Crypto Guides, Knowledge & Insights

Is Crypto a good investment? Understanding the risk associated with crypto trading in Nigeria today

By: Damian Okonkwo　　Is Crypto a good investment？ Understanding the risk associated with crypto trading in Nigeria today　　Firstly, it is important to understand what cryptocurrencies are and how they work. Cryptocurrency is a virtual currency secured by cryptography, which makes it difficult to counterfeit or double-spend. It is highly decentralized, which makes it difficult for any central authority such as a bank or government to control it. Instead, they are based on blockchain technology, which is a decentralized ledger that records all transactions and ensures their accuracy and security.　　So, is crypto a good investment？ The answer is not straightforward, as it depends on a variety of factors such as market conditions, individual risk tolerance, and investment goals. While some investors have profited significantly from investing in cryptocurrencies, others have experienced significant losses. It is crucial to note that the cryptocurrency market is highly volatile, with prices fluctuating rapidly and often unpredictably.　　One of the biggest risks associated with crypto trading in Nigeria today is the lack of regulation in the market. While some countries have established regulatory frameworks for cryptocurrencies, Nigeria has yet to do so. This means that there are currently no clear guidelines or protections for investors in the crypto

2023-04-17Deep Dive

Binance Removes Shiba Inu, 1INCH, FXS, TWT From Innovation Zone

On Monday, Binance, the worlds largest cryptocurrency exchange, announced its decision to remove four tokens, namely Shiba Inu (SHIB), 1INCH, Trust Wallet Token (TWT), and Frax Share (FXS) from its Innovation Zone. The Innovation Zone is a platform where users can trade new and innovative crypto projects that are listed by Binance.　　　　The listing of tokens in the Innovation Zone enables Binance to promote financial freedom by offering its users access to new and innovative crypto projects. At the same time, the platform also aims to protect users from potential risks associated with investing in new tokens. By limiting and warning users about the risks, Binance strives to balance its commitment to promoting the freedom of money with ensuring the safety of its users.　　Binance Removes Shiba Inu (SHIB) After Shibarium Beta Release　　Binance has announced its plan to remove Shiba Inu (SHIB), 1INCH, Trust Wallet Token (TWT), and Frax Share (FXS) from the Innovation Zone effective April 18, as stated in an official announcement on April 17. Users will be able to access these tokens in their entirety from the said date.　　As part of its commitment to balancing user safety with the promotion of financial freedom, Binance periodically reviews projects listed in

2023-04-17Deep Dive

The Basics of Bitcoins and Blockchains: A Comprehensive Guide for Beginners

You have probably heard of the phrases Bitcoin and blockchain if you have even the slightest bit of interest in the realm of digital money and its revolutionary possibilities. However, what are they specifically and why are they so crucial？ Well explain the fundamentals of bitcoins and blockchains in this in-depth explanation by going through their background, salient characteristics, and how they interact to transform technology and banking.I. Blockchain and Bitcoin HistoryThe Creation of Bitcoin　　A person or group of people using the alias Satoshi Nakamoto invented Bitcoin, the first and most well-known cryptocurrency, in 2008. Establishing a decentralized digital currency that runs without the need for a central authority, like a government or bank, was the main motivation behind the invention of Bitcoin.Blockchains Development　　Blockchain is the fundamental technology that underlies Bitcoin and enables it. Fundamentally, a blockchain is a digital record that safeguards makes information visible, and prevents tampering. Users may conduct transactions and communicate information without the necessity of middlemen because of its decentralized and distributed network.II. Getting to Know Bitcoin Decentralization　　The decentralized nature of Bitcoin is one of its distinguishing qualities. Peer-to-peer networking underlies its operation, therefore there are no middlemen involved in user-to-user transactions. Decentralization decreases the

2023-04-14Deep Dive

How WikiBit has Changed the Way Investors Approach the Crypto Market?

