Connect with us

Sponsored Posts

CryptoAltum Focus on Bitcoin and Crypto Traders in Africa

Published

on

CryptoAltum

Africa has vast potential for cryptocurrencies. Noting the rising popularity of Bitcoin in the continent, Jack Dorsey, Twitter, and Square CEO said Africa will define the Bitcoin future.

The American tech entrepreneur’s prediction is spot on. The continent’s crypto scene is rapidly growing and CryptoAltum, a FX, crypto, and indices CFD broker, plays a key role in this revolution. 

In the last few months, Nigerian interest in Bitcoin has trounced that of other global Bitcoin hubs, positioning itself as Africa’s leading source of BTC trading volumes. The West African country and the most populous in the continent has the swiftest growing crypto market in the world. Its wallet app activity peaked in April 2020, with its citizen’s interest in the digital currency’s news on Google search taking the top spot globally. 

In Kenya, Effect.AI is collaborating with musician Akon’s Akoin to sensitize Kenyan’s on the opportunities that lie within blockchain technology. The Dutch firm is working with the Senegalese-American blockchain supporter to set up an Opportunity Hub in the East African country. The venture, the first of its kind in the continent, will not only promote AI and blockchain education but will offer online work. 

Here jobs will be paid in crypto on the Effect.AI’s network that runs on the EOS blockchain. The Dutch firm that creates high-quality training data within decentralized networks already has an Opportunity Hub running in Rustavi, Georgia. The educational centers that promote tech knowledge and boost blockchain job opportunities have the support of the United Nations Development Program.

A Bright Future for BTC in Africa

Cryptocurrency ExplosionMeanwhile, a Luno report notes that Africa’s socio-economic challenges make it a fertile ground for cryptocurrency use. While a large part of the world views crypto assets as a speculative investment and trading tools, Africans use them as solutions to the challenges of political instability, currency volatility, and inflation. 

According to the World Bank, it is only nine of Africa’s 54 countries that have a positive score on its instability index. 2019 for instance, had the highest number of civil conflicts since 1946. Shaky political conditions are bound to adversely affect the continent’s GDP expectations. 

This tumult often leads to wealth confiscation and forced migration. Africa also has a dearth of traditional banking services. Data shows that the need for banking services is so high that the ratio of commercial banks to 100,000 people is 61 percent lower than the global average. 

Remittances are also very costly across sub-Saharan Africa. The cost of international and cross-border payments for a meager $200 could go as high as 9 percent contrasted to a 6.8 percent global average. 

Africa has long relied on the legacy SWIFT which is slow and expensive. The need for cost-effective remittance solutions is high, because over 25 million Africans work outside the continent. They remitted over $48 billion back to their countries in 2019.

Challenges Will Lead to Mass Crypto Adoption

These challenges have forced African economies to leapfrog traditional finance institutions, giving rise to mobile money solutions such as MPesa. 

Over 21 percent of adults in Africa are reliant on mobile money services that only require basic mobile devices. For this reason, Africa is more open than any other market to alternative financial solutions, including cryptocurrencies. Unlike mobile money services that have a two percent hefty price tag on each transaction, cryptocurrencies are very competitive.  

Bitcoin is also a unique wealth preservation asset. Cryptocurrencies combine the benefits of safe-haven assets such as gold and unequaled censorship resistance. There are therefore the assets to go for during political chaos. 

Decentralized finance and digital currencies are also providing a cheaper, reliable, more accessible, and safer option for the storage of money. While the continent lags in smartphone adoption and internet penetration, the trends are changing fast. 

By 2025, there will be over 690 million smartphones in the continent, up from lows of 250 million in 2017. A low 39.9 percent of the population in Africa has access to the internet. Fortunately, many investments geared towards increasing internet penetration. 

Africa’s interest in Bitcoin and crypto is greatly hampered by a lack of crypto infrastructure. To overcome challenges, Africa has embraced over-the-counter (OTC) trading with most running through either WhatsApp or Telegram, or informal OTC. Analysts estimate that actual volumes through these informal channels could be eight times higher than stated.

CryptoAltum as an on-ramp Suitable for Bitcoin and Crypto Traders in Africa

Crypto adoption is a logical move for the African people. Owning Bitcoin has its benefits but trading BTC and crypto assets supported by leading crypto CFD brokers like CryptoAltum tags several irresistible advantages.

