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• Embracing Crypto Payments in Africa.
  
  A cryptocurrency payment gateway is a payment processor for digital currencies, similar to payment processors gateways and acquiring bank credit cards use. Cryptocurrency gateways enable you to accept digital payments,and receive fiat currency immediately in exchange.
  
  Crypto payments are faster and cheaper than traditional international money transfers, which means Africans can keep more of their money instead of paying large currency exchange rates, transfer rates, or other fees. With cryptocurrencies like BTC, there is no need for third-party intermediaries; you can send money directly from one person or company to another, without paying extravagant fees or waiting days on end for transactions to clear through traditional financial institutions.
  
  This is a huge boon to small businesses and startups looking to grow their customer base without needing more resources or access to traditional banking systems. Peer-to-peer exchanges keep more money in African pockets.
  
  This makes crypto ideal when speed and cost savings matter most. Still, it also has applications outside those realms. Businesses can use crypto as an alternative payment method when traveling abroad or sending funds abroad via remittance services like Western Union or MoneyGram.
  
  For some Africans, cryptocurrency is seen as a vital tool to preserve and build wealth. Blockchain is helping African diasporas send money to families cheaply and securely. Crypto is increasingly seen in shops and markets. With countries like Nigeria becoming hotbeds for crypto adoption, it's no wonder we're seeing more African businesses adopting crypto payments.
  
  Africa’s cryptocurrency adoption is silently on the rise. Tech-savvy Ghanans, Nigerians, and South Africans are leading the crypto movement, adopting Bitcoin, stablecoins, and other cryptocurrencies to instead of tradit

Cryptocurrency adoption has continued to ride and thrive like a moving train, despite the hurdles that have stood in front of the industry. On a continent that was once believed to be an ancient relic of a primitive time, cryptocurrency has turned out to be of great interest to young Africans. In Nigeria, for instance, there are different perceptions of the industry. Some believe anything that has cryptocurrency in it is a scam, while others believe it is simply a get-rich-quick scheme. Thanks to various organizations and companies that have dedicated their time to organizing events to cure myopia among the African populace, we are getting a better idea of what the industry really is about. Before we get into the topic of the day, let's know what cryptocurrency wallets are.

What Are Cryptocurrency Wallets?

Cryptocurrency wallets are digital wallets used to store digital assets like Bitcoin and Ethereum securely. According to the Coinbase website, "crypto wallets keep your private keys—the passwords that give you access to your cryptocurrencies—safe and accessible, allowing you to send and receive cryptocurrencies like Bitcoin and Ethereum. They come in many forms, from hardware wallets like Ledger (which looks like a USB stick) to mobile apps like Coinbase Wallet, which makes using crypto as easy as shopping with a credit card online."

 Cryptocurrency wallets are not like traditional wallets. Unlike a physical wallet that can be stolen or lost, a crypto wallet is a digital asset that can be easily accessed by hackers if not secured properly. They are computer or mobile software programs that employ an internet connection to connect to the blockchain network of the cryptocurrency you're making use of. Cryptocurrencies aren't just kept anywhere. They are pieces of data saved in an organized database or ledger. These pieces of information are dispersed throughout the database; nevertheless, the wallet locates all the pieces connected to your public address and adds up the total for you via the app's UI.

Using these applications, sending and receiving cryptocurrency is incredibly simple. Several options are available for sending and receiving cryptocurrency from your wallet. The standard procedure is to enter the wallet address of the receiver, select an amount to transfer, sign the transaction using your private key, add funds to cover the transaction fee, and send it.

There are two types of wallets, custodial wallets and non-custodial wallets. Custodial wallets are hosted by a third party, which might be a company that offers high-level data security technologies used by companies to protect and safeguard their data. Some crypto exchanges offer these services to their customers. Non-custodial wallets are wallets where you are responsible for securing your keys. This is the type of wallet that most cryptocurrency wallets on devices use. There are also two categories of wallets: hot and cold. A hot wallet is one that has an internet connection, while a cold wallet does not.

Now that we have basic knowledge of what crypto wallets are, let's explore some of the best practices to keep your wallet safe.
 
1. Choose a Reputable Wallet Provider: The first step in securing your cryptocurrency wallet is to choose a reputable wallet provider. Do thorough research before selecting one, and find out which providers have a strong history of safe operations. Some popular wallet providers to consider include Trust Wallet, Ledger, Trezor, and MyEtherWallet, while you could also consider saving your funds with crypto exchanges like CoinW and Binance.
 
