News

17Sep 2018

VALUE TRANSFER IN THE CRYPTO-AGEBy J.O. PARADISE - Content Manager

So far so good, money has played a pivotal role with respect to the ownership, measurement and exchange of value; and over the years, we've seen several shifts in its definition and how it is transferred in our day to day dealings due to the significant innovations brought about by technological advancements; truly, the needs of man are insatiable and evolving in nature, hence in the quest to make life easier, financial services and systems have seen tremendous upgrades.

 

Let's back track a little.

 

Do you remember how it was to send money to a friend or loved one? You needed to locate a bank, no matter how far it was, stay on the queue and wait for your turn before paying into the receiver's account; even upon that, it took one or two days, sometimes more, for the account to get credited; will today's kids ever understand this?

 

From there, we migrated to getting our deposits posted immediately by the bank teller, in other words, the receiver got credited within few minutes; we thought that was the best till ATMs came on board; it was now possible to make a transfer without going too far or waiting too long; from there, mobile apps came, which meant with your mobile device you could send money, no need to locate even the closest ATM; from there, USSD codes came, such that even without internet services money could still be sent; wow!!!!!

 

Can you imagine the amount of time saved and the convenience brought about by this new system of money transfer?

 

What if I told you, it could even get better with the use of cryptocurrencies? Let’s Let us consider a few thoughts below.

 

Firstly, are you aware that there are people today that are limited because they have no access to the services of a bank due to one reason or the other ranging from government legislation to personal incapacities? However, with cryptocurrencies, such persons can carry out financial transactions without the usual hassles of opening and managing a bank account thereby adding value to both national and global economic growth.  

 

Secondly, with cryptocurrencies, the world has become a global village; sending money from one end of the earth to the other is now in a matter of seconds to minutes. The time spent on the verification of international transfer requisites, which delays reception, is no longer necessary because the blockchain technology has made it possible, for money to be transferred and received, almost immediately from any part of the world.

It's a marvel how financial transactions have changed and progressed so quickly, will today's kids ever understand how they once were?

 

 

 


10Sep 2018

FEATURES OF A GOOD EXCHANGEBy J.O. PARADISE - Content Manager

Making the right decision regarding what flight to take is not so different from choosing the appropriate exchange to trade one's crypto assets; can you imagine finding out (while already in the air) the distasteful services an airline company has to offer? It could really be a depressing discovery, and that's why we want to elaborate on key factors about exchanges in deciding which exchange(s) to use.  

 

Website Speed 

It becomes very frustrating when logging into a site and it spends considerable time to load, especially in the crypto ecosphere where things can change drastically, very quickly; a good exchange makes it a top priority to ensure its general functionality is top-notch and can be accessed on several devices (including apps) because this is what users need to keep up with the fast-paced nature of the cryptocurrency market; this way, trading and transactions can be done on the go.

 

Security 

This is one area investors very seriously; a sensitive environment like a cryptocurrency exchange that houses millions (or even billions) of users' funds should by all means be hack-proof; this is why before launch, several tests are done to determine vulnerabilities that need to be fixed.

Do you remember the Mt Gox hack? It may be 7 years ago ne but it seems just like yesterday due to the magnitude of the damage that was done, in fact that singular act washed away more than 89% of Bitcoin's value at the time, and that is why many exchanges today, employ the use of cold storage to keep funds safe from negative unforeseen eventualities.

 

Customer care 

High Patronage is the live-wire of any thriving business; there's no organization that can survive without a good customer base; no wonder Katherine Barchetti opined, "make a customer, not a sale", because once the customer is made, continuous sales can be guaranteed; hence, a good exchange always cares about its users and takes pragmatic steps in attending to their probing questions.

In the course of carrying out transactions, issues are bound to crop up ranging from personal to general, a good exchange always makes sure that these issues are attended to in a timely manner; in other words, exchanges that are people-friendly always end up becoming everyone's favorite. 

 

Fees 

Customers are always looking for ways to get more value for less price; to have a competitive edge in this dynamic crypto-space, good exchanges have that in mind; naturally users will flock to platforms where they pay less transaction and withdrawal fees.

 

Ease of use

Navigating through some exchanges is like searching for a needle in a haystack; the confusion that salutes users is sometimes unbearable; the way the functions are worded, the tab arrangement, the color combination etc all join forces to make the entire experience enjoyable; a good exchange employs a user-friendly interface that places buy/sell orders in an intuitive way.

 

Withdrawal time

Given options, there are exchanges that users will never want to deal with because too much time is spent waiting for their accounts to credited once a withdrawal has been effected; time is money and according to Charles Darwin, "a man who dares to waste one hour of time, has not discovered the value of life"; many times, other transactions that users want to execute are delayed because the necessary funds are yet to be delivered based on the lagging mechanism of the exchange they withdrew from.

No one likes to spend more than necessary, whether time or any other valuable resource; NO ONE!!!!

There are good exchanges like www.artisturba.com who understand the intricacies of cryptocurrency transactions and are already in the forefront of giving clients an enjoyable warm experience.


06Sep 2018

Project Khoka Received "Best Distributed Ledger Initiative" By N Peacock

The South African Reserve Bank (SARB) is honoured to have received the inaugural ‘Best Distributed Ledger Initiative’ award from Central Banking Publications at a gala dinner in Singapore on Thursday evening, 6 September 2018. The award recognised Project Khoka for its promise shown in the central banking, regulatory and supervisory environment, and for the benefit shown to the organisation that implemented the project. ​
 
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