Category Archives: LocalBitcoins

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Nigeria Can Be Empowered By Bitcoin Says Foundation CEO

Lady Victoria Walker, CEO of the United Digital Currency Reserve Foundation, has recently stressed that the understanding and deployment of bitcoin can kickstart the financial growth in Nigeria and Africa as a whole, reports Niger247News

In a recent presentation Lady Walker, who is also a blockchain and cryptocurrency speaker, as well as Principal Consultant at Cryptoria Investment Research, maintains that for Nigerian banks to deal with blockchain technologies, it first needs to understand cryptocurrencies:

“Many banks and regulators are confused and do not fully understand how Bitcoin and blockchain technology work, but I think once the Central Bank of Nigeria and other key figures get to understand the true nature of blockchain technology and what it can bring economically, I believe they may embrace the technology with open arms.”

The UK based fintech entrepreneur feels that new technologies such as blockchain and cryptocurrency are essential factors in empowering African leaders to inject growth and financial inclusivity into their economies, she argues:

“Britain imposes a ‘super tax’ on remittances sent to African countries, causing a loss of £1.8bn a year from money sent home by workers. Think about it, £1.8bn is taken away from the people sending money to support their families in Nigeria.  Imagine what £1.8bn a year could do in the pockets of families depending on money sent to them from abroad? This is where blockchain technology comes in. It solves a problem like this by making it easier and cheaper to transfer and remit payments internationally.”

Nigeria has had a difficult cryptocurrency history. Early last year it was reported that the Central Bank of Nigeria was considering implementing its own cryptocurrency, but later the same year, it was advising banks to distance themselves from virtual currency, warning them, “not to use, hold or transact in any way with the technology.”

The remarks came at a time when Nigeria’s interest in cryptocurrencies was flourishing. According to data from Coindance, weekly trading volume on Localbitcoins in Nigeria surged 500 percent in 2017.  Nigeria then, was among top countries using Google to search for ‘bitcoin’, alongside South Africa, Slovenia, Holland, and Austria. Although, it was reported at this time that a Ponzi scheme may have been partly responsible for the clicking figures. The scheme reportedly cost investors UD$50 million in early March of that year.

In a press release issued in March of this year, the CBN is now reiterating its warnings of last year, suggesting that due to crypto investments being unprotected, investors will be at risk. Lady Walker maintains that it is lack of knowledge which holds back the tide of progress in the African crypto space, which in turn creates institutional and public skepticism such as the CBN’s.

“People are skeptical because that is human nature. We are natural cynics and skeptics and rarely trust what we don’t understand. This is why I urge people to truly understand the nature of the industry, asset and also yourself”

Lady Walker believes that there will come a time when all Nigerian banks will have to adopt cryptocurrencies of their own, but due to the current volatility of the crypto market, it remains a future goal of those who see cryptocurrency as the financial future. She maintains:

“Bitcoin is a reality. We have all major world governments scrambling to make sense of it and world leaders sharing their views on the currency. For the past 700 years, our world has relied on the European legacy banking system for means of payments and transactions. Bitcoin is definitely challenging the traditional way when it comes to transfer of value. Just like the internet changed how we shop, bank, date and find information.”

About 40% of Nigeria’s population is unbanked, which blocks nearly half of the population from the financial economy. To this, the fintech CEO argues “All you require is a smartphone and internet to start sending and receiving payments. No I.D required, filling out paperwork, etc… Do you know how much this could change things for the people of Nigeria?”

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Wired – Bitcoin's Street Sellers

Wired – Bitcoin’s Street Sellers:

Wired writer Robert McMillan (@bobmcmillan) makes some face-to-face, in-person trades and describes the experience.  Excerpts:

“Welcome to the quickest, most private way to buy the internet’s most successful digital currency: in-person and face-to-face.”

“Buttonwood meetups started in New York a few months ago and fanned out to San Francisco and Los Angeles. Buttonwood is an allusion to the May 17, 1792 agreement, struck under a buttonwood tree at 68 Wall Street, that set down the rules for what became the New York Stock Exchange.”

