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Baracoin is Developing a Mutually Beneficial, Cashless Economy to Promote Trade, Travel and Development in Africa

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What was the original purpose of bitcoin? To develop a digital currency, not controlled by a corrupt government or organisation and which could be used in regular transactions. To this end, bitcoin has largely failed. The development of bitcoin is controlled by a handful of powerful mining groups who disagree amongst themselves over the future of bitcoin, leading to a number of forks of bitcoin in recent months, examples of which include Bitcoin Cash and Bitcoin Gold.

In addition, the massive demand for bitcoin has ground transaction times to a near standstill, sometimes taking hours to complete even small transactions along with charging fees in the tens of dollars. Combined with all this are the massive price fluctuations that bitcoin (and indeed other coins) face on a daily basis. These all make it difficult for bitcoin and the vast majority of Altcoins to serve as a daily currency. Indeed, bitcoin now serves primarily as an investment platform and store of value. Bitcoin has failed but the need for digital currency immune to whims of governments & profiteering financial institutions while delivering fast and convenient payments and transfers has not gone away. The entire cryptocurrency space remains a massive experimental hub, where new innovations and iterations of past currency models continue to incubate. Which one of these will prove to be the stable, secure and cheap currency that many desire?

An Irish company, Tribal Nexus Ltd, has developed a new cryptocurrency, Baracoin, which is seeking to be the answer to that question. Baracoin is planning to launch its service this year and is aiming to bring a stable digital currency, backed by an equal reserve of Euro, to several African nations, starting off in Southern and Eastern Africa. The company’s decision to focus on Africa is unsurprising, considering that this is a region which has suffered from profiteering of financial institutions, with high costs for basic financial services – including the continent’s large remittances bill (Valued at over $40 Billion annually), along with socio-political issues which have led to unstable local currencies, and cash shortages in some of the countries. This is without taking into account the large swathes of the population not served by traditional financial services institutions, due to challenges like access (e.g. Banks tend not to set up in rural areas) and restrictive Customer Due Diligence policies.

Thus, Africa is not only ripe for expansion of cashless economy, with Sub-Saharan Africans six times more likely to only use a mobile payment account than the rest of the world, but the potential benefits of a service like Baracoin’s can be revolutionary for the continent, with similar though more expensive services being shown to have already raised 2% of local populations above World Bank definitions of poverty.

Furthermore, this is a continent growing faster than the rest of the world, with increasing levels of IT literacy, urbanization and growing, young middle-class populations.

Each Baracoin will be backed by a 1:1 reserve of Euros, facilitated by Company’s relation with Bank of Ireland, ensuring the price of the currency remains stable. Building on the foundations of the robust and proven Stellar Blockchain Platform, Baracoin will be supremely quick to transact, a matter of seconds in most cases. Transaction fees will also be minimal, at 0.25 – 0.75%, becoming even cheaper with additional offers and discounts.

Furthermore, spending Baracoin will earn customers Baratoken, a loyalty token which can be redeemed for offers and rewards with merchants on our network. Baratoken will also be useful for access to other services provided by the network, including low interest peer-to-peer lending and continental insurance.

The Baracoin team are already working on securing partnerships and on-boarding merchants and other stake holders onto their network, working towards their aim of building a sustainable, mutually beneficial network across the continent and ensure Baracoin users and Baratoken holders have access to goods and services they desire from day 1 of system launch.

The Baracoin team will also be conducting Community Development Projects in the areas it operates. These are projects will seek to train individuals for highly skilled work such as programming, build internet infrastructure and carry out educational workshops and healthcare clinics, aiming to meet local needs and utilise the Baracoin Team’s international networks and expertise.

Baracoin will be conducting a crowdsale in early Q2 of this year to fully fund this project, with Baratoken being sold at this crowdsale. Right now, the Baratoken pre-crowdsale is open.

You can visit https://www.baracoin.io/ for more information and to register your interest and participate.

 

*This is a sponsored post. Readers should do their own due diligence before taking any actions related to the promoted company, product or service. Bitcoin Africa Ltd. is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product or service mentioned in the sponsored post.*

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Will Bitcoin Remain a Dominant Cryptocurrency?