2. Use Two-Factor Authentication: Two-factor authentication adds an extra layer of security to your wallet. It requires you to enter a code generated by an app or sent to your phone before accessing your wallet. This can help protect your wallet against hacking attempts.
 
3. Keep Your Private Keys Safe: Your private key is like the password to your cryptocurrency wallet. If someone gets hold of it, they can easily access your funds. Never share or store your private key online. Instead, store it on an offline device like a hardware wallet or a paper wallet.
 
4. Use a Strong Password: A strong password should be complex and contain a mix of uppercase and lowercase letters, numbers, and symbols. Avoid using easy-to-guess passwords like your name or birthdate. Change your password regularly and do not use it on any other online accounts.
 
5. Keep Your Wallet Software Up-To-Date: Keeping your wallet software up-to-date is important because it ensures that any security loopholes are fixed. Developers often release updates to address any vulnerabilities identified in the previous version.
 
6. Backup Your Wallet Regularly: If you lose access to your wallet or forget your password, a backup can save you. It is important to store backups of your wallet on other devices in case your primary device is damaged or lost.
 
7. Be Cautious of Phishing Scams: Phishing scams are common in the cryptocurrency space. Fraudsters often send fake emails and messages asking for your private keys or other sensitive information. Always verify the authenticity of any email or message before responding.
 
In conclusion, securing your cryptocurrency wallet requires a bit of effort, but it is worth it to protect your assets. By following the best practices outlined above, you can help keep your crypto wallet safe from hackers and other types of security breaches.

The current new narrative in the cryptocurrency space has been the Brc-20 and its opportunities therein, it is the existing network on the Bitcoin blockchain and it leverages on the Bitcoin popularity and sovereignty alongside its security and decentralized nature. 

It’s inspired by the Ethereum ERC-20 token standards but with quite a notable difference between the duos, as the former leverages on ordinal inscription on satoshi to create its tokens. While the later uses smart contracts codes built on the Ethereum Virtual Machine (EVM) on the Ethereum blockchain to create its tokens. 

What’s Brc-20 Token Standards?

This is an experimental token standard that uses ordinal inscriptions to enable minting and transfer of fungible tokens on the bitcoin blockchain. Brc-20 token was introduced on the 9th of March, 2023 by a pseudonymous blockchain enthusiast known as ‘Domo’ and on the same day, he launched the first brc-20 token known as ‘Ordi’. 

Since then, there have been about 24,677 of Brc-20 tokens in existence on the network. The current market capital is $472,554,369 with a 24 hours trading volume of $206,705,219 as the time of filing this report. Top meme tokens on brc-20 are the Ordi, with a market capital of $318,000,704 and a price of $15.14 though with an all-time high of $27, others are Oshi and Pepe. There’s usually a limit to be minted per time.  

How is Brc-20 token created?

The brc-20 fungible tokens are created by attaching a Javascript Object Notation (JSON) to satoshi through bitcoin ordinals. This JSON code bit defines every features of the brc-20 tokens such as minting and distribution and the bitcoin network decodes this information once deployed. 

Bitcoin Ordinals: is the systematic numbering and transferring of every satoshi on the Bitcoin network according to its order of issuance. Satoshi is the smallest unit of currency on the bitcoin network, 1 Bitcoin is equals to 100,000,000 satoshis. Other usecases of the brc-20 is the Ordinal NFTs.

Ordinal NFTs are non-fungible tokens and they are created by attaching a digital asset file, e.g. images to satoshi. The brc-20 tokens are minted and spent like any other normal tokens. A bitcoin ordinal wallet is required to mint brc-20 tokens with a limit for each mint. 

Platform needed to interact with Brc-20 network

There are several platforms where one can mint, buy/sell and transfer brc-20 tokens such as on brc-20.io, ordinalswallet.com and unisat.io, though the minting option is yet to be available on the later. Don’t forget that you need to create a wallet with any of them and fund with Bitcoin for gas fees

Opportunities in Brc-20 token networks

Just like in any other blockchain networks, opportunities abound, such as peer-to-peer trading on the network’s exchange as one can decide to be a merchant.

Secondly, arbitrage trading opportunity where one can mint or buy from the brc-20 network exchange at a cheaper rate and then sell in the centralized exchange with some profits. 