“After some haggling, Light types Copley’s Bitcoin address into his mobile phone and transfers just over half a Bitcoin ($50) to Copley’s digital wallet [for payment of silver bullion]”.

He used to buy and sell on a (temporarily shuttered) marketplace called Bitinstant. But a few months ago, ‘it started to ask for too much of my information,’ the student says. Given the nature of his business, he wants to buy Bitcoins without being tracked.

These are the kinds of deals that have regulators worried.

It’s traditionally been tough to quickly buy Bitcoins with U.S. dollars, and recently it’s become tougher.  […] That [regulation has] led to a pretty healthy off-the-books market for Bitcoin traders. […] Buyers and sellers can also hook up over Internet Relay Chat at #bitcoin-otc”

“Buyer’s Best Friend will give you Bitcoins back for cash, much like you can get cash back from a credit card, but you are supposed to purchase something first.”

“Though trading an obscure crypto currency may sound very modern, the whole transaction has a decidedly old-fashioned and human flavor to it.”

 – http://www.wired.com/wiredenterprise/2013/07/buttonwood
 – http://bitcointalk.org/index.php?topic=261116.0

All News – Daily E-mail Subscription – Twitter: @BitcoinNews

Wired – Bitcoin's Street Sellers

Wired – Bitcoin’s Street Sellers:

Wired writer Robert McMillan (@bobmcmillan) makes some face-to-face, in-person trades and describes the experience.  Excerpts:

“Welcome to the quickest, most private way to buy the internet’s most successful digital currency: in-person and face-to-face.”

“Buttonwood meetups started in New York a few months ago and fanned out to San Francisco and Los Angeles. Buttonwood is an allusion to the May 17, 1792 agreement, struck under a buttonwood tree at 68 Wall Street, that set down the rules for what became the New York Stock Exchange.”

“After some haggling, Light types Copley’s Bitcoin address into his mobile phone and transfers just over half a Bitcoin ($50) to Copley’s digital wallet [for payment of silver bullion]”.

He used to buy and sell on a (temporarily shuttered) marketplace called Bitinstant. But a few months ago, ‘it started to ask for too much of my information,’ the student says. Given the nature of his business, he wants to buy Bitcoins without being tracked.

These are the kinds of deals that have regulators worried.

It’s traditionally been tough to quickly buy Bitcoins with U.S. dollars, and recently it’s become tougher.  […] That [regulation has] led to a pretty healthy off-the-books market for Bitcoin traders. […] Buyers and sellers can also hook up over Internet Relay Chat at #bitcoin-otc”

“Buyer’s Best Friend will give you Bitcoins back for cash, much like you can get cash back from a credit card, but you are supposed to purchase something first.”

“Though trading an obscure crypto currency may sound very modern, the whole transaction has a decidedly old-fashioned and human flavor to it.”

 – http://www.wired.com/wiredenterprise/2013/07/buttonwood
 – http://bitcointalk.org/index.php?topic=261116.0

All News – Daily E-mail Subscription – Twitter: @BitcoinNews

Wired – Bitcoin's Street Sellers

Wired – Bitcoin’s Street Sellers:

Wired writer Robert McMillan (@bobmcmillan) makes some face-to-face, in-person trades and describes the experience.  Excerpts:

“Welcome to the quickest, most private way to buy the internet’s most successful digital currency: in-person and face-to-face.”

“Buttonwood meetups started in New York a few months ago and fanned out to San Francisco and Los Angeles. Buttonwood is an allusion to the May 17, 1792 agreement, struck under a buttonwood tree at 68 Wall Street, that set down the rules for what became the New York Stock Exchange.”

“After some haggling, Light types Copley’s Bitcoin address into his mobile phone and transfers just over half a Bitcoin ($50) to Copley’s digital wallet [for payment of silver bullion]”.

He used to buy and sell on a (temporarily shuttered) marketplace called Bitinstant. But a few months ago, ‘it started to ask for too much of my information,’ the student says. Given the nature of his business, he wants to buy Bitcoins without being tracked.

These are the kinds of deals that have regulators worried.

