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The Complete Beginner’s Guide to TerraCredit (CREDIT)

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TerraCredit

Ever come across TerraCredit or TerraBit and wondered what they are? In this guide, we explore the TerraCredit ecosystem and provide an in-depth beginner’s guide to one of the fastest-growing crypto projects in Africa.

What is TerraCredit (CREDIT)?

CREDITTerraCredit (CREDIT) is a decentralised cryptocurrency at the heart of a digital payment ecosystem. The developers behind the cryptocurrency built CREDIT as a “viable replacement to cash and a rewarding option” – especially for users in developing markets.

CREDIT is the native currency of the TerraBit platform, a payment platform tailored towards the unbanked.

At the time of writing, the cryptocurrency is in the top 1,000 coins by market cap on CoinGecko. At the time of writing, CREDIT was trading at $0.00614 per coin.

Highlights About CREDIT

  • Name: TerraCredit
  • Ticker/Symbol: CREDIT
  • Max supply: 86,000,000
  • Blockchain: Native
  • Consensus mechanism: Proof of Stake (POS)
  • Established: 2017**

The cryptocurrency is built on a native Proof-of-Stake blockchain, requiring less from network validators, allowing more people to participate in the network. Currently, the Terracredit blockchain has over 12,000 individual network validators. The decentralised nature of validators makes it difficult to perform a 51 % attack on the blockchain.

What’s more, transaction fees on the Terra blockchain are very low. In contrast, most of the top cryptocurrencies have become very expensive to use due to fees. TerraCredit allows you to transact with fees as low as $0.00000003.

Moreover, CREDIT transactions are fast. They confirm in seconds Quicker transactions are made possible because of the low fees and the availability of several validators.

TerraCredit can be stored on native or third-party wallets. The native CREDIT wallet is available on desktops running Windows, Linux, and Mac OS. You can also download the mobile application for Android. Conversely, if you prefer third-party applications, there are many options like MyCointainer to choose from. 

What is TerraBit?

TerraBitTerraBit is a global payments platform that allows you to store cryptocurrencies and exchange them for fiat on a single app. It is also the native wallet of TerraCredit.

TerraBit supports CREDIT and bitcoin (BTC). It also supports fiat currencies like the naira (NGN), rand (ZAR), and peso (COP). You can deposit these currencies directly on the app to purchase cryptocurrencies.

Besides buying crypto, you can also sell crypto in the app and withdraw it to your bank account. This feature has made it very popular in developing markets like Nigeria, Colombia, and Kenya.

TerraBit also has a merchants interface that makes it possible for you to accept crypto payments. If you are a business owner, you can accept crypto payments in person via the app. It is extra easy doing the same online by just sending your crypto address.

Finally, the app comes with extra features, such as web staking.

Highlights of TerraBit

  • Trade cryptocurrencies on-the-go
  • Support for fiat currencies: NGN, ZAR, COP
  • Merchant interface to accept crypto payments
  • QR payments

Future features coming to TerraBit includes more fiat options for markets like Ghana. Virtual credit cards are also on the roadmap. These cards will make it possible for you to spend your crypto wherever bank cards are accepted.

TeraCredit Features

TerraCredit has several features that have seen an upgrade after the latest hard fork. As mentioned earlier, TerraCredit deploys the most modern blockchain technology. This makes it decentralised, fast, private, and easy to use. Here is a deeper look at the leading features of TerraCredit:

Proof of Stake: TerraCredit runs on a Proof of Stake (POS) consensus algorithm. Compared to other consensus algorithms like Proof of Work, POS is more lightweight and easier to participate in. Easy participation allows more individuals to play a role in confirming transactions. Without a broader pool of validators on a network, it becomes centralised.

The few validators get to control the affairs of the project. Also, bad actors can take advantage of this to attack the blockchain. You can participate in securing the TerraCredit network via staking or masternodes. Securing the network also rewards you through the creation of new coins. 

