Category: Cryptocurrency

How to Repay Cryptocurrency Loans and What Happens if You Default

Cryptocurrency loans have become increasingly popular in recent years, providing an opportunity for investors to access liquidity while holding onto their digital assets. These loans work similarly to traditional loans, where the borrower receives a lump sum of money in exchange for collateral. However, repayment of cryptocurrency loans may be a bit more complicated than traditional loans, especially when it comes to defaulting on payments. In this article, we will discuss how to repay cryptocurrency loans and what happens if you default. If you are planning to trade Bitcoin, you may first invest in a reputable trading platform like 1K Daily Profit App. 

How to Repay Cryptocurrency Loans

Repaying a cryptocurrency loan is relatively straightforward. Most lenders will require the borrower to make regular payments on the loan until the entire amount is paid off. The borrower can make these payments in either cryptocurrency or fiat currency, depending on the terms of the loan agreement.

Make Regular Payments

To avoid defaulting on the loan, the borrower must make regular payments as agreed upon in the loan agreement. Failure to make payments on time can lead to penalties, additional fees, and potentially losing the collateral. It is essential to understand the repayment terms before accepting the loan to ensure that the borrower can afford the payments.

Consider Automatic Payments

Many lenders offer automatic payment options, which can be helpful in ensuring that the borrower makes payments on time. Automatic payments deduct the loan amount from the borrower’s account on a set date each month, eliminating the risk of late payments.

Pay Attention to Interest Rates

Interest rates on cryptocurrency loans can be significantly higher than traditional loans, making it essential to pay attention to the interest rate when accepting the loan. The higher the interest rate, the more expensive the loan will be over time. It is essential to understand how interest rates work and how they will impact the overall cost of the loan.

What Happens if You Default on a Cryptocurrency Loan

Defaulting on a cryptocurrency loan can have severe consequences for the borrower, including losing their collateral and damaging their credit score. Here are some potential consequences of defaulting on a cryptocurrency loan:

Loss of Collateral

One of the most significant risks of defaulting on a cryptocurrency loan is losing the collateral. When accepting a cryptocurrency loan, the borrower must provide collateral in the form of digital assets. If the borrower fails to make payments on time, the lender has the right to liquidate the collateral and use the proceeds to pay off the loan. If the value of the collateral has decreased since the loan was initiated, the borrower may need to provide additional collateral to cover the remaining balance.

Penalties and Additional Fees

Defaulting on a cryptocurrency loan can lead to penalties and additional fees, which can quickly add up over time. Lenders may charge late fees or penalties for missed payments, increasing the overall cost of the loan. Additionally, if the lender needs to take legal action to recover the outstanding balance, the borrower may be responsible for legal fees and court costs.

Damage to Credit Score

Defaulting on a cryptocurrency loan can also damage the borrower’s credit score, making it more difficult to obtain credit in the future. Credit bureaus keep track of missed payments and defaulted loans, which can remain on a borrower’s credit report for up to seven years. A damaged credit score can make it challenging to obtain loans, credit cards, and even rent an apartment or secure a job.

Legal Action

If the borrower continues to miss payments, the lender may take legal action to recover the outstanding balance. This could involve filing a lawsuit against the borrower, which can be a lengthy and expensive process. If the lender wins the case, they may be able to garnish the borrower’s wages or seize other assets to satisfy the debt.

Conclusion

Repaying a cryptocurrency loan is similar to repaying a traditional loan, requiring regular payments until the entire amount is paid off. It is essential to understand the repayment terms before accepting the loan to avoid defaulting on payments, which can lead to severe consequences, such as losing collateral, penalties and additional fees, damage to credit score, and even legal action.

In conclusion, cryptocurrency loans can be a useful tool for accessing liquidity while holding onto digital assets. However, it is essential to understand the repayment terms and potential consequences of defaulting on the loan before accepting it. By making regular payments on time and taking the necessary precautions, borrowers can minimize the risks associated with cryptocurrency loans and enjoy the benefits of using digital assets as collateral.

What Points Are Considered While Buying A Wallet?

The digital wallet has a volume on which it promotes its business to various individuals. The underrated performance of the digital wallet creates awareness among the people of purchasing the currency and optimizing the unit wallet. However, every investor needs to go through the currency measurements to understand the wallet, which is considered classy and manageable simultaneously. To trade more efficiently, you must invest in a reliable trading platform online like Immediate Connect. 

