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.
The Central Bank of Nigeria, on February 5, 2021, shocked a lot of people when it ordered all financial institutions in the country to stop the facilitation of all transactions involving cryptocurrencies.
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Different types of exchanges exist in the cryptocurrency world, with different features and functionalities. We have those that can be regarded as “custodial exchanges”.
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The rise of blockchain technology has been met with different reactions across the world, most especially from Central Banks of different jurisdictions. Most of them are not comfortable with how cryptocurrency is disrupting the banking industry.
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Remitano Network Coin (RENEC) isn’t for sale, meaning you can neither buy nor sell the coin. The global peer-to-peer cryptocurrency exchange platform categorically made it known that “All activities that buy or sell RENEC at the moment are fraudulent” because the coin isn’t listed on any crypto-tracking website
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Instead of Nigeria’s government coming up with cryptocurrency regulations, its apex bank on February 5, 2021, handed down an autocratic warning to the financial institutions to block all accounts that transact in virtual currencies.
Ope is the Head of Content at InfomediaNG. He’s a researcher whose interests cut across real estate investment, stocks, financial technology, and youth empowerment. He’s awesome in Content Marketing and SEO. Favourite Tools: Google Analytics, Canva, UberSuggest
Every hour, new cryptocurrencies are added on coinmarketcap, a crypto price tracking website. The platform is globally popular for its price tracking of crypto assets was acquired by Binance Holdings Limited in April 2020.
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On February 5, 2021, the Central Bank of Nigeria (CBN) rolled out its first-ever anti-crypto policy that accounts of individuals linked to crypto-related transactions should be closed by financial institutions If you’re worried about how to join the crypto gang, the CBN ban can not stop you. In this guide, we’ll tell how to buy cryptocurrency in Nigeria without verification while avoiding the wrath of the Godwin Emefiele-led apex bank.
Ope is the Head of Content at InfomediaNG. He’s a researcher whose interests cut across real estate investment, stocks, financial technology, and youth empowerment. He’s awesome in Content Marketing and SEO. Favourite Tools: Google Analytics, Canva, UberSuggest
While the country’s authorities continue to clamp down on crypto traders, the Chief Executive Officer of Luno Marius Reitz predicted that Kenya will lead the cryptocurrency market in Africa as we sail through 2022.
The Luno boss predicted that Kenya may leave Nigeria behind. Nigeria is another Africa country where its apex bank is blocking bank account linked to crypto trading.
In its latest prediction for Africa crypto in 2022, Reitz stated on Thursday, January 6, 2022, that Kenya’s booming crypto adoption may turn the country into a crypto leader.
In 2021, Kenya was the leader of peer-to-peer (P2P) cryptocurrency transaction volumes, followed by Nigeria, which sparked more punitive measures by authorities of the two countries, instead, traders continue to find alternatives to remain relevant in the crypto world of trading.
Some of the indicators that would make Kenya Africa’s leader in crypto adoption in 2022, according to Marius are:
Additionally, a lot of emerging companies in Kenya are building blockchain-based solutions while a lot of them see cryptocurrency as an alternative means of handling cross-border transactions and remittance, which are Africa’s major problems.
He said:
“According to World Bank, total remittances in Sub-Saharan Africa surpassed $45 billion in 2021 — but with the severe lack of foreign currency reserves across Africa stopping companies from receiving international payments and remitting their profits, many businesses could look towards cryptocurrencies as an alternative means of handling cross-border transactions,”.
Ope is the Head of Content at InfomediaNG. He’s a researcher whose interests cut across real estate investment, stocks, financial technology, and youth empowerment. He’s awesome in Content Marketing and SEO. Favourite Tools: Google Analytics, Canva, UberSuggest
When it rose to worldwide awareness and turned into a staggering harbinger of disturbance across society, economies, and industry, the web made colossal riches and worth in upsetting existing practices and building less expensive, more precise, and practical frameworks.
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Investopedia.com characterizes digital money as a decentralized “advanced or virtual cash that utilizes cryptography for secure Peruse” more at: At the point when the digital currency gets made, all affirmed exchanges got put away in a public record. Neither the government nor the bank has any authority over it.
Are purchasers keen on parts of pig creation, and do they consider these in their purchasing choices when such data is accessible?
