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Cryptocurrency Terms Every crypto-Newbie Should Know

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The cryptocurrency space can be a bit overwhelming  for persons who are new to it. Having to deal with a lot of languages and words that you are not familiar with will only compound issues. So, here are some terms you should get familiar with;

ICO: Initial Coin Offering is a form of crowdfunding done on the ethereum platform. It is similar to an IPO– initial public offering where a private company raises capital  by offering the public its stock for the first time. However, an ICO involves creating a new token and raising money for it.

Airdrop:  A blockchain project or ICO can distributes free tokens or coins to the crypto community after its network or fork goes live. Basically, airdrops refer to free tokens.

Bitcoin: it is known as world’s first cryptocurrency, it is a decentralised, distributed form of electronic payment that utilizes peer-to-peer transaction without the need for a financial intermediary.
Altcoin / Alt: Alternative coins refer to any coin that isn’t Bitcoin.

Crypto: Cryptocurrencies are generally referred to as crypto.

FIAT: It is a government backed legal tender such as the US dollar. In other words it is simply paper money.

Token: Cryptocurrencies can also be referred to as tokens. Although, tokens are usually a means of crowdfunding, created and distributed to the public through an ICO and released to fund project development. A token is a unit of value of any cryptocurrency.

Satoshis (Sats): This refers to the smallest unit of a Bitcoin. If a Bitcoin is broken down to a  hundred millionths, it is known as Satoshis.

Satoshi Nakamoto: When Bitcoin was created, an anonymous personality simply known as Satoshi Nakamoto published the white paper. Although Satoshi created Bitcoin nobody knows who he is and why he chose to remain anonymous.

FOMO:  An acronym for the Fear Of Missing Out. Usually people will buy tokens as a result of emotional impulses. They do not want to miss out of the opportunity to own such tokens even when they are at their all-time high.

All Time High (ATH): Like the name implies, it is the highest price a particular cryptocurrency has seen so far. It is usually not an ideal time to buy an asset.
FUD: This refers to Fear, Uncertainty, and Doubt. FUD might cause an economy depression as people are emotional about bringing down the price of a coin down. Although they are sometimes unnecessary, but it is sometimes smart to react to one.

Bearish / Bullish: When the price trend in the Market is stagnant or downward it is called Bearish. But when the when the price trend is upward, it is called a Bull market.

HODL:  On a Bitcointalk Forum, someone mistakenly spelt HOLD as HODL and it has come to mean “Hold On for Dear Life.”  One can choose to hodl a cryptocurrency when the market trend is down rather than selling it off.

Buy Low, Sell High / Buy High, Sell Low: To make profit, the aim is to buy a particular cryptocurrency at a low price and then Sell High. You could also Buy High, Sell Low to avoid total loses or just simply HODL.
Lambo: There is an assumption that when crypto traders become wealthy they buy a Lamborghini. The term “Lambo” has come to refer to what people will do when they become wealthy.

Whale:  When someone owns a large amounts of cryptocurrency.

 

 

 

What other crypto terms do you know? Share your opinion with us in the comment section below.
Image credit: Pixabay

 

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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Crypto Mulan; A Celebration of Women of Excellence in the Crypto space

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One of my favorite animation of all time is Walt Disney pictures, Mulan. Mulan is a story of bravery, selflessness and sheer intelligence. While watching the movie again after so many years, I couldn’t help but to think of how some of the women I admire most in the crypto space remind me of Mulan.

Faith Obafemi, blockchain lawyer and writer, a woman of great courage and intellect. She’s a crypto mulan. Defying the odds that has made the legal and technological space patriarchal.

Olayinka Oyediran, She is a real warrior welding her sword against cybercrime and preaching the gospel of cybersecurity.

Daisy Ozim is a crypto mulan utilising blockchain and crypto in the agricultural sector.

Telly Valerie Onu, hers is one of the loudest voices speaking up for diversity in the crypto space. She is the co-founder of Beyond Capital Markets, a financial innovation and crypto.

Sophia Ha Ho is not just a Blockchain entrepreneur, she cares deeply about gender equality and women empowerment.  

Jenifer Greyson is the CEO of Powered by Neureal and a force to reckon with in the blockchain space.

Ruth Iselema, she is a beauty in the brooding castle of the Nigerian crypto market. Despite been one of the few females in the space, she is leaving her footprints on the crypto sands of time.

Maureen L. Murat, is a lawyer and Founder/Chief Advisor at Crowdie Advisors. She is helping entrepreneurs gain access to financing via equity crowdfunding, ICOs and Token Sales. She is one person to pay attention to if you need advice on cryptocurrency tax obligations.

These women and others making an impact in the blockchain space are crypto Mulans. They are my crypto Heroines!!!

 

Do you know any woman changing the narrative in the blockchain space? Share your opinion with us in the comment section below.
Image credit: Swan Show

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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Inconclusive Election in Nigeria, What can the Blockchain do?

