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#BUIDLAFRICA Celebrates Outstanding Africans in blockchain Space

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#BUIDLAFRICA celebrates the developments, achievements, and efforts of Africans in #blockchain space as they work, contributing to making solutions that make life easier and better.

In honoring the outstanding works of Africans, #BUIDL AFRICA is proud to present for the month of February, some outstanding Africans doing great things on the continent.

1. Personality of the Month

Mamadou Kwidjim Toure
Mamadou is one of the most influential people in Africa. He is the founder of the Africa 2.0 Foundation which was the pioneer in designing, influencing and driving a vision for Africa through Advocacy and concrete scalable Impact Initiatives.

Roselyne Wanjiru
Roselyne is an economist, youth mentor and blockchain strategy consultant. She is the Chief Marketing Officer at Kesholabs Blockchain Centre, a Startup Studio in Kenya, Africa.

2. Community Manager of Month

Stephen Sunday from Aeternity.
Stephen Sunday, A blockchain and Cryptocurrency enthusiast with so much passion for grassroot adoption of the technology. He is the CEO of KusuConsult a blockchain consulting firm and also, he together with his team pioneered the development of a blockchain DApp (Univote) which was used in University of Jos to conduct the first public election on blockchain in Africa.

3. Blockchain Article of the Month –

“WAKE UP CALL ON AFRICANS IN THE BLOCKCHAIN SPACE”
Author: Eric Ohene-Agyekum Annan, Cofounder/CEO at KuBitX Limited
Entrepreneur/Blockchain Advocate Cofounder KuBitX-Pan African Blockchain Solutions Company. Founded Digitalkudi.com cryptocurrency trading platform in Nigeria and Ghana.

4. Blog of the Month – BitcoinAfrica.io

Bitcoin Africa is a leading African information and news portal publishing contents with the aim of promoting bitcoin and its underlying technology in Africa. It also offers events & conference listing services across Africa.

5. Brand of the Month- Buycoins (buycoins.africa)

BuyCoins is a service that enables users to trade cryptocurrency instantly with great ease. Currently based in Lagos, Nigeria and available in both iOS and Android devices, BuyCoins allows users to buy/sell cryptocurrency directly via the app easily.

6. Product of the Month – First Kudi (FirstKudi.com)

First Kudi was founded with the sole purpose of bringing the revolutionary technologies of blockchain and digital currencies to individuals on the african continent.

Kindly like our video, subscribe to our channel for the latest #Blockchainnews and #cryptoNews from the #African perspective.

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Donate ETH: 0x3eac8b6e98599c0eee5d4037c66aeff504ffd518
BTC: 1BdDUtLBddyeqBGY2YkwqpP2cXSMUoNXX3
BCH: qqpv7xrgq8qz0sulafnvkavs6lls65vcsuk7g77dqx

Disclaimer: Statements on this site do not represent the views or policies of anyone other than ourselves. The information on this site is provided for discussion purposes only, and are not investing recommendations. Under no circumstances does this information represent a recommendation to buy or sell securities.

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Two Major Reasons to Get Into Crypto Now

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With bitcoin recently breaking the previous all-time highs (ATH) of the 2017 bull run, there’s never been a better time to talk about it. From mainstream media to street corners among friends, the innovative blockchain industry is slowly beginning to feel the buzz again. 

Even more interesting is the fact that last night, Bitcoin had its highest ever monthly close ($19,695) in history.

However, just as much as there is an increasing number of blockchain believers, skeptics still lurk in large numbers. This article presents two solid reasons you should consider crypto already and explore the amazing opportunities for yourself.

Everyone uses money but unfortunately, most people still lack a proper understanding of what money is or how it works. The world is facing a lot of economic uncertainty and the interest in cryptocurrency and blockchain has exposed many to the difference between good and bad money – thereby leading them into making solid decisions to protect their wealth and preserve their purchasing power.

The Blockchain industry is relatively young and if you’re currently wondering if it’s too late to get into crypto, the answer is a clear “no”. We are still at the early phase of adoption, and grabbing the knowledge early would put you well ahead. 

From those who are new and trying to find a favorable path in the labor market to the established veterans in different industries ranging from finance, economics, law, real estate, etc; getting into crypto will prepare you for the economic paradigm shift ahead.

Every sector, not just finance, is seeking innovative ways to implement blockchain technology.

According to LinkedIn, Blockchain is currently the most in-demand skill. With the rate of adoption in the industry, demand for blockchain developers seems to be currently outstripping the supply. Note, however, that opportunities are not just limited to the development field.

Now, let’s talk about two key reasons you should be in crypto right now

Investment opportunities

This is apparently the most buzzing use case of cryptocurrency for most people. The cost of entry is incredibly low as anyone from any part of the world can easily sign up on an exchange and execute trades without any harsh KYC procedures. 

Whether you prefer to trade or hodl for the longer term, the beautiful thing is you can purchase crypto as little as $5 making it very appealing to a broader market of non-sophisticated people who are just delving into the world of investing.

