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Buying Bitcoin: The risks and how to overcome them

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Bitcoin is the most popular cryptocurrency. Although decentralised and fairly accessible to most investors and traders, there are some inherent risks associated with digital currencies. These need to be addressed in order that people can devise the proper risk mitigation strategies in case they wish to buy bitcoin and hold the crypto asset as an investment or trade it.

1. Crypto scams

Newcomers in the crypto space are usually the primary targets for both low and high level bad actors operating in the shadows. These are typically individuals or entities that exploit people through various communication channels including social media platforms such as Facebook, Telegram, YouTube, WhatsApp and Twitter or via emails. They will generally sell captivating stories about how they have made astronomical gains through trading or investing in bitcoin. They would then solicit unsuspecting victims, proselytise, offer them their so-called ‘expertise’ and promise to provide lucrative profits.

Other scammers convince people to join pyramid schemes. Both generally use jargon like ‘cloud mining’ or ‘algorithmic trading’ to confuse targets into thinking that they know some secrets that could also make the targets large sums of money. Other major threats come in the form of rogue exchanges which pose as legitimate platforms but are in fact bucket shops for illicit activities.

How to avoid the risk: The ultimate way to avoid these scammers is to buy bitcoin from trusted and secure cryptocurrency exchanges like Remitano. Remitano uses a secure escrow system to ensure that the seller sends your bitcoin before they receive your payment since bitcoin transactions are irreversible.

If you must buy BTC via a peer-to-peer exchange using social media, then make sure you verify the legitimacy of the parties with which you transact. There are some paid social media groups that apparently use an escrow system to monitor transactions between buyers and sellers but this means of buying bitcoin is generally not recommended.

2. Market volatility

Bitcoin is currently one of the most volatile assets in existence. Its volatility is an intrinsic risk that traders dread. The price of bitcoin could swing up or down by as much as over 20% within an hour. When prices drop suddenly and sharply, most novice traders or investors sell-off in a panic and most do so at a loss.

Bitcoin’s price movements like most traded assets is greatly affected by market news. For instance if a reputable investor or esteemed entity invests in bitcoin, what typically follows is price appreciation. And when there is news about a crypto exchange hack for instance, people panic sell and the price of bitcoin plummets.

How to avoid the risk: To prevent unnecessary losses after your bitcoin purchase, either establish buy and sell targets and stick to them so that you don’t react to every piece of news or get swayed by market sentiment. You can also dollar-cost average or if in South Africa, Rand-cost average. This means that you make your purchases consistently to a set schedule, irrespective of the price. This is generally good for those looking to invest long-term since the logic behind the strategy is that the average purchase price over time will work out to be better than trying to perfectly time the market. Let’s say you want to buy 1 BTC, you can buy it in increments of 10 i.e. buy 0.1 BTC at different intervals.

Volatility is a risk but day traders take advantage of the volatility to make profits. Day traders try to read the market and predict the price movements of bitcoin, opening and closing trades within a day.

3. Cybertheft

Bitcoin trading is powered by blockchain technology and the internet. The fact that it depends on the internet makes it susceptible to cyber attacks. One of the serious risks is that your wallet can be hacked. If your wallet gets hacked, you might not be able to retrieve the stolen bitcoin. There have been different reports about huge amounts of bitcoin lost to cyber theft. Exchanges are also susceptible to hacking, so if your wallet is hosted on such an exchange, your funds can be at risk.

It is also important for crypto market participants to ensure that they don’t misplace the private keys or seed phrases to their crypto wallets.

How to avoid the risk: To ensure your funds’ safety, ensure you trade on a reliable and trusted platform such as Remitano and open a private wallet address. Offline wallets are the most secure private wallets out there, so ensure you get one. You should also activate the two-factor authentication and encryption on your crypto wallet. Having a multi-signature feature and wallet backup will also help you secure your crypto assets.

4. Government regulation

Although the South African government is yet to regulate the use or trading of cryptocurrencies, it may still decide to impose a ban on bitcoin transactions at any time. The Nigerian government recently stated that it will be placing a ban on cryptocurrency transactions. Even though it is unlikely cryptocurrencies will be outlawed, there’s still a risk to consider.

Conclusion

Buying bitcoin is a straightforward process but also risky when you don’t understand the basics. Volatility is a major concern for bitcoin and cryptocurrencies and new market entrants ought to be extra vigilant. Security and regulatory issues are some of the other risks associated with bitcoin investing and trading. Therefore you need to seek a better understanding of how the crypto market works and the various risks involved. The rule of thumb when it comes to investing in general is – only invest what you are willing to lose. The same applies when you decide to buy bitcoin.

