Bitcoin ATM card enable people in Nigeria to have a high level of budgetary opportunity as a bitcoin client, since these cards are acknowledged wherever conventional cards are upheld. In addition, if you at Nigeria are making a trip to a territory where the nearby cash is unstable and might want to ensure the estimation of your cash, a bitcoin debit card can be of extraordinary help. Since it deducts just what you spend at the best trade rates, it ensures your possessions.Furthermore, it is conceivable to pull back fiat cash from an Bitcoin ATM card utilizing your bitcoin debit cards.
This is due to the liberalisation of telecommunication across the continent that has grown internet accessibility [August 2019] - Forex Training In Lagos Nigeria with about 50% of the African population now having mobile phones, according to GSMA.tiny.cc This is complemented by the fact that for the past two years smartphone usage in the continent has doubled to reach an impressive 226 million subscribers. 100 billion within the payments and remittance space. Some of the banks are now lobbying for rights to trade cryptocurrencies, though most of the regions central banks are keeping the banks focused on traditional fiat-based services. Now that conditions on the continent are conducive for growth in the adoption of cryptocurrencies, some players within African economies are relying on crypto-currencies to combat hyper-inflation which has been experienced in countries like Zimbabwe, South Sudan, and Nigeria. FXBarter aims to position itself as a platform redesigning modes of financial service delivery.
FXBarter will create value for users by providing a number of financial inclusion services such as remittances, payments, aid disbursement, store-of-value and credit. FXBC has been created by FXBarter as a cryptocurrency for non-deliverable fiat currencies. It is convertible to restricted non-convertible fiat currency across developing countries as well as to major fiat currencies such as USD, GBP and EUR, as well as major cryptocurrencies such as Bitcoin and Ethereum. FXBarter introduced FXBC to facilitate seamless conversion for users with non-convertible currency that need to make payments in foreign currency. Holding FXBC means that you hold the equivalent of a given currency (although depending on the exchange rate of FXBC). With FXBC, you can make payments into your bank account in a wide range of fiat currencies.
With time, we hope to partner with ecommerce stores and different service providers to make it possible for FXBC to become a payment instrument for goods and services. With FXBC, users have the unique opportunity to purchase and store FXBC using their local fiat currencies, convert them to major foreign fiat currencies and [August 2019] - 1 Bitcoin To Nigeria Currency perform electronic transfers or cash withdrawals across the world. Fungibility on most cryptocurrency exchanges and compatibility with most blockchains. FXBC is a revolutionary cryptocurrency that would enable people remit funds to their home countries in a way that is easy, cost-effective, and transparent. With a maximum of 300 million FXBC in existence, a total of 200 million FXBC will be sold during the ICO. The remaining 100m will be held back for the founder and shareholders of FXBarter Ltd and frozen for 6months post ICO sale. FXBC [August 2019] - Forex Training In Lagos Nigeria all within our private blockchain network. 40% for marketing and PR to foster the growth and sustainability of the platform.
LAGOS: While bitcoin and other cryptocurrencies have suffered precipitous falls in recent weeks, the units remain popular in Nigeria where they make it easier to do business. On the surface, digital coins may not seem like a good idea in a country where corruption is rampant and stacks of hard cash are often smuggled overseas. Yet West Africa's biggest economy has the world's third-largest bitcoin holdings as a percentage of gross domestic (GDP), behind Russia and New Zealand, according to Citigroup. That may be because blockchain technology [August 2019] - Forex Training In Lagos Nigeria[August 2019] - Forex Training In Lagos Nigeria public, online ledgers that underpin cryptocurrencies [August 2019] - Forex Training In Lagos Nigeria[August 2019] - Forex Training In Lagos Nigeria is liberating Nigerians sidelined by the global financial system as it dramatically improves the ease of doing business. Olaoluwa Samuel-Biyi, a slight 27-year-old entrepreneur, looks the part of an aspiring corporate disrupter, dressed in skinny jeans with dishevelled hair. He first considered using cryptocurrency when credit card firms and other established payment providers refused to partner with his global remittance company, deeming the venture too risky. He realised that the only way he could solve the problem was to use cryptocurrency. Banks were “very tedious” and payment companies “generally exploitative”, he said.