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As Nigeria draws closer to its 2019 presidential elections, there’s one question on everyone lips, will the election be free and fair? Like most countries in Africa Nigeria still leans on a paper centred method of conducting elections. While other parts of the world had moved on to electronic voting, Nigeria leans on manual and paper voting. It is no wonder that the governorship election of Osun state, a South Western state in Nigeria was declared inconclusive. However, can the trust of the people and hope of a free and fair election be won through a blockchain based election?

Blockchain should be considered in the Nigerian electoral situation to achieve real-time results and enhance the integrity of voting. The blockchain technology is a distributed ledger and stakeholders can verify results in real time. Also, since the blockchain is immutable tampering with results will be near impossible. The transparent and traceable nature of the blockchain can allow results to be tracked down to the very voter. Voters could thumbprint on an electronic device and have the votes automatically displayed as a number.

However, despite how great the idea of a blockchain election in Nigeria sounds numerous factors acts as a constraint.  First, the issue of electricity if an electrical device were to be used. Secondly, technology is neither good nor evil only people can exhibit these traits. How will the blockchain then be able to stop electoral violence? In the case of Osun state elections the Independent Nigerian Electoral Commision (INEC) Returning Officer (RO) for the election Prof. Joseph Fuwape declared the election inconclusive. This was as a result of Ademola Adeleke the candidate for the Peoples Democratic Party (PDP) candidate polled a 353 vote lead getting 254,698 lead against  Gboyega Oyetola of the All Progressives Congress (APC) who scored 254,345. However, the results were declared inconclusive due to disruptions, malfunction of Electronic Card Readers and over-voting).

However the question we really need to ask is how well suited is a blockchain based voting for the electoral condition of Nigeria?

 

 

 

What do you think about a blockchain based election in Nigeria? Share your opinion with us in the comment section below.
Image credit: Pixabay

 

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

 

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Criminals Beware as Man Tracks Criminals Using Blockchain

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Blockchain technology has proven without reasonable doubts that its usage exceeds cryptocurrency. Ben Strickland, an Open Source Intelligence (OSINT) investigator who uses OSINT techniques to track crypto transactions linked to terrorist organisations proves this to be true. Earlier in June, Strickland published a Medium post titled “Tracing a Jihadist cell, kidnappers and a scammer using the blockchain — an open source investigation.”  Strickland had utilised open-source data techniques to draw a connection between the jihadists and other online organised crimes.

While criminals might feel that they can now have a field day with cryptocurrencies and blockchain, Strickland proves that their activities can be checked. Strickland explained that during his search, he found out a crypto address used by some jihadists to solicit for funds from social media. The address was also linked to a South African kidnaper. Strickland explained that open source can refer to any data on social media, YouTube, blockchain data and the likes. These open source data can be used to track criminal activities.

The OSINT investigator explained that the motive for going into criminal investigation using blockchain was the increase in crypto crime. He added, “It is important to realize that this is what the power of the blockchain is supposed to be. As much as it is a free market, unregulated and decentralised, the power of the blockchain should be that someone like me, from the comfort of my home on my laptop, with no formal training, can identify any wrongdoing on the blockchain.”

Strickland also explained that his method makes it easy to trace fraudulent activities on the blockchain. He had earlier reported a dark web page called Sadaqcoins created as a crowdfunding platform for the purchase of weapons and funding of the jihadist militia. He also was able to discover many online scam activities. One, in particular, was found out by his Facebook post and pictures where he claimed ‘how I can make you the next bitcoin millionaire.’

 

 

Do you think the government of some crisis-prone countries should adopt this method? Share your opinion with us in the comment section below.

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Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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“Could This Be Nigeria’s Last Chance? The Blockchain and Nigeria”

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Nigeria has experienced her fair share of revolution at different stages of political and economic metamorphosis with the majority of her revolution being political and few economical. But successful countries in the world do not owe their success to stable political system only, but thriving and prosperous economies that allow for innovation, competition, and “early adoption of technologies” able to grant them a competitive edge and a bullish advantage on the world economy chart. The latter in particular has been the strategy that has turned third world nations to nations with enviable prosperous economies. When a topic of this nature is being discussed, a striking example that readily comes to mind is the DUBAI Revolution. The famed Arabian Desert turned number one tourist and popular innovation centre in the world achieved its present enviable status as a result of a foresighted government, which knew “the future would not be as patient with us as today is.”