Article & Image source: Heath Muchena

 

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AOC dazzles visitors with a special game room at GITEX Technology 2021

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AOC Sales Director Middle East & Africa, Carol Ann Dias (Image: Hazem Abed)

AOC, the world’s leading manufacturer of computer monitors, highlights its presence at GITEX Technology Week 2021 through their authorized distributor, Hiperdist. At GITEX, AOC is showcasing a special game room where visitors can get try out the latest lineup of gaming monitors, some of which are made for professional e-gamers.

“Being one of the largest information technology exhibitions not just in the region but the whole world, AOC would not want to miss the opportunity to participate at GITEX 2021,” said Carol Ann Dias, Sales Director Middle East & Africa at AOC. “More than making our presence felt at the show, we are now focusing on emerging markets which is why we have partnered with Hiperdist due to their strong presence in the MEA region,” she added.

Some of AOC’s well-known monitors that include the Agon and the G2 line up are all on display at GITEX. Where visitors are encouraged to try out the new displays that offer some of the best technologies that make it fit for the gaming crowd.

Already a top choice by gaming professionals, the AGON AG352UCG6 features a 35-inch display with a 120HZ refresh rate. The curved design supports a WQHD (3440 x 1440) resolution that has 2.4x more pixels than a standard widescreen monitor. It also features a lighting panel at its rear which can be customized in colours of red, green or blue.

Also on display is the AOC C27G2 gaming monitor that comes in a 27-inch size with a 165Hz refresh rate. There’s also a 1ms response time for more accurate play. And Freesync support so high-intensity games are razor-sharp without ghosting.

Visitors can join and experience AOC monitors at the Hiperdist stand in Hall 3 E1 at GITEX Technology Week in the Dubai World Trade Centre.

 

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Philips Introduces Momentum 559M1RYV 4K HDR display with Ambiglow for Xbox

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Philips 55 lifestyle in situ Xbox (Image: Supplied)

MMD, the leading display specialist and brand license partner for Philips monitors, today announced the release of the world’s first designed for Xbox console gaming monitor. Philips Momentum 559M1RYV featuring 55-inch panel size boosting 3840×2160 resolution with 4K / 144Hz, 4ms GTG response time, and many other features that will be available in the UAE, Saudi Arabia, Kuwait and Pakistan.

4K HDR display with Ambiglow 559M1RYV/01 | Philips

Philips Momentum 559M1RYV: Design and Sound

This new “Philips Momentum 559M1RYV” bears the name Momentum 559M1RYV and bears the same exterior appearance as the previous version, including the adoption of a VA LCD panel with a W-LED backlight system with Ambiglow technology that adds a new dimension to your viewing experience. Innovative Ambiglow technology creates an aura of light on the surrounding wall from behind the screen panel. Its fast processor analyzes the content of the displayed image, and continuously adapts the color and brightness of the emitted light to match the displayed image. This technology also helps reduce eye strain to enjoy the scenes, it also supports DisplayHDR 1000 standard. The gaming monitor includes a specially designed speaker enclosure from the engineers at Bowers & Wilkins, the British loudspeaker company globally renowned for their innovative designs and sound engineering, that completes the experience.

Pankaj Budhiraja, Category Manager – Philips Monitor – Middle East & Africa, said: “The new Philips Momentum monitor offers unique user experience especially for gamers who demand exceptional graphic quality display and flicker-free pictures. This monitor is a wholesome entertainment package with build-in stereophonic speakers, sharp picture quality, vibrant colors and dynamic contrast and excellent resolution”.

Philips Momentum 559M1RYV: Performance

Philips Momentum 559M1RYV including Displayport 1.4, a USB-B port along with 4 USB 3.2 ports, two of them with fast charging. The Philips Momentum Monitor delivers designed for Xbox validates performance with ultra-clera 4K resolution at a minimum 120Hz refresh rate. 3840×2160 pixels with a 16:9 aspect ratio and a good response time of 4ms, as for the brightness rate in the mode up to 750cd / m2, while in the HDR mode it reaches 1200cd / m2. As for the color weight, we will notice that it offers DCI-P3 color gamut with 95% coverage, NTSC color gamut with 104% coverage, and sRGB with 125% coverage.

“As Philips always prioritizes user health, we introduce Ambiglow technology for eye-friendly productivity and a premium sound system. The monitor been extensively tested, and validated by engineers at Microsoft and MMD to ensure perfect compatibility, Philips Momentum meet’s the high expectations of the Xbox fans, creating an integrated gaming atmosphere to enjoy.” Budhiraja added.

Key features for Philips Momentum 559M1RYV:

  • Screen size: 55-inch
  • Resolution: 3840 x 2160 UHD 4K
  • Panel type: VA
  • Refresh rate: 120Hz (HDMI 2.1); 144Hz (DisplayPort 1.4)
  • Response time: 4ms
  • Aspect ratio: 16:9
  • V-Sync method: Adaptive Sync
  • Contrast ratio: 4,000:1
  • Ports: HDMI 2.1 (x3), DisplayPort 1.4 (x1), USB-C (x1), USB-B (x1), USB 3.2 (x4)
  • Ambiglow: 3-sided
  • Power supply: Internal, 100-240VAC, 50-60Hz

 The Philips Momentum 559M1RYV monitor is available through MMD authorised distributors in the UAE, Saudi Arabia, Kuwait and Pakistan and comes with a standard 3-year warranty, and EUP in UAE AED 6999*.