Decentralised Autonomous Organisation (DAO): The latest TerraCredit hard fork brought a new governance model. Masternodes operate the TerraCredit DAO. Aside from helping secure the network, masternodes contribute to the governance of the project. The DAO gets funds directly from the blockchain, which are allocated to approved proposals. Anyone can submit a proposal that masternodes vote on. Each masternode has one vote. Having a DAO with funds directly from the blockchain ensures the development and marketing of the project.

Swiftx: TerraCredit (CREDIT) enables swift transactions using the masternode infrastructure. Swiftx ensures “near-instantaneous” transactions. This feature aims to put TerraCredit in the same league as major payment processors like Visa and MasterCard. 

Coin mixing: Mixing makes transactions private. Instead of sending transactions directly from your wallet to another, coin mixing takes the coins through several transactions (mixing) before the final destination. This feature gives CREDIT privacy utility.

Ways to Earn CREDIT in 2020

TerraBit

There are two main ways to earn CREDIT in 2020. Both methods allow you to earn passive income since they require only a simple set up at the initial stages.

Web Staking

You can stake CREDIT via the native wallet. All you have to do is load your wallet with CREDIT and turn on staking to get started. It is simpler than mining and lowers the barrier of entry. You can stake 0.000000001 CREDIT and above. Rewards are paid daily into your wallet after you begin web staking.

Masternodes

Masternodes, on the other hand, come with more requirements. You need to hold at least 50,000 CREDIT as collateral for your masternode. After, you have to set up a node with the wallet. You can do this using a hosting service or do it yourself using basic hardware like Raspberry Pi.

Masternode owners receive rewards every block for securing the network and participating in the governance process. 

The Bottom Line

TerraCredit continues to grow beyond the TerraBit platform. CREDIT has been added to several exchanges, payment processors, and wallets recently, while its web staking functionality offers users a way to generate investment income on their CREDIT holdings. 

To learn more about TerraCredit, check out the project’s website.

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4 Tips for Managing Your Emotions When Trading Crypto

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Managing Your Emotions When Trading

Dealing with emotions is a natural part of being human. How you feel can significantly impact the world around you, and that is an indisputable fact in life. However, the world of cryptocurrency trading can be an unforgiving place for the overly emotional. If you let your feelings cloud your decision-making, you risk selling too early, running losses, and missing out on significantly profitable opportunities had you stopped for a moment and thought the matter through with a clearer headspace.

For example, after hearing some concerning rumors, you rashly decided to empty out your XMR wallet and other crypto exchanges for fear of losing money. After some time, however, the prices bounce back higher than before, which is a cause for dismay because you lost all of your investment due to a rash decision on your part.

Hence, it is crucial to keep your emotions in check when trading. This is especially the case when you are trading in an extremely volatile industry such as cryptocurrency. The crypto market is notorious for its constantly fluctuating values and massive price swings. It can strike fear, panic, and greed in the least suspecting and cost you more than what you bargained for.

Whether you are new or experienced in dealing with crypto, managing one’s emotions is a must-have tool in your trader’s toolbox. To help you master this skill, here are some tips to keep in mind as you traverse the wild, harsh landscape of crypto trading.

Develop a Risk Management Plan

Risk management is an integral part of any kind of investment venture. You want to ensure that you have backups in place in case a situation arises that may threaten your initial investment. However, many new traders overlook the importance of considering their emotional responses and their risk tolerance when formulating their risk management plans. As a result, their plans crumble in the face of high-pressure situations.

As such, always consider your risk tolerance when developing a plan to mitigate trading risks. In fact, many trading consultants use it as a basis for forming your trading plan. By doing so, you can ensure that you are only taking on what you can handle emotionally as you work your way to reaching your financial goals. Over time, as you become more experienced and more in control of your emotional responses, you can decide to take on more risks.

