News – USA – Cryptocurrencies: Why Nigeria Leads the World in Bitcoin Trading


More cryptocurrency is traded in Nigeria than almost anywhere else in the world, which is due to a loss of confidence in more traditional forms of investment as reported by Ijeoma Ndukwe

Tola Fadugbagbe remembers moving from his small southwest town to Lagos 10 years ago and dreaming of better prospects

Instead, the 34-year-old got a number of odd jobs that earned the minimum wage to survive – a typical story for many young Nigerians just trying to get by

It wasn’t until 2016 that online ads for Bitcoin piqued his interest and he began his journey into cryptocurrency

“I spent hours every day watching videos on YouTube and reading articles about Bitcoin I ran out of money and started with $ 100-200”

At the time of our conversation, Mr. Fadugbagbe, who is now trading full-time teaching prospective investors, said he had more than 200 worth of cryptocurrency000 USD (140000 GBP) in his possession

“I will soon be moving into my own house that I am building. I have a farm – a very big one – thanks to cryptocurrency,” he laughs happily, unencumbered by the worry that he might inflate an investment bubble that will one day burst

Success stories like Mr. Fadugbagbe’s have attracted millions of Nigerians to digital currencies like Bitcoin

A survey by the data platform Statista from 2020 found that 32% of Nigerians use cryptocurrencies – the highest proportion of any country in the world

According to estimates, Nigeria ranked third in the top 10 trade volumes in 2020 after the US and Russia, generating more than 400 million transactions USD

Although Nigeria emerged from its second recession in less than five years, the challenging economic climate persists, making alternative sources of income and alternative currencies attractive

The central bank of Nigeria devalued the Naira currency by 24% last year. There are fears of a further decline in value of up to 10% this year

In the meantime, prices continue to rise and food inflation has risen to its highest level since July 2008

When Michael Ugwu, the founder of a media company in Lagos, sold land he owned in 2018, he realized he needed to explore new investment opportunities

Although his naira income increased, he was worse off in US dollars due to the devaluation

“I had made naira but lost US dollars. That’s when I realized we were going backwards. At that point, I started looking at Bitcoin”

“With some of my currencies I made 50 times as much as I invested. Bitcoin has grown easily ten times in the last year,” he says

Despite the volatility of the currency, Ugwu sees it as a valuable tool to hedge or reduce the risk of living in what it describes as a high-risk environment

His wife Onyeka started investing when faced with heavy commission fees to transfer cash between her Nigerian and UK accounts

“It wasn’t about making money It was about how to have a better banking experience Think of it as saving your money in a currency that can hold the value of your money”

Despite its appeal, economists around the world are warning that Bitcoin and other cryptocurrencies are high-risk assets

There are valid concerns that Bitcoin’s rising value is a speculative bet that one day will leave many in ruins

A Nigeria-based international banker who chose to remain anonymous says it is a financial product that carries significant potential regulatory risk

He says that “governments and central banks haven’t decided whether they can or should regulate it”

“On a technical level, I’m not 100 percent sure that the security being used is completely foolproof, I think there are still some technical uncertainties,” he adds

In order to regulate the market, the Nigerian central bank banned banks from allowing transactions related to cryptocurrencies in 2017 However, the ban was largely not enforced

In an on 7 The statement released on February 23 warned the need to protect the general public and protect the country from potential threats from “unknown and unregulated companies” that are “well suited to engaging in many illegal activities”

Since then, many Nigerians have reported that their bank accounts have been suspended due to cryptocurrency-related activity

Mr Fadugbagbe’s bank manager called to inform him that his account was going to be closed and gave him a day to transfer his money

According to one source, his bank account was frozen at tens of thousands of naira two weeks ago

The BBC was also shown a customer’s bank correspondence containing the warning, “We strongly recommend that you do not use your account for cryptocurrency-related activities so as not to conflict with the law”

However, many investors with the option say they will continue to trade overseas through their bank accounts