The advent of cryptocurrencies has completely transformed the financial landscape, creating new investment opportunities and challenges for investors. However, investing in cryptocurrencies can be quite challenging, given the highly volatile nature of the market, as well as the lack of a centralized regulatory framework.　　Thankfully, investors can now leverage innovative tools like WikiBit to navigate the crypto market with greater confidence and ease. WikiBit is a revolutionary platform that provides investors with real-time data, analysis, and insights about the cryptocurrency market. With WikiBit, investors can make more informed decisions about when to buy, sell or hold their digital assets.　　So, how exactly has WikiBit changed the way investors approach the crypto market？ Lets explore some of the key ways that this innovative platform is making a difference:Real-time Market Data and Analysis　　One of the biggest challenges that investors face in the crypto market is the lack of reliable, real-time data. Crypto markets can be highly volatile and change rapidly, making it difficult to keep track of market trends and movements.　　However, with WikiBit, investors can access real-time market data and analysis, including price charts, trading volume, and historical trends. This allows them to make informed decisions about when to buy, sell, or hold their

2023-04-14Deep Dive

Twitter and eToro Join Forces to Boost Financial Education and Expand Market Insights

eToro, an online broker specializing in social trading, has announced a partnership with Twitter to enhance the platforms $Cashtags feature. This collaboration will allow Twitter users to access real-time pricing information for a broader array of stocks, cryptocurrencies, and other assets instantly.　　Currently, when searching with a $Cashtag symbol, Twitter users can view live price charts for a limited number of financial assets. With the eToro partnership, the list of $Cashtags generating live price charts will be significantly expanded. Users will also have the option to visit the eToro platform to access more detailed asset information and investment options. The partnership will encompass $Cashtags for various eToro instruments, including stocks, ETFs, cryptocurrencies, and commodities.　　Yoni Assia, eToro CEO and Co-Founder, highlighted the importance of social media in financial education and stressed Twitters role in the retail investing community. According to Assia, eToro was built on the principles of community, knowledge-sharing, and improved financial market access. By transforming investing into a group endeavor, he believes they can achieve better results and success together. 　　　　Twitter introduced pricing data for $Cashtags in December 2022, and the feature has since seen widespread adoption, with over 420 million searches for $Cashtags this year. Daily $Cashtag searches average

2023-04-14Deep Dive

Bitcoin ATMs Around the World: A Look at Global Adoption

Bitcoin has captivated the world since its inception in 2009. Despite the slow rate of its mainstream adoption, interest in it has lately surged. One of the most significant advances in terms of Bitcoin acceptability has been the introduction of Bitcoin ATMs. People may purchase and sell Bitcoin easily by using Bitcoin ATMs. Well examine the concerns involved with Bitcoin ATMs and their widespread acceptance in this post.What Are Bitcoin ATMs？　　Using cash or credit cards, users of Bitcoin ATMs may purchase and sell the cryptocurrency. They resemble conventional ATMs in appearance and operation, but instead of distributing cash, they disperse Bitcoin. The number of Bitcoin ATMs has been gradually increasing over the years and is present in many nations.Bitcoin ATMs Around the World　　Bitcoin ATMs have spread all around the world in recent years. According to Coin ATM Radar, over 35,000 Bitcoin ATMs are presently operational worldwide, and the number is rapidly increasing. The United States has the most Bitcoin ATMs, with over 20,000 units. Canada ranks second with almost 1,600 Bitcoin ATMs. The UK, Austria, Spain, and Switzerland are other nations having a significant number of Bitcoin ATMs.Benefits of Bitcoin ATMs　　The emergence of Bitcoin ATMs has benefited the Bitcoin community

2023-04-14Deep Dive

Paxos To Shut Down Operations In Canada; More To Follow?

