The increasing popularity of Bitcoin in Nigeria doesn’t seem surprising at all considering the state of her economy and its currency. Nigeria is well known as one of the countries with a high volume of cryptocurrency trading.
The massive rise in peer-to-peer Bitcoin payments in Nigeria as at 2017 is proof that there are a ton of merchants accepting the digital currency in the country. The low transaction fees associated with the cryptocurrency had encouraged more than 100,000 merchants in Nigeria to accept Bitcoin payments before the end of 2017.
Cryptocurrencies are digital assets with characteristics like;
- Decentralization: The decentralized control of each cryptocurrency works through distributed ledger technology. That is the point of control is not centered on an individual.
- Fast & Effective: Transaction made with cryptocurrency takes a few seconds or minutes maximum. Though the transaction speed varies among the cryptocurrencies unlike the traditional way of transferring money which may take days.
- Peer-to-peer: cryptocurrencies are easy to transfer from one individual to another in any part of the world.
- Low fee: millions of dollars can be sent to any part of the world at a very cheap fee and without restrictions.
With the above features that cryptocurrency has, it is not so surprising how it has gotten an increasing interest from lots of people around the world. Having this mind, the next question is how do I purchase cryptocurrency? Below are some of the things you need to acquire your cryptocurrency.
Initial Funds or Capital
Although cryptocurrency can be gotten for almost free from Airdrop which requires having to do some simple task then you get rewarded with some coins or token. But in the case you are buying cryptocurrency, you will need to buy or exchange your fiat for cryptocurrency of your choice. And the good thing is you don’t really need a huge sum of cash to start, you can buy as little as $1
You need to have a wallet in order to store or keep your cryptocurrencies, this wallet comes with send, receive and back up options.
To receive cryptocurrencies, for instance, Myetherwallet, you will need to provide the sender your wallet address which in this case acts as your bank account number almost like the traditional way of receiving money, just that the wallet address is quite different from the account number as it comprises of lower and upper case letters and numbers.
There is a backup option in your wallet, it is advisable to back up your wallet’s private and public keys in a secure offline location, could be written down or saved on a flash drive to be kept safely not to get into wrong hands because the lost of which could result in losing one’s cryptocurrencies stored on the wallet. So be sure to secure your wallet.
An exchange is a digital marketplace or an online platform where traders can buy and sell Bitcoins using different fiat currencies or Altcoins without necessarily having to meet. There are quite a number of exchanges available in Nigeria where you can purchase your cryptocurrencies if you are looking to invest.
Exchanges you can buy your cryptocurrency from.
Luno is one of the most convenient bitcoin exchange to buy and sell bitcoin instantly in Nigeria. It was formerly known as Bitx but rebranded to Luno in 2017, with the Launch of their mobile app and instant deposit. Cryptocurrencies like bitcoin, Ethereum can be bought with the debit/credit card on Luno. It also provides its users with services such as; Provision of Bitcoin wallet, instant buy and sells of Bitcoin and Bitcoin trading.
Satowallet is a leading multi-asset Blockchain app. It controls bitcoin, Ethereum, Tron, Ripple, and over 60 other crypto assets. An all-in-one app to trade, store, invest, stake and secure your Blockchain assets.
Remitano is another bitcoin exchange in Nigeria that has gain Popularity in 2017. They are very much like localBitcoins. However, in Nigeria, it is cheaper to buy bitcoin on Remitano.
Local Bitcoins is also a bitcoin exchange in Nigeria. LocalBitcoins is available across countries of the world. Just like Remitano, they connect buyers and sellers of bitcoins using the escrow system. Although LocalBitcoin is reputable, you have to learn to Trade safely on Local Bitcoins.
As of 2017, Over 100,000 Nigerian merchants are accepting Bitcoin Payments. Some of the key merchants accepting Bitcoin in Nigeria are highlighted below:
Gsm2me, owned by Fecund Systems Limited that’s registered in Nigeria, is a site from where customers can buy mobile airtime, messaging packs, and bulk messaging packs. The site supports over 550 networks spread across 135 countries. The company’s website clearly states that it accepts Bitcoin as a method of payment, apart from other currencies.
