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Bitcoin Peer-to-Peer Trading in Africa

In the last three years, the popularity and awareness of Bitcoin peer to peer trading has continued to grow within the African continent. Hence, leading cryptocurrency exchange platforms such as Localbitcoins, Binance Uganda, Paxful, and Localcryptos all aiding purchase and selling of Bitcoin among others have their eyes set on Africa. It is now emerging […]

The post Bitcoin Peer-to-Peer Trading in Africa appeared first on coinweez.

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Bitcoin Peer to Peer Trading In Africa
Bitcoin Peer to Peer Trading In Africa

In the last three years, the popularity and awareness of Bitcoin peer to peer trading has continued to grow within the African continent. Hence, leading cryptocurrency exchange platforms such as Localbitcoins, Binance Uganda, Paxful, and Localcryptos all aiding purchase and selling of Bitcoin among others have their eyes set on Africa. It is now emerging the continent’s peer-to-peer transactions are ballooning and taking on leading markets renowned for being huge on Bitcoin transactions. For instance, in May 2020, Africa marched past Latin America to occupy second place in terms of P2P trading volume just behind North America, according to data aggregated by usefultulips.org. Among the leading nations in Bitcoin use on the African continent, including Nigeria, South Africa, Kenya, and Ghana. Hence, it begs the question of the leading cause of this increased adoption and growth of Bitcoin holders and users in Africa. Therefore, let us examine some of the maybe leading reasons these peer-to-peer transactions on the continent.

A young and Literate Population

Africa has a population of 1.34 billion people. According to Mo Ibrahim Foundation report of 2019, 60 percent of this population is under the age of 25. Consequently, this makes Africa the continent with the youngest population globally.

Interesting, countries across the continent are committed to improving education access and standards, yielding a youthful and literate population. The literacy rate in the Sub Sahara region continues to improve over the years, with an average of 64.09% in 2014, while 2017 rose to 65.58%. What’s more, countries such as South Africa, Nigeria, Kenya, Ghana, and Zimbabwe are recording some of the highest literacy rates in Africa at 87%, 62%, 82%, 79%, and 89%, respectively.

Sadly with such an active and educated population, a lot of youths in Africa remain jobless. At least 50% of the graduates in Africa have no jobs, which draws them to seek informal employment opportunities. Some of these youths who maybe are living in the urban areas while they continue to pursue gainful employment are attracted to any chance that can eke a living. Eventually, drawing several youths to Bitcoin investment opportunities available in the eco-system such as peer to peer trading and earn a commission from each trade. There are successful stories that show this with young Africans leveraging on their income opportunities by venturing into trading opportunities such as this example of a young lady from Kenya trading on Bitcoin and accepting the cryptocurrency in her business.

Smart Phone Use and Mobile Money

A lot of innovation in Africa is as a result of necessity. At the center of this innovation are mobile devices that have and continue to transform lives across the continent. Exciting Africa records some of the highest growth in terms of numbers of people with mobile phone ownership. The International Telecommunication Union (ITU) records at least 80.8 per cent of Africans own a mobile phone.

Further, these mobile phones help Africans to access Internet and been central to transforming lives across the continent. The ability to afford devices, especially smartphones below $100 a unit, has led to massive internet penetration, especially among the youths due to access to cheaper Internet available via the undersea cables.

Hence, cell phones are transforming lives across Africa, with the young able to connect with the rest of the world, engage and learn of emerging opportunities within the digital economy. For instance, e-commerce is emerging a source of income for lots of graduates who ship goods from overseas and sell them online via available online marketplaces such as Jumia as well as social media platforms. Such online marketplaces will create at least 3 million jobs for youths on the continent by 2025.

Growth of these online marketplaces and e-commerce via social media is gaining traction in Africa. For instance, there are online Facebook marketplaces where people trade with each other allowing the youth to avoid the enormous cost of running a brick and mortar business. Unlike traditional companies with physical premises, some of these sellers advertise their products and services online at zero cost and charge buyer delivery fees, which further creates more employment down the supply chain. In Kenya, such online groups are quite popular, with some having over 400,000 members, some available via these links Kilimani Mums Marketplace and Kenya Online Market. Similarly, Nigeria has groups such as Buy, Sell and Trade Nigerians, and GidiBox.

Across these platforms for those in the know, they have found it easy to sell their goods and services aided by peer-to-peer Bitcoin transactions. Meaning they can engage in online commerce, enjoy near-instant transfer of funds, security offered by escrow services, and experience the new world of finance.