Conduct In-Depth Research

One of the most effective ways to handle frantic feelings is to counter them with cold, harsh facts. Aside from your risk management plan, it is wise to conduct some research on your own that can substantiate or debunk any concerning news or rumors that might cause you to buy or sell on an impulse. For example, after hearing from another trader that one of the digital coins you invested in has died due to a lack of community support, you might be tempted to liquidate the entirety of your investment. However, after some digging, you determined that the community is still active and invested in improving said cryptocurrency.

It is also important to do your homework when picking which coins to support. Make sure to check the cryptocurrency’s whitepaper and the developers’ activities for a clearer idea of the coin’s potential. In this manner, you can feel assured that your investments have a high potential of bearing fruit in the future.

Do Not Obsess Over Market Charts

Many traders new to the crypto industry fall into the trap of obsessing over market charts. The constant flickering of colors and lights can be hypnotising to the unaware. They watch price fluctuations all day to ensure that they can take note of sudden price hikes and dips, which may lead down a path to profitable opportunities.

However, this method is not helpful to your mental and emotional health. Indeed, it can feel like an emotional rollercoaster watching prices go up and down continuously. Processing significant amounts of information for too long can wear you down over time and may instead cause you to decide poorly when an opportunity arrives. Thus, a word of advice: do not let the market chart take over you.

Take Advantage of Limit Orders

Signing into your crypto exchange after some time and learning that the value of your investment has plummeted is a reasonable fear for many traders. After all, it is not healthy to watch market charts like a hawk, and in the crypto space, so many things can happen after a short span of time. Fortunately, many crypto exchanges have stop-loss features. This is a feature that automatically sells your coins once their prices decline to a certain value. In this manner, you can feel assured that your investment remains intact, assuaging any fear or worry you may have while not on the crypto exchange.

Removing emotions from any decision-making process that you make is almost impossible. In a highly complex and volatile market like cryptocurrency, conquering your initial emotional responses and maintaining a clear head is a skill that you have to master through experience. By doing so, you can keep your eyes on the prize and trade in a manner that is most helpful to your needs.

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How to Bet with Bitcoin on Football

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With the new football season having started, it’s time to learn how you can bet with bitcoin on your favorite football club. The good news is that many online betting companies now accept bitcoin.

Read on to learn why betting companies love bitcoin and how to bet with BTC on your football team.

Why Betting Companies Support Bitcoin

Since its establishment in 2009, Bitcoin (BTC) has been and continues to be the most popular cryptocurrency, and with good reason. Some of Bitcoin’s most impactful features include:

1. Fast and inexpensive

With bitcoin, it takes a few minutes to send and receive any amount of money. And if you are using the Bitcoin Lightning Network to make payments, transaction costs are a few cents.

2. No third-party interference

Because of its decentralized nature, which makes it impossible for anyone (including governments) to control, you can feel safe to make any payments you want (including to online betting platforms). This also comes with the added advantage of not having to disclose your personal information when making a payment.

3. Supports borderless payments

With Bitcoin’s decentralized nature comes its borderless characteristics. This makes it possible for anyone in the world to be able to send and receive bitcoin payments wherever they are.

Betting companies were among the first adopters of bitcoin because it enables them to reach a broader audience and provide an innovative digital payment option to bettors. From playing a bitcoin slot to betting on any sport imaginable, bitcoin casinos and online betting companies have truly embraced bitcoin.

The credibility of bitcoin as a financial and payment solution is also being felt in the world of football. For example, in April 2021, Southhampton F.C began paying its players bonuses in bitcoin, opening up a whole world of possibility for other clubs to start doing the same.

How to Bet With Bitcoin on Football

Bet with Bitcoin on Football

Betting with bitcoin has proved to be an efficient process for bettors, and betting companies who have embraced cryptocurrency as an efficient payment system.

One of the leading sports betting companies that enables you to bet with bitcoin is Sportsbet.io. So let’s dive in and show you how you can bet with bitcoin on this popular platform.

Betting with Bitcoin on Sportsbet.io

Sportsbet.io is a user-friendly and highly modern betting platform. It has a functional live betting service and is one of the few betting companies that will allow you to bet in bitcoin through a few easy steps.