Dubai’s foresightedness has given much room for technological advancements on all levels especially in the case of the Blockchain Technology, which undoubtedly is the “future of Man and his environment”. Consequently, Dubai is well placed to be one of the leading economies of the next age Indeed owing to the boundless possibilities of the nascent Blockchain Technology, Dubai may appropriately be dubbed the most efficient and organised political and economic system in the world. Dubai is one of the few countries to recognise the power and possibilities of the Blockchain and how it can be the one-fit-all solution to common social, health, economic, and political, challenges in the world. In response, she has setup an active engagement with the virgin Blockchain Technology at all levels of its national existence, with the goal of running over 90% of all it’s national activities on the Blockchain by year 2020 which would allow for an efficient and reliable economic and political system.
Applause, to the liberal, foresighted government of Dubai.

While this is a counter-narrative in Nigeria’s case, it behoves members of the Blockchain community in Nigeria, to begin a major campaign on the adoption and use of the Blockchain Technology among other sister disruptive technologies like Artificial Intelligence and Internet of things by the government of Nigeria at all levels of its national and foreign existence and operation, if I may say, this is the true change we need.
This was my submission among others on behalf of Cheetah Africa at the launch of the Block Show Africa.
It was great sharing insights under a learning atmosphere with major Stakeholders in the Blockchain and Cryptocurrency space, such as (#ChimezieChuta, #NathanielLuz #senatorIhenyen, #CrytpoTv+, #Tega Abukure, #Kurefundsconsult, #Ademolaadeyoju) at the private launch of the Block Show Africa, an initiative by Crypto Tv+.

As the discourse went on, positions were maintained and ideas were shared among the participants and represented organisations in the space. At the end, we came to the general conclusion that the Blockchain Technology is Nigeria’s opportunity to leverage its available potentials in becoming a “First world nation” in the coming years.
The power and possibilities of the Blockchain Technology, is capable of rescuing Nigeria from majority, if not all, of its teeming challenges at all levels, the technology can especially aid things in health, agriculture, civil sector, the public service, national treasury, voting, policing and crime, etc.
For example, by legalizing and adopting the Blockchain Technology through:

1. the power of tokenization, Nigeria can raise enough funds for giant economic and social projects among its citizenry which would reduce our level of reliance on loan seeking from countries like China.
2. through the power of smart contracts: a perfect, and efficient governmental operation can be installed at all levels of public and civil service, which completely solves the age-long problem of corruption we have been embattled with as a nation. This would also solve completely the issue of Tax Evasion.
3. through the power of decentralization: inefficient, and bureaucratic practices leading to red tape can be completely gotten rid off.
4. through the power of the ledger system: issues of identification, and criminal activities can be easily resolved than any other existing technology.
5. through the power of cryptography: issues related to data protection in the governments can be far more resolved at very low cost; better than NCC identification system or even the national identification system.
6. through the power of open source: (kudos to what companies like BudgIT is doing in ensuring transparency in government practices but with Blockchain) government spending and budgetary allocations can be easily monitored and confirmed by anybody anywhere in the world through the open source system of the Blockchain Technology leading to greater Transparency and Trust in government practices in Nigeria.

7. through the power of decentralized applications: Elections can be conducted in a free and fair manner, Information can be made more accessible to the public, and in fact the need for public or civil servants would be greatly reduced leading to greater efficiency.

By adopting the use of the Blockchain, Nigeria would be placing herself on a pedestal of political efficiency and economic advantage, the legalization of the use of Cryptocurrency most especially, can lead to quantum foreign direct investment in the county (FDI).

The Blockchain is capable of effecting a disruptive revolution in Nigeria completely; from the political sector to the economic sector and other levels of national engagement and operation and probably lead us to a utopian state. But this is only possible when all Public and Private Stakeholders at the helm of the country’s affairs begin to take a proactive and positive approach towards its adoption and legalizing Blockchain’s accompanying products, most popular of all, the Cryptocurrency. Hence if the “Blessings of the Blockchain Technology” must be consummated for our economic prosperity, the Securities and Exchange Commission (SEC) , Economic and Financial Crime Commission (EFCC), would have to be reoriented on the use of Blockchain and Cryptocurrency. Cryptocurrency is not a scam has it has been dubbed by many, it’s a technology redefining how we own and transact value, especially money. A corollary of this assertion is that with its unadulterated application, it can be used to track and handle financial and economic crimes efficiently. There would be no need for investigation. The open-source Blockchain network automatically alerts all of every Kobo allocated and spent. That is what we need as a nation, a transparent government by the power of the Blockchain. While the popular negative perception that holds sway among the government and masses about Cryptocurrency is untrue, the Blockchain Community in Nigeria is teaming up to redefine this false perception through education, regulation, and advocacy.
This is the objective of the Block Show Africa and the proposed Blockchain Association of Nigeria.
The government and its agencies needs to partner with the organised community of Blockchain and Cryptocurrency users in Nigeria to adopt this Future technology aka web 3.0 in causing a positive disruptive revolution in Nigeria.

Toast to the Block Show Africa, Toast to Cheetah Africa, Toast to the great future of Blockchain and Cryptocurrency in Nigeria, Toast to a Prosperous Nigeria.

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