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Category: Cryptocurrencies

  • Dash Added to Top Ghana Cryptocurrency Exchange eBitcoinics After Crowdfund

    Dash Added to Top Ghana Cryptocurrency Exchange eBitcoinics After Crowdfund

    Dash trading pairs have been added to eBitcoinics, significantly advancing Dash’s adoption prospects in Africa.

    Based in Ghana, eBitcoinics is a cryptocurrency exchange serving several African countries, offering trading pairs for several major cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, as well as several minor coins such as SmartCash and Global Reserve Currency. Dash’s addition to this lineup was announced this week:

    “With news of Dash been accepted in selected shops all over the country Ghana and Nigeria, where you can buy goods and pay with Dash. You also book for a hotel accommodation and pay with Dash at selected hotels in Accra, Tema, Tamale and spread all over Ghana.

    Today we to announce to you that Dash (DASH) will be listed on the number one Cryptocurrency Exchange platform in Ghana and Nigeria eBitcoinics.com”

    eBitcoinics currently offers trading pairs for the Ghanaian cedi and the Nigerian naira with a variety of payment options, including bank transfer, PayPal, and mobile money. The exchange is the top cryptocurrency exchange for Ghana and Nigeria, and an important and growing service in the region.

    Integration solves a key liquidity problem in Ghana

    The addition of Dash to the eBitcoinics platform fills an important liquidity need in the region, for Ghana in particular. Local demand in Ghana for purchasing Dash has far exceeded the available supply, stunting adoption efforts in the region. According to Dash African lead ambassador Mahamadu Abdul Salam, this problem will be greatly lessened with the new integration:

    “This means a big win for Dash adoption in Ghana, the long awaited solution to Dash liquidity in the country is solved now and people can buy and sell/swap fiat and fiat for Dash freely and easily on eBitcoinics. The exchange is by far the number one cryptocurrency exchange not only in Ghana but Nigeria as well with multiple means of payment in a buying order such as mobile money, Bank payments and PayPal.”

    Ghana stands as one of the areas in Africa with the strongest Dash adoption. At present, DiscoverDash lists nine businesses in the country that accept Dash, most in the northern Tamale area or in the capital of Accra. Solving the liquidity issue promises to streamline adoption efforts.

    Funds for the integration were crowdfunded by the Dash community

    The integration into the eBitcoinics exchange was funded by Dash itself. However, unlike many integrations funded by either treasury proposal or through the Core team’s business development department, this was crowdfunded by the community. Abdul Salam sees this as a fast and efficient way of raising funds without having to go through more established channels:

    “The crowdfunding of the integration fee outside the treasury is by far the fastest and easier way of raising funds within the Dash community by my experience. It tells me the Dash community is committed to championing causes that promote global adoption. In an overnight after the Dash community angel investors got back from holidays, 13 Dash was raised to make the integration happen. This is beautiful and reinforces that the Dash community aside its treasury systems have workable systems in place to make things that matter most to the network happen such as this.”

    At the time of writing, the Dash price is around $250, yielding approximately $1.5 million monthly from the treasury. This is down from around $10 million at the end of last year, resulting in tighter budgets and more exploration of alternative funding methods.

    Posted by Joël Valenzuela.

  • Understand Bitcoins: Event: How Cryptocurrency can make you rich!

    Understand Bitcoins: Event: How Cryptocurrency can make you rich!

    Last December, I started writing about cryptocurrencies and bitcoins in specific. In parts one and two of the “Understanding Bitcoins” series, we looked at what bitcoins are, why they have become popular, and ways their value is determined. We also went into details to talk about how to create bitcoin wallets and the popular exchanges in Ghana.

    For those who are quite new to this Bitcoin and Cryptocurrency thing, it gets confusing. Sometimes, it makes sense to get a face to face meeting, to get people to really understand the whole cryptocurrency space.

    The series continues next month. This month, I have been held up busy, as I am making a few preparations for Mfidie and the first ever Accra WordPress Meetup, scheduled to take place in February this year. It was during the WordPress Event discussions with Adjei-Kyeremeh Kofi that I learnt of this event I am about to share with you below.

    Cryptocurrency Conference 2018

    Consider this analogy:

    You buy into an ICO today at a cool price of 20USD. A month or 2 later, this amount is now increased 10 times, that is 200USD in less than 3 months. It’s not a joke, guys. Now imagine if you had bought 1000USD. Do the Math. And that’s how people make money from cryptocurrencies.

    On the 10th of February 2018 GC Global in collaboration with Coin Forest brings you the first edition of the cryptocurrency conference happening on the 10th February at iSpace, Accra. At the conference, information will be shared on how to take advantage of an ICO or trade in cryptocurrencies to make returns.The GC Global Bitcoin event is going to teach you all about Cryptocurrency. The truth about Bitcoins, how to buy and sell, trade in crypto and how to invest and make money in the crypto industry. It’s easier than you think.

