What is Crypto currency? What Do I Need to Buy Bitcoin and Ethereum? Do you want to buy Bitcoin or Ethereum in Nigeria? Here you will learn how to start Bitcoin and BIT.LY Ethereum investment on the best and most reliable cypto-exchange in Nigeria, How to Fund your Wallet and Transfer to your Nigerian Bank Account Instantly using LUNO.tinyurl.com Do you want to know about bitcoin, ethereum and crypto currency investment in Nigeria? ’re lucky because this post will discuss this topic in depth. The popularity of Bitcoin and Ethereum investment in Nigeria is growing rapidly. This article provides a broad overview of crypto currencies; bitcoin, a form of investment better than tucking your money in the bank with no returns.
Some even think that ethereum and bitcoin is a solid investment opportunity for retirement. What is Crypto currency? A crypto currency (or crypto currency) is a digital or virtual currency that works as a medium of exchange and uses strong cryptography to secure financial transactions or [August 2019] - History Of Bitcoin In Nigeria exchange at a person-to-person level, enabling direct payments between individuals. Despite existing for several years, crypto currencies became a global wonder in 2017, when the price of Bitcoin soared with a gigantic increase. 2017 also marked the year in which crypto currency trading became a popular investment option and source of active income for people all over Nigeria.
What Do I Need to Buy Bitcoin and Ethereum? 2. Secure Internet Connection: If you choose to trade cypto-currency like ethereum or bitcoin online, use discretion about when and where you access your digital wallet. Trading cypto-currency on an insecure or public Wi-Fi network is not recommended and may make you more susceptible to attacks from hackers. 3. Bank Account, Debit Card, or Credit Card: When you exchange currency for BTC or ETH, you will need funds to make those transactions. Bitcoin and Ethereum wallets can connect directly to your bank account, debit card, or credit card. 4. Bitcoin Exchange: After you’ve set up your wallet with a payment method, you’ll need a place to actually buy bitcoin and ethereum in Nigeria.
Users can buy BTC, ETH and other crypto currencies from online marketplaces called “exchanges,” similar to the platforms that [August 2019] - Rich Forex Traders In Nigeria use to buy stock. Exchanges connect you directly to the BTC or ETH marketplace. Securing your crypto-currency is very important. It is very important you make sure your all your cypto transaction is done on a reliable crypto investment platform. If you need to purchase bitcoin, ethereum and other top crypto-currencies safely and conveniently in Nigeria, these are the most preferred crypto exchanges in Nigeria. LUNO is my favorite, LUNO is the most popular crypto-currency exchange in Nigeria. LUNO is also very reliable which is why I recommend you purchase Bitcoin and Ethereum from LUNO.
You can also store and trade your BTC and ETH on LUNO. Which is why I will be providing a guide on how to register and create an account on LUNO. When you sign up for a crypto wallet on LUNO, you’ll get a free Bitcoin and Ethereum wallet were you can store, send and receive your BTC and ETH. Opening a crypto currency account is very easy. Below is a guide on open a BTC and ETH cypto account in Nigeria on LUNO. Step 2. Enter your email address or use the option to sign up with Google / Facebook. We’ll email you a link.
Click on it. This is to confirm that you have access to that email. LUNO customers can fund their account via Bank Transfer or Debit Card. Step 3. Select any of the Deposit Method and follow the instruction. You’ll receive a notification when your deposit has been credited to your Naira Wallet. Also note that you must verify your identity after before you’ll be able to fund your LUNO wallet. Buying Bitcoin or Ethereum with Naira on LUNO can be done in a few steps. Below is a guide on how to buy Bitcoin and Ethereum with Naira. Your account will then be credited with the Naira equivalent of your select cryptocurrency (BTC or ETH). Now that you have successful invested in cryto-currency. You can choose to withdrawal your profit at any time when the value appreciates. Below are the steps to withdraw your cryptocurrency from your LUNO wallet and transfer directly into your Nigerian bank account. Click SELL on your preferred crypto currency (BTC or ETH). Select SELL for NGN and enter amount.
Nevertheless, interest in the Ethereum blockchain and the Ether cryptocurrency continue to grow, making it a great alternative to Bitcoin for Nigerians. Like with Bitcoin, buying Ethereum’s Ether or Ethereum Classic (ETC) cryptocurrencies in Nigeria seems relatively easy, but the broker or exchange you select matters the most. To purchase ETH in Nigeria, you must first access a cryptocurrency exchange that allows clients from Nigeria to register and that offer the ETH cryptocurrency. Depending on the exchange or broker you select, buying ETH in Nigeria should not be that complicated. Keep in mind that you can choose between investing in ETH, which involves registering at an exchange and acquiring a crypto wallet or you can just buy and sell contracts for difference or CFDs on ETH.
Going the CFD route entails signing up with a cryptocurrency CFD broker such as XBT, for example, and does not require you to obtain a wallet or register with an exchange. Furthemore, Nigerians should find that getting the ETH and ETC cryptocurrencies is as easy as obtaining bitcoin. You can use any of the other Nigerian exchanges that support Ethereum. Also, you can open an account at an international exchange or deal with a local cryptocurrency broker. Many of the Nigerian exchanges accept paper currency and allow you to buy the cryptocurrencies you want in person at their offices. You can then leave them in the exchange or transfer them to a mobile or web-based wallet.
