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.*
A Secure Cryptocurrency Wallet for Your Smartphone
Totalcoin is a secure cryptocurrency wallet, that combines features of a Bitcoin exchange and a Bitcoin wallet, which makes it an extremely useful app for digital currency users. This app allows people from Africa to safely store and transfer their cryptocurrency, buy and sell Bitcoin for cash using multiple payment methods as well.
Key Features of the App:
- Wallet — Deposit and withdraw various cryptocurrencies. Totalcoin charges no fees for cryptocurrency transactions. All you have to pay is a blockchain fee, that is calculated automatically and depends on the current congestion of the Bitcoin blockchain.
- Trade — Buy BTC with cash and gift cards or sell Bitcoin. Totalcoin charges a 1% fee for any transaction.
- Exchange — Exchange Bitcoin for various popular cryptocurrencies and vice versa. Totalcoin charges a 1% fee for any transaction.
- Cryptocurrency charts, technical analysis tools;
- Instant transactions between Totalcoin wallets;
- Detailed transaction history;
- USDC and USDT stablecoins, that can protect you from Bitcoin price drops;
- Support for Nigerian naira and other African currencies.
- Integrated customer support service.
Which cryptocurrencies does Totalcoin support?
As of May 2019, Totalcoin supports the following cryptocurrencies:
- Bitcoin Cash ABC
- USD Coin
- And many other popular cryptocurrencies.
The list is regularly updated with new cryptocurrencies in line with demand from users. Developers plan to add support for ERC-20 tokens, which would make Totalcoin a way much popular and useful app.
Buy and sell Bitcoin on Totalcoin:
You can buy and sell Bitcoin using various popular partner payment methods:
- Zenith Bank, First Bank of Nigeria, Access Bank and other popular African banks;
- iTunes, Google, and Amazon gift cards;
- Western Union.
- Other methods;
How to buy BTC on Totalcoin:
- Go to the «Trade» section and find available offers.
- Choose an ad. By tapping an ad you can find all necessary information, such as user rating and terms of the deal.
- Send money using payment details provided to you by the seller. If the deal is through gift cards, you must send the claim code of your card or a picture of it.
- Confirm your payment by tapping the button. If your payment is valid, you will receive Bitcoin to your Totalcoin wallet.
Every deal has a chat, where parties can discuss any problems and questions. You can open a dispute if you did not receive Bitcoin or money. Totalcoin moderators solve disputes in a fair manner.
To summarise, Totalcoin is a valuable mobile app for cryptocurrency users. This app is useful for newish digital currency users and for experienced traders. Totalcoin is a versatile app, that combines features of a cryptocurrency trading platform, Bitcoin exchange, and a multi-currency wallet.
You can download the app on Google Play and App Store or visit the official Totalcoin website.
Disclaimer: This is a paid sponsored post. 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.
6 Reasons Why You Need to Use Bitcoin for Online Casinos
Online casinos have become an increasingly popular platform for gambling fans in recent years, and more people than ever before are enjoying the casino environment from the comfort of their own home. From more traditional card games, such as blackjack, to online video slot games, such as Mega Moolah, online gambling platforms have something for everyone to enjoy.
Recently the development of the cryptocurrency bitcoin has been prevalent across internet payments and transactions, and online casinos are no exception. While some online casinos have received criticism for using bitcoin for payments, the online gambling business is a legitimate and legal business that is enjoyed by many. Here are six reasons why you need to use bitcoin for your online casino payments.
Privacy is very important to online casino users, and they may choose to keep their hobbies private and not want to share their personal details with an online platform. While reputable online casinos are safe and secure platforms, many online users still wish to stay anonymous. This is what makes using bitcoin a great choice for an online casino.
Bitcoin offers a pseudonym feature which means you can use an online casino without using your real name or address that is connected to your bank account details that you would be required to enter when you make a deposit or withdrawal.
While there is nothing wrong with using reputable online gambling sites as a form of entertainment, often being a fan of gambling can cause you to be judged by other people, as in some cases people automatically assume that you have an addiction. Therefore, bitcoin offers you the chance to enjoy your hobby judgement free!
One of the main reasons why bitcoin has become so popular is because it is one of the most secure digital currencies currently available on the internet. This is if you use and store it correctly, of course. You may be tempted to store your bitcoin in an online wallet on your smartphone or device, but this can cause bitcoin to become less secure.
Due to the increased privacy that using bitcoin has to offer you, you can use online casinos in a more secure way. If the online casino you are using is hacked or has a data breach, then your PayPal and bank account details are at risk. However, by using bitcoin as a payment method, you can rest assured that your details are protected by strong passwords and private keys.
The whole aim of using online gambling platforms is to win money! Therefore, if you are lucky enough to win, then you want to be able to withdraw your winnings as soon as possible. While most reputable online casinos allow for transfers within a few working days, you can speed up this process by using bitcoin payments.
Transactions using bitcoin can be confirmed within minutes, and at the most just a few hours, so it is no surprise that more people are using bitcoin for online casino transactions.
There have also been claims to suggest that bitcoin is a cheaper and more cost-effective option when making online payments. Often when using online bank transfers or credit cards you can be charged additional transaction fees that are much more expensive than the bitcoin charges.
Often you can lose a percentage of your winnings by the time you have paid the transaction fees, so it is no surprise that bitcoin has become a popular alternative.
