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Cryptocurrency Trading In Nigeria

Nigeria's Central Bank Again Warns On Crypto Investments

Nigeria's Central Bank Again Warns On Crypto Investments

Nigeria's Central Bank Again Warns on Crypto Investments Mar 1, 2018 at 16:10 UTC|UpdatedMar 1, 2018 at 16:11 UTC The Central Bank of Nigeria (CBN) has reiterated its warning against cryptocurrency investments. In a press release issued Wednesday, the CBN warned residents and financial institutions that cryptocurrency investments are unprotected, and investors face risks such as exchange bankruptcy and market volatility. The release states that dealers in cryptocurrency, such as NairaEx, a Nigeria-based bitcoin trading platform, are "not licensed or regulated by the CBN." The commentary follows previous messages sent to Nigerian financial institutions in early 2017, in which the CBN advised domestic banks to distance themselves from cryptocurrencies, warning "not to use, hold or transact in any way with the technology." Despite that, the remarks comeat a time when Nigeria has seen growing interest in cryptocurrency investments. According to data from Coindance , weekly trading volume on Localbitcoins in Nigeria surged 500 percent in 2017. Aspreviously reported by CoinDesk, Nigeria was among the top countries using the "bitcoin" search term, according to Google Trends in 2017, alongside South Africa, Slovenia, Netherlands and Austria. However, according to a report by Quartz Africa , partially accounting for Nigeria's internet search levels - in addition to controls placed on the country's capital outflow - is a bitcoin-related Ponzi scheme that reportedly resulted in 2 million residents losing a combined $50 million in early 2017. Nigeria bank notes and bitcoin image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies . CoinDesk is an independent Continue reading >>

Blockchain & Cryptocurrency Conference Nigeria 2018

Blockchain & Cryptocurrency Conference Nigeria 2018

Overview of blockchain technology and its impact on your industry.What are blockchains, smart-contracts and how can it impact my business? We answer these and other questions in this intensive three-hour session forexecutives. We shall give a gentle high-level understanding of the power of blockchain technology and guidelines for the identification of good use-cases. The landscape of blockchain technology development shall also be surveyed in order to understand the wide range of technologies offered by the market. It will be caped with staep you can take to prepare your organization for blockchain migration. Blockchain & Cryptocurrency Conference Lagos is the first nationwide knowledge sharing conference which brings together enthusiasts, practitioners, entrepreneurs, startups and software developers playing in the blockchain and digital currency community, under one roof. The purpose among other things, is to spur a wave of start ups in the Blockchain and Digital Currency ecosystem. It will also be an eye opening event for those interested in leveraging digital currency revolution as an alternative hedge is an economy struggling to get out of recession. The conference theme is"Learning to Glow with The Flow"from August 14-15, 2017. The conference is being made possible by sponsorships from Paxful , SuperDAO , and Humaniq , with partnership support from CEX.io and StartUP Bits . Organisers are Blockchain Education Network and Blockchain Nigeria User Group . CDIN (Cryptography Development Initiative of Nigeria) deserves an honourable mention because they have been on the for front of encouraging the learning and practice of cryptography in Nigeria for some time now. Initial Coin Offerings (ICOs) or Token Creation Events are popping up like mushrooms in a fertile forest Continue reading >>

