News Roundup: Egypt is Building Economic Pyramids Out of Bitcoin

Dramatic is how we would describe last week. First, there was crypto exchange drama which we’ve linked below. Then there was the announcement from Donald Trump saying he tested positive for Covid-19. Now, we know every Bitcoin trader’s blood ran cold at that announcement. But you’ll be surprised that the loss wasn’t as catastrophic as everyone expected. In other news, Egypt is finding a new way of life. Prediction sites are going wild, Dash, a privacy coin is letting you know that it is in fact not a privacy coin. And 

Let My People Go!!: Bitcoin is Helping Egypt Escape Recession

Egypt’s economy has suffered in the hands of Covid 19 😔. The country is in a recession and as much as 500,000 people lost their jobs. Just like in Nigeria, Egyptians are turning to Bitcoin. From trading to mining, Bitcoin communities in the country are growing significantly.

The most popular of such groups, the Bitcoin Egypt community already has added over 16,000 members. This number is increasing quickly as more people find Bitcoin to be a necessity, not a luxury. As this continues to happen, we may see changes in Egypt’s economic landscape soon. So stay tuned!

Bitcoin Ignores Enemies of Progress 🙅🏾

Thankfully, Bitcoin doesn’t look like what it’s been through in the past week. Because everything that could have gone wrong for Bitcoin last week did. One minute, everyone was minding their business. Next minute everything turned upside down. 

From crypto exchange drama to U.S president Donald Trump getting Covid-19. It’s like Bitcoin didn’t notice all the drama. Because it still managed to close at above $11,000 last week. It’s not the lambo-buying price we all dream of but it’s not terrible either. Trump’s announcement managed to inflict a 5% price drop. But experts say a climb to $12,000 may happen soon. 

To Trump or Not to Trump?

Since U.S president Donald Trump announced that he tested positive for Covid-19 🤒, Bitcoin prediction sites have gone crazy. The most action is coming from the question “Will Donald Trump complete his first term?” Firstly, prediction volume has increased from $6,000 to $37,000. Secondly, as you may have guessed, more people have predicted that he won’t. 

Dash is Trying Hard to Shake off its Past 👀

Dash has been known as a privacy coin since its Darkcoin days. Along with Monero and Zcash, it was the coin of choice for dark web transactions. Its original documentation also branded it as a privacy coin. And you could use it for transactions that couldn’t be traced. But now, as Dash explores new directions, it has rebranded as a payments coin. But don’t worry because it still has a PrivateSend feature for anonymous payments. 

Social Tokens: A Real Life Episode of Black Mirror

Creatives are now creating personal cryptocurrency tokens for their fans and followers to buy. Why would they do that? You must wonder. Nobody knows but it’s exciting regardless. The whole idea is for people to buy your token to support your work. And one day the token may become valuable.

It’s like paying a fee for your favourite influencer’s work and getting something back. Soon these tokens may represent access. Such that you could be shut out of a person’s work/platform for not having their token. We imagined this as an episode of Black Mirror where every normal person has their own token and you have to buy it just to see their tweets, texts, or call them? Scared? Us too. 

Quidax Africahttp://www.quidax.com
Quidax is an African focused cryptocurrency exchange that provides a simple platform for you to send, receive, store, buy and sell digital currencies. Our aim is to educate you about cryptocurrency. It should not be considered as financial advice. We recommend conducting your own research before deciding to buy, sell or hold any cryptocurrency.