  1. Register for Sportsbet.io by clicking on the ‘Create an Account’ tab on the top right of the homepage.
  2. Access your wallet by logging into Sportsbet.io. On the top right of the page, next to your balance, click your balance or the ‘Deposit’ button.
  3. Next, you click on ‘Use Currency’ and on ‘Deposit.’
  4. A QR code will appear.
  5. Open your bitcoin wallet, scan the QR code, and choose how much BTC you want to send to your betting account.
  6. You will have to wait for three confirmations on the Bitcoin blockchain for your funds to settle in your SportsBet.io account.
  7. Start betting on your team(s).

Now that we have started you off on your journey, happy betting, and may the odds be ever in your favour!

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How to Cash Out Bitcoin to Naira Using Cryptofully

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Bitcoin to Naira

Over the past few months, Nigeria’s central bank has made it difficult for traders to cash out bitcoin to naira, restricting crypto companies from having a Nigerian bank account. But there is now a cheap and efficient way to cash out your bitcoin to naira.

In this guide, you will learn how to convert your BTC to NGN and receive the money in your bank account within minutes using Cryptofully.

Getting Started on Cryptofully 

Cryptofully is a peer-to-peer payments app that allows you to easily convert bitcoin to naira and automatically settles into your Naira bank account.

Using Cryptofully, you can cash out your bitcoin from anywhere in the world into any Nigerian bank account. The platform also supports US dollars and payment options, including Visa, Mastercard, Google Pay, and Apple Pay.

Cryptofully leverages a local network of peer-to-peer (P2P) traders, enabling it to convert BTC to NGN within minutes. With this P2P system, you are not looking for a peer to buy your bitcoin. Cryptofully automatically matches your trade to the best peer and makes it seamless for the user.  

All that’s needed to cash out bitcoin to naira using Cryptofully is to sign up, complete the KYC, add a bank account and convert your bitcoin to cash.

How to Cash Out Bitcoin to Nigerian Naira

You can cash out your bitcoin to your Nigerian bank account using either the Cryptofully website or mobile app. 

Download the Cryptofully App

mobile app

Step 1: Create an account

  1. Get the app on iOS or Android.
  2. Open the app and register with your email address and verify the email address.
  3. Start the KYC process. Visit Profile, click to Add bank, and add your BVN. You can also add your bank account in this section.

Step 2: Cash Out Your Bitcoin to Naira

  1. Type in the amount you want to cash out.
  2. Then choose to send via bitcoin.
  3. On the following page, you can add your bank account details in the recipient field.
  4. On the last page, you can see a Bitcoin wallet address. Send your bitcoin to that wallet address and within a few minutes, the equivalent amount in naira will settle in your bank account. 
  5. Cryptofully matches you to a peer instantly who sends the money to your naira bank account.

Visit the Cryptofully Website

Cryptofully Platform

You don’t need to sign up or log in with any details on the website to start using it

  1. Go to the Cryptofully website at www.cryptofully.com.
  2. Specify the amount of bitcoin you want to cash out to naira. You can use either the Floating Rate or Fixed Rate. The Floating Rate means the exchange rate can change based on changes in bitcoin prices, and the Fixed Rate means you can lock in an exchange rate for your transaction.
  3. The naira amount equivalent you will get in your bank account will appear below.
  4. On the following page, you will see a space to fill in the preferred bank account you want to receive your money.
  5. Then, you will be shown a Bitcoin wallet address. 
  6. Copy the wallet address and do a transfer to the address. The Cryptofully system matches you immediately to a peer.
  7. The peer sends the money and the money settles in your naira bank account.

Since the Central Bank of Nigeria enacted draconian measures against crypto companies, preventing them from having banking relationships, the peer-to-peer bitcoin trade has flourished in the West African country.

Peer-to-peer payment apps, like Cryptofully, are enabling Nigerians to continue using bitcoin for remittances, payments, and as an investment.

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