And lastly, is the that brc-20 tokens can as well be used for decentralized finance (DeFi) on the bitcoin blockchian, since brc-20 tokens are flexible and so can be integrated into decentralized exchanges, lending protocols and yield farming systems. 

In conclusion, the brc-20 tokens are experimental token standards that uses ordinal inscriptions to enable the minting and transfer of fungible tokens on the Bitcoin blockchain and it has had an eruptic effects on the bitcoin networks within its few months of inceptions, it has had a market capital of $472,554,369 million with about 24,677 tokens already deployed. Opportunities in this network are the P2P and arbitrage trading and the DeFi protocols on the network among others. The brc-20 token network though experimental but seems it has come to stay.

Arbitrage trading is a strategy used by investors to profit from the price differences of an asset between two or more markets. It is a popular technique in traditional finance, but it has also found its way into the world of cryptocurrency trading.

Arbitrage trading in crypto involves buying and selling cryptocurrencies on different exchanges or platforms to take advantage of price discrepancies. The goal is to buy the asset at a lower price in one market and sell it at a higher price in another market, making a profit in the process.

To understand how this works, let's take an example. Suppose Bitcoin is trading at $40,000 on Coinbase, but on Binance, it is trading at $40,500. An arbitrage trader can buy Bitcoin on Coinbase at $40,000 and then immediately sell it on Binance for $40,500, pocketing a profit of $500 in the process.

Arbitrage trading can be done in different ways. One of the most common methods is to use a trading bot or algorithm that can automatically scan multiple exchanges for price differences and execute trades on the trader's behalf. This method is known as automated arbitrage trading and is popular among professional traders who have access to sophisticated trading tools.

Another method is manual arbitrage trading, where the trader manually monitors the price differences between multiple exchanges and executes trades manually. This method requires more time and effort but can be profitable if the trader is skilled and experienced.

Arbitrage trading in the crypto market can be risky, as there are several factors that can impact the price of cryptocurrencies. These factors include market volatility, liquidity, and regulatory changes. Additionally, the speed of execution is critical in arbitrage trading, as price discrepancies can disappear quickly, leaving the trader with a loss instead of a profit.

To mitigate these risks, traders need to have a deep understanding of the crypto market and be able to analyze price movements quickly. They also need to use reliable trading platforms that offer fast execution speeds and high liquidity.

In conclusion, arbitrage trading in crypto is a popular strategy used by traders to profit from price differences between different markets. It can be done manually or through automated tools, but requires a deep understanding of the market and fast execution speeds. While it can be profitable, it is also risky, and traders should be careful to mitigate the risks involved.

If you've seen the movie - "Sneakerella" by Disney Studios, then you already know what non-fungible tokens are (at least in their basic sense) - they are one-of-ones. And all around us, we're surrounded by these NFTs in the forms of relationships, images, patterns, and even numbers. For instance, when you go pick up your kids at school, you don't go there to pick up your neighbor's kids, do you? In that sense, your kid depicts what nfts are - one of one's. Even if you had a set of twins they couldn't be the same - Taiwo would never be Kehinde and vice versa. Neither would Messi be Neymar Jr. Even though both were South Americans who played for the same club, Paris-Saint Germain (PSG).


As stated by EkoLance, Non-fungible tokens (NFTs) are cryptographic assets that are one-of-a-kind and have varying degrees of rarity, making them available in limited editions. Based on origin and utility respectively, non-fungible tokens are digital creations of the web3/blockchain ecosystems. Which are ever-increasing in serving as channels for unique assets. Represented in the forms of digital arts, video clips, memes, GIFs, music, or poetry as well as any other artistic or intellectual properties. In this article, I am taking you through 4-Dimensions in the evolution of non-fungible tokens namely; The Hype, The Adoption, The Implication and  The Regrets. I'll split this under four subheadings for easy comprehension and then with a conclusive point-of-view: IS NFT TECH OR ART?

The Hype

Here's what hypes look like:

News Flash!

"Beeple sells an NFT for $69  million".

"Jack Dorsey's first ever tweet sells for $2.9m".

"CryptoPunks NFT collection crosses $1 bn in total sales".

"Obscure altcoin mana spikes 400% as Facebook's metaverse pivot spurs bet on virtual property token".



