See, Bit I waver on something like Bitcoin. I want gambling to be legal, regressive though the profiteers may be. On the other hand, I'm not so keen on easily manipulated scams.bit.ly I mean, should I tolerate the Nigerian prince thing in light of freedoms? Or should there be a line somewhere? The trouble with cryptocurrency is that at X size, they might destabilize the overall financial system/economy were they to destabilize themselves. We aren't there yet. Bear in mind, you can't very well tell people only X currency is currency unless you want to tell people they can't trade gold, baseball cards, or old guitars. Mass bartering converts an object into currency (or service, even, if it were to go there). And is not a non-central-bank currency being traded the definition of 'bartering'? Could be cows, cards, or bitcoins.
Once accounts have been verified, users can then complete an order form and specify how much Bitcoin they would like to purchase. After confirming order amounts, Nigerian users are forwarded to the Bitcoinlay payment gateway. After payments are confirmed, Bitcoin is deposited in user wallets in a matter of minutes. Using Bitcoinlay, it takes just minutes to Buy Bitcoin. All transactions are also 100% secure. The only question is, why is buying Bitcoin beneficial for Nigerians? Did verification need to sell bitcoin? Verification is not needed for selling bitcoin (sending bitcoin to Bitcoinlay). Simply add your bank account in the Bank Account tab (under your Name in the account dashboard) and Bit place your sell order. How long will my order be processed? Processing time is 412 hours, the average is less than 4 hours. We require this information so that we comply with financial regulations. Unless you provide the requested information, you will not be able to buy cryptocurrencies on the platform. How to start buying bitcoin on bitcoinlay? You can buy bitcoin via any major credit/debit card (via Paystack) or with your perfect money account. We dont support purchase with cryptocurrencies or invoicing at this time.
Nigeria latest country to get crypto-fever — why? Nigeria has, almost unnoticed, been undergoing a boom in Bitcoin adoption, with the P2P markets reaching their highest volume ever last week. Not long ago, Zimbabwe was the African country most involved in Bitcoin, but that was due to very specific circumstance — the economic uncertainty around a coup. Nigeria reportedly experienced the second-largest P2P growth on any country in 2017, trailing only China after growing c. Local bitcoin markets have established a record high for trading volume, with nearly 1.95 billion Nigerian Naira-worth of BTC in play last week. According to cryptocompare, Nigerian Naira/BTC trade comprises the 23rd largest bitcoin market by national currency as of this writing, seeing 101.45 bitcoins traded in the last 24 hours.
More and more countries in Africa have started to see the promise of the use of cryptocurrencies and digital currencies as a way forward for small business owners and entrepreneurs. Botswana, Zimbabwe Ghana, South Africa, Kenya, and Nigeria are the main countries to have caught onto the cryptocurrency trend. Yet there are many reasons why cryptocurrency use has become so popular throughout Africa. Limited access to traditional banking methods, unstable national currencies, and limited employment positions have led to an emergence of people to move towards technology to solve these issues. The use of crypto has also allowed people to access digital money without the risk of inflation or political turmoil affecting their assets. In May this year, the Zimbabwe government placed a temporary ban on all virtual monetary trading in the country this has now been lifted to the relief of many crypto traders.
Only with access to cryptocurrencies are the owners completely in control of their finances with no government interference. All thought bitcoin remains the most popular cryptocurrency in Africa, new cryptocurrencies have been created in Africa. And in Ghana, another new cryptocurrency named Finchcoin has been introduced, becoming the first official digital currency of Ghana with aims to open cryptocurrency exchanges and a Finchcoin-based bank in the country. However even though there has been so much momentum regarding cryptocurrency in the African markets, are there any potential risks that could slow its growth? Of course one of the main concerns is the future governmental regulation of cryptocurrencies.