Financial Intermediaries Bureaucracy and High Fees

Banks and other financial service providers in Africa prove to be a bottleneck in aiding commerce, especially in instances involving the selling of goods and services online. For example, in ordinary circumstances, banks require certain documents to open a bank account or even access financial services. Most African countries need one to have a valid ID card to open and access bank accounts if they do open one. Often the process of obtaining the ID card and opening a bank are not streamlined, hindering a chunk of the population from accessing financial services.

Banks have set certain limits hindering customers from withdrawing set maximum cap without explaining the source of funds and intended use. In Kenya, it isn’t easy at present to transact over Kes 1,000,000 equivalent of $10,000 without approval from the branch’s management. The situation is complicated if an individual is receiving an international money transfer, especially if the person is a new customer to the bank with no past account history. Even if one has the necessary documents to prove a transaction is legit, it will take days for the funds to clear and reach the recipient. In fact, it’s worse when using the so-called peer-to-peer finance service providers such as PayPal. Individuals have a terrible history of their PayPal accounts permanently limited and withholding their payments for at least 180 days. Below is a screenshot of a Kenyan who earns by providing his services online to both local and international clients. He is asking for help on an online community on how to activate his PayPal after going through the terrible experience of having the only payment channel he has been using for years. Yet, one day they strike and limit his account.

Bitcoin Peer to Peer Trading in Africa
A complaint of PayPal Limiting User Account

These are some of the issues driving Africans to opt to use Bitcoin as a means of payment owing to the frustration with traditional and “modern” payment systems. Notwithstanding, the cost of transactions, even with commercial banks is very high for an ordinary person trying to make ends meet. In Kenya, it costs an average of $45 to run and maintain a bank account. Additionally, not forgetting the inconvenience of banks being closed during certain hours and days limits individual access to own funds.

Mobile Money and Crypto in Africa

Mobile money is a significant innovation in Africa, and no doubt, its transforming lives. At least 60 per cent of the world’s mobile money occurs through Africa’s based platforms. A fascinating relationship between mobile money and cryptocurrencies has led to more adoption and peer-to-peer trading on the continent. Platforms such as Localbitcoins and Paxful allow traders in Africa to convert their Bitcoin to fiat. Among the options available include mobile money such as Mpesa, Airtel Money, and MTN. Hence, for those trading using mobile money, they do love the convenience that comes with these platforms and can buy or sell Bitcoin anytime any day, as there are traders always online to facilitate such transactions.

Thriving Bitcoin Communities

At the peak of an all-time high so far for the price of Bitcoin, Coinweez organized a meet-up with the theme “Bitcoin Opportunities” before the kick-start of the session was fully packed. This is just evidence of how interested people are in learning new income opportunities and, more so, Bitcoin.

Bitcoin Peer to Peer Meet-up In Nairobi
Bitcoin Meet-Up Fully Packed in Nairobi

Evident as a media authority in the space both locally and internationally during this specific meet-up, people learn’t of what Bitcoin is and challenges that come with it. It is in the background that a lot of people on the continent think of Bitcoin as another get rich quick scheme and end up losing their hard-earned money. It is no doubt surfing the Internet via online communities and social media people associate Bitcoin as being a Ponzi scheme missing out on the whole revolutionary technology the world is experiencing.

Nevertheless, before the COVID-19 pandemic stakeholders in the Bitcoin and cryptocurrency industry, both local such as the Blockchain Association of Kenya (BAK) and international players have been holding meet-ups to educate interested people of this disruption to the banking and finance industry. Even with the on-going pandemic, some companies such as Paxful are holding online/virtual meet-ups to educate the masses about Bitcoin and possible income opportunities in the eco-system. This will lead to more awareness and expect a surge in Bitcoin peer-to-peer trade in the coming days. People are hungry for information and income-earning opportunities within the continent, and Bitcoin may be part of the African renaissance.

Source: https://coinweez.com/bitcoin-peer-to-peer-trading-in-africa/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-peer-to-peer-trading-in-africa

Blockchain

Kraken Daily Market Report for May 14 2021

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Overview


  • Total spot trading volume at $3.17 billion, 5.3% higher than the 30-day average of $3.01 billion.
  • Total futures notional at $638.8 million.
  • The top five traded coins were, respectively, Ethereum (+2.3%), Bitcoin (-1.4%), Tether (0%), Dogecoin (12%), and Polkadot (-0.6%).
  • Strong returns from Dogecoin (+12%) and Synthetix (8.5%).

