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Nigerians Are Using Bitcoin to Bypass International Trade Hurdles
Chukwuemeka Ezike sends thousands of dollars worth of bitcoin a month in order to trade with Chinese exporting companies. In return, he receives spare auto parts, construction equipment, and juices for a family business his father started more than 30 years ago. Ezike works full-time at Singapore-based crypto exchange Huobi as its community manager but helps with his family’s business on the side. He says bitcoin is faster than exchanging currencies the old-fashioned way. And he can use it to leapfrog bank limits of $10,000 a day, which he often needs to do. Ezike doesn’t pay the manufacturer directly. Over WeChat, he works with a middleman named “Allen” who exchanges Ezike’s bitcoin for renminbi, China’s national currency, and then passes it on to the manufacturer. Ezike couldn’t divulge which companies he deals with, saying, “The Chinese are sensitive with the data that’s shared.” He’s one of several Nigerians using bitcoin for this purpose. Ezike even helps other Nigerian companies make similar cross-border transactions with bitcoin.
Using bitcoin for global trade
In several ways, bitcoin makes sense for global trade. The currency jumps borders with ease, where other currencies encounter friction. If the counterparty is willing to receive bitcoin on the other end, it’s often faster and cheaper than legacy payments. But this can be a big “if,” since bitcoin is a newer way of transferring money and people aren’t exactly used to it quite yet. While bitcoin has these nimble properties, it hasn’t disrupted international trade and value transfer just yet, especially given the currency’s current limitations. If more people use bitcoin at once, the network becomes congested and payments slow down. Behind the scenes, developers around the world are working on the Lightning Network to fix these problems, so that more people, maybe one day even millions, can all use bitcoin regularly without seeing a spike in fees and sluggish transactions. All that said, some Nigerians are becoming reliant on using bitcoin as a way to trade internationally, and are finding bitcoin has significant benefits over legacy financial systems.
Foreign exchange woes
Nigerian bitcoin entrepreneur Chimezie Chuta has another theory for why some are using bitcoin for trade with China and beyond. Like most other countries in an increasingly globalized world, Nigeria imports a significant percentage of the goods that it uses. As Chimezie Chuta put it: “Nigeria is a very import-heavy country. Food industry, drugs, you name it, construction equipment, cars.” Much of these goods are bought from Chinese manufacturers. “Nigeria’s economy is heavily import dependent and China is a major import partner to Nigeria,” Chuta adds. Nigerians have to struggle with this process, though. “Access to [foreign exchange (FX)] for importation by Nigerian business owners is highly limited because the [Central Bank of Nigeria (CBN)] has limited liquidity to cater for everyone,” Chuta told CoinDesk. If Nigerians want to reap the benefits of trade, they need to hunt down a way to exchange their naira (Nigeria’s national currency) for other currencies. In Nigeria, finding U.S. dollars or Chinese remnibi is not an easy task. “Importers typically rely on the black market for the additional FX needed and that comes at a very high price,” Chuta said. This phenomenon has been covered in Bloomberg, for instance. This is one of the other reasons Ezike has turned to bitcoin as an alternative. “The hustle for [the] dollar and all that is quite a thing I love to avoid,” Ezike told CoinDesk. With bitcoin, he can “take out all international banking routing processes,” he said. Others are reaching the same conclusion. “Chinese exporters have expressed willingness to accept bitcoin payments for their goods; hence, many business people in Nigeria find it more convenient to make such payments with bitcoin for obvious reasons,” Chuta said, adding that bitcoin is speedier, open and trustless.
More naira problems
Entrepreneur Monyei Chinazaekpele was able to buy clothes, COVID-19 masks and tests from House of Trippy in China, to resell to customers in Nigeria. He decided to use bitcoin after experiencing mounting frustration with current banking limitations, especially their impact on global trade. “I was enlightened about the monetary policies on the ground. I was shocked to my nerve,” he told CoinDesk. Chinazaekpele reiterated Chuta and Ezike’s point that foreign exchange is tough in Nigeria. “You can’t easily switch to other currencies,” he said, adding that he’s hopeful it’s just “a matter of time” before this situation improves. “Basically, bitcoin is stress free to use and honestly, the naira is not a good store of value,” Chinazaekpele said, pointing to the naira’s 12% inflation rate, which means the value of the currency depreciates by that much value every year. Bitcoin’s price fluctuates, and sometimes the price goes down. But Chinazaekpele argues that bitcoin generally doesn’t have this inflation problem, since over the long term the price has been going up. Chinazaekpele’s also looking to buy a cashew processor with bitcoin, but he’s still working out the details with the factory, which is also located in China.