Tests of purchasers in Germany and Poland chose the two – for them – generally significant out of a rundown of ten creation qualities, identifying with creature government assistance, wellbeing and security, and ecological issues.
A resulting decision test assessed the relative weight these qualities had in shoppers’ decisions. Relative significance of creation qualities changed between buyer portions, with the creation intrigued fragment being greater in Germany than in Poland.
Except for one creature government assistance related model in Germany, those product attributes that purchasers see as most significant identify with wellbeing and security viewpoints instead of creature government assistance and natural effects.
Even though Bitcoin, which began in 2009, is much fresher than gold, Bitcoin’s organization endeavours advantage from the scale and speed of the advanced Internet.
The quantity of individuals who spot esteem in Bitcoin has developed at an unprecedented pace since initiation to the point that Bitcoin’s worth is presently surrounding gold’s – and that might be only the start. It s for modern people of this era.
Bitcoin trade is exchanging bitcoin for nearby monetary forms, labour, and products, or other digital currencies. Your choices range from shared business to goliath brought together trade benefits after a stock exchanging account link. Peruse more: Learn the intricate details of bitcoin exchanges.
Indeed, no venture is completely hazard free. Albeit many individuals buy and sell Bitcoin on stages like Bitcoin Prime, this speculation isn’t without hazards. Such locations present frameworks where individuals break down the crypto market before rapidly settling on their exchange choices.
Cold stockpiling (or disconnected wallets) is perhaps the most secure strategy for holding bitcoin. These wallets are not available using the Internet; however, hot wallets are helpful for specific clients.
Bitcoin is decentralized advanced money that utilizes cryptography to get exchanges. Blockchain innovation and clients’ steady audit of the framework have made it hard to hack bitcoins. Programmers can take bitcoins by accessing bitcoin proprietors’ advanced wallets.
Be that as it may, there’s a greater danger of burglary since they’re associated with the web—cold wallets. Cold crypto wallets aren’t associated with the web, making them your most protected choice for holding digital money. They appear as outside gadgets, similar to a USB drive or a hard drive.
Putting resources into crypto resources is unsafe yet additionally conceivably very productive. Cryptographic cash is an insightful theory accepting that you need to procure regular receptiveness to the premium for cutting edge cash.
However, a safer, possibly less remunerating choice is to buy heaps of associations with openness to computerized cash. A visual depiction of automated financial structures is an exceptionally unpredictable resource.
Cryptographic money can assist financial backers with building abundance, particularly on the off chance that they put resources into computerized coins over the long haul.
Buy and HOLD. It is the most broadly perceived strategy for acquiring cash from advanced monetary forms. Most monetary sponsors buy coins like Bitcoin, Litecoin, Ethereum, Ripple, and anything is possible and deferred until their value climbs.
At the point when their market costs rise, they sell at an advantage. The high liquidity identified with bitcoin makes it a remarkable endeavour vessel if you’re looking for a flashing benefit. Advanced monetary forms may likewise be drawn-out speculation because of their high market interest—lower swelling hazard.
Numerous digital currencies have arisen in a couple of years; however, putting resources into Bitcoin has demonstrated one of the most mind-blowing lucrative ways.
It has helped the rich and has transformed many individuals into tycoons. The legitimateness of Bitcoin mining relies entirely upon your geographic area. The idea of Bitcoin can compromise the strength of fiat monetary forms and government authority over the financial business sectors.
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But, as this technology becomes more popular across the world, many people are now becoming uneasy with the idea of being the only ones with access to their online investment.
Investors are realizing that technology’s high security also means they could easily get locked out. More alarming is the fact that cryptocurrencies are now a breeding ground for cybercriminals.
Hackers are now targeting cryptocurrencies because it’s immediate and its ready money. This article tackles how to stay protected when trading cryptocurrencies irrespective of your location.
While cryptocurrency is known to be the more secure way of transaction, it comes with its own risks as discussed below:
Now more than ever, phishing and malware attacks are on the rise as cybercriminals take advantage of the heightened anxiety brought about by the current Covid-19 situation.
Phishing emails advising people on how to buy treatments for the virus, protective equipment, and testing kits are on the rise.