Nigerians Trade $4 Million In Bitcoin Weekly, Despite Warnings

Nigerians Trade $4 Million In Bitcoin Weekly, Despite Warnings

Nigerians Trade $4 Million in Bitcoin Weekly, despite Warnings Nigerians are trading close to $4 million worth of bitcoin a week on 13 local exchanges, despite multiple warnings by authorities against investing in cryptocurrencies. Experts have called on the government to rethink its position and adopt smart regulations, allowing innovation to move forward. Regulators need to understand how it works before applying bans, analysts say. Also read: Malta to Give Peace of Mind to Crypto Companies Regulators and legislators in Nigeria have taken a hardline stance on cryptocurrencies. The latest manifestation of their attitude came in the form of an investigation into bitcoin trading ordered by the Senate. There have been multiple warnings from other institutions, as well. Last year the Central Bank of Nigeria stated that virtual currencies were not legal tender and told banks their dealings with cryptos were at their own risk. The Nigerian Deposit Insurance Corporation has warned Nigerians that they cannot rely on consumer protection when trading cryptocurrencies. However, all those warnings have not changed hearts and minds, as the latest trading data shows. The value of bitcoin has decreased since last year, but interest in the most popular cryptocurrency is yet to wane in Nigeria, Leadership reports. Nigerians have continued to invest, trading weekly up to N1.389 billion worth of bitcoin (>$3.8 million) in February after an average of N1.299 billion (<$3.6 million) recorded at the end of December. Up to 13 cryptocurrency exchanges are currently operating in Nigeria. Trading on local platforms scored a weekly record high of almost 1.95 billion Nigerian Naira worth of bitcoin in mid-December, as news.Bitcoin.com reported . The amount is equal to $5.4 million USD under curr Continue reading >>

Nigerian Cryptocurrency Craze Unfazed By Bitcoin Plunge

Nigerian Cryptocurrency Craze Unfazed By Bitcoin Plunge

A Nigerian newspaper and Online version of the Vanguard, a daily publication in Nigeria covering Nigeria news, Niger delta, general national news, politics, business, energy, sports, entertainment, fashion,lifestyle human interest stories, etc Home News Nigerian cryptocurrency craze unfazed by bitcoin plunge Nigerian cryptocurrency craze unfazed by bitcoin plunge While bitcoin and other cryptocurrencies have suffered precipitous falls in recent weeks, the units remain popular in Nigeria where they make it easier to do business. On the surface, digital coins may not seem like a good idea in a country where corruption is rampant and stacks of hard cash are often smuggled overseas. Yet West Africas biggest economy has the worlds third-largest bitcoin holdings as a percentage of gross domestic (GDP), behind Russia and New Zealand, according to Citigroup. That may be because blockchain technology public, online ledgers that underpin cryptocurrencies is liberating Nigerians sidelined by the global financial system as it dramatically improves the ease of doing business. Olaoluwa Samuel-Biyi, a slight 27-year-old entrepreneur, looks the part of an aspiring corporate disrupter, dressed in skinny jeans with dishevelled hair. He first considered using cryptocurrency when credit card firms and other established payment providers refused to partner with his global remittance company, deeming the venture too risky. They said the markets were too high risk and that people could finance terrorism, he told AFP, laughing. Its ridiculous. He realised that the only way he could solve the problem was to use cryptocurrency. Its so hard to send money from Nigeria to Zimbabwe, or from the United States to Sudan, he explained. Banks were very tedious and payment companies generally exploitativ Continue reading >>

Top 10 Exchanges To Buy And Sell Cryptocurrencies In Nigeria

Top 10 Exchanges To Buy And Sell Cryptocurrencies In Nigeria

Top 10 Exchanges to Buy and Sell Cryptocurrencies in Nigeria Since the invention of Bitcoins, Cryptocurrencies have become the most profitable investment anyone can venture into. From 2009 up until today, it has done over 1000% consecutively each year. This is just to be modest because we have recorded up to 39,000% on some crypto coins in a year. This is far beyond the ROI from any other type of investment imaginable. The greatest obstacle people face in investing in cryptocurrencies is the access to and availability of exchanges to Buy and Sell these currencies. This is where I have got you covered, especially if you are in Nigeria. After careful research and months/years of testing out, here are the best 10 exchanges to Buy and Sell cryptocurrencies in Nigeria. I have personally used all these exchanges apart from one. Best 10 Exchanges to Purchase and Sell Cryptocurrencies in Nigeria This is the top cryptocurrency exchange in Nigeria located in Port-Harcourt Nigeria. You can buy and sell more cryptocurrency from Ngexchanger than any other indigenous exchange in Nigeria. One of the things I like about this platform is their user-interface; it is so easy to navigate. I have executed orders severally on this exchange so I can attest to their efficiency and speed of delivery. The customer care is available 24/7 via WhatsApp, Phone Call and online chat. When I spoke with the CEO of this company, she told me they Sell and Buy all Cryptocurrencies however not all are listed on their site. Customers can contact them to buy those that are not listed. They also have a telegram group where Crypto-Trading Signals are given for free. The link to this group is usually given to customers after their first transcation. Method of Funding: Debit/Credit Card (USD or Naira), Bank Tran Continue reading >>