May 14, 2021 
 $3.17B traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
ETH 
$3796.7 
↑2.3% 
$825.8M
XBT 
$48974. 
↓1.4% 
$779.3M
USDT 
$1.0009 
↑0.08% 
$508.9M
XDG 
$0.5503 
↑12% 
$407.6M
DOT 
$39.663 
↓0.6% 
$165.0M
ADA 
$1.8208 
↓6.1% 
$154.1M
USDC 
$1.0 
↑0.01% 
$95.7M
XRP 
$1.3287 
↓2.5% 
$79.3M
LTC 
$312.26 
↓1.4% 
$52.4M
ETC 
$88.401 
↓0.4% 
$51.6M
EOS 
$10.559 
↓0.07% 
$34.0M
BCH 
$1232.1 
↓1.5% 
$34.0M
LINK 
$43.633 
↑1.2% 
$33.6M
XLM 
$0.6651 
↑1.4% 
$30.2M
NANO 
$10.933 
↓5.4% 
$28.7M
AAVE 
$532.69 
↑4.9% 
$23.0M
KSM 
$510.58 
↓3.3% 
$19.2M
FIL 
$116.34 
↓0.9% 
$14.4M
SC 
$0.0307 
↑0.7% 
$13.3M
YFI 
$67698. 
↑2.6% 
$10.4M
TRX 
$0.1212 
↓0.19% 
$9.58M
ATOM 
$23.629 
↑0.7% 
$8.93M
SNX 
$19.964 
↑8.5% 
$8.79M
ALGO 
$1.3422 
↓0.6% 
$8.75M
XMR 
$398.66 
↓0.9% 
$8.7M
XTZ 
$6.0497 
↓0.9% 
$8.06M
ZEC 
$288.35 
↓2.5% 
$7.03M
UNI 
$37.991 
↑1.8% 
$6.93M
FLOW 
$24.679 
↑2.2% 
$6.27M
DASH 
$357.46 
↑0.18% 
$5.15M
DAI 
$1.0002 
↓0.01% 
$5.09M
OMG 
$9.7649 
↑1.4% 
$4.35M
OCEAN 
$1.1936 
↓0.3% 
$4.12M
KAVA 
$5.3777 
↑0.5% 
$3.99M
EWT 
$15.814 
↓4.4% 
$3.78M
QTUM 
$20.106 
↓3.0% 
$3.46M
CRV 
$3.3409 
↓0.4% 
$3.04M
WAVES 
$30.683 
↓3.4% 
$2.88M
MANA 
$1.2435 
↓0.5% 
$2.75M
GRT 
$1.2896 
↓1.7% 
$2.63M
ICX 
$2.0734 
↓0.8% 
$2.48M
PAXG 
$1852.2 
↓0.12% 
$2.45M
COMP 
$774.63 
↑1.1% 
$2.31M
BAT 
$1.1887 
↓0.12% 
$2.23M
KEEP 
$0.5042 
↑0.5% 
$2.19M
REPV2 
$36.097 
↓0.4% 
$2.06M
LSK 
$6.7568 
↓5.2% 
$1.98M
STORJ 
$1.6898 
↓0.4% 
$1.89M
KNC 
$2.9788 
↓0.21% 
$1.26M
OXT 
$0.5575 
↑1.7% 
$1.05M
BAL 
$60.560 
↑1.2% 
$979K
GNO 
$250.55 
↑3.0% 
$883K
ANT 
$8.0996 
↓0.8% 
$867K
MLN 
$105.13 
↑1.2% 
$864K
REP 
$39.528 
↑1.6% 
$423K
TBTC 
$50620. 
↓1.8% 
$95.5K



#####################. Trading Volume by Asset. ##########################################

Trading Volume by Asset


The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.

Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (May 14 2021)



Figure 2: Mid-size trading assets: (measured in USD) (May 14 2021)



Figure 3: Smallest trading assets: (measured in USD) (May 14 2021)



#####################. Spread %. ##########################################

Spread %


Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.

Figure 4: Average spread % by pair (May 14 2021)



.


#########. Returns and Volume ############################################

Returns and Volume


Figure 5: Returns of the four highest volume pairs (May 14 2021)


Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (May 14 2021)



###########. Daily Returns. #################################################

Daily Returns %


Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (May 14 2021)



###########. Disclaimer #################################################

The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://blog.kraken.com/post/9130/kraken-daily-market-report-for-may-14-2021/

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Blockchain

Ternoa Blockchain’s NFT-based data transmission project gets LVT Capital as a partner

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Ternoa Blockchain has found a new partner as it introduces its NFT-based data transmission service to the market.

The company received an investment from Australia-based private equity firm LVT Capital to form a strategic partnership aimed at enhancing the sustainability, innovation, competitiveness, and dependability of Ternoa’s services that allow users to build time capsules for safely transmitting their memories and important data to their descendants even after death.

Building on LVT’s Expertise

With its focus on blockchain, crypto, and tech projects, LVT Capital has already proven its expertise in these areas with its numerous collaborations and investments. The company has already made investments in more than 40 top-caliber crypto, real estate, finance, education, and cybersecurity firms with 200 more under evaluation for potential collaborations.