These emails are being sent to unwary individuals asking them to click on the link or attachment that subsequently leads them to a fake website that possibly collects sensitive data or asks for Bitcoin payment for the fake goods.
With the intangible nature of cryptocurrencies, human error or password amnesia can result in the total loss of your crypto fortune.
The constant risk of losing hardware or being locked out and the price volatility of cryptocurrency make this investment a risky affair.
What’s more, high-profile investors risk being exposed to direct physical security dangers like kidnapping, ransom, and extortion.
Crypto investment scams are all over, with fraudsters impersonating crypto dealers and crypto exchanges, and promising large profits to investors who buy cryptocurrencies such as Bitcoin, which is the most dominant on the market.
Best Ways to Stay Protected=&5=&
Ope is the Head of Content at InfomediaNG. He’s a researcher whose interests cut across real estate investment, stocks, financial technology, and youth empowerment. He’s awesome in Content Marketing and SEO. Favourite Tools: Google Analytics, Canva, UberSuggest
Unlike the 2013 when bitcoin experienced a massive tumble after authority announced. BTC had fallen from $1,100 on November 30 to $559 on December 18, 2013.
There was a similar ban in 2017, 2019, and in May 2021. Since 2013, a year never passed by without a form of restrictions from authorities within the Asian country. But the latest announcement saw up to 10 authorities including the Central Bank of Republic of China and securities and foreign exchange speaking with one voice.
On Thursday, September 23, 2021, before the China announcement, bitcoin, leader of crypto, was trading above $43,000 and dropped to $40K, leading to other cryptos to react to similar shock.
The price of BTC determines how other coins react, they took a backward move, but it isn’t a big shock to worry about.
Five days after, bitcoin is gaining momentum as it’s trading $42,230, showing 0.24% gain in the last 24 hours while ethereum (ETH) set its eye on $3,000K, trading at $2,927.99, it gained 0.10% in the last 24 hours.
Other cryptocurrencies have have also showed sign of recovery include:
Ope is the Head of Content at InfomediaNG. He’s a researcher whose interests cut across real estate investment, stocks, financial technology, and youth empowerment. He’s awesome in Content Marketing and SEO. Favourite Tools: Google Analytics, Canva, UberSuggest
As if the brain behind P2P had seen the future or possibly what might come from the government, the world experienced several anti-crypto law and policies from Nigeria to China and several countries around the world.
The anti-crypto policies were a blessing in disguise because it gave rise to the number of P2P exchanges.
So, how does it work and what are the advantages of using a crypto exchange?
P2P is a decentralised cryptocurrency exchange platform that brings together buyers and sellers which allows them to trade directly with one another without a third party. What makes p2p unique is the fact that middlemen are eliminated. It eliminates government control, it removes government policy that tries to gag their participation.
For instance, in February 2021, the Central Bank of Nigeria (CBN) banned financial institutions from allowing crypto enthusiasts to fund their crypto wallet their bank accounts.
Within a week, the crypto traders moved massively to embrace P2P platforms to continue their crypto trading activities.
Mr Cosmos has 10 bitcoins to sell, he signs up on a P2P platform where he places what he has to sell, Mr Innocent who wants to hold some BTC shows interest and they open a trade and connect directly.
The security measure put in place by P2P exchange ensures that traders are protected and are able to trade in a secure platform since there is no third party.
There is no unified price which makes it possible for users to trade at preferred prices. Most of them allow users to fix their trade advertisements.
Low-Cost Transaction Fees
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Since its founding in 2007, the innovations by the socio-crypto trading platform has been outstanding, the question we don’t always ask is: who is the brain behind the success stories of eToro?
Yoni Assia, became a Microsoft Certified Solution Developer in 1999 and attended Open University for his first degree in Management and Computer Sciences between 2003 to 2005.
Between 2005 to 2007, he was at the Reichman University (IDC Herzliya) for a Masters of Science in Computer Sciences. As one of the early believers of Blockchain technology and in crypto assets, Yoni Assia founded eToro at 25.
Yoni has always been passionate about trading and social media. So it was an opportunity for him to embark on something unique at a time cryptocurrency (bitcoin) was just emerging.
Together with his brother, Ronen Assia and a colleague David Ring, they started off as RetailFX before the name was changed to eToro, which is now the world largest Social Investing platform.
