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Elon Musk’s Influence On Crypto: “One Word: Doge”

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Elon Musk

Elon Musk’s relationship with cryptocurrencies can be said to be as volatile as the digital asset itself. Unlike enthusiasts such as Twitter CEO, Jack Dorsey, Elon is fond of teasing the crypto community. His semi-enigmatic tweets sometimes seem like he’s rooting for the digital assets while at other times, no one can really get what his stance is.

One thing that is certain, however, is that whenever he talks about crypto, something happens in the market.

While Elon might be teasing the crypto market for his entertainment or sheer enthusiasm, he believes they’re going to take over someday. “Cryptocurrency is a far better way to transfer value than pieces of paper, that’s for sure”. In a 2019 podcast, the billionaire unequivocally affirmed that there could be a possible demise of fiat.

Some people in the tech/crypto community believe that Elon owns a ridiculous amount of crypto – bitcoin to be exact. Some have even claimed that the Tesla boss is the elusive Satoshi Nakamoto. While he denies being the inventor of bitcoin, Elon confirms he owns bitcoins but not a truck load of it, like most people tend to assume. He only owns 0.25 bitcoins given to him by a friend a while back. Today 0.25 bitcoins would be worth roughly $12,000. 

Elon Musk after he changes his Twitter Bio to #bitcoin: “In retrospect, it was inevitable”

When it comes to crypto, no one can tell for certain what will happen next. From incredible price surges to unexpected dips, the thrill never stops. However, Elon Musk is looking to be a determiner of crypto action. 

When a coin gains over 600% in a day, the crypto world will definitely be thrown into a frenzy. To put the DOGE gains into perspective, bitcoin grew by over 200% throughout 2020. This means while bitcoin was able to gain an impressive 200% last year, DOGE grew 3 times that, in just one day. 

The sudden surge in price can be tied to the wealthiest man on the planet, Elon Musk. Elon had declared on different occasions that Dogecoin is his favorite cryptocurrency. 

On December 2020 he tweeted, “One word: Doge” back in July 2020 he also tweeted a dogecoin meme with the caption ,”it’s inevitable” 

Elon Musk’s endorsement of the currency that started as a joke, sent it surging by 20% last year. 

Interestingly, dogecoin was created based on a popular doge meme in 2013. The meme had a picture of the shiba inu dog breed, and the same dog is the logo of dogecoin. Whilst the coin was not created to compete with leading cryptocurrencies such as bitcoin and ethereum, after Elon tweeted it to his 43 million followers, dogecoin wasn’t a joke anymore.  

Dogecoin got the attention of the reddit group known as the SatoshiStreetBets. The group decided to make “dogecoin a thing”, and it did become a thing. A really big 600% value surge thing.

Bitcoin twitter bio

Dogecoin isn’t the only digital currency which Elon has sent on a spiking spree. Flagship digital currency, bitcoin, has gotten a Twitter bio “shout-out” that has sent its value rising by a whopping 14%. 

The Tesla CEO did not give a reason why his Twitter bio only read “bitcoin” but from the effect it had on the currency it goes without saying that the crypto community took it as an endorsement. 

While Elon didn’t say anything about the bio change, he tweeted another of his meaning-encrypted tweets, “in retrospect, it was inevitable” 

Elon Musk obviously has a strong influence on the crypto community. He continues to tease the community with his vague tweets about crypto and while the tweets might seem equivocal they never fail to have an impact on the crypto market. 

The crypto community patiently waits for the day the Tesla boss will unequivocally profess his love for cryptocurrencies, a clear validation of crypto which will undoubtedly cause a great stir in the crypto universe.

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Bolu Abiodun is a recent graduate of Theatre and Media Arts, Federal University Oye-Ekiti. A journalist with over a year's experience on the job. A former editor at American Media company Project Forward, he is a skilled content creator, social media manager and digital marketer.

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Africa Blockchain Institute

Africa Blockchain Institute Organized The First African Blockchain Summer Bootcamp For Teenagers In Ghana

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In the spirit of catching them young, the Africa Blockchain Institute organized the first-ever Blockchain Summer Bootcamp for teenagers (age range 13 to 19 years old). A successful Bootcamp, according to the participants’ testimonials and stakeholders, held at the OpenLabs, Ring Road, Accra Ghana, between Monday 2nd August, and Friday 6th August 2021. 

The teenagers applied from across Africa, and selected participants all converged at the OpenLabs, Ghana, for an intensive five days of learning, interacting, and implementing personal  Blockchain projects. The participants were divided into three significant tracks, thus; Blockchain Development, Blockchain for Creatives and Blockchain Entrepreneurship. 