It’s traditionally been tough to quickly buy Bitcoins with U.S. dollars, and recently it’s become tougher.  […] That [regulation has] led to a pretty healthy off-the-books market for Bitcoin traders. […] Buyers and sellers can also hook up over Internet Relay Chat at #bitcoin-otc”

“Buyer’s Best Friend will give you Bitcoins back for cash, much like you can get cash back from a credit card, but you are supposed to purchase something first.”

“Though trading an obscure crypto currency may sound very modern, the whole transaction has a decidedly old-fashioned and human flavor to it.”

 – http://www.wired.com/wiredenterprise/2013/07/buttonwood
 – http://bitcointalk.org/index.php?topic=261116.0

All News – Daily E-mail Subscription – Twitter: @BitcoinNews

Wired – Bitcoin's Street Sellers

Wired – Bitcoin’s Street Sellers:

Wired writer Robert McMillan (@bobmcmillan) makes some face-to-face, in-person trades and describes the experience.  Excerpts:

“Welcome to the quickest, most private way to buy the internet’s most successful digital currency: in-person and face-to-face.”

“Buttonwood meetups started in New York a few months ago and fanned out to San Francisco and Los Angeles. Buttonwood is an allusion to the May 17, 1792 agreement, struck under a buttonwood tree at 68 Wall Street, that set down the rules for what became the New York Stock Exchange.”

“After some haggling, Light types Copley’s Bitcoin address into his mobile phone and transfers just over half a Bitcoin ($50) to Copley’s digital wallet [for payment of silver bullion]”.

He used to buy and sell on a (temporarily shuttered) marketplace called Bitinstant. But a few months ago, ‘it started to ask for too much of my information,’ the student says. Given the nature of his business, he wants to buy Bitcoins without being tracked.

These are the kinds of deals that have regulators worried.

It’s traditionally been tough to quickly buy Bitcoins with U.S. dollars, and recently it’s become tougher.  […] That [regulation has] led to a pretty healthy off-the-books market for Bitcoin traders. […] Buyers and sellers can also hook up over Internet Relay Chat at #bitcoin-otc”

“Buyer’s Best Friend will give you Bitcoins back for cash, much like you can get cash back from a credit card, but you are supposed to purchase something first.”

“Though trading an obscure crypto currency may sound very modern, the whole transaction has a decidedly old-fashioned and human flavor to it.”

 – http://www.wired.com/wiredenterprise/2013/07/buttonwood
 – http://bitcointalk.org/index.php?topic=261116.0

All News – Daily E-mail Subscription – Twitter: @BitcoinNews

Emily Spaven – Kipochi Links Bitcoin With M-PESA

Emily Spaven – Kipochi Links Bitcoin With M-PESA:

Finance author Emily Spaven (@EmilySpaven) describes the launch of Kipochi (@KipochiPay), a Bitcoin wallet that provides interchange to and from M-PESA.  Excerpts:

“Kipochi has launched a product that allows people in Africa to send and receive bitcoins, plus convert them to and from the Kenyan currency M-Pesa.”

“Kipochi works on all mobile phones as it has SMS, USSD and HTML5 frontends, so there is no requirement for users to have the most up-to-date handsets.”

“Pelle Braendgaard, co-founder of Kipochi [said that] M-Pesa has been around in Kenya for years now, so mobile money is a part of everyday life in the country, which means it will be easy for Kenyans to accept digital currency as the choice for international payments.”

“Kipochi’s goal is to make it easier for people in these [communities of expatriates from Kenya and foreigners living and working in Kenya] to send and receive funds through the bitcoin network.”

“LocalBitcoins.com has also recently turned its attention to M-Pesa, making this option available to traders in Kenya and Tanzania.”

“‘The [tens of thousands of] M-Pesa agents are the target market of LocalBitcoins.com as well,’” [explained  founder Jeremias Kangas].”

 – http://bit.ly/15bcWnr
 – http://www.Kipochi.com
 – http://bit.ly/132zNi5 (Further discussion of Kipochi)

All News – Daily E-mail Subscription – Twitter; @BitcoinNews