The young investors know about the attention required in the digital wallet assessment and are classically understanding it by taking the experience from the previous one. The optimum benefit through which the digital wallet goes through in the exchange mechanism is a struggle for the investor at the beginning. However, the best valuation comes afterward. Encrypted software technology is connected with the Bitcoin wallet; however, many features are essential before buying any unit wallet.

Privacy

The note of success in cryptocurrency depends upon how wonderfully the performance of the wallet is on the scale. In today’s growing world, a crypto market needs a security element in the investment as a policy to keep the Fame of the unit growing with the idea. Usually, people who consider Bitcoin on a large scale notice how great the privacy and autonomy of the currency wallet are working for complete fin. Each attribute of the Bitcoin wallet has the power to attract consumers and convert them into revenue investors. Digitalization is based on the critical transparency people focus on today, keeping their transactions. The remote control is given to the individual, and picking the right wallet is essential for personal detailing. The concept of a cryptocurrency exchange wallet depends on the information assembled in the currency wallet and is not shared with the other individual.

The cryptocurrency feature for online transactions provides the user the understanding of avoiding cyber criminal activities with safe technology for the assessment. The concentrate exchange is multiplied whenever the user gets the feature’s authentication and the notification in a different format.

User Experience

In case an individual needs to be made aware of the portfolio of the digital wallet, it is tough to convert the individual for the currency and make it a user of the interface. Cryptocurrency maximization depends on how fast the individual is utilizing the dashboard and creating the need for the other investor to enjoy the same experience. It is vital to use the cryptocurrency added to the wallet with incredible timing and convenience to settle the business conveniently.

The customer performance and the services are also aligned features that are interesting and well-performing with excellent attributes to ensure the solution. The individual’s dependency on the cryptocurrency wallet is increasing because of the support system given by the online platform through email and other mechanisms.

Reputation

While focusing on the digital wallet, it is vital to understand the overall performance and the scale on which the wallet works. The wallet’s reputation is why people are interested in maximizing the services. No individual puts money into any wallet by reading or getting a reference from the other individual. Experience is essential and a form of understanding about the wallet and the storage interface that connects the individual with the service.

Multiple Currency

Diversification in the portfolio is a fantastic concept promoted whenever the person is ready to exchange money and prefers going for other units. The easiest of a person to hold more than one digital token is to understand and gather more business in hand. Usually, any individual creating demand through the portfolio knows about the importance of the currency and the imperativeness of having a digital wallet. The wallet provides an easy attribute to the person ready to get into the arena and multiply its trading for a long opportunity. The consideration of a Bitcoin wallet depends upon the factor that leads to the business and business with the option of several factors that place a crucial role in selection.

Any point that gives reference or attachment of sustainability with cyclical trading is considered more authentic. The standard process makes it boring to invest in cryptocurrency, but the varieties bring the fast speed of phase. Therefore bitcoin’s turnover makes trillions with its user experience that never allows the currency to shut down.

 

Is a license necessary to operate in Estonia?

A notice of economic activity or business license application may be required for your firm. Before starting your Estonian company, you’ll need the right permits or notes.

Licenses and business activities are summarized by the Estonian State Office on Business Licensing. EMTAK Search can tell you if your planned job requires a business license or economic activity notice. After finding your field, press the right arrow to expand the Details portion.

In Estonia, there are a number of businesses that require licenses, among them:

 

  • Tourist businesses, such as trip companies and vacation bundle sellers
  • Banking, as well as the provision of virtual money services such as coins
  • Private institutions for further study or as a hobby
  • Activities like construction, planning, proprietor oversight, site inspections, and professional evaluations all fall under the umbrella of “construction-related activities.

 

It’s important to note that these are just the licenses and notifications that are most pertinent to the e-Residency group; there are many others that are needed for other types of company operations.

Economic Activities

In order to legally conduct business as a bank, exchange, virtual currency service provider (including cryptocurrency exchanges), trust and company service provider, pawnshop, or precious metals buyer/wholesaler, you will need to submit an application for the appropriate activity license. The registration procedure for these types of businesses is regulated by the Estonian Financial Intelligence Unit (FIU).

For example, you will need to obtain a crypto license in Estonia in order to engage in crypto trading or open a crypto exchange in Estonia.

Providers of virtual currency services (VCSs) must also adhere to additional requirements such as being physically located in Estonia, using an Estonian payment or e-money institution, having a share capital of at least €13,000, and disclosing information about the type of financial service or VCS being provided in their application. 

Even though it is not recognized as legal money in any nation, virtual currencies are increasingly being used as a means of exchange between buyers and sellers online. Cryptocurrencies and crypto coins are common synonyms for these. Remember that if you need help with obtaining a crypto license, you can turn to Fintech Harbor Consulting.