A cryptocurrency company, Trade Coin Club has refuted claims of account being unjustly suspended by one Mrs Ibok Offiong. According to a statement signed by Bassey Idiong who is the publicist for the club, the claims by Offiong are false, malicious and aimed at putting the company in bad light. 4,898) equivalent of N2,351,000 and not 40 Bitcoin as she claimed. 63,000) equivalent of N23,940,000 to her trading capital, not re-investing but compounding internally generated gains. This clearly stands against her claims of investing 40 Bitcoin. 80% of her claimed investment was gotten from the bonuses she earned from trade, compensation plans gotten from our team building members.
427,000) equivalent of N155,855,000(One Hundred and Fifty Five Million Naira). This stands against her claim that the Trade Coin Club [August 2019] - Forex Training In Lagos Nigeria TCC is a scam. “These calculations have been done according the price of Bitcoin/Naira to Dollar rates as at the time of investment/liquidation. “Binary is achieved when a member sponsors at least two persons directly (Left and Right) and received compensation in Bitcoin from whatever financial activity which occurs within the team building up to the last generations also benefits you. A passive investor as Mrs. Ibok Offiong claimed she was with the Trade Coin Club [August 2019] - Forex Training In Lagos Nigeria TCC, will never earn/receive Direct Bonus, Indirect Bonus, Team Bonus and Residual Bonus. We hereby advise the citizenry of Nigeria, Africa and the entire network marketing community to always do their due diligence at every point and desist from contracting business with Mrs. Ibok Offiong.
Cryptocurrencies are digital money whose function is to solve & address the problems we mostly have with our local currencies (inflation, value loss and slow transactions). Cryptocurrencies are decentralized. Meaning that they stand on their own and no government of nations can control it or determine her fate. You may ask, what determines it then? It is based on the community users. I mean, if there is more demand for a particular Cryptocurrency (by collaboration or any means), there will be an equal scarcity which creates more demand and a price hike. So, the value is derived based on the community backing it. What Makes Cryptocurrency A Big Deal?
Well, the truth is that Cryptocurrency wouldn’t have made sense but because there is a demand for it based on what it can do. And talking about what it can do. Cryptocurrency is transparent in terms of the transaction because everything runs on a blockchain which is open for everyone to see. Bitcoin is the first digital and a decentralized currency (cryptocurrency) which its existence came forth in 2007 by a man known as Satoshi Nakamoto. As a matter of fact, as fiat is to a paper money, Bitcoin is to a virtual/digital money which cannot be seen nor touched.
Again, just like the fiat — Naira derives its value from the demand and supply principle, so does Bitcoin. What Is A Bitcoin/Cryptocurrency Wallet? A Bitcoin/Cryptocurrency Wallet is purse you store your crypto money. This is it. Like your Naira is to your Bank account, Bitcoin/cryptocurrency is to a Bitcoin/Cryptocurrency Wallet. So, all of them must have a place or system to be managed. To simply get the glimpse of it, look at a Bitcoin/Cryptocurrency Wallet as a bank you can send and receive your money (Cryptocurrencies). Therefore, if someone asks you of a Bitcoin/Cryptocurrency Wallet, all you need to do is copy out the Bitcoin/Cryptocurrency Wallet address and give the person. Bitcoin/Cryptocurrency Wallet address: this is like an account number you give to the other party to send you crypto money. Also, through it, you can send the other party your digital money.
For you to get involved in this revolutionary currency, you must have a working Bitcoin/Cryptocurrency wallet. To go about it, we use and recommend Coinbase. 3. Enter your name, email and strong password (I will show you how to create a strong password later or search the site). After step 5, a notification link will be sent to your email address. 6. Go to the email account you used and click on the verification link (You will get a notice of success upon being verified). If you transfer Bitcoin from your account to another Coinbase user, you won’t be charged.
