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



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



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.


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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Things to Look out for when choosing a Cryptocurrency exchange



A cryptocurrency exchange is a platform that offers buying and selling of crypto assets. Digital assets listed on the platform can also be exchanged to local fiat currencies depending on the region of the user. Apart from basic trading on an exchange, users have access to advanced trading of derivatives (futures trading), P2P or OTC trading alongside other features. 

Examples of cryptocurrency exchanges include Chiji14exchange, Kucoin, Bitfxt, Binance, Okex. There are different forms of cryptocurrency exchanges. There are crypto-to-fiat exchanges like while some exchanges are majorly for margin trading like Bitmex. There are spot exchanges, derivative exchanges meant for futures trading and P2P trading platforms

Who can use a Cryptocurrency exchange?

Anyone can use a cryptocurrency exchange provided such an individual has substantial knowledge about cryptocurrencies and how to go about basic trading on cryptocurrency exchanges. However, it is important to know that the only restriction to using an exchange might likely be KYC (Know Your Customer) verification. While these restrictions vary from one exchange to another, the KYC restriction limits the volume a user can trade on an exchange. Such restrictions are lifted when the user passes KYC verification by uploading necessary valid identification documents.

There are certain things one has to consider before choosing just any cryptocurrency exchange to trade on. This is to avoid cases of scams leading to loss of funds. The cryptocurrency industry has a challenge of scams in forms of ICOs (Initial Coin offering), exit scams; a situation where the founder of a project allegedly goes out of sight. There have been cases of fraudulent exchanges in which the company disappears with customers’ funds. This article will be addressing key factors to take cognizance of before choosing a cryptocurrency exchange.

Legitimacy of the exchange

The first thing to look out before choosing to trade on any exchange is to do background checks about the exchange. By doing background checks, it is to check whether it is a reputable exchange or just another scam in the cryptocurrency industry. To check whether an exchange is reputable or not, one can check for reviews about the exchange from previous users on platforms like Google Play Store, Appstore. Social media platforms like Twitter, Reddit among others can also be useful while running background checks to know how reputable an exchange is. Search engines like Google can help check for scam exchanges by searching the name of the exchange with the keyword “scam”. The cryptocurrency industry is still in its early stages and to identify scams might be a tedious task but by joining certain cryptocurrency communities of experts, it would be easy to identify scams from legitimate projects. 

Insurance Policy  

Another important thing to look out for before trading on any exchange is its insurance Policy as regards the safety of users’ funds. This policy differs from one exchange to another and it could be found at the “terms and conditions” page of the exchange. It is advisable to trade with exchanges that have insurance funds to cover for unforeseen occurrences like security attacks resulting in loss of users’ funds from the hot wallet of the exchange. Recently, KuCoin had security attacks from hackers and they moved funds from the exchange but the company assured the customers that their funds were safe in a report. Cashaa, a UK based exchange had similar experience around July 2020 and users were assured of safety of funds as reported. Users of exchanges without a policy of insurance will lose funds if such an exchange has any case of attack.

Level of Security

Security is a very serious issue to consider before trading on any exchange because the level of security on an exchange determines how secured a user’s assets are on the exchange. There are accepted levels of security globally for a cryptocurrency exchange. It is important to check if an exchange offers 2FA (two-factor authentication) because that is the globally accepted security standard in the cryptocurrency industry. An exchange without 2FA should be checked twice before making deposits to trade.

Transaction Fees

While choosing a cryptocurrency exchange to trade on, trading fees for transfers from the exchange to another, withdrawals and other fees are to be considered. Trading fees differ from one exchange to another and the amount each user trades also determines the fee that will be charged. Fees can increase also depending on the number of transactions on the blockchain. For instance, congestion on the Ethereum network has been an issue in 2020 which has made gas fees for Ethereum transactions shoot up.

Trading Volume

The volume traded on an exchange is the amount of assets in circulation on the exchange over a given period of time. It could also be the amount of liquidity available on an exchange. It is important to check the volume of an exchange before trading because exchanges with low volumes might not be able to take orders of traders that trade large quantities of cryptocurrencies. One can always check for statistics of volume of an exchange on CoinmarketCap because of the issue of exchanges putting on fake volumes on their platforms.

Price of assets

Traders should always look out for the prices of assets on an exchange before going ahead to trade on such a platform. There are always variances in the price of assets from one exchange to another. Users can always check for prices to choose a reputable exchange with the price that suits them best.