And it's not long before a fear-of-missing-out (FOMO) syndrome which affects most newbies in the web 3 space clings to your mind. Then the thought comes to mind: "buy 'em NFTs while the market's popping hot!!!" Right? The exact response of naivety. And this is where the walls of Troy come crashing down on you.

In the primary sense of the word, hype is, "promotional publicity of an extravagant kind" (Merriam-Webster Dictionary). In one word, hype is "noise" about something. And that's just what it is. There's no such thing as a good hype or bad one but there's "shilling", which we'll talk about later. This is why the acrostic DYOR - do your own research - exists in the blockchain space, to save investors from unnecessary heartbreaks. Notwithstanding, what organically promotes the hype around non-fungible tokens? Is it fundamental, technical or sentimental?

In a recent study carried out by Christian Pinto-Gutiérrez et alia on "The NFT Hype: What Draws Attention to Non-Fungible Tokens?", one interesting fact caught the eye of this subject. That is, it was discovered that "Google search activity for the topic “non-fungible token” and “NFT” is positively associated with major cryptocurrency returns" (Christian, 2022). In other words, the rise in returns on Bitcoin investments also known as a "bull run" led to increased interest in non-fungible tokens. Also, this trend seemed to flow in concurrent parallels with the heat surrounding who the next president of the United States would be at the same time in 2021. This observation was also made by the co-authored efforts of Tiana Laurence and Seoyoung Kim in NFTs for Dummies here:

"Google search trends within the US show that Googlers are now as curious about Bitcoin as they are about the country’s new president, and interest in NFTs has naturally surged with the Bitcoin tide."

And the same was true for specific NFT collections, such as “Cryptopunk” and “Decentraland”. However, the hype continues and it sure gave birth to something more concrete - nft adoptions.

The Adoption

It is primary info that NFTs were part of, but the least expected applications built on the Ethereum network outstripped its creators. Vitalik Buterin one of the founders asserts:
“NFTs are probably the one thing that I did not predict, by the way. If you look at the list of applications that were in the Ethereum Whitepaper, and you look at the applications that are popular today, the big thing that’s in the second list and not the first is NFTs.”

Although, "NFTs can credit their existence to CryptoKitties (www. cryptokitties.com), a novel game that was launched in the fall of 2017, by Dapper Labs" (Tiana & Seoyoung, 2021), NFTs first emerged in the space as digital artworks in the form of avatar collections such as CryptoPunks and later advancements began to explore other sectors where NFTs can be used such as


 • In real estate (Decentraland) or a proof of ownership of physical land.
 • In the fashion industry: Dolce and Gabbana - Alta Moda Collezione Genesi NFTs on UNXF
 • In the music industry: King of Leone Band
 • In education: EkoLance certificate of completion… (EkoLance 24 Days of Blockchain Advent Calendar, Day 11: "Non-fungible tokens).  
  • In book publishing: Readl which is built on the Polygon network provides writers the opportunity to publish their books as NFTs and create new revenue streams while protecting their creative rights.
As governments and major financial institutions began to accept Bitcoin and Ether, especially after El Salvador Repaid its $800 Million Bond despite adopting Bitcoin, non-fungible tokens will see more areas of adoption.
 

Just a little about Cryptokitties…

Here's the plot of the Cryptokitties NFT that sets me aback. CryptoKitties are unique cat NFTs that can breed i.e produce other NFTs, however of different kinds - as one of one's. As stated by the investor and professor, Tiana Laurence and Kim Seoyoung:

"CryptoKitties not only introduced the world to NFTs but also introduced NFTs that could make their own NFTs".

It even gets more exciting that the cryptography behind this set of NFTs was genetically engineered in a laboratory known as, Dapper Labs. In a sense, what CryptoKitties as NFTs did to the web 3 ecosystem was to simplify the understanding of the technical processes of the same technology which backs cryptocurrencies - the blockchain. For instance, crypto kittens breeding explains the mining process evident in the PoW consensus mechanism of Bitcoin and other proof of work networks.

Finally, playing the Cryptokitties game doesn't require coding knowledge just like its metaversian counterpart, The Sandbox Game Maker. Yet, there are many more consequences to the adoption of NFTs.