It is free. Yea, that is exciting, I guess. 1. Login and see how your account looks like. 2. Go to account on the top margin and you will find your crypto 5 wallets. I mean, you will find your Bitcoin wallet, Ethereum, Litecoin, Bitcoin Cash, and Ethereum Classic wallets. Click on each of them and you will see an option to Receive and Send the digital assets. If you click on receive, you will be shown your wallet address (BTC, ETH or equivalent). And if the send button, you will be asked to enter the recipient wallet address. So, it is that simple.
And if you have seen all of the above. Well, it is not just in Nigeria but universally. Now, to send Bitcoin and other assets to another user, all you need to do is get their own wallet address. 1. When sent to you, copy it and paste where you are asked to paste in your wallet address. 2. Enter the amount of Bitcoin/Crypto you want to send. 3. Enter the description if you want and Click on send. 4. Confirm it and [August 2019] - 1 Bitcoin To Nigeria Currency it will be sent. Just wait for it to be confirmed by the other party. It can take about 5-10 minutes. So, just be patient.
What we are going to do here is the reverse of what we did before. The other party will have to send you bitcoin after receiving your own wallet address. 1. Copy your Bitcoin/crypto wallet address to the recipient (you can use email or WhatsApp — but be careful to copy everything else a mistake/an incomplete wallet address means a loss if sent to). 2. When the other party receives it, he/she will also repeat what you did above. Now is your turn to be patient for Tinyurl it to arrive. And when you finally get it that is all. Now, you are there.
I want to show you how to buy your first cryptocurrency. And if you might want to know, the first cryptocurrency you want to own is Bitcoin. Views might be different though, however, the baseline is that owning Bitcoin makes a man bullish and happy. And to buy Bitcoin/Cryptocurrency, you will need what is known as an Exchange. What is a Bitcoin/Cryptocurrency Exchange? A Bitcoin/Cryptocurrency Exchange is a website where you can buy, sell, trade and exchange your fiat to any form of cryptocurrency as listed there. So, in essence, like your online banking website, an exchange is a service website we can buy digital money.
To be able to guide you properly, we work with a few numbers of crypto exchange wherefore should you need support, we can point you to the right direction. With that being said, we work with credible services only which we have used and seen how fair they are. And talking about a service place, we shall be buying our first Bitcoin/Cryptocurrency using an exchange called NGexchanger. Ngexchanger is a simple but an advanced crypto exchange for Nigerians. And if I say that they are the best, I won’t be mixing words because I tend to use the best service only — thank you. So, with Ngexchanger, buying of cryptocurrencies is made simple.
It is just a matter of making a mobile transfer from one bank to another. And the good news is that NGexchanger has you in her heart by making sure your bank is listed for the transaction. You get a personal contact via phone calls, chats, email notifications and all the best options you can think of. Don’t worry, I know what a core Nigerian wants — smooth transaction. And yet again, you can buy other cryptocurrencies like Ethereum, Ripple, Tron, Litecoin, Bitcoin Gold, and even more. So, without further ado, let’s go on and see how to buy our first Bitcoin/cryptocurrencies using NGexchanger. Make sure you see the dashboard below to avoid phishing.
2. Enter your personal details — name, password and the needful as specified. 3. When done entering them, click on Create My Account. 4. You will get a result that your account has successfully been created. 5. Verify your account by clicking on the link which will be sent to your email. 6. Log in to your account to get started. Note: make sure you have money in your Bank account for transaction. 1. Having logged in, at the left-hand side, go to Buy. 2. Select the crypto of your choice — Here, it is Bitcoin. What currency will you pay? — Using Naira or USD.
Choose how you will pay them — Select your preferred bank you want to use (their account number). 5. Go to Google and Enter Naira to USD to get the exact amount you want to exchange (you can also use their calculator). 6. Go to your Coinbase account and copy the Bitcoin wallet address and enter as required. 7. When you are happy with your selections/entries, click on Submit to proceed further. Please note that you can modify this order while it’s still pending and waiting to be processed. Click on the “Paid” button after the transfer. 8. Copy their Bank account number and pay the money in Naira as required.
