CnLedger had recently reported that last week’s surge in the price of Bitcoin’s (BTC) has made Chinese traders not only return to trading but pay a premium for doing so. And with price spreadsheets from Huobi and OKEx exchanges, cnLedger was able to reveal an increasingly common practice among Chinese traders who wish to acquire Bitcoin.
It would be good for us to recall that the government of China formally banned cryptocurrency trading in 2017 and since then, cryptocurrency investors in the country have had few options. One of these few options which had turned to become the principle method as noted by CnLedger is purchasing stablecoins such as Tether (USDT) through OTC (over-the-counter) services and converting them to other cryptocurrencies.
The report claimed that “Chinese markets reveal strong buys,” in the event of a bullish week for Bitcoin which saw BTC/USD advance by over $1,000, prices for those OTC services have steadily risen in CNY terms, marking an increase in demand.
According to the tweet from CnLedger, “OTC (Over-The-Counter) trades, the almost only way to buy bitcoin with fiat in China, showing considerable $ premium (1 USDT = 7 CNY) over the official rate of 1 USD = 6.7 CNY.”
The upsurge in Bitcoin trading among Chinese investors contrasts with the ongoing clampdown on cryptocurrency-related activities in the country.
As Cointelegraph reported, this has extended to anything construed as propaganda, while associated instruments such as initial coin offerings (ICOs) are also outlawed.
In the contrary, authorities within the Chinese government continue to advocate the development of blockchain technology, both within the state and private sector.
In some time past, it was reported that China in fact has more blockchain-related projects underway than any other country worldwide, alongside the largest number of blockchain patents.
Last week, Beijing approved almost 200 firms as part of new plans to register blockchain service providers.
Only Bitcoin & Ethereum Are Sufficiently Decentralized to be a Base Trust Layer for Applications – Joseph Lubin
Co-founder of Ethereum and founder of ConsenSys, Joseph Lubin has said that bitcoin and ethereum are the only sufficiently decentralized blockchains to be a base trust layer for applications.
Joe Lubin made this statement in an interview in Hong Kong FinTech Week. There are good competitors and there are good marketing projects, Lubin said. He went further saying, Tron is an excellent marketing project and others like it and some of these are not necessarily intellectually honest and not technologically strong or rigorous.
However, he did noted some projects to be high quality technology projects, such as Polkadot, Avalanche etc.
He said both bitcoin and ethereum are the only sufficiently decentralized blockchains to be a base trust layer for applications for the planet.
According to Lubin, to be a base trust layer, a project will need to issue a token broadly and equitably. The project will also have to raise or gather enough revenue so that it can build its project and continue to build it out and maintain it. This will also require a vibrant, large and growing community to be successful.
Regulatory compliance is a serious challenge which crypto projects will have to deal with. According to Lubin, this was something both bitcoin and ethereum didn’t have to deal with at its early times. He said if any project is hoping to aspire to be a massively decentralized base trust layer it will ill have to overcome the challenges but it will be very very difficult for even a technically very strong project to challenge the early head start and the massive network effect that Ethereum has.
The community behind the two largest cryptocurrencies by market capitalization is gigantic compared to other networks. Just recently, some group of people founded a decentralized autonomous organisation DAO to market the ethereum blockchain. Though the activities of the DAO hasn’t been made completely public, it’s worth mentioning that Ethereum co-founder and now founder of Cardano Blockchain Project, Charles Hoskinson, because there was no consensus to commercialize the Ethereum blockchain despite the desire for Ethereum to be global settlement layer.
CICryptoSolutions Launches Crypto Payment Gateway to Help Businesses Accept Crypto Payments.
CICryptoSolutions, owner of the Naijacrypto.com cryptocurrency exchange has launched crypto payment gateway solution that will enable businesses accept cryptocurrency payments.
The payment gateway – CICryptoPay according to the firm is the first Nigerian owned cryptocurrency payment gateway that helps businesses accept cryptocurrency without having the exposure to market fluctuations characterized by the cryptocurrency market.
The CiCryptoPay solution consists of merchant APIs that are open for integration into e-commerce businesses. Currently supporting Bitcoin as the only cryptocurrency which businesses can accept, the firm reveals more cryptocurrencies will be supported in future.
Security has always been an ongoing topic in cyberspace and the cryptocurrency industry is no different. The CICryptoPay according to firm, offers several features which includes Two-factor Authentication. CICryptosolutions affirmed that security is always its top priority in every decision and it will strive to make the product highly secure by providing other security features.
Also featuring on the product is a fiat and crypto settlement system that allows merchants to choose to receive settlements either to their cryptocurrency wallet or bank account at the end of a business day.
CICryptoPay also features what it called Hedging Service. It is a service that allows merhcants to have the option of requesting for their fiat or crypto settlements to be made at the exact values paid to the merchant. This allows merchants not to worry over market volatility.
CICryptoPay boast of an efficient support which it says is always willing to answer questions and guide businesses to better maximize the platform.
CICryptoPay works by having users creating an account and undergoing KYC procedures where the customer will able have to enable Two-Factor Authentication to boost the security of its account and to utilize all the features the product offers.
As a user creates an account, wallets are automatically created and ready to be used and merchants can quickly and easily access the merchant tools to use on their businesses. This includes simple Payment buttons, API and IPN features.