Estonian Financial Supervision Authority needs activity licenses from companies that operate in specific financial areas (FSA). Payment and electronic money institutions, insurance companies, investment firms, retirement or other investment funds, fund managers, credit agents, debtors, and credit institutions need authorizations.

Tourism

As a tour organizer, travel merchant, or business enabling the closing of contracts on linked travel arrangements, a travel venture deals with bundles and related travel arrangements for commercial or professional gain.

A number of details must be disclosed in the business activity notification.

Education

Specific teaching services require an educational or fitness license. General education, hobby schools, pre-schools, youth camps, and trade education facilities must be licensed.

Visit edu.ee and submit your details to the Ministry of Education and Research to apply for a license in the right educational field within the deadline. All required paperwork and verifications must be submitted when applying for an activity license.

Continuing education teachers in non-licensed groups can file a notice of economic activities instead of a license. State-sectoral, this notice grants the education leader special privileges and duties. State sector training and procurement are limited to Estonian Education Information System-registered training providers. They must also follow Adult Education Act rules

The Crypto Bear Market Is Here: How To Invest Now?

In the world of cryptocurrencies and digital tokens, a bear market is as dangerous as it gets. In fact, right now, every single investor would love to see their capital grow rather than shrink. But while this may be the case for some, not everyone is gifted with this same good fortune when it comes to financial security.

If you’ve been keeping up with the cryptocurrency news lately, then you’ll know that crypto markets have just taken a bit of a beating in recent days.

So without further ado, below we take you through everything you need to know before investing your capital in crypto again.

Basics of Crypto Bear Market

A bear market is when the stock market experiences a prolonged period of decline. Usually, a bear market lasts for months or even years and can be caused by factors such as economic recession or geopolitical tensions. During a bear market, stock prices often fall by 20% or more from their peak levels.

However, there are some silver linings to a bear market. For example, stock prices usually bottom out before starting to recover, so there may be opportunities for investors who are willing to buy during the downturn.

Additionally, bear markets often provide a good opportunity to buy stocks at discounts. Of course, timing the bottom of the market is difficult, so investors need to be careful not to overpay for assets during a bear market rebound.

Overall, while a bear market can be painful in the short term, it can also present opportunities for savvy investors who are willing to take on some risk.

What Caused The Recent Crypto Market Crash?

The recent crypto market crash was primarily caused by the Stock Market. When the Stock Market crashed, it caused a domino effect that led to the value of crypto assets plummeting. This is because many people invest in both the Stock Market and crypto, so when one crashes, it often leads to the other crashing as well.

The Stock Market crash caused a lot of uncertainty and fear among investors, which led to them selling off their crypto assets. This selling pressure then caused the value of crypto to drop even further, leading to the recent market crash.

While the Stock Market is still struggling to recover, the crypto market has begun to rebound and is slowly heading back up. However, it will take some time for it to fully recover from this crash.

What’s A Good Time To Invest In Crypto Again?

For those who are looking to invest in crypto, asset prices are an important consideration. After all, nobody wants to buy into a market that is crashing. However, asset prices are only one piece of the puzzle. Timing is also critical when it comes to investment strategy.

For some investors, the best time to buy is when asset prices are low and there is the potential for substantial growth. Others prefer to wait for the next bull market before investing. Ultimately, the best time to invest in crypto will vary depending on an individual’s goals and risk tolerance.

As such, it is important to do your own research before making any decisions. By taking the time to develop a well-thought-out investment strategy, you can increase your chances of success regardless of when you choose to invest.

When Is A Bad Time To Invest In Crypto?

Cryptocurrencies have become increasingly popular in recent years, with many people seeing them as a viable investment option. However, there are certain times when it may be advantageous to avoid investing in crypto.

For instance, if the traditional financial markets are doing well, it may be wise to keep your money there instead of moving it into crypto. This is because the crypto markets are still relatively new and volatile, so they tend to move in the opposite direction of the traditional markets.

Another time when you may want to avoid investing in crypto is when your crypto portfolio is already doing well.

If you have made good gains in crypto, it may be wise to take some profits off the table and reinvest them elsewhere. By doing this, you can protect yourself from any potential losses if the markets turn against you. In general, then, it is best to avoid investing in crypto when the traditional markets are doing well and when your crypto portfolio is already doing well.

The Final Thing You Need To Know Before Investing Again

Crypto investors are used to the constant ebb and flow of the markets. however, the current bear market has been especially tough on digital assets. After reaching all-time highs in December 2017, the value of Bitcoin and other virtual currencies has fallen sharply. While some investors have been able to weather the storm, others have been left wondering if they should pull out of the market altogether.