They say they can easily revert to peer-to-peer transactions, which means that instead of transferring funds between a financial institution and an online cryptocurrency trading platform, investors can buy and sell funds directly with one another or through a transfer middle person

This is the method the cryptocurrency community used prior to the development of the virtual currency market ecosystem in Nigeria

Mr. Ugwu has also spoken to many in the cryptocurrency space about moving to potentially more hospitable environments such as Ghana, Rwanda, and Sierra Leone

The authorities’ concerns about using cryptocurrencies for illegal purposes are legitimate, but some argue that they are too persistent

A former deputy central bank governor Kingsley Moghalu believes the country should take and control the risks “rather than just shut them down completely – especially to the extent that it provides livelihoods for many people in a depressed economy “

There are also fears that cryptocurrency could become a missed opportunity, according to Gbite Oduneye, head of EGM Group, a Lagos-based brokerage firm

“Nigeria is the third largest place for cryptocurrency trading by volume,” he explains, “If you don’t take advantage, someone else will. Build an ecosystem around it, insert rules and regulations”

“There are many restrictions on what we can and cannot do with our forex,” explains Nena Nwachukwu of the popular Paxful trading platform

During the #EndSars protests against the brutality of the police, awareness of their service grew in October 2020

Attempts to fight the organizers by freezing their bank accounts led to an increased use of digital currencies, with the bitcoin trend being seen on Twitter

Ms. Nwachukwu says this has resulted in a wave of new registrations and an increase in transactions

At the center of the rise of Bitcoin, according to investors, is a distrust of centralized financial systems and top-down economic control

No more than Mr. Fadugbagbe, who fought for years to come by as a “minimum wage slave”

“I don’t do stocks and government bonds,” he says, “These are scams, I trust cryptocurrency more”

Nigeria’s central bank and securities regulator must find ways to regulate cryptocurrencies rather than banning their use, Vice President Yemi Osinbajo said Friday, urging them to develop a regime that supports growth and innovation, the central bank has banks this month and financial institutions prevented or facilitated transactions in cryptocurrencies like Bitcoin, and warned that banks that fail to act could face “severe regulatory sanctions” The Securities and Exchange Commission (SEC) has since tried to regulate cryptocurrency investments as they are considered securities transactions