9. After payment (paying the N25K to their bank account number), come back and Click on Paid. 10.After the Bank deposit, log in to your account again and click the Paid Green Button. 11. When delivered and confirmed, NGexchanger will deposit the N25, 000 Bitcoin into your wallet — the bitcoin wallet you entered. Just wait for some minutes and you will have your Bitcoin. You have finally bought your first Cryptocurrency — which is Bitcoin. Let’s assume that you want to buy any other cryptocurrency in the world. And I mean anyone. I will show you how to go about it. All you need to do is locate the crypto exchange that is offering the coin of your choice.
Okay, let’s buy BAT. BAT is not available on NGexchanger but it is at Binance. So, we are going to use Coinbase and Binance now. Since NGexchanger deposited your Bitcoin in your Coinbase wallet. All you need to do is use it and buy BAT — just like we used Naira to Buy Bitcoin from NGexchanger. The truth is that you don’t need a guide again because all crypto exchanges in the world work just as the same. However, I am not ready to leave you hanging, so, let’s do it together. You need a Binance account. Make sure you see the same dashboard below to avoid phishing. 2. Enter your personal information and click on register. Wait for it to verify.
An email will be sent to your address. Open it and verify your account by Clicking on Verify Email. When done correctly, you will see Account activation successful. 4. Log in to your account and start your transactions. 5. When logged in, tick all the Safety Risk Notice. When done, click on I understand, continue. Login to both your Coinbase and Binance accounts. Transfer Bitcoin to Binance. Buying Steps: Using Coinbase & Binance (as a new user). Make sure you see the interface below so that you won’t be phished before signing up. 5. Login and Click on Funds, and to Deposit. Select coin/token to deposit & Choose a wallet (BTC or ETH).
If BTC, a Bitcoin Wallet address will be shown. 6. Copy the Wallet address to Coinbase. 7. In your Coinbase account, paste the wallet address from Binance and send the amount in BTC you want to. 9. Select BAT/BTC. Enter the amount. 10. Click on Buy BAT. So, you have successfully bought BAT on Binance. Now, let’s assume that you had traded it back to Bitcoin, and at the same time, you want to make Withdrawals to Naira. Or, let’s also say that you have Bitcoin or cryptocurrency [August 2019] - Forex Training In Lagos Nigeria any crypto exchange in the world — CEX, Bittrex, LocalBitcoins, and more.
No matter where they are we will turn it to Naira in less than 5 minutes. How to go about it is using a reverse matrix system at NGexchanger. Now, so far you traded the coin to Bitcoin or even Ethereum. We will exchange it now to fiat — Naira. What to do is transfer the ETH or Bitcoin to NGexchanger, apply for a withdrawal to Naira and you will get it delivered. Let’s do it together. 1. Login to your NGexchanger account. 2. Click on sell on the left hand side of your account dashboard. 4. Click on the drop-down knob to select the currency do you want to receive — NGN — Naira.
5. Enter the amount of Bitcoin or Eth or any other coin (NB: we used Bitcoin) in dollars. To help out, enter the amount of the Bitcoins here, and see what it is in Dollars. 6. Copy the amount in dollars and paste where it is requested on your dashboard. Charges: ₦52.00 Stamp duty charge Applied. You will see the equivalent. Go ahead and scroll down to enter the Bank detail. 7. Select your registered bank, Account Name, Number and Type. Do well to re-check your details. 8. Click on Submit when you are done entering your personal info. When you are shown; you are about to sell Bitcoin e-currency… Click Ok to continue or cancel to stop.
9. Scroll down and you will see the Bitcoin — NGexchanger BTC address. Copy it to the sender wallet. 1. Login to your Binance account. 2. Go to Withdraw. 4. Paste the NGexchanger Bitcoin wallet as you were given. 5. Click on Submit. Give it some time to be processed on the Blockchain before getting to NGexchanger. In Your NGexchanger Wallet Account. 1. Scroll up and click on paid — the green button. When shown: You are about to submit order: 4252778 as done… Click Ok to continue or cancel to stop. When delivered at NGexchanger, you will get an email that they have received the deposit and your money in Naira will be deposited into your Bank account. Wait for it to process. What if you had your Bitcoin on Coinbase? It’s not a problem.
