Know your cryptocurrencies -Arguably the best privacy coin in 2020 for Nigerians

Know your cryptocurrencies -Arguably the best privacy coin in 2020 for Nigerians

Bitcoin remains the most popular cryptocurrency in the crypto market. Check out this link for a guide on how to buy BTC in Nigeria using the Naira quickly and safely.  But there are many more coins out there that serve a different purpose and can be more useful in other scenarios. Such is the case … Bitcoin Cash (BCH) has recovered from the intraday low of $282.27 and hit $291.82 during early Asian hours. At the time of writing, BCH/USD is changing hands Major cryptocurrencies traded against the US Dollar dropped by the end of the week owing to stronger USD. Bitcoin weekly loss was 2.14%, Ethereum price is down 9.70%, Ripple 5.40%. Bitcoin price plunged farther down during the weekend session, testing support at $11,400.  The breakdown was reinforced after short term support at $11,800 The New Zealand Dollar may extend declines as NZD/JPY and NZD/USD rates eye fresh monthly lows. AUD/NZD carving out possible Bull Flag continuation pattern. For everyone, especially Venezuelans, it is well known that the sovereign bolivar barely works yet. Most traders and suppliers prefer to receive foreign currency. Many Venezuelan companies have also chosen to offer salaries in dollars to their employees. Recently, the hyperinflation suffered by the bolivar increased by another 10%. The surge in BTC transactions reached a new all-time high

Bitcoin remains the most popular cryptocurrency in the crypto market.

Check out this link for a guide on how to buy BTC in Nigeria using the Naira quickly and safely. 

But there are many more coins out there that serve a different purpose and can be more useful in other scenarios. Such is the case of Privacy Coins.

Privacy has been one of the main topics since the start of the 21st century. We live in a surveilled society where unknown government agencies monitor our every move and transaction from not only our nation but also by powerful countries with the capacity to control the entire internet.

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Indeed, privacy is one of the drivers of cryptocurrencies and has its origin in the Cypherpunk movement of the early nineties. The idea of preserving privacy at an economic level. This led to the creation of Bitcoin Mixers, which expanded to other altcoins like Ethereum. Also, this philosophy of internet privacy is what is behind the creation of privacy coins.

As the world of information continues to develop in Nigeria, compromises in privacy will have to be made. Yet, thanks to the world of Blockchain, economic transactions can remain private for individuals.

In the very early days of Bitcoin, it was assumed that transactions of a Blockchain were anonymous. The identity of the wallet was derived from the public key, so even if all transactions were visible, it was assumed a wallet could not be connected to the person behind it. Of course, this didn’t last.

The demise of Silk Road, an illegal market place in the dark web, was brought about by law enforcement unmasking some BTC transactions. This new ability ended the myth of Bitcoin being an anonymous way to send money and left many in the space with the open question of who might be monitoring the Blockchain.

Events like this gave rise to the privacy coins. These are cryptocurrencies that hide the origin and the sender for each transaction that has gone through their network. Unlike general crypto coins, privacy coins hide these traces by default and do not need an extra layer of Cryptocurrency Mixers to make economic activity anonymous.

Yet, they use the same principle. Like with Mixers, a privacy coin aggregates a lot of transactions and addresses. It mixes them all up to hide the origin of the individual transactions. This process is what gives privacy coins a higher degree of anonymity in the world of Blockchain. It is not perfect as there are some papers out there that discuss the possibility of trace the money flows of even a privacy coin. But these are very resource-intensive processes that require the attention of some very powerful agencies.

So, in general, a privacy coin is way more anonymous than a regular cryptocurrency. Privacy coins have carved a niche market use and a level of popularity among the crypto community. In no particular order, the most popular privacy coins are:

Monero is one of the original privacy coins in the space. To date, it is the biggest privacy coin in the market right now, with a market cap of 1.5 billion dollars. Monero is a Proof of Work network that is also ASIC resistant. This means that it cannot be mined using ASIC to prevent centralization by those with deep pockets enough to buy these expensive machines.

All transactions in Monero are private by default. A Monero Blockchain Explorer will only show that a transaction was a success, only the sender and the receiver know the amount transacted. These features have made Monero the king of privacy coins.

As the top privacy coin in the world, Monero has gained a strong foothold in Nigeria. It is the most traded privacy coin in the country, and many times it is used instead of Bitcoin. This is because the Monero network fees are lower than in BTC, so it is more economically viable to send money using XRM than Bitcoin.

Click on the link to safely and quickly buy Monero either to trade or for investment.

