Cryptocurrency is a hot topic today, especially given how the various cryptocurrencies offered tout things such as security, privacy, and anonymity to people who use them. While Bitcoin remains as perhaps the most popular cryptocurrency today, competition like Ethereum has started to dominate the field. Just what is Ethereum, and how is it different to Bitcoin?
Ethereum 101: What Is It?
If you’ve ever heard of Ethereum, you’ll most likely associate it with Bitcoin. And while there are some similarities, Ethereum is very different from Bitcoin. In fact, Bitcoin and Ethereum are just two of hundreds of applications that use blockchain technology. If you want to learn about Ethereum, it’s best to begin with understanding what a blockchain is first.
In essence, a blockchain is a type of digital ledger that records information. Whereas real life ledgers are controlled by an entity — be it you, an owner, or a bank — a blockchain is a ledger that’s owned by everyone. It’s a ledger that logs in changes only when all users allow these changes to happen, through cryptography. Each “change” becomes a block in this “chain” of changes, hence the name. A blockchain has three central properties:
- Private and anonymous: Blockchains offer a lot of anonymity and safety to users, not only because a lot of systems are capable of hiding their identities, but because blockchains are self-contained into their own groups. Unless an outsider is allowed to enter, they can’t influence a chain’s activities.
- Decentralized systems free of external influence: Unlike ledgers and accounts controlled by banks, blockchains develop trust via decentralizing their systems. This means there’s no one owner of the blockchain, and everyone decides whether a particular change is acceptable.
- Secure and protected: Blockchains have become extremely attractive because of their means to provide safe transactions between users. Users pitch in part of their computing power to solve cryptographic puzzles that allow transactions to take place. Cryptographic puzzles in blockchains are only solvable by computers with a lot of computing power. People who volunteer their systems for this process, called miners, are compensated with cryptocurrency or other services as a result.
Ethereum: How Is It Different To Bitcoin?
With the above in mind, it may now be much easier to digest just how Ethereum differs from Bitcoin. While Ethereum is in itself a blockchain network distributed to the public, there are several technical differences between them. Here are some of the key things that differentiate the two concepts:
- Facilitate exchanges via smart contracts: Unlike Bitcoin that focuses on maintaining a digital wallet, Ethereum users actually rely on things called smart contracts. These contracts are akin to actual contracts, as they facilitate some form of exchange. In the case of Ethereum, smart contracts also work by exchanging anything of value such as shares, property, content, or even money. The fact that users can make different kinds of smart contracts — and therefore make different applications — can make trading in Ethereum quite an exciting prospect.
- Trade in services and features, that can be formed into apps: Whereas miners in Bitcoin mine for the currency, Ethereum miners actually mine for something called Ether. This is a type of cryptographic token that can be used to avail services and transaction fees inside the network. Ethereum in itself is a “marketplace” of sorts where users can actually trade in various features and functionalities of smart contracts for Ether.
- Very flexible and customizable for clients and owners: People who want to interact with cryptocurrencies would know how tricky it is to do things anonymously when ease-of-use is in the question. Even bank accounts can be tricky, especially when it comes to the string of numbers and letters just to send money. Ethereum is flexible in this regard as recent services like the Ethereum name service is making waves in making it much easier for everyone to access Ethereum. This is because the ENS is actually a service that allows users to tie in unique domain names to their wallet addresses, making services much easier to handle.
- Built-in system to help users run programs: Given that Ethereum relies on “trading” and creating all sorts of applications to facilitate trade, the problem of running them comes in. After all, different applications have different sets of requirements and needs. The creator of Ethereum, Vitalik Buterin, solved this by creating an Ethereum Virtual Machine that runs on the Ethereum network and allows any user to run programs of any programming language given enough memory and time. As such, instead of creating entirely new chains for new applications, there can be one single platform for all sorts of applications.
- Deployment and use across different industries: Whereas Bitcoins can be used to trade for services, Ethereum can be used to outsource different sorts of programs into a secure, anonymous, and tamper-free network. These applications aren’t controlled by individual entities, and users will have to make changes to the applications together. This makes it quite a revolutionary move for a lot of companies, as now entire teams and even industries can make a consensus on how to change applications, and no one user has complete control over everything.