Dogecoin (CCC: DOGE-USD) is down this week along with other cryptocurrencies like Bitcoin (CCC: BTC-USD) and Ethereum (CCC: ETC-USD) This underscores its inherent weakness. It will likely always be an “old” or alternative cryptocurrency after the two main cryptos Bitcoin and Ethereum Source: Shutterstock As such, it is likely much wilder and more volatile than these two other cryptos 14th largest crypto ranked in terms of market cap is market cap and volatility For example, Coinmarketcapcom reports that Dogecoin has a market cap of $ 5784 billion as of Feb. 23 This is comparable to $ 8737 billion for Bitcoin and $ 1723 billion for Ethereum InvestorPlace – Stock Market News, Stock Advice & Trading Tips The market capitalization for a cryptocurrency is the total number of coins mined and available (not necessarily in circulation) multiplied by the last price with In other words, Dogecoin is 066% the size of Bitcoin and 336% the size of Ethereum However, Dogecoin’s higher volatility is also due to the higher trading volume, for example, Coinmarketcap shows that on Feb. 23 Bitcoin’s trading volume is 116% of total market capitalization Ethereum’s trading volume is higher at 288%, but Dogecoin has traded a whopping 404% of total market capitalization in one day 7 companies that should use cryptos in day-to-day business If almost half of that If a security’s market value is traded in a day, its price will be much more volatile.It will also have a wider range than usual.Supply differences I previously pointed out that Dogecoin has an inflationary controlled supply, mining releases 5 billion Dogecoins every year that can go on forever Go on like this In contrast, Bitcoin has a deflationary supply structure There are only 21 million Bitcoins that can ever be mined Currently, according to Coinmarketcap, for example, 1,836 million of them have already been mined and everyone owns them, meaning that less than 264 million Bitcoins can be used as a reward the Mining to be Mined or Earned This is only 1257% of total supply.This tends to make the cryptocurrency hoarded.This ensures that the price tends to rise over time, but it also means that the hoarding effect limits the use of crypto as a currency for blockchain transactions In contrast, Ethereum has no limit on its supply or the number of coins that can be mined over time, which means it can be used more as a cryptocurrency for transactions, but it will also have a limited impact on its ability over time. to be hoarded click on EnlargeSource: Mark R Hake, CFA Dogecoin is somewhere in between.As you can see in the table to the right (also in my previous article), supply will decrease over time, and supply growth will slow to 2 to 3% over the next decade, meaning that the rate of inflation will slow down supply will decrease slowly and predictably This gives Dogecoin the opportunity to be used as a cryptocurrency as its supply grows Yet it can be hoarded as the supply growth rate slows over time What to do with Dogecoin? The shrewd cryptocurrency investor will likely want to diversify their holdings to include more than just Bitcoin and Ethereum.Dogecoin is an excellent choice as legacy cryptocurrency.For one, its higher volatility implies that there may be many more potential profitable opportunities for profit on the upside than Bitcoin or Ethereum could have this, of course, working down as well.In addition, it seems to offer the best of both worlds in terms of ease of use with blockchain transactions and the ability to accommodate hoarding effects, however, the Wall Street Journal pointed out a major disadvantage for Dogecoin on Am Feb 17 They said a person owns up to 28% of the total supply of Dogecoins.The person’s name is unknown, but at the time the stake was worth $ 2 billion (probably 15% or less now) The WSJ also said that it might belong to an exchange or group of people The article goes into the muse that it is possible the account owner is Elon Musk.He has been promoting Dogecoin at times but seems to have encouraged people to sell it lately This is all very strange so most people who are considering investing in Dogecoin will only do so as a diversified position among other crypto coins at the time of publication, Mark R. Hake is long in Ethereum and Bitcoin Mark Hake writes on personal finance at mrhakeMittelcom and runs the Total Yield Value Guide, which you can check out here More From InvestorPlace Why Everyone Is Investing In 5G All FALSE top stock pickers reveal their next Potential Winner It doesn’t matter whether you’re making $ 500 or $ 5 million in savings. Do the # 1 game now to take advantage of Biden’s presidency.The Dogecoin post remains a legacy cryptocurrency at best after Bitcoin and Ethereum first hit InvestorPlace have appeared

This is big news for a team whose culture is embedded in these key veterans

Iran threatens to end an agreement with the UN The nuclear watchdog temporarily saved a lot of surveillance of its activities last weekend when the agency’s board endorsed a USAn Iranian position paper shows next week will be about criticizing Tehran.Tehran this week scaled back its cooperation with the International Atomic Energy Agency and ended additional inspection measures introduced by the 2015 nuclear deal with major powers Iran and U.S. President Joe Biden’s administration is now in a stalemate over who should act first to save the unraveled deal of 2015

Ivory Coast received a shipment of COVID-19 cans from the COVAX vaccine-sharing facility on Friday, making it the second country to benefit from a program designed to ensure fairer distribution in a global chaos on an airplane with 504000 cans landed in the commercial capital Abidjan and paved the way for the West African nation to start a vaccination campaign next week. “This fight against the pandemic must be carried out in a democratic way,” said Ivorian Health Minister Eugene Aka Aouele, welcoming the arrival of the broadcast

It’s been 40 years since Prince Charles and Lady Diana Spencer announced their engagement in a television interview

President Joe Biden warns Iran to “be careful” if it continues to support militia groups that threaten the United States Interests or personnel Warning follows air strikes on infrastructure used by Iranian-backed militia groups in Syria David Martin reports