The Implication

The birth of NFTs is rapidly changing how we've conceived the world of digital arts, medicine, certifications, and real estate. A new economy is being forged at its dawn for creators known as the emerging creator economy .
Work Distribution: As an afterthought, EkoLance is currently working with the HUMAN PROTOCOL to "revolutionise the work distribution ecosystem and exchange of knowledge, funds, work and contributions on chain" (bearing in mind EkoLance issues NFT certificates to those who have completed its course) and trained 1000+ individuals.

Think: Imagine holding a pool where a set of 100 NFT Certificates trainees in the Set={Content Creators}, were picked using the HUMAN PROTOCOL. Or in the area of education where access is granted to some specialised courses by holding some specific NFTs? Also, imagine what work would be like when creators can upload their portfolios on dynamic NFTs.

In concluding this segment, however, imagine using a social media post that is tokenised as collateral Defi. Or think of gifting a loved one voice notes status feature on WhatsApp tokenised as non-fungible tokens. It's mind-blowing. The boundaries are endless and so has the notoriety of NFT scam artists seen opportunities in the vulnerability of this digital creation known as NFTs.


The Regrets

Remember, Shilling - a word I mentioned earlier? Earlier:

"There's no such thing as a good hype or bad one but there's "shilling", which we'll talk about later."

Well, here's me keeping my word. From newbies to OG's everyone has had a fair share of sad notes in the blockchain space. For starters, it's shilling. So what's shilling or what does it mean when an NFT has been shilled?


Shilling is the process of someone heavily advertising a token or cryptocurrency (which has no special utility) with the aim of selling it at a higher price. It is the first part of pump and dump schemes - a type of scam in which the fraudster buys a coin or token and then artificially inflates its price using false and misleading positive statements to sell it thereafter at a higher price. Usually, the perpetrators of this mischief have either helped in developing the project or have something to gain, so they bait their victims with the falsehood of high returns on investment. One of the strong voices against this is nftnate.


Epilogue: Is NFT Tech or Art?
Many times there's confusion as to what NFTs are and what they were designed to represent. Remember me saying NFTs are one-of-one's? Well, I wasn't wrong but there's a more techy aspect to this you need to know.

"An NFT is a cryptographically secure digital record that verifies your ownership of or access to, say, a piece of digital art".
Laurence and Kim

Let's use an instance I mentioned earlier. When you go pick up your kids at school, you don't go there to pick up your neighbour's kids. What if on some day a random guy walks up to you and says, "I came to pick my kid up, thanks for all you've done for him all these years" - would you let that pass? Definitely not. With all the dramas which will ensue, of course, there's only one place it can be proven that Jerry is your kid - in the labs. A  blood sample from you and the strange guy as well as Jerry's is taken to the lab and the test is for a match in a certain string of codes known as DNA. Do you pass? The lab issues a medical report stating, "Jerry is your kid", Voila! Jerry is still your kid. What am I trying to say?



Just like that medical report issued by the lab, the NFT is not really Jerry in this case but, the medical record issued by the lab stating Jerry is yours because of a match in DNA. That record is what verifies he is yours. However, such records can be manipulated which is what brings NFTs in handy because nonfungible tokens are not just digital records but cryptographically secure, in other words, stored on the blockchain - Ethereum in this case. More importantly, there can be no other NFTs stating Jerry belongs to someone else. That's why we call it - one of one's.

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Cryptocurrencies, such as Bitcoin, have experienced significant price fluctuations since their inception in 2009. These fluctuations have become more extreme in recent years, leading to questions about their potential impact on the global financial markets and the wider economy. In this article, we will explore how fluctuations in cryptocurrency prices affect global financial markets and trade, and the potential impact they may have on the wider economy.

The Rise of Cryptocurrencies

Bitcoin was the first cryptocurrency to be created in 2009. Since then, there has been an explosion of new cryptocurrencies, with over 4,000 currently in circulation. The growth of cryptocurrencies has been driven by several factors, including the desire for decentralized currencies that are not subject to government control, the potential for fast and cheap transactions, and the ability to use them for illegal activities, such as money laundering and drug trafficking.

Fluctuations in Cryptocurrency Prices

One of the defining features of cryptocurrencies is their volatility. Cryptocurrency prices can fluctuate rapidly, often in response to news events or changes in sentiment. For example, in late 2017, the price of Bitcoin reached an all-time high of nearly $20,000. However, by early 2018, the price had fallen by over 80%, to less than $4,000.