Zcoin was developed on a protocol named Sigma, which is used to maintain the privacy of transactions. Much like with Monero, the ledger only shows that a particular transaction was a success. Only the parties involved in the money flow can see the amounts sent and received.

The ZCoin network has integrated Tor, so all the users’ IP addresses are also protected when using this platform.

The Zcoin is considerably smaller than other privacy coins. It has a market cap of 80 million at the time of this writing. The total supply for Zcoins is 21,400,000.

The Grin coin is a unique project. Like the two before on the list, the Grin network does not store amounts sent and receive for each transaction. This ensures the privacy of the parties involved remains intact.

Additionally, Grin uses Mimblewimble. This is technology named after the spell in the Harry Potter books allows for transaction history to be erased. This not only increases privacy but also helps the network’s TPS to scale with demand. The market cap of Grin at the time of writing was almost 30 million dollars.

This is not only a privacy coin, but the native token of the SERO protocol. The project markets itself as the first platform that allows the deployment of Dapps using a privacy coin. The smart contracts launched on SERO can use the coin and deploy anonymous tokens. The SERO protocol achieves this by implementing a version of zk-SNARKs named Super-SNARK. It not only ensures privacy but also increases transaction speeds.

Up to this point, the crypto coins listed are private by default. There are a few networks out there that give the option of hiding transactions. Such as:

A fork of the Bitcoin Network Dash was launched in 2014. The cryptocurrency offers the possibility to make transactions anonymous by implementing a native mixing service in the Dash network. This option has made it a popular choice for Venezuelans to send money back home, and it has solidified Dash’s use as one of the best privacy coins. Also, as one of the most successful forks of the Bitcoin Network to date.

Dash is also a favorite of Nigerians. As the fees of Bitcoin and Ethereum rise due to the increase in price, Dash has emerged a viable and affordable alternative. This is especially so when sending remittances to the country, as the lower fees and faster confirmation time of the Dash network make it an attractive choice. This has created a growing community of Dash users in Nigeria that is expanding by the day.

As we can see, the privacy coin niche is alive and well. These cryptocurrencies see a lot of traffic regularly and are being actively improved by developers’ passionate community. They bring financial services to the oppressed population and ensure that no matter what happens in the future, privacy will be maintained in an ever more surveilled world.

Check out the Full List of Countries Working on a Central Bank Digital Currency (CBDC)

Podcast: MainOne – 10 years building West Africa’s internet infrastructure

NEW REPORT: Nigerian startups raised $28.35m in Q2 2020; only about 4.5% of that came from local investors. Find out more in the full report.

Techpoint Build 2020 is holding virtually in August. Register free now to attend. 

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Source: otcpm24.com

Author: News Bureau


Cryptocurrencies Price Prediction: Bitcoin Cash, Litecoin and Ethereum – European Wrap 24 August

Cryptocurrencies Price Prediction: Bitcoin Cash, Litecoin and Ethereum – European Wrap 24 August

News source

Source: elevenews.com

Author: Published 13 hours ago


Blame it on The Nasdaq

Blame it on The Nasdaq

US data announced this week showed a significant recovery in building permits and housing, building permits (MoM) for July surged to 18.8% compared to the previous 3.5%, Housing Starts data revealed 22.6% which is 5.1% higher than the previous month, existing-home sales data were as well positive reported beyond expectations.

Despite the negative Jobless claims and Philadelphia Fed Manufacturing PMI reported on August 20, Manufacturing PMI and Services PMI demonstrated a significant improvement, which led major US Indices to surge whereas S&P500 and Nasdaq100 reached the all-time high.

US stocks continue hitting records, Tesla surged by 24.19% breaking the significant $2000 per share value, and is now worth more than $382 billion surpassing Walmart by nearly $10B. Nasdaq’s top company by market cap – Apple gained 8.23% hitting the $2127B in capitalization. Tesla and Apple remain the top popular shares last week based on Robinhood data.

S&P500 closed above the all-time high, some might think that there is a possible double top pattern, economic recovery of the US indicates that the index may continue the run towards $3500.

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Nasdaq owes its gains not only to Tesla and Apple, but there are also other tech companies that surged last week and during the pandemic, such as NVIDIA, AMD, Qualcomm, Microchip Tech, Texas Instruments.

An hourly chart demonstrates that the correction is most likely will happen as the price touched the dynamic resistance and the fifth wave of an ending diagonal is about to complete at 11600. Ending diagonal is a trend reversal pattern, which usually demonstrates exhaustion of bulls, note the evening star doji, though the closing is above the previous close, it still shows uncertainty and exhaustion.

