Bitcoin Booming in Nigeria: Citizens Trading $4 mln of BTC a Week

post image

There are thirteen local crypto trading venues in Nigeria, and every week the country’s citizens trade approximately $4 million of BTC. And that’s in spite of the Nigerian government cautioning people numerous times about the jeopardies that cyber assets bear. In the meantime, crypto specialists call the authorities to review its position concerning virtual money in Nigeria.

Nigerians ignoring governmental caveat

Nigerian watchdogs and lawmakers have started maintaining a rigid attitude on cyber assets. The most recent example of it Leadership reported, Nigerians keep piling their funds into bitcoin, trading about N1.389 billion worth of bitcoin, which makes up approximately $3.8 million. This is the data representing February, whereas just two months ago the same indexes showed $3.6 million.

Our top trading bots

At present, 13 cyber money burses are functioning in the country. According to CoinDance, just in mid-December, these exchanges saw a record in trading as the weekly high reached the margin of 1.95 billion of local public currency Naira. That is nearly $5.4 million.

Advancement First

The booming of cryptos in Nigeria has not come only to bitcoin. According to software dev and top architect at Cymantiks Nigeria – Emeka Okoye, – every weak Nigerians pile into virtual assets $4.7 in total. As news.Bitcoin.com reported, the developer tried to persuade government’s representatives to change the attitude towards cryptocurrency regulation.

Okoye believes that the more the authorities criticize cryptos, the more people will be driven by speculation and drawn into illegal actions. He added that it was an approach of allowing technological advancement to take the stage first, whereas regulation should have come later. This way, ordinary people would benefit from it, not the players.

The expert also said that if the government bans cryptos entirely, it will make the tech tool illegal. Therefore, criminals will start using them, and it will be the ordinary citizens who will have to deal with the consequences.

“Do they understand how it works? I can build a crypto exchange that is not domiciled in Nigeria, and they cannot regulate it. I also have a foreign card, and they cannot control what I do with it?” said he.

At the same time, Okoye said that bitcoin and its ilks would not substitute public currencies completely. However, cryptos will supplement fiat money, providing for more straightforward and appropriate remittances. The crypto specialist is also sure that the current people’s excitement about cyber money, which has led to speculation and fuels its price, is a derivation from its real sense.

Bitcoin Plunges Below $4,500 For The First Time in a Year
The most valuable cyber-coin in the world plummeted below the margin of $4,500, the lowest point since the last year’s end of September. Overall, on November...
Worth $250,000? Draper Says His Bitcoin Prediction is Still «Solid»
Crypto-bull and venture capitalist Tim Draper holds on his previous claim in four years bitcoin’s price might surge as high as to $250,000. However, he...
Crypto-Exchange Coinbase Valued at $8 Billion Despite Bitcoin’s Drop
As the market of cyber-assets is going through a turmoil year, virtual money exchange Coinbase is reaping the benefits. In 2018, this American crypto-startup...
New Record-Breaker: Blockchain Startup Raised $4 bln Before Product Launch
There is a new champion on the horizon. A blockchain startup has gathered around $4 billion this week, beating the record of the largest initial public...
Latvian Gov’t Considers Recognizing Cryptos As ‘Means Of Exchange’
Latvian crypto enthusiasts may soon start enjoying cyber assets legally. However, they will also be obliged to pay taxes on them. According to local reports,...
Russia to Implement the “First” Guarantee System for ICO Investments
While Russian legislators are breaking their heads about the regulation of cyber assets, mining and blockchain in the state, the financial sector on par...
“Pretend Like Bitcoin is a Goat,” Ellen DeGeneres Got BTC on Her Comedy Show
It may seem to you that all people in your surroundings who talk about bitcoin know perfectly well what it is as a phenomenon and how it functions. But...
Buterin: DON'T Invest In Crypto More Than Ready To Lose
Ethereum founder Vitalik Buterin warned investors about the risks existing at the cryptocurrency market and advised them not to invest all their savings...
Kodak Delayed ICO By Several Weeks
The initial coin offering (ICO) KODAKCoin, which has to start on January 31, was postponed to "several weeks". This is reported on the official website...
North Korean Hackers Attacked South Korean Exchanges, Using WannaCry-like Malware
South Korea has got one more reason to curb on virtual currencies and regulate the market much strictly. Reportedly, the North Korean hackers, which work...
Hold It Or Take Profits? VC, Early Bitcoin Investor Knows The Answer
Bitcoin has demonstrated quite a significant growth for itself in 2017, soaring up by around 1,400% between January and mid-December. Currently, the king...
Your First Transaction With Bitcoin? Prepare To Be Charged
You might have heard that cryptocurrency transactions are more simple than the bank ones regarding use. Digital coins are decentralized, and there is no...
Investing In Cryptocurrencies. Is it Safe?
The Guardian tells the story of a student who bought bitcoins for $27 in 2009. He forgot about his 5.000 BTC, and remembered about them in April 2013, when...
Altcoin to Invest: Zcash
Zcash is a cryptocurrency with open source, developed by Zerocoin Electric Coin Company on October 28, 2016. Zcash provides privacy and selective transparency...
Altcoin to Invest: Enjin
Gamers playing online often want to have beautiful clothes and different upgrades for their characters. Imagine, you can buy everything you want, and you...