Mainly due to government policymakers worries about money laundering and tax evasion through digital currencies, due to the fact, all blockchain transactions remain anonymous. Another worry [August 2019] - Is Bitcoin Mining Legal In Nigeria how governments can assimilate cryptocurrencies into their countries existing economies without causing destabilization. As already mentioned Zimbabwe placed a temporary ban on Bitcoin earlier this year which caused confusion and alarm to Bitcoin holders, however apart from Namibia, Algeria, Egypt, and Morocco, no other African countries have placed an official ban on Bitcoin. Although many countries such as Tanzania are looking to set out regulations on the use of cryptocurrency. But generally, there is the feeling that governments are unsure of what to do and make of the new technology and how to regulate it. Holders of cryptocurrency will have to play a waiting game to see how governments can encourage digital currency based innovation and whether it remains legal for use or tradable in some trading platforms such as IQ Option or Plus500. However, for a lot of African holders involved with bitcoin and other cryptocurrencies the benefits outweigh the risks, it allows owners personal economic control and supports small businesses and societies. Which in turn will help grow continual economic development if governments can adapt to the fast-paced technological changes of cryptocurrencies.
Bitcoin has been known to consume as much energy annually as Nigeria. What makes Bitcoin and Ethereum function is when the network of computers repeatedly agrees to what Blockchain says is true. This process [August 2019] - Is Bitcoin Mining Legal In Nigeria called mining. During the process, in order to make sure users aren’t spending the coins illegitimately, a new list of transactions are added which are known as blocks. But it’s really the security feature which consumes the most power. The miners are required to convert each transaction list into a signature which proves the transaction is valid. This is done by miners as they use a cryptographical tool that collects input and reproduces a string of arbitrary numbers. But the creator of Bitcoin made it trickier by creating a competition.
The goal [August 2019] - Is Bitcoin Mining Legal In Nigeria to be the first to finalize specific signature based on three factors- The signature of the previous block, the list of fresh transactions, and a third random number. Therefore, since the miners don’t know the exact value of the third number, they have to generate signatures repeatedly until one guesses accurately. This, in turn, consumes a lot of computation power if the miner wished to indicate to a network that his or her work can be trusted. But this is not the only technique of mining available. A large number of miners are exploring other ways and Bit alternative methods to mine smaller cryptocurrencies.
This second method, unlike the first, grants validation to a block by the volume of deposit. This is much more energy efficient compared to the traditional method but its mainstream adoption is still lagging and there are several glitches that need to be worked out. But interestingly enough, Ethereum will switch over to the second validation method soon and it would help the cause of green cryptocurrency dramatically. 4NEW, Varun Datta’s crypto-venture, deals with waste to renewable production plants for Bitcoin and Etherium. But for the time being, we will have to make do with the traditional method but it would be prudent and smart to invest in renewable crypto processes and production in the meanwhile.
A group of start-up companies from all over the world gathered in Beijing for an intensive five-day course, aiming to get them some Chinese investment and a leg up into the largest and fastest-growing internet market on the planet. The course, the first of its kind, is run by the Cheung Kong Graduate School of Business (CKGSB), whose MBA alumni account for a host of Chinese internet company CEOs, including Alibaba's Jack Ma. The second day of the course saw the start-ups each deliver a five minute pitch to a group of heavyweight Chinese investors, both VC and PE, including, CIAM Capital Management, Marcolink Group, SAIF Partners and Cash Capital.
First up was Gunnar Arnby founder of Yebo! World, who explained that, just as Pokemon Go lets you collect virtual monsters, his app allows you to collect places. He said you build a social graph of interesting places, shops, hotels, churches [August 2019] - Is Bitcoin Mining Legal In Nigeria moments that you share. It becomes like a game which becomes more valuable over time, he said; you can get bragging rights for having bought your raincoat from the flagship Burberry store in London's Knightsbridge, for example. He added that the app can increase foot traffic and be used to promote objects in a more nuanced manner than regular advertising.