Paxos, a cryptocurrency platform headquartered in New York, has announced its decision to discontinue its services to customers in Canada. The announcement was made after several Canadian users reported receiving an email from Paxos, stating that it would be winding down its operations starting early next month.　　Paxos Ends Support For Canada　　Paxos, a New York-based cryptocurrency platform, has surprised its Canadian users with an email stating that it will be ending its services in Canada from May 9. The email from the firm cited a decision to stop supporting Canadian customers moving forward and the accounts of unfunded users would be disabled. This decision is said to be a response to increasing regulatory concerns in Canada, according to a report by Block. Another cryptocurrency platform, dYdX, also announced earlier this week that it would no longer accept new members based in Canada, which adds to the growing trend of cryptocurrency platforms exiting the Canadian market.　　The recent shutdown of Paxos in Canada occurred in the midst of new regulations introduced by the Canadian Securities Administrators in February. The regulatory body issued a warning to all cryptocurrency exchanges and trading platforms to comply with heightened “investor protection commitments”.　　In addition to regulatory pressures in

2023-04-13Deep Dive

G7 Talks to Cover Digital Currency Standards and Crypto Asset Regulation

The Group of Seven (G7) advanced economies, chaired by Japan this year, will focus on addressing challenges posed by fast-moving digital technology, including central bank digital currencies (CBDCs), during its discussions. Japans top currency diplomat, Masato Kanda, announced that a key theme will be to assist developing countries in introducing CBDCs while adhering to appropriate international standards. Kanda emphasized the need for transparency and sound governance to mitigate risks associated with CBDC development. China has been leading the way in digital currency adoption, but G7 central banks are setting common standards for CBDC issuance as some proceed with experiments.　　Kanda acknowledged the benefits of digital innovation but highlighted the fresh challenges of cyber-security, the spread of misinformation, social and political divides, and the risk of destabilizing financial markets. The collapse of crypto exchange FTX last year served as a “serious wake-up call” for policymakers to regulate across borders, he said. The international community agrees that more regulation is necessary for crypto assets, especially after the FTX incident, although there are some diverging views among countries.　　Another priority for the G7 talks this year is to address the debt vulnerabilities of middle-income countries such as Zambia, Ghana, and Ethiopia. Kanda stated that it

2023-04-12Deep Dive

TRON and Spell Tokens to be Removed From Binance.US

Binance.US, the American arm of cryptocurrency exchange Binance, has announced the removal of the digital asset tokens TRON and Spell from its trading platform. On Wednesday, the value of both tokens plummeted as a result of this news. Binance.US noted that the decision to withdraw the tokens was the result of a periodic assessment that takes into account a number of variables such as trading volume and liquidity, changes in risk profile, and proof of fraudulent or unethical activity, among others.　　According to CoinMarketCap statistics, the value of the TRON token plunged about 5% against the US dollar after the news, while the smaller Spell token fell more than 5%. Binance.US has announced that both coins would be delisted from its trading platform on April 18, with trading and deposits ceasing but withdrawals continuing.　　According to Justin Sun, the founder of TRON, Binance has a significant effect. The US decision would be “relatively small,” according to Binance.TRONs daily trading volume is now $400 million, compared to the United States daily trading volume of less than $1 million. The Securities and Exchange Commission (SEC) filed a fraud complaint against Sun earlier this month. Sun has argued that the SECs complaint lacks merit and

2023-04-12Deep Dive

Binance US To Delist Justin Sun’s Tron (TRX) Amid Arrest FUD

Binance, the worlds largest cryptocurrency exchange, has decided to delist Tron (TRX) from April 18, 2023, following a probe by the U.S Securities and Exchange Commission (SEC) into Justin Sun, the founder of TRON.　　　　　　TRX In Big Trouble After Binance Move　　Binance.US, the US-based arm of Binance, has announced that it will delist the TRX token associated with Justin Sun from its trading platform. The decision was made as part of the periodic review of Binances digital asset listings, which takes into account various factors. As a result, Tron (TRX) will be removed from the platform starting April 18, 2023. The review flagged the TRX token profile for its perceived risks and its potential negative impact on the crypto ecosystem, including regulatory compliance concerns. Additionally, based on the review, the exchange will also delist the SPELL token.　　To summarize, Binance.US has decided to delist both TRX and SPELL tokens from its platform as part of its regular digital asset listings review. The decision was based on a range of factors, including regulatory compliance and perceived risks associated with the tokens.　　The announcement of TRXs delisting by Binance.US caused a significant drop in the cryptocurrencys price, which fell by nearly 13%. As of the press

2023-04-12Deep Dive

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