Let’s do it together. 1. Login to your Coinbase account. 2. Go to account and to Bitcoin wallet and click on send. 3. Enter or Paste the NGexchanger Bitcoin wallet as you were given. 5. Enter the amount and other options. Confirm that you want to send it. In Your NGexchanger Wallet Account. 1. Scroll up and click on paid — the green button. Again, give it some time to be processed on the Blockchain before getting to NGexchanger. Wait for it to process. When delivered at NGexchanger, you will get an email that they have received the deposit and your money in Naira will be deposited into your Bank account. And lastly, what if you had Bitcoin in any OTHER crypto exchange in the world?
Okay, it is just the same thing. I want you to be a crypto savvy at the end of the day. CEX is so CEXY and you want to use it because it is super friendly and you can even make withdrawals using your Credit Card, Bank Transfer, and Crypto Capital. 2. Go to Withdraw. When done, you will get the option to enter the recipient bitcoin address. 5. Enter the amount of Bitcoin — you want to withdraw at the top right. 6. Select the checkbox and hit on Withdraw. 8. Enter your 2FA token and click on verify. 9. CHECK YOUR EMAIL to confirm withdrawal request for the transaction.
10. Go to your email and verify by clicking on the link sent to you. 11. Please click the link or button below to confirm your withdrawal request. See how I am pampering you to make withdrawals, don’t fail to remember me in your paradise. Note: The code will be valid within 30 minutes. In Your NGexchanger Wallet Account. 1. Scroll up and click on paid — the green button. When shown: You are about to submit order: 4252778 as done… Click Ok to continue or cancel to stop. Wait for it to process. Now wipe your face if you had sweat because we are through.
We now wait for the delivery from the blockchain. When delivered, you will get an alert; oooooohhhhhh myyyyyyyyyyyyyy God, a smile to the Bank on the next hour mark. So, that is how to use any cryptocurrency exchange in the world. And if you find anyone that seems troublesome, hit me up and I will help. I must confess, I enjoyed doing this and see this, I wanted you to see how to be a crypto dude and truly do it on your own. OKAY, that is all you need to do to Withdraw, Exchange Bitcoin, ETH, LTC, XRP, and other 3000 Cryptocurrencies to Naira in Nigeria.
I am really, really sorry, I didn’t mean to spoil the happiness withdrawing your money to fiat -Naira. However, I am not ready to leave any stone unturned. Now, should you want to see the Trnx ID of the Transaction we just did now — may be to see how far it has been verified or gone, see what to do below. You can use any exchange as far as what is needed is the bitcoin address we used for the transaction. Well, you can use any one but I will use CEX here. 1. Login to your CEX account. 3. Click on Transaction — what do you see?
Your last transaction, and other things, right? Under comment at the right-hand side, click on the long address. What do you see? Someone will say, I see confusion? Yes, that is why we are here. Now, join us or our members for free because they know how to do all these things. Now, to see your Trx ID or copy it out, it is simple — the long stringed address is your Transaction ID. In case anybody needs it, that is what you will send to him/her. How Do You See If Your Transaction Is Delivered? If you look closely, you will over that the addressed are many and stashed. Guess what you need to see yours? Just click on your Bitcoin address to see only your transaction delivery. Catch ya, you got it. This is what we call the science of cryptocurrency. Cryptocurrencies To Naira In Nigeria is concerned. Thank the Lord, we are done. We took out time to make this happen because you are the real deal. Please make us a real deal also by sharing. Thanks a lot and it is a million meaning to us.
Re: What are the benefits of bitcoin to my country (Nigeria) economy? CryptopreneurBrainboss, we all post some opinions, and they are of course different, which is quite normal. But what interests me is Bitcoin in any way help you in your life, do you live better or similar as before? Probably Bitcoin cannot help one country as a whole, but it can help individuals who can then change things around for the better. I look for some info about cryptocurrency in Nigeria and I see you have few crypto exchanges in country, Nairaex seems to be most popular. According to Nigerian Blockchain Solutions Ltd. CEO Mr. Lucky Uwakwe, 51% of people see Bitcoin as a profitable long-term investment. 19% of people use Bitcoin for remittance purposes, and 30% of Nigerians regularly use Bitcoin to shop online or transfer money to friends and family. In all cases, the appeal of Bitcoin is simple. Bitcoin consistently performs better than the Naira on world currency markets. This makes it easier for Nigerian entrepreneurs to do business internationally. It also gives everyday Nigerians a way to protect personal savings, as the Naira loses value against the Dollar and Euro.