For those who are thinking about investing again, there are a few things you should keep in mind.

First of all, it’s important to remember that bear markets are a normal part of the investment cycle. Just as prices go up during bull markets, they will eventually come down during bear markets. However, bear markets don’t last forever, and they provide an opportunity for savvy investors to buy low and sell high.

Second, it’s important to stay diversified. Crypto investors often put all their eggs in one basket by investing heavily in a single currency. This may work during bull markets, but it can backfire during bear markets.

By diversifying your portfolio across multiple assets, you can minimize your risk and maximize your chances of success. Finally, don’t forget that the current bear market is taking place in the broader context.

Know the difference between a crash and a bear market

Experienced traders know the difference between a crash and a bear market. A crash is a sudden and sharp decline in stock prices, typically over a short period of time. A bear market is a prolonged period of declining stock prices, typically lasting for months or years.

Both can have a significant impact on an investor’s portfolio, but they differ in terms of timing and magnitude. A crash is typically over relatively quickly, while a bear market can last for months or even years.

Conclusion

The crypto bear market is here to stay for a while. This doesn’t mean that you should give up on cryptocurrencies, though.

There are still opportunities to invest in good projects and make a profit. We’ve outlined a few tips for how to invest now during this bear market. Follow these guidelines and you’ll be sure to come out ahead when the market rebounds.

 

Ethereum Price Prediction & Forecast for 2023-2024

Ethereum is set to experience significant changes in the upcoming years as it already transitioned from a Proof of Work consensus mechanism to Proof of Stake. This change will significantly improve the energy efficiency of the cryptocurrency and will also enhance its ability to handle thousands of transactions per second, making it more ready for the future.

However, the question remains, will these improvements also affect the price of Ethereum? In this article, we will explore the expectations for the next several years and provide Ethereum price predictions for 2023 and 2024.

What Is Ethereum?

Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps). It was first proposed in 2013 by Vitalik Buterin, a young programmer and cryptocurrency enthusiast.

Unlike Bitcoin, which is primarily used as a digital currency, Ethereum is designed to be a platform for building decentralized applications (DApps) using smart contracts. Smart contracts are self-executing contracts with the terms of the agreement directly written into lines of code. They allow for the automation of digital asset management and can be used to create a wide range of decentralized applications, such as digital identities, prediction markets, and decentralized finance (DeFi) platforms.

Ethereum also has its own native cryptocurrency called Ether (ETH), which is used to pay for transactions and computational services on the network. The Ethereum network also enables the creation and issuance of custom digital assets, called ERC-20 tokens, that can be used to represent digital assets such as stocks, bonds, and other forms of financial instruments.

Ethereum is a major player in the crypto market and it is the second most valuable cryptocurrency after Bitcoin. It’s considered as the backbone of many decentralized finance (DeFi) projects and non-fungible tokens (NFTs) marketplaces.

What Factors Affects on Ethereum Price in the Future?

There are several factors that can affect the price of Ethereum in the future, including:

  1. Market sentiment: This refers to the overall attitude of investors towards Ethereum. Positive sentiment can drive the price up, while negative sentiment can drive it down.
  2. Regulatory environment: Government regulations can have a big impact on the price of Ethereum. For example, a crackdown on illegal activities involving Ethereum can lead to a decrease in its price.
  3. Economic conditions: Economic conditions, such as interest rates, inflation, and GDP growth, can affect the demand for Ethereum.
  4. Adoption and usage: The more people use and accept Ethereum, the more valuable it is likely to become.
  5. Technology developments: New updates and developments in the technology behind Ethereum can also affect its price.
  6. Competition: As the crypto market is relatively new, the competition among different cryptocurrencies is intense, and the emergence of new projects, with new features and technology, can affect the price when you buy Ethereum.
  7. Media coverage: Media coverage can also play a role in shaping public perception of Ethereum and influencing its prices.
  8. Ethereum’s upgrade: Ethereum upgraded its network from a proof of work (PoW) consensus mechanism to proof of stake (PoS) consensus mechanism, this could change the way the network works and it could have an impact on the price.

It’s important to note that these factors can interact in complex ways and it’s not always clear how they will impact the price of Ethereum in the future. Additionally, it’s important to keep in mind that crypto prices are highly volatile and can be affected by a wide range of factors, and past performance is not indicative of future results.