 

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GSMA Report 2021: Over Half World’s Population Now Using Mobile Internet

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The GSMA has launched its global State of Mobile Internet Connectivity Report 2021 showing that, despite the COVID-19 pandemic, more than half of the world’s population is now using the mobile internet. Mobile internet usage translates to just over 4 billion connected people,  225 million more compared to 2019, and up from a third of people globally just six years ago.

Even with this impressive growth in mobile internet connectivity, both in terms of mobile internet coverage and usage, the report highlights that work must accelerate to bridge the digital divide. Of the 3.8 billion people who remain unconnected, only 450 million people do not live in areas with mobile broadband coverage, (“the coverage gap”). The coverage gap represents a significant improvement year on year.

The far bigger challenge is the 3.4 billion people who live in areas that are already covered by mobile broadband, but are not using it, (“the usage gap”).

The report examines trends in the coverage and usage of mobile internet over the last six years and identifies the key barriers to mobile internet adoption. It also looks at the early impacts of the COVID-19 pandemic and the most significant regional effects. Finally, it makes recommendations to help close the digital divide and ensure greater access to mobile internet connectivity.

“The COVID-19 pandemic made clear the importance of mobile internet access to people’s lives and livelihoods and has accelerated the digital transformation around the world. Mobile  is the primary and often the only way to access the internet in low- and middle-income countries. While more people than ever are now using the mobile internet, some fundamental barriers stop far too many people from using mobile internet. To close this usage gap, all of us – government and industry – need to do more,” says the GSMA’s Chief Regulatory Officer, John Giusti. “In particular, we must address the key barriers to usage of mobile internet services, most notably literacy and digital skills, as well as affordability. Only through targeted and collaborative action can we bridge the digital divide.”

Coverage and usage gap in mobile internet is narrowing

During the last six years, the coverage gap has continued to narrow: 

  • In 2014, almost a quarter of the world’s population did not have access to a mobile broadband network. 
  • By the end of 2020, that figure was only 6%.  
  • Now, 94% of the world’s population has access to a broadband network, with most progress between 2014 and 2018. 
  • In 2020, global coverage increased by one percentage point, from 93% to 94%. This reduced the number of people living in areas without a mobile broadband network to 450 million. Those who remain uncovered typically live in sparsely populated rural areas with difficult terrain.

The number of people using mobile internet has also increased for the second year in a row: 

  • However, the usage gap remains large and accounts for the majority of the unconnected. 
  • In 2020, 3.4 billion people (43% of the world’s population) lived within the footprint of a mobile broadband network but were not accessing mobile internet services. 
  • Although the usage gap is narrowing, it is now seven times larger than the coverage gap. 
  • In 2014, the usage gap accounted for 64% of the total unconnected population – this figure grew to 88% by 2020 due to the increase in mobile broadband coverage.  
  • Low- and middle-income countries (LMICs) now account for almost 93% of the world’s unconnected population and more than 98% of the uncovered population.  
  • Between 2019 and 2020, the most significant increase in mobile internet usage is in East Asia (61%), which grew by 4%. 

Barriers to mobile internet usage 

The pandemic has highlighted the importance of mobile internet connectivity to the social and economic well-being of people around the world. People with mobile internet access were able to stay connected with friends and family, conduct business, gain access to critical information and services, and otherwise ease the monotony of lockdown life. Yet 47% of the population in LMICs are still not using the mobile internet despite living within mobile broadband network coverage.

Key barriers include: 

  • Lack of awareness of mobile internet and its benefits, literacy, and digital skills make up the largest barrier to adoption. Nearly a quarter of adults across the report’s surveyed countries are not aware of mobile internet and its benefits. 
  • Affordability: internet-enabled handsets and data became less affordable in many LMICs in 2020 due to the economic impact of the COVID-19 pandemic.

These barriers often disproportionately affect specific segments of the population, especially people living in rural areas and women. 

A Collaborative Approach 

The global climate challenge shows that mobile connectivity can be a lifeline for people during crises, re-emphasising the importance of doing more to improve access to mobile services.  The only way to close the digital divide is through a strong collective effort to address people’s barriers to accessing and using mobile internet. It requires targeted action by all stakeholders including mobile operators, policymakers, government and the broader private sector. 

This report is the output of a project funded by the UK Foreign, Commonwealth & Development Office (FCDO), and the Swedish International Development Cooperation Agency (Sida). The views expressed are not necessarily those of either organisation.

The GSMA’s State of Mobile Internet Connectivity 2021 is available at: www.gsma.com/somic

 

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