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NDX chart by TradingView

Bitcoin and Ethereum price actions are considered as cryptocurrency market movers. Since Bitcoin is nowadays considered as the digital Gold and Ethereum as a digital Silver, their price action now is correlated to US data which effect Gold. Gold was ever since used as a safe-haven to hedge funds during the uncertain times and inflation, so is Bitcoin now.

An hourly chart of Bitcoin indicates that the price could decline further to towards $11200 – $11160 to complete the Head and Shoulders pattern, another pattern to watch is an ending diagonal which is yet to be completed as well. Bitcoin remains below the major resistance level of $11700 an in order to show another bull run it must break the dynamic resistance (ending diagonals upper edge) and close above the 11700, however testing 11200 might bring another stimulus for bulls.

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Ethereum plummeted to $380 after reaching the year’s maximum at $446.67, loosing 9.7% this week only. Digital Silver price is following a similar ending diagonal pattern, and if the upper dynamic resistance and a static resistance of 397 is not overpassed, ETH might continue the drop towards a major support at $380, and if that support is broken, towards $370 – 369.

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Unlike Bitcoin, Gold lost only 0.20% in price for the week. A significant drop was on Wednesday August 19 ahead of US data announcements, where the precious metal lost 3.67% after gaining 2.97% on Monday and Tuesday.

Head and shoulders pattern is identified on an hourly chart of Gold and the price might continue the drop down to $1881.60 – 1880, where if the support laid on those level withheld the price might retrace towards 2014 and if above towards 2046, where the bearish pattern will be completed.

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Since Gold and Silver prices demonstrate similarities in their price action, the same Head and Shoulders is visible on an hourly chart of XAGUSD. The price is below the dynamic support of August 12 which might signal to a further decline down to $25.30.

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The price continues the short-term downtrend move inside a descending channel, which in other had forms another controversial to the H&S pattern of Bullish Flag.

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If bulls are able to push the price above the dynamic support and if the dynamic resistance is overtaken at $27, the bullish run might proceed towards $28 – 28.50.

Key takeaways for the upcoming week would be announcements from Eurozone, Great Britain, China and the US.

Tuesday, August 25, 2020

German GDP (YoY) as per Second quarter data is expected to be -11.7%, 9.8% lower than the previous -1.9%

German GDP (QoQ) as per Second quarter data is expected to be -10.1%, 7.9% lower than the previous -2.2

US CB Consumer Confidence (August) is expected to be 93, 0.4 points higher than the previous 92.6

US New Home Sales (July) is expected to be 786K, 10K higher than the previous 776K

Wednesday, August 26, 2020

US Core Durable Orders is expected to be 2.1%, 1.5% lower than the previous 3.6%

Thursday, August 27, 2020

US GDP (QoQ) as per 2nd Quarter is expected to be -32.6%, 0.3% higher than the previous -32.9%

US Initial Jobless Claims is expected to be 1,000K, 106K lower than the previous 1,106K

US Pending Home Sales (MoM) as per July is expected to be 4.5%, 12.1% points higher than the previous 16.6%

For a look at all of today’s economic events, check out our economic calendar.

Republican National Convention, which will be held on Monday, in which delegates will determine the nominees for the upcoming presidential elections. Markets will be watching this event closely as during the current campaign Democrats are having an edge over republicans.

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Source: Yahoo Finance

Another major event would be an annual Jackson Hole conference this Thursday, August 27, where FED Chairman Jerome Powell will speak about current economic situation, inflation targets and possibly share preliminary focus on interest rate change.

The economic state and inflation in the US once again are an important constituent of the Global economy and global markets, all these events will be decisive for the mid-term price movements for the US Indices, commodities and cryptocurrencies.

This article was originally posted on FX Empire

  • Gold Prices Remain Under Pressure, as Traders await U.S Federal Reserve for Direction
  • EUR/USD Daily Forecast – Euro Gains But Holds Within Broader Range
  • Gold Price Forecast – Consolidation Bias is Higher
  • Daily Gold News: August 24 – Gold Slightly Higher as Stock Markets Rally
  • European Equities: Futures Point Northwards, with no Stats in Focus Today
  • Bitcoin and Monero’s XMR – Weekly Technical Analysis – August 24th, 2020

Source: finance.yahoo.com

Author: Aziz Kenjaev


Cryptocurrencies Price Prediction: Bitcoin, Ethereum & Ripple – Asian Wrap 24 Aug

Cryptocurrencies Price Prediction: Bitcoin, Ethereum & Ripple – Asian Wrap 24 Aug

Bitcoin price plunged farther down during the weekend session, testing support at $11,400.  The breakdown was reinforced after short term support at $11,800 failed to hold. In addition, $11,600 did little to halt the losses. Fortunately, a descending channel support came in to rescue the bulls from a would have been devastating slump to $11,000.