Nigerian Upper House Orders Investigation On Crypto Trading

Nigerian Upper House Orders Investigation On Crypto Trading

Nigerian Upper House Orders Investigation on Crypto Trading The Nigerian upper house has asked the Banking, Insurance & Other Financial Institutions Committee to examine the cryptocurrency market and appraise if investments in digital assets are feasible in two week period. Nigeria is a significant bitcoin market in Africa. However, the countrys lawmakers are going to examine the bitcoin market which snowballed in 2017, thus turning Nigerias crypto market into the biggest on the continent. However, lawmakers still purport that bitcoin is both unethical and a financial scam. The Nigerian Senate has asked the Central Bank of Nigeria , Financial Institutions, and regulators to investigate the proliferation of bitcoin and also educate citizens on risks involved with investing in cryptocurrencies. Ike Ekweremadu, the Deputy Senate President, mentioned that the Senate Committee on Banking would investigate the viability of bitcoin as a form of investment [and] come up with recommendations on how to control its uses and trade. The move was taken to safeguard its citizens from many of the fraudulent schemes spun throughout the sector. In the past, a Russian Ponzi scheme, Mavrodi Mundial Moneybox (MMM), built a frenzy among millions of Nigerians until meeting its end in 2016. According to the Central Bank of Nigeria, victims of the scandal lost over $50 million in total. Consequently, bitcoin and its link with criminal activities and Ponzi schemes have besmirched the entire crypto space. In an interview on January 24, 2018, Godwin Emefiele, the governor of the Central Bank of Nigeria Governor, said : Cryptocurrency or bitcoin is like a gamble, and there is a need for everybody to be very careful. We cannot as a central bank give support to situations where people risk savings t Continue reading >>

3 Ways Of Making Some Money From Crypto Currency - Investment - Nairaland

3 Ways Of Making Some Money From Crypto Currency - Investment - Nairaland

Feel free to follow up on my updates. I am also trying to add videos to some key trading issues too. As we all know Bitcoin is the pioneer of all crypto currencies that exists today. The purpose of this post is to inform the readers of 3 ways to make money from bitcoin and other cryptos called alt coins. Get more information about alternative coins at coinmarketcap.com 1. MINING: This is a way of getting these coins and then sell it. it does not come that cheap though. Mining is simply solving complex mathematical problems with the help of your computing power and get rewarded with these coins for solving the problem. In the past it was very easy to mine bitcoin with your laptop. Its a different ball game now because the difficulty rate of solving those maths problem is very high now and requires high end machines to do that is if you want to go solo. you can join mining pools to get this coins if you cant go solo. if you want to make use of your laptop to mine some alternative coins you can make use of minergate. i use it personally. i will post the link later or you can just google it and download it. 2. BE A SPECULATOR: There are many alt coins that have huge potentials in the future. E.g Ethereum. less than 2 months ago ethereum was sold for less than $0.6. It is now above $5. As a speculator what do you do with this kind of coin. simple, you buy them as there are cheap now and wait 3, 6, 9 or even 12 months before you sell. trust me you wont regret it. There are some alt coins that show a lot of potentials too. Do your research and buy them cheap now and keep. Good luck. 3. BE A CRYPTO TRADER:This is the best and easiest way of making more bitcoin and money. This is similar to FOREX but different in that crypto trading has high volatility and that is where the mon Continue reading >>