The price of Bitcoin, the world's largest cryptocurrency by market capitalization, experienced significant volatility in 2021. Bitcoin started the year at around $29,000 and reached an all-time high of nearly $65,000 in mid-April before experiencing a sharp sell-off in May and June.

It's worth noting that cryptocurrency prices are also influenced by a wide range of external factors such as microeconomics condition,global events, and geopolitical tensions As a result,predicting cryptocurrency prices can be challenging and investors should always exercise caution and conduct thorough research before investing in cryptocurrency.

The Impact on Financial Markets and Trade

The impact of cryptocurrency price fluctuations on financial markets and trade is complex. On the one hand, cryptocurrencies are still a relatively small market compared to traditional financial markets. Therefore, their fluctuations may not have a significant impact on global financial stability.

However, cryptocurrencies are increasingly being integrated into the global financial system. For example, some countries, such as El Salvador, have made Bitcoin legal tender. In addition, several large financial institutions, including JPMorgan Chase and Goldman Sachs, are now offering cryptocurrency products and services.

As cryptocurrencies become more integrated into the global financial system, their price fluctuations may have a greater impact on financial markets and trade. For example, if the price of Bitcoin were to experience a sharp decline, it could lead to a sell-off in other financial markets, such as the stock market. This could lead to a broader market downturn, which could have a negative impact on the wider economy.

Potential Risks to the Wider Economy

The potential risks to the wider economy from fluctuations in cryptocurrency prices are not fully understood. However, there are several potential risks that policymakers and economists are monitoring.

Firstly, cryptocurrency price fluctuations could lead to increased volatility in financial markets, which could undermine confidence in the financial system. This could lead to a broader economic downturn, as investors become more risk-averse and companies become more cautious about investing.

Secondly, cryptocurrency price fluctuations could lead to increased market concentration, as large players in the market take advantage of the volatility to make significant profits. This could lead to greater inequality and concentration of wealth, which could have negative social and economic impacts.

Next, cryptocurrency price fluctuations could lead to increased regulation and oversight of the market. This could have both positive and negative impacts on the wider economy. On the one hand, increased regulation could help to reduce fraud and protect investors. On the other hand, excessive regulation could stifle innovation and growth in the cryptocurrency industry.

Another potential benefit is that cryptocurrencies could provide a more efficient and secure way to conduct international trade. By using cryptocurrencies, transactions can be completed quickly and without the need for intermediaries, which can reduce costs and increase transparency.

Finally, cryptocurrencies could also provide a way to bypass economic sanctions imposed by governments. For example, Venezuela has created its own cryptocurrency, the Petro, in an attempt to evade US sanctions and access international financing.

Conclusion

In conclusion, fluctuations in cryptocurrency prices are a complex issue that could have significant implications for global financial markets and the wider economy. While the current impact of cryptocurrency price fluctuations on financial markets and trade is limited, as cryptocurrencies become more integrated into the global financial system, their impact may become more significant. Policymakers and economists will need to monitor the situation closely and take appropriate measures to ensure the stability of the financial system and the wider economy.

Cryptocurrency has revolutionized the financial world, but with great power comes great responsibility. One of the biggest challenges that this digital currency has faced is balancing the need for privacy with the demand for transparency.

On the one hand, privacy is crucial to protect users' financial information from hackers and other malicious actors. On the other hand, transparency is necessary to prevent money laundering and other illegal activities.

As we continue to navigate this complex landscape, it is essential to explore the ethics involved in finding a balance between privacy and transparency in cryptocurrency.

Privacy advocates argue that without strong protections, users' financial data could be exposed to prying eyes, leading to identity theft and other harmful consequences. They also argue that the very nature of cryptocurrency, which is decentralized and anonymous, should be preserved to protect the individual's right to financial autonomy.

However, those in favor of transparency contend that anonymity can be a breeding ground for illicit activities, including terrorism financing and money laundering. They argue that the decentralized nature of cryptocurrency makes it easier to evade authorities and participate in illegal transactions.

So how do we find a balance between these two seemingly opposing viewpoints?

One solution is to implement strong privacy protections while maintaining transparency through regulatory oversight. For example, exchanges could be required to collect user data while still keeping it confidential, and law enforcement agencies could be given the tools they need to monitor suspicious transactions.

