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.
CEO of MTN Group Speaks Out on MTNCOIN, Calls it Fake.
The CEO of MTN Group, Rob Shuter has spoken out on the document circulating the internet showing the Telecom giant, MTN Group to launch a utility token – MTNCOIN.
The CEO calls the document and unsolicited proposal and the Telecom firm will not consider it.
Fake news guys was an unsolicited proposal we are not taking forward.
— Rob Shuter (@ShuterRob) November 13, 2019
The document which was dated 29th of October, 2019 and titled “MTN COIN – Building Africa’s Universal Financial Services & Rewards Ecosystem” proposes a crypto token that will be used as a universal digital settlement currency for all financial.
In a statement published by MTN Group, it said it wishes to distance itself from the document as well as the services and offerings mentioned in the document as they are not provided by the firm.
According to the statement, MTN said the document was an unsolicited proposal submitted by an entity called Eureka Africa and it wasn’t adopted.
However, the Telecom giant affirmed its continual engagement and collaboration with various vendors, and if necessary it said, use official MTN channels to communicate such partnerships.
The document proposes the launch of a Stellar blockchain based cryptocurrency, MTNCOIN that will serve as a universal digital settlement currency for all financial users cases for all parties.
According to the document, It also intends solidifying and expanding MTN’s position as Africa’s leading communication services provider by staying at the forefront of digital transformation; capitalize on the Global Financial Technology revolution and lead the disruption of the traditional financial and insurance sector in the continent to protect current and create new revenue streams.
The Telecom giant has requested publishers to refrain from sharing the document or its contents on any public platforms.
Telecom firm, MTN Could launch a token MTNCOIN on the Stellar Blockchain to become Universal Digital Settlement Currency
A document showing Telecommunication firm MTN is set to launch a token –MTNCOIN on the Stellar Blockchain has been making waves on the internet since it was released.
The document which was dated October 29th 2019 and titled “MTN COIN – Building Africa’s Universal Financial Services & Rewards Ecosystem” posits that the African Financial sector is ripe for disruption.
It measured the financial flow of money through Mobile Money and Remittance. MTN through the plans to lead the disruption of Africa’s financial services industry to redefine financial inclusion.
This it intends to achieve by launching MTNCOIN as a universal digital settlement currency for all financial users cases for all parties. It also intends solidifying and expanding MTN’s position as Africa’s leading communication services provider by staying at the forefront of digital transformation.
It also wants to capitalize on the Global Financial Technology revolution and lead the disruption of the traditional financial and insurance sector in the continent to protect current and create new revenue streams.
MTN will to create a pan-african open platform and ecosystem and set the standards for trusted, direct, low-cost and instant financial transactions, bringing together various players in the financial industry such as banks, insurances, Fintechs, Retailers and major technology providers to drive interoperability and convergence.
The digital currency, MTNCOIN according to the document will be created and issued on the Stellar Blockchain Network.
It will serve as universal exchange currency, highly scalable, secure bridging currency across the African continent supported by the established MTN treasury functions.
It will serve data and airtime redemption assurance which according to the document will reduce counterpart risk as token holders.
The token will be a utility token controlled by MTN and it shall feature fast, no-cost remittance, automatic loyalty program benefits with ecommerce embedded shopping advantages.
The document compares MTNCOIN in superiority to other forms of payment such as MTN Money and M-Pesa. The coin will have a digital wallet, allow P2p transfer, cross border payments, bank integration, adoption by third party apps etc. MTNCOIN based on the document stands out from both MTN Money and M-Pesa.
The choice of choosing Stellar according to the document which compared it to the Bitcoin, Ripple and Ethereum Blockchain networks, was that Stellar is a platform that connects banks, payments systems and people, it allows fast, cross-border transactions between any pair of currencies. It is much cheaper and faster than bitcoin because of its unique consensus protocol etc.
CryptoTVPlus through one of its representative has reached out to MTN Nigeria for comment on the document as at press time but haven’t given response. Updates will be published as it comes.
Brad Garlinghouse,CEO of Ripple Predicts the death of Most Cryptocurrencies
The CEO of Ripple, Brad Garlinghouse has predicted the death of the majority of all the cryptocurrencies in existence. According to him, they will likely go to zero.
This prediction was made via a live interview with Bloomberg where he said very few number of cryptocurrency projects will survive and grow significantly as they are concerned with actually solving real life problems.
Others will likely fail because they can not support or solve real life problems. According to Brad, “Anytime there is a new market, there are a lot of people that run into that market and try to show that they can solve a problem, they can deliver a customer need.”
With more than 3,000 cryptocurrency that trade on a daily basis, he said, very few of them will actually be able to meet customers needs, and the majority of them will probably go to zero.
The same prediction made by Brad Garlinghouse has been made by others before most especially during the ICO boom days that say
w thousands of cryptocurrency project launched offering various “moon shot” products and services.
Max Keiser had also predicted the death of majority of altcoins according his twitter post in August, which reason “#Bitcoin dominance 68.2% — heading to 80% — as alts die in favor of BTC. The 2014-2017 era of alts and hard forks is dead. Don’t be the last to rotate out of alts into BTC.”
#Bitcoin dominance 68.2% – heading to 80% – as alts die in favor of BTC. The 2014-2017 era of alts and hard forks is dead. Don’t be the last to rotate out of alts into BTC.
— Max Keiser, tweet poet. (@maxkeiser) August 6, 2019
The growth in cryptocurrencies is caused by the hype around the crypto ecosystem, Garlinghouse said
Electroneum to Launch ETN Powered Freelance Platform, Welcomes Beta Testers.
Electroneum is set to launch its own blockchain powered freelance platform AnyTasks.com and it is calling for Beta testers to test the platform.
In an email sent to users, Electroneum said it has been talking about and building the platform for a long time.
AnyTasks.com according to the email signed by the CEO, Richard Ells, is the Electreoneum powered freelance economy platform for the world’s unbanked.
It is different from other freelance platform to ever exist as buyers pay with a credit card and sellers get remittance automatically in ETN.
Electroneum calls on experienced persons in the freelance economy to join its Beta Testing Group and according to it, will help place final touches on the platform before public release.
The decision to join the Beta Testing Group according to ETN “will be helping to shape the futures of MILLIONS of people around the world, whose lives will be positively impacted by this launch.”
Explaining why AnyTasks was built? It was quoted saying
“Increasingly, more of us around the world are selling online, be it on eBay, Fiverr, Etsy, or the like. In excess of $200 Billion is spent each year within the freelance economy, providing many with the ability to earn their own living. Yet, without access to a bank account, this remains an impossibility for hundreds of MILLIONS of people across the world.
We’re changing that! People in emerging markets can earn as little as $3 per day on average. Imagine if we could give these people access to an online marketplace, where they could sell a single digital task for more than their average daily wage. AnyTasks will provide people that opportunity.”
Additionally, a learning platform TaskSchool will be launching in the first quarter of 2020. TaskSchool will enable users to learn simple skills they can sell via their smartphones through the AnyTasks platform.
We’re changing the world, and we’d really appreciate you taking a little of your valuable time to be part of shaping it, Electronuem concluded.