How Nigerians Beat Bitcoin Scams

How Nigerians Beat Bitcoin Scams

Bloomberg the Company & Its Products Bloomberg Anywhere Remote LoginBloomberg Anywhere Login Bloomberg Terminal Demo Request Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. The countrys embrace of the cryptocurrency has led to some old-school precautions against fraud. Pedestrians pass street traders in the business district of Lagos, Nigeria, on Oct. 26, 2015. Depending on your feelings about Bitcoin, it may seem appropriate that Nigerias love for the cryptocurrency began with a scam. Mavrodi Mondial Moneybox (MMM), a 30-year-long global Ponzi scheme that began in Russia, roped in millions of Nigerians from late 2015 to the end of 2016 with promises of 30 percent returns in as little as 30 days. When the government began to crack down on bank accounts linked to the scheme, MMMs operators cut the banks out and started requiring victims to use Bitcoin. By the time MMM suspended its payouts, shortly before Christmas 2016, it had robbed an estimated 3 million people in Nigeriawhere the per capita annual income is less than $3,000of $50 million. It had also convinced many of them that, the scam notwithstanding, Bitcoin was the future. It was MMM that made Nigerians understand how Bitcoin worked, says Lucky Uwakwe, co-founder of Blockchain Solutions Ltd., a cryptocurrency consulting firm in Lagos. Today, Nigerians are trading about $4.7 million in Bitcoin a week, Uwakwe says, up from about $300,000 per week a year ago. Thats No. 23 global Continue reading >>

Top 11 Bitcoin Exchange In Nigeria 2017

Top 11 Bitcoin Exchange In Nigeria 2017

Bitcoin was invented on Oct. 31st, 2008 and became available for trade January 2009. However, the knowledge of bitcoin picked momentum in Nigeria in early 2016 about the same time as the MMM Ponzi scheme in Nigeria. Bitcoin is unarguably the future of money and every person living in this century needs to know about it. The price of bitcoin was about $500 in early 2016 and now its over $4,000 for 1 bitcoin. Bitcoin miners have predicted that it will hit $6,000 before the end of 2017. With the popularity of Bitcoin in Nigeria in early 2016, lots of digital currency exchanges that use exchanges currencies like Paypal, Neteller, Okpay, etc started providing Bitcoin exchanges services. I bought my first bitcoin which was 1btc in 2016 at 278,000 Naira. It took about 5 days for the bitcoin exchange I used to credit my bitcoin wallet. Now bitcoin exchanges in Nigeria are much faster, some will credit your bitcoin wallet instantly while some take about 10 15 mins to credit your bitcoin wallet with bitcoin. Here are the 11 top bitcoin exchanges in Nigeria. The first 3 are foreign to Nigeria but provide their service in Nigeria while the rest are indigenous to Nigeria. Remitano is another bitcoin exchange in Nigeria that has gain Popularity in 2017. They are very much like localBitcoins. However, in Nigeria, it is cheaper to buy bitcoin on Remitano than LocalBitcoins. I have reviewed and compared Remitano and Localbitcoins in the past ( you can click here to read ). Remitano is available in 52 countries. They facilitate bitcoin Transactions by connecting buyers and sellers of bitcoin to make exchange using the escrow system. You will likely buy bitcoin at the best price possible on Remitano. However, since you are dealing directly with people. You must trade safely in other not Continue reading >>

Trading Cryptocurrencies In The Forex Market

Trading Cryptocurrencies In The Forex Market

Each cryptocurrency has very distinct features, but all of them operate on common principles. Bitcoin is, by far, the most popular. What is the reason for the growing popularity of virtual currency trading? Virtual currency trading is gaining momentum among Forex traders due to a number of reasons: Decentralized no central bank or any other authority may affect the pricing processes; cryptocurrency trading is absolutely transparent and the e-currency is generated and circulated within an open system. Secure cryptography protects virtual currency trading, provides a high level of safety and a low chance of fraud. Simple and easy cryptocurrency trading is available to everybody worldwide. All you need is a computer or a smartphone to carry out low-cost transactions day and night. Digital origin all of the cryptocurrencies are obtained via the mining process. Despite the fact that cryptocurrency trading is the latest trend in Forex, not every broker can offer suitable conditions for this activity. Only a few brokerage companies are able to meet the requirements of e-currency traders. With 10 years experience in the market, FXOpen tops the list of brokers that constantly strive to contribute to their clients and partners profitable trading by for introducing cutting-edge technology solutions and innovations. Since the beginning of February 2014, FXOpen clients have been enjoying trading in the new Crypto accounts. The many advantages associated with FXOpens Crypto accounts can be boiled down to the following: 24 pairs with BTC, LTC, EHT, DSH, NMC, and PPC Continue reading >>

