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How to Earn Passive Income by Staking PIVX

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PoS Staking PIVX

In this guide, you will discover how you can earn passive income by staking PIVX, the popular privacy-centric cryptocurrency.

What is PIVX?

Staking PIVXPIVX, which stands for Private Instant Verified Transaction, is a fork of the digital currency Dash (DASH). However, unlike Dash, which uses a Proof-of-Work (PoW) consensus mechanism, PIVX uses Proof-of-Stake (PoS). That means that new PIVX coins are not mined using mining hardware or CPUs. Instead, new PIVX coins are earned as a reward for staking your PIVX holdings using the official PIVX wallet. As this does not require any additional computing power, proof-of-stake is considered to be the more environmentally-friendly alternative to proof-of-work cryptocurrencies such as bitcoin (BTC) or litecoin (LTC).

Furthermore, PIVX’s core focus is on privacy. In November 2017, PIVX announced the implementation of the privacy-enhancing Zerocoin protocol, which makes PIVX the first proof-of-stake coin to do so. PIVX users are now able to send and receive anonymous financial transactions. Further items in PIVX’s roadmap include I2P Network integration, an iOS mobile wallet, a decentralized exchange, elastic block sizes, in-wallet voting, and more.

What is Proof-of-Stake?

Proof-of-Stake is a consensus mechanism that is used to secure a blockchain network. The most popular consensus mechanism is known as proof-of-work, which requires network participants to contribute computing power to secure the network by verifying and processing transactions. Bitcoin, for example, uses proof-of-work to keep its network running. However, as proof-of-work requires a substantial amount of computing power, it is not a very environmentally-friendly.

Proof-of-stake cryptocurrencies, on the other hand, do not require a high amount of computing power to secure its blockchain network. Instead, those who hold the most cryptocurrency and are staking it will play the largest roles in securing the network. For this, they are rewarded with new cryptocurrency that is minted. Hence, those who have the highest stakes in a blockchain network also have the greatest incentive to ensure that the blockchain runs smoothly.

How to Earn New Coins by Staking PIVX

Since PIVX employs a proof-of-stake mechanism, anyone who holds PIVX in the official desktop wallet is able to earn new PIVX by staking their existing PIVX holdings. To receive a rough estimate of how many new PIVX coins you will earn for the amount of PIVX you hold, you can use the PIVX Staking Rewards Calculator.

To stake PIVX, you first need to download the official desktop wallet and then install it. Once installed, you will have to download the PIVX blockchain, which will take you several hours. Next, you can purchase PIVX on online exchanges such as Bittrex, Binance, and Upbit.

Upon purchasing your PIVX coins, you need to transfer them to your PIVX wallet. Next you need to encrypt your wallet using a password. (Remember this password as you will need it to access your coins!)

Staking PIVX

Once you have encrypted your wallet with your password, unlock your wallet using your password and tick the box that says “For anonymization and staking”.

PIVX Wallet

Now, you should see a little green arrow pointing up at the bottom right of your wallet. That means you are now successfully staking!

PIVX Wallet

To receive the full reward for staking, you will need to have your wallet running constantly. If you only have it running for half a day, you will only receive half the reward.

According to the PIVX Rewards Calculator, if you hold 1000 PIVX (at a current value of around $5,000), you will receive around 4.31 PIVX (worth around $21.60) roughly every 15 days.

More About PIVX

PIVX currently has a market capitalisation of $300 million and continues to gain momentum. Averaging 1.5-2 million per day in volume, it is now used in over 174 countries, with over 9000 members. If you want to learn more about this community-driven privacy-centric cryptocurrency, join the PIVX Discord channel.

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Nairobi Securities Exchange May List Africa’s First Cryptocurrency ETF

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Africa's First Cryptocurrency ETF

Kenya-based Badoer Group ADK ETF is gearing up to launch a crypto-based exchange traded fund (ETF) on the Nairobi Securities Exchange in the first quarter of 2019. If their application is successful, it would become Africa’s first cryptocurrency-backed ETF.

Africa’s First Cryptocurrency ETF

Badoer GroupBadoer Group ADK ETF, a private company incorporated in October, is reportedly finalising an ETF listing arrangement on the Nairobi Securities Exchange (NSE), according to a report by Business Today.

If approved, the NSE would regulate Badoer Group ADK ETF, giving ordinary investors regulatory protection to invest in the asset. About 50 percent of the total ADK in supply, which is 12.5 million ADK, would be available for the ETF.

The founder of ADK, Ricardo Badoer, has reportedly met with the NSE’s commercial director, Ms. Bahati Morara, and the head of Innovation and Project Management, Mr. Irungu Wagema to finalise the ETF listing arrangement.

The NSE is one of the leading securities exchange in East Africa with 66 listed companies and over $20 billion (KES 2.10 trillion) in market capitalisation.

Road to the First ETF

In 2018, there have been debates about whether or when a Bitcoin ETF will get launched. Many believe it will allow investors to diversify their investments without actually owning the assets tracked by an ETF. While others think it is just a distraction to the development of the technology.

