For Nigerians looking to improve their profits, learning to trade with bitcoin has become a valuable skill set.
Nigeria is a big but economy that boasts of having the world’s largest population of black people in the world. Its size and oil wealth has been served as a blessing with many challenges.
World Bank says,
“While Nigeria has made some progress in socio-economic terms in recent years, its human capital development remains weak due to under-investment.”
The high unemployment rate in the region is one factor pushing too many individuals to trade. In Nigeria, over the past five years, the unemployment rate has swelled to 27 percent despite the fact it is considered to be the largest economy in Africa.
This pattern also has a dark side. Trading and speculation have affected certain individuals. Like the rest of the world, some have lost money or fallen for a variety of scams as Africans have pursued cryptocurrency as a road to a better income.
Bitcoin and other cryptocurrencies are also young, so people in Nigeria must have a grasp on which blockchain ventures are potentially beneficial rather than dangerous to them, as well as to the rest of the planet.
The data from U.S. blockchain analytics company Chainalysis showed that cryptocurrency payments to and from Africa of under $10,000 – usually made by individuals and small companies – soared more than 55 percent in a year to hit $316 million in June of 2020. This is a strong reminder of the growing relevance of cryptocurrency in the African continent.
Blockchain helps people make their companies more nimble and efficient, and helps those working in places like Europe and North America to hold on to more of the money they take home.
In only a matter of days since launching, the cryptocurrency (WOZK) of Apple co-founder, Steve Wozniak, gains in value by over 1000% hitting a market capitalization of over $1 billion.
Wozniak’s cryptocurrency project, Efforce, has caught the attention of many investors who hope for another legendary homerun from the technology entrepreneur. Efforce is designed to leverage the power of blockchain to increase access to energy efficiency projects, investment opportunities, and its token WOZX.
As the world seeks improvements in energy conservation, projects like Efforce gain greater relevance among people.
According to it’s website,
“EFFORCE is the first platform that allows contributors to benefit from the energy savings generated by energy efficiency projects worldwide.”
Users of the platform benefit from efficiency projects by getting tokenized future savings. Improvements made to energy efficiency are meant to be written in real time on the platform.
In only a decade, the energy efficiency market reached $241 billion in value with a 10% growth rate per annum. While these statistics are encouraging, there is much work to be done in order to improve the environment.
Global investment will need to grow by a further $584 billion between now and 2025, significantly improving the global goals for preservation of our environments.
Through Efforce, energy savings of third parties are tokenized and can be used by anyone.A limited supply of 1 billion in native tokens are proved by the project.
Wozniak said, “Energy consumption and CO2 emissions worldwide have grown exponentially, leading to climate change and extreme consequences to our environment. We can improve our energy footprint and lower our energy consumption without changing our habits. We can save the environment simply by making more energy improvements.”
Wozniak also has interests in Equi Global, an organization that is looking to push the bar higher for the investment markets with its unique approach to investing with blockchain solutions.
Bitcoin has gained ground in 2020, despite Covid-19 and the perilous market conditions which many traditional assets were not able to handle.
The Bitcoin rally of 2020 caught many people by surprise. In previous years, the cryptocurrency had been mocked by critics and labeled as fool’s gold. The tables have turned. In a Covid-19 era, the cryptocurrency has shown more resilience than many assets, including gold.
Financial journalists who once laughed at Bitcoin are changing their tune as the cryptocurrency continues to rewrite the history books of economies around the world.
Many believe that the demise of cash is inevitable and that Covid-19 has simply accelerated the process. Economists like Ken Rogoff welcomes the demise of cash as it could make the management of monetary policy easier and organised crime harder to commit.
A combination of different driving forces in the technological realms are shaping a monetary revolution that even the most experienced economists may not be able to comprehend to its full extent. The different performances of the U.S. dollar, gold, and Bitcoin sheds light on the new trends that are taking place.