Nigeria offers an advantage for cryptocurrency [August 2019] - Rich Forex Traders In Nigeria in that several cryptocurrency exchanges have their base there. This makes opening an account at an exchange that much easier for Nigerians. In addition to the exchanges native to Nigeria, many international and semi-international exchanges accept accounts from Nigeria. If you want to avoid the expense of a wallet and simply trade CFDs on ETH and ETC without taking possession of the cryptocurrency, you can open an account with an online broker that supports crypto trading, such as easyMarkets. Nigerian cryptocurrency traders can take advantage of XTB’s excellent xStation 5 platform, as well as trade on the popular MetaTrader4 platform developed by Metaquotes.bet9ja.com This means you can potentially make (or lose) money on the movements of the underlying cryptocurrency without dealing with the hassle of holding ETH or ETC directly.
Remember, if you use a broker and simply trade the day-to-day fluctuations in the market, you would not be able to use the cryptocurrency to hold and spend at will. Located in Port-Harcourt, Nigeria, NGexchanger is a leading Nigerian cryptocurrency exchange. The exchange claims that it deals in all cryptocurrencies, although not all of them are included on its website. NGexchanger also gives its clients access to a Telegram group with cryptocurrency trading signals offered at no cost. You’ll receive a link to this group once you’ve completed your first transaction. In addition, the company offers clients 24/7 customer service via telephone, online chat and WhatsApp.
To fund a NGexchanger account, you can use debit or credit cards in USD or Nigerian Naira (NGN). You can also use a bank transfer or deposit cash personally at the NGexchanger office. NGexchanger now provides wallet services as well as a trading platform. Another leading Nigerian cryptocurrency exchange, Naira2USD, has its offices in Onitsha, Nigeria. This exchange offers 24/7 email customer support as well as client support during Nigerian business hours via telephone, online chat and WhatsApp. Funding methods include bank transfer, bank deposit and in-person cash deposits. Based in Lagos, Nigeria and founded in 2016, NairaEx is one of Nigeria’s top cryptocurrency exchanges, with over 100,000 customers. Remitano offers 24/7 customer support and has become very popular with the Nigerian crypto trading community. The company charges a 1% transaction fee and accepts bank transfers or cash in person if the buyer is in close proximity to the seller.
When you purchase ETH on Remitano, you will not need an external Ethereum wallet, as the company provides its clients with an Ethereum wallet that integrates into your account once you have opened one. To trade ETH and retain full control over your transactions, you must first withdraw them from the exchange or another source to a personal cryptocurrency wallet. Wallets come in several forms and allow you to notify the crypto network that you want to send and receive transactions. You can install your wallet on a desktop or laptop, as well as on an Android or iOS smartphone or tablet. You can also use a web-based wallet that does not require a download and gives you access anywhere you can get an internet connection. If you will be trading ETH or ETC, your wallet must be an Ethereum wallet.
Another form of wallet called a hardware wallet consists of a peripheral device like a USB memory stick that gives you increased security. Some exchanges, such as NGexchanger, offer a bitcoin wallet, although many exchanges that do not provide one require that you have an Ethereum wallet or that you leave your currency at the exchange. One of the most popular ETH wallets in Nigeria, this desktop wallet accesses the Ethereum network, as well as decentralized Ethereum apps. The wallet features an intuitive interface and includes extensions for Chrome and Firefox. This web-based wallet allows you to control your Ethereum private keys. Because of the wallet’s open source framework, it does not require third-party servers.
Another highlight of this wallet consists of its built-in BTC to ETH and ETH to BTC exchange feature. A mobile cryptocurrency wallet that offers a single platform with over 300 cryptocurrency wallets and tokens, as well as the ability to exchange currencies at no cost, Coinomi also supports the ERC20-based tokens used for smart contracts. This wallet platform was designed for merchants and accepts 65 altcoins. It services more than 230,000 vendors in 182 countries. Functioning as a completely wireless hardware wallet, the Bitfi wallet comes in a smartphone-like device and supports an unlimited number of cryptocurrencies and crypto assets. The wallet provides total security from online and offline security threats and allows you to manage all of your cryptocurrencies on one dashboard. Once you have purchased your ETH on an exchange, you may withdraw the currency to your ETH or multi-currency wallet. Buying Ethereum cryptocurrencies in Nigeria actually seems rather easy, but selecting a good broker or exchange is what really matters. Make sure you also have some knowledge of how to trade cryptocurrency before you begin buying and selling ETH or ETC actively to avoid common pitfalls.
Cryptocurrency, which is a digital currency that uses cryptography to validate and secure transactions, is one of the surest ways to enhance trade and commerce in Nigeria and beyond, some experts have said. The stated this during a cryptocurrency forum organised by Luno in Lagos recently. Highlighting the global characteristics of cryptocurrency as decentralised, universal, interoperable, faster and safer, controllable with equal access and optionally transparent, the experts were of the view that trading with cryptocurrency would enhance commerce and economic growth. Citing Google trends on Bitcoin, which is one of the many types of digital currencies, Uwakwe said the interest in Bitcoin (BTC), which is driven by Luno in Nigeria, was beginning to gain more acceptance among Nigerians.