While looking out to choose a cryptocurrency exchange, the above factors would go a long way in helping one choose a reputable exchange. Users are not restricted to only the highlighted points. One can as well conduct further personal research.

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How to build a career in the Blockchain/cryptocurrency industry



How To Build A Career In The Blockchain And Cryptocurrency Industry

Career according to the Merriam Webster dictionary is a field or pursuit of consecutive progressive achievement especially in public, professional or business life. In this context, a career is a constant pursuit of achievement in the blockchain and cryptocurrency industry. 

Like in every other field of endeavour, one can build a whole career around this industry. In fact, previously acquired knowledge, skills, experiences can be incorporated into building a career around the blockchain/ cryptocurrency industry. However, in order to excel, one must have at least basic knowledge about blockchain technology and cryptocurrencies. This extra knowledge about the industry places a distinction between the regular person with a skill and someone who uses his skill to operate in the blockchain and cryptocurrency ecosystem. 

For instance, knowledge about blockchain and cryptocurrency gives a freelancer a competitive edge. A regular content writer has the skill to create engaging web content, blog content and so on, but the blockchain writer has both the skill of writing and knowledge of blockchain technology. Such individuals will be able to write contents for companies in the blockchain industry, write whitepapers for token projects and educational articles about cryptocurrencies and blockchain technology.

However, becoming a blockchain writer does not happen overnight. It involves and investment in time and resources in the chosen field of career.In as much as being consistent remains a vital trait when it comes to building a career, there are smart ways to also achieve this when it comes to blockchain and cryptocurrency. Contained in this post are smart ways through which you can adapt existing skills towards building a career in the blockchain and cryptocurrency industry

What Skill(s) Do You Have Already?

The very first step to building a career in the blockchain industry is to have a skill, especially those relevant to the blockchain industry. Acquiring these skills places one at an advantaged position of building a career in the blockchain and cryptocurrency industry. Some of these skills require substantial knowledge of the industry while some do not. 

Skills like blockchain writing, blockchain engineering, blockchain legal advisory, requires substantial knowledge about how the blockchain technology and cryptocurrencies work. Other skills like graphic design, UI/UX design might not necessarily need in-depth knowledge about blockchain technology as they deal with illustrations and designs. Although designers with in-depth knowledge might have an added advantage in producing designs that stand out, other skills like programming and financial management can be used to build a career in blockchain and cryptocurrency.

Learn About Blockchain Technology And Cryptocurrency

Upon learning any skill, it is important for any individual who wants to build a career around blockchain and cryptocurrency to have a fundamental knowledge about the technology. But this is not possible if one has no knowledge about it at all. Other individuals with other skills can build a career by learning about blockchain/cryptocurrencies. For instance, a video content creator or a podcaster can create engaging videos/ recordings explaining complex blockchain terminologies in simple terms for companies in the space, get paid and start a career journey from there.


The role of networking in building a career in the blockchain and cryptocurrency industry cannot be overemphasized. There’s a saying that “no one is an island of knowledge”. That statement is very valid with regards to becoming a top player in the industry. Networking is one of the smart hacks in climbing the ladder quickly to become a top participant with your skill. Learning about blockchain and cryptocurrencies and getting a relevant skill in the industry is not enough. Networking with key participants with similar skills or those who might need your service is important and there are ways to network.

How to network

The CEO of Kaizen Academy, Joseph Don has a popular saying; “No one knows a silent expert”. This statement implies that you might be the best skilled individual in your field but you might not be reckoned with if nobody knows you. It also supports the popular saying; “the best-known product wins and not the best product”. The first way to position yourself to get people to know you is by creating relevant contents around what you do or what you are capable of doing on your various social media platforms. While doing this, it is important to be positioned in an environment that is relevant to your industry. You sure can’t post blockchain contents on a religious platform.

There are various communities for various skills. As a blockchain writer, follow and keep a close eye on expert blockchain writers and tag them on your write-ups. By doing that, you’re making meaningful networks as well as pitching your skill to prospects. Another way to network is by community engagements. There are blockchain and crypto communities that educate and serve as platforms for opportunities. Communities are very instrumental to growth of career both for a newbie and an expert. A newbie can get opportunities like ambassadorial partnerships to work for blockchain and crypto brands. An expert can get job opportunities to work for blockchain companies and lots more in a community. One can as well get information first hand from communities.

As said earlier, career involves being progressive. At the expert level, it is important for individuals to keep on expanding their community (audience) and push it to the frontiers of the world. This will make such individual a force to reckon with in the blockchain industry not just at local level and the sky will be just the beginning. 

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