In addition, the entire cryptocurrency market cap is still very small compared to traditional assets and therefore has a lot of room to grow. We’re likely to see a huge inflow of funds from institutional investors in the coming years. Some prominent analysts predict the crypto market cap could hit trillions this decade. This is another major reason retail investors are incentivized to take early positions. However, this is certainly not financial advice.

Career opportunities

It’s no longer news how the recent global pandemic is changing we way we work. Industries that find it hard to adjust are already paying the price. 

Thankfully, most blockchain jobs give room to operate remotely. With the rapid rise in demand for blockchain experts globally, there’s never been a better time to position yourself. You don’t have to be a programmer as there as roles in Marketing, Human Resource, Translation, Content Creation, Accounting, etc – whatever fits your experience or passion.

Blockchain roles offer competitive salaries, remote work, and the opportunity to become a leading figure in innovative technology. What’s more exciting is that you don’t need fancy degrees to work in crypto – just sheer commitment and education.

A lot of blockchain companies are springing up daily in different parts of the globe. It might be worth shooting your shot!

Conclusion                                                 

Previous misconceptions about the industry have kept a lot of people from taking a chance in crypto. However, a lot of people are beginning to realize the potential of Bitcoin and the entire industry. 

While attention is currently on Bitcoin, a lot of smart traders and investors are building positions in smaller altcoins knowing their potential to offer higher returns – though with higher risk. It’s a market cycle that tends to repeat itself over and over. 

Investing in crypto is way easier than investing in internet-based companies in the mid-nineties. Thankfully, the chance to be part of something beautiful has been given to us again.

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The Innovative Cryptocurrency Industry is moving at a fast pace – But Central Banks are not sitting this out

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The concepts of Blockchain and cryptocurrencies have become increasingly widespread over the last few years. Ever since Bitcoin’s significant rally in 2017, there has been a lot of projects and solid infrastructure built around the entire ecosystem to enhance financial inclusion.

Cryptocurrencies are already disrupting the traditional financial system, even with the ever-expanding DeFi sector providing a catalog of financial services void of any third-party. Bitcoin for example permits an almost immediate transfer of funds across borders at the fraction of the cost of the traditional system. A couple of international businesses in Africa experienced this innovation for the first time during the thick of the Covid-19 clampdown as USD became increasingly scarce. Traders had to resort to bitcoin to pay for their goods and have never looked back. 

It is becoming increasingly likely that banks would become redundant, considering the level of innovation Blockchain has brought us. However, it is noteworthy that banks aren’t sitting out on this innovation. Central banks are waking up to the advantages offered by cryptocurrencies and are instead exploring Central Bank Digital Currencies (CBDC) in order to stay relevant. 

What is a CBDC?

A central bank digital currency is a digital representation of fiat currency. They are blockchain-based digital currencies issued by the government, with monetary policies formed by the central bank. This makes it heavily centralized. 

Talks about CBDCs have been ongoing for years as several governments have been exploring ways to establish digital equivalents to their traditional currencies. While decentralized cryptocurrencies like Bitcoin and Ethereum have become very popular across the world, they are still not yet recognized as legal tender. Central bank digital currencies (CBDC) on the other hand would be by virtue of its definition. 

The notion of “banking the unbanked” – as is the case for decentralized finance is to a large extent, the same for CBDCs. Adoption of CBDC will make transactions faster and more secure, just like cryptocurrencies have done. However, it will be much easier for governments to regulate CBDCs. 

A brief look at Money

To better understand CBDCs, it’s important to understand Money for what it is. By definition, money is an economic unit that generally functions as a recognized medium of exchange.

We’ve seen money evolve from seashells, precious metals, and all sorts of commodities overtime. If this tells us one thing, it’s that there are no specific forms in which money should come. Even with paper money, different countries have theirs in different shapes and sizes. Money just has to be generally recognized and believed by everyone to hold value. This notion of value should also incorporate scarcity to a large extent. Without scarcity, it’s only a matter of time before people will begin to lose trust in any asset.

We’ve seen this happen over and over through the limitless printing of fiat by central banks leading to hyperinflation. Historically, all national fiat currencies have been losing value due to this default in supply cap. These factors must also be considered when exploring CBDCs. 

In addition to the definition of money above, other characteristics of money such as fungibility, durability, portability, acceptability, and stability should be in place.

These features could easily be incorporated into CBDCs. For example, digital money cannot have wear and tear since it’s not physical. It’s also way better than carrying lumps of cash. 

Some Pros and Cons of CBDC

Central banks see the added advantage of CBDCs over traditional fiat currencies. This is why they are actively exploring it. 

Central bank digital currencies will make for a better payment system since it will effectively lower the cost of managing cash by using a distributed ledger technology (DLT). It will also boost financial inclusion in a way cryptocurrencies like Bitcoin, Ethereum are already doing. Furthermore, it will enhance the adoption of blockchain technology and bring more validation to the cryptocurrency industry. 

