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.
Cardano to Release Version 1.6 of Its Software Product In A Few Days – Charles Hoskinson
We are shipping the version 1.6 update over the next few days tweeted CEO of Cardano Charles Hoskinson. In the tweet, Charles also requested for some “screenshots” of the new Daedalus and users’ comments on the product whether they like it or not.
Praising the team Cardano team, the Charles Hoskinson said lot of work went into this release and he is extremely proud of the team.
Daedalus is an extensive open source cryptocurrency and highly secure wallet for the Ada cryptocurrency.
It is built with web technologies and features unlimited accounting with advanced security.
We are shipping the 1.6 Cardano update over the next few days. Send me some screenshots of the new Daedalus and let me know if you like it. A lot of great work went into this release and I'm extremely proud of the team
— Charles Hoskinson (@IOHK_Charles) August 13, 2019
Charles formerly was worked in Ethereum as a Co-founder is moved to Cardano where he is building ground breaking innovations using blockchain technology.
Cardano according to the IOHK website is a blockchian platform with more advanced features that any protocol yet developed, and the first to evolve out of a scientific philosophy.
Launched in 2017, Cardano is a product of IOHK created using the Haskell code, a technology firm committed to using peer-to-peer innovations to provide financial services to billions of unbanked individuals all over the world.
It prides itself as a decentralized company that loves innovative teams forming and executing ideas that cause “cascading disruption“.
Cardano’s protocol is designed towards protecting privacy rights of users, while also taking into account the needs of regulators. It is the a blockchain platform with more advanced features than any protocol yet developed by a large team of experts engineers and researchers from various field.
Ripple Hit With Law Suit From Aggrieved Investor For Selling Unregistered Securities
A class action suit has been amended by an investor in XRP of Ripple. In the suit, Bradley Sostack an investor in XRP alleged that Ripple misled investors and raised money from them by selling XRP token, an unregistered security. A clear violation of Federal laws.
The filing was made on the 5th of August, 2019 and in a Coindesk’s report dated August 13th, the initial class action law suit was filed in 2017 and with this amendment, Ripple has until mid of September to make a response to this action.
Citing a SEC’s newly released “Framework for Investment Contract Analysis of Digital Assets, the plaintiff is seeking to defined XRP as an unlawful unregistered assets under the framework.
“The SEC Framework makes clear that ‘[w]hether a particular digital asset at the time of its offer or sale satisfies the Howey test depends on the specific facts and circumstances.’ The specific facts and circumstances relating to XRP support the conclusion that XRP is a security under the Howey test.”
The contention of Ripple as a security or not has been an ongoing debate amongst individuals in the industry. Some see XRP as a centralized digital asset which should not be touched since the founders hold huge percentage of the total while others do not share this opinion.
Since the XRP Token is at current not mandatory to utilize any of Ripple’s products, this has raised concerns on the use cases of the token. Since it cannot be used in any of Ripple’s products, it begs the question of what really is XRP.
Ripple is a US based technology company founded by Chris Larsen in 2012. It is currently led by Brad Garlinghouse. It provides frictionless experience to send money globally using the power of blockchain. According to the company, by joining its growing, global network (RippleNet), financial institutions can process their customers’ payment anywhere in the world instantly, reliably and cost effectively.
Ripple is expected to respond to the class action not later than September.
CertiK Announces The Completion of Binance British Pound Backed Stablecoin BGBP Official Audit
In a post on micro-blogging site, CertiK announced the completion of audit on Binance British Pound backed Stablecoin, the BGBP.
Binance had some weeks ago through its CFO, Wei Zhou in an interview with Bloomberg hinted of the top exchange’s plans to issue own stablecoins. According to the Binance rep, the token will be called Binance GBP and will be fully backed by reserves of the British Pounds. He further continued that more fiat currency pegged stablecoins will also be launched on the Binance Chain.
The Binance British backed stablecoin was verified by CertiK. According to a blog post by CertiK, the auditors utilized their Formal Verification Technology and were able to identify undetected vulnerabilities in the stablecoin providing a more thorough security sweep and offering suggestions.
Always an honor to work with the leaders in the space.https://t.co/wqPugl0vO1
— CertiK (@certikorg) August 8, 2019
Commenting on the Audit and why the exchange sorted the services of CertiK, CZ, CEO of Binance said “CertiK’s Formal Verification bypasses the limits of manual detection, offering one of the most thorough audits in the industry”.
According to CertiK, the audit was done to ensure the source code of BGBP’s smart contracts were free from issues and vulnerabilities. By utilizing its Formal Verification Platform, Static Analysis and Manual Review, the team at CertiK applied a comprehensive examination during which they ensured that the codebase meets best practice and industry standards, that contract logic meets specifications etc.
The results of the audit carried out on the Binance GBP code showed that best practices was followed, the contract is not vulnerable to known securities challenges and that the BGBP is “a more secure, safe, and protected asset”.
CertiK is a blockchain and smart contract verification platform founded by experts from Yale and Columbia University. Incubated by Binance Labs, CertiK has been able to secure strategic partnerships with world’s leading exchanges such as OKEx, Binance etc and has been able to carry out audit on projects such as the LEO, TUSD etc.
Stablecoin Tether Launches Support for Tether (USDT) on the Liquid Network
Stablecoin Tether has now been launched on the Blockstream’s Liquid Network. The announcement was made via a blog on the stablecoin’s official website. Tether communicated the intention to launch on the Liquid Network was initiated by the desire and quest towards “improved blockchain interoperability”.
The Liquid Network is a blockchain for exchanges, brokers, and market makers that enables fast, private Bitcoin transactions with other members of the network. It is designed to allow the movement and issuance of digital assets.
The launch of Tether on the Liquid Blockchain according to CSO at Blockstream Samson Mow, is a major milestone in increasing the utility of the Liquid Network. He also emphasized the benefits such as OTC atomic swaps, super-fast arbitrage between exchanges etc
Speaking on behalf of Tether, CTO, Paolo Ardoino said
“It has been a natural decision to deploy Tether on the Liquid Network given the fantastic work that the Blockstream team is achieving. Issuing stablecoins and various other digital assets under one blockchain platform makes a lot of sense and greatly improves industry efficiency whilst allowing traders to manage all their assets from a single wallet application.“
Launched in 2014, Tether has surprisingly withstood several scandals. By its affiliation with Bitfinex, the largest stablecoin with about $4billion market capitalization has met some serious allegations however, it has continue to rage on and has been able to launch on some blockchain networks in time past, for example the Tron Blockchain.
The Liquid Network is one of its several achievements in the year 2019. The launch of Tether on the Liquid Network will open opportunities for new possibilities according to the blockstream website. Some of these possibilities includes enhanced securities trading, instant, low cost stablecoin payments using Lightning support for L-BTC when launched. Arbitrage traders will also be able to take advantage of Liquid’s 1-minute block times to rapidly complete inter-exchange transfer of fiats.
Liquid USDt is currently open for deposit and withdrawal on the Bitfinex exchange with other exchanges working on enabling it such as OKEx, OKCoin etc.
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