Category: Cryptocurrencies

The bitcoin community has continued to grow across the world and Africa seems to be the new niche for cryptocurrency. Recently, news about the increase in the market price of bitcoin to over $60,000 has raised the appetite for risk of many bitcoin enthusiasts and sympathizers.

People who have doubted the value of bitcoin due to its high volatility are beginning to rethink and consider the option of venturing into the cryptocurrency space. Despite its birth as a payment tool over a decade ago, bitcoin has mainly been used for speculation by financial traders rather than for commerce.

In this light, considering the rapid advancement in technology, tech-savvy Africans have easily adapted to bitcoin. Most of the African bitcoin enthusiasts have argued that their weak local currencies makes it difficult for them to get the dollar; recognised as the currency for international trade.

Moreover, they complain of complex transaction procedures involved in the transfer of finances within and across national borders. With the advent of cryptocurrency in Ghana, most of the business class have affirmed that bitcoin is helping them make their businesses seamless and more profitable, and also helping migrants remit with ease.

Despite its high volatility, the adoption of bitcoin in Ghana is rising on a daily basis. 

Bitcoin adoption: A path to financial inclusion

Nowadays, everyone, employed or unemployed, young or old, male or female expresses the desire to have control over their finances. Decentralised Finance systems in one way or the other attempts to make such desires come through.

Notwithstanding, many cryptocurrency companies argue that adopting bitcoin can grant financial access to all. Thus, permitting them to bypass the accrued difficulties which come with using the traditional finance system.

In Ghana, the population is joining the global move towards the adoption of bitcoin; considered the universal currency.

The Reasons for the rise of Bitcoin Adoption in Ghana

Amongst other reason, the most prominent stands that account for the rise of bitcoin adoption in Ghana include;

Easy, fast and limitless transaction Service

The absence of a central authority to govern the transactions made with bitcoin attracts many Ghanaians. Unlike the traditional banking systems which permit users to store their finances in Saving or Current accounts, requiring prior notification before withdrawal of a considerable amount, owning a bitcoin wallet has proven to be more efficient and seamless.

Bitcoin users have attested that they are able to send and receive huge sums of money in their wallets at any time from any part of the world without interruption.

The idea of a fast, easy and limitless transaction service has won the hearts of many Ghanaians, who today understand that using bitcoin has become a new global habit that everyone should accommodate.

Low transaction cost

Everyone who is versed with sending money within and out of Ghana can relate to the relatively high transaction rates to be paid to any of the agencies rendering them the service.

The rates are even higher for remittances. The low transaction rates bitcoin users incur is nothing short of good news to Ghanaians and other bitcoin enthusiasts. As such, Ghanaian migrants prefer to remit using bitcoin, such that the cash-out can be done in any local currency depending on the receiver’s location.

With Bitcoin, it is possible to make temporary deposits and refund the amount without incurring charges. In other words, sending bitcoin from one wallet to another wallet does not incur any charges. With such advantages, bitcoin continues to be on a steady rise in Ghana.

Unbanked transactions

It is no news that the majority of Ghanaian citizens are unbanked. As such, they cannot benefit from any banking service.

This situation makes financial inclusion even more difficult. However, adopting bitcoin has become the new trend and solves the problem automatically. Bitcoin transactions do not require a bank account. Sooner or later, it will be more common to hear people ask for Bitcoin Account Numbers rather than Bank Account Numbers.

The point is, with bitcoin, nobody needs a banking institution to keep their money. Consequently, owning a bank account appears to be a burden.

The Cryptocurrency space in Ghana

The Ghanaian economy is open to many cryptocurrency service providers. As the number of bitcoin service providers continue to grow, the number of bitcoin users follow. Therefore, If people perish because of the lack of knowledge, knowing more about bitcoin and its numerous advantages appears to be knowledge everyone should benefit from.

The presence of companies in Ghana such as Crypto Bitz, BtcGhana, Binance and Kraken have been serving bitcoin enthusiasts on a daily basis. Yellow Card Financial is the newest “baby” in Ghana’s cryptocurrency space.

With Yellow Card, you can trade bitcoin and other cryptocurrencies at minimal rates. That’s not all! Also seize the opportunity to educate yourself and understand the twists and turns of cryptocurrencies on the Yellow Card Academy platform. It is worthy to note that it does not suffice to only buy and sell bitcoin and other currencies. Knowing how they function is an added advantage as it helps you make informed choices.