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Bitcoin Remain dominant

A Forecast for the Next Decade of Crypto

Cryptocurrency is young. Thursday — October 31, 2018 — will mark its first anniversary, 10 years since Satoshi Nakamoto’s fateful email. It wasn’t until January 2009 that the first Bitcoin block had been mined, and March 2010 that Bitcoin was first assigned a monetary value. Simple math shows that the anniversaries of those dates are still in the future.

Yet it’s time to think about what this future will be like. Bitcoin has dominated the whole industry since its birth, dictating the trends on the market. However, now Ripple, Bitcoin Cash, and Ethereum are challenging the king. It’s too early to say, but we might be heading towards a more competitive cryptocurrency market.

In this article we will:

  • Explain why Bitcoin was a dominant force on the market;
  • Review the significant alternative cryptocurrencies and their impact;
  • Predict the next 10 years of crypto, based on the current data.

Why Bitcoin Holds The Market Hostage

Satoshi Nakamoto was not the first to propose the idea of a privacy-focused value transaction system. He was standing on the shoulders of David Chaum, Douglas Jackson and Barry Dowey, Adam Back, as well as many other cypherpunk idealists.

And yet, the general public remembers only Nakamoto and Bitcoin. The absolute majority of the newcomers to crypto purchases Bitcoin and ignores the other currencies. This only increases the importance and influence of Bitcoin and leads more investors towards it.

According to CoinMarketCap, right now Bitcoin is claiming mind-boggling 52% of the total market capitalisation. Ethereum, which led to an ICO craze of late 2017, has less than 10%. Ripple has less than 9%. And it’s not a good thing. Compare these three charts:

Bitcoin Chart

A Bitcoin capitalisation-over-time chart. Note the shape of the graph starting from 2017.

Market Cap

A cryptocurrency market capitalisation-over-time chart. Note the similar shape of the graph.

Market Cap Chart

A capitalisation-over-time chart with Bitcoin removed. The shape of the graph is exactly the same.

The first two charts should be similar — after all, Bitcoin dominates the market. However, the last chart proves that Bitcoin has a significant influence on the value of the other currencies too. This situation is not healthy for the economy and makes the altcoins hostages to the Bitcoin.

Imagine if Apple had that much clout on the stock market. Imagine that everyone’s stock would rise and fall in value according to Apple’s decisions, news, and press releases. This situation would crush the businesses worldwide — but it will never happen. Apple’s leadership is constantly challenged by other companies like Amazon, Microsoft, and Alphabet. In fact, Amazon might take over the next quarter, if the reports are accurate.

And yet, nothing even remotely similar ever happened on the cryptocurrency market. Which begs a question — will the next 10 years of cryptocurrency be equally dominated by Bitcoin?

What Can Challenge Bitcoin?

Bitcoin has 2070 competitors. However, even combined, they do not represent a proper competition. Take a look at the combined capitalisation-over-time chart:

Market Cap

However, the situation is slowly getting better. While back in 2013 Bitcoin controlled almost 90% of the market, it is “only” 52% right now. Moreover, some of the currencies begin to ignore the trends set by Bitcoin, becoming more and more independent. Let’s review three of those currencies in more detail.

Ethereum (ETH)

Ethereum, released in 2015, was the first altcoin to register in the public mind. Just like Bitcoin, it wasn’t the first overall — LiteCoin has been around since 2011. However, Ethereum offered something unique — smart contracts for everyone with minimal effort.

What followed was an ICO craze that propelled Ethereum far beyond the initial expectations. You can see the exact moment this happened on the chart above. It’s marked as Jul ‘17 and represents the only moment when Bitcoin’s dominance was threatened.

Unfortunately for the ETH holders, the ICO bubble burst in late 2017. Right now Ethereum is barely trucking on, continually losing the market volume and capitalisation. However, Vitalik Buterin, the founder of the Ether project, thinks that a comeback is more than possible.

Ripple (XRP)

Ripple is not a cryptocurrency in the narrow sense of the word. It is centralized and not really that transparent. However, it is still a private and a secure digital payment network that is based on a blockchain, so most cryptocurrency enthusiasts let it slide. Mainly since it now controls almost 9% of the market capitalization.

The best feature of Ripple is its ease of use. Due to a highly efficient system, Ripple allows for fast transactions with a standard fee of 0.00001 XRP. As a reference, Bitcoin’s standard fee on October 29 was 1356 Satoshi or 0.19050295 XRP.

