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National Cryptocurrencies; Is There a Need?

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Cryptocurrency is gaining rapid popularity and countries which were once sceptical of it are now adopting it. The first cryptocurrency, Bitcoin was created in 2009 and since its creation, there have been more than 1500 different crypto tokens on the market. Although it is not sure how many of these coins will survive or make a difference in the world. For a while, most countries in the world remained sceptical while some adopted a regulatory approach regarding cryptocurrencies. However, more countries are beginning to see the benefit of cryptocurrencies. Countries like Venezuela and Cambodia have already had a National cryptocurrency country like Russia, Estonia, Denmark, China, Canada, Iran have also revealed their intention to develop their own national cryptocurrencies.

An Escape Route

There are many reasons why these countries adopt cryptocurrencies.
Venezuela, for example, released the
Petromoneda in February 2018 as a means of avoiding U.S sanctions and accessing international financing. The country had been faced with hyperinflation and coupled with the sanctions from the US, the economy was practically crumbling. Basic amenities such as food, water and healthcare services became difficult to access. Initially, the government was rigid with those mining cryptos in the country but, after it came up with its own cryptocurrency, mining became acceptable.

Cambodia is also facing threats of international sanctions and on Wednesday 7th March, 2018 the Deputy Prime Minister  of Cambodia, Men Sam during a blockchain summit held in Phnom Penh launched Entrapay, the Cambodia national cryptocurrency. He explained that, “the connection between integration payment of encrypted currency and the real world. It has the great potential to even replace Visa as the new mainstream payment mode.”

Sustaining the Country’s Financial Infrastructure

Countries like Russia, Iran and North Korea are also venturing into creating a national cryptocurrency. The Russian national cryptocurrency – the CryptoRuble is set to launch in the middle of 2019, the currency is likely to be tied to ruble. However, instead of decentralized mining it will be issued, tightly controlled, and monitored by the government. Most of these countries are trying to use the cryptocurrencies to help sustain their financial infrastructure.
The Chinese government is also looking to create a national digital currency. They aim is to control the total money flow in and out of the country. This will enable the central bank issue and distribute money thereby reducing cost of transactions and creating more accessible money services.

The Other Side of the Coin

However, there is another side to having a national cryptocurrency. Cryptocurrency refer to a currency that is digital, decentralized and distributed and the term “national” negates that purpose. Having a national cryptocurrency will grant the government full control over the money flow and this is not the true purpose of cryptocurrencies.

 

What do you think about your country having a national cryptocurrency? Share your opinion with us in the comment section below.
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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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I am a blockchain and cryptocurrency journalist fascinated with sharing the knowledge of this wonderful technology in the simplest language possible.

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Survey: 40% Freelancers Receive Payments via Cryptocurrency.

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Freelancing has become so popular now as people can easily ditch the routine 9-5 hour schedule of the traditional workplace. However, a recent survey conducted by Humans.net has revealed that cryptocurrency is becoming appealing to freelancers. The survey was carried out on 1100 freelancers and revealed that cryptocurrency eliminates the need for a middleman for payments especially for those with international clients.

According to the survey, about 38% of the population surveyed admitted to having used cryptocurrency at a time. On the other hand, 41% had never made use of cryptocurrency while 24% had no idea what cryptocurrency was as they had never heard of it. For most freelancers, the appeal of cryptocurrency is the fact that it aids in faster payment with low cost for international transactions.

The Humans.net survey also found that 29% of freelancers preferred to get crypto payments to being paid through the traditional banking system. 18% of those surveyed revealed that they would prefer to receive their entire income through crypto payments, while 11% said that they would prefer to receive a part of their income in cryptocurrency.

Freelancers find cryptocurrency to be of an advantage to them, it enables them to transact with clients who they may not know or trust. The survey revealed that 13% found it to be an advantage for international payment, 12% considered it a bonus for eliminating middlemen, 8% liked its low commission status. Also, 9% of those surveyed found it advantageous in its transparency, while 11% chose all the qualities mentioned and 4% did not choose any of the qualities.

However, Founder and CEO of Humans.net, Vlad Dobrynin has revealed that they will be integrating the blockchain technology to their freelancing platform. He explained that the technology will help people get faster search result regardless of their geographical location as well as protect users data.


 

 

 

What do you think about freelancers receiving cryptocurrency as payment for their services? Share your opinion with us in the comment section below.

 

Image credit: Pixabay

 

 

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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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Paxful’s #BuiltWithBitcoin Project Builds a  Second School in Rwanda

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Cryptocurrency has given charity a new shape. Paxful, one of the world’s largest peer-to-peer (P2P) bitcoin marketplaces has announced that the second school on its #BuiltWithBitcoin project in Rwanda has now been completed. The initiative was able to raise over a $100,000 through donations in BTC, ETH, BCH, DASH and LTC to fund the construction of the first primary school in the area.

Paxful was able to achieve this feat in partnership with ZamZam  charity. Yusuf A. Nessary the president of ZamZam explained, “Having proper education centers is fundamental in moving countries like Rwanda forward, while also increasing their standard of living…We are beyond thrilled to have partnered with Paxful in order to provide education for (the) next generation and beyond.”

