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Meet Africa’s Blockchain Startups: BitHub Africa

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Bithub Africa

To help tell the story of bitcoin and blockchain technology in Africa, BitcoinAfrica.io has launched the “Meet Africa’s Blockchain Startups” series, which introduces startups that are leveraging blockchain technology and cryptocurrency to develop innovative new solutions that aim to change the status quo of business, banking and other sectors in Africa.

The first blockchain startup that will be introduced in our series is BitHub Africa.

The Blockchain Accelerator Program

BitHub Africa is a Nairobi-based blockchain-centric accelerator founded in 2016 by former BitPesa employee John Karanja.

BitHub Africa, in its bid to boost the application of blockchain technology to drive financial inclusion, is seeking to assist local companies that are deploying blockchain based solutions through its hub and coworking space in Nairobi. The accelerator program allows these startups to connect with a talented pool of blockchain developers at the BitHub space as well as have access to consultancy services.

BitHub AfricaCompanies that are looking to leverage blockchain technology in sectors such as payment systems, agriculture, financial services, data storage and management, among other sectors, can apply to be part of their accelerator program. The requirements are simple and for a modest monthly fee their co-working space can be used complete with all the relevant amenities and strong internet connectivity. Also, participants in the incubator program can enjoy free blockchain consulting services.

Future Opportunities

In Africa, bitcoin and its underlying technologies have the potential to disrupt some key areas such as governance, by creating immutable voting systems that promote free and fair elections, by improving efficiency and transparency when it comes to the transfer of value, and the protection of intellectual property through notarizing services.

John Karanja in an interview with EY indicated BitHub’s current focus is microlending, energy distribution by deploying smart grids or green energy and providing access to farmers through smart contracts. He says,

“We’re seeing that businesses that want to make a true social impact, such as providing more access to energy or access to loans and credit, are the ones gaining traction. At the same time, they are attracting investment and launching quickly.”

The hub is already making strides in the micro-lending space, with the launch of pesazetu, a peer-to-peer lending platform in August last year. In addition, as part of its advocacy for blockchain-based solutions, BitHub Africa published the African Blockchain Opportunity Report in 2016. The report highlights the opportunities blockchain is creating for entrepreneurs in Africa based on the review of 16 cryptocurrency and blockchain platforms. They are also engaging the regulators and government ministries to push for inclusion of blockchain technology in Kenya’s ICT policy.

It remains to be seen how the blockchain accelerator program shapes up the local startup scene, but Karanja is optimistic about BitHub’s prospects,

“I am very optimistic. The ICT sector is growing exponentially in Kenya. We have a young and vibrant population with great ideas. We also have a lot of people coming from the United States and elsewhere to set up businesses here. So, we have a good mix of ideas and entrepreneurship. Kenya will go from nearly 6% connectivity to power the internet to 70% connectivity over the next decade. That is a tremendous leap, benefiting people in many ways, giving them access to services that were not available in the past.”

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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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trading strategies you should know

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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