Next was Cybertonica which does checking and authenticating payments using AI, machine learning and biometrics. Pitching, Joshua Bower-Saul pointed out that 30% of all ecommerce gets lost through the friction involved in fraud limits, charge backs and so on. The company has recently been testing its system in Russia with a major bank and is also expanding into UK and other European countries. 1.5m to take it into the vast Chinese ecommerce market. EuroPas was described by its CEO Guillaume de Roquefeuli as a WeChat Pay for Chinese travellers [August 2019] - Is Bitcoin Mining Legal In Nigeria 120 million of whom are exported every year. Backed by the French authorities for tourism, the platform is currently used on the Metro and to get into museums. He added that it also links to other stores that take WeChat Pay.
Gloves fitted with chips on the fingertips to fly drones easily and rather elegantly was presented next by young engineer Magnus Arveng of Arveng Technology, accompanied by his brother William, CFO. The brothers imagine future use cases melded with virtual reality, pointing out that existing attempts to fly drones with wearbles use either the Spektrum or Taramis operating systems [August 2019] - Is Bitcoin Mining Legal In Nigeria an interoperability problem they had solved. RELAYTO is an app for PDF presentation which allows users to recreate them as webpages with embedded slides, videos etc in a generally better user experience, particularly when it comes to viewing on mobile devices. Pitching CEO Alex Shevelenko said it is an all in one publishing software, adding that the company had been working with MIT Labs; the solution is well suited to document heavy sectors like finance and insurance, he said.
Luis Carranza is a well-known figure on the London fintech scene where his company Meetup puts on London Fintech Week and Blockchain Week. He was looking to expand his global events business into China, and also mentioned the incubator work he does with blockchain companies and IoT insurance hardware/software systems. Flowform uses ingenious Flow Surface Technology, which circulates stagnant water in a figure of eight motion around cascading ceramic bowls, in order to introduce oxygen to it and make it useful again. Chief development officer Ian Troudsell said scientists from Cambridge University had developed the biomimicry technology, which is being trialled across Europe and also in China. He said the designs typically squeeze eight meters of flow into a single meter, redeeming a man-made water problem for the characteristics of mountain streams.
Solving the problem of corruption and flow of aid money in Africa to off-shore accounts, iNDEXinnovation aims to tokenise funds and anchor these to shared ledgers. 20bn of aid money was been siphoned out of Nigeria between 2005 and 2010. She said cash has to be removed from the system and should be replaced by completely transparent Activity Specific Tokens. The trusted nodes on the network would include Unicef and Citibank. Naturvention (NAAVA), which uses vertical racks mounted with plants that support special microbes to clean processed and unhealthy indoor air, went down well [August 2019] - Is Bitcoin Mining Legal In Nigeria which is not really surprising in Beijing.
Aki Soudunsaari and Marrti Siniharju of Finland said the air locked around us tends to be air created by man and that it actually hampers your mental performance. Their biological air purification system uses microbes in the roots of the plants to create clean air at a rate that is orders of magnitude more than regular house plants. In the next decade biopurification will surpass mechanical means, they predict. After a while the room even starts to smell better, like a golf course, or a Finnish forest. UK based Givvit is an app that allows users to deliver small gifts (treats) like a glass of wine, cup of coffee, a takeaway meal to people, with messages attached.
Pitching James Cullen, a former Coke executive, said the app was akin to gift cards and that it has partnered with Thrifty and SE East Trains [August 2019] - Is Bitcoin Mining Legal In Nigeria and if anyone needs to offer its customers treats, it's them. Cullen said he was looking for 13.5m RMB to start partnering in China. Pitching via video was Tony Craddock of the Emerging Payments Association, another well-known face in the UK fintech scene. Tony apologised for having to attend a business meeting in Shanghai; he said the opportunity was open to Chinese companies to work with the best in paytech companies from the UK, which have received authorisation from the Bank of England. Summing up, China Start programme director Bo Ji said he had been very impressed by all the presentations.