Ethereum Price Prediction 2023

Technical analysis of Ethereum prices for the year 2023 predicts that the minimum cost for one Ethereum will be $2,348.78. The maximum price that Ethereum can reach is forecasted to be $2,749.12. The estimated average trading price is $2,427.59. These predictions suggest a potential return on investment (ROI) of 68.1%.

In summary, based on the technical analysis, Ethereum’s estimated cost for 2023 is expected to be between $2,348.78 and $2,749.12, with an average price of $2,427.59. The potential return on investment is projected to be 68.1%. However, it’s important to note that these predictions are not always accurate and there are many factors that can affect future asset prices, it’s advisable to do your own research and consult financial experts before making any investment decisions.

Should I Invest Money in Ethereum?

It’s important to remember that investing in cryptocurrencies, including Ethereum, is highly speculative and comes with a high level of risk. Cryptocurrency prices are highly volatile and can be affected by a wide range of factors, including market sentiment, regulatory changes, and global economic conditions.

Before making any investment decision, it’s important to understand the risks involved and have a clear understanding of your investment goals and risk tolerance. It’s also important to do your own research and consult with a financial advisor to determine if investing in Ethereum is a suitable investment for you.

It’s also important to diversify your investments and not to invest more than you can afford to lose.

Where Can I Get the Best Price for Ethereum in 2023?

The price of Ethereum can vary across different cryptocurrency exchanges, like: Binance, Coinbase, Redot, etc.. The best price for Ethereum will depend on factors such as the exchange’s trading volume, liquidity, and fees. To find the best price for Ethereum, you can compare the prices across different exchanges and choose the one that offers the most favorable terms.

It’s important to note that while centralized exchanges, such as Binance, Kraken, and Bitfinex have high trading volume and liquidity, they may require users to go through a KYC (Know Your Customer) process and may also be subject to regulations depending on the jurisdiction in which the exchange operates. Decentralized exchanges (DEXs) like Uniswap, Sushiswap, or 1inch, allows you to trade Ethereum without the need of passing the KYC process and are also less regulated.

Before you start trading, you should also consider the fees, security and other features of the exchange. It’s advisable to compare the prices of Ethereum on several exchanges and choose the one that offers the best price and that is most suitable for your needs.

Things to consider before investing in the oil industry!

Investing and trading are two excellent mediums for generating income. However, the one thing that you are always supposed to keep in mind is the options that you need to explore. Many people worldwide are investing and trading in the cryptocurrency market, which has become one of their most important sources of income. But let us tell you that it is not easier to trade for everyone at oil profit in the cryptocurrency market. To become a professional in the cryptocurrency trading market, you are required to get a lot of knowledge, and apart from that, you need to achieve expertise over time. This will take a lot of time, and you may need help making money. If you are planning to earn profits by trading Oil, you must first invest in a reliable trading platform like Oil Zero App.

One of the very well-developed markets of the world is the oil industry, which is very much available for everyone to explore. Yes, if you think you will not be capable of making income out of the oil market, then perhaps you will require a lot of knowledge about it. Many believe the oil trading market is challenging, so they refrain from investing their money in it. But today, we will enlighten you about essential information regarding oil trading. It is a market that will provide you with higher profits than any other market in the world if you do the trading correctly. But before that, you must ensure that you invest in the market with the right tips, tricks, and information.

What to consider?

The oil trading market is considered very well-developed, so that you can generate income from it. However, even before you generate income from the oil trading market, you need to be very well prepared for the information. Therefore, we will enlighten you about a few of the critical considerations you need to use to invest in the right way. If you invest correctly, you will not have complications and will make money out of the oil trading market.

    1. One of the essential things you need to keep in mind if you are willing to invest in the oil market today is the price itself. If you wish to invest in the right way and make money out of it in the future, perhaps a very crucial thing is the price because if the prices are incorrect, you will be losing money. So, make sure to purchase the oil at the right ideal price so that you can sell it at a higher price in the future.
    2. Purchasing a commodity that will provide you with future growth prospects is something you need to keep in mind. So, if you have to invest in the oil market, you need to be very well prepared to deal with every aspect, and one among them is the growth prospects. Therefore, you must properly analyze the market’s growth prospects to invest at the right time to sell the oil at a higher price to make more money.
    3. Money Making is the ultimate target of investing your money into something, and today, if you are investing in oil, you need to be very well prepared about the safety standards. If your investment is unsafe, you will always be at threat, and therefore, you may not be able to generate income from it. So, when you invest in oil, do it with the best platform.
    4. Usability and versatility are considered to be two essential things that you are required to keep in mind. When you are about to invest your money in the oil trading market, you need to be very well aware of certain things; usability is one of them. You must use your investment to make money in the future to avoid making a mistake if you invest. 

