Cryptocurrencies have changed the face of many things in Africa and Namibia. However, one of the most noticeable ways in which cryptocurrencies (and Bitcoin) have had effect in Namibia is the level of economic liberation they have brought – and are still bringing – to many Namibians.
However what is important is not their stories or who they are; what is important is for you to know what principles got them there and how you can implement them and become successful yourself.
People continue to ask, ‘What is the best time to invest in cryptocurrency?’. The answer to that is- there is no right time to invest. As earlier mentioned, the cryptocurrency world is highly unpredictable and prices continue to fluctuate with time.
However, the best time would be when the prices are relatively low. The Bitcoin is certainly an expensive option, hence, keep a look on alternative cryptocurrencies which are relatively new in the market and offer low investment options along with high yields in the future.
Coins such as XRPs are available at rather low rates. Nowadays, it has also been predicted that the value is only going to skyrocket as time passes. Several other options include the Ether, which is available at close to USD 1900 per unit. This is relatively cheaper than the BITCOIN which requires a rather hefty investment of close to about USD 9000 per unit.
Keep yourself updated with the latest prices per unit for different cryptocurrencies in the market. Sites like this offer you great insights on the current happenings and trends of multiple cryptocurrencies in the market out there
Successful investors learn throughout their lives. They constantly watch the news and read articles on markets and modify their strategies based on the latest information. In the world of cryptocurrency you must be smart and agile if you plan to stay in it for a long time.
Sometimes a simple news can be a catalyst for huge market changes.
As a trader or investor, you should try to aim to earn as much money as often as possible.
But there is a huge difference between trading based on rational analysis and the expectation that your investment or trade action will be always successful.
Traders, who are convinced that every transaction they make is a ‘win bet’, usually fall first.
A Bitcoin broker is a company that facilitates the buying and selling of Bitcoin as well as other cryptocurrencies.
There are several Bitcoin brokers you can find around. In the past, Namibians had only the option of foreign brokers to conduct Bitcoin binary options trading but in the last couple of years, indigenous Bitcoin brokers have arrived on the stage.
However, we must note that there are different models used by Bitcoin brokers, and it is quite important for you to understand this, so as to avoid unpleasant experience.
There are chiefly 3 types of Bitcoin broker models, namely:
These are explained further below:
Known as over the counter broker, this is the simplest type of broker model, and in fact, the earliest model. With this model, you are trading directly with your broker. To purchase Bitcoin, you send money directly (Fiat currency) to your broker who in turn credits your Bitcoin wallet. To also sell, you send Bitcoin and receive Fiat currency, paid via your bank account or other payment channels.
This system has a number of benefits; one of which is that you can be rest assured that you can never be scammed (provided you trade with a credible broker).
There are downsides on the other hand. For instance, most exchanges don’t operate throughout the day; this means you can’t conduct Bitcoin trades off business hours or even on weekends.
P2P means “Peer to Peer”. As the name suggests, the Bitcoin P2P Broker does not buy or sell Bitcoin from/to you. They simply connect you to other traders who are willing to sell/buy Bitcoin and other cryptocurrencies. The exchange just serves as an escrow or intermediary between the traders.
One of the benefits of this system is that one can trade at any time one wants to. Similarly, there is none of the bureaucracy that comes with trading OTC directly with a broker.
There is a flip side however. This method opens one to different forms of fraud. In case of a sell transaction, a fraudulent trader on the other side might trick you into confirming a trade, leading you to lose your coins.
These platforms make it possible for you to trade and earn from price movements in the cryptocurrency markets, just like you trade forex and other markets. Pairs available for trading include BTC/USD, BTC/ETH, amongst others.
Of the total $350 billion market cap for all cryptocurrencies, Bitcoin alone is responsible for at least $100 billion. It is also the most used cryptocurrency, and its price movements largely dictates the direction of most of the other cryptocurrencies.
Bitcoin has ultimately changed and transformed the way people live and do business in significant ways in Namibia and all over the world. Summarised below are the benefits which the Bitcoin revolution has brought about in Namibia.
International Trade
For one, conducting international transactions is quite difficult. Different countries spend different currencies, and even though we are in a much globalised world, we still have to exchange currencies to one another to facilitate international trade. With cryptocurrencies such as Bitcoin, you can easily send money from your wallet to that of the recipient without much hassles.
Simple, Private and Confidential
Under cash/credit systems, your entire transaction history may become a reference document for the bank or credit agency involved, each time you make a transaction. At the simplest level, this might involve a check on your account balances, to ensure that sufficient funds are available. For more complex or business-critical transactions, a more thorough examination of your financial history might be required. This complexity is not the case with Bitcoin.
Another important advantage of using Bitcoin is that each transaction you make is a unique exchange between two parties, the terms of which may be negotiated and agreed in each case.
This guards the privacy of your financial history and protects you from the threat of account or identity theft which is greater under the traditional system, where your information may be exposed at any point in the transaction chain.
Minimal Transaction Fees
You’ve no doubt read your monthly account statements from the bank or credit card company, and get surprised at the level of fees imposed for cashing checks, transferring funds, or breathing in the general direction of the finance houses involved. Transaction fees can take a significant bite out of your assets – especially if you’re performing a lot of transactions in a month.
With Bitcoin, there are no account managers, so you only pay minimal fees per transaction.
Democratising Money and Exchange
In a traditional banking or credit card system, you effectively turn stewardship of your funds over to a third party that can exercise the power of life or death over your assets. Accounts may be closed without notice for infringements of a financial institution’s Terms of Service – requiring you as the account holder to jump through hoops in order to get yourself back into the system.
With Bitcoin, you are the sole owner of the corresponding private and public encryption keys that make up your cryptocurrency network identity or address.
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