So let's talk about what a united African continent (for the sake of convenience let's include the ENTIRE continent and it's surrounding islands). In my vision, the Carribean territories, and villages throughout south America would definitely be included. In addition, at least 3 US states would be included. Let's talk about what you'd like to see in terms of how it's organized. Is it a union of independent states under a single federal government like the U.S.? Is it a single state like China? Is it an economic and political union with more autonomy by country like the EU? Or (and this is my fav) is it something entirely different?
The best solution here is for decentralization. The more concentrated the power, the more difficult it is for minority populations to band together and overthrow a plurality controlling a representative job. The national boundaries set up as they are, are already very destabilizing for most populations. It typically concentrates power, and thus wealth, into a minority group that must fight to quell a strident opposition from an ethnic group that has long been a rival. This is so that european countries can keep those governments destabilized. Paradoxically, the best outcome is decentralization. What you do is concentrate most powers more locally.
Federalize over the national landscape, wide programs like military, education and healthcare. But, dentralize production decisions, certain taxing, cultural customs. What type of economy is there? What kind of economic projects are possible? We must democratize the workplace. We must do this in the developed countries and export it to areas like Africa. We must encourage trade unions that band together in industries like textile and fabrics to guard against trades exploitation. Music artists creating bargaining unions that negotiate against big tech and record companies. Textile workers demanding a licensing process that certifies african crafted textiles. One that prevents cheap textiles from asia watering down the quality capable from african made hands. In addition, certain standards can be set so that it benefits africans to go through certification so that they all benefit from the windfall.
Japan and denim comes to mind. The french and their truffles. German engineering. Carpet from the mideast. Naturalist products from New Zealand. Having trade groups that leverage african numbers and reputation on quality could help the average working tradesmen. ACROSS national boundaries to fight for african diasporans around the globe. Leverage American information and tech, with African resources and demographic potential, along with the naval and commercial impact that the carribean and south american contient has on the globe. Make sure a black worker in America has the same rights as one in Lagos or Cairo. In a distant future, perhaps some form of free movement for workers under one of these unions. Encourage the proliferation of worker unions. Egypt, Sudan, Hong Kong all show what workers unions can do to fight against military dictatorships and concentrated capital.
In a closed global market, Europeans could try to meddle with a united government and encourage a security state like China. Well, the only way to fight that is through strong worker unions. Force corporations of a certain size to allow benchmark percentages for labor union representation on the board of directors. Based on certain parameters, X% of the board shall be populated by the worker and escalates as the size of the corporation engulfs a larger portion of the region. Nationalize the natural resources. The caveat being that we have certain measures in place to control the power of the state itself.
This means strong trade and labor unions first and foremost. This means a military that is subserviant and serves at the liesure of a civilain government. It should reside under an executive whose vote is directly vested from the direct population. The executive should be a functionary that only has the capacity to execute what [August 2019] - Is Bitcoin Mining Legal In Nigeria written by legislature. Only limited checks should be given to the executive. Executives tend to grow in power as time persists. The military should largely be a security and policing force in most capacities. A major military should be federalized at the extra-national level once certain Intercontinental trade goals are met. Certain measures can take place as symbolic handover of trust. Like intercontinental forces controlling the Suez, or IC forces controlling the ports of Morroco.
Eventually, the grand IC military would be deployed over the continent in only the most strategic areas. A heavy empashis should be placed on Naval evolution. What kind of social projects would you want to see? Roads built. Free movement of black workers. Education of women. Sexuality and gender rights. [August 2019] - Is Bitcoin Mining Legal In Nigeria there a single language? Language is how you control and consolidate. We must look at countries like India. Embrace the spread of langauges as it allows power to stay decentralized. Controlling the langauges controls the information. It also builds bias into the future education of minorities. Look at the SAT situation. Because of some arbitrary idea of Standard english is deployed, certain language biases are created that were not intended.