Keeping it on the down-low
All this trade with bitcoin is happening behind the scenes. Businessmen and women on the ground aren’t exactly eager to publicize that they’re using bitcoin for international trade. For one, the legality of cryptocurrency is fuzzy in the region. The CBN has issued several warnings to banks. The latest in 2018 advised banks “not to use, hold or transact in any way with the technology.” “In the bitcoin space we don’t know what reaction to expect, so we try to be a little bit discrete,” Ezike told CoinDesk. That’s why he doesn’t want to reveal the name of his father’s importing business. By only revealing his individual name, he’s less fearful that the Nigerian government will “attack” the business. “We have had accounts frozen at some point due to bitcoin transactions,” Ezike said. “We had to appeal to re-open them.” He added that it’s the same situation in China, which is why the people he transacts with there “ensure they [keep] a low profile.” As for the relationship between the government in Nigeria and crypto, Ezike said that “they are really confused about what to do with it. But hopefully they will embrace it.” https://www.coindesk.com/nigeria-using-bitcoin-trade-with-china
Can Cryptocurrencies Truly Be Our Saviour when Economies are Crashing?
https://preview.redd.it/gcwoelxrnlr41.png?width=1025&format=png&auto=webp&s=5d2a3ac18921209f4599eb89e08a8ec678b8e979 Cryptocurrencies & blockchain, the technology upon which cryptocurrency runs has been touted as truly revolutionary. After the first cryptocurrency went live in 2009, it sparked a light in dim time. Necessitating an escape from the financial world controlled by the fraudulent and manipulative government and corporations. Bitcoin was seen as the saviour to the dying fiat currencies which has continually robbed people of their wealth through inflationary pressures aggravated by reckless government funds mismanagement. As a tool for radical and transformative change, Bitcoin has grown from insignificance into global relevance today. But what is its position as of today?
The Idea & Industry
The cryptocurrency industry has grown considerably over the years. From a single cryptocurrency to thousands of crypto tokens or coins, each doing something of its own, although others bear similarities in their designs and functions. The idea behind bitcoin and cryptocurrency generally was a rebellious idea. An idea that stems from the disgust of the maladministration of the fiat currency. This distrust resulted in the writing of the bitcoin white paper with its significant title “A Peer-to-Peer Electronic Cash System”. An alternative financial system that doesn’t require the trust of a third party to enable the flow of economic events. Such a revolutionary idea. An idea which has turned into a global multibillion-dollar industry and growing still, at an impressive rate.
Crypto enthusiasts have always wanted to use their crypto to purchase daily goods, pay bills and do just about what the naira, dollar, euro, pounds, etc do. As much as they want to acquire that “Lambo”, they also would love to use their bitcoin to purchase their coffee, ice cream, etc. Over the years with several firms developing great solutions, users are now able to purchase items using crypto but then, there exists a fundamental problem. Are they paying in crypto or fiat? This is a contestable argument. If I send my bitcoin directly to the seller in exchange for a plate of tasty Nigerian jollof rice, am I paying with bitcoin or naira? For most, it’s understandable they are paying with bitcoin. But then, I am paying in naira. Reason being that the jollof rice is priced in Naira NGN. The difference here is WITH and IN. A matter of semantics.
For most people who do not see cryptocurrency gaining global adoption as an effective means of economic exchange, their reason mostly stems from the volatile nature of this new asset class. The fear of receiving payment of 4500NGN for goods sold at 5000NGN in BTC has been a significant argument against why cryptocurrency will be used for economic exchange. Although newer products have emerged that seek to remedy this issue by providing instant clearing for crypto transactions, crypto ‘faithfuls’ still hold on to the belief that volatility is a feature, not a bug.
Stablecoins now provide a safe way of protecting oneself against volatility. Stablecoin facilitates crypto security as well as the non-volatile nature which fiat of sound economies carries. This presents stablecoins as a valid alternative to national fiat currencies. Currently, there are lots of activities ongoing for nations in a bid to develop their own Central Bank Digital Currency – CDBC. In times of great national distress, the value of fiat currencies is normally shaken. This is normal and is why nations try as much as possible to prevent events that may destabilize their nations due to the correlative effects to their national currencies.