Ethereum Trumps Bitcoin With Features
Ethereum and Bitcoin are online cryptocurrencies, yes, and they do follow similar procedures given their nature as blockchains. However, their similarities stop there. Ethereum does trump Bitcoin in a few factors of its own, especially considering its increasing popularity as an “alternative” for Bitcoin. This article hopefully gave you a much better understanding of how Ethereum works and how it may be used for your benefit.
What are the Betway Deposit Options?
Betway, based in the U.K., is one of the leading online sports betting bookmarker sites today. The official sponsor of teams like West Ham United, people love Betway because they can bet on so many different sports at once, from cricket to football and more.
It’s no secret that sportsbooks have become one of the leading international bookmakers’ in various countries such as Kenya, Nigeria, Zambia, South Africa, and other countries. If you are wondering how to deposit money into your Betway account, you can start straight away too!
Betway offers a lot apart from sports betting such as casino games such as table games and slots. There is also live betting and virtual betting in sports such as soccer, horse and dog racing, basketball and tennis.
Opening an account with the sportsbook is quite accessible since you will only require a username, an email or a mobile number and a password. Once you have verified your account, you are ready to start betting.
Betway Deposit Options
Betway is a versatile online betting shop because it offers various deposit methods for its users. So, how do you get the most out of Betway?
#1. Debit Card or Credit Card
A debit card is a convenient way of depositing your funds. You will instantly get your deposit plus the Betway charges will be transferred to your account. You can deposit funds to your Betway account through the Visa, MasterCard, or even Electron.
All you need to do is click on the banking button on Betway, and deposit the money by entering your debit card details. Once you confirm the payment, the amount will be deposited to your Betway account – all in a few seconds. And it’s not just debit cards we are talking about. Yes,, you can deposit funds to your Betway account through credit. Card payment can be made through two options:
The steps for storing funds through your card payment are the same as the one for the debit card.
Neteller is an e-wallet that is compatible with Betway. You can deposit funds in your Betway account using the following steps
- Now, just choose any of the Betway depositing options you have available.
- Enter your 12 digit Neteller number and six-digit Neteller ID.
- Enter your Betway password
- Enter the amount you have in mind
- Click Confirm.
Skrill is another e-wallet that works like Neteller. All you need is a debit it or a credit card to get started with your Skrill account, a reason many bookmakers love it. If you are looking for transferring money from your account, you can use bank transfer or online banking.
Just Select Skrill as your deposit method on your Betway account, enter the amount you would like to deposit, and deposit!
PayPal is another e-wallet that makes it easy to deposit to your Betway account. It is free of any charges, and you can deposit any amount you like seamlessly.
All these deposit options will deposit money to your Betway account.
*This article was contributed by an external media partner.*
Top 10 Ways African Tech Startups Can Fund Themselves in 2019
African startups often fail to take off or make it big due to a lack of funding. In this guide, you will discover ten funding options for African tech startups that could help you to kickstart your company and turn it into a raging success in 2019.
Bootstrapping is the first funding option every tech startup should consider. This means that as an entrepreneur you will solely rely on your money and company resources to scale and run your business operations.
Bootstrapping is beneficial because it saves your company from debt and makes your business more attractive to potential investors and lenders. Another advantage that comes with bootstrapping is that you will become more business savvy as you get better at creating revenue and boosting your profits without external financial help.
Here are the possible options you can use to fund your tech startup through bootstrapping:
- Let the customer pay for your initial job. This simply entails asking the customer to pay for the money you will use in building a tech solution for them.
- Reduce expenses through sharing your workspace with other businesses to reduce the cost of office rent. You could run your company remotely to alleviate office costs entirely. You might also consider sharing employees and office equipment or hiring consultants instead of hiring people permanently.
- Offer your employees the option to work for equity instead of cash.
