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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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How to Trade Stock Indices with Bitcoin on TradeConnect

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When you hear people talking about “the market”, they are often talking about Stock Indices. Even if you haven’t ever traded a Stock Index before, there’s a good chance that you will have heard the name of some of the more famous US, European, and Asian Stock Indices such as the Dow Jones or the NASDAQ in the US, the ASX200 in Australia, the DAX 30 in Germany or the Nikkei 225 in Japan.

Finding ways to trade Stock Indices with bitcoin isn’t easy. This is mostly due to the fact that if you want to trade both traditional and new digital markets, it is expensive and time consuming to move in and out of fiat on multiple trading platforms.

TradeConnect removes these barriers to entry by connecting crypto traders with over 60 different global financial assets including Forex, Stock Indices, Commodities and Cryptocurrency CFDs using bitcoin or ethereum as margin collateral in a single, easy-to-use trading network.

Trading Stock Indices on TradeConnect is quick, easy and secure. TradeConnect uses a central limit order book to ensure all trades on the platform are transparent and fulfilled at the best price, at the best time. It also has a $100 million dollar insurance policy to ensure security is the highest priority.

TradeConnect also has some of the lowest fees in the industry due to its unique ‘Connect Fee’ model and daily fee rebates of up to 75% for active Makers and Takers.

BONUS PROMOTION: New traders also get $50 USD in BTC, ETH or TCO free when they complete their first 10 trades on TradeConnect.

So let’s take a closer look at what a Stock Index is, why you would trade it and how you can trade Stock Indices using bitcoin on TradeConnect.

What is a Stock Index?

A Stock Index, also known as a Share Index or a Stock Market Index, tracks and measures baskets of related stocks from a particular country.

Stock Indices are created by combining the value of several Stocks to highlight one aggregated value that is then used to compare current market price levels with historical price levels in order to calculate the overall market performance within a specific country.

Stock Indices are powerful indicators for global and country-specific economies worldwide and are used by economists, politicians and analysts to help understand how well the financial markets, and companies within those country-specific markets, are performing.

Types of Stock Indices

Stock indices can be made up of many different factors. Some are grouped by geographical location, others industry sector or even company size. Different stock exchanges deal with different types of stocks.

For example, the NASDAQ Index only lists technology stocks. The ASX200 consists of Australia’s largest 200 companies by market capitalization. The S&P 500, in contrast, measures the stock performance of the top 500 companies in the US.

There are approximately 5000 US indexes in the US alone and the 3 most followed stock indices, by both the media and investors, are generally thought to be the S&P 500, Dow Jones Industrial Average and the NASDAQ Composite. In 2018 it was reported that there are nearly 3.3 million stock market indices around the world.

Advantages of Trading Stock Index CFDs

The advantage of trading a Stock Index over individual stocks is that firstly, they offer exposure to an entire industry rather than a single Stock; Secondly, you do not need to conduct research on every individual company report as you would if you traded a single Stock; Thirdly, the price movement of Stock Indices is generally known to be much less volatile and a smoother experience than trading individual Stocks as an individual Stock can’t cause an extreme price spike within a Stock Indice.

How to Trade Stock Indices with Bitcoin on TradeConnect?

TradeConnect LogoOn TradeConnect you can trade over 15 different Stock Index CFDs using bitcoin, including: Australia 200 (AUS200), BOVESPA Future (BRAZIL 60), China A50 (CHINA50), Euro Stoxx 50 (ESTX50), French CAC 40 (FRA40), German DAX 30 (GER30), Hong Kong H250 (HK50), Japan Nikkei 225 (JPN225), Nasdaq (NAS100), SPAIN 35 (SPAIN 35), US S&P 500 (SPX500), UK 100 (UK100), Dow 30 (US 30), US Dollar Index (USDINDEX), and the South Africa 40 Index (ZAR40)

To get started trading Stock Indices with bitcoin on TradeConnect all you need to do is follow these 5 simple steps:

Step 1: Download the TradeConnect app

Step 2: Select the Stock Index that you want to trade

Step 3: Deposit bitcoin into your TradeConnect wallet

Step 4: Open your trading position

Step 5: Monitor and close your trading position

That’s it!

Want to trade Stock Indices with bitcoin on TradeConnect? Download the TradeConnect mobile app today!

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 post. 

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African Traders Prefer PrimeXBT’s Powerful Trading Technology Over Competition

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Bitcoin is one of the most disruptive and impactful new technologies of the 21st century. But some of the technology powering the trading platforms where the asset trades on the open market, pack nearly as much innovation and power.

PrimeXBT is an award-winning Bitcoin-based margin trading platform offering traders access to not only emerging digital assets like cryptocurrencies, but CFDs on traditional assets such as gold, oil, forex, and major stock indices like the Nasdaq 100 consisting of top US tech stocks.