CryptoAltum is aware that Africa loves Bitcoin and cryptocurrencies, and its traders are yearning to profit from crypto price volatility. 

CryptoAltum

As such, they are lessening challenges associated with access to trading crypto assets but eliminating the need of individual traders storing digital assets by offering attractive CFD derivative products which track the actual prices of several supported coins like Bitcoin and Ethereum. 

Through CryptoAltum, ambitious crypto and Bitcoin enthusiasts from African can trade and create an alternate source of income from this emerging asset class. 

CryptoAltum has a 1:500 leverage and offers over 60 crypto trading pairs on top of Forex, gold, and indices CFDs. CryptoAltum also offers free VPS to clients if they make a minimum deposit and clear a minimum monthly trading volume

Besides, our platform charges the lowest fees with zero commission and no hidden fees. To get started is pretty straight forward and has no hassles. All you need is your name and a working email address. Those who can’t trade right away can experiment with a free demo account. For security, CryptoAltum client’s funds are kept in cold storage with multi-signatures for maximum security against hackers. 

Moreover, we regularly host free educational webinars for those who want to perfect their crypto and FX trading skills or learn more about CryptoAltum. The first will be held on Aug 27, 2020 18:00 WAT, the registration link is here.

Combined, the crypto CFD platform provides requisite tools needed for all cadres of traders to succeed in a fast-paced  crypto trading environment.

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. 

Sponsored Posts

Best Practices for Ethereum Smart Contracts Security

Published

on

Ethereum Smart Contracts Security

Smart contracts are digitally stored contracts that are automatically executed upon meeting pre-set terms and conditions. They’re used to automate contract execution to immediately assure all participants of the outcome without a third-party involvement or time wastage. Smart contracts are prone to vulnerabilities, and attacks such as reentrancy, front running, ETH send a rejection, and integer overflow or underflow. However, smart contracts are fast, efficient, and accurate, and they promote trust and transparency. Since they are encrypted, they’re hard to hack, ensuring security. Here are best practices for Ethereum smart contracts security.

1. Conduct smart contract audits

A smart contract audit is a security check conducted on smart contract on-chain code to ensure it is free of bugs and other security vulnerabilities. The audit process is done to identify issues, errors, and security concerns in the code to recommend improvements and fix them. Audits increase a business’s credibility and help win user experience. To mitigate any risks, involve the auditors from the early stages of contract designing. This helps ensure your code’s security and the safety of clients’ investments.

2. Ensure careful rollouts

Being attentive and careful will help identify and fix bugs before they can cause long-term complications in a smart contract’s functionality. To ensure intelligent contracts are free from bugs before release, comprehensively test the arrangements to identify any bugs better. If you don’t succeed at finding the bugs, look for a professional bug bounty hunter to help with the effective rolling of your smart contract. Consider rolling out your smart contract to simplify the identification of vulnerabilities.

3. Stay up to date

Keeping track of the latest developments helps improve an intelligent contract’s design to identify bugs quickly. To successfully track new developments, carefully check your contracts to identify any new bugs. Staying up to date with the latest security advancements helps to identify bugs quickly. Consider adopting new security techniques that seem productive as a smart contract best practice. Additionally, upgrading any tool or library helps with bug fixes and security updates that strengthen your smart contract’s security.

4. Keep the contracts simple

Complex smart contracts may lead to increased errors and vulnerabilities. To ensure contract simplicity, choose clarity over performance and simple contract logic. Where possible, use an already written code and modularize it to keep functions and contracts small. If parts of your system need decentralization, only use blockchain.

5. Pay attention to blockchain properties

Some of the blockchain properties to beware of include external contract calls that may perform malicious code, alter control flow, and remember gas costs and the block gas limit. Don’t forget that public functions can maliciously be called in any order and that anyone can view intelligent contracts. Beware that timestamp isn’t precise on a blockchain, but miners can impact a transaction’s execution time with a very short margin.

6. Be prepared for failure

Since non-retrieval contracts may have errors, ensure that your code can respond to bugs and vulnerabilities by managing the amount of money at risk, pausing a contract in case of any issues, and having an upgrade plan for improvements and bug fixes.