Unfortunately, without an efficient marketing technique to bring in customers quickly the business might fail. Moreover, it will take longer to grow your company without investment.
Small Business Loans
Once you have successfully grown your startup through bootstrapping, then you can move to the second funding option which is applying for a small business loan to expand your business.
Loans for startups and small businesses are not easily accessible in Africa but with a strong business plan, an existing customer base, and adequate cash flow, banks, micro-finance institutions, savings and credit co-operatives, and mobile app lenders may lend you money to grow your business. However, these loans often come with high interest rates. Hence, it is important to ensure beforehand that you will be able to repay the loan plus interest in full and on time.
You will generally need the following to secure a small business loan:
- A business plan
- A good credit score
- A record of your business financials e.g. tax income returns
- Business licenses and other legal documents
An angel investor is a wealthy person who is looking to make investments that could potentially result in high returns. If an angel investor believes in what you are doing and they believe that your business will succeed, they may inject capital into your startup in exchange for ownership equity or convertible debt.
Financing your tech startup through an angel investor is beneficial because it is less risky than debt financing. Additionally, angel investors also offer mentorship to founders, thereby, enabling them to run their businesses more effectively.
Angel investors can be wealthy individuals, groups, family members, or friends. Examples of angel investor groups in Africa include Jozi Angels, Angel Investment Network, Team Africa Ventures, and Ghana Angel Investor Network.
To attract an angel investor, your business needs to be:
- On the path to profitability
Additionally, your startup should also have a strong business plan and a strong team of founders because investors generally invest in people and not ideas.
Venture capital firms invest in businesses that have a high potential for growth. VC generate a return on their investments when the company they invested in gets bought up, goes public or they can sell their stake to another investment firm.
Unlike angel investors, venture capital companies generally invest larger amounts of capital into a business. However, VC investment tends to come with conditions that are not always favourable to the startup founders so potential VC investments need to be looked at in detail to see whether they truly benefit the business and its owners or primarily the VC firm.
While some angel investors are motivated to help startups grow through mentorship and capital, venture capitalists are often interested in finding the best business that can make them the most money.
Before approaching a venture capital firm:
- Do your research
- Evaluate the growth potential the current target market offers your business
- Talk to other startups that have raised funds through venture capitalists and learn from their experiences
- Build your idea and gain traction
- Create a short and catchy pitch deck
- Consider bootstrapping, small business loans, and angel investors first
Startup incubators concentrate on innovation while accelerators focus on growth. Tech startups have to apply to be accepted into an accelerator or an incubator program. Once they are picked, startups are given a small amount of seed funding in exchange for a small equity percentage.
Accelerators offer startups a mentorship network which they leverage to grow their businesses. In addition, accelerator programs help startups to build their businesses over a short period of time. Incubators are often characterised by a co-working environment, mentoring, networking, and some connection to the local community. Once a startup joins an incubator program, it gets the opportunity to polish up its idea, create a business plan, and work on a product that fits the target market.
Accelerators and incubators are important because:
- You receive mentorship
- You get access to future investors
- You develop your skills
- You are able to manage the risk associated with your concept
- You are able to establish the next growth level of your business
- You get access to a free or low-cost working space
Accelerators and incubators are ideal for startup founders that want to start their businesses on the right foot. Some examples of accelerators and incubators in Africa include Injini, Google Launchpad Accelerator Africa, FB Start Accelerator, iHub, and MMH Accelerator.
Business grants are non-repayable funds that come with attached conditions. As long as you fulfill these conditions, then you will not have to repay the money.
Governments, foundations, organisations, large corporations, and trusts are often the givers of business grants. African tech startups simply have to look for a grant that fits their needs before making an application.
The upside of receiving a business grant is that you do not have to repay it or give up any shares. Moreover, you can use the fact that a large corporation or a government has given you a grant as a promotional mechanism.
Startup contests and pitching competitions are other ways of funding your tech startup. These opportunities enable a startup to pitch its ideas to potential investors while interacting with a wide network of people that could contribute positively to the growth of its business.
Other perks are competition prizes, support from incubators or accelerators, mentorship, and free access to industry events.