The current pandemic sweeping across the nations of the world is a true definition of distress. For Nigeria as a country with the majority of its revenue tied to crude oil, it faces serious economic challenges which have resulted in a reduction in the value of the naira. The Central Bank of Nigeria a few weeks back via a circular, announced that the present fundamentals do not support the devaluation of the naira, however, there have been reports of commercial banks charging users above N400 per dollar. While the purpose of this article is not to examine the naira and the several elements affecting it, this premise was necessary since it’s a fiat currency. This begs the question “can cryptocurrency truly be our savior when economies are crashing?” Nigeria is not the only nation currently affected by the Coronavirus pandemic. In fact, Nigeria is one of the countries with fewer cases though, this isn’t the only reason for the current position of the naira. Cryptocurrencies like bitcoin are notably volatile and in times of national or global crisis, people would argue they can’t hold value. The next alternatives are usually Stablecoins, an innovation that is not even up to seven years since the very first stablecoin was introduced. But then this comes with a problem of its own. Since Stablecoins are pegged to their fiat currency counterparts, as the fiat currency of a nation goes down, the same goes for the stablecoin. While it is understandable that not all nations will go to dust at the same time, people may move from one country’s fiat currency pegged stablecoin to another and this will just be an organized and consented pump. The problem remains that cryptocurrency may not be the savior when the economies are crashing. The only way this can be is when the goods are priced in a standard unit of a coin, perhaps BTC. Written By:Ben Edited By:Mosun Graphics By:Jacobite
UPDATES FROM OUR YESTERDAY’S MEETING. GO AND DO THE SAME. TOGETHER WE SHALL MOVE THIS MOUNTING. HAPPY ONE YEAR ANNIVERSARY Modern City Planners World-VirtaMeetin Nigeria: Is a Planning, E-commerce, Development and Investment Networking Company established to boost the Destiny of people before the end of Vision 2020 empowerment program. We are registered member of Virtacoin Founder Fund. With the mission to advance virtacoin promotion (crypto currency) all over the world. VirtaMeetin Nigeria has certificate of incorporation registered under the cooperate affair commission Federal Republic of Nigeria. The Company has more than one thousand and twenty (1020) founding members. Modern city planners’ world-virtameetin Nigeria is on a five years development plan to change the life of low income earners in Nigeria and the World at large. VirtaMeetin Nigeria is a product of Grace established by the power of the Almighty God, with the mission to wipe away poverty in the land and bring smiles to the faces of everyone who holds virtacoin. We are DESTINY BOOSTERS.. The Vision of. Modern City Planners World-Virtameetin Nigeria is to turn one virtacoin to be equal to 10US dollar by the end of vision 2020 program. We also wish our founding members to have at least N1, 000,000(one million naira) to N10, 000,000(ten million naira) before the end of vision 2020 Destiny Boosting program. Bit coin did it, today virtacoin is doing it, it is a collective effort to raise the value of virtacoin, and together we shall make the difference. www.moderncityplannersworld.blogspot.com THE JOURNEY SO FAR: VirtaMeetin Nigeria started to advance the promotion of virtacoin when the exchange rate in the crypto currency market was 2 satosh against bit coin, by then 1US dollar can buy 180, 000 virtacoin through mining share, also 1USdollar can buy 100,000 virtacoin through promotion fund. The value of virtacoin in the coin market was 50,000 USdollar as against total 11.5 billion coins that were mined. Virtacoin position in the coin market was 171 positions out of 600 coins in the coin market. VIRTAMEETIN NIGERIA: is built on four components to enable easy spreading and coordination of virtacoin promotion in Nigeria. This concepts establishes the (1) Founding members (must have at least 5,000 virtacoin) (2) Area coordinators (must have at least 100,000 virtacoin) (3) Zonal coordinators ((must have at least 1,000,000 virtacoin) (4) Regional coordinators (must have at least 5,000,000 vitracoin). Virtameetin Nigeria operates on the concepts of unity in diversity which gives our members the opportunity to develop and promote virtacoin in their various location, we create the opportunity for our members to use their personal company to create a unique virtacoin services to promote virtacoin through their personal businesses, as in the case of virtacoin world. We redistribute wealth to the common man. More services are coming up to take virtacoin to the next level. MARKET ANALYSIS: Presently the exchange rate of virtacoin to bit coin in the crypto currency market rose from 2 to 14 satosh, meaning 