Crypto Guides, Knowledge & Insights

Nigerians set to use the eNaira on their mobile phones without the Internet

By: Damian Okonkwo 　　The Central Bank of Nigeria (CBN) has launched the use of the USSD code for accessing the eNaira services on their mobile phones without using the internet.　　With this new development, Nigerians will henceforth access the eNaira services on their mobile phones without using the internet. This will be made possible by dialing the Unstructured Supplementary Service Data (USSD) code peculiar to ones bank in Nigeria. This is intended to make the eNaira services accessible to all citizens removing the barrier for those who do not have strong internet connections in their areas.　　Speaking during the inauguration of the USSD code for running the eNaira transactions at the eNaira summit in Kano last Thursday, the deputy CBN governor Folashodun Adenisi Shonubi remarked that the eNaira has been designed with the slogan same naira, more possibilities would be expected to impact positively in the lives of Nigerians and enhance economic growth.　　He, therefore, invited Nigerians to embrace the eNaira as it has been designed to lower the cost of Banking and boost the strength of the currency across borders.　　According to the CBN, the decision to use the USSD code for accessing the eNaira services offline is based on a thorough understanding

2022-08-29Deep Dive

Litecoin (LTC) – A Review

When Litecoin Started？　　Litecoin (LTC) is a prominent cryptocurrency that emerged shortly after Bitcoin. Charlie Lees innovative P2P crypto, which debuted in 2011, focuses on facilitating rapid cross-border money transactions. Its payment transactions are low-cost and eliminate the need for third-party interactions entirely. The Litecoin (LTC) network is built on cryptography and mathematics. Furthermore, it gives its consumers complete control over their finances.　　As part of its evolution, Litecoin established the Litecoin Foundation. The foundations mission is to raise awareness of and facilitate acceptance of the Litecoin (LTC) cryptocurrency. It accomplishes this by educating current and prospective users and creating an enabling environment for the growth and development of the LTC ecosystem.　　How Litecoin Works？　　　　People regard LTC as a trustworthy bank for the “unbanked.” One of its primary goals is to give a financial network to people who do not have access to regular banking systems. It is essentially a simpler, less expensive, easier-to-use, portable form of Bitcoin. To build a wallet and begin transacting with Litecoin, all interested parties need is access to the internet (LTC).　　The P2P crypto is powered by open-source software released under the MIT/X11 license. It is also entirely decentralized, with no central authority and no need for any

2022-08-29Deep Dive

5 Promising Cryptocurrency Aside from Bitcoin and Ethereum

According to data from CoinDesk, the leading cryptocurrency, bitcoin, increased by 0.3% to $24,206 while ethereum increased by 1.8% to $1,917. Although Bitcoin and Ether are leading as the most popular cryptocurrency in the world, there are dozens of other crypto tokens available. Learning more about the vast universe of cryptocurrencies and selecting different tokens to invest in pays off. Learn about the many types of cryptocurrencies in this post and how to utilize this information to choose the altcoins you like best.　　1. XRP　　Instead of using proof-of-work or proof-of-stake for consensus and validation, the XRP Ledger employs a consensus method known as the XRP Ledger Consensus Protocol. The ledger servers receive transactions that clients sign and send. The servers then evaluate the transactions and come to the conclusion that they are suitable for ledger entry. The validators assess the transactions that they received and decide if the servers have accurately captured the transactions before recording the ledger version.　　As of this writing, XRP has now a market cap of $16.65 billion and traded around $0.32　　2. TETHER　　Tether was established in 2014 and promotes itself as “a blockchain-enabled platform...to facilitate the use of the monetary system digitally.” By utilizing a blockchain network and

2022-08-29Deep Dive

Ethereum has surpassed Bitcoin, climbing by about 100%.