Last words

Above are some crucial things you need to remember to make money from the oil market. Even though the market is significantly developed and is inviting new technology, you need to be prepared for the above-given information. If you have the given information in your mind, your profits will be higher than others.

Nigeria to Create Legal Framework and ICOs for Stablecoins

The latest strategy paper from the Central Bank of Nigeria reveals the importance of creating a legal framework for stablecoins. The country is ready to make the existence of private stablecoins public. The federal government of Nigeria is determined to show the necessity of a legal framework in its quest to be one of the world’s pioneers in adopting its own central bank digital currency (CBDC). The African country’s central bank recognises digital currencies based on the blockchain or DLT as technological and economic breakthroughs.

According to reports, stablecoins will likely become a successful payment mechanism in Nigeria in the coming 3-5 years. The published document outlines the need to develop a framework under the headline “Nigeria Payments System Vision 2025“, an 83-page report. The Central Bank of Nigeria (CBN) accommodates the possibility of stablecoins becoming successful and believes that initial coin offerings (ICOs) also can become a novel method of financing capital projects, crowdsourcing, and peer-to-peer lending. ICOs pay attention to the present regulation and highlight the current absence of rules in the country, causing investors to lose money.

In the published document, the Central Bank of Nigeria noted, “If implemented properly and supported with the right rules and regulations, ICOs could be turned into Financial Instruments and Investment Options, creating a new way to attract Foreign Direct Investment (FDI) and raise capital.” The country is regarded globally as one of the leaders in pushing to integrate its central bank digital currency (CBDC) into the national economy. The need for regulation for ICOs is also included in the report paying attention to the unavailability of regulation in the sector.

Nigeria’s innovation plan

The Central Bank of Nigeria also acknowledges that digital currencies built on the blockchain or distributed ledger technology are technical and economic innovations with the potential to enable value transfer to be made quickly and inexpensively without the need for third-party involvement. According to the report, the bank plans to continue watching briefs on Initial Coin Offerings and work with the Security Exchange Commission to develop a regulatory framework in case of an ICO-based investment solution.

The CNB will explore whether or not API integration on CBDC is applicable because innovations have the potential to improve operational efficiency, simplicity, trust, and customer experience. The bank aims to continue doing its research, anticipating that full implementation of the currency is possible within the next three to five years. In an attempt to push its cash-less policy and increase the use of the eNaira, insiders from Bitcoineer Official claim that in December 2022, the Nigerian government reduced the amount that individuals and businesses can withdraw to $225 and $1,125 per week, respectively. Since the outcry from Nigerians, they have increased the limit. Since its launch in 2021, eNaira adoption has been low. According to a report by Cointelegraph, the CBN has struggled to influence Nigerian citizens to use CBDC. Less than 0.5% of the population reported using the eNaira as of October 25, 2022.

Several economists condemned the central bank’s intention to develop a regulatory framework for adopting stablecoins for economic improvement, saying that it needs to be more accurate in looking at the failure of the e-naira after its incorporation into the economy. However, TechNext explained how stablecoins could help Nigerians hedge against the failing economy in a detailed report from 2022.

How can Nigerians benefit from the stablecoins regulatory framework?

The stablecoins regulation framework will likely encourage more Nigerians to buy digital assets. Purchasing stablecoins against currencies considered more vital than the Naira could be an advantage. Since there is no hope for Naira’s rise against the US dollar, it is best to save in stablecoins like USDT as it is projected to stay strong, unlike the Naira, which keeps losing value. Stablecoins do not look at national borders; it allows users to send a transaction to someone abroad instantly with low fees. It also offers transparency as it uses blockchain technology, where every transaction stored can be viewed by anyone. To save in USDT, an individual or business is not required to have millions; stablecoins can be purchased for as little as N5000 or less on peer-to-peer platforms. 

The bank also promised to collaborate with industry stakeholders to identify prospective use cases, deadlines, and implementation techniques for potential solutions for remittance using blockchain technology. The Central Bank of Nigeria views this process as a way to reform the country’s economy. The government also plans to watch Potential Smart Contract solutions in other regions to develop valuable solutions and techniques. As we congratulate Nigeria on its plan to create a legal framework and ICO, we promise to keep you informed on any latest information regarding this topic. This article is informative and should not be used as legal advice.  

 

What is ShibaSwap and how to use it?