Local and federal law enforcement officers support Vanita Gupta, President Biden’s nominee for Assistant Attorney General This emerges from letters sent to the Senate Judiciary Committee and received by Axios Why It Matters: The Major County of America sheriffs noted that Gupta “emphasized that she did not support efforts to” defuse the police. ” “Stressing their desire to improve criminal justice through methods that include increased law enforcement training. Stay up to date with the latest market trends and economic insights with Axios Markets. Subscribe for Free Biden broke off some progressives on the campaign path as he repeatedly stated that he did not support the defunding of the police, but he also supports other reforms, such as increasing the DOJ’s oversight of police departments.The letters of support were sent by the Major County Sheriffs of America and the Federal Law Enforcement Officials Association in their letter commending Federal LawEnforcement Officials Association Gupta’s “commitment to promoting civil rights”, arguing that it “should go a long way in restoring public confidence. The other side: The Judicial Crisis Network, a conservative group, has launched an advertising campaign to challenge Gupta’s nomination.” To ask “When our cities burned down, Gupta could have stood for law and order, for victims Instead, she advocated letting convicts out of prison,” the ad reads. Background: Gupta has a deep background in civil rights and worked previously for groups like the NAACP Legal Defense Fund and the American Civil Liberties Union She was Assistant Attorney General for the Civil Rights Division under President Obama If this were confirmed, Gupta would be the first black woman to hold that role What’s next? The letters of support come as Biden seeks to fill top positions in the Justice Department.Judge Merrick Garland, Biden’s election as Attorney General, concluded his hearings this week.The Gupta confirmation hearing before the Senate Judiciary Committee is scheduled for Nov. Scheduled for March Editor’s note: Corrected the heading to reflect that Gupta is the candidate for Assistant Attorney General, not Assistant Attorney General Do you like this article? Get more from Axios and subscribe to Axios Markets for free

The Serum Institute of India is not a household name, but it is the world’s largest vaccine manufacturer

Nokia (NYSE: NOK) is excluded from the incredibly strong performance of the market apart from the Jan 27 short squeeze of Reddit users who raised NOK stock to $ 979 high, the company has no catalysts in front of it Source: Rafapresse / Shutterstockcom Nokia’s prospects in telecom are not entirely lost Demand for high-performance network equipment is increasing, usage Mobile Devices Rise and Internet Traffic Continues to Rise Nokia Management Needs to Restructure its Business to Realize Higher Profit Margins NOK Stock Fades Nokia posted good gross margins and sales in the fourth quarter, the stock failed to undo the report, with strong buying volumes in the previous month at higher prices InvestorPlace – Stock Market News, Stock Advice & Trading Tips Retail investors who paid too much for the stock will be looking for a way to sell the stock, while long-term investors who missed the opportunity will find the stock between $ 7 and nearly $ 10 for sale, frus If there’s no takeover bid, Nokia will lag as the market hits new highs. Cisco Systems (NASDAQ: CSCO) May Offer to Buy Nokia for Its Intellectual Property (IP) and 5G Positioning Still, Cisco has its problems Buying 8 Shares for March Cisco couldn’t capitalize on the teleworking boom due to the pandemic as Zoom Video (NASDAQ: ZM) ate its lunch If it had the foresight to develop WebEx for video conferencing, its growth would not have stalled patent revenue The IP Nokia remains a cash cow that will boost gross margins Management doesn’t advertise its value over uneven IP payment schedule More recently, BlackBerry (NYSE: BB) reportedly has a long-running legal battle with Facebook (NASDAQ: FB) settled on his patents The settlement suggests that companies are now ready to settle differences of opinion äumen Last October, Lenovo (OTCMKTS: LNVGY) lost its case against Nokia. A district court in Munich ordered a sale of Lenovo’s laptop because Lenovo infringed Nokia’s video encoding patent. Cases such as these indicate that Nokia potentially amassing a growing stream of patent revenue It takes growing cash flow to invest in the business Buying back shares, reinstating the dividend, and increasing research and development activities are key steps in increasing shareholder value in a growing ban on Huawei around the world China is a golden opportunity for Nokia Increasing competition in 5G and other wireless technologies will encourage a country to protect its domestic businesses. As long as the momentum for countries banning Huawei remains strong, Nokia will have an opportunity to expand its wireless market Expand base stations Outlook Without Huawei’s tailwind, Nokia predicts a strong full year 2021 with net sales to be between € 20.6 billion and € 218 billion.The company ended the fourth quarter with a strong cash position of € 81 billion in cash and investments through 2024 and beyond, with no major debt Due Financial health suggests that Nokia may benefit from its low share price. Nokia has 561 billion shares outstanding. Earnings per share could be increased by repurchasing shares. Shares may fall to $ 234- $ 300 range in the coming months as the shares Selling frustrated investors This gives Nokia an opportunity to lower its share price at a lower cost Source: Data from Stock Rover As you can see in the graph to the right, Nokia does pretty well in value Until then, it will evaluate its dividend policy and update its investors with a brief float of just 101%, with Nokia having no incentive to reinstate its dividend, investors are not buying the stock for the earnings potential they are betting on the growing demand for 5G Network Upgrades to Increase Income With a price / earnings ratio of around 18, Nokia stock is cheap Investors are better off holding it now than chasing expensive speculation on a buyout, dividend reinstatement, or investment Surprisingly Strong Quarter Would Quickly End Sluggish Stock Performance At the time of writing, Chris Lau had positions (neither directly nor indirectly) in the stocks mentioned in this article. Chris Lau is a contributing writer for InvestorPlacecom and numerous other financial sites than 20 years of experience in investing on the stock exchange and operates de n Do-It-Yourself Value Investing Marketplace in Search of Alpha Share his stock picks so readers can get original insights that will help improve investment returns. More From InvestorPlace Why Everyone Is Investing In 5G All FALSE top stock pickers reveal theirs Next Potential Winner It doesn’t matter if you’re making $ 500 million or $ 5 million in savings. Now is the # 1 game to take advantage of Biden’s Presidency The post Why Nokia Stock is a compelling value proposition for the 5G Growth Ahead appeared first on InvestorPlace