According to Google trends, after an important recovery from a sharp fall in prices, public interest in Bitcoin rose dramatically to a 4-month high. Google trends stated that the highest level of interest for this period was recorded penultimate week, and since then, the trend has remained above normal levels. Google trend data further reveals that the most searches for Bitcoin in the world over the past week came from Nigeria, South Africa and Austria. At a panel session coordinated by Cryptocurrency Specialist, Frank Eleanya, issues on the gains and risk of cryptocurrency were discussed. A cryptocurrency investor, Olaleye Awe, spoke of the risk factor and advised Nigerians not to invest more than what they can afford to lose, saying Bitcoin and other forms of cryptocurrency are volatile. He, however, encouraged Nigerians to invest in Bitcoin, despite market fluctuations. He equally advised that people should trade more in Bitcoin, when prices are low.
Get all relevant information on legit online businesses, investment, educational help and solutions to technical related problems. 2. We make agreement on payment and amount to pay. 3. You wire money in dollars to my Nigerian domiciliary account or if for one reason or the order would not like to do that, you can send bitcoin to me instead. 4. On receipt of your payment, I'll send the money to any Nigerian bank of your choice. Why you should use my service? 1. You can send payment to a Nigerian bank account easily at little or no fee. 2. Deal directly with the person handling your payment. No online registration necessary, no verification and uploading of your personal information to unknown people or companies. Opportunity to interact and negotiate with your payment processor. 3. Safe and secure transaction. I'm a trusted individual that has done several businesses with both known and unknown users online without any issues. I can boost of people who have entrusted the password and details to access their funds online to me without any issues of fraud. So, be rest assured you are dealing with a trustworthy person.
Bitcoin continues to smash records, hitting a series of record highs in just one weekend. 4 225 on Sunday as the bull run played out across global bitcoin exchanges. In South Africa, the price of bitcoin price shot up from a high of R51 681 early Friday morning to a new record high of R62 843 on Sunday. Data from South African exchange Luno shows that 2 241.826 bitcoin were traded via its platform between Friday and Sunday, which at a mid-point of R57 262 is equivalent to more than R128 million. Farzam Ehsani, blockchain lead at RMB, said the rise is related to increased clarity over the future of bitcoin after a recent fork.
Bitcoin is said to have “split” on August 1 as Bitcoin Cash, a new cryptocurrency completely independent of bitcoin, was launched following a dispute among developers on how to scale bitcoin. At the same time, Bitcoin Core adopted SegWit an update aimed at solving transaction malleability and increasing the speed and throughput of transactions on the blockchain. “There was a lot of disunity in the bitcoin community leading up to the fork. Given the decentralised nature of blockchains and the difficulty in making protocol upgrades, many people divested from bitcoin not knowing how the fork would pan out. But the fork went relatively smoothly and there is now more clarity on how bitcoin and Bitcoin Cash (the forked blockchain) plan to scale.
There’s also speculation that bitcoin, like gold, is acting as a safe-haven asset as geopolitical tension between the United States and North Korea escalates. Ehsani said it is possible that people are trying to hedge against this risk using bitcoin, which according to him shares many of the characteristics of gold, but performs better as a financial instrument in some key respects. Like gold, bitcoin’s supply is restricted but crucially, it is much more portable, more divisible, cheaper to store, supranational and cannot be controlled by any individual, institution or government, he said. Read: Bitcoin [August 2019] - Rich Forex Traders In Nigeria revolutionary currency or pixie dust?
According to Lorien Gamaroff, chief executive of Bankymoon, Bitcoin is going through a “next step” moment similar to when the Internet became mainstream. “It’s not just this funny thing that geeks are playing with. People outside the system are looking at it seriously and trying to figure out how it works and there’s all this new money coming into the system. “Mainstream pundits are making predictions and mainstream institutional investors are looking at it. Bitcoin is fast gaining traction in South Africa. 70 billion. It shows that 556.55 bitcoin were traded at a rand value of R34.2 million over the last 24 hours, which accounts for just 0.13% of total global trade.
But Gamaroff said volumes traded on just one local exchange, Luno, are comparable with those traded exchanges in major bitcoin markets such as China and the US. Although Luno would not disclose the number of active users on its domestic platform, it did confirm a marked increase in interest. “We see an increase in interest [August 2019] - Rich Forex Traders In Nigeria mobile app downloads, new customer signups and trading [August 2019] - Rich Forex Traders In Nigeria correlated to some external events. The first is volatility — when the price goes up or down, more people are buying and selling. That said, when the price moves up, people tend to revisit the idea of buying a small amount of bitcoin, something they may have considered sometime in the past.
We also see more press coverage during these times,” said Werner van Rooyen, head of marketing and growth at Luno. A poll conducted via its platform shows that 66.6% of Luno users trust bitcoin as an investment tool and 68.5% trust it as a payments system. Its users’ reasons for buying bitcoin vary with 39.6% using it for investing, 12.9% for payments and 14.3% for trading and speculative trading. Read: Are cryptocurrencies legitimate assets? Luno’s major trading markets are South Africa, Malaysia, Nigeria and Indonesia. Van Rooyen said the exchange has the highest trading volumes in South Africa over the last few months. Previously, different countries would take the lead in terms of monthly trading volumes. Gamaroff said bitcoin’s rise is likely to continue as [August 2019] - Rich Forex Traders In Nigeria’ worst fears such as hacked exchanges and forks have had little to no effect on its price. “If you’re in bitcoin, you should be bullish. Things that have stopped the rally in the past are not having that effect anymore. We could not locate your form.
