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I Got Paid In Bitcoin. Now What?

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Bitcoin has proven to be a great liberator that can democratize and simplify the way we make payments and money transactions all over the world. Especially in Africa, it is a key piece of currency/technology that should be harnessed and propagated for the benefits of intra-African trade and a more unified market across the continent. Bitcoin is a great alternative currency devoid of discrimination and biases that Africans regularly experience from international banks, credit card companies as well as international payment providers.

The opportunities bitcoin provides are endless. Bitcoin can be employed to help create an economy and a society that is productive, progressive and provides opportunities for all without biases and unnecessary discrimination.

Low Merchant Adoption Rate of bitcoin in Africa

Bitcoin adoption by merchants in Africa has been slow due to:

Regulation: There is poor regulation in Africa where most countries take long to pass payment legislations and this has a negative impact on the economy of these countries.

Awareness/Misinformation: Bitcoin is not very popular in Africa and for the few who do, don’t know it’s benefits. 

Existing mobile money services: There is already’ M-pesa’ in place which is a mobile money service. It is very reliable and it might take a while before people adopt the whole bitcoin concept.

Cash is (still) king:  The use of credit cards is not very common in Africa as most transactions are done in cash. For this reason, it is hard to train people on online payments but people are slowly adopting.

paid in bitcoinWith the exception of South Africa (who’s regulators hold a very positive stance towards bitcoin), merchant adoption is close to zero in most of Africa. Hence, if you decide to receive payments for good and services you will need to convert your bitcoins into local currency. The good news is, that getting paid in bitcoin and then converting it into local currency can often be cheaper than the exuberant PayPal fees that many freelancers and online merchants have to face.

Converting bitcoin to local currency

If you want to convert bitcoin into local currency, get an exchange of bitcoin that will enable you to sell at a good price and preferably a local currency.

The following are the things to consider when selecting the exchange to use.

  • Does the exchange you have selected support the currency that you want?
  • What is the cost of the exchange?
  • How long does the fund transfer take?
  • Does the selling price make sense?
  • Check if the exchange is legit.

The most popular exchange that Africans use is the peer-to-peer exchange LocalBitcoins.com. In almost every African country, you will find people willing to buy and sell bitcoins using this marketplace. It is one of the leading bitcoin marketplaces in the world and uses a user rating system and escrow accounts to drastically reduce the risk of fraud or scams.

In Kenya, for example, Safaricom’s M-Pesa money transfer service is the most common means of exchanging bitcoin into the local currency via LocalBitcoins.com.

When getting paid in bitcoin makes sense

If you are running an e-commerce business, are a freelancer or are working remotely for an international company, it makes sense to accept payment in bitcoin if:

  1. The cost of converting your bitcoins into your local currency is less than PayPal’s or other online payment systems’ fees.
  2. If you regularly send money abroad and want to reduce remittance costs.
  3. If you believe the value of bitcoin will increase over time and you want to hold it as a long-term investment.

If any of the three before-mentioned reasons resonate with you then you should consider accepting payments in bitcoin.

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Crypto.com Introduces Crypto Earn and Crypto Credit

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Crypto.com

Cryptocurrency platform Crypto.com has introduced Crypto Earn and Crypto Credit to enable users to earn interest on their coins and borrow by using digital currency as collateral.

Crypto Earn And Crypto Credit

Crypto Earn is a financial product that allows users to earn as much as eight percent per annum in interest on their cryptoasset holdings.

Crypto.comTo do this, users deposit digital assets into Crypto Earn through the Crypto.com app and then begin accumulating interest each day through their preferred cryptocurrency. To get started with Crypto Earn, users will have bitcoin, Paxos, and TrueUSD to choose from, according to a company press release.

Crypto.com is offering users two fixed periods namely one-month and three-month terms to earn interest on digital assets. The company will soon provide users with a flexible holding term. With Crypto Earn, you can also withdraw and deposit coins at no fees and spend what you earn.

Crypto Credit gives users instant loans with bitcoin as collateral. Users are free from fixed repayment schedules, monthly fees, payment deadlines, and late fees which financial institutions such as banks often impose. Users, therefore, enjoy a flexible repayment schedule in the twelve months from the beginning of the credit term.

Furthermore, users owning MCO tokens staked in the app receive a special rate of eight percent per annum. Users can use their loans to buy more cryptocurrencies on the app or they can spend it on the MCO Visa Card with cash back of up to five percent.