On June 19, Bitcoin fell to a bottom of $17,601; since then, it has increased by about 31%. Ether also saw a similar bottom on June 19 at $880.93, but since then, it has soared by 106%. Since both cryptocurrencies low points in June 2022, Ether has overtaken Bitcoin. One main reason for the stark performance differences between the two cryptocurrencies is the recent significant upgrade to the Ethereum network—investors expect a “merge,” and an update to the Ethereum blockchain is what causes Ethers yield in superior profits. 　　After multiple delays, the “merge,” is finally scheduled for September 15th. A concept known as proof-of-stake will replace the blockchains current “proof-of-work” approach. Supporters claim that the change will speed operations and reduce energy consumption on the Ethereum network. 　　A blockchain that markets itself as being energy efficient will always get the attention of the general public, and thats why Ether has the wind in its sails heading to the Merge, a transition to proof of stake. Vivek Raman, an Ethereum expert, is confident that Ethereums impending switch to a proof-of-stake (PoS) mechanism would allow it to overtake Bitcoin (BTC) as the most widely used cryptocurrency.　　Last week, Ethereum ranked 1 via WikiBit‘s

2022-08-29Deep Dive

Polkadot (DOT) Review: The MOAB (Mother of All Blockchains)

Polkadots initial development and Proof of Concept (PoC) design first emerged over 4 years ago, when the project was still relatively unknown to crypto enthusiasts and institutional investors, but it has since proven to be one to watch. Polkadot, in fact, has built an extremely reputable ecosystem of top-tier developers, architects, and project leaders since 2016, has created a sophisticated future roadmap, and has experienced exponential growth, allowing it to secure a spot among the Top 10 most valuable cryptocurrencies in 2021.　　Polkadot has clearly taken over the cryptocurrency markets and shows no signs of slowing down anytime soon. Polkadots momentum is likely to continue as the project nears the end of its roadmap with the implementation of Parachains, the Rococo Testnet, and the impending upgrades to its native Cross-Chain Message Passing (XCMP) system.　　Polkadot has been described in a variety of ways, including the tired label of a “Ethereum killer” cryptocurrency. While its founder insists that Polkadot is not a competitor to Ethereum, a closer look at Polkadot reveals that it is not only a serious competitor to Ethereum, but also a cryptocurrency that has the potential to completely transform the cryptocurrency world.　　Origins of Polkadot　　Polkadots history begins with Ethereum, specifically with

2022-08-28Deep Dive

The Future of Cryptocurrency

Since their all-time highs in late 2021, bitcoin and Ethereum have dropped more than 50%. The cryptocurrency market as a whole remains mainly stagnant, despite some minor increases in recent weeks. Nobody is certain, but some analysts believe that before a sustainable upswing, cryptocurrency values may fall considerably more.　　In 2021, bitcoin prices reached a number of new all-time highs, were heavily discounted afterward, and more institutional investment came from significant corporations. Late last year, the second-largest cryptocurrency, Ethereum, also reached a new record high. However, in June, it fell to its lowest point since the beginning of 2021, below $900. 　　Long-term forecasting is challenging, but in the near future, industry professionals will be watching developments like institutional acceptance of crypto payments and regulation to attempt and gain a better understanding of the business.　　New Regulations. Expect ongoing discussions on cryptocurrency regulation as lawmakers continue to consider how to enact laws and regulations that would make bitcoin better for users and less tempting to hackers.　　U.S. government representatives have expressed a strong interest in stablecoin regulation, particularly in light of the most recent Terra Luna crash.　　Federal officials now have even more ammunition to argue for crypto regulation because of the ripple effect of

2022-08-26Deep Dive

Uniswap Review: Advantages and Disadvantages

An automated liquidity protocol is used by the well-known decentralized trading protocol known as Uniswap to enable the establishment of specific markets for any pair of assets.Another name for Uniswap is a decentralized exchange, and it is well recognized for serving as a conduit for automated trade or decentralized financing tokens. Software developer Hayden Adams founded it, and it was made available as an ERC-20 token on the Ethereum Network in November 2018. One of the largest and improving decentralized cryptocurrency exchanges is Uniswap. It enables convenient cryptocurrency token exchange without requiring account registration. You cannot, however, purchase or sell cryptocurrency with it.　　Here are Uniswaps advantages and disadvantages to know more!　　Advantages　　User-friendly Feature. Some cryptocurrency exchanges are difficult to use and have clumsy designs. Because of its layout, Uniswap was one of the first widely used decentralized exchanges. It doesnt take long to figure out how to utilize the Uniswap app because it is so user-friendly. Connecting a cryptocurrency wallet, exchanging one cryptocurrency for another, or adding your cryptocurrency to a liquidity pool is simple.　　Version 3 Upgrade. At the same time that Ethereums mainnet launched on May 5, 2021, Uniswap published Version 3. The team behind Uniswap has stated that it