At this point it is safe to say almost everyone crypto investors has heard of the Shiba Inu token. At this point it is known for its massive gains and does not look like it’s quieting down anytime soon. ShibaSwap is a native decentralised finance (DeFi) platform featuring a decentralised exchange (DEX) of the Shiba Inu coin. ShibaSwap project was launched with the ambition for it to be more than just a meme altcoin.

The ShibaSwap project was launched in July 2021, and designed to be easy to use while offering a wide range of features to satisfy even the most demanding traders. This platform allows its users to task their assets with a variety of different functions in order to earn income. ShibaSwap consists of three tokens that work in synergy to create a liquid, profitable and secure ecosystem without a single or central authority. If you want to see the true potential of ShibaSwap here is everything you need to know about the sibling tokens in detail. The primary tokens are Shiba Inu (SHIB), Doge Killer (LEASH) and Bone (BONE).

ShibaSwap primary tokens

Shiba Inu (SHIB)

SHIB is the heart of the exchange which is a Dogecoin-inspired memecoin created in August 2020, by a founder using the pseudonymous Ryoshi. The mascot of Shiba Inu is SHIB which runs on the Ethereum blockchain, providing maximum safety and functionality to its users.

According to reports SHIB has approximately 549 billion coins in circulation. SHIB started with nearly one quadrillion authorised coins, and then in May 2021 40% of the coins were burned by the co-founder of Ethereum Vitalik Buterin.

Doge Killer (LEASH)

As the name says it Doge killer (LEASH) is an incentivised token in the ecosystem, initially planned to overtake Dogecoin the most popular puppy-themed cryptocurrency. LEASH is a rebase token which is similar to stablecoin with prices controlled by an algorithm which keeps their price pegged to other assets. This algorithm ensures that LEASH prices are always larger than Dogecoin at any given time and since it has been de-pegged from DOGE it is now more of a store of value all because of very limited total supply.

Bone (BONE)

Bone serves as the governance aspect of the ShibaSwap ecosystem. Enabling users to propose and vote on changes to the ShibaSwap protocol through the Shiba Inu Doggy DAO. It is said that everybody who owns a governance token holds voting power on future decisions. Bone is considered as the democratic way to operate a network which allows its users to vote on initiative.

Trading rewards in ShibaSwap

LEASH and Bone have the highest trading volumes and order book depths. In the ShibaSwap ecosystem there are four ways to earn rewards: Dig, Woof, Bury, and Burn Portal. Traders can simply just hold SHIB or LEASH until their values appreciate but in doing so they are sacrificing the full potential of these assets. Here is a detailed explanation of how each reward functions.

Dig

When traders dig they are doing a great service to the platform by providing the platform with the liquidity necessary to fuel each and every transaction on the exchange. ShibaSwap is earned through a liquidity pool. When you dig SHIB, Leash and Bone you receive your token back as a ShibaSwap Liquidity Protocol (SSLP) version of the asset. Every user who locked their SHIBA tokens in the Dig pool receives free BONE tokens and the rewards percentage depends on how many SHIB tokens one locked in the pool. The user can redeem their Bone tokens when they want.

Woof

Woof is also called a yield farm pool which allows users to exchange their BONE rewards with each other by swapping their SSLP tokens. Users are only allowed to redeem one third of the rewards instantly but need to lock the rest for six months.

Bury

Users can stake their three coins into ShibaSwap pools for a specific time frame to earn high-interest rates. Pools distribute rewards weekly but users are allowed to claim one-third of the amount while the remaining sum will be locked for six months. Users receive representative tokens that the users have staked; it can either be xSHIB, xLEASH or tBONE.

Burn

 ShibaSwap allows its users to voluntarily burn their SHIB holdings, in simple terms burn means to permanently remove them from circulation by sending them to a wallet they can never be retrieved from. ShibaSwap has introduced a new burning mechanism that rewards its users who burn the protocol’s native SHIB token allowing users to dispatch SHIB tokens to a dead wallet address and in exchange and then finally ShibaSwap sends RYOSHI tokens to them.

The ShibaSwap exchange allows users to exchange or swap tokens for other tokens, users can also exchange a single asset for multiple other assets, – depending on the value it holds. Doggy DAO is the governance system that runs the whole ShibaSwap ecosystem. The decentralised autonomous organisation (DAO) grants users a stake in the Woof liquidity pool, as well as the right to vote on certain issues.

About NFTs

ShibaSwap offers its own non-fungible tokens (NFTs) called Shiboshis, where minting, customisation and trading are enabled in the ShibaSwap. These NFTs are probably going to be part of the gaming project called the Shiboshi Game which will feature roughly 10,000 pieces of the Shiba Inu mascot cartoons. Shiboshi holders can customise their Shibashis to add value to the NFT while giving the game certain unique properties.

