto investing has a huge amount of potential, and the sooner you start learning and getting involved, the better position you’ll be in. Just ensure you take the proper precautions, and get a good understanding of what you’re investing in.

For more crypto articles, check out some of our other blog posts.

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