LVT Capital has the market and technology expertise as well as the resources to enhance Ternoa’s unique service and promote it to boost the company’s competitiveness. For instance, LVT Capital has its own media & marketing services and an online publishing arm focused on blockchain, technology, and business, which makes the firm a perfect fit for Ternoa.

Ternoa Blockchain Offers Customizable Time Capsules

Ternoa Blockchain found a new way to use NFT and blockchain technologies to help people handle their data storage and transmission needs, which is one of the reasons for LVT Capital’s decision to invest in its business. With its Polkadot-powered, NFT-based customizable time capsules, people can securely transmit their memories such as photos, videos, and other important data to future generations or simply use the platform as a secure storage solution.

Ternoa’s platform is flexible enough and gives users several options on how they wish their data to be retrieved by their intended recipients. The available transmission protocols are Safe Protocol, Consent Protocol, Death Protocol, D-day Protocol, and Countdown Protocol.

  • Safe Protocol – Data owners can retrieve data at any time, which makes use of Ternoa as a secure and portable storage solution.
  • Consent Protocol – Recipients can access the time capsule as long as the original owner does not use his veto option.
  • Death Protocol – The time capsule will be delivered to the beneficiaries upon the death of the creator based on local death registries APIs.
  • Countdown Protocol – Introduces a countdown feature which can be set to1 month, 1 year, or 10 years. The time capsule will be delivered to the recipient if the countdown reaches the limit. The creator can reset the countdown at any time.
  • D-day Protocol – Time capsule can only be accessed on a specific date, which is set by the creator.

While the loss of data is always an issue for other data storage solutions, Ternoa eliminated this risk by making copies of the files inside the time capsule, which are stored in other dex storage blockchains. At the moment, Ternoa sends these copies to Aerweave, Sia, and Storj while keeping the original version in its network. To learn more about the project, click here.

IMPORTANT NOTE: This is a paid press release, which BitcoinerX has posted as part of a commercial agreement. BitcoinerX is not responsible for producing this content and does not endorse the products or services mentioned. It is the responsibility of the company posting the press release to ensure the material is credible and accurate. BitcoinerX is not responsible for any damage or loss caused to anyone who chooses to use the company, product or services mentioned in the press release. BitcoinerX does not recommend using the information in the press release to form the sole basis of investment decisions.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinerx.com/blockchain/ternoa-blockchains-nft-based-data-transmission-project-gets-lvt-capital-as-a-partner/

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Blockchain

Altcoins pop while Bitcoin looks for support near $50,000

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Bitcoin (BTC) continues to look for direction but as this occurred, Ether and altcoins bounced higher from the May 13 sell-off. Dogecoin shocked investors with its 47% rally that kicked off after Coinbase announced that it would list (DOGE) in the coming months. Doge price also rallied after Elon Musk tweeted that he was “Working with Doge devs to improve system transaction efficiency. Potentially promising.”

While many altcoins have seen double-digit gains during the recovery the price of Bitcoin (BTC) has continued to languish near the $50,000 level as whale wallets containing at least 1,000 BTC have declined by 4.7% compared to the previous month, indicating possible profit taking or a rotation into different assets.

Data from Cointelegraph Markets and TradingView shows that while the Bitcoin recovery has been muted, demand for Ether (ETH) led to an 18% rally as the altcoin notched an intraday high at $4,173 on May 14.

ETH/USDT 4-hour chart. Source: TradingView

Gains in the top altcoin come amidst mixed fundamental developments, with data from Glassnode showing that wallets holding at least 32 ETH have been steadily declining in recent months suggesting that fewer people are interested in becoming “full validators” for the network’s upcoming proof-of-stake blockchain.

Altcoins rally higher

While the debate about whether or not the market is officially experiencing an altseason rages on, one of its trademark characteristics is a sideways trading Bitcoin that leads to traders refocusing their attention on the altcoin market and leading to a decline in Bitcoin dominance.

Percentage of total market capitalization dominance. Source: CoinMarketCap

One of the breakout stars of 2021 is Polygon (MATIC), which has seen its price rally 60% over the past 24-hours to reach a new record high at $1.75.

Another project whose price surged 45% from the lows on May 13 is iExec RLC (RLC), a decentralized cloud computing network that got a boost of adrenaline earlier in the week after Coinbase revealed that it would list the token.

Other notable performances include an 80% increase in the price of Ergo (ERG) and a 48% increase in the price of Sora (XOR) which lifted the token’s price back above $800.

Daily cryptocurrency market performance. Source: Coin360

The overall cryptocurrency market cap now stands at $2.307 trillion and Bitcoin’s dominance rate is 40.3%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/altcoins-pop-while-bitcoin-looks-for-support-near-50-000

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