1US dollar buys 7,500 virtacoin instead of 180,000 virtacoin through mining shares while 1USdollar buys 5,000 virtacoin instead of 100,000 virtacoin now through promotion fund. The value of virtacoin in the coin market rose from 50,000USdollar to 1,170,781,000USdollars as against 11.8 billion coins that was mined. Virtacoin maintains 63rd position in the coin market out of 640 coins in the coin market. http://coinmarketcap.com/currencies/views/all/. Those that bought virtacoin with their money last year has experience 5x value increase (Profit). It is their choice to either sale/withdraws their coin at their convenient time. UNDERSTANDING VIRTACOIN VISION (1) VirtaCoin is a crypto currency like Bit Coin. VirtaCoin is used by local groups to sustain and develop local initiatives. We aim to empower those who are on the edge of the economic loop, bringing local products to global markets and rendering services that would otherwise be unavailable.(2) To give people (virtacoiners) easy access to their funds (withdrawal) free from scam and with a secure payment method. VirtaCoin community members are able to contact everyone and educating them on the benefits of using virtacoin for their money transfer in a modern and not costly way. It's a win win situation. (3)This is an untapped source of wealth that I believe Virtacoin could help and at the same time grow the value of Virtacoin to new heights. (4)The People's Coin is about to give hope and opportunity to all peoples of the world, ESPECIALLY the poorest of the poor.(5) A tool for pulling families and communities up by the bootstraps. (6) A road map to a decent life, deserved by everybody on the face of the Earth, without exception; to fight hunger and disease, lack of clean drinking water, providing safe shelter free of war, life's necessities, and FREEDOM, The Right to Life, Liberty and the Pursuit of Happiness.(7) Virtacoin is about to bridge the gap between the rich and the poor. In other words, Virtacoin should bring about a balance.(8) Bringing more developers and creative IT technicians building a solid base for VTA to stand on and provide services that will lead to VTA value growth and bridge that gap.(9) We created virtacoin world to enable all VTA users to register as an agent and to use that platform to reach out to their own people locally and worldwide in a secured transaction way.(10) We call VirtaCoin "The People's Coin" because it is owned and developed by all that hold it.. It is all about a collective effort to increase the value of the Coin and earn money while you are increasing the value. By helping to promote, buying, developing VirtaCoin you are at the same time helping yourself. We suggest starting your business with VirtaCoin: introduce new applications, websites, and wallet s and earn money on services, fees.(11) Every newcomer must to understand that VirtaCoin is his or her business. And he can create business with VirtaCoin and earn money. At the start BitCoin was nothing without investors and developers. VirtaCoin is doing the same. We are inviting more and more investors to the growing VirtaCoin. We are going to move VirtaCoin on autopilot as it done on BitCoin. VirtaCoin like BitCoin, VirtaCoin is for everyone, it's the People's coin. And most importantly that if every person will understand it as VirtaCoin gets more widespread and its value will rise.(12) Announcing VTA worldwide - that is taking VTA to the people to be the next to Bitcoin in popularity. With worldwide acceptance rise VirtaCoin value and makes it precious coin. (13)To make more people to come into virtacoin through campaigns, seminars, workshops and make virtacoin known to everyone all over the world. We will be grateful to see that virtacoin appreciates in value more than what people think.(13) Fast growth speed of virtacoin through VirtaCoin promotion. Moving virtacoin forward from the ground to it greatest potential height. (14)To use virtacoin as a tool to wipe away poverty on the land and bring smiles to the faces of everyone who holds the coin. Conclusively the virtacoin communities both local and international are working hard to make virtacoin second to none or number one World expected crypto currency in no distance time. LONG LIVE VIRTACOIN, LONG LIVE VIRTACOIN COMMUNITY LONG LIVE VIRTAMEETIN NIGERIA. PREPARED BY: VIRTAMEETIN NIGERIA NATIONAL COORDINATOR. THANKS. ABLE DIGITAL