Minku is an online boutique and Accessories Company that sells its products across 16 countries globally also accepts Bitcoin. The company’s founder attributes the ease of doing business that Bitcoin brings as the reason why she accepts the digital currency, pointing out Bitcoin’s quick transaction ability, low fees, and international acceptability as its advantages.
Shopnow is an e-commerce platform in Nigeria based on the model of Overstock. Founder Emmanuel Olorunisola was inspired by Overstock’s model when he purchased a watch on the American internet retailer’s platform using Bitcoin. However, high shipping fees led him to create a Nigeria-specific solution where customers can purchase items using Bitcoin without having to pay additional charges involved while bringing goods from outside the country.
Do you find this article helpful? Do let us know your opinion, contribution or suggestion in the comment section below.
Picture Credit: Cryptotvplus
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.
$36.7 Million Worth of BNB Destroyed as Binance Completes its 9th Quarterly Burn
Binance has announced the completion of its ninths quarterly burn of the BNB token. The period which is between July to September, 2019 say the burning of 2,061,888 BNB tokens worth at market value $36,700,000.
CZ, CEO of Binance in a statement made in the exchange’s blog said he will share some thoughts using the opportunity provided by the quarterly burn.
According to CZ, the last quarter burn represents a significant growth over the 2nd quarter burn. Contributing factors to the increase include new services such as the Margin Trading platform amongst other services which CZ noted are beginning to produce results.
For Q4, CZ acknowledged that services such as the Futures Trading will contribute to the Q4 burning.
Binance also mentioned that though the exchange has large user base, it could still be making the small profit compared to other exchanges in the industry.
He gave reasons for this position, one which be said it’s because of Binance long term goals to fund and invest in projects that has prospects. He also cited lowest fees in the industry as a reason.
CZ pointed out that Binance does not perform a “buy back” as some people think it’s better. He went further clarifying this position saying
” …..think about it: a platform’s main income should already be in their native platform token, and the only way to get the “cash” to do a “buy-back” is to sell their tokens first. So, to do a “buy-back,” they must sell first, then buy back. –– We believe this does not, in fact, achieve anything; it only indicates that those platforms are not holding their own tokens. They probably sell their tokens the minute they receive them.”
He concluded with a question “Would you want to hold their tokens when the platforms don’t hold it themselves?”
According to Binance, following the burn, there are still 185,474,825 BNB remaining
Libra encounters another setback as MasterCard and Visa pulls out of the Libra Association
Global payment processors MasterCard and Visa have reportedly abandoned the Facebook’s plan to enter into the cryptocurrency market with its Libra Project.
The move by both firms is one of a series of challenges which Libra has been facing in recent times. Upon the release of the Libra white paper in June, 2019, the crypt industry came out with their opinions on the impact of Libra especially as Facebook is not trusted with users data.
Upon the release of the Libra white paper in June, 2019, the crypt industry came out with their opinions on the impact of Libra especially as Facebook is not trusted with users data.
Facebook through Libra intends to create a global financial system that will help the unbanked all across the globe access the financial system. The project will have its own wallet called the Calibra.
According to Facebook, the Libra will be ran by the Libra Association. A group of global firms in various industries.
Since the public release of the Libra white paper, Facebook has been seeing stiff challenges from nations all over the world not excluding regulators from within the United States.
The decision to abandon the project could be attributed to the issues Libra is facing from all over the world.
Not including MasterCard and Visa, other members of the Libra Association have also given the project a goodbye wave such as Stripe, EBay and PayPal according to a report by Bloomberg.
Not long ago, the People’s Republic of China revealed their intention to launch a national cryptocurrency, one which would be a competition to the Libra. Meanwhile, nations such as India and France have revealed their opinions on the Libra Project.
According to Bloomberg, the news if the payment processors abandoning the project comes before a meeting of the members of the Libra Association where the members would convene to sign a charter agreement.
Speaking on the fate of the Libra Project as some members of the Libra Association exits, co-founder of Libra, David Marcus said ” I would caution against reading the fate of Libra into this update.”
He went further saying, “Change of this magnitude is hard. You know you’re on to something when this much pressure builds up.”