To win a pitching competition, you need to:
- Follow the rules
- Know your material
- Open with a close and catch the attention of the audience
Online crowdfunding entails raising small amounts of money on the Internet from a large number of people. There are two types of online crowdfunding: equity and rewards-based. Equity-based crowdfunding entails offering shares in exchange for capital while in reward-based crowdfunding, “investors” are given an incentive or a reward.
Online crowdfunding platforms offer an efficient way to raise money and access thousands of potential investors.
Here is how you participate in online crowdfunding:
- Determine the type of online crowdfunding you want
- Research crowdfunding platforms
- Choose the best platform for your business and post your campaign
- Use social media to promote your campaign
Initial Coin Offering (ICO)
Raising money through an initial coin offering (ICO) is another funding option that has been gaining popularity over the recent years thanks to the emergence of blockchain technology and cryptocurrencies. During an ICO, tokens are sold to the public as a means to raise funds.
ICOs were very popular in 2017 but have since lost their appeal as regulators across the globe have made it clear that companies will no longer be able to raise millions without having to adhere to any regulations. Hence, there is regulatory risk involved in launching an ICO.
To launch an ICO, do the following:
- Research ICOs and the regulations guiding this type of funding in your country
- Decide on what type of token you want to launch and how it will fit into your product or service
- Put together a team of skilled people and advisors
- Create a project roadmap, whitepaper, and website
- Engage with the crypto community
- Market your ICO
- List your token on exchanges
Security Token Offering (STO)
The final funding option on our list is the security token offering (STO). An STO refers to the process of offering tokenised securities for sale, i.e. tokens that are representations of securities such as bonds and stocks.
In an STO, the value of the security tokens is dependent on the value of the company or the underlying asset. In addition, there is more regulation in an STO than in an ICO since securities are regulated.
However, the STO market is still young and has not been tested in the long-term. This means that there is a risk for both startups and investors. Furthermore, STOs require a startup to create its own tokens and a platform to manage them which is costly.
What to do before launching an STO:
- Understand the compliance regulations in your country
- Create an STO business plan
- Seek the consultancy services of an STO development company to create and manage your security tokens
- Market your STO to reach as many investors as possible
With these ten funding options to choose from, you could be on the path to ensuring that your startup will turn into a success story.
Meet the African Cryptocurrencies You Have Probably Never Heard Of
The world’s leading digital currency bitcoin has become popular among Africans but thanks to the growth of the altcoin market, the continent now also has its own African cryptocurrencies.
In this guide, you will discover six African cryptocurrencies that are each trying to solve different challenges faced by the African population.
“[Kobocoin] is a cryptocurrency and blockchain with an African heritage aimed at the African market with global ambitions,” Felix Onyemechi Ugoji, a United Kingdom-based Nigerian entrepreneur and developer, told Bitcoin Africa in an interview.
Kobocoin aims to play in Africa’s remittance market too to provide a fast and low-cost way for Africans in the diaspora to send money home. It also wants to be a cheap and reliable alternative to existing mobile money services in Africa.
Even though Kobocoin has had only very few adopters on the African continent since 2015, it received a significant shot in the arm in August 2018 when it announced on Bitcointalk, the largest online community for cryptocurrency users, that it will list on Golix, Zimbabwe’s largest cryptocurrency exchange. The listing will enable users to buy KOBO directly with crypto, Nigerian Naira, Kenya Shilling and South African Rand.
Launched in 2016, the Digital Shilling is a Kenya-based altcoin that is one of the first ventures to tackle cross-border payment issues using blockchain technology.
However, since it got started the project has not gained much traction and adoption is de facto non-existent. The founder and lead developer of Digital Shilling, Kelvin Yavwa, told BitcoinAfrica.io that the project had been bedevilled by “a massive disconnect with its point of contact – the African market.” He said the shilling is currently not at its full potential to provide a “simplified secure coin” for the African people. The challenge of market fit is not unexpected as every other cryptocurrency in the world right now, including bitcoin, is still a work-in-progress.