Yellow Card permits you to use Mobile Money to deposit into your bitcoin wallet as well as convert your bitcoin to Cedis and cash out at any time. All you need is to create a Yellow Card account using the Yellow Card mobile App or the web page www.yellowcard.io

Conclusion

Yellow Card through its DeFi model is aimed at bringing financial inclusion for everyone in Ghana. As we continue to work for financial inclusion it is important to remember that cryptocurrencies have been described as the future of money, with respect to the rapid advancement in ICTs and Financial technologies that are marking the 21st century.

Get started with Bitcoin.

Investing in cryptocurrencies such as Bitcoin and Ethereum is one of the best and most profitable investment opportunities available in the world presently.

With the cryptocurrency market bagging Billions of dollars daily, it is very potent and so also does it come with many risk factors.

Aside from the fact that cryptocurrencies are very volatile and one could lose all or a huge chunk of their investment in cryptocurrencies when the market dips, the greatest risk associated with this gold mine is scam or fraud.

There are numerous scams or fraud associated with Bitcoin, Ethereum and other cryptocurrencies.

In this article, we shall look at 5 scams associated with Bitcoin, Ethereum and other cryptocurrencies and how to avoid falling victim to such scams .

Cryptocurrency Mining Scams

This is one of the world’s leading cryptocurrency scams that has wiped out many people’s crypto stock before they even realise it.

Cryptocurrencies especially Bitcoin, Ethereum and some others require that when someone transfers the cryptocurrency to another person, some other people approve or confirm the transaction before the money can reflect in the recipient’s account. This process is known as mining.

Mining is usually done using some complex devices or softwares which are dedicated to confirm crypto transaction. For every transaction confirmed, there is an amount of cryptocurrency allocated to the miner. The bigger the volume of the transaction, the higher the mining fee which is distributed amongst all those who confirmed that particular transaction.

Due to the nature of the confirmations, there are usually companies which buy the mining machines and use them to mine in large quantities. Some companies make more than 1 BTC daily from mining.

Now, in order to acquire more mining machines and be more efficient, some of the companies ask the public to invest with them so that they get percentage profit on their investments monthly or weekly. The percentages usually run between 1.2% daily to as high as 7 or 10% daily.

Scammers capitalize on this to design some fake websites claiming to be cryptocurrency miners. When you send them your investment amount through their bitcoin wallet, you either don’t hear from them again or they’ll shut down the whole system after a while.

It is therefore important that you read reviews about mining companies before you make any decision to invest with them.

Bitcoin Doubling Or Growth Scams

For Bitcoin Doubling scams, it usually gets those who are greedy and do not appreciate what they own or have.

Scammers who go for this method usually use social media or email messages to invite unsuspecting people.

They usually tell beautiful stories of how some people invested some Bitcoin with them and got their Bitcoin doubled in two days, three days or 7 days.

If you engage with them further, they’ll send you proofs of what they have been able to do for others and the reason why you should also invest with them.

As interesting as it may sound, there is no such thing as doubling your Bitcoin or any other cryptocurrency.

Bitcoin is not a living thing so it does not grow. If you have 5 Bitcoins today and you do not spend it or send part to someone, you’ll still have 5 Bitcoins tomorrow. The only change is that the value might differ. But the volume is still the same.

Anyone who promises to double or increase your Bitcoin or any other cryptocurrency is just trying to lure you into sending them your coin so they could add to theirs and grow theirs instead. Stay away from such people. You send money to such people at your own risk!

Crypto Trading Scams or Account Management Scams

Just like any other financial instrument, cryptocurrencies depend on demand and supply to determine their value at every given time. As such, people buy and sell cryptocurrencies on specialised websites called Exhangers from time to time in order to make profit.

However, doing this requires some skills and some level of expertise which may not readily be available to everyone.

For this reason, the ‘experts’ sometimes take Cryptocurrencies from other people and trade the currencies on the behalf of the owners.

While this is a very nice way of making money since the owner usually splits revenues with the manager on a 60-40 % basis, this can become a space for scammers to operate.

Do not send any currency to anyone to trade in their personal account for you. It is risky. They can bolt with your currency.

The best thing is for you to create your own trading account and giving the people access to the account manager part where they can only trade within your account but not be able to make withdrawals.

Also, you can do copytrading. Where the experts tells you which currency to buy within a specific time and how to do it. So you just have to follow their lead. This one gives you 100% control over your account.

Fake ICOs

Before new cryptocurrencies go live to be used by all and sundry, there is phase where the currency is on offer to the first set of investors who buy the currency at a very low price.

This stage is called the Initial Coin Offering. The ICO stage is to enable the crypto company gather enough money and logistics to promote and push the coin globally when it finally goes live.

