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Bitcoin Investment to be Made by a Third of Millennials by 2018

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Bitcoin Investment

Bitcoin has experienced a huge price rally in 2017. With a 1,600 percent price increase since the beginning of the year, it is no wonder that a study by the London Block Exchange, a digital currency exchange, has revealed that one in every three millennials will be invested in cryptocurrencies by the end of 2018.

So far, five percent of millennials aged below 35 have invested in various cryptocurrencies with another 11 percent looking to invest come next year according to the study. The numbers reveal an increased uptake in digital currencies such as bitcoin as a form of investment compared to traditional investments like property, shares, and bonds. The study further revealed that another 17 percent are contemplating investing in cryptocurrencies by end of next year. Exclusion from traditional investment methods such as pensions and property was cited as one of the reasons why more millennials are investing in cryptocurrencies.

In an interview with the Independent, Benjamin Dives, founder and Chief Executive Officer of LBX said,

“This study underlines the gulf between the younger generation’s view of money and that of their parents and grandparents, who had assets perform so well for them in pensions or property. Millennials clearly feel left behind by the old system and are looking at cryptocurrencies as a new dawn.”

Cryptocurrencies as a New Investment Wave

The study by LBX projects that by end of 2018, investments in shares, property, precious metals and bonds will be at 12 percent, 18 percent, 19 percent and 20 percent respectively. Besides, of those aged 35 and below, 24 percent of them regret not having bought a cryptocurrency much earlier despite the soaring price of bitcoin in the past year.

The research carried out by LBX, that interviewed 2,000 Britons across a diverse demographic, further revealed that the older generation, aged 55 and above were less bothered by bitcoin and would not be investing in any cryptocurrency for that matter.

Cryptocurrency expert and research fellow at the University of Cambridge, Garrick Hileman, stated that while most financial institutions such as banks have found it difficult to identify with millennials, digital currencies have outdone them in a short time span due to their acceptance by millennials.

“Millennials began their income generating years during the fallout from the 2008 financial crisis, and many do not completely trust traditional financial services firms or the system in which they operate,” he stated.

Bitcoin’s Price Volatility

While there has been a significant price rally in bitcoin this year – more than $17,000 – the digital currency has also shown considerable volatility. This has raised questions about whether bitcoin is a bubble. Additionally, countless economists believe that bitcoin is a serious gamble and that its value could crash sooner than later.

Senior analyst at Hargreaves Lansdown, Laith Khalaf, mentioned the need for investors to understand bitcoin and understand its value before investing in it.

“They should also be willing to sustain the large losses which could stem from the volatility of the cryptocurrency, and if gaining exposure through a bitcoin product they should make sure they understand the operation and risks of the product itself, as well as the intricacies of bitcoin,” she remarked.

In light of the increased interest in cryptocurrencies among millennials in the UK and many other parts of the world, it will only be a matter of time for millennials in Africa to follow suit and allocate more of their investment capital to digital assets.

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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