Tawanda Kembo

Day 4

Buying/selling bitcoin in Zimbabwe and an introduction to trading bitcoin/cryptocurrencies for profit

By Tawanda Kembo

This talk is for anyone looking to learn how they can use to trade cryptocurrencies for profit as well as various strategies in order to do so. It is also ideal for anyone looking for evidence that trading cryptocurrencies can actually earn you money.

Tawanda will discuss:

  • What day trading is and how day traders profit from currency movements as well as a brief discussion on arbitrage
  • The different terminology we use in day trading: bulls & bears, short selling, ask, bid, margin, spread, limit/market orders etc.
  • What currency analysis is and the 3 different types of analysis: fundamental, technical and sentiment
  • A more in-depth look at technical analysis and some of the common technical analysis strategies
  • How to read a currency chart: bar charts, line charts, chart patterns and candlesticks
  • Technical indicators, trends and Fibonacci numbers
  • Some live examples using real money
Priviledge Tirivavi

Accounting for bitcoin traders

By Priviledge Tirivavi

William Suk

Is Bitcoin really the solution to financial inclusion in Africa? - What Bitcoin evangelists don't say

By William Suk

Some enthusiasts argue that widespread, global adoption of Bitcoin will inevitably uplift the world's “poor.” For instance, they argue that the protocol is inherently egalitarian due to its open-source nature and low technological barriers for casual users. In this fanciful view, Bitcoin (and its variants) will significantly improve the quality of life for economically marginalized people by democratizing access to international labor markets, reducing corruption, and enabling the “unbanked” to access mainstream financial activities like saving and investing.

I question this cyber-utopian narrative in light of: existing power differentials in the emerging crypto-economy, new financial risks that cryptocurrency presents to users, and simplistic understandings about the roots of global inequalities held by many Bitcoin evangelists in wealthy countries.

I conclude by examining possible policy approaches that marginalized economies can take to maximize benefits from the possible “Bitcoinization” of the global economy.

Bitcoin’s unique ability to quickly move large amounts of value across international borders does indeed make widespread adoption a possibility. This may result in some benefits for economically disadvantaged people, for instance by reducing fees associated with international remittances. Nevertheless, I argue that elite early adopters who are primarily located in wealthy countries would be the primary beneficiaries of mass, global adoption and the exponential increase in Bitcoin’s value that this would presumably entail. Early adopters already own most of the Bitcoin that will ever exist, control its means of production (mining), and have a significant head start in creating the technologies and companies that will dominate the hypothetical global cryptoeconomy. Furthermore, the proliferation of cryptocurrency would introduce new financial risks as well as rewards for impoverished users. For instance, difficulties in using Bitcoin securely expose users to theft through hacking. Meanwhile, the diffusion of an inexpensive, broadly accessible, border-agnostic payments and savings technology provides international fraudsters with access to new pools of victims in marginalized economies. This is already evident in the success of pyramid schemes like MMM among impoverished people in South Africa, the Philippines and beyond. Finally, the very same space-agnostic properties of Bitcoin that potentially facilitate incoming remittances and international freelance work can equally facilitate capital flight.

Despite these concerns, marginalized economies must consider the possibility that Bitcoin or something similar could become increasingly prevalent within and beyond its borders. This possibility is acknowledged by a growing number of policymakers, academics and economists who point to the disruptive potential of digitalized, programmable money that is not constrained spatially or subject to the control of a single state or corporation. One possible response is to prohibit Bitcoin in an effort to protect vulnerable citizens from internet crime, discourage capital flight and preempt wealthy economies from accruing disproportionate benefits. I believe that this approach is likely to fail in the long run. Low technological barriers will make prohibition difficult to enforce and propel the cryptoeconomy underground where it will be difficult to control. Furthermore, countries that effectively prohibit Bitcoin use in the early years of its proliferation will experience magnified disadvantages if the protocol eventually does become globally entrenched. An alternative approach is to construct a strong regulatory framework for Bitcoin. On the downside, this tacit endorsement could increase the probability that Bitcoin will become globally pervasive, thus “locking in” the benefits that would accrue to elite early adopters in wealthy nations. On the other hand, regulating Bitcoin would facilitate the observation and taxation of activity in the cryptoeconomy. A permissive approach would also encourage the development of indigenous businesses, skills, technologies and cryptocurrency holdings that will bring rewards in proportion to the technology’s global diffusion. Such benefits may potentially be maximized by policies that encourage inflows of cryptocurrency, for example through remittances.

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