No one takes China’s cryptocurrency ban seriously anymore. In less than 10 years, the country has a history of five bans. It doesn’t look like its September 24 decision was the final because there are some platforms that enable transactions with little or no restrictions.
On this page, “Cryptocurrency blog Nigeria” we’ll give you some of the opportunities in the digital asset.
How you can safely tap into the many opportunities in crypto. And what you should do to avoid scam.
In this era of digital currency, it has become more convenient for people to earn profit in a more secure, transparent, and easier way. But it has given rise to cybercrimes as any government or specific bank does not control bitcoin, so there are no limitations of activities performed by the people.
What Bitcoins Are?
Bitcoin, usually described as encrypted currency, virtual currency, or digital currency, is an entirely virtual currency. However, some companies started to buy their growing influence. Bitcoin is a decentralized virtual coin that removes the need for intermediaries like banks and governments, the usage of alternatively a peer-to-peer pc community to verify purchases without delay among users.
One of the best pieces of news to the cryptocurrency community in Nigeria lately is the announcement by the Security and Exchange Commission (SEC) that crypto-based companies will now have to be certified by the regulatory body. For us, the decision of SEC will definitely increase the adoption of bitcoin, ethereum, litecoin, bitcoin cash and other coins in Nigeria.
Major cryptocurrency trading platforms like Binance, Luno, BuyCoins Africa, YellowCard, Quidax, and others have suspended naira deposits.
This followed the directive of the Central Bank of Nigeria that financial institutions should not provide crypto companies or users with the services any longer. Although, the apex bank will be launching its own digital currency called eNaira on October 1, 2021.
The Bitcoin price (BTC) has finally surpassed its $20K benchmark for 2020, trading at $22,753 (N10,881,625) at the time of this report, that the highest price in history.