    Who can attend the Cryptocurrency Conference 2018?

    • Tertiary Students and Graduates interested in learning about Cryptocurrency and making money from it
    • Government and Private sector workers looking to make more money
    • High School graduates looking for careers in cryptocurrency
    • Business professionals
    • Investors
    • Anybody interested in making genuine money online

    Why should you attend the Cryptocurrency Conference 2018?

    • Learn the current trends in the cryptocurrency world and partake in the business of it
    • There’s money to be made in the crypto world, this event will introduce you to such opportunities
    • The chance to Network with like-minded investors like yourself and leaders in Ghana’s cryptocurrency world
    • Gain skills in cryptocurrency and teach others to make money
    • Be a Bitcoin boss

    Event Details

    Venue: iSpace, Accra
    Date: Saturday, 10th February 2018
    Tickets: GHS 30 – Standard, GHS 50 – VIP.
    Standard Ticket holders get to enjoy the following: 1. Setup a bitcoin or any cryptocurrency wallet of choice 2. Cocktail
    VIP Ticket holders enjoy the following at the event: 1. Setup a blockchain wallet 2. Branded T-Shirts 3. Bitcoin Cash Voucher 4. Cocktail
    Registration link: https://goo.gl/S4RDYA

    Click the link above to register and pay now via Mobile Money, Visa or Master Card.

    Register and Pay via Cryptocurrency

    For People want to be able to pay for the tickets via cryptocurrencies, here are the addresses you can send payments to for your tickets

    Bitcoin: 153BboHcATvonyhMoU4rAS2p68RS4BiVzk
    Ethereum: 0x370185e9affc1b6e80d380a4a75a72498cf8bf7d
    Litecoin: LPm2Yq18K2tnQnAgGcyYvBc9kziwb3SbH1

    When making payment, just add your nato in the payment description.

    For more information, call 0200232743

    Thank you for reading. Don’t forget to share this with your family and friends. For the latest tech news and reviews, follow Mfidie on Twitter, Facebook, Instagram and subscribe to our YouTube channel.
    If you want to be part of our team of writers or you want to Guest write, send a WhatsApp Message to 0242022161 or simply call. You can also fill the form here to join our team and we will contact you back.

  • Understand Bitcoins, How to get Bitcoins in Ghana: Part 2

    Understand Bitcoins, How to get Bitcoins in Ghana: Part 2

    In part one of the “Understanding Bitcoins” series, we looked at what bitcoins are, why they have become popular, and ways their value is determined.

    If you have been on the internet anytime this year, one word you are sure to come across is Bitcoins. A lot of Ghanaians have been talking about how bitcoins are making people rich and how it’s value is increasing.

    Here on Mfidie.com, questions on bitcoins are one of the most asked. In this article, we decide to break bitcoin down to bits we can all process. If you haven’t read the part one of this article, you should do so.

    Understand Bitcoins, Cryptocurrencies the Simple Ghanaian Way: Part 1

    If you are confused about something, just ask in the comments section below.

    How to get started with Bitcoins in Ghana

    Creating your bitcoin wallet online

    There are quite a number of ways to obtain bitcoins. But the first real step in obtaining bitcoin is to have a ‘Bitcoin wallet”.

    A Bitcoin wallet is first required to get started with using bitcoins. Like the name suggests, a Bitcoin wallet is where you “keep” all your bitcoins. Simply put, your bitcoin bank account. The wallet can be created easily through different online applications. Your Bitcoin wallet is essentially just like, well, any other wallet.

    The first step in getting bitcoins is to own a bitcoin wallet.
    The first step in getting bitcoins is to own a bitcoin wallet.

    Think of a Bitcoin wallet like an “app” that you would install on your phone. You can download your wallet on your computer through a software wallet, on your mobile, and also on the web. I personally prefer the online wallet coinpayments.com. You can visit their website and follow the instructions to get yourself started. They also have mobile apps for Android and iOS.

    Once you’ve got yourself a Bitcoin wallet, you’re good to go. It takes just a few minutes to get a wallet on coinpayments; once you have one, you can start accumulating bitcoins. Oh, coinpayments.com supports many other cryptocurrencies, in case you want to “go in deep”.

    How to get or obtain bitcoins in Ghana

    Obtaining bitcoins is a relatively easy process. The three common ways are:

    • If you are selling a good, you can accept bitcoins as a form of payment (very rare here in Ghana).
    • You can purchase and sell bitcoins through Bitcoin exchanges (This is the most common way around the world. Exchanges are typically found online but a lot of people don’t use them in Ghana.)
    • You can buy directly from individuals who have bitcoins in their wallets at a rate you both agree on

    Bitcoin Exchanges in Ghana

    As written above, obtaining bitcoins through an exchange is the most common and workable way to get started. There are hundreds of exchanges (mostly online) through which you can obtain bitcoins. You simply register, enter your bank account information, and convert the local currency into bitcoins. In fact, there is an easy way for you to find an online exchange based on where you live through this website.