Cowboys fans may have thought that franchise day, the long-term contract back-and-forth between the front office and quarterback Dak Prescott, couldn’t get any dimmer. And then Russell Wilson stepped into the chat Thursday’s announcement was in indeed a

Messi found Ousmane Dembele with a sensational pass before holding a ball on a mazy dribble to salt the points for Barcelona

Wales manager Ryan Giggs extended his bail on Friday after being arrested on suspicion of assault

The Duke of York’s locker doctor resigns from his official role after being “deeply insulting and threatening” following the Jeffrey Epstein scandal, Mark Gallagher, who joined the working group through his retail business Riverside when it was founded in December 2019 joined by Prince Andrew, has left the group but will continue to advise the 60-year-old King privately. In an email to staff at his corporate public relations agency, Pagefield, seen by The Telegraph, Mr Gallagher wrote, “How You know, during my time as a member of the Duke’s I was the target of a deeply offensive and threatening trolling working group, “I’m afraid this is Territory-related, but I was willing to tolerate this because I am committed to someone of whom.” I believe it will be fully vindicated in due course”” However, as you also know, some of these trolls have decided to target Pagefield and members of the Pagefield team. These attacks are completely unjustified “My primary duty of care is always you, our wider network of advisors and supporters, and of course our brilliant customers The fact that my work outside of Pagefield affects some of you who work inside Pagefield I cannot accept “

The Chinese Super League champions Jiangsu FC have “ceased operations,” the club said on Sunday, underscoring the financial problems football is causing in the country

Yusuf Pathan, who won the World Cup and the Twenty20 World Championship with India, retired from all cricket games at the age of 38

Bitcoin, Nigeria, Cryptocurrency Exchange, Digital Currency

News – USA – Cryptocurrencies: Why Nigeria is a World Leader in Bitcoin Trading
Related title :
Cryptocurrencies: Why Nigeria is global is a leader in Bitcoin trading