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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.”
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Can Cryptocurrencies Truly Be Our Saviour when Economies are Crashing?

Can Cryptocurrencies Truly Be Our Saviour when Economies are Crashing?

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.

Alternative Tender

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.

Crypto Volatility

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
submitted by Telos4africa to u/Telos4africa [link] [comments]


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Why Invest in Abjcoin

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.
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Bitcoin Exchange - Bitcoin Exchange Rate - Video Exchange rate in tanzania tanzania currency to inr  tanzania currency to usd How to Buy Bitcoin in Naira! And How to Sell Bitcoin for Naira on Localbitcoin Nigeria Is Printing Its Currency Into Oblivion! - How This Is Bankrupting The Nigerian People Online CryptoCurrency Calculator with multi-Cryptocurrencies Simple Bitcoin Converter

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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Bitcoin Exchange - Bitcoin Exchange Rate - Video

http://www.tradenaira.com/ is a transparent Nigerian Naira exchange that allows members from around the world to trade their excess currency with each other ... Exchange rate in tanzania tanzania currency to inr tanzania currency to usd Hello friends, welcome to my Youtube channel, whose name is online Jaidev, here I will give you information about the ... Currency converter with live rates for all currencies. Free exchange rates. Saves settings for next use. Currency converter , money converter, See the live Bitcoin price. Convert amounts to or ... Learn how to sell your bitcoin, how to convert your bitcoin to cash, how to convert your bitcoin to naira, or how to withdrawal your bitcoin instantly into your bank account in this short clip ... Through various exchanges, bitcoins are bought and sold at a variable price against the value of other currency. Bitcoin has appreciated rapidly in relation to existing fiat currencies including ...