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Blockchain and IoT – Is There a Future Here?

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Blockchain and IoT

Blockchain technology has disrupted the world of today, especially as the pandemic hit us. The restrictions and lack of engagement during the Covid-19 waves have diverted the attention of people all over the world to cryptocurrencies. While all that is going on, The technology kept evolving to provide many more use cases for Blockchains we see today. Some of these use cases can be utilized for many socio-economic applications too.

History has it that new technologies are often integrated with other technologies to give powerful applications for the users. One such combination that has been in talks is the integration of blockchain and IoT (Internet of things). Both the technologies are young and disruptive. The market for blockchain technology-based IoT systems has a huge potential in the global market.

“IoT has been one of the most exciting markets of the current generation. It had its issues with security and susceptibility to hacking. Blockchain technology can overcome these issues easily because of its tamper-proof and secure nature. While providers such as Amazon for Alexa devices and others have overcome this to a certain extent, they can still use the decentralized nature of blockchains to further the cause. Similar to what Android did for the smartphone market, blockchain can revolutionize IoT.” said Dev Sharma, CEO and Founder of Blockwiz, a global crypto marketing agency.

IOTA and its Tangle network aim to fulfill this gap in the market. Internet of Things (IoT) differs from most blockchains in crucial ways which makes them unusable for it. IoT can work on a system that supports multiple chains and nodes to connect multiple devices to the system. Conventional blockchains are based on a single-chain connecting and recording all activities to it. Also, as the number of activities (transactions) and the number of branches increase, the speed of transactions decreases and the cost per transaction increases. IoT requires a system that can do the opposite of this.

“The Tangle network is built on the principles of IoT and blockchain technology. As the branches increase, their speed increases while the cost remains negligible. Such a system can greatly increase the applicability and security of IoT activities. Also, being a publically available system, it can be used by developers for a wide range of applications at a very low cost. Being decentralized, it can be used by everyone throughout the globe. This is the heart and core of blockchain technology.” added Mr. Sharma of the Canada-based agency.

One of the most important advantages of using Blockchain technology for IoT is the secure accounting of all activities. This can be used to investigate any IoT system for tempering and misuse. This may not be possible with devices like Google Home, Alexa, and other systems since their data storage is centralized and inaccessible to users without legal intervention.

While many of us consider IoT devices being used in homes to control connected machines throughout our homes, the application of this tech is much more vast. Self-driving cars, traffic control, global supply chains, self-servicing machines, etc can all use IoT-like systems to enhance and automate our processes. However, the most important impact of the system is on the environment. Using lesser resources is the reason why such a system can have negligible transaction fees/costs which also points to savings on the environmental front.

The power of IoT with blockchain technology has the potential to automate large and complicated systems with low resource costs. We have all heard of the concept of smart cities, IoT is among the major technology that is used to define it. These concepts can easily become reality through a public blockchain system for IoT. Our world is changing continuously through technologies and the hope is that we can change it for the better, for us, and for the environment we live in.

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12 Days of Crypto: Playbetr Announces a Crypto Africa Giveaway – Here’s How to Take Part

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Crypto Africa Giveaway

Crypto betting platform Playbetr has announced the official launch of its Playbetr Africa Giveaway. The giveaway, according to Playbetr is designed for a specific category of users Premised on a long-standing tradition of “12 days of Christmas”. 

Ho-ho-ho, Santa Claus and Playbetr are already on their way to their best users with gifts! Playbetr, with the help of Santa Claus, is announcing a big contest for its African community! Each of them is designed for a specific category of users.

In this article, we will tell you about the “12 Days of Crypto” Giveaway.

Premised on a long-standing tradition “12 days of Christmas”. Santa Claus in partnership with Playbetr will be rewarding its growing family in Africa. 

How to Participate & Eligibility

You stand a chance of winning by taking part in any of the following activities.

  • Set up a Playbetr account.
  • Place a bet on our platform.
  • Show your support on our Facebook and Twitter pages.
  • Share your affiliate links with your friends.
  • Tag them under our posts on Social Media.
  • A random like, retweet, placed a bet, or comment under our post – all of these take part in this draw and help you win a prize. So, don’t waste your time and go get your reward.

The competition has a reward system. Each winner gets $10 in crypto in your Playbetr wallet. 