Ultimately, the ethics of balancing privacy and transparency in cryptocurrency come down to a delicate dance between protecting individual freedoms and maintaining social responsibility. As this technology continues to evolve, we must remain vigilant in our efforts to create a safe and equitable financial system for all.

In conclusion, the ethics of balancing privacy and transparency in cryptocurrency are complex and multifaceted. It is clear that there are valid arguments on both sides, and finding a solution that satisfies all stakeholders will require collaboration and compromise.

As we move forward, it is essential to prioritize the protection of individual freedoms and privacy while also maintaining transparency to prevent illicit activities. By implementing strong privacy protections and regulatory oversight, we can create a financial system that is both secure and equitable for all.

In the end, the key to balancing privacy and transparency in cryptocurrency is to remain open-minded and adaptable. As this technology continues to evolve, we must remain vigilant in our efforts to find a balance that works for everyone involved. Only then can we unlock the full potential of this exciting and revolutionary financial technology.

Just as it is in traditional financial services, there are crypto platforms that loan out crypto and also let you lend your crypto to other crypto users with interest. Decentralization is one of the core dividends of blockchain. With Decentralized finance (DeFi), financial products and services on web3 are increasingly expanding, recording tremendous growth and innovations. One such financial innovation is crypto lending.

What is Crypto lending?

Similar to traditional banks' cash loans, crypto lending is a decentralized service that lets investors deposit and lend their digital assets to borrowers. Lenders then earn extremely high interest on the deposited cryptos as rewards. Depending on the platform a lender uses and other factors, these interest rates known as Annual Percentage Yield, APY may be up to 20% or more.

How Crypto Lending works

Crypto lending is made possible by crypto lending platforms. These platforms act as intermediaries between the lender and the borrower. They can be centralized or decentralized. They borrow out crypto assets in exchange for returns.

Say you have up to $100 worth of Ethereum and you deposit it in a crypto lending service.

The service gives out your crypto to any of its verified and trusted borrowers.

The borrower in turn stake, trade, or do whatever they need to do with the crypto and return it to the service as stipulated in the terms of the loan agreement (The agreement which covers things like interest rates, date of return, use of funds, etc.).

In return for this, you as the borrower/investor get weekly or monthly interest as stipulated in your terms of service.

Loans are funded on crypto lending platforms by the loans you and other lenders deposit. Loans provided can be cash or crypto and are made possible via collateralized loans. On the other hand, most crypto lending services do not require collateral for borrowers to access loans. The service sets the interest rates. Interest rates on cryptos differ from platform to platform. While some might go as high as 20%, others can go as low as 8.09%.

Types of Crypto Loans

Collateralized Loans

This type of loan requires some deposited crypto assets as collateral before borrowers can qualify for a loan. The lower the loan-to-value the higher the interest rates.

Uncollateralized Loans

Although they are unpopular in decentralized finance, few services still practice them. In this type of loan, borrowers are mandated to fill out an application form, go through the KYC tests and pass the creditworthiness review before they can access a crypto loan.

Crypto Line of Credit

In this type of loan, users can borrow up to a certain percentage of crypto deposited. There are no clear terms regarding repayment. Interests accrue only on funds withdrawn.

Flash Loans

These are the most popular types of loans where traders borrow crypto for a particular trade and make instant repayment in the same trade.

Crypto Lending Platforms

The best way to find a lending platform is to ransack all crypto exchanges that you can find on the internet. However, not all exchanges offer lending services. Popular exchanges like Binance US do not provide crypto lending. Here is a list of the top 10 ranking crypto lending platforms in 2023.

(This is not a financial advice, DYOR)

Gemini

Gemini remains one of the leading crypto lending platforms with its services available in over 50 states in the US, including New York. Aside from the fact that Gemini has never been hacked which makes it the best in terms of security, Gemini Earn users can receive up to 8.05% APY on 40 cryptos. However, the cons of using the service are in its fee structure, newbies and lenders looking to lend and borrow need to be mindful of it.

BlockFi

BlockFi is a crypto lending service that offers personalized rates on loans up to $100,000+. The BlockFi Interest Account lets lenders deposit and lend their cryptos in exchange for monthly compound interest. This is what makes it stand out as it is the only prominent service giving lenders compound interest. The service operates a collateralized type of crypto loan.

Youholder

Maybe because they are still a budding platform, YouHolder currently has the highest loan-to-value ratio of up to 90%. It also offers instant crypto loans accepting over 50 top coins as collateral. Cash loans are disbursed in any leading currency of the borrower's choice.