Blockchain Summer Bootcamp for Teens by ABI
Blockchain Summer Bootcamp for Teens by Africa Blockchain Institute

Across these three tracks, the teenagers learnt introductory units to Blockchain Development for societal challenges, Blockchain evangelism, Non-Fungible Tokens, and how Cryptocurrency works. Another highlight of the program was the excursion to the Accra Digital Centre, where the Boot Campers were introduced to the tech ecosystem and feel of the Ghana Tech Lab and Accra Innovation Hub spaces. A visit was also made to the Museum of Science and Technology, and the teenagers got to understand the history of technology in Ghana. 

Worthy of mention was the panel session aimed at motivating the students to pursue a career in technology. While making his comments during the panel session, the founder of BankLess Africa, Mr. Muntala Mohammed Shaibu, urged the teenagers to stop seeing themselves as too young to experiment with new technologies. In her remarks, Ms. Elohor Thomas, CEO & Co-Founder of CodeLn, urged the teenagers to continue to explore their interest in technology and blockchain early.

Blockchain Summer Bootcamp for Teens by ABI
Panel Session, Blockchain Summer Bootcamp for Teens by ABI

The Bootcamp ended with personal project presentations from the Blockchain Development and the Blockchain for Creatives & Entrepreneurship tracks. Projects such as NFT blogposts, Blockchain product reviews and Blockchain for transport and logistics were presented. The best presentation won the OpenLabs scholarship for Robotics Course. Thanks to Dr Sujith Jayaprakash, the Director of OpenLabs, Ghana, for the offer of scholarship. In his closing remark, the Executive Director of the Africa Blockchain Institute, Mr. Kayode Babarinde, urged the teenagers to continue using the  skills and knowledge gained during Bootcamp to explore Blockchain-related solutions further. We also appreciate Mr. Ganzaro Omar, Chairman, AfroBlocks, for his supports, and fostering collaborations with the Ghanian Blockchain community.

The Africa Blockchain Institute will continue to hold future Blockchain Summer Bootcamp series in various African cities to drive Blockchain knowledge into innovators early enough. 

Oluwaseun David ADEPOJU

Head of Research,

Africa Blockchain Institute. 

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CBN Crypto Ban Increases P2P But Is It Also Increasing Crypto Scams?

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Crypto ban

The Central Bank of Nigeria CBN on the 5th of February 2021 caused an uproar within the crypto community in Nigeria and globally. The Apex bank released a circular that prohibits financial institutions from processing crypto-related transactions. Banks and other financial institutions were also directed to close accounts that made crypto-related transactions.

As expected the directive did not sit well with crypto enthusiasts, traders and most Nigerians alike. In the CBN’s defence, they were protecting Nigerians from crypto-related scams, volatility of the crypto market and several evils perpetrated with cryptocurrencies. Though valid reasons, many Nigerians still express their resentment of the directive. Cryptocurrencies which serve as an alternative to the weakening Naira are faster and easier at facilitating cross border transactions. 

However, the ban has not hindered crypto transactions in the country. The country still ranks high when it comes to crypto transactions globally. Business Insider reports that between January and March 2021,  p2p trading value of bitcoin in Nigeria was worth $99.1 million. This is $9 million more than the value of bitcoin p2p transaction in Kenya for the whole of 2020. Cleary p2p has increased significantly since the ban. It is therefore safe to say that the ban has increased crypto activity in Nigeria. But has it increased crypto scams too?

The dark side of p2p

While volatile nature cryptocurrencies might in truth lead to loss of funds, the ban by the Central Bank of Nigeria could make Nigerians more vulnerable to crypto scams as they now purchase these digital currencies from unregulated sources hence, p2p.

“It was very easy just buying bitcoin straight from the Luno app but now I need to find someone who is willing to sell me bitcoin and there is really no way to ascertain the person’s trustworthiness.” This statement by crypto newbie, Adekunle Agbetiloye sums up the troubles and vulnerabilities crypto newbies go through to buy and sell crypto assets.

Kunle has been fortunate to have friends that are more grounded in trading cryptocurrencies. This has prevented him from falling into the hands of scammers that find newbies like him, easy picking. In his words “I know people that have fallen victim to crypto scammers that is why I only transact with people that I know personally”.

Ezekiel Juwon wasn’t lucky enough to buy from someone he knew personally. He recounts how he unsuspectingly sent money to a crypto scammer. In his words, “as a beginner I think it is more convenient to buy directly from crypto apps than dealing peer-to-peer. As someone who has experienced crypto scams first hand, I know this for a fact”. Juwon also adds that regulated p2p platforms created as an alternative to trading crypto can also be dangerous. He is convinced that more people will suffer his fate if the ban isn’t lifted. “Everyone wants to get in on crypto, it saves you from poverty so the ban just makes newbies vulnerable”. 