How To Invest In Cryptocurrency In Nigeria And Make Over $10,000 With Just $100

How To Invest In Cryptocurrency In Nigeria And Make Over $10,000 With Just $100

In this article, Im going to write on how to invest in cryptocurrency in Nigeria, South Africa, Zambia or any part of the world. The truth is if you ask any kid what bitcoin is? They will tell you theyve heard of it, even if they dont know what it is. This is just to let us know the popularity of bitcoin nowadays. If anybody came to meet you 3 year ago and offer you an opportunity to invest in Bitcoin, Im sure majority of us will reject that offer. But Im sure you wont want to repeat the same mistake again. Thats the more reason Ive come up with this article on how to invest and make money with cryptocurrency in Nigeria. As at the time Im writing this article I got a pop up on my mobile phone that Bitcoin just hit $20,000 per coin. Men that serious! Thats around N7.3m in Nigeria Naira. I mean this thing was sold for just 200k plus last year and its worth over 7m the following year! It amazing isnt it? Yeah, I know. I know how you feeling. But dont worry if you are smart this time around this opportunity wont pass you again. Why? Because am going to let you in on a secret most people dont know. In the hands of others, this secret might cost you something before you could acquire it. But not to worry this is going to be my Christmas gift for you. Ok, so I need your total attention now. The secret Im about to tell you is not to invest in bitcoin but invest in other cryptocurrencies. Dont get this the other way round because bitcoin still play a significant role here. The truth is, the time to invest in bitcoin is passed. Let say you invest in it last 5years or last four years or even last year, you could have made a whole lot of serious money from it now. Dont worry, not all hope is gone. This year hundreds of smaller cryptocurrency have popped up and they are still poppi Continue reading >>

Cryptocurrency Trading | Avatrade

Cryptocurrency Trading | Avatrade

AvaTrade now offers all traders the opportunity to trade a wide range of the top ranked digital coins 24/7. Today cryptocurrencies have become known to most people as a conventional and popular investment option. The main purpose of this new technology is to allow people to buy, trade, and invest without the need for banks or any other financial institution. Cryptocurrencies are highly volatile and can be profitable to any traders portfolio. Cryptocurrencies are not physical coins they are electronic, a digital asset that remains as data. The technology behind the cryptocurrency controls a large part of its value which holds new technology on the secure way to identify and transfer money. The first digital coin introduced was Bitcoin and today it remains as the standard that all other coins compare themselves to. Following in its steps came Litecoin , so to date they stand as the top 2 highly valued coins on the market. There are several other coins also reaching a high-level market share such as Bitcoin Cash, Dash , Ripple , Ethereum , Monero and NEO. Trade top cryptocurrencies such as Bitcoin, Bitcoin Cash, Litecoin and Ethereum 24/7 at AvaTrade and enjoy trading conditions no other cryptocurrency exchange can provide. This year alone has seen an absolute explosion in the number of cryptocurrency offerings. Find out below about the other high-profile cryptos such as NEO, Monero, Ethereum Classic, Dash, IOTA, and Zcash. AvaTrade offers competitive spreads, with no commissions charged on transactions making it more profitable. When trading with AvaTrade you are trading on the price changes of the digital coin, and not physically purchasing it. Trading with AvaTrade ensures that you will trade with a 100% reputable broker.More reasons to trade cryptocurrencies with AvaT Continue reading >>