Aave

Aave is a decentralized finance platform that lets users borrow and lend crypto with smart contracts to automate the process. Aave specializes in over-collateralized loans. This lets the platform liquidate the collateral if its value drops too much. Its token, AAVE can be traded or staked on the exchange to earn interest.

ETHLend

Fully operational since 2017 after its public sale ended in November of the same year, ETHLend is one of the first decentralized crypto lending services. It solves the problem of reducing the loss of loan capital on default. Discount tickets on fees, buyback programs, specialized airdrops, etc are a few of the benefits that ETHLenders get.

Nexo

Nexo lets you borrow from $5 up to $2M without selling your crypto at low rates. The service does not have agreements that monitor what borrowers use with their crypto-backed loans. Where Nexo stands out amongst its peers is in the fact that it operates an uncollateralized crypto loan service that works as fast as a traditional bank credit transfer.

CoinLoans

If you are looking for a strictly crypto lending and earning platform, CoinLoans is your best stop. With over 200 crypto pairs available for exchange, coinLoan offers up to 5.5% APY at an interest of 8.5%. Unlike Gemini and a few others, reviews pegs CoinLoans customer support as the best with real humans and not bots.

BTCpop

Peer-to-peer lending is based on the borrower’s reputation and not on credit score. BTCPOP is seen as the GenZ of decentralized lending. It offers all types of crypto loans. The service lets you set not just the amount but also allows you to dictate your terms.

BitLend

Here is another strictly decentralized crypto lending platform. Bitlend is a fast, low-cost decentralized lending platform that lives on the BitTorrent Chain. However, the service employs rigorous collateralized loan types.

Celsius Network

At the time of writing, Celsius Network's initial website happens to be under construction as a result of a bankruptcy petition filed by Celsius and its affiliates. Celsius Network is making this list to warn you of the numerous potential risks affiliated with crypto lending and crypto dealings in general. Although the judge had ruled that celsius users should get 72.5% of their deposited crypto back, it is sad that the refund will not be instant in all cases. These and many more are the risks. If you are employing any crypto lending service, do your own research to fully understand the vulnerabilities associated with the service.

The idea of digital currencies, free from government control and censorship, has attracted millions of people to the world of cryptocurrencies. However, as with any digital asset, cryptocurrencies are vulnerable to cyber attacks and theft. Therefore, it is crucial to understand the security measures to protect your digital assets from potential cyber threats.

The Security measures explained below should be implemented in order to protect your cryptocurrencies.

• Strong Passwords: The first step to secure your cryptocurrency is to create a strong and unique password. Your password should contain a combination of upper and lowercase letters, numbers, and special characters. Avoid using common words or personal information that hackers can easily guess.
• Two-factor Authentication: Two-factor authentication is an extra layer of security that requires you to enter a code sent to your mobile device or email in addition to your password. Enabling two-factor authentication on your cryptocurrency wallet or exchange account can help prevent unauthorized access.
• Cold Storage: Cold storage refers to storing your cryptocurrencies offline in a hardware wallet or paper wallet. This method provides a high level of security as it is not connected to the internet, making it less vulnerable to cyber attacks.
• Keep Software Up-to-date: Ensure that you keep your wallet and software up-to-date with the latest security patches and updates. This helps to prevent hackers from exploiting known vulnerabilities.
• Use Reputable Exchanges: Only use reputable cryptocurrency exchanges that have a proven track record of security. Research the exchange's history, reviews, and security measures before using it to trade or store your cryptocurrencies.
• Diversify Your Portfolio: Diversifying your portfolio reduces the risk of losing all your digital assets in the event of a hack or theft. Invest in different cryptocurrencies and spread your assets across different wallets and exchanges.
• Keep Private Keys Secure: Private keys are used to access your cryptocurrencies, and anyone with access to your private keys can steal your assets. Keep your private keys in a secure location, such as a hardware wallet, and never share them with anyone.
• Beware of Scams: Scammers often use phishing emails or fake websites to steal your cryptocurrencies. Always double-check the website's URL and ensure that you are visiting a legitimate website before entering your credentials or making a transaction.

Securing your cryptocurrencies is crucial in protecting your digital assets from potential cyber threats. Implementing the above security measures can help reduce the risk of theft and hacking.