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Is this Banking System Really Helpful?

Have you ever wondered if there is a better way to go about banking in Nigeria? Nathaniel Luz writes to explore the problems in the Banking Sector.

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Do our banks really help us, or do they, in fact, defraud us? This article does not attempt to foster an opinion on the subject; rather, it aims to give substantial evidence on the “what” and “why” of the inadequacies in the banking sector we have today.

This is perhaps one of the most important questions to be answered today. Do our banks really help us, or do they, in fact, defraud us? This article does not attempt to foster an opinion on the subject; rather, it aims to give substantial evidence on the “what” and “why” of the inadequacies in the banking sector we have today.

People are so uncomfortable with the current banking system seek an alternative.

Here are some of the reasons:

Lack of Transparency to Customers

One fact about banking is that you don’t own your money. The bank does! When you save money in the bank, they use it to trade and make more money on successful trades. Unfortunately, they give very little amounts as interest to the real owners of the money who should actually earn a worthy amount as interest.

So, the point is that the bank actually capitalizes on its customers’ wealth to build its own wealth. The reason why many seem to care less is that the banking system is backed by the law and the government. Therefore, we have a legal organization, backed by the government, defrauding us to our faces and claiming to serve us.

Transaction Limits

Have you ever been to the bank to withdraw a large sum of money, only for you to be excessively screened? What about this common policy in Nigeria that disallows people from withdrawing more than N100,000 using the ATM?

Imagine you needed a million naira for something really important, and banking services have closed for the day so that you can’t withdraw over the counter! How would you feel to learn that some banks limit the amount of money you can transfer to others under the guise of CBN policy?

 

International restrictions

Sending and receiving money internationally comes with high fees, slow delivery, and several restrictions. Current payment methods are yet to find a way for an efficient, cheap, fast way of international money remittance.

 

The Paradigm Shift

So many things are wrong with the banking system and people are not getting any more comfortable with being cheated by the banking system. Perhaps, they have come to see it as a

necessary evil which has come to stay. However, there’s good news! The majority are already seeking for a more reliable and transparent system.

Another good news is this: there is already a system which aims to transform financial transactions all over the world; it is the blockchain technology. More precisely, Dash — a blockchain network that redefines banking and offers a decentralized banking system that is transparent, reliable and secure.

The Twitter Palaver

In February 2019, there was a trend on Twitter: #EndBankingFraud, where many Nigerians expressed their displeasure about the current banking system. Some of their tweets are written below:

I opted for email alert but GTB keeps charging me for SMS alert. I called their attention to it and they said it was an order from CBN. I wonder why there are options for one to choose from? @segalink #GrossNegligence #EndBankingFraud

Nigerian banks could do better, but then the board of these banks is a bunch of greedy investors and the management can be very unrealistic #EndBankingFraud

Distinguished @GTbank just to let you know you are nest after the “Wild Elephant” falls. Sebi you people charged me N7,198.00 to maintain DollarVISACard that is useless to me in Nigeria abi? Correct. I shall laugh last. #EndBankingFraud #WinterIsComing

 

These and more are many of the problems that the current banking system poses to us. Clearly, we need a more transparent, decentralized and secure financial system. Dash as a form of money eradicates the possibility of experiencing the problems caused by the current banking system.

Through the #EndBankingFraud trend on Twitter, the awareness of Dash was able to reach over 10,000 people with about 820 persons actively engaged in the trend. It was a big shift towards the use of Dash cryptocurrency. Several people created new wallets and were sent some Dash by ​Dash Nigeria.

It is only a matter of time before Dash becomes a primary means of exchange in Nigeria. How is this possible, you ask? The way a soldier is made ready for war is the way Dash is made ready to become the new money for Nigerians, Africans, and the whole world. Dash promises to offer a better, scalable, secure, fast, and more private banking system.

 

Nathaniel Luz tweets @nathaniel_luz

 

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I love working with Corporate Brands. Also I am a SEO Expert, Blockchain Speaker and Writer, Strategy Lead at SMMA, Freelance Content Creator, Editor, Business Developer and finally blogger at Cryptotvplus.

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Finance

Bankera Announces the Release Its Crypto Lending Solution, the Bankera Loan 

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Bankera has announced the release Bankera Loan, its crypto lending solution. The Bankera Loan according to Bankera is geared to providing flexible and secure crypto-backed loans to cryptocurrency holders globally.

The Loans are to start with a minimum of at least 100 EUR and to as high as 1 million EUR.

Bankera Loans act as an option for cryptocurrency owners who desire access to financing, but do not want to liquidate their assets. The solution offers cryptocurrency holders the ability to access funds by using their cryptocurrencies holdings as collateral while retaining ownership of their crypto assets.

According to Bankera, the solution aims to democratize access to core banking services for all cryptocurrency market participants by giving them facility better suited for either individual or enterprise needs.

