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CRYPTO TO THE RESCUE: THE PROBLEMS OF THE NIGERIAN BANKING SYSTEM
Our banking system here in Nigeria is plagued with a lot of problems, in this informative piece we are going to look into some of them and how crypto’s superior technology is the perfect solution to these problems. So let’s start with the problems.

HIGH NUMBER OF UNBANKED ADULTS
It is estimated that about 39% of Nigeria’s adult population is unbanked. A deep investigation into to root cause of this problem revealed a couple of things. One of the major reasons for this was traced to the lack of close access to the banking hall. Most Nigerians living in rural areas of the country refuse to open a bank account because of the distance to the nearest bank office. After considering the stress and cost from their homes to the bank office many would just prefer to hold on to their cash. Another issue was traced to stringent requirements for opening accounts. Most Nigerians living in rural areas don’t have access to meters therefore it is difficult for them to provide things like utility bills required to open a bank account.

HIGH TRANSACTION FEE
Most Nigerians living outside the country from time to time need to send some money home for their families and loved ones but this is usually very difficult given our banking system. To do that countries like the United States they run the risk sometimes of getting their foreign accounts blocked because of the anti-money laundering compliance process of these banks and financial institutions. These institutions flag any transaction which is above $10,000 coming to Nigeria and just blocks the offending account without further communication with the sender. When you decide to split the transactions the charges per transaction could be very exorbitant. Transaction fees for processing international transfers could get as high as $40 per transaction.

SLOW TRANSACTION SPEED
Sending money from one account to the other in the same bank here in Nigeria takes a few minutes to process but once you start talking about inter-bank transfers the transaction speed starts dropping drastically from 5 minutes to even days. The delay starts pilling up when you start talking about international transfers. An average international bank transfer could take from 5 working days to weeks or even months.

CRYPTO TO THE RESCUE
Here’s how crypto addresses each of these issues

UNBANKED POPULATION: with cryptocurrency all you need is just access to the internet and a phone. With these, you can easily open a wallet and start receiving/sending funds. There’s no need for going to the banking halls just to set up an account. For most crypto wallets like trust wallets, you don’t need any document to get started.

HIGH TRANSACTION FEE: the average transaction fee on the blockchain are usually low and for some blockchains completely free. Litecoin (LTC) has an average transaction fee of $0.0070 per transaction, Stella Lumen (XLM) is $0.0000035 while blockchains like EOS, IOTA, and Nano have a completely free transaction fee per transaction.

POOR TRANSACTION SPEED: it is only in the crypto space that you talk about real-time transactions because of blockchain technology. Blockchains like the Nano and Solana blockchains have an average transaction speed of seconds while those of Bitcoin and Ethereum are just in minutes.

From the above, it is clear that a lot of the issues that we face with our banking system here in Nigeria could easily be solved by crypto. Our commercial banking system is operating under an outdated technology system and the problem with most of them is that they are incapable of adapting and upgrading to meet the growing demands of the population, which makes Nigerian financial sector disruption inevitable. It is just a matter of time.

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What is an airdrop?

An airdrop is a marketing strategy in the crypto space that attract new investors into a new project or to reward users of an existing project to promote the project. This process might involve giving out their native cryptocurrency to current or potential users' for free or ask them to perform some certain task before giving them out.

Crypto airdrops became popular during the initial coin offering boom of 2017.



Types of airdrop?

-Bounty airdrop

A bounty airdrop requires users to complete certain tasks, such as sharing a post about the project on Twitter, joining the project's official
Telegram, or creating a post and tagging a few friends on Instagram. To claim a bounty airdrop, you'll likely be asked to fill out a form with
your wallet address and provide proof that you completed the tasks.



-Retroactive airdrop

Retroactive airdrop occur when an existing protocols announce it is native token those who meet certain criteria, often by performing a
trade or contributing to the project before a cutoff date, are rewarded a certain allocation of the token at launch.

-Holder airdrop



Holders airdrop distribute free tokens to those that hold a certain amount of digital currencies in their wallet. The project team usually
takes a snapshot of users' crypto holdings on a specific date and time. If the wallet balance meets the minimum requirement, recipients
can claim free tokens according to their holdings at the time of the snapshot.



Still wondering wondering if airdrops is free money? Of course it is and it's 100% legit!
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What is the meaning of web?, How do we come across web3?
What are the solutions web 3 is providing ?How is this good for crypto trading?





Let start from the word “web“ 
Web is the common name for the World Wide Web(www), a subset for the internet consisting of the pages that can be accessed by a web browser.Web pages are formatted in a language called Hypertext Markup Language (HTML). It this language that allows users to click through pages on the Web via links. The Web uses HTTP protocol to transmit data and share information.