2022-08-26Deep Dive

Best Undervalued Cryptocurrencies of 2022

The number of coins in the crypto-verse currently exceeds 20,000. Confusion over which cryptocurrencies to invest in is understandable given the abundance of possibilities in the cryptocurrency market. Investing in cryptocurrencies always carries some risk, whether you want to spread your money across numerous coins or just one, but by picking undervalued coins you may minimize that risk and increase your returns.　　Here is a list of prospective discounted cryptocurrencies, albeit it may still be too early to tell which one will increase your profits.　　Tezos (XTZ). Tezos is a blockchain network built on smart contracts, much like Ethereum. There is a sizable difference, though. Tezos aspires to provide more advanced infrastructure than Bitcoin and Ethereum, which implies it may expand and improve in the future. Numerous businesses have chosen Tezos for NFT and other initiatives, including Manchester United, Gap, Red Bull Racing, Honda, and Ubisoft.　　Recent collaborations with Tezos could serve as springboards for further adoption. While waiting, you can stake tezos coins on a number of exchanges, like Coinbase and Kraken, to make passive revenue.　　Theta (THETA). Specifically designed for streaming video, the blockchain-based Theta network was established in 2018. Users trade processing power and bandwidth on the peer-to-peer blockchain network known

2022-08-26Deep Dive

Sketchy Crypto Exchange? WikiBit Is Here To Help!

More people will invest in the Metaverse in 2022, boosting cryptocurrency and blockchain. Scammers have created fake cryptocurrency trading websites and wallet apps while most of us are still learning how it works. They set up fake cryptocurrency trading platforms and wallets to defraud victims. These spammy links have similar but slightly different domain names than legitimate ones, making it hard to tell. Some copycat websites appear high in search results and look just like the real ones. What to do with sketchy Cryptocurrency platforms？ Tell it via WikiBits Exposure section!　　WikiBit provides blockchain exchange/token/project information questions, word-of-mouth comments, complaint and rights safety, potential exposure, and credit evaluation. This kind of application serves as a guide to those who want to invest in cryptocurrency but dont have an idea how. 　　It also serves as a fact-checking platform to know if an exchange that youre investing in is legit and regulated. It lessens the possibility of you getting scammed in the crypto world.　　On the WikiBit website, you can search up the validity of potential tokens or exchanges that youd want to buy or buy from. You can look up the market cap, price, and supply for tokens while you are the regulatory

2022-08-25Deep Dive

Long-term Cryptocurrencies To Invest in 2022

These days, cryptocurrency hardly qualifies as a speculative investment. Both individual and institutional investors are seriously considering investing in digital assets. Investors are perceiving digital currencies as valuable for both long-term investment and short-term earnings because there is so much activity surrounding them. But which ones ought you to pick for your investments？ Wikibit covers a few cryptocurrency coins that consistently rank at the top of market cap rankings in order to make it simpler for you. These might make good long-term investment alternatives given their relative stability.　　Polkadot. Since its introduction in 2020, Polkadot has grown to be one of the best long-term cryptocurrencies to invest in, with a market worth of approximately $8.58 billion. Its a coin and a blockchain network on which programmers can create novel, decentralized solutions. The purpose of Polkadot is to link different separate blockchains into a single, cohesive network and potentially start new chains. It is now simpler to move digital assets like apps and tokens between blockchains thanks to the integration, which gives users access to the networks proof-of-stake security and transaction validation. A recent version makes it easier for assets to move among Polkadot parachains and promotes communication, opening the network to

2022-08-25Deep Dive

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