Ethereum revisited support at $380 on Saturday following an extended breakdown under $400. The rest of the weekend trading remained mundane with attempts to break above $400 falling short again and again. Ether has already climbed to highs above $390 at the time of writing and trading at $393. The cryptoasset’s immediate upside is limited by a descending trendline resistance.

Ripple (XRP/USD) gained more than 2% on Saturday but failed to extend its rebound on Sunday. As of writing, XRP/USD was down 2% on the day at $0.2803 and was losing a little more than 8% since the beginning of the week. On the daily chart, a double top formation has become apparent.

News source

Source: elevenews.com

Author: Published 16 hours ago


New Zealand Dollar Outlook: AUD/NZD, NZD/USD, NZD/JPY Levels to Watch

New Zealand Dollar Outlook: AUD/NZD, NZD/USD, NZD/JPY Levels to Watch

  • AUD/NZD Bull Flag formation may hint at further buying pressure in the coming days.
  • NZD/JPY perched precariously atop sentiment-defining moving average support.
  • NZD/USD Ascending Channel attempting to guide price higher.

The New Zealand Dollar may continue to come under pressure in the near term against its major counterparts, as AUD/NZD rates consolidate in a bullish chart formation while NZD/JPY and NZD/USD eye fresh monthly lows.

New Zealand Dollar Outlook: AUD/NZD, NZD/USD, NZD/JPY Levels to Watch

AUD/NZD daily chart created using TradingView

AUD/NZD rates kicked off August with a run of 11 consecutive up-days, as price rose just over 3% to breach key downtrend resistance extending from the 2015 high (1.1429) and push to a fresh 2-year high (1.1043).

The 50% Fibonacci expansion (1.1008) appears to have stifled buying pressure for the time being, with psychological resistance at the 1.10 level proving to be a significant challenge for AUD bulls.

That being said, AUD/NZD may be gearing up to extend its climb higher as it carves out a Bull Flag continuation pattern above the August 18 swing-low (1.0930).

Furthermore, the RSI is perched constructively above 60 and the slope of the 21-, 50- and 200-day moving averages have notably steepened. This is indicative of swelling bullish momentum and may lead to an extension of the AUD/NZD exchange rate’s 5-month climb.

A daily close above the monthly high (1.1043) is needed to validate the bullish pattern and could trigger the resumption of the primary uptrend, with the implied measured move indicating a surge to test the 1.12 level could be in the offing.

New Zealand Dollar Outlook: AUD/NZD, NZD/USD, NZD/JPY Levels to Watch

NZD/JPY daily chart created using TradingView

The 200-day moving average appears to have temporarily halted NZD/JPY’s 4-week decline from the July high (71.67), after price easily sliced through the July 30 swing-low (69.55) and trend-defining 50-DMA (69.60).

Further losses could be in the offing however, as price struggles to climb back above the July low (69.25) and the RSI dips below 40 into bearish territory.

The MACD indicator’s first venture below 0 since late May compounds the bearish signals reflected in recent price action and may intensify selling pressure in the coming days.

To that end, NZD/JPY rates seem poised to slide back to support at the June 22 swing-low (68.15), with a break below the psychologically imposing 68 level probably guiding price back to confluent support at the May high (67.13) and March uptrend.

Conversely, a daily close above the July 30 swing-low (69.55) and downtrend extending from last month’s high may encourage would-be buyers, possibly carving out a path for price to re-test the June high and perhaps fill in the January breakaway gap (72.18).

New Zealand Dollar Outlook: AUD/NZD, NZD/USD, NZD/JPY Levels to Watch

NZD/USD daily chart created using TradingView

Since setting the post-crisis high on July 31 (0.6715) the NZD/USD exchange rate has drifted steadily lower, sliding as much as 3% to break back below the 0.65 level for the first time in 6 weeks.

Nevertheless, the outlook for the risk-associated currency remains skewed to the upside, if Ascending Channel support and the monthly low (0.6488) remain intact.