 


How do we come across web3? 
Definitely before web3 there is Web 1.0, before improvement came then we have Web 2.0 , and here we are presently in web3



Web 1.0 is a read alone web experience also referred to Syntactic Web and user role is limited.
 On Web 1.0 users can read information on web pages driven by web browsers, HTML, HTTP and URL technology and there are no search engines like Google ,Bing, Yandex, CC Search, Swisscows, DuckDuckGo.

Web 2.0 is called Read and write web experience or the social Web and with some sense of centralization because it facilitates interaction between users and sites. Driven by mobile, social networks and cloud technology,

Web 2.0 users can read and write content on websites and applications and distribute it between sites. Tech companies like Meta (previously Facebook), YouTube and Twitter own most of the user data associated with Web 2.0. The data is highly centralized with these tech companies . This centralization of data (and power) and monetization of users is spurring the need for Web 3.0.






Web 3.0, also known as the third-generation internet, is the next evolution of the World Wide Web. It provides a data-driven Semantic Web employing a machine-based understanding of data with the objective of developing a more intelligent and connected web experience for users. 
Web 3.0 is highly decentralized, driven by machine learning and artificial intelligence, and leverages blockchain technology. The result is real-world human communication. Users retain control over their data and content, and they can sell or trade their data without losing ownership, risking privacy or relying on intermediaries.
Key to the innovation in Web 3.0 is the digitization of assets via tokenization. Tokenization converts assets and rights into a digital representation, or token, on a blockchain network. Cryptocurrency and fungible tokens are forms of digital currency that can easily be exchanged across networks, driving a new business model that democratizes finance and commerce.



Web 3.0 is a simple sentence :It simply refers to the next iteration of the internet that promotes decentralized protocols and aims to reduce dependency on large tech companies 

Solutions web3.0 is providing are 
-Uniqueness
-connectivity
-blockchain
-Artificial intelligence
-decentralization 



How is this good for crypto trading?

Web3 crypto has changed the accounting for crypto because it allows for more flexibility in trading. Web3 crypto is a quicker, more efficient way of trading crypto tokens and has ushered in an entirely new generation of blockchain upgrades that most people were not expecting.

-Decentralization finance
-NFTs etc

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In today’s creative world, Non-fungible tokens (NFTs) are an incredible innovation that evolved as a aid for artists to create and monetise their amazing work all around the globe.

NFTs can be described as your digital assets, which are further changed into a kind by developing a unique digital signature that defines the ownership of the asset and can be sold or bought even for the real money cryptocurrency.

Non-fungible tokens are described as tokens that are not interchangeable; however, each of these tokens represents unique assets that a certain person owns. In contrast, the fungible tokens are easily interchangeable and further divided into smaller units to build a similar value. One widespread misperception concerning NFTs is that they are a sort of cryptocurrency; however, this is not the case. NFTs are not the same as other cryptocurrencies, despite their appearance.

Step By Step Guide To Creating & Selling Digital Art, NFTs

1. Set up your wallet
The first step of creating & selling digital art NFTs is setting up your wallet for storing your cryptocurrencies and NFTs. You can visit Google Chrome and download the MetaMask extension on your system. Most NFT bidding platforms look for prepaying in crypto for minting your NFT that turns your artwork into non-fungible tokens, which are further sold.

2. Connect your wallet and NFT platform
It’s time to create your very own NFT marketplace or a platform. One of the most popular platforms in this category is NFTically. Once you enter in, click on the “Connect” icon to complete the linking process. Now, your artwork can be converted into NFTs using SketchAR.

3. Setting up an auction
Once your work is ready, the next step is setting up an auction to complete the selling procedure. During the selling process, the transaction will be mentioned on the blockchain. Further, you will be able to see the entire history. During the auction time, you can sell your digital art NFTs by selecting a minimum price. Make sure you choose a reasonable NFT price while maintaining enough profits.

4. Name your digital art NFTs.
Once the NFT price is set, and your artwork is ready to put in the auction, keep yourself calm and think of a suitable and interactive description and title for your digital art NFTs. Later, you have the power to decide the royalties percentage that you want to claim during the time of resale. To complete the process, add file properties as well.

5. Pay the gas-free
In the last step, you will be requested to connect with your wallet for paying the listing fee with the additional fees charged in the complete process of creating & selling digital art NFTs. Once your digital artwork is minted successfully, it’s time to share your artwork on social media and publicise it.

6. Listing items for sale
For listing your NFTs, go to the public-facing asset page and click on the sell option. Make sure you select the fixed-price listing and set your price rightly. Once you’re satisfied with the price, you can post your listing and follow all the instructions as suggested in your wallet.

7. Purchasing Ethereum
The next step is investing in Ethereum. Purchase ETH from a reputable seller like www.paybuymax.com at a slightly higher amount mentioned when you posted your listing in the last step.