    However, it is your responsibility to deal with a credible exchange as many have been duped under the premise of buying bitcoins. Don’t be a victim.

    Buying Bitcoins from Individuals in Ghana

    Buying bitcoins from an individual is usually faster than using an exchange.

    Usually, sellers mark up their price so they can make a small profit for their time and service — you’ll usually end up paying a slightly higher price per bitcoin than you would on an exchange.

    I always recommend that whenever you want to buy bitcoins from an individual here in Ghana, it is usually best to meet and do the transaction in person, see the Bitcoin in your wallet and pay accordingly. Nowadays, too much trust and you are a mugu. I’m not trying to spoil anyone’s business, but that’s the truth.

    I have personally directed friends to people they can buy from. Traceable people, and not mere WhatsApp numbers and Facebook profiles.

    In Part 3 of this series, we will look at how bitcoin transactions are done and how to know what you are buying is “safe bitcoin”.

  • Understand Bitcoins, Cryptocurrencies the Simple Ghanaian Way: Part 1

    Understand Bitcoins, Cryptocurrencies the Simple Ghanaian Way: Part 1

    If you have been on the internet anytime this year, one word you are sure to come across is Bitcoins. A lot of Ghanaians have been talking about how bitcoins are making people rich and how it’s value is increasing.

    Here on Mfidie.com, questions on bitcoins are one of the most asked. In this article, we decide to break bitcoin down to bits we can all process. So stay put, grab your Sobolo and read. If you are confused about something, just ask in the comments section below.

    What is Bitcoins

    Bitcoins are a form of virtual currency – meaning, if you have bitcoins, you do not physically purchase goods by handing notes or tokens to the seller. Bitcoins are used for electronic purchases and transfers. You can use bitcoins to pay friends, merchants, etc if they accept it as a medium of payment.

    Every single purchase is immediately logged digitally (on computers) on a transaction log that tracks the time of purchase and who owns how many bitcoins. Think of this transaction log as an audit trail: it contains every single piece of information of every bitcoin transaction. This digital transaction log is called ‘blockchain’.

    Bitcoin mining is so profitable that people and organisations have set up mining farms.
    Bitcoin mining is so profitable that people and organisations have set up mining farms.

    The blockchain records every single transaction, both present and past, as well as the ownership of every single bitcoin in circulation. The people who are constantly verifying the blockchain, ensuring that all the information is correct and update it each time a transaction is made, are called ‘miners‘. One way to think of miners is they are those who confirm transactions.

    Their job is to ensure that the transaction is secure and processed properly and safely. In return for their services, miners are paid fees by the vendors/merchants of each transaction and are also given physical, minted bitcoins. Miners are generally considered to be the richest people in the chain.

    Why the popularity of Bitcoins, especially in 2017?

    Bitcoins are growing in popularity, and although they were largely used by speculators who were looking at it as a way to make money by buying bitcoins at lower prices and selling them at higher prices (much like trading foreign exchange or forex), there is a growing trend of businesses accepting Bitcoin as a form of payment.

    Bitcoins have been popular in Ghana and around the world in 2017 mainly because of the tremendous gains made by the currency. The value in 2017 alone has increased from around $1,000 in January to $15,000 in the beginning of December.

    Many people think that owing Bitcoin will magically make them rich, but this is totally not true. Bitcoins can make you lose money too.

    Determining the value of bitcoins

    Bitcoins are like any other currency: they fluctuate in value relative to other currencies. Similar to how the Ghana Cedis’ valuation with respect to the US dollar is not static, bitcoins have had drastic movements in price as well and this is likely to continue, positively and negatively.

    At the time of writing the first version of this article, one bitcoin was worth GHS 72144.36

    The value of a bitcoin is constantly changing, and there is no centralized exchange for it. Picture this scenario: each time a bitcoin changes ownership from the seller to buyer, the two parties need to agree on its price. There is no ‘fixed’ price. Usually, it’s the seller’s responsibility to give a fair price to the buyer based on what rate bitcoins are being traded in elsewhere.

    In Part 2 of this series, we will look at how to get started and get bitcoins, what to do with your bitcoins, bitcoin wallets, how to safely buy bitcoins and what to do with your bitcoins.

    Thank you for reading. Don’t forget to share this with your family and friends. For the latest tech news and reviews, follow Mfidie on Twitter, Facebook, Instagram and subscribe to our YouTube channel.
    If you want to be part of our team of writers or you want to Guest write, send a WhatsApp Message to 0242022161 or simply call. You can also fill the form here to join our team and we will contact you back.