The cause for concern for Digital Shilling, though, should be its low trading volumes among investors. Since inception, its been only listed on four exchanges – BigBitex, OpenTrade, Nova, and Yobit, and at the time of writing, the 24-hour volume on these four exchanges was zero.
Nigerian blockchain-based non-cash remittance startup SureRemit could not have started on a better foot after raising a whopping $7 million during its token sale held from December 8, 2017, to February 8, 2018.
SureRemit, with its Remit (RMT) tokens, provides an opportunity for diaspora Africans to pay bills and buy shopping vouchers for their families and friends back home in Africa.
It has an increasingly growing network of merchants around Africa and international partners to enable Africans to send e-vouchers that are redeemable on the continent. The startup recently announced a partnership with a new voucher/gift card partner to help it gain access to the Turkish market. SureRemit says this partnership could bring in over 50 new merchants.
In its 2019 roadmap, it expressed ambitions to be listed on five cryptocurrency exchanges and open offices in Europe and North America.
Created in a country where regulators have been critical of cryptocurrencies, Awehcash is a cryptocurrency that wants to give Namibians an easy and secure access to the blockchain world.
Namibia’s Awehcash is built on the Waves Platform, a global public blockchain platform that provides a shared infrastructure for new blockchain-based projects. The company created only 21 million Awehcash tokens and had distributed “approximately 46,000 tokens” in October, Awehcash’s co-founder, Daniel, told BitcoinAfrica.
With the Bank of Namibia reinforcing its critical stance on cryptocurrencies in a public paper in May 2018 stating that “it does not recognise, support and recommend the possessing, utilisation and trading of cryptocurrencies in Namibia and by members of the public,” Awehcash already has an uphill task trying to convince Namibians to disregard warnings from the country’s central bank.
ONEm, a London-based technology company, launched the Mcoin for the African continent in September 2018. Its main selling point is that the digital currency can be transferred over text message and does, therefore, not require Internet. The company will offer both a digital wallet and an SMS wallet which works with a set of shortcodes and does not need a connection to the internet.
The company wants to reach the unconnected on the African continent and provide commercial and financial services to them through their mobile phone, with or without access to the Internet.
Even though this blockchain project sounds exciting and is attempting to solve a real problem, it remains to be seen how it will be able to forge partnerships with mobile operators in Africa and different regulators in each African country. And also, how it will convince the locals in many African communities to trust its platform.
Earlier in the year, Bitcoin Africa reported the launch of Wala’s zero-fee, borderless micropayments app in Uganda, South Africa, and Zimbabwe. The Dala token is used by Wala, a mobile financial services platform built on the Ethereum blockchain, and is issued by the Dala Foundation.
The goal of the Wala team is to cater to the unbanked and underbanked in Africa. It is leveraging the Dala token to create a platform where people can send money to friends and families around Africa at fees lower than traditional banks and conduct other transactions such as buying airtime and paying bills at zero transaction fee.
Bet With Bitcoin
Buy Bitcoin on Coinbase
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
Bitcoin Loophole – Another Crypto Scam to Avoid
5 Ways to Earn Free Bitcoin Cash (BCH)
Top 5 Best Bitcoin Apps That Enable You To Earn Cryptocurrency
What is Particl and Why Should You Know About It? – An Interview with “Crypto Ramble”
Quidax to use Ripple’s XRapid Product to Revolutionise Remittance and Payments
Blockchain-Based Mobile Banking App Humaniq is Now Active in 21 African Countries
Press Releases11 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 Releases1 year ago
Humaniq wants YOU for Hack.Summit (Blockchain)
Bitcoin2 years ago
Meet Africa’s Youngest Blockchain Entrepreneur: Token Media’s Elisha Owusu Akyaw
Bitcoin2 years ago
Kenyans Are Among Highest Bitcoin Holders Per Capita According to Citi Report
Bitcoin7 months ago
Places in Africa Where You Can Find a Bitcoin ATM
Altcoins1 year ago
5 Ways to Earn Passive Income with Cryptocurrencies