Last month, the U.S. Securities and Exchange Commission (SEC) had stopped accepting public feedback on their Bitcoin ETFs policy review. The market regulator postponed decisions or denied applications to list various ETFs. The SEC cited issues like the volatility of bitcoin and rumoured manipulation of prices as obstacles.

However, in Sweden, XBT Providers already provide bitcoin and ether as exchange-traded products (ETP) on Nasdaq Stockholm, a major Swedish exchange. ETFs are one of the investment vehicles under ETPs.

Having crypto-based fund will make sense to many investors who were cautious of putting their money in an unregulated cryptocurrency market. ADK’s anticipated move with an African-based ETF could open the market to a lot more African investors and institutions.

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Egypt’s Central Bank is Considering Issuing a Digital Currency

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Egypt central bank digital currency

Egypt has reportedly joined the list of countries that have started studying the issuance of digital currency as an option or alternative for their fiat currencies. That makes Egypt one of the few sovereign countries in Africa to consider a national digital currency option, which is somewhat surprising given the country’s negative stance towards cryptocurrencies.

The “Egypt Coin”

egypt bitcoin exchangeThe Cairo-based news outlet, Amwal Al Ghad, reported that the sub-governor of the Central Bank of Egypt (CBE), Ayman Hussein, confirmed the prospect of government-issued virtual currency in a conference in Abu Dhabi. He said the bank is conducting a study in collaboration with some international financial institutions.

However, he did not disclose details about the proposed currency and did not address whether it would be traded between banks only or issued to the general public.

Amwal Al Ghad says the bank believes the digital currency could “lower the cost of banknote issuance and use of cash.”

State-Issued Digital Currencies

Many central banks all over the world have considered issuing their own digital fiat money, rather than support cryptocurrencies like bitcoin.

In July 2016, the Bank of England became one of the first institutions to analyse the possibility of state-issued virtual currency. Followed by central banks in Canada, Russia, China and Sweden among others, as well as the European Central Bank.

However, Tunisia was the first country in the world to put their national currency on a blockchain in a trial in 2015. The eDinar initiative did not receive enough backing to go beyond proof of concept but highlighted the interest of central banks in testing a blockchain-based currency system.

The following year, various news media wrongly reported that the Senegalese government issued a digital currency on the blockchain. It had issued an e-currency, the eCFA, but it was not created on a blockchain.

Making State-Issued Digital Currencies Work

The use of this progressive financial technology is a positive step forward to help unbanked people in Africa. Also, it could aid electronic payments and support a cashless society.

Still, some people have questioned the approach of these countries. Centralised blockchains with power concentrated with the central banks could impose limitations on general adoption. The allure of the blockchain technology in the first place is decentralisation, giving people freedom from the traditional centralised banking system.

The impact of a central bank issuing its own cryptocurrency is potentially disruptive, even on the business model of commercial banks. The most practical approach for most central banks, it seems, is to restrict the use of cryptocurrency within an inter-bank context.

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Cashaa Announces Launch of Global Crypto Accounts for Businesses and Individuals

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Cashaa
Images by Cashaa

Cashaa, a London-based blockchain startup, has announced the launch of its global multi-currency crypto-friendly accounts for businesses and individuals, which will take place on November 28, 2018.

What is Cashaa?

CashaaCashaa was launched in 2016 to ease the challenges that were being faced by bitcoin remittance companies such as country-specific regulations, KYC/AML requirements, illiquidity of exchanges among others, will be able to bank all kinds of individuals and businesses from startups based in garages to large businesses or exchanges with revenues in the millions.

Unlike most bitcoin remittance businesses in operation today, Cashaa uses a peer-to-peer model that lets local traders manage fiat currency exchanges with the cryptocurrency feature of the whole transaction occurring in the background.

Talking about the planned launch of its gobal accounts, Cashaa stated in a press release: “The Crypto community has continuously been denied support from high street banks who like to talk and sponsor blockchain events but in reality do not want the blockchain revolution to happen. To speed up our mission to “Bank the Unbanked”, starting from the Crypto community, we have merged our wallet release with the account plans – this first version of Cashaa will be launched on November 28, 2018.”

Cashaa’s Business Products and Fund Security

Cashaa has five business products with different tiers for both businesses and individuals. The five different products are Blue, Basic, Smart Value, Premier and Advance. Each product membership is different for both individuals and businesses in terms of monthly limit.

Cashaa

All the accounts will require CAS tokens to function apart from the free account. CAS is also listed on several exchanges such as Idex and HitBTC, among others. The first release will see Cashaa users get:

  1. Multisig crypto wallet for Bitcoin, Ether and CAS tokens
  2. Accounting and auditing features
  3. Banking product details with different membership plans
  4. Pre-registration for the membership plans
  5. Onboarding business users for the banking services
  6. Deposit CAS token holding period to activate the accounts

Since Cashaa will have business and individual accounts that will potentially have millions of dollars in them, the startup has opted to go with a 100 percent fund protection scheme with European Central Institutions. This means that all deposits made through Cashaa will be kept in a segregated account with the Bank of England to ensure that Cashaa does not risk or invest their users’ money in any way.

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