Other benefits of using Crypto Credit are that you do not require credit checks and that you can get the credit limit you want.

“Crypto Earn offers the most attractive interest rates in the market today. With the MCO Visa Card and Crypto Credit, we are uniquely positioned to do it while maintaining sustainable unit economics. MCO Visa Card, Crypto Earn, and Crypto Credit together form a powerful product suite that nobody else in the industry has today. We have never been more excited about the potential of our platform and look forward to continue scaling it globally later this year,” said Kris Marszalek, co-founder and CEO of Crypto.com.

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Different Kinds of Bitcoin Trading Strategies You Should Know About

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Bitcoin has been around for over 10 years now. There are a lot of things that have evolved with it over the years, including how easy and secure it is to buy, the different ways we can buy it, and the various bitcoin trading strategies that people use now.

There are a lot of bitcoin trading strategies now that it could intimidate a lot of newbies trying to get into bitcoin. The truth is, each strategy caters to a specific kind of trader so if you’re new, these strategies might be worth looking into before you invest any kind of money.

Different Strategies

To help get you started on choosing the kind of strategy you’re looking for, here are the two most common strategies that bitcoin traders use:

HODLing

You may have seen this slang around while doing your research. “HODL” refers to holding your position. It was created in 2013 when bitcoin’s price was dropping but a certain user decided not to sell his shares. He meant to write “HOLDing” but ended up making a typo instead: “HODLing”. It eventually caught on and people decided to give it a new meaning: “Holding On for Dear Life.”

The HODLing strategy refers to the holding of your bitcoins in hopes that your investment will grow over time. To start HODLing, buy bitcoins in bulk when the price is low and then keep it close while watching the crypto market. People can hold their positions from weeks to months to even more than a year. It’s the easiest and one of the more common trading strategies.

Day-trading

BTCDay-trading is another very common form of trading in the bitcoin world. The strategy refers to closing all your positions before the day ends. It involves executing long and short trades to capitalize on the market price of that day. Basically, this prevents having open positions overnight by finishing all your trades within the day.

It’s a more technical form of trading and it requires your full attention and a lot of your time. You’ll need to keep a close eye on all your positions and possibly watch multiple screens to do so. It requires a high degree of focus as well as a good knowledge of how the crypto industry works.

Just getting started

These two trading strategies are literally the most common forms of trading. There are so many more strategies such as swing trading and alt-coin filipping that you’ll need to learn but these two should get you started on your bitcoin journey.

Now, all you’ll have to do is decide on which of the two suits you more. Be sure to figure out your game plan before getting into bitcoin at all and your style should follow.

This guest post was contributed by cryptocurrency education and news platform WeAreCryptos. 

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Ghana’s Securities Exchange Commission (SEC) Warns Public About Investing in Crypto

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In a recent statement, the SEC of Ghana has warned the populace against investing in cryptocurrency and crypto-related investment schemes. This warning comes amidst a growing concern of the Security and Exchange Commission (SEC) about how Ghanaians are diving head first into the cryptocurrency market.

SEC Warns About Crypto

The Director General of the SEC, Rev. Daniel Ogbarmey Tetteh, signed an official statement released by the Commission that cautions the general public about cryptocurrency trading and all crypto-related activities as these are not regulated by the Securities Exchange Commission reports News Ghana

“[Cryptocurrency investments] offered by unregistered and unlicensed entities on digital online trading platforms with promises of high returns on investment are not sanctioned nor registered by the SEC”, the statement read.

The Commission’s statement further read:

Ghana SEC“The SEC wishes to inform the general and investing public that none of these cryptocurrencies is recognised as currency or legal tender in Ghana. The platform on which they are traded are not also licensed nor regulated by the SEC. The SEC would like to make it clear that it does not currently regulate these types of products offerings and their accompanying online trading platforms or Exchanges. Members of the general public who are investing or intend to invest in such currencies or assets may be doing so at their own risk and can in no way be protected under the Securities law regime in Ghana.”

Currently, digital asset trading remains a regulatory and legal grey area in the West African nation. Whereas the SEC has stated that it is presently not in support of or regulating cryptocurrencies, it also has not stated that cryptocurrency trading is illegal.

The regulator only mentions that they are “unregistered, unlicensed, and unregulated under the Securities Law of Ghana“. Thus, this can be very much regarded as a “disclaimer” on the part of the regulatory body to the public to sensitise them that trading in cryptocurrencies in the country presently is only done at one’s own risk.

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