Connect with us

Bitcoin

Nigeria’s Crypto Market Stake Down by $300 million Naira

Published

on

The crypto market is bearish at the moment and the downward trend still continues. However, the down slide of the market is taking a toll on investors in Nigeria. The West African country has the largest crypto market in Africa and the price tumble is beginning to affect crypto participation. The year 2017 marked a remarkable year in the crypto boom that spread to Africa and earlier this year, the growth of participants in bitcoin grew to an encouraging amount. However, Nigerians are faltering and cutting their losses in cryptocurrency as the market stake dropped to N1.09 billion as against N1.51 billion as at July this year.

Bitcoin is an attractive option to Nigerians considering the high inflation the country suffers and the instability of the Naira. However, bitcoin is losing the appeal it once held for Nigerians as it made almost N300 million fall difference between the end of July and mid-September. A lot of reasons have been postulated as to why Nigerians are pulling out of the market drastically. It is notable that the fear of a market crises is serving as a stimulant to the withdrawal. The withdrawal reaction to the crypto market is not peculiar to Nigeria alone as across the continent crypto investors are becoming sceptical of the market slump.

Although some crypto enthusiasts are optimistic about the rise of the market, figures prove differently. After celebrating a market stake of N1.7 billion in July, the market lost almost $40,000 as traders hurried out of the market. Bitcoin is not the only crypto affected by the bearish tendency as Ethereum is currently trading at $226.81 and Bitcoin Cash at $458.78. Despite the downward trend of the market, some crypto enthusiasts are hodling and not letting go.

 

What do you think about the reduction in the amount of crypto investors in Nigeria. Share your opinion with us in the comment section below.

Image credit: pixabay

Disclaimer:
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.

 

Spread the news

I am a blockchain and cryptocurrency journalist fascinated with sharing the knowledge of this wonderful technology in the simplest language possible.

Continue Reading
Advertisement
Comments

adoption

Survey: 40% Freelancers Receive Payments via Cryptocurrency.

Published

on

Freelancing has become so popular now as people can easily ditch the routine 9-5 hour schedule of the traditional workplace. However, a recent survey conducted by Humans.net has revealed that cryptocurrency is becoming appealing to freelancers. The survey was carried out on 1100 freelancers and revealed that cryptocurrency eliminates the need for a middleman for payments especially for those with international clients.

According to the survey, about 38% of the population surveyed admitted to having used cryptocurrency at a time. On the other hand, 41% had never made use of cryptocurrency while 24% had no idea what cryptocurrency was as they had never heard of it. For most freelancers, the appeal of cryptocurrency is the fact that it aids in faster payment with low cost for international transactions.

The Humans.net survey also found that 29% of freelancers preferred to get crypto payments to being paid through the traditional banking system. 18% of those surveyed revealed that they would prefer to receive their entire income through crypto payments, while 11% said that they would prefer to receive a part of their income in cryptocurrency.

Freelancers find cryptocurrency to be of an advantage to them, it enables them to transact with clients who they may not know or trust. The survey revealed that 13% found it to be an advantage for international payment, 12% considered it a bonus for eliminating middlemen, 8% liked its low commission status. Also, 9% of those surveyed found it advantageous in its transparency, while 11% chose all the qualities mentioned and 4% did not choose any of the qualities.

However, Founder and CEO of Humans.net, Vlad Dobrynin has revealed that they will be integrating the blockchain technology to their freelancing platform. He explained that the technology will help people get faster search result regardless of their geographical location as well as protect users data.


 

 

 

What do you think about freelancers receiving cryptocurrency as payment for their services? Share your opinion with us in the comment section below.

 

Image credit: Pixabay

 

 

Disclaimer:
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.

 

Spread the news
Continue Reading

Bitcoin

Cryptocurrency Prices are Plunging Again and Here’s the Reason

Published

on

It has been a tough week with news of a sharp decline and a looming bear market. It seems cryptocurrency is taking a harder hit as compared to the traditional market. Bitcoin fell as far as 75% from its ATH in December. There are a few possible negative catalysts for the plunging of cryptocurrency prices as bitcoin is not the only one to take a hit. Other digital currencies have experienced their fair share of loss this past week. But what could be the reason for the bear market?

Bitcoin Hash Wars

The bitcoin cash network forked from Bitcoin (BTC) last year after a bitter fight between the developers who managed the community. This year another argument arose in the Bitcoin Cash camp that led to the network splitting into two groups. The new fork created two new cryptocurrencies, Bitcoin ABC and Bitcoin SV. What this disagreement in the BCH camp has caused is a chaos in the market. Exchanges had to go through a tough time decoding which cryptocurrency they wanted to trade while the market was hit with a panic as bitcoin dropped.