Bitcoin is a digital asset that makes use of public ledger know as blockchain as a record history of all transactions broadcasted on the network. The digital asset requires a private key to spend the coin. Bitcoin serves as a digital currency and aims to replace our traditional currency in future. It can be used as a means of sending payment from and to anywhere around the world with just a minor network fees. In this article, I will explain how you can buy or sell bitcoin in Nigeria easily. This method involves a peer to peer interaction with buyers and sellers directly with an intermediary man securing the transaction as an escrow. All it takes to buy bitcoin coin is the receiver's wallet address. With this, the sender can send bitcoin to any bitcoin wallet address of someone in any location.
I see.. Riding on other people's wing for popularity. If you are sure of yourself why not create your own thread and stop misleading people to your already failed Facebook page. This method is always explosive. This method is quite tedious but d reward is great. Permit me to explain using a Nautiluscoin. If you a crypto trader, you will observe that Nautiluscoin rose so fast last week, over 100,000 sat in few days. Re: Daily Crypto-currency (bitcoin) Trading Signals by fxbomovi: 10:39pm On Sep 02, 2016 What was the reason behind the fast rise. Whitepaper coming in about 3 days and 1 hour.
Big PR campaign starting in a couple days including mainstream media. So look for a coin that has something coming up. The expectations will make the coin to skyrocket. But make sure the news has a time or date attached to it. Like in the example, all those things were expected to happen in 3 days time, once you are the trade, one day before the d-day you must close the trade because on that d-day, price will likely crash. 1 Like Re: Daily Crypto-currency (bitcoin) Trading Signals by fxbomovi: 10:55pm On Sep 02, 2016 Each coin have a discussion thread online, so always visit the threads to know of any upcoming project or development.
But do your due diligence, dont buy into any news without good analysis. For example, few days ago, i discovered that bitshares (a cryptocoin) wants to give out free bitshares coin to its user on a scheduled date, this is a good news, but it will not make bitshare price to rise. The reason is this- by the time the free coins (shares) are given, coupled with the millions bitshare in circulation, there will be excess supply of bitshares and when there is excess supply, price will surely fall. Without thinking twice i bought bitshare expecting price to rise. But after a careful, i discovered i was wrong and i closed the trade at a small loss. How does one close a trade?
How does one close a trade? Sorry, I figured it out. Re: Daily Crypto-currency (bitcoin) Trading Signals by fxbomovi: 11:24am On Sep 03, 2016 Each coin have a discussion thread. Each coin have a discussion thread. Re: Daily Crypto-currency (bitcoin) Trading Signals by Kaysalas: 12:54pm On Sep 03, 2016 @fxbomovi, how u dey. Each coin have a discussion thread. Thanks boss. I've learnt so much from u. But How does one close a trade? Re: Daily Crypto-currency (bitcoin) Trading Signals by fxbomovi: 2:59pm On Sep 03, 2016 There are two ways of closing. When u are ready to close your trade, click on the coin name e.g. Naut. Below the chart, in the SELL order box, type in the quantity u want to sell, and click on SELL.
The second method is automatic, using the LIMIT order (d middle box). This is a great news. This is a great news. DECRED has been on the decline today. DECRED has been on the decline today. But it will pick up again. We will wait till monday evening/night to close trade. There are two ways of closing. When u are ready to close your trade, click on the coin name e.g. Naut. Below the chart, in the SELL order box, type in the quantity u want to sell, and click on SELL. The second method is automatic, using the LIMIT order (d middle box).
There are two ways of closing. When u are ready to close your trade, click on the coin name e.g. Naut. Below the chart, in the SELL order box, type in the quantity u want to sell, and click on SELL. The second method is automatic, using the LIMIT order (d middle box). 0.001 after a graphical look that the coin once rose to 0.200. Can one decide to put an automatic close price at 0.200? 0.001 after a graphical look that the coin once rose to 0.200. Can one decide to put an automatic close price at 0.200? The view is becoming clearer.
Thanks 4 ur mentorship. Re: Daily Crypto-currency (bitcoin) Trading Signals by ahmedbrown: 8:09am On Sep 05, 2016 Pls more of your trading signals. Re: Daily Crypto-currency (bitcoin) Trading Signals by fxbomovi: 9:20am On Sep 05, 2016 Anonymous coins are coins that provides privacy for its users. Transactions are totally anonymous. These coins are hot and will continue to rise. We have about 5 anonymous coins- monero, nav, bcn, dash, bbr. Anonymous coins are coins that provides privacy for its users. Transactions are totally anonymous. These coins are hot and will continue to rise. We have about 5 anonymous coins- monero, nav, bcn, dash, bbr.
