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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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GSMA Report Reveals The Gender Gap In Mobile Internet Use Is Shrinking, Despite The COVID-19 Pandemic

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GSMA Report: An estimated 112 million more women started using mobile internet last year across low- and middle-income countries, despite the onset of COVID-19, according to the fourth annual GSMA Mobile Gender Gap Report published today.

Nevertheless, 234 million fewer women than men access mobile internet. Moreover, the underlying gender gap in mobile ownership persists and is proving difficult to close.

Affordability, lack of literacy and digital skills, and lower awareness of mobile internet are critical and common barriers for women. Structural inequalities in society and discriminative social norms also remain a challenge. Even when women have the same levels of education, income, literacy, and employment as men, they are still less likely to own a mobile phone or use mobile internet.

The report further revealed that a record number of women in South Asia now use mobile internet services, helping shrink the gender gap to 15% from 19% last year in low- and middle-income countries.

The gains in South Asia, which had the most significant gender gap in 2019 with women 50% less likely than men to use mobile internet, masked the stagnation in other regions such as Sub-Saharan Africa. Women in both regions now face a similar gender gap in mobile internet use – 37% in Sub-Saharan Africa and 36% in South Asia.

Women were more likely than men to access the internet exclusively via mobile in almost all markets surveyed. In Kenya, for example, 63% of male internet users said they only used the internet via a mobile device compared to 79% of females. This reliance by women on mobile demonstrates the disproportionate benefit of increasing their access.

“If women are to become equal citizens in a more digital, post-COVID world, closing the mobile gender gap has never been more critical,” said Mats Granryd, Director General, of the GSMA. “I urge policymakers, the private sector and the international community to take note of the important findings laid out in the Mobile Gender Gap Report because only concerted action and collaboration will enable women and their families to reap the full benefits of connectivity.”

The GSMA introduced the Connected Women Commitment Initiative in 2016 to catalyse action to close the mobile gender gap. Mobile operators continued to make commitments during 2020, with 40 mobile operators across Africa, Asia and Latin America making formal commitments to accelerate digital and financial inclusion for women since 2016. These operators have already reached more than 40 million additional women with mobile internet or mobile money services.

The GSMA’s Mobile Gender Gap Report 2021 is available at: https://www.gsma.com/r/gender-gap/ 

Further information on the Connected Women Commitment Initiative can be found at: https://www.gsma.com/mobilefordevelopment/connected-women/the-commitment/

 

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OWS Capital Launches Glassie In The Middle East Region

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Glassie Co-founder Neels Visser (Press Release and Images: Adlink PR)

Glassie, LA-based start-up unveiled its personalized mobile screen protectors earlier this year and instantly caught the attention of celebrities such Adriana Lima, Delilah Belle Hamlin, Presley Gerber, Winnie Harlow, and Dubai favorite Fai Khadra amongst many more.

What’s made the Glassie brand popular so quickly is its dual functionality. The protective mobile screen covers feature tempered glass screen protectors as well as a personalized message that disappears once your phone screen lights up.

OWS Capital choose Glassie as its first tech collab due to its innovative appeal. Glassie co-founder, model-turned-entrepreneur, Neels Visser’s simplistic, essential yet funky product has immediately become a must-have accessory.

“As I came up with the concept for Glassie, I wanted to find a way to introduce something new and exciting to the consumer electronics industry that has not been done before. Understanding that mobile phones are the most valuable real estate…I wanted to find a way to innovate a user’s connection and experience with their phone,” explains Visser.

Middle Eastern consumers will soon be able to get their own personalized premium glass protector screen covers for US$39.99. Michael Cardone, Director of OWS Capital said: “Personalization is the direction that most brands are going for now. This ability to create a sense of togetherness is what we at OWS Capital love most about it, as it taps into our brand mission of creating a sense of synergy between Middle Eastern and Western cultures, using unique business ventures.”

‘Your phone is your world. Your wallet will thank you’ – that’s the simple yet trendy solution Glassie is offering all its customers.

(L-R) Delilah Belle Hamlin, Elisha Herbert and Meredith Mickelson with their personalized Glassie screen protectors. (Press Release and Images: Adlink PR)

Watch this space for more cool concepts being introduced in the Middle East by OWS Capital.

 

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AI for Good Global Summit founder Stephen Ibaraki confirmed as AI Expo Africa 2021 keynote speaker

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AI for Good Global Summit founder, Stephen Ibaraki (Source: AI Expo Africa)

AI for Good Global Summit founder, Chairman of the AI for Good Outreach Committee, industry analyst, venture capitalist and serial entrepreneur Stephen Ibaraki has been confirmed as a keynote speaker for AI Expo Africa 2021 ONLINE which takes place 7th to 9th September.

Ibaraki is the first VIP keynote speaker to be confirmed for AI Expo Africa 2021 ONLINE. In his keynote address, entitled, “5th Machine Age Driving Digital Reshaping” he intends to explore the “Society 5.0” and “Smart Humanity”.

Ibaraki who is a 16 time recipient of the Microsoft Most Valuable Professional (MVP) award, most recently in the Artificial Intelligence (AI) category, is also the chairman and managing general partner of REDDS Capital. In addition to more than 300 awards and recognitions as well as over 300 global engagements impacting over $100-trillion in sustainable investments, Ibaraki is also a contributor for IT World Canada and Forbes on issues around AI.

Ibaraki’s keynote abstract states, “In popular stories about Chaos Theory, the wing beats of a butterfly in Geneva, are connected to the violent storms in your hometown in Africa. Global ecosystems, all interconnected thus force multiplied and amplified, are at an historical inflection point. These are founded on technology acceleration, with more disruption in 5 years, than the last 10,000 years. This Digital Reshaping will forever change governments, industry, academia, education, investments, startups, media, society, culture, our lives and our children’s future. What will the world look like, advanced by Smart Humanity, Society 5.0, 5th Machine Age, AI and innovation trends addressing global challenges and opportunities? What are the exponential change making innovations you must track, implement, and resources you must use to ensure success and not failure during these chaotic next five years?

Now entering it’s fourth successful year, AI Expo Africa is Africa’s largest B2B / B2G AI, RPA and 4IR smart tech trade event and conference, with the 2021 edition building to be the biggest yet with over 5000 delegates registering interest and expected to join the three-day online event.

Dr Nick Bradshaw, founder of AI Expo Africa and CEO of AI Media Group commented, “It’s a real honour to welcome Stephen as one of our VIP keynote speakers.  We have been working with the ITU, Geneva since 2019 around partnering with the global AI4Good movement and the Africa region and this is another great commitment towards growing collaborations around AI4Good in our region. This announcement follows the recent conclusion of the first African focused ITU AI4Good Innovation Factory Challenge that received 44 applications from 12 African countries & 5 finalists using AI-powered innovation for diverse sectors in Africa covering Fintech, Agritech, Cleantech, and Insurtech.”

Over 30 organisations have so far signed up to exhibit at the expo. These include headline event partner Intel, Darktrace, Future Tech, Automation Anywhere partner 1ai, The Embassy of Switzerland in South Africa, InstaDeep, Aizatron, IBA Group, Zindi, Versus, Comparisure, Robotiq AI Africa, ecosystem Ai, Cognizance, Inspired Testing, Atura, Amathuba AI, COGO People Analytics, Elzware, WizzPass, Fliptin, Kosa AI, Learning Machines, Social Lab, Ashanti AI, and Curacel.  In all about 80 speakers will make up the speaker list at AI Expo Africa 2021 ONLINE, with more keynotes set to be announced in the coming weeks.

 

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