Due to various contract vulnerabilities, smart contract developers should pay attention to intelligent contracts security best practices. This ensures the system’s security and the safety of all financial investments.

Continue Reading

Sponsored Posts

Africa is Undergoing a Crypto Renaissance – Here’s Why

Published

on

Buy Bitcoin in Namibia

Africa’s crypto adoption is growing at an unstoppable rate, and several recent studies point to the continent’s transformation into one of the largest cryptocurrency hubs in the past years.

For example, the 2020 Geography of Cryptocurrency Report conducted by Chainalysis revealed that Africa’s cryptocurrency sector is now one of the top 10 in the world, growing from 67% to 78%. Kenya and Nigeria stood out as the countries with the highest crypto usage. This is consistent with the findings of a Yahoo Finance report, which found that Nigeria was the country that used cryptocurrencies the most. According to the report, 32% of Nigerians have used or owned at least one cryptocurrency in 2020 – that’s much more than some countries in Europe and the Americas.

Another report,  The State of Crypto in Africaconducted by Arcane Research, revealed that Africa is one of the most promising continents for crypto, despite recession concerns and lack of banking infrastructure.

So, what factors have favoured Africa’s rise to power, and what threats will it have to overcome to secure its position as the world’s top crypto economy? 

Africa’s rise to power as a Fintech hub

Africa’s skyrocketing crypto adoption is inextricably linked to the continent’s booming Fintech sector. Favoured by foreign investments, growing mobile usage, and the completion of the African Continental Free Trade Agreement (AfCFTA), Fintech is maturing in Africa. As more and more countries are embracing digital transformation, VC funding is on the rise.

Despite predictions from the World Economic Forum that the economies of African countries will shrink considerably in 2021, reports show that VC funding for African Fintech startups has grown by 51%. South Africa attracted the most investments, followed by Nigeria, Kenya, and Egypt. More and more people are interacting with digital finance services in all their forms.  The popularity of crypto Forex brokers is on the rise, consumers now rely on apps and web services to save money, trade stocks, and manage their portfolio, and online loans are emerging as a simpler alternative to bank loans.

Cash Out Bitcoin to Naira

Remittances from diaspora

Remittances from the diaspora are another important factor behind Africa’s rise as a cryptocurrency power.  According to the World Bank, remittances to Africa continue to be an essential source of income, despite the drops caused by the pandemic. In 2019, sub-Saharan countries reached $48 billion in 2019, and nearly half of this amount was sent to Nigeria. The average expat sends around 6.8% of their income to their home country.

Meanwhile, for African expats, this rate is at 8.9%. What does this have to do with crypto? Well, most people who send money home don’t do this using traditional means because bank transfer rates are prohibitively expensive. Africa is currently the most expensive country to save money to, with transfer fees going as high as 8.3%. Instead, they choose cryptocurrency transfers (bitcoin being the most popular cryptocurrency), which are instant and have no transfer fees.

According to Reuters data, there were over 601,000 cryptocurrency transfers in June 2020, accounting for approximately $316.1 million. However, the actual size of remittances is believed to be much higher than official reports.

Rising inflation rate

While Africa has a Fintech environment that favours innovation and attracts foreign investment, crypto adoption wouldn’t have been the same without the rising inflation rate. Last year, most African economies were hit hard by the recession. As a result, inflation has skyrocketed, and many national currencies, which were already plummeting before the pandemic), continued to devalue.

For example, South Sudan had a whopping 102% inflation rate between 2016 and 2017. In 2020, the Nigerian Naira suffered a 24% devaluation. As the fate of national currencies remained uncertain, cryptocurrency rapidly became a tempting alternative. Despite the sceptics’ lack of trust in crypto, Bitcoin did not crash because of the pandemic. In fact, it even peaked at $64,000 in April, convincing many that crypto really is here to stay. Other cryptocurrencies, like Ethereum, Stellar, and Binance Coin, have also had a favourable evolution.

Lack of banking infrastructure

Numerous times, Africa has been dubbed “the unbanked continent” due to its lack of banking infrastructure. In 2014, 66% of African consumers did not have a bank account. While this percentage has increased in the past few years, African banks continue to rely on traditional, outdated methods, and their services remain unreachable for people with low income.