Re: Daily Crypto-currency (bitcoin) Trading Signals by fxbomovi: 2:27pm On Sep 05, 2016 I seriously think boolberry is about to skyrocket. Re: Daily Crypto-currency (bitcoin) Trading Signals by fxbomovi: 5:29pm On Sep 05, 2016 There is a chat box on poloniex. Its a great place to following up on any coin of your choice. Re: Daily Crypto-currency (bitcoin) Trading Signals by fxbomovi: 7:20pm On Sep 05, 2016 pls if anyone bought decred, dont close it, it will rise. Re: Daily Crypto-currency (bitcoin) Trading Signals by Nobody: 8:20pm On Sep 05, 2016 Pls how much can be the lowest mount to start trading bitcoins. And can one link the bitcoin account with any nigeria account in case of witdrawer. Pls how much can be the lowest mount to start trading bitcoins. And can one link the bitcoin account with any nigeria account in case of witdrawer. Nairaland [August 2019] - Rich Forex Traders In Nigeria Copyright © 2005 [August 2019] - Rich Forex Traders In Nigeria 2019 Oluwaseun Osewa. All rights reserved. See How To Advertise.
As embryonic as the blockchain and crypto industry is in Nigeria, an exchange like Luno is already doing an average of N130 Million in bitcoin transaction volume daily. 5 Billion daily. Extrapolate those numbers and you get to see my point. At this current run rate, Luno (which is just ONE of the local exchanges) is doing almost N4 Billion a month. Deposit Money Banks need to look beyond the unnecessary media frenzy and take a look at the numbers to make a decision. These numbers are staggering and as we all know numbers don’t lie. Top level decision makers shouldn’t get caught up in the cosmetic and baseless media hype that seek to arrive at nothing.
This is the only way incumbent financial institutions can disrupt themselves and get a foothold. Banks can also offer custodial services. The potential is huge. Trust me, It will happen. 47 Billion in our foreign reserve account and buy Bitcoin then keep for like 120 years. This singular decision will reap HUGE prosperity rewards for the future generation of this nation. I am convinced and here’s why. There will only ever be 21 Million bitcoins in circulation EVER and the last of those mined bitcoins will occur in the year 2140 after which NONE will ever be mined again. What this means is that the cost of 1 BTC will be exponential if it reaches a critical mass (and it will). 1B will buy about 130,000 BTC. 1B is wiped off our foreign reserve. The upside far outweighs the downside in my opinion.
It's a bitcoin wallet, like all the rest. Yes, you can send Ƀ to and from the wallet. Not clear on what the sending bitcoin and losing it means. Maybe you mean the recipient didn't receive it? Receiver gave you an address with a typo in it. Receiver gave you a BCH address instead of a Ƀ address to you. Man in the middle attack altered the address and you sent it to a Prince in Nigeria. Always verify the address. Maybe you entered a zero miner fee and it's caught in limbo. They really are out to GITCHA! I've used Copay off and on for years and never hit a snag, never lost coin, except for the occasional too low fee that delayed a transaction for hours. Otherwise nothing was lost permanently. If anybody tries to sell you a line to profit even more from bitcoin, run the other way. Protect your keys from prying eyes. In the safe, on paper, never electronic form. If somebody gets a hold of it, they can take your coin at will.
My goal to be able to share more information relating to blockchain and expect people to learn and see the opportunities in it. Am from Nigeria and the internet has been more home to me, it helped me get to whatever point have gotten too in life and thanks to the founder of the internet and all useful application in it. There comes Satoshi with another revolution creating a payment system with Blockchain, it might not be the first of its kind but it was the one that got the success the world needs. Am appreciative of coming across this when researching about darknet 2014 that was the first time for me and boom started to read more about Bitcoin and the blockchain network. I could not really get my hands on bitcoin kind of broke guy at that point “lol” could not think Hodl but survival! I keep growing and seeking the next new opportunities, thou I have faced different challenges it has also been an exciting move in my life. I have been able to relate with people from a different continent just by been online and learning as much as I can about the space!
What company, business or group has bought up Bitcoin's only to sell them at a loss to employees instead of just paying them? It's like Prince of Nigeria 201. /u/Cobra-Bitcoin come explain the logic behind it. I bet you won't. Well, compared to all the atrocities that Blockstream has committed, selling BTC at a discount is actually not even worth talking about. The only silver-lining, and maybe the reason why cobra posted it in the first place, is that Blockstream could hopefully run out of money faster than we all have assumed. But I highly doubt that, because BS is funded by people that can literally print as much money as they want.
South African crypto exchanges are witnessing a higher number of women dealing in digital currencies. This as the price of Bitcoin, the world’s most popular crypto-currency, is, of late, enjoying a purple patch. 11 363 (R174 000), marking its best weekly performance of the year so far. Recent findings from AltCoinTrader, one of SA’s leading crypto-currency exchanges, reveal an overall increase in women owning crypto-currencies. According to AltCoinTrader’s internal data, 39% of registered traders are women. “We are definitely seeing an increase in the women that own crypto-currencies, as opposed to previous years. As the industry matures, more women are actively partaking in this evolution,” says Richard de Sousa, senior partner at AltCoinTrader.
The crypto-exchange says millennial investors are also more eager than ever before to invest in crypto-currency assets. It explains that millennials are more open to including crypto-currencies in their investment portfolios. Millennials usually look for more convenient and cheaper ways of banking and saving, and as a result of this, crypto-currencies seem to be a more lucrative offer, it adds. Exchanges that operate in a regulated environment are expected by government and regulators to know their customers. “The thing to consider is that our clients often hold rands, and as AltCoinTrader is a regulated exchange, we are obliged to collect know-your-customer information from all our clients,” De Sousa explains.