Just like Adekunle, Oyin Komolafe is fortunate to be surrounded by crypto veterans. She says “aside from the grace of God, what is helping me is that I am surrounded by people who know their way around crypto. However, I am sure that newbies will be susceptible to crypto scams because of the CBN ban”

What experts have to say   

However, Crypto expert and blockchain stakeholder, Samuel Attah feels crypto platforms have created alternatives that should keep crypto newbies safe. He sights Bundle as an example of these platforms. In contrast, some of these new users have said they do not find these platforms easy to use. 

Another crypto trader who identifies himself simply as Smogz, says these alternatives by crypto exchanges and crypto platforms require a lot of expertise. Smogz believes that the ban will increase crypto scams. “Crypto platforms serve as a shield to protect crypto beginners from scams. Now that these beginners have to look outside of the confines of these platforms they are open to being ripped off”

It is clear the crypto ban cannot stop Nigerians from using cryptocurrencies. Although a risky investment venture, crypto assets are known to be a source of wealth. Ensuring the safety of Nigerians while they use these crypto assets should be a priority.

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Bitcoin in Africa

Crypto Wallets: A Major Hurdle To Crypto Mass Adoption – Interview with Francis Obasi, Lead Wallet CEO

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Image Credit: Lead Wallet / Twitter (Image was modified)

Cryptocurrencies are getting more popular each year, but mainstream adoption and usage of digital currencies and assets are nowhere close. According to Buy Bitcoin Worldwide, 1.3% of the world’s population uses bitcoin. While a great number of people might know about cryptocurrencies, very few people own or use them. 

For Francis Obasi, the CEO of Lead Wallet, a  major obstacle to crypto adoption is the ability to create and simply use a crypto wallet. Whether trading, staking or hodling, owning a wallet is the basis of transacting in crypto. This is why Francis has created an app that he believes will help people enter the crypto ecosystem seamlessly. 

The idea behind Lead Wallet 

Before Lead Wallet, we were a group of community managers working for AmaZix. One of the most frequent questions we got then as community managers are “where will I store my cryptocurrency, which wallet is the best wallet?” We most times recommended Trust Wallet, we would explain the process of setting up the wallet. Unfortunately, some of these crypto newcomers fall victim to impersonators. For example, someone would impersonate me and tell people to disclose their private keys. People were getting scammed off their cryptocurrency and it became a concern for me. 

Consequently, I realised that the bridge between conventional finance and the crypto space is a digital wallet. To interact with anything crypto-related you need a crypto wallet. So the crypto wallet is a very important factor in understanding what cryptocurrencies are and keeping new users safe. It is their first point of contact when they choose to enter the crypto ecosystem. 

However, a lot of crypto wallets are not simple enough for new users. We decided to create something that will not seem strange to people who are already used to bank applications (which are simple to use).In essence, a crypto wallet bridges the gap between conventional finance and decentralized finance. 

We chose the name “Lead” because we were building something different from what is considered the norm within the crypto ecosystem. We were setting a new standard, a wallet that will “Lead”  the crypto mass adoption. 

What a simple crypto wallet should look like?

A good wallet should reduce a user’s journey in performing simple tasks such as sending and receiving cryptocurrencies. Inside Lead Wallet, there is an ostensibly placed “send” button. Rather than having too many steps to simply sending cryptocurrency, it should not be more than four. In fact, doing most things on a crypto wallet should not take more than 4 steps. 

So no matter how uninformed one might be about cryptocurrencies, using a crypto wallet for the first time should be easy. 

Owning your own private keys

Owning your own private key means that you are in control of your crypto assets. The saying “not your keys not your coins” explains it well. A private key is an alphanumeric string that is generated at the creation of a wallet. 

Having your own private keys means you are in charge of your own crypto asset. A wallet like Trust Wallet or Lead Wallet gives you power over your own crypto assets, it is a decentralized wallet. However, unlike Trust Wallet that stores all crypto assets within one private key, Lead Wallet creates a unique private key for each crypto asset. This gives users the ability to export wallets to other platforms such as Trust Wallet. 

Decentralized crypto wallet is the gateway to DeFi

Decentralized Finance, known for short as DeFi, is a disruption to the traditional financial system. DeFi gives everyone a chance to enjoy financial services without the bottlenecks that come with traditional or centralised financial services. 

Savouring the fruits of decentralized finance requires a decentralized crypto wallet that can connect to a web 3 browser. Like Lead Wallet, such a wallet should offer a very user-intuitive web 3 browser that helps them interact with DeFi applications. Lead Wallet provides these apps as bookmarks to protect users against malicious links. 

There is a lot going on in the crypto world, a lot of people genuinely want to be a part of it but there’s a lot they do not know. A crypto wallet which is most likely their first point of contact with the crypto ecosystem should simplify things for them. 

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