Bitcoin to ripple xrp

July 31, 2021 / Rating: 4.7 / Views: 903

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Bitcoin dealers in nigeria

, has concluded that African nations have the optimum conditions needed for crypto to flourish: weak local currencies, which make it harder to get the dollars needed for global trade; complex and costly money transfers, and—perhaps most importantly—an enthusiastic, youthful, tech-savvy and increasingly desperate population., has the highest percentage of crypto users in the world. But most compelling is evidence that Bitcoin inventor Satoshi Nakamoto’s original use case, for Bitcoin as a payment tool, is positively thriving in Nigeria. In Nigeria, Bitcoin is “a necessity as opposed to a luxury or this cool thing that you could use,” Akin Sawyerr, a US-based crypto investor and ecosystem builder, who is part of the operations team at risk protocol Barnbridge, told “Nigeria’s weakening Naira currency, as well as the shortage of US dollars, are forcing businesses to switch to Bitcoin as the means of settling payments for international transactions,” Amos Samson, Nigeria manager at remittance service Sirocco Pay, confirmed to Nigerian businesses need dollars to buy new supplies, and order essential equipment from abroad—but formal sources for obtaining foreign currency, such as banks, are failing to meet this demand, he further explained. , some of the country’s Bureaux De Change (BDCs)—popular destinations for foreign currency exchange—have attempted to educate their customers about the use of Bitcoin, because they’ve been unable to meet the high demand for dollars. Their efforts are now reportedly bearing fruit, with plenty of businesses N2.7b traded on Binance only. Mad to think that our central bank has inadvertently driven BTC mainstream. pic.twitter.com/UELbwu2Vxm — Akin Oyebode (@AO1379) November 16, 2020Meanwhile, crypto services—exchanges such as Binance, and P2P marketplaces such as Paxful—have been stepping in to fill the void. In the second quarter of 2020, Nigeria’s P2P Bitcoin trading weekly volumes doubled from million to million, according to “With devaluation and recession causing Naira depreciation, individuals and even businesses are looking to hedge the value of their funds using a good investment tool,” Nena Nwachukwu, Nigeria regional manager at Paxful, told Paxful now has 600,000 Nigerian users, and according to Nwachukwu, the way people are using Bitcoin has grown too. Common use cases are cross border transfers, inbound remittances from Nigeria’s diaspora (who sent an impressive home in 2018) and payment for school fees, suppliers and freelancers, she said. But now Bitcoin is also used as a second source of income, a hedging tool, and has even funded a human rights protest, after banks suspended organizers’ accounts. that increasing numbers of traders are using Bitcoin to pay suppliers. Chinese suppliers, in particular, are keen to do business in Bitcoin for its speed and convenience. It also means Nigerian businesses no longer need to buy dollars using Naira or shell out fees to money-transfer firms. But the majority of young people are either unemployed or underemployed, and often unbanked. Even those fortunate enough to qualify for a bank account are hobbled by spending limits that can be unreasonably low, or find that their Nigerian IP addresses have been blacklisted, said Sawyerr. Bitcoin and Many Nigerians have shunned doing business online in recent years due to the preponderance of social-financial, get-rich-quick and Ponzi schemes, such as MMM, Twinkas and others, according to Luka Anthony, overseas manager for Chinese financial services startup Get Bit. The scams have tainted the image of cryptocurrencies in the country, he argued—but recent events have given Bitcoin a shot of credibility. On October 2019, I got kidnapped by SARS, I was less than 2 mins from my home, they refused to listen to anything I said and took me from Lekki, to Ajah then all the way to Ikoyi, whilst stopping and harassing other young adults, I’m not sure how many cars they stopped and robbed https://t.co/HFq6Wy FXl W — Yele ‘夜雷’ Bademosi 💸 (@Yele Bademosi) October 9, 2020“Truths was portrayed during the end [of the] SARS movement,” said Anthony. “People also got to learn that most youth gets paid through Bitcoin—online businesses like freelance. Many videos was made showing that not all youths are into fraudulent businesses, but probably working hard to earn online or working with overseas companies.”Bitcoin first took off in Nigeria in 2014, but it’s much more popular now, he said. Leading brands, advertisers and influencers are taking advantage of the prevailing Bitcoin macro trend, and, this year, “Nigeria has greater chances of coming top if they reshape and adopt blockchain,” said Anthony. “We have many [natural] resources, and if the government can integrate blockchain through Nigeria oil, it could be easier to back [the] Naira, and also bring more mass adoption.”The framework includes comprehensive regulatory oversight. But observers, such as Sawyerr, think that restrictive regulations don’t make sense in the current economic climate, and that it’s unlikely the new rules will have teeth due to lack of resources. Banning Bitcoin would mean destroying businesses, and economic growth, because there is not enough foreign currency to meet demand, he said: “It really doesn't make sense for them to squeeze the market when, in the Nigerian case, Bitcoin is solving a real problem for people.”