According to CICryptoPay, anyone who desires to accept Bitcoin a payment method should be rest assured that CICryptopay is right here for them. It also said it will give businesses the opportunity to access the cryptocurrency market quickly and efficiently by facilitating crypto payments to everyone wherever they are located.
Crypto in Ghana: Where & How to Buy and Sell
The rise of bitcoin has spread awareness of the vast possibilities in the digital space. Cryptocurrencies has exposed people to uncensored, cheap and ultra fast means of money transfer.
It has also shown them interesting and innovative ways to exploit their various skills to build careers for themselves in the industry.
Since 2009 the Bitcoin network came alive to the phenomenal growth experienced in 2017 that saw global attention to bitcoin and cryptocurrency, the world has not been the same again.
People are beginning to see the existing financial structures cannot adequately serve their interest and cryptocurrency most especially bitcoin seems to be that very alternative or supplement which can cover the lapse of the legacy financial systems.
Bitcoin has grown from just a means of value exchange, to a store of value and very popular seen now as a new class of asset. It can be traded just stocks and commodities.
With the growing infrastructure around bitcoin and cryptocurrencies globally, it becomes imperative we examine places where anyone who wishes to get onboard the crypto industry can very well easily access bitcoin without been defrauded.
In this article, we shall look at seven (7) places where crypto can be purchased in the gold filled country of Ghana.
Ebitcoinics is a popular place to purchase cryptocurrency. The cryptocurrency exchange allows users to transact on the platform to a certain limit. To exceed that limit, the user has to undergo KYC process. This can be easily done with a government issued identity card.
Buying cryptocurrency in Ghana is easier thanks to the several exchanges that operate in the country. Ebitpoint is an Accra based cryptocurrency exchange that allows users to purchase bitcoin with mobile money.
A user only needs to register an account on the exchange, deposit money then click on the Bitcoin button to purchase bitcoin.
The bitcoin immediately reflects on the wallet of the user. The exchange also features an sms alert notification service to help users in checking on their account.
This exchange just like ebitpoint allows users to purchase cryptocurrency with mobile money in Ghana. Other than crypto, the platform also helps users to receive money. Registration is simple and purchase of crypto on Bushcom is simple just lik ebitcoin.
Remintano is a peer-to-peer cryptocurrency exchange that allows users to purchase cryptocurrency in the country using the Mobile Money service.
As normal p2p exchange works, spot trading is not guaranteed as a user will have to go through list of possible buyers/sellers to choose who to transact with.
Paxful is also a peer-to-peer cryptocurrency exchange that allows users to buy or sell cryptocurrency, transact with gift cards and convert to Bitcoin. Just like Remitano, a user will have to check through buyers or sellers to find who to buy from. Registration is free.
This like Remitano and Paxful is a p2p crypto exchange. Users have to register and then choose whom to transact with.
PayPlux is one of the oldest ecurrency exchangers in Ghana. Established 10 years ago, According to Payplux, its mission and focus is to make digital currency (both cryptos & non-cryptos) accessible, especially in the African regions.
Payplux allows users in Ghana and beyond to buy, sell and exchange various digital currencies such as Bitcoin, Litecoin, Ethereum and Perfect Money. Its diverse payment methods allow users to carry out your buy, sell or exchange transactions using Mobile Money.
Its Mobile App for both iOS and Android is underway.
Cryptocurrency continues to open newer avenues that could be exploited for income generation. As the industry matures in Ghana and the rest of Africa, it is expected that newer products unlike what we see today will emerge giving room for more exploration and exploitation of the technology.
It will be a mistake to evaluate Bitcoin and crypto based on what it is today – Anthony Pompliano ‘Pomp’
The owner of Off the Chain podcast Anthony Pompliano ‘ Pomp’ has said it will be a mistake to evaluate Bitcoin and crypto based on what it is today. This he said in this week’s letter to investors.
‘According to Pomp, technology evolves and advances at an impressive rate. What feels inefficient today will be replaced by interfaces and experiences that are sleek, fast and ultra-efficient in the future.’
He compared the early internet to Bitcoin and crypto in general saying just as the internet went from ARPANET to dial up internet to broadband connections, Bitcoin and crypto will do the same.
It will be the same Bitcoin, but the experiences will feel very differently from before.
Pomp said it will be a mistake to evaluate Bitcoin and crypto based on what it is today. According to him, people are simply looking at a snapshot in time.
What it looks like today is very different from what it will look like tomorrow. And that is very different from what it will look like a decade fromnow.
Layer 2 and layer 3 solutions will be developed, we will see exchanges, wallets, data providers and other infrastructure drastically improve.
According to Pomp, we will feel like the technical aspects of the product will disappear into the background and what users will be using will feel like something magical.
However the magical elements that will be seen in crypto someday, Pomp warned that this will take time because building technologies especially with compelling UI/UX takes time.
Therefore investors today should look at the pace of innovation, at the current speed of evolution of a technology if they want to understand where they are going.
Because according to him, technology is never about where we are currently. It is always about where we are going. And what resources it will take to get there.
And that is why ‘personally, I am optimistically patient because the potential of this will be worth the wait’, Pomp ended his letter.