Facebook revealed Libra will be launched in a few months time in 2020.
Facebook Continues its push for Libra as it acquires Isreali based AI Chatbot firm Servicefriend
Facebook has reported acquired the Isreali artificial intelligence based Chatbot startup ServiceFriend to use for the Libra digital wallet customer service, the Calibra.
The acquisition was reported by the Israeli media house TheMarker who revealed the information came from an investor in the Isreali based company.
Not disclosing the amount offered for the purchases, this acquisition amounts to Facebook’s sixth acquisition in Israel after Facebook purchase of Radix in 2018.
ServiceFriend has developed an artificial intelligence solution for use in customer service centers, which redirects customers to a human factor after a call with a machine- TheMarkle reports.
The firm says its product architecture allows humans to quickly assist the bot in handling situations that it doesn’t yet know how to handle.
Facebook, in June 16, 2019 released the documentations its proposed cryptocurrency Libra and digital wallet Calibra stating the product will launch in January, 2020.
Immediately it was released to the public, Facebook became a target for regulators scrutinizing the proposal of the Mega Corporation, determining the impact of the Libra on the stability of the national currency, the Dollar.
The United States were not alone in the airing of their concerns, France, India, China etc have publicly stated their concerns for the proposal of the social media giants.
Servicefriend was quoted saying on its website, “We are thrilled to share that Servicefriend is now moving to the next chapter of our exciting journey. Over the past four years, we managed to standout and build a great platform for brands to deliver excellent experiences at scale over WhatsApp and Messenger. Our mission to transform the way business interact with people and to let people communicate with businesses as they do with their friends has always been our raison d’etre.”
According to its website, its mission is to let people communicate with businesses as they do with their friends. It provides hybrid bot technology for consistent messaging experience at massive scale.
Servicefriend was established in 2015 by the CEO, Shahar Ben-Amin and Ido Arad, the VP of Customer and Business Development, revealed Marker.
Bitcoin Cash Support Added to HTC Flagship Smartphone, the Exodus 1
The Exodus 1 which is an Android powered mobile phone is the first native web 3.0 mobile devices with architecture that secures crypto assets. The device has an easy to use digital wallet, Zion Vault whose software interfaces with the device’s hardware security.
The wallet allows users to store and make transactions using the bitcoin cash cryptocurrency without having to be exposed to remote system penetration.
According to Bitcoin.com, the partnership will see HTC pre-loading the firm’s popular wallet app on the device. In turn, Bitcoin.com will offer for sale the Exodus 1 Flagship device and other lower device from the manufacturer on the Bitcoin.com online store. The lower priced device Exodus 1s will also feature same native bitcoin cash support which the flagship users are to enjoy.
Speaking on the partnership, Bitcoin.com CEO Stefan Rust said “There are so many synergies between Bitcoin.com and HTC. We are very excited to be on this incredible journey together.”
Roger Ver, the Executive Chairman contributed saying “Bitcoin.com’s partnership with HTC will enable Bitcoin Cash to be used as peer to peer electronic cash for the millions of HTC smartphone users around the world.”
Based on the news reporting arm of bitcoin.com, HTC sees great promise in cryptocurrency and that is the reason why it has added support for bitcoin cash.
The Taiwanese firm’s Decentralized Chief Officer Phil Chen speaking on the importance of the partnership between both organizations said “Smartphones are everywhere and have proliferated across the planet. It’s very important for the adoption of crypto that it is easy to store and use, no matter which cryptocurrency is preferred by people. So the fact that BCH, one of the biggest cryptocurrencies, is now easy to use on our smartphone is very important for us. Together, HTC and Bitcoin.com are helping to bring crypto to the masses.”
He went further saying HTC believes in user ownership of, control of their data and cryptocurrency presents the best opportunity to start the journey into owning personal data. Understanding the fear of users owning and controlling access to their data, Phil Chen believes this will significant impact the business models and revenues of these ‘powerful firms’.
HTC believes the smartphone will be the tool which will allow users manage, access, store their digital assets.
Bitcoin.com revealed that future plans of the partnership includes offering discounts when paying for goods in BCH as well as sales of the Exodus phones on store.bitcoin.com
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