Optimised for Online Gambling
Bitcoin was founded and created by the internet and to be used on the internet, so using a digital currency makes a lot of sense. Bank cards and transfers are a relatively new technology that has only been developed because of the development of the internet. Therefore, sometimes these transaction options are slow and costly, but bitcoin offers a more effective alternative.
Bitcoin is optimised for online transactions as it allows for increased privacy, quicker payouts, and added security.
Using bitcoins can be beneficial to both the user and the online platform as it can save time and money for everyone. Therefore, online casinos often offer additional bonuses and promotions for those who use bitcoin payments. These bonuses often include additional turns, more betting credits, and high bonuses. Most of the UK’s online casinos offer incentives to use bitcoin for your online transactions with them. By enjoying these bonuses, you can enjoy more for less.
With the development of the online casino platforms available to gambling fans, there are also innovative technologies such as the use of bitcoin to make your online experience a lot more convenient.
Disclaimer: This is a paid sponsored post.
5 Essential Tools for Effective Mining Management
If you own a small mining farm with just a few rigs or ASICs, you might not associate the term mining management with adjectives hard, time-consuming, or ineffective. But the more machines you have, the more you might realise that the right management tools are very important if not even necessary part of your mining operation.
In this article, we will summarise 5 tools you will need if you want to manage your mining operation effectively and save as much time as possible.
1. Mining software
The most important thing when it comes to mining (besides hardware) is using the right mining software. For mining rigs, this means selecting the right environment – Linux or Windows – and the mining client that gives the highest hashrates and it can be optimised the most. For ASICs, it means selecting a software that will allow you monitoring as well as remote commands and automatic actions.
2. Bulk control
Managing one rig or ASIC can be quite easy. But imagine having 100 such machines and changing the configuration for each one by one. Or imagine 1,000 machines and changing the configuration for only 250 selected ones. For such cases, it is really important to have bulk control over your mining operation. Bulk control must allow you to:
- Restart, reboot, and shut down selected machines or a selected group of machines;
- Change configuration of selected machines or a selected group of machines;
- Apply profit switch to selected machines or a selected group of machines;
- Use predefined overclocking profiles that can be controlled only from one page and applied to every machine that is using that profile;
- Use predefined tags for pools and wallets that can be controlled only from one page and applied to every machine that is using that tag;
- And more.
3. Mining calculator, benchmark, and profit switch
When deciding which coin to mine you must do the research and see what options are available. There is an option to select a multi-algo pool that allows payouts in single cryptocurrency or to do direct mining. To have a total overview of the options, you can use a benchmark and mining calculator that will list you the options. If you are deciding between a few options, you can also set up a profit switch and mine the most profitable option of the moment. Minerstat allows you to profit switch with your ASICs as well.
4. Live diagnostic
When the mining rig or ASIC is set up and mining, the work of mining management doesn’t stop – it actually just begins. It is important to monitor different errors or events that can be affecting the mining performance. Some of the more important things that need to be checked on a regular basis are:
- Hashrate and any sign of hashrate drop;
- Efficiency and any sign of efficiency drop;
- ASIC malfunctions and errors reports;
- Missing hardware;
- Mining configuration errors.
5. Alerts and triggers
While live diagnostic allows you to monitor the mining operation status in real-time, it is also important to have an automated system intact that will alert you on such events. Furthermore, setting up automatic triggers that will do certain actions when an event occurs might save you even more time.
Alerts on Minerstat can be sent to email, Telegram, or mobile app, while triggers allow actions such as change of the fan speeds, mining client restart, machine reboot, machine shut down, or sending an e-mail when the machine is unresponsive (which can be connected with the smart relays and IFTTT).
You can use and benefit from all of these features with minerstat.com
Disclaimer: This is a paid sponsored post.
Mine Bitcoin At Home
Humaniq Doubles Number of Nations Where it Brings Global Unbanked Better Options
Places in Africa Where You Can Find a Bitcoin ATM
EcoHack Africa 2018 Aims to Build Blockchain-Based Green Economy Platform for Africa
Humaniq Wins Online Vote for Blockchain Economic Impact, Beating Competition from Hundreds of Startups
Kenya’s RideSafe to Receive $140,000 in Funding from Aeternity Starfleet Incubator
Bitcoin Loophole – Another Crypto Scam to Avoid
5 Ways to Earn Free Bitcoin Cash (BCH)
How to Become a Blockchain Developer
Top 5 Best Bitcoin Apps That Enable You To Earn Cryptocurrency
“Bitcoin Gold Wants to Bring Mining Back to the People as per Satoshi’s Original Vision” – An Interview with BTG’s Community Manager for Africa
Press Releases9 months ago
Humaniq Doubles Number of Nations Where it Brings Global Unbanked Better Options
Altcoins1 year ago
Humaniq Global Challenge Winners Go To Kenya
Altcoins1 year ago
Humaniq Brings Financial Inclusion to Five More Countries in Africa
Press Releases12 months ago
Humaniq wants YOU for Hack.Summit (Blockchain)
Bitcoin1 year ago
Kenyans Are Among Highest Bitcoin Holders Per Capita According to Citi Report
Bitcoin1 year ago
Meet Africa’s Youngest Blockchain Entrepreneur: Token Media’s Elisha Owusu Akyaw
Altcoins1 year ago
5 Ways to Earn Passive Income with Cryptocurrencies
Blockchain Technology1 year ago
Nigerian Blockchain Startup SureRemit Raises $7 Million in Biggest African ICO To Date