Moreover, the RSI seems to be swerving away from bearish territory below 40, whilst the ‘faster’ MACD line gears up to cross above its ‘slower’ Signal line counterpart. This suggests a resumption of the uptrend extending from March could be in the offing.

With that in mind, NZD/USD rates could push back towards the August high (0.6689) if buyers successfully overcome the 38.2% Fibonacci (0.6549) and 21-DMA (0.6592).

On the other hand, a break below the monthly low (0.6488) would probably result in a slide back to the sentiment-defining 200-DMA (0.6408) and invalidate bullish potential.

New Zealand Dollar Outlook: AUD/NZD, NZD/USD, NZD/JPY Levels to Watch

Source – IG Client Sentiment Report

NZD/USD: Retail trader data shows 34.02% of traders are net-long with the ratio of traders short to long at 1.94 to 1. The number of traders net-long is 13.54% lower than yesterday and 17.84% lower from last week, while the number of traders net-short is 8.17% higher than yesterday and 7.47% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests NZD/USD prices may continue to rise.

Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger NZD/USD-bullish contrarian trading bias.

— Written by Daniel Moss, Analyst for DailyFX

Follow me on Twitter @DanielGMoss

Source: www.dailyfx.com

Author: Daniel Moss


Transactions in cryptocurrencies reach new all-time highs in Venezuela

Transactions in cryptocurrencies reach new all-time highs in Venezuela

For everyone, especially Venezuelans, it is well known that the sovereign bolivar barely works yet. Most traders and suppliers prefer to receive foreign currency. Many Venezuelan companies have also chosen to offer salaries in dollars to their employees. Recently, the hyperinflation suffered by the bolivar increased by another 10%. The surge in BTC transactions reached a new all-time high.

It can be said that the current Venezuelan national currency, the sovereign bolivar (VES), barely retains any value both inside and outside the country. This week, the hyperinflation suffered by this asset increased by 10%, causing each unit of dollar to be equivalent to some 300,000 VES.

In contrast, the volume exchanged in BTC by Venezuelans on the P2P LocalBitcoins platform reached a new all-time high; almost directly proportional to the sharp fall of the sovereign bolivar. In fact, since the first week of August, the volume of trade in the BTC/VES pair on LocalBitcoins has continued to rise, gaining 48.86% to date.

As for the latest record, it comes just a week after the previous one, with a 3.4% lead. Thus, right now there is a volume of 1.4 trillion SEVs, equivalent to almost $5 million. With this figure, Venezuela outperforms some of the most active countries on the platform, including Argentina, Colombia, Peru, Mexico and Chile.

It is worth noting that this same week Chile also set a new volume record for LocalBitcoins, with more than 500 million Chilean pesos (CLP), equivalent to around $667,000. Although this is not comparable to Venezuela’s volume, it is 28.9% higher than the previous high, also set last week.

As with Venezuela, Chile has also been substantially increasing its transactions in this P2P exchange since early August. This may be because, according to its central bank, its Gross Domestic Product (GDP) fell by 14.1% year-on-year in the second quarter due to the restrictions applied to contain the pandemic. Bitcoin would then be presenting itself as an economic haven for the citizens of both nations.

Find out more about the hyperinflation in Venezuela and the surge in the use of cryptocurrencies with our companion app. The Born2Invest mobile app brings you for free the most important financial news in the world.

For everyone, especially Venezuelans, it is well known that the sovereign bolivar barely works yet. Most traders and suppliers prefer to receive foreign currency, and if they accept the devalued national currency, they calculate the amount to be charged according to its price with respect to the dollar during the same day.

That is why many Venezuelan companies have also chosen to offer salaries in dollars to their employees. As mentioned by economist Guillermo Arcay:”People went from laughing at Venezuela because it is a country with many zeros on its bills to a country where there are simply no bills (…) The real monetary balances that Venezuelans have in their accounts are so small that people have less than one day’s worth of Bolivars in their accounts.”

On the other hand, the state-owned cryptocurrency, the Petro (PTR), also has little use inside the country and absolutely none outside. Recently, some Venezuelans managed to find it useful to pay for the gasoline that the country had to import from Iran by paying with gold reserves, but even after official authorization from the government, many fuel dispensers refuse to accept this method of payment.

Consequently, it seems that Venezuela’s native currencies are on the way to disappearing, overshadowed in use by the use of the dollar and cryptocurrencies.

Author: Valerie Harrison

Source: the-ecoin.com

Author: The-eCoin


Know your cryptocurrencies -Arguably the best privacy coin in 2020 for Nigerians


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