There will be 103 winners in total. The giveaway ends on January 2, 2022. Follow the hashtag across all socials for more details #PlaybetrAfrica.

Don’t waste your time and go get your reward. Good luck, have a great holiday, and bet on Playbetr!

12 Days of Crypto

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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5 Clues About the Identity of Satoshi Nakamoto

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Identity of Satoshi Nakamoto

Ever since the launch of Bitcoin 12 years ago, the cryptocurrency community has been desperately trying to work out the real identity of purported creator Satoshi Nakamoto. Writing in an online blog, Nakamoto claimed that he was a 37-year-old man living in Japan, but his impeccable command of the English language, alongside the timestamps connected to his posts, make that outcome an unlikely one.

Instead, Bitcoin enthusiasts have been seizing upon every morsel of information about Nakamoto to try and determine who he, she or they might be. Thankfully, the elusive individual did leave an extensive catalogue of messages and posts, alongside the famous whitepaper in 2008, which give a variety of clues as to their true identity. Here are a handful of the most important – can you use them to crack the case?

Background

Perhaps the starting point for trying to ascertain the identity of Nakamoto should concentrate on his credentials. In the aforementioned whitepaper, Nakamoto displayed an intimate knowledge of both cryptography and financial markets, marking him out as someone who has likely studied one or both. This scholarly background narrows down the field of candidates and suggests that the creator of Bitcoin has both academic and practical experience in these fields.

London Times

The very first 50 bitcoins brought into existence are now known as the “genesis block”. Mined by Nakamoto himself, they contained a line of text embedded into their code which read “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” The cryptic message is in fact the headline of a London Times article which criticized the government for its failure to protect the UK economy. The reference suggests that Nakamoto lives or works in the UK.

Britishisms

The idea that Nakamoto either is British or has lived in the British Isles for an extended period of time is backed up by the language used in his emails, posts and documents. For example, he not only prefers to use British English (such as “favour”) instead of American English (“favor”), but he also uses colloquial terms from the UK like “bloody hard” and “flat” instead of “apartment”. This has prompted many people to believe that he is, in fact, a British citizen.

Timestamps

Another signpost that Nakamoto might reside in Britain is the times of his internet activity. Analysis of his bitcoin forum posts reveals that he would rarely (if ever) send messages between the hours of 5am and 11am Greenwich Mean Time. What’s more, the pattern holds true for weekends as well as weekdays, suggesting that it was more tied to his sleep cycle than his work. For many, it’s the final clue that clinches the geographical location of Nakamoto.

Connectivity issues

Although Nakamoto refrained from giving away any personal information from himself, he did admit in one email to Hal Finney in 2008 that he was suffering from connectivity issues and would not be able to receive any correspondence from him at that time. This suggests that he was, at least temporarily, housed at a remote location. Some theorists have speculated that this could be Nakamoto’s way of throwing others off the scent, while others believe he is actually Finney himself, though it remains unclear if either hypothesis is accurate.

After his farewell message to the Bitcoin community in 2011, Nakamoto has never been heard from again – and we might never learn his identity. But for insightful commentary on who the mystery man might be, check out the list of possible candidates at https://bitcasino.io/blog/cryptocurrency/the-bitcoin-maker.

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How to Send Overseas Bitcoin Remittances

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Bitcoin to Naira

Cheap, fast, and convenient—these are the hopes for every transaction if you often transfer money to your friends and loved ones abroad. But we all know that reality can sometimes be the polar opposite of what we expect. Money transfers are often expensive, rarely instantaneous, and almost nowhere near convenient.

This challenging reality leads many individuals working abroad to find other means of remittances. Luckily, many of them have found Bitcoin (BTC), a cryptocurrency that can change their remittance experience.

We’ll talk more about the steps on how to send BTC remittances a little later. But now, let’s first walk you through the basics of Bitcoin and its advantages for cross-border money transfers.

What is Bitcoin and Why Is It Ideal for Remittances?

PaxfulBitcoin is a currency that works with the help of technology. To use it, all you’ll ever need is a secure digital wallet and a smartphone or laptop with internet access. A Bitcoin wallet is like an electronic wallet where you can store, send, receive, track, and manage your BTC funds and transactions. And the best thing about it is that you can get a free crypto wallet in peer-to-peer exchanges like Paxful. Simply create an account and you’ll instantly receive one upon signing up.