This is the scenario for millions of Nigerians. You are a family in Nigeria in January 2017 with members of your family working abroad earning USD, EUR, GBP, ZAR, and other relatively hard currencies in neighbouring countries. The family members abroad wish to remit money to their family in Nigeria. The Sender sends USD but the Receiver cannot withdraw USD from the local Western Union office — they may only withdraw NGN. These are the rates for USD remittances sent to Nigeria by Western Union. USD 100 buys 37,500 gross. Send USD to your family in Lagos and again, they are not permitted to withdraw USD banknotes from the Nigerian bank. NGN 320. That is worse than Western Union.
Again there will be substantial additional fees to pay by both the Sender and the Receiver. Users in Nigera may send funds internationally using PayPal but cannot receive funds. Compare the Help from PayPal for Nigeria with that for New Zealand, where users can Send and Receive funds internationally. Black market rates for cash Dollars. Most people [August 2019] - Forex Training In Lagos Nigeria the West have never used a black market to sell hard currency. The procedure closely resembles buying marijuana. It is invariably an illegal activity punishable under criminal law. You take your stash of dollars to a street vendor and he gives you the local currency — NGN — in exchange for your dollars.bet9ja.com It is an uncomfortable and sometimes dangerous transaction. You are at risk to both dishonesty by the currency vendor who might supply counterfeit currency, and imprisonment by the police.
So Cash Dollars convert to the greatest amount of local Nigerian currency but there remains the problem, how does the expatriate Nigerian deliver physical cash dollars to his family in Nigeria? Using Bitcoins is a close number 2 in terms of the total return, but does not encounter the problem of physically transporting currency to the destination. This is a great video about Jacob Hansen, a Dane, selling Bitcoin for Argentinians Pesos in Argentina in 2013 and benefiting from the black market rate for hard currency. Both economies have black markets for USD. 3 position; its prominent position might be related to the current purge of high-denomination banknotes in the Indian economy. Sadly, much of the Bitcoin usage in Nigeria is probably related to the MMM ponzi which is rampant there. The OneCoin ponzi is also active in Nigeria.
Bitcoin is becoming popular day by day. Reduce people's interest in easy transactions and price Rise. Some countries questioned the legitimacy and questioned. However, many countries of the world have given legitimacy to Bitcoin. We need to know about this issue for those new people. Those who did not know what to expect and would benefit them. Bitcoin has been given the list of validity and cancellation. During its decade of appearance, the adoption of Bitcoin has grown very rapidly. The cryptocurrency with the largest capitalization in the world has been legally accepted in more than 100 countries. While in many other countries, the legal status of Bitcoin is still doubtful or regulated by a number of restrictions. However, there is the most widely used currency in trading fiat-Bitcoin currencies. One of them is the Nigerian naira currency. In that country, Bitcoin has not yet obtained official legal status.
But in the fiat-Bitcoin trade, Naira controlled a market share of around 0.03 percent (239.35 BTC). As for countries where Bitcoin is considered illegal, there are not many. Only 10 countries, namely Afghanistan, Algeria, Bangladesh, Bolivia, Pakistan, Qatar, Republic of Macedonia, Saudi Arabia, Vanuatu, and Vietnam. While countries where Bitcoin is classified as “limited” there are nine countries. Two of them are the largest countries, namely China and India. The fact that bitcoin can be used anonymously to conduct transactions between users, anywhere in the world, makes it very attractive to carry out criminal activities such as money laundering. So, the government accuses digital currency of being a tool for criminals to buy and sell illegal goods such as drugs or weapons even though it is a false accusation.