8. Rankings
Collectors are always on the lookout to discover new creators; however, there are platforms like the OpenSea ranking page on which they discover exciting NFT art and artists. So, if you want to get on the top, it’s the right way to go.

Start Small:
Sometimes you can get swamped with the too much information as to what to invest in, how to invest in, however when you start Small you can be able to learn many things on the go.

This is the best way to enter the Crypto/Nft Space.

Get Education:

Majority of people don't have financial literacy, this has caused the high rate of ponzi schemes and many people losing their money to people that promise ridiculous ROI which is SCAM

Things like Paid Classes at ICY, watch YouTube videos, & read books will help u get started with EASE.

Understand the Risks:
There is risk in anything you do which is why it's important to learn the risks of whatever you are doing

In Crypto, there is Volatility (prices going Up & Down)

However, I believe that with proper guide & info you will be just fine

Don't be afraid of Failure:
I'm sure you have confused with too many CRYPTO Terms and features but don't be afraid to make mistakes.

You Should Invest In Crypto Today Why?
• Seamlessly Transfer of Money without Restrictions across the world in Seconds

It's like getting the link to invest in Electricity in the 1900s, because it's just a matter of time before World Adoption & that's Massive Gains for you as an early investor.

Never invest money based on rumours or hype.
Always Do Your Own Research before you invest your money. Don't be carried away by the hype in the market.

Check out The Founding Team, Tokenomics of the coins, Read the white paper if you can. Just get as much information.

Tokenomics is a catch-all for all the elements that make a particular cryptocurrency valuable and interesting to investors.

Whitepaper is a document released by a crypto project that gives investors technical information about its concept, and a roadmap for how it plans to grow and succeed

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There is no doubt that blockchains and cryptocurrencies are a hot topic right now. People in the industry are exploring ways to implement blockchain technology and harness its potential. However, the real question is, which cryptocurrency should you invest in?

Ethereum (ETH)
[b]Ethereum (ETH) [/b]is a decentralised platform that runs smart contracts. The application runs as programmed, and there is no potential for fraud or third-party interference. It provides Ethereum Virtual Machine (EVM), a distributed virtual machine, which allows you to run scripts using the international network of public nodes. It is transferred between accounts and can be used to correct calculations performed by participant nodes.

Gas is an internal transaction pricing mechanism used to prevent spam on the network and to allocate resources proportionally based on the incentives provided by the requester. Ethereum (ETH) was proposed in late 2013 by cryptocurrency researcher and programmer Vitalik Buterin. After a crowdfunding campaign that began in 2014, the network was launched on July 30, 2015.

It has grown to become the second-largest blockchain since its launch, with a market capitalisation of over $241 billion as of May 2022. Its features include intelligent support for multiple programming languages, content delivery, and decentralised application contracts. These features make it an attractive platform for developers, entrepreneurs, and investors.

Solana (SOL)
Launched in 2017, Solana (SOL) is an open-source cryptocurrency project focused on DeFi (decentralised finance) solutions. The total supply of cryptocurrencies is 500 million, and the circulating supply is 335 million. SOL is a native token of the Solana blockchain, designed to be scalable and efficient.

The team behind Solana (SOL) has a strong background in cryptocurrencies and blockchain technology, and the project is backed by major investors such as Andreessen Horowitz. One of the most prominent features of Solana (SOL) is its Proof of History (POH) consensus algorithm. It allows the blockchain to process transactions faster than other platforms.

Another notable feature is the use of WebAssembly (Wasm). It makes it easier for developers to build on the Solana platform. Overall, Solana (SOL) is a well-funded and technically advanced project with the potential to become a significant player in the field of cryptocurrencies.

FIREPIN token (FRPN)
On February 25, 2022, the FIREPIN Token (FRPN) was created as a community-driven cryptocurrency run by DAO (Decentralized Autonomous Organization). Their white paper argues that they want to build the world’s most active community and token economy. They also want to promote the long-term growth of the value of FIREPIN tokens.

It is primarily used for businesses that interact with Metaverse VR, NFT games, and Play-to-Earn (P2E) strategies. The token is also intended to connect to five major blockchains: Ethereum (ETH), Binance Smart Chain (BSC), Solana (SOL), Avalanche (AVAX), and Polygon (MATIC). FIREPIN token (FRPN) fills the vast gap in the crypto market and enables users to execute fast and cheap transactions to use the most efficient blockchain at the right time.

FIREPIN token (FRPN) has not yet been released, but presale numbers continue to grow. The presale started at $0.000067 and recently rose to $0.0023. The cryptocurrency launch date is set for May 27th, so you can spend enough time investing before the presale ends.

Looking to get more updates and guidelines on crypto? you can check us out on Facebook and IG @paybuymaxtech as we post insightful daily crypto updates.

