With the continued losses across economies worldwide, and the inability of Nigerians to quickly access forex, does crypto presents an opportunity for entrepreneurs to trade or for others protect their network amid the growing depreciation of the naira?
As the news of Coronavirus came out and became a global threat to world health and economies, the financial market has been experiencing significant pressure. Globally economies are seeing several services shut down and this is having grave impact on productivity.
The impact which started with the lockdown of cities in China accommodating millions of people has now spread across the world.
In Italy, the effect of coronavirus is increasing becoming worrisome and this is just two nations. The most populous black nation on the planet, Nigeria has reported two official cases.
This virus paints a picture that is as dirty as dirt. At the rate of spread, Nigerians or Africans should be worried if it moves at such rate in the continent.
As much as the virus has affected economies globally, the Nigerian economy may be headed for a dangerous low.
The Nigerian economy generates the majority of its revenue from the sale of crude oil. And this presents a significant marker for calculating annual budget. For years the Nigerian State has had to leave other important means of acquiring forex by solely relying on the export of crude oil.
Since the spread of coronavirus dubbed COVID-19 has now affected the oil market, with the price of oil dropping to a dangerous low and even when compared with the price used in preparing the budget coupled with level of corruption and mismanagement, the fundamentals driving the value of the naira grows weaker by the hour.
At the current price of Crude oil per barrel, the Nigerian State is already in a tight position. Currently, NGN to the dollar is trading on Binance at over 400NGN/$1. Other platforms are equally doing business at such a range.
The perception of naira as a stable fiat currency is failing owing to the value drivers. One of the solutions to this issue is devaluation of the naira. However, but then this opens the country to even worse fate. The question that comes to the mind of everyday Nigerians would be “Can I trust the naira to hold my wealth?
For those who are knowledgeable of the financial market may want to consider holding their wealth in gold. This no doubt is a smart move but then for those who cannot easily acquire gold, may decide to hold in foreign currencies like the USD.
But then, the dollar is also having its hard time in terms of acquisition in Nigeria. With the stringent position of CBN on Forex, there are two options left for people to protect their wealth. Land and Crypto. While the former is a worthy option but the ease of acquisition and disposal is an issue which may deprive people from taking this route. The latter offers a much more safe, portable, marketable and less risky alternative to the former.
With the use of a debit or credit card or by paying a visit to a Crypto OTC Desk, Crypto of choice can easily be purchased. However, for Nigerians who do not wish to be bothered by the volatility of the crypto market may decide to opt for the purchase of stablecoins.
Cryptocurrency, especially stablecoins presents a better opportunity for Nigerians to protect their wealth from unnecessary pressure that the global financial system crash may have on the naira.
The current position of Nigeria is worrisome and no doubt some Nigerians are putting their wealth in safe havens. The question is where and how and should you?
Market Crashed & Recovered in one Hour after ETH2.0 Beacon Chain Launched. Why?
The Beacon is one. Ethereum 2.0 has launched, or rather the course to full ethereum 2.0 is charted. We’re on full throttle. No stopping, the engines are burning hot, so the market would also.
But not so fast. As much as the industry had waited for the eventual launch of ethereum 2.0, there’s still a long way to go from this point. Ethereum is a world computer so defining changes are not so easily to make.
While the market had been moving upward since the announcement of Ethereum 2.0 December 1st launch, and despite the recent market sell off few days ago, the entire market with Ether saw good gains.
However, something interesting happened. Immediately the Beacon Chain went live, the price of cryptocurrency instantly went down with bitcoin getting to as low as $18300 while Ether went down below $600.
While this doesn’t surprise traders due to the historical data or trading philosophy of Buy the rumor, Sell the news, the market reacted differently not long after the price dip. It rebounded.
Currently bitcoin is trading at $19,500+ while Ether is currently trading at $615+. Other cryptocurrencies are also seeing gains. BNB went down to $27 but currently trading at $30.
What do you think happened? Tell us in the comment section below.
Two Major Reasons to Get Into Crypto Now
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
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.
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!
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.
ETH2.0 on the Horizon, What Does This Bring to the Crypto Industry?
Ethereum has been at the center of two bull runs in the history of the cryptocurrency industry. While there have been competitions or wannabes that attempted or pushed forth the Ethereum-killer sales pitch, much less has been seen from them.
No doubt some of these projects have made tremendous progress in their respective corners, but when the ethereum-killer lens is used to look at them, they may fall short. Nevertheless, there are some that still considers Ethereum less than it is, and others believe it’s yet to truly achieve its goal of being the world’s computer. Will this ever be achieved? Maybe!
Ethereum came as a transformer, it introduced what it called autonomous agents which is popularly known across the industry as smart contract and it’s currently a must-adopt by emerging blockchain platforms. The transformative influence which Ethereum brought was felt greatly in the 2016/2017 bull run as multiple projects were able to build upon Ethereum this includes EOS, Tron, Binance, etc.
As much as Ethereum seemed promising and the go-to platform, it also suffered from certain limitations. As a Proof of Work (POW) blockchain (ETH 1.0), it is the time it takes to achieve consensus has been a serious concern. The rise in gas cost has also been an issue. The scalability issue is one of the serious concerns for POW blockchains and Ethereum isn’t any exception. Ethereum network currently can perform about 30 transactions per second. For a network upon which globally competitive financial infrastructure and other systems can be built, that’s a huge limitation.
The Promise of Ethereum 2.0
What’s ETH 2.0?
Ethereum is a network currently running on POW but had been working to migrate to the Proof of Stake protocol. Ethereum 2.0 is a POS protocol powered blockchain that allows a higher level of transactions. With the migration to POS, Ethereum will be able to process up-to 100,000 transactions per second. This will even be made possible with Sharding technology.
The Arrival of Ethereum 2.0
The eventual migration to ETH 2.0 has long been expected over the past months. There have been continuous tests going on with multiple teams working to facilitate the migration. One of the recent events resulted in a change split however it was resolved. The migration is currently scheduled for December 1st, 2020.
What does Ethereum 2.0 offers
Scalability and Security.
With the migration to POS, Ethereum will allow for more complex applications to be able to effortlessly run on the network.
Considering the rise in gas cost as a result of network congestion has been a serious concern, the migration will allow an exponential growth in on chain transactions.
With the current waves of DeFi applications, ETH 2.0 will allow for a better playground that will enable experimentations and deployment of smarter applications and many more.
New All Time High Price Discovery
Ether has in previous time seen an all time high of $1200. While some believe the migration will result in an increase in price, there has been a significant growth in terms of price over the few weeks. Will more price increases come? Maybe yes.
The network has reached its deposit threshold and is expected to go live on the 1st of December.
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