A Kenyan parliamentary committee tasked with investigating Worldcoin’s activities in the African country has reportedly censured a government official over his inconsistent statements about Worldcoin’s license status. The committee also said it found that Worldcoin’s “Orbs” were not approved by the Communications Authority of Kenya as required by law.
Worldcoin Allegedly Operated Without a License
The Kenyan parliamentary committee investigating Worldcoin’s activities in the country recently censured the Kenyan ICT cabinet secretary Eliud Owalo over his previous pronouncements about the crypto project’s license status. The committee, chaired by Gabriel Tongoyo, said inconsistencies in Owalo’s statement issued on Sept. 11 suggest that Worldcoin may have operated for just over a year without the requisite license.
As previously reported by Bitcoin.com News, Owalo is widely believed to have initially backed the crypto project. However, the cabinet secretary later appeared to make an about-face when he accused Worldcoin of not adhering to the requirements of its registration license. In response, the Kenyan parliament launched a committee charged with establishing the facts about Worldcoin’s license status, among other things.
According to a report in The Nation, the parliament committee has now determined that Owalo’s testimony undermines Worldcoin’s license claims.
“In the said submission, the CS [Cabinet Secretary Owalo] noted that Worldcoin started collecting data in public places on May 31, 2021, and applied for registration as data controllers in Kenya on August 22, 2022, one year after commencing their activities in Kenya, contrary to the Data Protection Act of 2019,” the committee wrote in its report.
However, the committee noted that Owalo has denied proclaiming that Worldcoin’s activities in the country were above board.
‘Orbs’ Not Approved
Meanwhile, in addition to the licensing issues, the Kenyan parliamentary committee said it also found that Worldcoin’s eyeball scanning devices, or “Orbs,” were not approved by the Communications Authority of Kenya. The committee further alleged that Worldcoin’s transfer and storage of user data to Amazon Web Services servers in South Africa violated section 48 of the Data Protection Act.
Concerning the license status of Tools for Humanity Corp and Tools for Humanity Gmbh Germany, two companies behind the Worldcoin project, the committee said:
“The two companies do not appear in the Business Registration Service database of registered businesses or companies in Kenya and hence lack the legal mandate to transact any business in Kenya according to provisions of the Companies Act, 2015.”
3 Things to Avoid to Make Money in Crypto
As you’ll learn in the upcoming section, there are several legitimate ways you can make money in crypto. Of course, not all have the same upside potential. However, to succeed with any of them, you must avoid the three most common obstacles crypto investors face. And they are known as FOMO, scams, and lack of time.
So, let’s ensure you get acquainted with these. That way, you’ll understand how to recognize and avoid them.
FOMO
Avoid FOMO
The fear of missing out is nothing new and appears in all aspects of life. It is part of all forms of investing. However, since cryptocurrencies tend to have explosive moves, crypto FOMO takes things to a whole different level. It is due to FOMO that most inexperienced traders/investors buy the top and sell the bottom.
So, how can you overcome FOMO?
Being properly informed about the state of the market and becoming mindful of your emotions is a great starting point. However, an even greater edge comes in the form of invaluable insights that can help you spot on-chain momentum early. This enables you to position yourself in a timely manner and avoid FOMO altogether.
Scams
Stay away from rug pulls to make money in crypto
Like in many industries, scams are everywhere; it’s something unavoidable. The key is to be aware and know what to look out for. Of course, some scams, such as hacks, are pretty hard to predict. However, rug pulls and exit scams can be avoided if you know what to pay attention to. By considering the project’s smart contract properties, social activity, and other factors, one can spot rotten apples.
When using the Moralis Money Starter or Pro plan, you get access to advanced security scores to easily avoid various crypto scams!
Lack of Time
illustration - man in front of a giant clock, illustrating the obstacle of time
In this fast-paced lifestyle, most of us don’t have time to closely monitor the crypto market, and we easily miss out on great opportunities.
If only there was a tool that could help you overcome all these three hurdles, including time constraints. Well, fortunately, there is! You’ve guessed it, it’s Moralis Money. You can learn more about how this tool tackles the above-outlined thieves by exploring three essential crypto trading tips.
How to Make Money in Crypto
As pointed out previously, there are various ways of how to make money in crypto. However, while all the following methods can make you money, their potential going from simply “making money” to answering the concern regarding “Can crypto make you rich?” varies.
All in all, here are the most popular ways investors and traders have been using to make money in crypto:
Investing – Buying cryptocurrencies in their early stage and HODLing until you can sell them at a large profit.
Trading – There are many types of trading that can make you a lot of money. It all depends on your skills and preferences. For example, you can focus on spot trading or leverage trading, both on various timeframes.
Staking and Lending – Many crypto projects have their own dapps where you can stake their native tokens to earn yield. Plus, there are several centralized and decentralized platforms/protocols with a wide range of crypto, so you can earn by contributing to the liquidity and security of the network. You can also earn by lending your crypto to other users. Typically, higher yields mean higher risk.
Going Full-Time Crypto – Blockchain/crypto is an emerging industry offering countless career opportunities to make decent money.
Mining – In the case of proof-of-work (PoW) blockchain networks, you can obtain the required equipment to become a validator. By doing so, you earn mining rewards.