Like any regular business, cryptocurrency trading is usually motivated by a desire to make a gain or profit. However, based on the risks involved in business, there is also a likelihood of incurring a loss if the right decisions are not made due to misplaced or misinformed planning. The implication of such losses can be really telling, especially when the amount invested is significant. Thus, every person trading crypto necessarily has to know how to calculate profit and loss. Failing to do such calculations would amount to making a blind investment and pose trading difficulties as you will never know when the time is favorable to sell your assets and make money.

Crypto Profit and Loss Definition

The concept of crypto profit and loss is an easy one to grasp for those trading the asset. Whenever you sell or dispose of your crypto asset, you will be making either a profit or a loss. You make a profit on your crypto asset when you sell your crypto for more than the price at which you bought it, and you make a loss when you sell it for less than what it cost you to buy it.

Calculation of Crypto Profit and Loss
When calculating your profit in cryptocurrency trading, a good point to start is knowing and taking into account your breakeven price. This is important to help you draw proper contrast to determine whether a profit or loss is to be made.

Let’s use a simple illustration. Assuming you bought 1 Bitcoin (BTC) a month ago for $8,000. This becomes your breakeven price. Today, when you checked the market, you noticed the price of a Bitcoin has increased to $8,250. To know your potential profit, you simply subtract the breakeven price from the current market price.

Subtracting $8,000 from $8,250 will result in $250. This means that if you sell your Bitcoin today, you will be able to earn a profit of $250. You can then decide if you want to make the sale and earn this profit immediately, use it to buy another crypto asset, or leave it with the expectation of earning more on it.

This is only a basic illustration of how you can calculate your profit. The action becomes more complex where you have coins in multiple cryptocurrencies, when you trade regularly, and when you have varying price point targets for each cryptocurrency asset.

When calculating your profit, there are other metrics of profit and loss that should be borne in mind. So, besides calculating your total profit, you might also need to use some other metrics, depending on the targets you set. These metrics include:

1. average buy price and sell price
2. realised profit (profit made on coins which you sold already,
3. unrealised profit (profit from calculations done with the current market price),
4. total profit (the sum of the realised and unrealised profit).

Using unrealized profit
Most times, traders in the crypto market become impatient, deciding to take profits and leave the market even when there’s an upward trend. In other cases, traders fail to sell their crypto assets when they should. Considering the volatility of the market and the contrasting possibilities, it is important to keep a constant watch on the market.

Say you bought BNB for $160 and it rose to $180. You would have already made a profit of $20. But you’re actually yet to sell your assets so you have not really earned the profit until you sell off the assets at such trending prices.

Similarly, the price of the BNB can drop a little or go below the price at which you bought it. For example, if you bought BNB for $160 and the current market price is $130, you lost $30. However, you’re not really at a loss, as long you don’t make sales of your assets.

Multiplying to get the percentage profit
A larger number of traders in the crypto market prefer using the percentage approach to calculate their profit and loss. To achieve this, you can calculate your crypto profit by multiplying by the percentage increase in the value of your crypto asset.

To do so, you have to multiply the price at which you bought the crypto (breakeven price or entry price) by the corresponding percentage expression. For instance, if you bought BNB at $2 entry price, and you only want to make 10% of the trade and sell your assets, you would have to multiply your entry price by the corresponding percentage profit of 10%. Thus, it would be $2 your entry price multiplied by 1.1 to get your exit price. The value of your assets would then be $2.2, less the entry price, to arrive at a profit of $0.2.

The rule of thumb is to add the number 1 every time you want to multiply by a hundred.

Importance of Effective Crypto Profit and Loss Calculation
But what is really the main deal of calculating profit? Why is it so important? The points have briefly been made at the outset of this piece, but here’s a detailed explanation for better insight and clarity.

You spend your personal money anytime you buy a cryptocurrency. When you decide later to dispose of the asset at a price higher than what you paid to buy it, you make a profit. If you fail to do a pre-calculation of the profit to accrue from your intended sale, you might end up selling the asset at a lower price than you actually should and thus incur a loss.

In addition, a mistake that is common to both new and old traders in some cases is waiting too long after buying a coin before selling or disposing of it. The truth is, unless you’re the strategy of leaving your crypto asset for a few years to earn profits, it could result in a major loss if you wait for too long.

It is actually good and profitable to buy low and sell high if you implement the strategy with a high measure of discipline. Otherwise, you are likely going to become tempted easily by an upward trend of a particular coin and wait for it to keep going higher. The risk involved here is that the price of such coins can suddenly drop and this would lead you to a loss rather than making a profit.

Setting a really high point of sales price risks the possibility of a sudden drop in the market price before you get the chance to sell.

This forms the essence or importance of calculating profit and loss on your cryptocurrency. It’s a much better strategy to stick to a plan and a price point that is realistic than simply adopting the approach of waiting for the price to go very high before moving to sell your crypto asset.

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