Accounts are denominated in Bitcoin, so savvy investors are able to continue to accumulate more BTC trading any instrument on the platform. The variety and diversity alone helps PrimeXBT stand out from the competition, but the technology the platform is built on and innovative features are second-to-none.

Secure, Reliable Trading Platform Protected By Bank Grade Protections

PrimeXBTPrimeXBT offers a custom, in-house trading engine that provides up to 99.9% uptime for the ultimate reliability.

Cloudflare DDoS protection, password encryption, address whitelisting, and two-factor authentication protects the website from any attacks, disruption of service, or intrusion attempts. Client funds lie behind multiple layers of bank-grade security.

Crystal by Bitfury is integrated within the platform to prevent money laundering and ensure full AML compliance, further protecting users.

Customisable User Interface, Advanced Trading Tools, And More

The trading terminal is highly customisable, and the easy-to-use interface offers many widgets to build the ideal trading environment for any trader of any experience level. Built-in charting software gives traders full control over their trading strategy, and clicking on the chart to place orders provides incredible accuracy.

Long and short portions let traders profit whichever way the market turns, and stop loss and take profit orders enable added control over risk and reward.

A progressive fee discount system offers the most active traders up to 50% off all trading fees and is tracked internally within the account dashboard so users can keep track of their progress towards each of the many levels of savings.

Innovative Trading Performance The Competition Cannot Match

The advanced trading platform has many innovative tools that simply aren’t found elsewhere at competitors. A new short-duration synthetic Bitcoin product called Turbo lets traders uniquely position themselves within the market by accurately predicting which way the market will turn.

PrimeXBT Bitcoin

A first-of-its-kind Telegram bot keeps users tapped into market and position data at all times, even when mobile carrier signals are deteriorating or when Wifi isn’t strong enough to access the full platform.

During normal conditions, a free mobile app offered through the Apple App Store for iOS and Google Play Store for Android devices offers everything mentioned above from anywhere in the world.

All trades are executed on one of many Amazon AWS cloud servers, that are connected to multiple liquidity providers for ultra fast order execution.

Ongoing investment into research and development ensures that the platform will remain ahead of the competition and best serve its clients through future updates.

Digital and Traditional Assets Combined Under One Roof

African traders not only prefer PrimeXBT for its technology but for the vast variety of trading instruments offered on the platform. Nowhere else can traders build such a diverse portfolio of assets across digital and traditional markets.

The cutting edge trading platform offers the trading of cryptocurrencies such as Bitcoin, Ethereum, Ripple, Litecoin, and EOS. In addition, PrimeXBT offers CFDs for forex, commodities, stock indices, and gold and silver.

Major stock indices, oil, gold, and more have all been experiencing some of the strongest volatility in history, and all of these assets on one platform is a value simply not found elsewhere other than PrimeXBT.

The Bottom Line: African Traders Prefer PrimeXBT Tech

With low minimum deposits, 60-second registration, and a platform built from the ground up on powerful technology and unrivaled innovation, PrimeXBT is the preferred platform by African Bitcoin traders seeking an all-in-one solution.

New user registrations in the region show a steady uptick in growth, and recent job listings point to further global expansion by the platform. With plans to continue to aggressively grow so apparent, what technology will PrimeXBT roll out with next?

Disclaimer: This is a 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 post. 

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Pontus is Live!

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We’re excited to formally announce the launch of the first phase of our mainnet rollout!

On April 27, Pontus, Phase I of the Conflux Network mainnet rollout was officially launched. In Pontus, Conflux Network will provide a stable and safe test environment for developers, and users can join and experience the high-performance protocol and ecosystem of Conflux. 

Over the past year, the Conflux team has been working hard to improve our network, from version 1.0 to version 5.0, each iteration is a hard-earned achievement by all team members. The launch of Pontus is our way of saying “Thank you” to our partners, community members and friends. Without the support from everyone, Pontus wouldn’t have been possible. 

Conflux believes security is top priority for any technology. Hence, with each iteration we ensure that asset and data security of users and partners are upgraded. Pontus is set to provide a stable ground-layer protocol for our partners to develop DApps on top of. It might not be perfect, however, we encourage everyone to participate and improve Conflux as a joint effort and help us take it to the next level!