Such accessibility led to the creation of multiple gateways — official or semi-official exchange points between Ripple and other currencies, both fiat and crypto. Right now, Ripple is not only a transaction network, but also a favourite medium for transactions made in different currencies.

XRP took a couple of hits along the way due to controversial management decisions and the lack of trust from the cryptocurrency community. However, right now it is feeling better than ever and is, for the first time, ready to challenge Ethereum.

Bitcoin Cash (BCH)

Bitcoin Cash came to be due to a schism between Bitcoin Core developers. One group wanted to increase the size of a block in the chain. Others insisted that the issues with the transaction cost should be solved with less intrusive methods. In 2017, the “rogue” developers split and created a new currency — identical to Bitcoin, but with larger block size.

Despite controlling almost 5% of the cryptocurrency market capitalisation, Bitcoin Cash does not have great prospects. In 2018 the mainline Bitcoin introduced a Lightning Network, which is a different, yet a more conventional solution to the transaction cost issues. Since then, BCH is a just another altcoin, although a particularly popular one.

What Will The Next Decade of Crypto Look Like

The world of cryptocurrency changes daily, so making any kind of a forecast is impossible. However, some recent trends promise a better, more healthy tomorrow.

We reached out to Igor Afa, a financial analyst at Forex broker JustForex, and asked to share his vision of the next cryptocurrency decade. Here are his points:

  • Bitcoin will remain a dominant currency, yet it will lose some market value to its competitors.
  • Ripple and Ethereum will grow and start challenging Bitcoin’s dominance. Neither will come as close as Ethereum in June 2017.
  • Bitcoin Cash will not advance from its positions, but likely won’t fade away either. A large number of users acquired during the split will keep it afloat.
  • Should Tether, Petro and other stablecoins succeed, they will take over a niche market segment.

Of course, this doesn’t take into account things that are impossible to predict. For example, cryptocurrencies might be banned. Or Vitalik Buterin will take that job at Google and run Ethereum into the ground. Or maybe an entirely new cryptocurrency will appear, with a completely unique offering, and take over the market.

Overall, the market will become a little healthier. It still won’t be anywhere near normal, but at the very least we won’t have a whole market living and dying on a single entity. Which, all things considered, is already a huge win.

Disclaimer: Readers should do their own due diligence before taking any actions related to any company, product or service mentioned in this article. BitcoinAfrica.io is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product or service mentioned in this sponsored post.

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JustForex – the Best Cryptocurrency Broker for New Traders

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Cryptocurrency is not a viable alternative to cash. There definitely was an attempt, but for the most part, it’s not there yet. On the other hand, it did create a volatile market that is ripe for the taking. With no regulations or oversight, cryptocurrency is pretty much trading heaven.

JustForex Price Chart

Image by CoinDesk

Reasons to Trade Cryptocurrency With a Broker

While cryptocurrency is free and knows no borders, it’s really hard to get into. Unless you are a citizen of the USA and have access to Coinbase, you will have to find an indirect way to buy and sell crypto. And that’s a death sentence on the market where the speed of execution is crucial.

Coinbase

Image by Coinbase

However, you’ll find that the major cryptocurrency exchanges are not quite friendly towards the traders. They do not provide many of the features you are used to with Forex — delayed orders, TakeProfit and StopLoss modifiers. Trading on such exchanges is definitely possible, but there is a better way — cryptocurrency brokers.

With brokers, cryptocurrency trading is very straightforward. Just like with Forex, brokers handle all the processing issues — for a small commission. And while you don’t get to keep the actual cryptocurrency, you get to keep the profits made with it. And that’s all the majority of cryptocurrency owners want anyway.

Benefits of Trading Cryptocurrency with JustForex

You may know JustForex as a Forex broker — after all, it’s in the name. However, we are also very passionate about cryptocurrency trading. And here’s what makes JustForex the best cryptocurrency broker.