Unregulated Exchanges

Cryptocurrency exchanges often enjoy a certain freedom. There’s no watchdog watching over their neck and this has led most investors into dumping in a lot of funds. Bitfinex a crypto exchange has been called out for using Tether Coin to artificially pump up the price of bitcoin and other digital tokens. Researchers at the University of Texas published the evidence and investigation are ongoing to determine if the price manipulation is true.

Tough Regulations

The Securities and Exchange Commission is clamping down hard on companies violating the securities law with their offerings. Across the world countries like India and China are taking crypto regulations seriously and clamping down on crypto companies. Just last week, the SEC fined two companies $250,000 each for failing to follow the proper laws for registering securities. Paragon, one of the firms, is working to legalize cannabis and utilising cryptocurrencies.

We do not know how long the bear market would hold, however, some crypto analysts are sure it wouldn’t be for long. Some even think it’s the market’s way of testing those with weak hands and shaking them out.

 

 

What do you think might be the cause of the bear market? Share your opinion with us in the comment section below.
Image credit: Pixabay

Disclaimer:
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.

Spread the news
Continue Reading

Bitcoin

Chinese Principal Fired for Mining Crypto on School’s Electricity

Published

on

Free electricity is usually seen as an opportunity to mine cryptos. However, luck ran out on the Principal of a school in China who was discovered to be using the school’s electricity for mining. The principal, Lei Hua has been fired for using the electricity of the school to mine Ethereum. Lei Hua who was the principal of Puman Middle School, Chenzhou had set up an Ethereum mining operation with 8 mining rigs, which had been running for an undisclosed period of time.

South China Morning reports that the principal started the mining operations from home last year in June. However, his mining machine which is worth 10,000 yuan, consumed more than 21 kilowatt-hours power per day. The principal had to switch to another source of power in order not to pay the rising bill. His solution was to relocate the machine to the school.
For 12 months, the principal managed to deceive everyone and even when the electricity bill became high, he blamed the power consumption on the school’s air conditioners (ACs) and heaters. The principal was not the only one involved as the deputy headmaster of the school was also mining Ethereum using the same power supply of the school. However, the mining activity kept interfering with the school’s computer network making it difficult to teach normally.

Things came to a halt when the operation was eventually uncovered by staff members who were curious about the whirring noise that was heard continuously all day and night in the school. In October, principal Lei was fired from his post, while the deputy headmaster was given a warning. The money realized from the illicit mining has been seized by the local authority. Although Officials did not specify how much money was recovered.

China has placed strict restrictions on over the counter (OTC) and pair to pair (P2P) trading. However, despite the government’s strictness on bitcoin mining,  the mining of cryptocurrencies is still ongoing in China.

 

What do you think about stealing power to mine cryptocurrencies? Share your opinion with us in the comment section below.

Image credit: Pixabay

Disclaimer:
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.

Spread the news
Continue Reading

adoption

Property Agents begin accepting cryptocurrency to Distinguish its Service

Published

on

Real estate brokers are seeking ways to stay ahead and tech-savvy real estate agents and brokers are now experimenting with cryptocurrency by accepting it as a means of payment. Recently, Ronnie Rickner, director of Rickner Charles in Dartford, Kent revealed that one vendor has already paid their fees in bitcoin. Ronnie revealed that the seller paid their fees in bitcoin for the sale of a £600,000 property in Rochester.

Ronnie is not the only agent thinking forward. Property Industry Eye reported that other agents are already utilising digital currencies for their transactions. Go Homes reported last year that it sold a property worth £350,000 in bitcoin. On the other hand, some property agents have started taking rent and deposits in the form of cryptocurrency.

Ronnie believes that agents need to stand out in the highly competitive market. With the rise of online agents, any agent not willing to embrace change might “risk becoming extinct”. Agents need to go beyond the box of corporate structure and give clients multiple choices of how they can purchase a property. He also added: “I hope that we can lead and innovate in ways we can help our customers and move with the times by not sitting in the same box.”
Ronnie revealed that he offers his clients the unique option of paying in other digital currencies such as ethereum and ripple. He also claims that the benefits are enormous as clients find the payment system more flexible and faster and overseas buyers equally benefit from lower transfer rates. However, the agent is still faced with meeting anti-money laundering obligations. Ronnie there was no law surrounding the money launching and cryptocurrency sector at the moment. He added, “We are closely monitoring any change in this legislation or our duties but we make sure that we do all the required checks on clients before we provide any services.”

 

Would you like to purchase or sell a property in cryptocurrency? Share your opinion with us in the comment section below.
Image credit: Pixabay

Disclaimer:
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.

Spread the news
Continue Reading
Advertisement
Advertisement

Find Us

Address: 7 Kafi Street, Beside City Mall, Shoprite, Alausa, Ikeja, Lagos.

Hours: Monday—Friday: 9:00am–5:00pm

Contact: +234 817 866 6900

Advertisement
Advertisement

Trending