“I don't want to underestimate how big that is,” he added. , has concluded that African nations have the optimum conditions needed for crypto to flourish: weak local currencies, which make it harder to get the dollars needed for global trade; complex and costly money transfers, and—perhaps most importantly—an enthusiastic, youthful, tech-savvy and increasingly desperate population., has the highest percentage of crypto users in the world. But most compelling is evidence that Bitcoin inventor Satoshi Nakamoto’s original use case, for Bitcoin as a payment tool, is positively thriving in Nigeria. In Nigeria, Bitcoin is “a necessity as opposed to a luxury or this cool thing that you could use,” Akin Sawyerr, a US-based crypto investor and ecosystem builder, who is part of the operations team at risk protocol Barnbridge, told “Nigeria’s weakening Naira currency, as well as the shortage of US dollars, are forcing businesses to switch to Bitcoin as the means of settling payments for international transactions,” Amos Samson, Nigeria manager at remittance service Sirocco Pay, confirmed to Nigerian businesses need dollars to buy new supplies, and order essential equipment from abroad—but formal sources for obtaining foreign currency, such as banks, are failing to meet this demand, he further explained. , some of the country’s Bureaux De Change (BDCs)—popular destinations for foreign currency exchange—have attempted to educate their customers about the use of Bitcoin, because they’ve been unable to meet the high demand for dollars. Their efforts are now reportedly bearing fruit, with plenty of businesses N2.7b traded on Binance only. Mad to think that our central bank has inadvertently driven BTC mainstream. pic.twitter.com/UELbwu2Vxm — Akin Oyebode (@AO1379) November 16, 2020Meanwhile, crypto services—exchanges such as Binance, and P2P marketplaces such as Paxful—have been stepping in to fill the void. In the second quarter of 2020, Nigeria’s P2P Bitcoin trading weekly volumes doubled from million to million, according to “With devaluation and recession causing Naira depreciation, individuals and even businesses are looking to hedge the value of their funds using a good investment tool,” Nena Nwachukwu, Nigeria regional manager at Paxful, told Paxful now has 600,000 Nigerian users, and according to Nwachukwu, the way people are using Bitcoin has grown too. Common use cases are cross border transfers, inbound remittances from Nigeria’s diaspora (who sent an impressive home in 2018) and payment for school fees, suppliers and freelancers, she said. But now Bitcoin is also used as a second source of income, a hedging tool, and has even funded a human rights protest, after banks suspended organizers’ accounts. that increasing numbers of traders are using Bitcoin to pay suppliers. Chinese suppliers, in particular, are keen to do business in Bitcoin for its speed and convenience. It also means Nigerian businesses no longer need to buy dollars using Naira or shell out fees to money-transfer firms. But the majority of young people are either unemployed or underemployed, and often unbanked. Even those fortunate enough to qualify for a bank account are hobbled by spending limits that can be unreasonably low, or find that their Nigerian IP addresses have been blacklisted, said Sawyerr. Bitcoin and Many Nigerians have shunned doing business online in recent years due to the preponderance of social-financial, get-rich-quick and Ponzi schemes, such as MMM, Twinkas and others, according to Luka Anthony, overseas manager for Chinese financial services startup Get Bit. The scams have tainted the image of cryptocurrencies in the country, he argued—but recent events have given Bitcoin a shot of credibility. On October 2019, I got kidnapped by SARS, I was less than 2 mins from my home, they refused to listen to anything I said and took me from Lekki, to Ajah then all the way to Ikoyi, whilst stopping and harassing other young adults, I’m not sure how many cars they stopped and robbed https://t.co/HFq6Wy FXl W — Yele ‘夜雷’ Bademosi 💸 (@Yele Bademosi) October 9, 2020“Truths was portrayed during the end [of the] SARS movement,” said Anthony. “People also got to learn that most youth gets paid through Bitcoin—online businesses like freelance. Many videos was made showing that not all youths are into fraudulent businesses, but probably working hard to earn online or working with overseas companies.”Bitcoin first took off in Nigeria in 2014, but it’s much more popular now, he said. Leading brands, advertisers and influencers are taking advantage of the prevailing Bitcoin macro trend, and, this year, “Nigeria has greater chances of coming top if they reshape and adopt blockchain,” said Anthony. “We have many [natural] resources, and if the government can integrate blockchain through Nigeria oil, it could be easier to back [the] Naira, and also bring more mass adoption.”The framework includes comprehensive regulatory oversight. But observers, such as Sawyerr, think that restrictive regulations don’t make sense in the current economic climate, and that it’s unlikely the new rules will have teeth due to lack of resources. Banning Bitcoin would mean destroying businesses, and economic growth, because there is not enough foreign currency to meet demand, he said: “It really doesn't make sense for them to squeeze the market when, in the Nigerian case, Bitcoin is solving a real problem for people.”“I don't want to underestimate how big that is,” he added.

date: 31-Jul-2021 13:56next


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