  • No Minimal Deposits. It’s not easy to risk hundreds of dollars on a new endeavour. And with JustForex, you don’t have to. You can start trading with whatever money you can spare — even if it’s just 1 USD.
  • 1:3 Leverage. Leverage is a very useful tool for the Forex brokers, and now we are bringing it to the cryptocurrency market. With JustForex leverage, you can easily open a deal with cryptos and then triple the rewards from your strategy.
  • Spreads from 0 pips. Cryptocurrency market is young, but we wish for it to expand and become more popular. That’s why, for now, we offer ultra-tight spreads on all cryptocurrency accounts.
  • 39 trading instruments. Forget about 4 major currency pairs on Forex — the cryptocurrency market offers more options and strategies for dedicated traders.

Conclusion

JustForexCryptocurrency trading is still in its infancy but it has a lot of prospects. With more and more brokers and traders discovering the market, it might rival the actual Forex. But even as it is, the cryptocurrency market is viable, interesting and ripe for the taking.

With JustForex, trading cryptocurrency is just as easy as trading on Forex. If you want to take a shot at crypto — sign up right now.

Disclaimer: Readers should do their own due diligence before taking any actions related to the company, product or service. BitcoinAfrica.io is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product or service mentioned in this sponsored post.

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Making Cryptocurrency Easy to Use for Everyone

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Image by Tip Blockchain

Since the beginning cryptocurrencies have always been favored by the tech-savvy crowd. Even though buzzwords like “Bitcoin” and “blockchain” are often heard on the mainstream media these days, using cryptocurrencies remains a cumbersome process for most people. Wallet addresses are long and random cryptographic hashes. A small mistake in a single character would result in permanent loss of funds. Double/triple checking every address before every transaction has become common practice among cryptocurrency users. For businesses that accept cryptocurrencies, as wallet addresses are usually not directly linked to customer accounts, there is often no easy way to tell who made which payment until the customer presents payment proof separately. These are some of the main hurdles facing cryptocurrency mass adoption today.

Tip Blockchain is an ambitious startup working to make cryptocurrency easy to use for everyone including the average non-techie grandparents.

To achieve this, the TIP light wallet/chat app, Kasakasa features short usernames as smart addresses.  Typical usernames like @HanSolo12 or @BurgerShop78 will be used as wallet addresses, replacing long cryptographic hashes like 0x016b1eA9A2B62AADD771DeA418AbE84693877C09. Users are able to search and find other users and businesses by username, as well as adding contacts from their phone’s contact list. Sending transactions can be done directly in a chat conversation. The initial release of the Kasakasa light wallet/chat app is scheduled for August 2018. The TIP ecosystem will also include a cryptocurrency point of sale (POS) system for businesses. This POS system will incorporate convenient features from traditional fiat POS systems, such as order/customer management, sales analysis and reporting. The backbone of the TIP ecosystem will be the TIP Blockchain – a unique blockchain that allows users to store data on-chain, attached to accounts and transactions. It will automatically index the stored data making it easily available for future use.

Tip BlockchainTip Blockchain has a professional team of developers, entrepreneurs, and business people. Their expanding advisory board is stacked with advisors who have a proven track record of delivering successful blockchain startups and ICOs, and seasoned blockchain investors with in-depth industry knowledge and connections. They also have top lawyers in the cryptocurrency and business law fields on their board.

The project is currently hosting their Seed Round token sale with 200% bonus. The Seed Round started at 12:00 am UTC on June 1, 2018, and will end at 11:59 pm UTC on June 15, 2018. TIP tokens are priced in ETH, with ETH being the only accepted payment method during the token sale. Tokens are valued at 1 ETH = 10,000 TIP, or 1 TIP = 0.0001 ETH. However, the current seed round offers a 200% bonus, allowing participants to purchase TIP tokens at 1 ETH = 30,000 TIP. Only 4% of the total TIP token supply is available for purchase during the current seed round.

Website: https://tipblockchain.io/

Seed Round Signup: https://tokensale.tipblockchain.io

Telegram: https://t.me/TipBlockchain

LinkedIn: https://www.linkedin.com/company/tip-blockchain-network

Twitter: https://twitter.com/TipBlockchain

Medium: https://medium.com/tipblockchain

Facebook: https://www.facebook.com/tipnetworkio/

 

*This is a sponsored post. Readers should do their own due diligence before taking any actions related to the promoted company, product or service. Bitcoin Africa Ltd. is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product or service mentioned in this sponsored post.*

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