“As we are working as a financial institution and dealing with rand clients, we need to, by law, have their details. “Once they buy the crypto-currencies, we still have record of their details and transactions. The true anonymity of crypto comes into effect once clients remove their crypto assets from an exchange and into their own personal wallets. Nonetheless, AltCoinTrader says Africa as a continent is still lagging behind in terms of education on the subject matter. However, according to Google Trends, the biggest search interest for Bitcoin in the world is by potential investors from Nigeria, SA and Kenya [August 2019] - Rich Forex Traders In Nigeria the three biggest crypto-currency markets in Africa.
Google Trends further breaks down the South African “Bitcoin” search by sub-division of provinces, making Free State, Eastern Cape and North West the top three provinces with the highest number of Bitcoin Google searches. “At AltCoinTrader, we are constantly trying to work on educating the South African public on the matter, and as more women get educated on the topic, we are certain that more women will get involved,” says De Sousa. Farzam Ehsani, co-founder of another crypto exchange, VALR, concurs, saying: “At VALR, some of our highest volume [August 2019] - Rich Forex Traders In Nigeria are women. However, Ehsani notes that while some of the exchange’s highest volume traders are women, it still sees that the majority of users are men. “But it has been very encouraging to see an increasing number of women join the crypto space, not just as traders, but as thought-leaders, several of whom are South African. He points out that results from an independent South African survey commissioned by Luno in 2018, with an even male to female ratio, revealed that gender has a significant impact. “Fewer women are very familiar with crypto-currencies or owning them. Reitz adds that a study conducted by the Nelson Mandela University stated women are less confident about financial and investment matters. “It is possible that this same trend from conventional investing is exhibiting itself in crypto-currencies. This means that to increase participation by women in crypto-currency, it should require that women become as familiar with the technology as men.
A network that underpins the virtual currency bitcoin is projected to require all of the world's current energy production in order to support itself within three years, according to estimates. The amount of power necessary to support bitcoin has increased significantly in recent months, as its price has surged to record levels. Bitcoin mining—the process of generating new units of the currency by confirming bitcoin transactions on an online ledger called the blockchain—requires computing power, which is used to solve the complex mathematical puzzles used in the mining process. These problems are designed to become more complicated as more computers join the cryptocurrency's network.
Analysis of how much energy it currently requires to mine bitcoin suggest that it is greater than the current energy consumption of 159 individual countries, including Ireland, Nigeria and Uruguay. The Bitcoin Energy Consumption Index by cryptocurrency platform Digiconomist puts the usage on a par with Denmark, consuming 33 terawatts of electricity annually. Digiconomist explains in a blog accompanying the index. The bitcoin network's energy consumption has increased by 25 percent in the last month alone, according to Digiconomist. If such growth were to continue, this would see the network consume as much energy as the U.S. Such a projection is purely hypothetical, and for it to be realized it would require bitcoin to continue its remarkable growth trajectory and for global energy production to remain stable.
A similar estimate created by ZeroHedge in November put the date as early as February 2020, though this was when bitcoin's growth was even steeper. There has also been debate as to how accurate Digiconomist's figures are.tinyurl.com Cryptocurrency investor Marc Bevand suggests the index overestimates the electricity consumption of bitcoin miners by 1.5 to 3.6 times. Going by Digiconomist's estimates, bitcoin's annual carbon footprint is close to 16,000 kilotons of carbon dioxide. This is largely as a result of the bitcoin network being mostly fueled by coal-fired power plants in China. But while computer server farms in warehouses are most commonly used to mine the cryptocurrency, cyber criminals have recently turned to botnets in order to exploit the processing power of victims' computers.
More than half a billion people may be inadvertently mining cryptocurrencies from their computers, smartphones and other devices, according to research conducted earlier this year by ad blocking firm AdGuard. Hidden software was found embedded within 220 popular websites, which have an aggregated audience of over 500 million people. The mining tool hijacks a computer's central processing unit (CPU) and uses it to run mining software in the background. Websites including Showtime and the torrenting site The PirateBay have been found to include such software, while researchers say the trend is likely to continue as incentives increase with the price of bitcoin. AdGuard researchers said in an October blogpost that detailed their discovery.
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The Central Bank of Nigeria, CBN, yesterday said that trading of cryptocurrency is not recognised business in the Nigeria because all over the world, financial sector regulators have rejected its inclusion in the formal financial services industry. The apex bank, therefore warned Nigerians against trading in cryptocurrency including its down-line variants such as bitcoin, which they said carry huge risks that cannot be insured or regulated. Speaking at the Vanguard Economic Forum Series on Financial Technology (FinTech) in Lagos, the Governor of CBN, Godwin Emefiele, however, said that Nigerian banks are at the forefront when it comes to embracing Information Communication Technology (ICT) and digital services.
Because as you know, there is no issuing authority and so if as a CBN we agree that anybody can use cryptocurrency, how do we regulate it? “So that is one of the limitations of cryptocurrency and of course you will also agree with me that handling or putting value to the use of cryptocurrency has been an issue. It has been an issue because most of them, the leading one of them is the bitcoin is limited on supply. So how would that fulfil the requirements of money? “But the other side of it is known as Central Bank Digital Currency (CBDC).