From investing in stocks and and Exchange Traded Funds (ETFs) either by buying in bulk or fraction investing to trading cryptocurrencies (like bitcoin, ethereum), the platform has Contract For Difference (CFD) Trading which enables users to go long or short on FX from just 1 pip, eToro is now a network that combines all forms of digital trading.
What makes eToro unique is the fact that users can see, follow and automatically copy the portfolios of other professional investors in within the platform while the professional trader get paid for putting his experience out for others to use under the popular investor programme.
Yoni Assia alongside his brother David Ring have grown the platform into a multi-asset brokerage company with over 10 million registered users in 140+ countries around the world.
It’s important to note that he earlier had a working experience at IDF, where he was a programmer and project manager for a number before founding his own social trading network.
Not just that, he is also the co-founder and development manager of WiTech Communications.
He also had a stint at CdRide, the world’s first and leading on-ride video technology company, specializing in dynamic thrill ride video systems.
Yoni’s aim of designing the social trading platform was to give every investor around the world access to trade.
His two major passions finance and computer science made this possible as he came up with the investment network which is valued at $2.5 Billion, according to 2020 data.
He has moved from founding the world largest network of trading to taking another impactful steps at touching lives by founding a non-governmental organisation in 2018 called GoodDollar Foundation.
The aim of the NGO is to “create a sustainable and scalable framework for bringing global universal basic income to the world through new digital asset technologies.”
Growing a platform from a single office to a global platform isn’t a day job. It involves hard work and working with the right team.
With his brother and David Ring, what started as a small social trading platform now has registered offices in the United Kingdom, the United States, Cyprus, and Australia.
With his team, Yoni launched DiFi, which is designed to bypass traditional financial intermediaries and putting on blockchain, meaning approval from a central authority has been removed.
The company’s DeFi portfolio has 11 crypto assets, they include:
Yoni, a board member of Meitav Dash, one of the biggest investment houses in the Israel, is a promising guy that will definitely be among the =&7=&
Ope is the Head of Content at InfomediaNG. He’s a researcher whose interests cut across real estate investment, stocks, financial technology, and youth empowerment. He’s awesome in Content Marketing and SEO. Favourite Tools: Google Analytics, Canva, UberSuggest
But in less than two months, that is between January 6 to February 6, 2018, the most valuable cryptocurrency crashed, it fell by 65 percent.
During the 2017 boom, billionaires and millionaires were made while there were also hundreds of bitcoin traders who suffered a cryptocurrency price fall depression.
Remember, altcoins that rose alongside bitcoin during the 2017 boom all lost their sudden value when BTC crashed to a dismal point. The frenzy about crypto slowly died during the time until its come back yet again in 2021.
It’s unpredictable, it’s based on speculations. No one knows what might happen any time.
Generally, that’s how volatile cryptocurrency is. That’s why it’s advisable to only invest the money you can afford to lose.
I’ve heard people asking: “Can small business owners invest in crypto-related assets?
Definitely YES, just like an individual who is advised not to invest his entire savings in cryptocurrency, business owners are also cautioned when it comes to speculative assets
Even as you are willing to invest your profit in trading BTC, ethereum, BitcoinCash, Binance Coin, and Litecoin among others, it’s important to note that you might be restricted by some factors which include:
Your willingness isn’t enough, you could be restricted by government policies. For instance the Central Bank of Nigeria (CBN) earlier in February 2021 directed financial institutions to stop funding crypto wallets.
While the Security and Exchange Commission (SEC) looked at it from a security perspective by saying bitcoin and other cryptos are volatile, Nigeria’s apex bank claimed that some ‘bad guys’ were negatively exploiting it to launder money.
All these policies affected traders, though they all found their way into P2P platforms like Paxful that wade off government restrictions.
Before crypto restrictions in Nigeria, you could possibly buy as low as N500 bitcoin on some platforms, but since that stopped, P2P became the next destination point making the amount you can invest a bit higher.
If your business had been investing N500 out of the N3,000 daily you’re making before, and now your business doesn’t as high as that again, then your profit margin is going to restrict you.
In 2017, a friend lost close to N40,000 to bitcoin investment platforms. It affected his business. Since then, he has stayed off cryptocurrency.