There is also a general distrust for banks, which pushed people to choose Mobile Network Operators instead, which are a type of alternative financial services providers. Crypto transfers work in a similar way to MNOs, which convinced many Africans to give them a try.

Potential challenges

Buy Bitcoin With Debit/Credit Card

Long-term prospects for Africa’s crypto ecosystem are generally positive. However, in order for this technology to reach its full potential, several challenges need to be addressed first.

Lack of high-speed Internet

High-speed Internet is essential for cryptocurrency transfers. However, Africa currently lacks a stable infrastructure. In 2019, Africa had the slowest data speeds, which proved quite problematic when the pandemic hit, and remote work and online learning became essential. Internet access and broadband speed greatly differ from country to country. While speeds are higher in Eastern and Southern Africa, people in West and Central Africa often have to learn and work at speeds of 0.16 Kbps. Due to the lack of competition, Internet prices are higher too.

Low financial literacy

Unfortunately, despite the rising crypto adoption, Africa still has one of the lowest financial literacy rates in the world. According to the Global Financial Literacy Survey conducted by Standard & Poor’s, financial literacy is inconsistent. Botswana ranks the highest, with 52%, but most African countries have low financial literacy (Angola 15%, Nigeria 26%, Sudan 21%, Ethiopia 32%). This will need to be addressed in order for people to use cryptocurrency safely.

Lack of regulation

Although cryptocurrency adoption seems to be unstoppable, most African countries don’t regulate it, which could lead to financial scams. Even experienced investors could be at risk here, so people with low financial literacy who don’t understand exactly how blockchain works could be even more vulnerable.

Continue Reading

Sponsored Posts

5 Reasons Why Cryptocurrency Is So Popular

Published

on

Cryptocurrency Trading

Cryptocurrency has been one of the hottest topics of discussion for the last few years. This is why most people know what it is and are willing to invest in it right now. However, you might not know that cryptocurrency is thriving across the globe.

Especially when the COVID-19 debuted last year, many investors turned to bitcoin (and other cryptocurrencies) as an investment option. Today, there are multiple reasons why cryptocurrency is growing and is here to stay. So If you’ve been looking for the top reasons behind the massive growth of this currency, you’ve come to the right spot. 

Read on to learn five reasons why cryptocurrency is booming.

Fees Are (Typically) Negligible

One of the primary reasons behind the massive success of cryptocurrency is low fees. Bear in mind, the varying payment options on the web entail a certain deduction whenever a transaction is made. In contrast, when you deal in cryptocurrencies, the fee is typically small. Therefore, it is mindful of people to pay through cryptocurrencies and also rest assured about the safety of their payment.

Potential for Substantial Profits

Of course, another primary reason for people to put faith in crypto is for the chance to make substantial profits. Lots of people who invested a few years ago are reaping incredible profits right now and crypto trading hasn’t cooled down in the last few years.

Crypto Trading Strategies

Cryptocurrency is Decentralized

One of the biggest reasons to put faith in cryptocurrency is because it isn’t associated with any government. Because it is a decentralized currency, it isn’t controlled by any firm or government. So people willingly invest in it without any fear of demonetization. Therefore, this currency has the power to remain stable, even if the economic situation isn’t healthy. The potential that cryptocurrency is the safest option In the future makes it even more appealing to everyone.

Security is Paramount

In today’s time, with fraudulent practices on the rise, everyone wants to rest assured about the privacy of their information on the web. Because cybersecurity has become a major concern for everyone today, people are looking for a payment method that is safe and secure. Luckily, the availability of cryptocurrency breathes life into these goals. The security provided by cryptocurrencies is what has allowed many people to trust them blindly.

It’s Easy to Get

You don’t have to be a millionaire to get cryptocurrency. Contrary to popular belief, anyone can invest in cryptocurrencies. All you have to do is, look for a reputable exchange where you can buy crypto. A few years back, people might have thought about cryptocurrency as something hard to get. Now, it is all over the place, and anyone can invest in it. If this is your first time investing in this option, you will find the process to be customer-friendly and simple. 

Disclaimer: This is a sponsored post written by a third party. 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. 

Continue Reading

Popular Posts