Airdrops – Many upcoming and existing projects offer early supporters a portion of their crypto tokens, which can sometimes be worth a lot of money.
P2E – The crypto space gave birth to new types of video games known as play-to-earn (P2E) games. These games allow users to earn crypto in the form of fungible or non-fungible tokens while playing.
Showing a trader speaking to an investor discussing the different ways to make money in crypto and get rich
Can All of the Above Methods Make You Rich?
Yes and no. After all, it all depends on your initial capital and your perception of being rich. For instance, does the ability to make $100 a day trading crypto make you rich, in your opinion?
However, just by playing P2E games and chasing airdrops, one has low-to-zero chances of becoming rich by most standards.
On the other hand, various combinations of crypto investing and trading have the best track records when it comes to making life-changing money. Trading is particularly practical as it allows you to also make money in a crypto bear market.
Can Crypto Make You Rich How to Make Money in Crypto Explained-ways-strategies-crypto-trading
Can Crypto Make You Rich Solely By Using a Specific Trading or Investing Strategy?
Yes, there are many ways that crypto can make you rich. It can be by simply following one specific trading or investing strategy “to the T” or combining various methods. After all, there are many individuals who have made a fortune by spot trading, swing trading, investing in ICOs, and so on.
That said, it does not matter what type of trading or investment strategy you use if you’re not using the most fundamental tool available to all traders, namely, a token explorer/scanner of some sort. Such a tool is paramount because, without it, you wouldn’t be able to find crypto in the first place to make you rich. So for that purpose, Moralis Money is the ultimate tool!
The #1 Tool to Make Money in Crypto
By this point, you already know that Moralis Money is the ultimate tool when it comes to making money in crypto. After all, it offers invaluable real-time, on-chain insights that allow you to spot crypto opportunities early and properly time your trades/investments.
There are several features that this ultimate on-chain analysis tool offers in order to help you with the “how to make money in crypto” quest. For instance, it offers a dedicated “New Real-Time Coins” page where you can see new crypto tokens as they go live. And, you can do so for all the most popular blockchain networks:
Can Crypto Make You Rich How to Make Money in Crypto Explained-Moralis-Money-New-Real-time-coins-page
Moralis Money also offers dedicated pages for all of the supported blockchains to explore cryptocurrency opportunities:
Can Crypto Make You Rich How to Make Money in Crypto Explained-Exploring-Coins-with-Moralis-Money
However, the ultimate “how to make money in crypto” edge comes in the form of Token Explorer!
Token Explorer – Moralis Money’s Core Feature
Do you remember the three main obstacles to crypto profits? Well, Token Explorer is designed to help you overcome FOMO and scams. But how, exactly?
Well, by offering a user-friendly way to detect the best altcoin opportunities at any given moment, you get to find tokens before they pump. This allows you to get your timing right and avoid chasing an asset that is near the top. In other words, you get to say goodbye to FOMO.
Token Explorer also incorporates the Token Shield feature, which is all about keeping you safe. So, whenever you run a Token Explorer strategy, Token Shield automatically performs a security check for all cryptos that match your search parameters. As a result, you get a dynamic list of tokens with potential, all equipped with security scores. As such, you get to reduce the risk of entering a scammy token.
Can Crypto Make You Rich How to Make Money in Crypto Explained-Token-Shield
Overcoming Lack of Time with Token Alerts
As for the lack of time hurdle, Moralis Money offers Token Alerts, and there are two aspects to this.
On the one hand, Token Alerts comes in the form of automated Token Explorer strategies. So, whenever you find a combo of search metrics that you like, you get to save your strategy via the “Save Strategy” button:
Then, you can run your saved strategy on autopilot and, in turn, spot new altcoin opportunities without any additional time investment. As soon as a new crypto matches your filters, you’ll receive an email alert!
Can Crypto Make You Rich How to Make Money in Crypto Explained-Token-Alerts
On the other hand, Moralis Money also offers individual token alerts. So, whenever you find a token that you want to keep an eye on, you get to create an alert for it. That way, you can relax knowing you’ll be notified when the token’s parameters meet your criteria. This obviously saves you a lot of time as you don’t need to constantly return to that token page.
To access the individual Token Alerts feature, you’ll want to upgrade to the Starter or Pro plan. By doing so, you’ll also get access to all the lower timeframes and take a major step closer to making serious money in crypto.
Start using Moralis Money Pro and get rich in crypto
How to Use Moralis Money to Make Money in Crypto and Get Rich
So, can crypto make you rich? Yes, and it’s time you learn how to make money in crypto and get rich with Moralis Money. So, essentially, your goal should be to master these three steps:
Spotting the best altcoin opportunities at any given time.
Researching and making sure that now’s the right time to buy the particular altcoin.
Buy/sell the altcoin in question.
How to Make Money in Crypto Step 1: Spotting the Best Altcoin Opportunities
Start by accessing the Token Explorer page:
Showing how to use Moralis Money Token Explorer to find crypto that can make you rich
Next, you can run one of the predefined strategies:
ng predefined search filters
Or, apply your unique combo of search parameters:
You’ll want to experiment with unique combinations of metrics. After all, they will increase your chance of finding tokens among the first ones.
However, you can use predefined strategies as starting points and then tweak their metrics, filters, and timeframes. Once you find strategies that offer great results, make sure to save them and start running them on autopilot.
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