Crytocurrency Trading In Nigeria - Best Cryptocurrencies In 2018

Crytocurrency Trading In Nigeria - Best Cryptocurrencies In 2018

Now, the Comparisons of the Top 5 list of Cryptocurrencies in Nigeria. Let me be clear at this point that there are two major ways at which cryptocurrencies can be differentiated from each other; the current price and its market capitalization. You therefore need to watch out for these facts as we go into comparing our top 5 list. Be reminded that all values are values at the time of writing this article. This is a P2P cryptocurrency and if you ask me what P2P means, its simply means peer to peer. That strikes something right? With a market capitalization of $2,736,785,872 and current price of $51.40, this form of cryptocurrency is widely known for its zero cost and instant payments. It has no central authorities since it is an open source software that is fully decentralized. What more could you expect since it was released under the MIT/X11 license if not its amassing features. You should watch out for its improved storage efficiency, trade volume and its ability to allow miners control their finances solely. This guarantees it as a tested and proven form of cryptocurrency other than Bitcoin. Let me wrap it up by informing you that its new miners are gifted 25 new Litecoins per block. You might want to have a rethink! If you ask me about this form of cryptocurrency, the first thing I did tell you is that it builds unstoppable applications. It is also a decentralized platform which is designed to run exactly as programmed. At a market capitalization of $27,860,000,000 and current price of $293.33, it flies its value around and represents the ownership of property. It is built almost like Bitcoin save the fact that it does not gift its miners as they have to work before they earn- Ether. You should also know that there is no possibility of fraud or third party inferenc Continue reading >>

Bittrex A-z Guide: How To Trade (buy & Sell) Cryptocurrency On Bittrex.com 2018

Bittrex A-z Guide: How To Trade (buy & Sell) Cryptocurrency On Bittrex.com 2018

Bittrex, as you may have heard, is one of the largest and most trusted websites to trade Bitcoin and other Cryptocurrency in the world. With Bittrex, you can comfortably trade and exchange different crypto currencies for profits if you understand the market value and trends in Coinmarketcat . cryptocurrency trading in Nigeria has been around for while now and many folks are making a good sum of money from it. Looking at the tremendous growth and the price surge of Bitcoin between 2016 and now, you will agree with me that investing into Bitcoin is one of the lucrative businesses to venture into right now . Meanwhile So, in todays guide, we will be looking at how to comfortablytrade Bitcoin and other cryptocurrencies on Bittrex like a pro without any problems in Nigeria . you can as well say, its a guide on how to buy and sell B i tcoin and other cryptocurrencies on Bittrex. Related: How to get free Bitcoin in Nigeria How to Trade on Bittrex | Trading Bitcoin on Bittrex Before we dive into the guides of trading on Bittrex.com, lets look at all you need to know According to Jerry Banfield, Bittrex.com is a next generation cryptocurrency trading platform built and operated in the United States by crypto enthusiasts with extensive development and security background that has made it easy for me to buy and sell cryptos not available on Poloniex which is the #1 exchange in volume. Bittrex allows for exchanging all of the altcoins listed below with Bitcoin as well as ETH, USDT, and BITCNY markets. When I applied for enhanced account verification, in less than an hour Bittrex allowed me to withdraw as much as 100 BTC per day whereas Bitstamp, Bitfinex, and Coinbase took anywhere from 12 hours to several days. Meanwhile, Poloniex almost a week later is still fooling around with Continue reading >>

Cryptocurrency Investment And Trading In Nigeria

Cryptocurrency Investment And Trading In Nigeria

What central bank of Nigeria (CBN) is saying about cryptocurrencies Cryptocurrency is a form of digital money that is designed to be secure and, in many cases, anonymous.It is a currency associated with the internet; it uses cryptography, the process of converting legible information into an almost untraceable code, to track purchases and transfers. Cryptography was born out of the need for secure communication in the Second World War. It has evolved in the digital era with elements of mathematical theoryand computer science to become a way to secure communications, information and money. Cryptocurrency is a medium of exchange, created and stored electronically in the blockchain using encryption techniques to control the creation of monetary units and verify the transfer of funds. It has no intrinsic value in that it is not redeemable for another commodity such as gold. It has no physical form and exists only in the network. Its supply is not determined by a central bank and the network is completely de-centralised. Transaction is known almost immediately by the whole network but only after a specific amount of time it gets confirmed. Coinbase is working hard to ensure immediate confirmation. Confirmation is critical concept in cryptocurrencies. You could say that cryptocurrencies are all about confirmation. As long as a transaction is unconfirmed, it is pending and can be forged. Whenever it is confirmed, it cannot be reverse. This is part of an immutable record of historical transactions of the so-called blockchain. Only miners can confirm transactions. This is their job in a cryptocurrency-network. They take transactions, stamp them as legit and spread them in the network. Below are the most popular cryptocurrencies; The one and only, the first and most famous crypt Continue reading >>

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