Co-founder of Bankera Vytautas Karalevicius expatiating on the solution said “We see a big interest from the community in smaller crypto-backed loans. This market has been heavily underserved, and typical loan minimums in the current market are often too high”.

Continuing, Vytautas said “Bankera Loans solution offers our clients the possibility to take a loan as low as 100 EUR so that all clients can obtain the financing they need”.

Enterprise clients can also use their crypto asses to get quick facilities for leveraging positions, for expansions or other needs.

Taking a loan is simple, Bankera revealed. It can be achieved by a sign up which is followed after by a deposit of crypto assets to Bankera Loan wallet. This deposit are required and used for as collateral.

Once this is done, Bankera said a customer can then personalize the facility by selecting amount, duration, withdrawal and collateral currencies. Once approval is achieved, the customer/clients receive the facility to his/her Bankera Loans account.

Though the more assets or currencies will be added to the platform in the future, the Banker Loans platform currently supports just over half a dozen currencies such as the EURO, Banker (BNK), Tether (USDT), Bitcoin (BTC), Ether (ETH), NEM (XEM) and privacy coin Dash (DASH).

Bankera aims to revolutionize banking by taking advantage of what blockchain technology has to offer while still focusing on scale by becoming a one-stop store for all financial services, in the same way traditional brick and mortar banks are now, while using technology to reduce the number of counterparties, thus lowering the cost of banking for the end consumer.

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Bitcoin News

25-Year-old pleads Guilty to Running Unlicensed Crypto Exchange.

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Kunal Kalra, a 25-year-old from West wood Los Angeles has been said to have pleaded guilty to federal charges of having exchanged over $25million in cash and cryptocurrencies.

Kunal, also known as  “Kumar,” “shecklemayne” and “coinman,” was indicted on Friday, August 23 for allegedly trading cash and cryptocurrencies including drug dealers partially via his Bitcoin ATM kiosk.

The exchange was a front for other illegal activities

Kalra was said to have agreed to engagements in other illicit activities such asd distributionof methamphetamine, operating an unlicensed money transmitting virtual platform, laundering money and failing to maintain an effective anti-money laundering instrument.

According to an announcement made by the U.S Department of Justice last Friday, Kalra had said that he has agreed to plead guilty to the offence of converting Bitcoin for cash for criminals, drug dealers who acquired cryptocurrencies from trading narcotics on the dark web, as well as a number of other persons involved in various illicit activities. He had also confessed that he used platforms such as Localbitcoin and a company known as Paxful.

It was alleged that Kalra had been running this cryptocurrency exchange from May 2015 through October 2017. The justice department also went ahead bro say that without the implementation of an anti-money laundering program, Kalra facilities these kinds of transactions with a commission knowing fully well that the proceeds came from drug trafficking.

As at the time of this report the law enforcement agency had already seized about $889,000 in liquid cash from Kalra, about 54.3 Bitcoin and other cryptocurrencies, worth more than half-million dollars.

The announcement also said that the maximum sentence that Kalra stood a chance of facing was life imprisonment.

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Bitcoin News

Legendary Bitcoin Investor Refers to Bitcoin as a Psycho Currency

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Mark Mobious had referred to the worlds largest cryptocurrency as a “psycho currency”.

Although, it’s proponents could be seen to be in full support of it, there are those who still express a lot of scepticism towards its, saying that it wired, evil and a complete waste of time. For cryptocurrency enthusiasts, it is usually not a good day when legendary businessmen and investors lash out at the prospects of Bitcoin and act like it possesses no potential. In recent times, we see persons such as Mark Mobious, being a trader who founded Mobius Capital Partners, joining the ranks of Warren Buffet.

How Mobious feels about Bitcoin

According to a report from a recent interview, Mobius said that bitcoin and its crypto cousins as “psycho currencies,” claiming that spikes occur only when people believe in them. He expressed his confidence in the fact that the Bitcoin will ultimately cause other hardcore assets such as gold in a few months from now.

 

” I call them psycho currencies because it’s a matter of faith whether you believe in bitcoin or any of the other cybercurrencies… I think with the rise of [bitcoin], there’s going to be a demand for real, hard assets, and that includes gold.” He said.

 

It is noteworthy to state that it is quite difficult to take Mobious seriously as he switches sides at the drop of a hat, he had to express his scepticism about Bitcoin and other cryptocurrencies claiming that they were just pure speculations not worthy of any attention. Earlier this year he also said that digital currencies were a hallmark of the future, and could be an around for a very long time.

Gold Is Where the Money Is

“Gold’s long-term prospect is up, up and up, and the reason why I say that is money supply is up, up and up.”

He said in his comments that investors should get involved in gold regardless of the price, and pointed to the moves of mainstream banks as well, i.e. the European Central Bank, which he said serve as proof that institutions are thinking the same way.