Pontus — Conflux DEX Ecosystem

In Pontus, we have launched the Conflux DEX Ecosystem — the first step towards a more secure, stable, and easier-to-use framework for DEXes. The Conflux Foundation supports the development and maintenance of the three basic features of the DEX ecosystem:

1) Cross-Chain Asset Protocol — ShuttleFlow

2) Dual Protocol: On-Chain Settlements — BoomFlow & Off-Chain Matching — MatchFlow

3) Value-Added Services such as Flash Swap and Price Limit services

The overall framework of the Conflux DEX ecosystem is shown in the table below:

Conflux

In order to realize quick matching and settlement of transaction pairs, Conflux will form a Cross-Chain Custodian Alliance with important participants, such as well-known wallet providers, trusted merchants, and decentralized exchanges. Through the Conflux DEX ecosystem’s ShuttleFlow protocol, we will be mapping assets from other public chains to Conflux with multisig technology. The protocol makes it possible to efficiently match and settle various transactions within the same smart contract protocol. This method is similar to the way people mapped their money to Alipay when transfers between accounts in different banks were inconvenient several years ago. For the specific mechanism of the protocol, please refer to Conflux ShuttleFlow: A Cross-Chain Asset Protocol

To build a scalable, high-performance, and secure DEX, Conflux uses the Dual Protocol: BoomFlow & MatchFlow. With implementing the Dual Protocol, an on-chain ledger and an off-chain ledger are maintained on Conflux concurrently, users need to deposit assets on-chain onto the BoomFlow contract (1), where the off-chain & on-chain ledgers are synchronized in real-time (2). Afterward, the user fills an order (asset change request) to the off-chain matching engine MatchFlow for matching (3). The matching result is recorded on the off-chain ledger first and then synchronized to the on-chain ledger (4), at which point BoomFlow protocol will settle. For the specific mechanism of the protocol, please refer to Conflux Dual Protocol: On-Chain Settlements — BoomFlow & Off-Chain Matching — MatchFlow

The above-mentioned protocols are the two basic features of the Conflux DEX ecosystem supporting the third basic feature for the users to experience: Value-Added Services. The value-added services include flash swaps for tokens without direct trading pairs, token transactions, and quantitative trading.

Pontus — Conflux Transaction Sponsorship Mechanism

Another innovative mechanism on Pontus is the Conflux Transaction Sponsorship Mechanism, which is currently only available on the Conflux Network. The mechanism is developed to tackle the issue of below-average user experiences on current public blockchain products, especially within the DeFi space, hindering the mass-adoption of blockchain technology.

In addition to improving throughput and increasing confirmation times to reduce the cost of users, Conflux has also considered how to facilitate new users’ experience on the blockchain when designing the consensus protocol. Conflux allows new users with zero balance to enjoy on-chain smart contracts. We strive to be user-centric, which is why we decided to remove the hurdle of an initial deposit for operating smart contracts.This is to attract new users, we know how important it is to stimulate users’ interest to give blockchain technology a try, as we drive adoption. As the mechanism title reads, Conflux designed it on the protocol level for “sponsors” to pay a users’ transaction fees when they engage with smart contracts. The Sponsorship Mechanism allows users with no balance to use smart contracts directly, paid by sponsors. For the mechanism details, please refer to Conflux Transaction Sponsorship Mechanism.

Conflux Mainnet Launch Plan

 Three phases in the Conflux Mainnet Launch Plan, when Pontus is stable, Phase II — Oceanus will begin. Oceanus will focus on an all-around pilot run of mining algorithms, DApps, DEXes, and other DeFi products with our ecosystem partners. The network features and functions will be gradually released to the community in order to increase the level of decentralization while maintaining high-levels of system security and performance throughout the network. After Oceanus is over, Phase III — Tethys will begin as the final and fully functional mainnet of the Conflux Network!

Apart from the launch of the Conflux DEX ecosystem, Conflux will support the development of DApps, through incubation of selected projects. Partners from all fields are welcomed to join the Conflux Network ecosystem and contribute to the development of advancing decentralized application scenarios on top of this next-generation public blockchain, and thrive towards the mass-adoption of blockchain technology.

Conflux Network officially established its base in Africa, since then a lot has been achieved. The COVID 19 pandemic has stalled major plans of various organizations nevertheless, Conflux network has been able gain reasonable recognition in Africa’s blockchain space through their regional marketing team headed by Ehis Omozusi, who is based in Lagos Nigeria. 

Conflux has established partnerships with a couple major blockchain players in Africa, such as Fliqpay, a Nigeria-based cryptocurrency payment gateway to enable merchants to accept cryptocurrency payments from customers anywhere in the world. In the near future we will be publishing Podcasts and Webinar interviews with the community, to share the insights of blockchain technology and cryptocurrencies in Africa!

At Conflux, we aim to “empower decentralized businesses” and this is considered in every new feature we release, Conflux Network will ensure the stability of the underlying network in Pontus, and encourages all members and partners to join us in our mission to jointly promote the development of this ecosystem.

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Disclaimer: This is a 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 post. 

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