The initiative will also employ six full-time teachers to carter to the educational needs of the children between the ages of 6 to 15. The school is located in the Bugesera District and the structure contains six classrooms, bathroom stalls, a cafeteria, a water well system that would hold 35,000-liter and solar panels.

Paxful launched the #BuiltWithBitcoin initiative last year and started by donating $50,000 in bitcoin which was used to build the program’s first nursery school in Rwanda. Paxful has also granted scholarships to some female Afghan refugees in the United States and plans to build 100 schools across Africa. The address donations can be made to is 3Q5CESP85hhXTLSy2HDbSyNchb5Bi8D7ku and Paxful aims to transform the lives of the people of Rwanda through cryptocurrency.

 

What do you think about the #BuiltWithBitcoin initiative? 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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Huobi Wallet Now Provides Support to EOS & TRON (TRX)

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Huobi Global is focusing on customer security. This has lead the third biggest crypto exchange in trading volume to adding support to EOS & TRON (TRX) on its Huobi Wallet thereby allowing its users to manage their private keys. Tron holders will now be able to store their TRX tokens on the Huobi Wallet as well as download the new application in both iOS and Android devices.

Huobi wallet aims at improving user experience this is why it supports Bitcoin, Bitcoin Cash, Tether (USDT), Ethereum (ETH), EOS (EOS), Ethereum Classic (ETC), Litecoin, Tron (TRX) and all ERC20 tokens. The wallet also supports  other stablecoins such as PAX, TUSD, USDC and GUSD. Huobi also has plans on adding more currencies. The exchange revealed, “Going forward, the community can expect to see more currencies added at an accelerated rate. We also plan on establishing additional partnerships with a range of decentralized apps (Dapps) developers, giving our users greater access to an expanded range of products and services.”

On the other hand, the inclusion of EOS is the first of one of the many upgrades lined up for the Huobi multi chain light Wallet. Powered by the native cryptocurrency EOS, the EOS.IO blockchain protocol emulates most of the attributes of a real computer including hardware. It also has its computing resources distributed equally among the EOS cryptocurrency holders. The Vice President of Huobi Group, Livio Weng explained the reason behind the collaboration with EOS saying, “EOS is among the most important Delegated Proof-of-Stake (DPoS) currencies so it was a natural choice for us to include on Huobi Wallet.”

Asides a Tweet, there a lot more details that is not known about the wallet. However, Huobi has plans to hold a TRX bounty program. The incentive is to celebrate the inclusion of TRX to the Huobi wallet, therefore, users will be rewarded with 400K TRX bonus. To participate users will have to download the Huobi Wallet on App Store or Google Play and then store TRX on the Huobi Wallet. To decide those who will get the bounty, a snapshot will be taken at 24:00 (GMT+8) November 25th, and users will get their bonus based on the size of the TRX asset they store.

Huobi Wallet has added support for more tokens this year including all ERC20 tokens. With the addition of EOS and Tron (TRX), hopefully Huobi wallet can begin to support tokens such as Ledger Nano or the Tresor that are not yet supported on regular hardware wallets.

 

 

 

 

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Nigeria’s Presidential Aspiriant Eyes blockchain Technology Ahead of 2019 Elections

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Nigeria is yet to have policies governing the blockchain technology. Although law makers met early in the year to contemplate on the blockchain, policies are yet to be made. However, the Presidential Candidate Of The Peoples Democratic Party (PDP), Atiku Abubakar unveiled his campaign policy document on Sunday. He revealed his Plans to create policies that would embrace the Blockchain and cryptocurrency if he is elected President in 2019.

Atiku’scampaign policy document tagged ‘Get Nigeria Working Again’ was released by his Presidential Campaign Organization. Atiku, who is a former Vice President of Nigeria identifies the need for the creation of  “a Comprehensive Policy On Blockchain Technology And Cryptocurrencies.” Although Nigeria is one of the top users of cryptocurrencies in Africa, with the west African country ranking 7th out of 178 countries likely to adopt Bitcoin by the Bitcoin Market Potential Index (BMPI) by the London School of Economics. However, it’s lawmakers are yet to decide what to do with the technology.

2019 presidential aspirant, Atiku reveals through his policy document that he aims to bring more to the economy through the blockchain. He revealed that to build the economy, he would build a  knowledge-based economy powered By ICT. He stated, “My mission is to ensure that Nigeria’s economy is responsive to
the challenges of the 21st century
knowledge economy by keeping with
the amazingly dynamic technological pace.” He believes that if ICT literacy is encouraged from Early school programmes up to adult education, Nigerian youths can awaken their entrepreneurial spirit.

Cryptoprenuers in Nigeria are constantly frustrated by the lack of regulatory frameworks. Also the Central Bank of Nigeria (CBN) and its stringent policy has lead to cryptoprenuers seeking a more favourable frameworks. Despite the warnings of the CBN about investing in cryptocurrency in March, Nigerians are still investing in digital currencies. Atiku’s policy document reveals that there are plans to integrate the blockchain technology to the Nigerian economy. Hopefully, more Nigerian and African politicians will begin to make plans towards a blockchain oriented future.

 

 

 

 

 

What do you think about Atiku Abubakar’s plans for the blockchain sector? Share your opinion with us in the comment section below.
 
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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