The Reserve Bank of England, the Central Bank of Canada, the Monetary Authority of Singapore have done research. Some of them have even done what we call the proof of concept, but the conclusions they have all arrived at is that it is not the way to go for Central Banks”. Commenting on Mobile Money, he said: “The CBN is currently reviewing the structure and processes of mobile money to make us become more responsive to the emerging new financial services landscape.bet9ja.com “We reckon that to facilitate financial inclusion the banks need to approach FinTechs with the paradigm of inclusiveness.
In that regards we are adopting a risk base approach in regulating and supervising FinTechs that are under our purview. “Indeed our financial inclusion strategy is relying on non bank service providers to accelerate access to financial services. The bank will therefore continue to provide the facilities for non bank service providers within the new risk base regulatory frame work. “Indeed our financial inclusion strategy is relying on non bank service providers to accelerate access to financial services. The bank will therefore continue to provide the facilities for non bank service providers within the new risk base regulatory frame work. “We will continue to strengthen collaboration and ensure that we have a robust interface to reduce regulatory inhibitions and enhance time to market for the new entrants. “We are recording the progress that our FinTechs have made in advancing foreign direct investment in our effort to further support them. We have included them within our intervention scheme.
1.1billion investors funds were lost to cyber crime operators, in the second half of the year, the sector also witnessed a massive depreciation in the value of cryptocurrencies. 3,450, thereby leaving investors licking their wound. Determined to ensure that investors in the sector get adequate knowledge to participate profitably and minimize loss, Luno last week began training of people in Lagos and other parts of Nigeria. Speaking at the first edition of Luno Meet-up in Lagos, the Country Manager, Luno Nigeria, Owen Odia, said: “The essence is to ensure that Nigerians are educated on the need to use Bitcoin, Ethereum and blockchain technology profitably.
According to her, while some people may want to defraud investors, players in the sector should ensure they get adequate information from google or meet experts for Bit.ly professional advice on cryptocurrency. Odia who described Nigerians as having huge potentials to profit in blockchain technology and cryptocurrency said that LUNO was fully committed to ensure it educates investors within and outside Lagos to avoid loss. She said: “LUNO has a very [August 2019] - Rich Forex Traders In Nigeria learning portal. Bitcoin is a currency that is designed to be secured using crypto backing to make transactions safe. “Cryptocurrency is an application that works on a blockchain technology. It can be used anywhere in the world as it is inter-transferable, it is faster and safer. It has never been hacked. “A lot of people trade on Bitcoin and make a lot of money, you can start small by buying a fraction.
“Luno is leveraging on technology to make transactions cheaper and faster, as well as possessing the most interactive and instant support. “The future of customer is cryptocurrency. We don’t sell customers information to a third-party. According to him, cryptocurrency is quite healthy. “It is not a scam, it is a healthy market. It helps you to buy, send and transfer money easily. Luno is the best exchange trade in Nigeria,” he said. While speaking on the government’s stand regarding crypto-currency, Uwakwe said/that the government is not against it but rather, advises that more cautionary measures be taken on it. He said: “Right now, it is more cautionary in the sense that they allow people to play while still observing in the background.
“Aside the store of value, other ways Block-Chain technology can be applied are in the areas of healthcare, agriculture, land registry, certificate verification, document verification, voting system, among others. “I would most likely want to see the 2019 general elections done using Blockchain technology. “With this, people can vote from the comfort of their homes without coming to the polling units. “The votes are recorded immediately, just like sending money to someone on Bitcoin, you don’t have any delay.bet9ja.com “The CBN and government should see it as a more positive thing and observe space carefully, exchange and see the outcome. That’s my advice for the regulators. They should get a committee, let them form the law, observe what the exchanges are doing, check out what participants are doing in the space. “Luno is a cryptocurrency company that provides a platform for people to trade on Bitcoin Ethereum. “We are presently in 40 countries, including Nigeria and South Africa.
Cryptocurrency, which is a digital currency that uses cryptography to validate and secure transactions, is the surest way to enhance trade and commerce in Nigeria and beyond, according experts views during a cryptocurrency forum organized by Luno in Lagos recently. Highlighting the global characteristics of cryptocurrency as decentralised, universal, interoperable, faster and safer, controllable with equal access and optionally transparent, the experts were of the view that trading with cryptocurrency would enhance commerce and economic growth. Citing Google trends on Bitcoin, which is one of the many types of digital currencies, Uwakwe said the interest in Bitcoin (BTC), which is driven by Luno in Nigeria, is beginning to gain more acceptance among Nigerians.
According to Google trends, after an important recovery from a sharp fall in prices, public interest in Bitcoin rose dramatically to a 4-month high. Google trends puts it that the highest level of interest for this period was recorded penultimate week, and since then, the trend has remained above normal levels. Google trend data further reveals that the most searches for Bitcoin in the world over the past week came from Nigeria, South Africa and Austria. At a panel session coordinated by Cryptocurrency Specialist, Frank Eleanya, issues on the gains and risk of cryptocurrency were discussed. A big time cryptocurrency investor, Olaleye Awe, spoke of the risk factor and advised Nigerians not to invest more than what they can afford to lose, since Bitcoin and other forms of cryptocurrency are volatile. He however encouraged Nigerians to invest in Bitcoin, despite market fluctuations. He equally advised that people should trade more in Bitcoin, when prices are low.