ShibaSwap Analytics or what others may call Bonefolio is an analytics page where historical staking data, trading data and ROI information can be found. This is where burn and mint amounts are found together with transaction fees. Bonefolio also has a portfolio tracker where users can easily keep track of their yield rewards.

How to use ShibaSwap?

Before going into details users need to know that ShibaSwap has three compatible crypto wallet services offered by the platform experts at Bitcoineer mentioned Metamask, Coinbase Wallet and WalletConnect. When setting up a crypto wallet users need to be aware of their private key and the deposit. The private key allows users to access their account and if lost users lose access to their account and all the tokens in it. Every transactional deposit made on the Ethereum network is measured in Gwei. The moment that a user is done setting up a wallet and depositing some ETH, they can convert it into SHIB, BONE or LEASH tokens. This can be done by using the Swap feature on the ShibaSwap website.

ShibaSwap is not subject to the same regulations as centralised exchanges (CEXs) as it is a decentralised exchange (DEX) hence making them more secure as they are not as susceptible to hacks. It is advisable to do your own research in order to make informed decisions about whether or not a platform is right for you or not. This article is for informative purposes and should not be used as legal or investment advice. 

 

Reasons behind the volatility of Cryptocurrencies

The crypto industry is fluctuating. Ethereum and Bitcoin have witnessed enormous jumps, as well as drops in value during the last couple of years and investors are left wondering exactly how this volatility can occur. Concerning cryptocurrencies, entrepreneurs as well as traders are concerned about the turbulence of the marketplace. But so why do we observe fluctuations in the value of Bitcoin as well as other altcoins? Why is the cryptocurrency marketplace volatile? If you are planning to invest in Bitcoin, you can learn more by visiting The Immediate Edge and discover more about their services.

What is Volatility?

Asset volatility will be the measurement of price variation with time in all finance activities. Low volatile assets such as gold as well as government bonds possess stable costs, while volatile investment instruments such as cryptos see quick variations in value. Since volatility measures risk, it’s an important notion for traders and investors. Electronic coins may produce life-changing profits, but in addition, they can also bring about huge losses.

Reasons behind the volatility of cryptocurrency 

Unregulated Market

The worth of a cryptocurrency is decided by the number of individuals who have confidence in it since there are no competent entities including banks or governments to drive its use. News reports regarding forthcoming laws, hacking incidents, or unfavourable views from apparently important technology figures can initiate the prevalent selling of coins, quickly lowering prices.

Market with no institutional big money

Fidelity Investments discovered that 22% of institutional investors had bought cryptocurrencies, based on the survey. In case these figures are correct, you can well conclude that deep-pocket investors are selling their conventional assets for Ether and Bitcoin. Institutional investors aren’t likely to purchase cryptocurrency markets when compared with what they will invest in some other markets.

Organizations might be far more inclined to cryptocurrencies these days than they had been two years back, but the absence of rules, as well as exchange-traded funds considerably, reduces their readiness to get a lot of coins. Every individual would like to obtain a great return, and everybody wants that, but there are plenty of investors who aren’t hesitant to put their cash into frenzied assets. Once “big money” quits acquiring crypto they are hurt by getting more erratic.

An emerging market with low liquidity 

The size of the marketplace remains small when compared with regular trading assets such as gold as well as fiat currencies, despite all of the interest in cryptocurrency trading.

This comparatively little market with limited participants implies that small forces can have a significant effect on the price. A person purchasing USD 500 million in gold will mean nothing for the world gold prices, but turning that to Bitcoin as well as it’s sufficient to stabilize the marketplace and also result in a big price swing.

Additionally, market manipulation is widespread within crypto markets, since it just requires a few big orders to produce soaring or even dropping costs, from coordinated pump-and-dump schemes by collectives to vicious inflating or even deflating trading volumes by switches. More regular malicious activity results in panic and anxiety results in even greater volatility.

Open Investor Profile

The obstacles to entry for trading and getting cryptocurrency are practically non-existent, unlike standard markets such as real estate and stock exchanges. You do not have to have a lawyer, trading licence, or maybe a specific capital requirement to make money. All that you require is a couple of dollars along with a web connection, and you could trade immediately.

The cryptocurrency industry will be the environment of preference for thousands of novice traders due to its free-for-all quality. The typical cryptocurrency trader is much less knowledgeable and less skilled than a normal stock market trader. Cryptocurrencies tend to be therefore quite susceptible to concepts including dread, anxiety and fear and doubt of failing to learn from it.