Many people today use BTC for different purposes and reasons. But for those who are making remittances, Bitcoin is highly ideal for the following reasons:

  • Cheaper costs – You can directly send money to your friends and family without going through any third party, which cuts the fees for intermediaries. As long as you and your recipient have a digital wallet, direct money transfers are always possible.
  • Speedy transactions – BTC transactions are known for their quick processing time. With just a few taps on your phone, you can send money in just a few minutes, if not in an instant.
  • A whole new level of convenience – Since everything you need is right at your fingertips, you won’t need to go to a remittance centre or other financial institution to send funds. Bitcoin is available 24/7, so you won’t need to worry about business hours, holidays, and weekends. Simply put, remittances in BTC can save you time and money.
  • Secure money transfers – Every BTC transaction is permanently recorded in its blockchain. This means no one can ever change or delete it—not even Bitcoin’s mysterious creator, Satoshi Nakamoto. Bitcoin also has a strong, immutable, and reliable technology that is nearly impossible to be compromised. This allows transactions to be processed smoothly and securely.
  • Growing adoption – You’ve probably seen Bitcoin make the headlines today and this is because of its growing adoption worldwide. Nowadays, many companies from various industries are exploring its remarkable potential. You can now use it to buy a cup of coffee, shop clothes online, or buy groceries, among other things.
  • Highly accessible – Thousands of crypto marketplaces have emerged today, paving the way for many people to jump into the crypto market right away. These platforms allow you to buy and sell BTC or convert cash to Bitcoin using hundreds of payment options.
  • Decentralized nature – Bitcoin is borderless and independent, which means it isn’t run or governed by any central authority. Its decentralized nature enables it to be used for different purposes in various countries.

How to Send Overseas Remittances using Bitcoin

Remittances using Bitcoin

Now that we’ve learned the benefits of using BTC for overseas money transfers, let’s now talk about how to do it. Here are five simple steps on how you can easily send money abroad using Bitcoin on Paxful.

Step 1. Create an account

This applies to both you and your recipient. To make overseas transfers using BTC, you must create your own Paxful account. Make sure to verify it to unlock more exclusive platform benefits.

Step 2. Buy BTC using the payment method you prefer

After creating an account and logging in, the next step is to buy Bitcoin on the platform. On Paxful, you have nearly 400 ways to buy BTC, including the most popular ones in your country. Your payment groups include gift cards, bank transfers, debit and credit cards, online wallets, and a lot more.

Step 3. Ask for your recipient’s Paxful Wallet address

Once you’ve successfully bought fractions of BTC, the next thing you need to do is ask for your recipient’s Bitcoin wallet address. You can ask your recipient to simply log in to their account and click Wallet. Under the Bitcoin wallet, click Receive and copy the BTC address that will appear or use the QR code.

Step 4. Send BTC to your recipient’s Bitcoin wallet

The next step is to send Bitcoin to your recipient. To do this, go to your Paxful wallet and click Send under your Bitcoin wallet. Enter the amount you wish to send and enter your recipient’s Bitcoin address. You can also enter their Paxful username if your recipient is also a Paxful user. Once done, click Continue.

It’s important to note that Bitcoin transactions are irreversible, so make sure to double-check your recipient’s Bitcoin wallet address before you continue. If you have enabled your two-factor authentication (2FA), you’ll be required to enter a one-time password (OTP) into the 2FA code to proceed. After double-checking all details, click Send Bitcoin Now.

You’ll be redirected to the Wallet page once your Bitcoin is successfully sent.

Step 5. Your recipient will cash out the BTC

Once your recipient has successfully received the BTC, tell them to cash it out by selling it on Paxful. They can either create an offer to sell it or check existing offers on the Sell Bitcoin page. Your recipient has nearly 400 ways to instantly cash out the Bitcoin you sent. All they need to do is find the payment method that works best for them.

It’s Never Too Late to Explore Possibilities with Bitcoin

We get it—Bitcoin and cryptocurrencies, in general, may sound a little intimidating at first. But just like engaging in new endeavours, you’ll surely get the hang of it as you go along. Bitcoin remittances are booming for a reason and the things we’ve listed above are just some of the many benefits it offers. If you’re looking to experience the advantages above, the best time is now. It’s also best to do a little research before you dive deeper into the crypto world, so you’ll know the ins and outs of it.

Good luck!

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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