 

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Finance

Notorious Cryptocurrency Scams and How to Avoid Them

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Cryptocurrency thefts, scams hit $1.7 billion in 2018 according to Reuters new York

People lost their Cryptocurrencies after it was stolen from exchanges and after being scammed  which was a massive increase of more than 400 per cent from the figures recorded In 2017 to about $1.7 billion, according to a report from U.S.-based cybersecurity firm CipherTrace

The growth of blockchain and cryptocurrency over the past nine years has changed the way the world looks at transactions and this has made a massive attraction for scammers and criminal who have tweaked their schemes to suit cryptocurrency making people run into heavy losses. There move has to be aided with the fact that Cryptocurrencies are decentralised virtual peer-to-peer currencies. This means that the currency exists online only and is not controlled by a bank, treasury or country, making it free from regulation and government over sight.

Whether or not you believe cryptocurrency is the “IT”, we can both agree to the fact that frantic investments attract crafty individuals seeking to prey on trader greed. That is, the prospect of quick riches can blind some people to the risks and enable crooks to lure them into scams with dubious products and services. Here are some of the most notorious cryptocurrency scams and how to avoid them.

  • Social media give away fraud

Anyone can be prey to hackers, even legitimate coin issuers. Sometimes notable figures in the crypto space such as Vitalik Buterin or Andreas Antonopoulos, and many others that offer giveaways are impersonated. You cannot trust Facebook or Twitter accounts, especially unverified accounts. If a person claims to belong to an ICO or to be its founder, think twice before you reply to their offer or make a contribution. Whenever you read “Send 2 or 3 ETH to this address and receive up to 20 ETH in return”, that is a pure scam. Crypto is money and nobody is giving away good money for free. If someone is truly promising you a tenfold reward, be realistic – it is too good to be true? Before you actually send money to the person, make sure the source is real and trustworthy. You could also look through the company’s website, read comments about it from reliable sources, and, most importantly, try to make contact with real employees on Telegram or other social media channels to figure out what is truly going on.

  1. Fake Initial Coin Offerings (ICOs)

ICOs are a means of raising funds for newly launched cryptocurrencies. Investors in ICOs receive tokens in the new cryptocurrency. Over the past year, Investors have pushed billions of dollars into more than 1,000 ICOs. While many ICOs are legitimate, a large number have no real business plans or technology behind them. In a recent study, 80% of the ICOs conducted in 2017 were described as scams. The US Securities and Exchange Commission (SEC) recently filed fraud charges against two ICOs, stating that they were sold on the basis of fraudulent claims. China has also banned the sale of ICOs, and many individuals familiar with fraud have described Initial Coin Offerings as the biggest scam ever. Fake ICO scams can be found here.

  1. Fake websites

Phishing attacks are very common cryptocurrency scams. The main strategy is imitating popular exchanges by purchasing web domains and Google ads. This fake website may look similar to the original, but once you type in your credentials, it directs you to a special platform to proceed with your contribution. Fake webpages can be identified by the appearance of tiny dots beneath the URL characters. Also, the absence of “Secure” and “https” markers before the website’s URL can be a warning sign of a fake site. It is often advised to type the exchange URL directly into the address bar yourself. Also, ensure you enable some sort of multifactor authentication for all your accounts. This may seem too much, but adequate security demands extra measures.

  1. Ad scams

We should take caution of ads leading to phishing sites. Recent examples of such ads include Google Ads to cloned exchanges and Reddit ads to Trezor hardware wallet sale offers. Its common practice to always bookmark the legitimate URL and not to visit other URLs even if they look similar. Chrome extensions like Metamask block phishing sites.

  1. Fraudulent Emails

Scammers often send emails announcing fake ICOs, enabling them to steal a significant amount of money. It is not quite difficult to impersonate a real cryptocurrency issuer, it’s important to have this in mind and remain sceptical of emails concerning ICO.

If you do receive any of such email, pull up any previous emails received from the company and compare the layout and signatures. Also, be on the lookout for grammatical errors and ensure that the email address has been verified by the official website.

Finally

Your approach to the security of your investment will determine your success in it, as there are a lot of ways cryptocurrency can benefit your business as long as you proceed with a reasonable degree of scepticism and care. Despite the growing number of fraudulent projects, there are numerous prestigious projects and groups that make investing in cryptocurrency worthwhile. It is a surety that fraud is prevalent wherever big money is involved, and these scammers tend to use more or less the same tricks, each adapted to fit new scenarios.

Thus whenever you are visiting a new website, see something that looks too good to be true, or you are accessing information using your private details, be cautious.

Security measures are fundamental: Trust only authentic websites and cryptocurrency exchanges, and be suspicious of crypto mobile apps and all emails promoting an ICO.

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