Can bitcoin still provide a truly cheap money-sending service? Founded in 2016, the service works by connecting traditional remittance participants with two traders, each of whom are able to execute bitcoin-fiat trades in each local currency. Due to price arbitrage opportunities that exist in the global crypto markets, the traders using Cashaa are able to make a profit while filling Cashaa’s order book. The system works because bitcoin prices tend to be higher in markets that are receivers of remittances, and because of the availability of digital currency exchanges in a range of markets.tinyurl.com As explained by Kumar Gaurav, the CEO of Cashaa, there is an ongoing price differential between the UK bitcoin market and the Indian and Nigerian bitcoin markets where Cashaa currently operates.
“We consistently see a 3-4% spread between UK and India, and 8-11% spread between UK and Nigeria,” he said in interview. “We are able to split this profit between the two traders, and also keep some of the profits for Cashaa. While limited in jurisdiction today, Gaurav believes the service can be deployed between any two markets where a bitcoin arbitrage opportunity exists. Behind the scenes, Cashaa is split into two systems. One is the traditional remittance service. Here, the remittance user sees the market exchange rate between local fiat and receiver’s fiat. There are no fees to send the money (Cashaa charges £1 in order to guarantee execution at a fixed exchange rate, otherwise, the rate is floating based on the market price). The sender can pay either via cash or bank account, and the receiver can accept money either via cash or bank account.
“The end consumer seeking to send money home doesn’t even need to know what bitcoin is,” Gaurav explained. The second system (working behind the scenes) breaks up the remittance order into two trades against bitcoin. Each of these is put into an order book that can be picked up by the traders. The first leg is converting between sender’s fiat into bitcoin, and the second leg is converting between bitcoin and receiver’s fiat. Each of these traders can make a profit by filling these orders, since the bitcoin price in receiver’s fiat is higher than the bitcoin price in sender’s fiat.
Traders must put 10% into escrow, which is forfeited if they accept an order and don’t fulfill it. This helps guard against bitcoin price volatility and order cancellation. Of course, a number of companies are tackling the remittance market using bitcoin, but there are a few features that stand out with Cashaa. One is the ability for Cashaa to process cash payments by the sender. This makes up a bulk of the low amount remittance market currently held by companies like Western Union. Further, Cashaa is able to process the whole payment chain without the sender or receiver ever having to interact with bitcoin, which means they are able to truly use bitcoin in the background, Gaurav said. Cashaa is currently working to sign up remittance agents to the service, firms that today use existing players like Western Union to transfer money. In this model, the savers will still go to the same agent, but the agent, instead of using Western Union, would use Cashaa to save money on fees. The savings are then split between the consumer and the agent.
In Nigeria, the knowledge of cryptocurrency trading is fast leaving the shadows and becoming common knowledge. This has caused a few cryptocurrency exchanges to spring up to solve cryptocurrency trading challenges that customers may have. Some of such challenges are storage for the cryptocurrency, where to sell cryptocurrency such as Bitcoin and Ethereum, and the safety of those cryptocurrency transactions. One of such platforms to pick and address a particular problem/niche is CoinBarter. A digital cryptocurrency platform where customers can sell their cryptocurrency without having to signup or register. CoinBarter is known as the fastest and most secure way to sell your Bitcoin and Ethereum in Nigeria. Launched about 3 weeks ago, the platform has already seen a whopping over NGN30,000,000 in transaction volume from unique customers.
CoinBarter allows you to sell your Bitcoin and Ethereum securely, seamlessly and instantly and on-the-go. No login or sign up required. Simply download the app, input the Bitcoin or Ethereum amount you want to sell and follow the prompts. Bitcoin/Ethereum is verified in minutes. No waiting, No lagging. Get cash equivalent deposited into the account details you provided instantly. Your identity is safe and you can sell as many times as you want. Your email address is only used to send your transaction details and will not be used for any other purpose. They also have an android app that allows you to make your transactions on the go. The app is currently on the Google Play Store, ready for download here.
Please before you contribute to this thread, do understand Bitcoin and blockchain are two different things don't mistake the benefits of one to the other. Bitcoin needs a blockchain to function but the blockchain don't need bitcoin (no disrespect). Try to stay on topic so i can get some key points to strengthen my debate if there'll be a need for one in the near future as the awareness of the technology is increasing rapidly (yearly) in the country. Considering bitcoin is just another currency, what can it offer that my local currency can't to improve the economy of the nation?