This creates ethnic bias. English speaking cameroon or muslim Nigeria maybe another example of the drama that can arise. We must encourage the rentention of langauge and culture. Decentralize currency. This is already happening. Each region may pick a preferred denomination. But taxes for the larger Federation can be paid in stable cryptocurrency that can have safegaurds against international trade Manipulation. China shows what happens when you completely control your currency. America wants to threaten tarrifs and China threatens to weaken its dollar. Since it has a stake in the major industries, it can ensure this does not water down the value of the local currency against needed goods in the economy.
For Africans, it allows you not to be locked into an unsafe, piggybank currency of a dictator. You would have the liberty to flee the currency by digital operation. Is there a region that makes all the films, one that makes all the computer chips? This will probably naturally crop up as it is naturally engrained in certain ways. For example, Nigeria already having Nollywood and a large english speaking population and diasporians from American and English art programs. Atlanta, GA is another place. The Congo and Rwanda can be computer engineering centers. But that segways naturally to the next point.
If you empower local trade unions, the future may allow for other regions to develop axises of industry as well. It would be like art cliques in rap or painting. If a crew of Zimbabweans wins the Panafrican Best Film, it may stimulate a gold rush for more Zimbabwean directors. So on and so forth. What does the agriculture look like? How about the power grid? Do Africans in the diaspora living in the Western Hemisphere, Europe, Asia, etc. have citizenship? What does citizenship in a united Africa look like?bet9ja.com I would encourage localized farming and cooperative farming practices. In certain cases, national operations may arise, but I believe, localized grow operations will probably the best practice of the future for energy consumption reasons.
If there [August 2019] - Is Bitcoin Mining Legal In Nigeria a demand for exports, it would likely be to China. By maturing the local markets, however, it can grow leverage for better trade conditions in the chinese economy. What is the name of this union? Something that can be pronounced in, at minimum English, Arabic, French and Spanish. BUT ideally one that can encompass major languages of Africa like Hausa, Swahili, Coptic Khoison or what have you. This is likely a challenge. In my head its Panafra or Pan Afra. But that just considers the 4 colonial languages. Pan Afra would start as it is starting now, as a federation of national trade. Its goals would be to emulate the growth from industrialization and ending eradicating poverty while competing across the globe.
Its model would look at the positives and negatives of China. For example, localize and encourage cooperative farming to reduce droughts. Encourage democratization of work so the state cant leverage its power for surveillance. Encourage proliferation of languages to decentralize powe. At the same time, China having a leading role in major economy sectors HAS WORKED. Setting standards for who can trade and sell in the boundaries WORKS. For example, major western corporations would have to partner with very localized corporations to be able to sell within certain regions. Its model for federation would be the EU with one major caveat.
Encouraging the proliferation of trade unions who also have seats on corporate boards will keep STATES from concentrating power in prosperous regions while shafting poor regions. Proliferation of language, federalizing and subverting the military to civilian control can further decentralize power. Investing in education and fighting and asserting worker rights throughout the territory can prevent the wealthy from leveraging large state wealth against citizens. If unions are too powerful, the state apparatus is there as a check against it as well. As trade begins to normalize and mature across national lines across the continent, encourage military coordination in mutually beneficial areas. Encourage the proliferation of an intecontinental navy. Encourage the proliferation of a space program and international air force.
Abuja — The Senate, yesterday began probe into the proliferation of digital currency, bitcoin, and ponzi schemes in Nigeria. It called on the National Orientation Agency, NOA to spread the news against all forms of wonder banks and Ponzi schemes operating in Nigeria. The lawmaker also reminded the senate that the MMM bubble of 2016 (ponzi scheme) left millions of Nigerian families broken, devastated and many businessmen lost all their capital in the phony scheme. A ponzi scheme is an investment opportunity that promises quick returns usually without any identifiable product or service rendered. It usually thrives on network marketing structures. Mr. Uwajumogu lamented that the Central Bank of Nigeria, Nigeria Stock Exchange, Nigeria Deposit Insurance Commission and the National Orientation Agency are not doing enough to educate Nigerians on the investment risks inherent in Bitcoin.
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