Usually, most ICO prices are below 1 dollar. For people looking to make huge margins of money from cryptocurrencies, investment in ICOs remain one of the best ways of making good returns.

Usually, when the currency launches officially and the marketing is good, the price doubles by some number of folds from the ICO pricing. This gives the ICO investors some good returns.

The problem however is that many ICOs are fake and do not come from real cryptocurrency companies. They are mostly from some criminals who have designed a website, claiming to be solving a certain problem and therefore selling their tokens at an ICO price. They may also add other promises that look very appetizing.

If you invest with them, it is either the website gets deleted after launching and then your coin becomes useless or they don’t make any attempt at marketing or listing the currency on platforms so there is no way you can sell it.

Though there is no sure way to determine if an ICO is real, you can check by finding out the website’s ownership details, checking the team behind the project. If there is no team displayed on the ICO site, be careful. Also if there are names and faces, quickly search those names on social media especially twitter and Facebook to see if you’ll see them. If you can’t see a large majority of them, run away as fast as you can.

Conclusion

Bitcoin or cryptocurrencies are very friendly ways of digitizing the economy as they are decentralized and are easy to use and very quick too. However, the anonymity attached to their transactions make them powerful tools for some unscrupulous people who wish to rob others off their money.

The cryptocurrency scams discussed above are not exhaustive as there are many other ones that are common in our daily lives.

It is our hope however that based on this article, you know how to identify and deal with possible cryptocurrency scams in future.

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The world’s second-largest cryptocurrency by market capitalization only next to Bitcoin is Ethereum represented as ETH.

With a market capitalization of around 28 Billion Dollars presently, interest in Ethereum is just as high as Bitcoin.

In fact, most companies or online shops that accept Bitcoin as a payment method also accept Ethereum – which gives ETH a strong name in the cryptocurrency market.

It, therefore, goes without saying that Ethereum can be used for the same purposes Bitcoin can also be used.

The big question, however, remains how to buy Ethereum or ETH in Ghana in a few minutes.

Worry not. In this article, we shall look at some simple ways of buying Ethereum in Ghana without so much hustle.

Buying Ethereum From Ecurrency4U

To purchase Ethereum on Ghana’s biggest Ecurrency trading platform, you need to, first of all, create an account, then place an order and finally make payment.

Follow the various steps explained below to buy as much Ethereum as you wish to buy.

How To Create An Account On Ecurrency4U.net

1. Visit Ecurrency4U.net
2. Click on register on top of the homepage.
3. On the registration form page, Enter your First name and Last name
4. Select your gender
5. Select your country of residence (Ghana)
6. Enter your Mobile number without starting with Zero (0)
7. Enter a valid email address
8. Create a strong password and repeat your password in the next boss
9. Type a unique 4 digits code for your wallet. Make sure to keep this pin safe as it would be instrumental in all your transactions on the site.

How To Place An Order For Ethereum On Ecurrency4U

To place an order for Ethereum on Ecurrency4U is as simple as it gets. It is just about some few clicks.

1. Login to your account.
2. Click on Buy Ecurrency
3. Select Ethereum from the list
4. Select the method you wish to pay through (Mobile Money)
5. Enter the amount of ETH you wish to buy in Dollars or cedis
6. Enter your ETH wallet address
7. Click on preview order to confirm all details
8. Click on submit an order to move to the next stage

Making Payment For ETH On Ecurrency4U

1. Copy the contact on the selling page and send your payment via that number using Mobile Money. Use your Order number as the Reference number.
2. Go back to your account home page.
3. Click on ‘Manage Orders’
4. Click on ‘Add Payment Details’. It is located next to your order number.
5. Enter the mobile money number which you used in sending the money to the site.
6. Enter the transaction ID for the money you sent.
7. Enter the exact amount you sent to the site.
8. Click on ‘Add Payment’

Once you add your payment, your order should be reviewed within some few seconds and sent to your wallet. If you are using a wallet exists on Ecurrency4U.net, you should receive your ETH instantly. However, if it is an external wallet, you should receive it in a few minutes.

Conclusion

Ethereum can be used for several purposes such as online gambling, purchasing goods and services, paying for events, booking flight tickets, shopping as well as online investments.

Buying Ethereum (ETH) is no more a big worry since you can buy any volume of Ethereum you want within 3 minutes.

Remember also that investment in Cryptocurrency is highly risky and requires lots of reading and studies to understand due to its high volatility. No part of this article should, therefore, be considered as investment advice of any sort.

I hope this article was helpful in solving your issue of how to buy Ethereum in Ghana without so much hustle!

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