While the N40,000 might look minute to someone who lost millions of dollars in the same way and still trading crypto, we must understand that we do not have the same strength to manage crisis.
Past experience will most likely give birth to fear. Because of what your business lost in the past, fear might hold you down from going back into crypto.
If you operate a partnership, it’s a different ball game when it comes to cryptocurrency investment. If your companies memorandum and article of association aren’t compatible with crypto investment, you can’t unilaterally dip your hands into the company’s account and invest in crypto.
It must be a mutual agreement. If your business partner is allergic to anything crypto, then you have to invest only your personal income. You can invest company’s profit.
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Ope is the Head of Content at InfomediaNG. He’s a researcher whose interests cut across real estate investment, stocks, financial technology, and youth empowerment. He’s awesome in Content Marketing and SEO. Favourite Tools: Google Analytics, Canva, UberSuggest
Nigerians have traded at $8,761,051BTC on two major Peer-to-Peer (P2P) platforms LocalBitcoins and Paxful even as the Central Bank of Nigeria continues to block financial institutions from facilitating all transactions involving bitcoin and other cryptocurrencies.
Ope is the Head of Content at InfomediaNG. He’s a researcher whose interests cut across real estate investment, stocks, financial technology, and youth empowerment. He’s awesome in Content Marketing and SEO. Favourite Tools: Google Analytics, Canva, UberSuggest
Residents of the United Kingdom can now buy and sell cryptocurrencies starting this week, a press release by the global payment platform said Monday, August 23, 2021
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Bitcoin crossed $50,000 (N25,999,830.26) on Monday, August 23, 2021 for the first time since May. It made a significant come back rising sitting at $50,348.73 at the time of publishing this report.
Ope is the Head of Content at InfomediaNG. He’s a researcher whose interests cut across real estate investment, stocks, financial technology, and youth empowerment. He’s awesome in Content Marketing and SEO. Favourite Tools: Google Analytics, Canva, UberSuggest
During “ember months”, you’re most likely going to get gift cards for shopping or your relative or business partner might send gift cards to you. It should be easier to convert them to either digital coin or fiat currency. As such, we’ve included major platforms that let you exchange gift vouchers for fiat currency (e.g Naira) if you’re a Nigerian resident.
If you’re conversant with trends in Financial Technology, you’d know that gift cards are prepaid debit card which has been pre-loaded with funds for future use for a variety of purchases.
We’ll share with you the best sites to trade gift cards for bitcoin in Nigeria or get paid in Naira instantly.
In the United Kingdom, it’s called gift token or gift voucher while it’s popularly known as gift certificate among the North Americans.
Whatever the name, the major thing is: it is acceptable as a means of a transaction on the platforms we compiled on this post.
The invention of cryptocurrency has completely simplified the way we buy and sell goods and services on online.
To crown it all, gift cards have made accessibility to funds easier from any part of the world.
These two means aren’t like the fiat currencies, they’ve proven to be more effective and faster than traditional money.
For instance, the most valuable digital asset bitcoin is expected to reach an all-time high before the end of 2020 in cryptocurrency predictions released in June this year.
That said, here are the top 18 companies that let you buy cryptocurrency using gift card
Of all the platforms listed above, reputable Gift Card Traders in Nigeria include Prestmit, Legitcards, and Sandycards.
Prestmit is one of the best platforms to sell gift cards anywhere in the world. The most interesting feature of this platform is that it allows four different payment methods.
Unlike other platforms that are limited, on Prestmit, you can receive payment in Naira, Cedis, Bitcoins or USDT, whichever your choice may be.
Prestmit also offers one of the best gift card rates you can find around, with less than 5 minutes transaction speed and instant automated payments, it’s easy to conclude that this is the best site to sell gift cards.
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Ope is the Head of Content at InfomediaNG. He’s a researcher whose interests cut across real estate investment, stocks, financial technology, and youth empowerment. He’s awesome in Content Marketing and SEO. Favourite Tools: Google Analytics, Canva, UberSuggest
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.
InfomediaNG provides top-notch business ideas and investment opportunities in Nigeria, actionable information for investors and Micro, Small and Medium Enterprises (MSMEs) in Africa.
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