Abjcoin, Real Asset In The Market Place It’s no new news that the crypto currency is the best investment to go into right now. The gradually and global acceptance of crypto currency within the past 2 years had crypto currencies like Bitcoin an increase in return of investment over of 5000% and still approaching more than landed properties. Let’s do the mathematics here. 1. A portion of land in Lekki in 2013 that worth 10 million naira will today (2017) be valued around 50 to 100 million naira. 2. But Bitcoin value of 10 million in 2013, will today in 2017 be valued at Over 3 Billion Naira at a market price of $4000 per BTC by 360/$ conversion What about Ethereum COIN, Lite coin and the rest? Their various prices have skyrocketed that average Person now is looking for a cheap coin with good future prospects to throw money into. That’s here the big problem comes in. Here is the Problem The price of bitcoin is over 1.4 Million naira at the moment, and buying just 1BTC with just a heavy amount won’t be a smart way to invest into Crypto currency. ABJ Coin, being Nigeria first decentralized crypto currency with Blockchain solution just like Bitcoin is here to give you a second chance to undo the investment mistake of 2013. At the moment, 1 ABJcoin is trading at $0.50 (Less than $1, Sept 2017) which is valued at 180 Naira. Now; 3. 1 Bitcoin is projected to trade at $10,000 by the end of 2017 while 1 ABJcoin is projected to trade at $5 in the Market place by the end of 2017 Using 1.4 million naira cash value at hand to compare which way to go, a. 1 BTC will mount to $10,000 which is about 3.6 million naira by then end of 2017, while b. 1.4 Million naira will purchase 8000 ABJcoins will be valued at 14,400,000 when traded at $5 per ABJcoin. Now, all thing being equal and having the various market trends go well by the end of 2017 at 360/$ rate You will be making a whooping sum of 10,800,000 profit if you invest into ABJ coin right now. Having said all these and looking at the two investment opportunities at hand and real asset in the market place, ABJcoin is definitely the way forward for every smart investor. ABJcoin hold a very good fortune right now and not investing into it is one gavial mistake you wouldn’t want to take. It is the first of it’ kind in Nigeria and it has come to stay You must get into the ABJcoin trend, as it’s one of the real asset in the crypto currency market place right now. As a Nigerian, Below are the Shocking reasons why you must invest into ABJcoin instead of other Altcoins 4. Local merchants in Nigeria will eventually adopt ABJcoin as a means of exchange which give it an advantage over other alt coins in the country. This mean you can use ABJcoin to buy goods and services in Nigeria unlike other alt coins that can only be traded. 5. The return of investment opportunity if very high as it’s about to change the stories of many Nigerian, Africa and the global world at large. 6. ABJcoin is tailored at solving all the hitches in the financial sectors, giving ever Nigerian power over their money and serving as a smart investment opportunity for foreigners. (Just as Naira represent Nigeria in the fiat currency market, ABJcoin will represent Nigeria at the international cryptocurrency market) as and definitely going to uphold and upgrade the value of Naira when converted to fiat. 7. With ABJcoin ATM card and machines, you can withdraw your ABJcoin at any of the ATM machines made available nationwide. (First in Africa). 8. You get the happy opportunity of becoming a miner of ABJcoin if you want. See guide here if you want to become an ABJCoin miner. 9. Robust supporting and tutorials on HOW-TO-ANYTHING concerning ABJcoin. So, the issues of technicalities wont’ be a problem. The advantages of investing into ABJcoin are too many to start recointing, so, the best way to go about it right now is to invest. So, what are you waiting for? Click here now and invest into ABJcoin, the money of the future.
Livebtcprice.com provides the most current bitcoin exchange rates in all currency units from all over the world. Realtime bitcoin updates, bitcoin to Nigerian Naira charts, BTC to NGN calculator at livebtcprice.com. 24-hour 7 days updated Bitcoin rates here. Litecoin LTC - provides faster transaction confirmations (2.5 minutes on average) and uses a memory-hard, scrypt-based mining proof-of-work algorithm to target the regular computers and GPUs most people already have. The Litecoin network is scheduled to produce 84 million currency units with a halving in reward every four years just like bitcoin. NairaEX touts itself as "Nigeria's Premier Bitcoin Exchange" and it is indeed the only Nigeria-based exchange currently open for trading. The only fiat currency that NairaEX currently accepts is the Nigerian Naira (NGN). You can only buy and sell with/to NGN, meaning conversions between BTC and ETH or other supported assets are not possible. Home > Currency Profile > Bitcoin (BTC) > Exchange rates for Bitcoin - BTC. Exchange rates for Bitcoin - BTC. Exchange rate for Bitcoin (BTC) to all other currencies Reverse: As of Oct 24, 2020, 1 Bitcoin (BTC) = AUD: Australian Dollar: Exchange rate from Bitcoin to Australian Dollar: BTC to AUD: 18,273: CAD: Canadian Dollar: Exchange rate from Bitcoin to Canadian Dollar: BTC to CAD: 17,080 ... In addition to the Bitcoin - Nigerian naira rate, the Markets Insider currency calculator also offers other exchange rates for about 160 international currencies. Bitcoin - Nigerian naira Currency ...
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