Already done some research and understood the benefits of blockchain to a country's economy but I'm yet to understand that of bitcoin. Most Africans have been sceptical about Bitcoin, blockchain and cryptocurrencies for sometime now and this has been perpetuated by the possibilities that virtual currencies can be manipulated towards crime, tax evasion and money laundering. However, as more information is beginning to filter through African communities as well as the availability of testimonial enlightenment being administered by those who dared to try cryptocurrencies to their peers, more people are increasingly embracing cryptocurrencies. In Nigeria, I know for a fact that the institutional abuse of the volatile Naira assisted the rise of bitcoin as Nigerians are trying to preserve the value of their wealth and earnings. 258 million dollars worth of BTC was transacted in 2018 alone by Nigeria.
This means that BTC is already working in Nigeria and it is filling a certain role that the Naira is failing to do. Considering bitcoin is just another currency, what can it offer that my local currency can't to improve the economy of the nation? Bitcoin can also be useful for remittances in African countries like Nigeria that are constantly facing currency and [August 2019] - Forex Training In Lagos Nigeria challenges. 22.3 billion in 2017. You can clearly tell that this is one area that BTC is disrupting and will continue to do so. 2. Sub- Sahara Africa has a large number of unbanked people. The World Bank estimates that Sub-Saharan Africa has around 350 million unbanked adults, and cryptocurrencies like BTC can fill this gap to move in to fill in the gap as they can move money across communities and borders with ease.
In Nigeria, you will find that in some areas Muslim communities shy away from banking institutions where existing financial products on offer might not compatible with the principles of Islamic finance. These gaps can be Plugged by BTC. 3. Most economies in Africa are highly informal and that includes Nigeria. The International Labour Organization (ILO) estimates that more than 85.8% of all employment in Sub-Saharan Africa is in the informal sector. It is therefore easy to see that this is one of the factors that have influenced the adoption and embracing BTC as young startups that are tech-savvy move to align themselves with the world's pace. Nigeria has had a long history of military coups and corruption and this has largely affected the Naira.
As we’re receiving questions, we want to explain what ProximaX is and how to buy it with Bitcoin. Luno does not support ProximaX at the moment and is not affiliated with the company. Cross-border payments with traditional banks are slow and expensive. It takes multiple different organisations to make a simple transfer and takes as long as 3-5 days. Fees tend to be high too. It is often faster, albeit not cheaper, to take physical cash on an aeroplane and give it to the recipient, than to make a bank transfer. ProximaX is a next-generation Integrated and Distributed Ledger Technology (“IaDLT”) infrastructure platform solution powered by blockchain technology. It extends beyond traditional blockchain protocols by integrating off-chain, peer-to-peer storage, streaming, and database service layers that are often found in traditional software-as-a-service (“SaaS”) centralised architectures.
Together, the blockchain protocol and the off-chain service layers form the ProximaX Sirius platform, the core platform solution in the ProximaX ecosystem. Stored and hosted in decentralised privately-owned or public chain networks. Automatically synchronise and organise files. Secured and supports multiple devices. Optimised data retrieval from an efficient database system. Basis of trust embedded into technology solutions. Choice and liberty to filter, flag, and remove inappropriate or illegal content. Contents streamed direct to users without exposing identity and IP, thereby maintaining privacy. Sirius platform, putting the power of choice back in the end-user’s hands. ProximaX Suite is an enterprise-ready, office suite where applications such as word processing, spreadsheets and presentations can be made more efficient and secure.
ProximaX Identity is a highly secure verification system for personal information that can be used as a unified source of data across public and private sectors. ProximaX KYC enables fast and simple end-to-end counterparty on-boarding. ProximaX Forensics is designed to bring about greater efficiencies and data security, thus enabling investigators and scientists to access digital evidence easily, quickly and also store digital evidence securely. Luno is a cryptocurrency exchange aimed mainly at emerging markets. Luno offers Bitcoin services to countries such as South Africa, Malaysia, Nigeria and Indonesia which are usually not allowed on most Bitcoin exchanges. And now to the main theme of this story!