Dr Isa Ali Ibrahim FBCS, Director General / Chief Executive Officer of the National Information Technology Development Agency (NITDA), discusses the exploitation of regulatory instruments to unlock blockchain’s potential in Nigeria. Technological advancement has changed the way we think, the way we live and the way we socialise. Back in 1995, the bursting of the dot-com bubble was a figment of Bill Gates’ imagination when he was present at a conference in which tech leaders highlighted the potential of an emerging technology: the World Wide Web. At the time, people could not do much online; there was virtually no online shopping, games or social media.
However, upon returning to Microsoft headquarters, he dramatically shifted the company’s strategy to focus more on the future possibilities. Dot-com hype, boom and bust have come and gone. Early bird businesses like Microsoft, IBM, HP, etc. who created and captured values have reaped hugely. Digital business is slowly replacing legacy e-business while new technology trends like blockchain, artificial intelligence (AI) and internet of things (IoT), etc, have emerged to drive digital transformation. At the core of digital transformation is the digital economy. Distributed ledger technology (DLT) can be described as a collection of components which includes distributed data storage, peer-to-peer networks, and cryptography, focusing on the sharing of data among the participating network nodes (operational participants).
DLT consists of a series of networks of databases that allow its members to create, distribute and store information in a secured and efficient manner. Blockchain is usually managed and distributed across peer-to-peer networks. As it is in the form of a distributed ledger, it can exist without any centralised authority, or perhaps server managing it, and the quality of its data can be adequately maintained through computational trust and database replication. A blockchain is basically a list of records that grows continuously. Moreover, the append-only structure of blockchain only allows data to be added to the database, thereby making it impossible to alter or delete previously entered data on any of the earlier blocks.
As such, blockchain technology is well-suited for managing records, processing transactions, tracing assets, recording events and voting. Blockchain technology is the foundation for many cryptocurrencies such as bitcoins. Cryptocurrencies are typically created by private entities without the backing of governments and transacted using digital mediums (usually relying on a peer-to-peer network of nodes, rather than a centralised server). Having been created as the technology architecture for bitcoin in 2008, blockchain, as one of the leading new technology trends, has captured the interest of leaders across industry as a promising technology to leapfrog digital transformation. The technology was invented with a desire to disintermediate central authority, create temper-proof record and build trust relationships underpinned with cryptography in a digital economy.
It produces a tamper-evident cryptographic record that can include time and identity information. Thus, it is a potentially useful tool for transactions between businesses in a digital economy. Blockchain technology was pioneered by cryptocurrencies such as bitcoin. Bitcoin’s emergence on the scene, in late 2017, and the ensuing frenzy across the media has brought cryptocurrencies into public mainstream and imagination. Businesses, governments, economists, and also enthusiasts, are now all looking for ways to apply the blockchain technology to other use cases. This frenzy has brought regulatory authorities on their toes. The blockchain, especially cryptocurrencies in recent development, has raised concerns over its legitimacy as a legal tender.
This has led to major bans on cryptocurrency exchanges and trading in countries like China, Russia and Thailand. Blockchain technology certainly has come to stay. It has the potential to shape and disrupt a number of industries, including banking, real estate, government and digital business overall. It may interest the reader to know that blockchain technology remains immature and, thus, risky. A lot of people’s money is trapped in cryptocurrencies and initial coin offering (ICO). 290.7 Billion USD market capitalization, over 12,138 market platforms, according to CoinMarketCap. 3.1 trillion by 2030. IT giants such as IBM, Cisco, Microsoft, and established institutions such as MIT, Government of Estonia and Republic of Georgia have all started investing and embracing the technology. As the Chief Information Technology Officer of Nigeria, I have identified IT regulation as one of my strategic goals.
Our focus is on emerging technologies; we use regulation as a major instrument to level the playing field, incentivise innovation and encourage home grown IT solutions. We have started the groundbreaking work to create new value chains around emerging technologies. From forecasts and projections by major technology pundits, it appears likely that blockchain technology will become significant in financial transactions worldwide, including Nigeria. Apart from being one of the major underlying technologies enabling virtual currencies, the blockchain technology has the potential of enabling the consummation of financial transactions using smart contracts at a lower cost, improve overall business efficiency and enhance record keeping.
Hence, Nigeria cannot ignore this global development, if the nation must fulfil her dream of becoming one of the top 20 economies in the world. Efforts are being made by the Nigerian government to provide frameworks, guidelines, standards and regulations for the adoption of blockchain technologies in the country. This led to constitution of an advisory forum in June 2017, with members drawn from different relevant stakeholder agencies including financial regulators and security agencies. My agency, the National Information Technology Development Agency (NITDA), is chairing the research committee of the forum. Relevant agencies have issued cautionary notes to the public and banks to protect consumers while working on regulatory policies and guidelines.
However, several opinions from private businesses and professionals have reinforced the fact that blockchain technology, virtual currencies and digital assets have come to stay in Nigeria and globally. This has triggered active participation of the Nigerian startups in the new ecosystem and value chain created by this technology. With all these efforts, there are still many myths and inflated expectations surrounding blockchain technology in the country. In view of this, NITDA has commenced work on the development of standards and guidelines for adopting the technology generally in Nigeria. This is to complement ongoing work by financial regulators on how Nigeria can maximally benefit from the use of cryptocurrencies and digital assets.
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