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What is Bitcoin and the Blockchain?

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What is Bitcoin

What is Bitcoin?

Bitcoin is the first decentralised digital currency in the world. It was introduced in 2008 by a pseudo-anonymous developer named Satoshi Nakamoto.

Bitcoin operates on peer-to-peer technology and does not require any bank or a financial institution as an intermediary. Bitcoin can be used to purchase goods and services online, make cheap international money transfers and it is also considered as one of many innovative new ways to invest your money as its price has been increasing substantially as its adoption is growing globally.

What is the Blockchain?

The blockchain is the underlying technology that the cryptocurrency bitcoin is built on. The blockchain is an immutable open-source distributed ledger network that publicly records all bitcoin transactions. The digital ledger can be viewed at Blockchain.info.

The blockchain is upheld and updated by all network participants who utilize their computing power to maintain and secure the bitcoin network in real-time. Hence, if some participants of the bitcoin network fall victim to an attack, the network remains functional as it is a decentralized peer-to-peer network. The bitcoin blockchain participants also verify and process all transactions on the bitcoin network. For this service, these bitcoin network participants receive new bitcoins through what is referred to as mining.

Furthermore, due to its open-source nature, the code for the blockchain can be changed to create new digital currencies but it can also be augmented so that it can be employed for non-financial uses.

For example, new blockchains could be used for transparent voter registration, to record proof of ownership of assets or land and intellectual property or for digital identity verification. The possibilities for the potential uses of the blockchain are almost limitless. That is also one of the primary reasons why there has been such a hype around bitcoin and the blockchain in the tech space.

In Africa, the most popular centralised cryptocurrency exchanges are Ice3X and Luno. However, the majority of bitcoin transactions in Africa occur over the peer-to-peer exchange LocalBitcoins.com.

What Can Bitcoin Do in Africa?

One of bitcoin’s key selling points is its low transaction fee when conducting money transfers regardless of the location of the sender and the recipient. Hence, the biggest case for bitcoin adoption in Africa is for remittance purposes. However, the use of bitcoin as a spending currency could also be very beneficial to the underbanked communities of Africa that often rely on cash-only transactions.

Mobile Bitcoin WalletThe blockchain, as mentioned above, could be used in all sorts of ways in Africa. Its potential uses range from voter registration to proof of land ownership and even the reduction of corruption. While it will remain to be seen whether the digital currency bitcoin will become a viable everyday spending currency. Its underlying technology, the blockchain, will without the shadow of a doubt make its impact in Africa for the better of its communities.

Bitcoin

Binance Launches Fiat-to-Crypto Exchange in Uganda

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Binance Launches in Uganda

Global bitcoin exchange Binance has launched a new fiat-cryptocurrency exchange in Uganda. The exchange will also be offering a reward of 0.5 BNB to the first 20,000 users that register on the site as part of its promotion in Uganda.

The announcement comes nearly two months after Binance partnered with Crypto Savannah, Made in Africa initiative, and Msingi East Africa to promote economic development in the East African country.

Changpeng Zhao and Yi He founded Binance in 2017 and raised $15 million through an initial coin offering for its ERC20 token BNB in July of the same year.

The exchange plans to move its offices to the island nation of Malta after the implementation of stricter regulations in China and Japan. In January 2018, Binance was the largest crypto exchange with a market capitalisation of $1.3 billion.

Binance in Uganda

BinanceBinance will also offer its Ugandan users a month of zero trading fees when trading goes online. The exchange will announce the opening for trading at a later date.

Users can find out if they have won any rewards by logging into their accounts and accessing ‘Distribution History’ in the Account Center. In addition, users will be required to complete ID verification to be able to withdraw funds from Binance.

Ugandan users will enjoy an exchange that offers fast transactions of up to 1.4 million per second and state-of-the-art storage technology for utmost security. The exchange also provides 24/7 customer support and has a user-friendly interface.

The presence of Binance in Uganda aims to boost financial inclusion in the country, which has increased from 28 percent in 2009 to 54 percent in 2013 according to its national financial inclusion strategy 2017-2022.

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LINE Corp to Launch Cryptocurrency Exchange BITBOX in July for Global Trading

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BitBox
Image by linecorp.com

The developers of popular messaging app LINE and LINE Group’s cryptocurrency and blockchain company LVC Corporation have announced that they are set to launch a new cryptocurrency exchange called BITBOX in July 2018. The Japan-based firm made the announcement during the LINE Conference 2018 held in Tokyo.

The New BITBOX Exchange

BITBOXBITBOX will offer over 30 high-demand cryptocurrencies to users globally with the exception of Japan and the US. The exchange will trade coins such as bitcoin, ether, litecoin, and bitcoin cash while charging low trading fees of 0.1 percent. BITBOX will support 15 languages, according to the company press release.

The selected cryptocurrencies for the exchange have undergone an extensive screening exercise and have been picked by an internal committee, promising users a convenient and safe trading experience. LINE will also incorporate its top security standards to the cryptocurrency exchange.

LINE Corporation CEO Takeshi Idezawa said:

“As a key part of LINE’s new financial services, BITBOX shows our commitment to fulfilling the growing demand for more diverse financial options. With BITBOX, LINE users will be able to access cryptocurrencies more easily, while also being assured of state-of-art security measures to protect their assets.”

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Nigerians Have Invested Over $5m in Cryptocurrencies Despite Regulator Warnings Says KureCoin Hub

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Nigerians Invest in Cryptocurrencies

Nigerians have invested over five million US dollars in the cryptocurrency market in the last couple of years according to data from Nigerian cryptocurrency platform KureCoin Hub.

The data shows that Nigerian retail investors are investing heavily in the cryptocurrency market despite warnings from the Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC) against investing in an unregulated market.

KureCoin Hub’s co-founder and CEO Tega Abikure has criticised the stance regulators have taken and argues that the country will lag behind as other countries enjoy the benefits of blockchain technology and cryptocurrencies. Abikure told New Telegraph:

“It is not a matter of whether the government likes it; it is about whether they need it. I am not sure the internet was liked when it first came. […] It is not a matter of whether they are going to embrace it; it is about when they are going to do so.”

Abikure observed that other countries such as Uganda and South Africa have already taken steps towards adopting blockchain technology while Kenya is pushing forward with a functioning blockchain taskforce.

“Nigeria is being left behind,” he noted.

The Blockchain as a Source of Foreign Direct Investments

Abikure also believes that blockchain technology could be a major source of Foreign Direct Investments (FDIs) in the next five to ten years. In addition, he is of the opinion that a lot of money is being made in cryptocurrencies on the continent with most of it leaving Africa’s economy.

On one of the benefits of blockchain technology, he said: “[The blockchain] is completely transparent and cannot be changed; it can be used to create a decentralised system of payment where the taxpayer had an unhindered access to the collector which is the government. It enhances revenue collection and removes the challenges of remittances.”

Blockchain technology can also improve the banking sector, the electoral process, the use of donations in charitable projects, and the supply chain, among many other use cases.

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