Nevertheless, some drawbacks must be considered too. Most notable is the competition between central banks and commercial banks for customer deposits, interest, and lending. CBDCs risk suffering cyber attacks, glitches, or human error. Its centralized nature makes it suspicious to communities of decentralized cryptocurrencies that seek to eliminate third-party such as Bitcoin. It therefore creates contrasting ideologies. 

Many countries have been actively exploring central bank digital currencies. Earlier in October 2020, Bahamas became one of the first countries to officially launch a CBDC “Sand Dollar”. The Lebanese central bank plans to introduce a CBDC by 2021 which will help move Lebanon to a cashless system. China’s central bank, the People’s Bank of China (PBOC), recently laid down regulatory foundations for a forthcoming CBDC, the digital yuan. 

The cryptocurrency industry is growing at a very fast and threatening pace. Only time will tell how widespread and recognized central bank digital currencies could become. 

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5 Successful Cryptocurrency Trading habits

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To achieve success in any field, there are certain habits that individuals have to cultivate. While people’s definition of success differs, a successful trader might be defined as a profitable and disciplined trader. By being profitable, it means the individual’s profit is greater than losses. But not all profitable traders are disciplined. It takes discipline for a trader to be successful. 

For instance, risking $100,000 on a trade with over 50x leverage and getting a profit of 1,000% is profitable but might not likely be disciplined enough. If such trade goes in loss, it might tell a lot about the trader. Discipline helps any trader to be in the right mind even though the charts are red and such individuals seem to be in losses. Discipline encompasses all the habits that are needed to achieve success as a trader. There are other habits that will be highlighted in this article.

Willingness And Readiness To Learn

The first habit any trader (beginner, intermediate or expert level) should inculcate is the willingness and readiness to learn at all times. Being ready and willing to learn is the ability to accept and make use of every piece of relevant information that relates to trading regardless of who is giving the information. This might be a bit difficult to inculcate. 

For instance, a trader at expert level might not want to take any piece of information or signal from a beginner or intermediate because of the individual’s wealth of experience but there’s a saying that “no one is an island of knowledge”. There is another saying that “learning never ends”; a trader at beginner level can provide a piece of information that can be an added value to an expert trader if such an individual is open minded and willing to learn. Willingness to learn also comes with the constant urge to know more about trading. Consistent learning will see constant improvement in the trading skills of an individual and increases the chances of being a successful trader.

Get Rid of Greed And Fear 

Another habit that any trader that wants to be successful needs to inculcate is to eliminate greed and fear factors. Every human by nature might let greed set in at some point in time of their lives due to different reasons. For instance, a trader that has seen over 100% profit on a trade will naturally want more if the market keeps going up even though the target is 100%. But as said earlier, that is where discipline comes in. A disciplined trader would overtime deal with greed, take profit and exit the trade because such an individual might have mastered overtime that the market can change directions, dump and leave such a trader in losses. 

Fear is another factor that needs to be eliminated. Every creature experiences fear at different points in their lives. Fear is a major challenge to traders; although expert traders must have mastered how to control their emotions while trading. Fear comes in when a trader who took time to analyze the chart sees the market isn’t going in the desired direction which tells trade loss. But a trader who has mastered the art will not fret. Such an individual knows the market might go south before it retraces; losses are part of trading and that with careful trading, losses will be made up for.

Patience

There’s a saying that “patience is key”. Every trader who desires success must have this virtue. Patience will save a trader a lot of mess and losses while trading. Patience is tied to some of the highlighted habits traders who want to be successful should inculcate. For instance, a patient trader will not be fearful when the market seems not to be in the proposed direction and losses are accumulating little by little. Such an individual would know the market would still retrace. 

Trading without patience might result in closing trades at the slight notice of smaller losses and ending up accumulating significant losses overtime. Likewise, a trader with patience would not risk all his capital on a trade. Such an individual would exit trades at the right time and not leave them running because of greed to accumulate more profits. A patient trader knows how to use capital and understands the technique of accumulating profits overtime and when to risk much for maximum profits.

Always Check The Bitcoin (BTC) Chart

Another important habit to be a successful trader is to always pay attention to the movements of Bitcoin (BTC). Bitcoin is the first cryptocurrency by market cap and Altcoins are usually affected by its movements. It is important to take note of the movement of Bitcoin especially while trading altcoin pairs like ETH/LTC because if after the analysis, the market is supposed to go up and Bitcoin drops in price, it might affect the altcoins and they might drop and render the technical analysis (TA) useless. Hence, successful trading requires close watch on Bitcoin while trading altcoins.

Create A Trading Journal

Finally, the last is to have a trading journal. A trading journal is a record of all trading activities. It includes the set goals of traders’ take profits, stop losses, income targets at the end of a period among others. This will help the trader to set goals as said earlier. It will also give room for self-evaluation. This will serve as a self-examination of the trading skill, goals and how well such a trader has been in the game of trading cryptocurrencies. 

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