The dollar is the world’s favorite money. Central banks around the world operate based on the movement of its value as it dictates the tempo of international transactions. Over the years, its value has decreased along with the confidence of the masses in it due to disproportionate amounts of quantitative easing and bad debt led by central banks.
According to Bitcoin expert Anthony Pompliano,
“Governments have held a monopoly on monetary policy for decades. They used it to manipulate economies, while driving insane levels of wealth inequality. Bitcoin is the only option built for the people. They can use it to protest central banks, while protecting their wealth.”
With inflation being the thorn in the side of fiat, including the dollar, it is no surprise that more people look to Bitcoin as a store of value, not just as a medium of transfer. Bitcoin has a monetary policy that is anti-inflationary. With its limited supply, it is impossible to devalue it through bad debt like many banks have done with fiat.
The CEO of Microstrategy, Michael Saylor says that his business intelligence firm plans to hold Bitcoin for the next 100 years. He also adds that he has no intention of selling it.
Saylor believes that the king cryptocurrency is the world’s best collateral and that it does not even compare to gold or other commodities.
“Bitcoin, if it’s not a hundred times better than gold, it is a million times better than gold, and there is nothing close to it.”
The bold assertions made by the seasoned business executive have been backed by even bolder actions. On August 11, the firm purchased 21,454 BTC worth $250 million. The investment is now worth well over $278 million.
In an interview with Real Vision CEO Raoul Paul, Saylor says that the decision to invest $250 million was influenced by the board of directors, executives, investors, and the firm’s auditor.
It continues to increase its holdings. More reports reveal that it now holds $425 million worth of Bitcoin, an eye-watering amount for any private entity.
According to Saylor, Bitcoin is evolving. Over the years, it has become more resilient. He describes BTC as a hive of “cybernetic hornets protected by a wall of encrypted energy”.
Other top tech executives share similar sentiments to Saylor on Bitcoin. Twitter CEO, Dorsey is reported to have bought $50 million worth of Bitcoin, joining a growing list of CEOs leading their companies to acquire cryptocurrency.
In a short space of time, the number of companies holding Bitcoin (and their reserves) have grown significantly, exceeding previous expectations for Bitcoin adoption among private entities. On October 10, 13 companies listed with a combined total of 598,237 BTC ($7.6B) or 2.85% of the total supply. Now, there are 23 firms on the Bitcoin treasury list with much higher reserves (785,999 BTC) worth approximately 3.74% of Bitcoin’s 21 million capped supply.
Twitter CEO, Jack Dorsey has called for Bitcoin donations to be made to support the efforts of people protesting for police reforms in Nigeria.
Around the world, more people have joined the movement for police reforms in Nigeria, including Twitter’s CEO, Jack Dorsey. In a tweet, he tells followers to donate via Bitcoin to support the movement. His tweet included a link to a censorship-resistant cryptocurrency donation site which is run by a group of feminists, many of whom had their bank accounts frozen or closed during the protests.
Thousands of Nigerians have taken to the streets with thousands more joining them across the globe to call for police reforms. The nation is crying for change and the world is hearing its cries.
The ripple effects of the youths’ freedom of expression can be felt across the globe as the winds of change create waves of revolution. While some may believe that it is too early to tell, this is a moment in history that will change the path of Africa’s most populous nation in more ways than one.
Protestors complain of police brutality by a unit of the police force, SARS and the thousands of cases where claims of assault by victims have gone unanswered. Every day, innocent men, women, and children across the nation fall victim to abuse of power by bad eggs in the SARS unit of the police force. Even during the protests, unarmed men and women have been shot or assaulted, reminding Nigerians that there is still much work to be done to protect fundamental human rights in the nation.
The presidential panel on the reform of the special anti-robbery squad (SARS) accepted the five-point demand of the #EndSARS protesters. The demands included calls for:
• Immediate release of all arrested protestors
• Justice for deceased victims of police brutality and appropriate compensation for all their families
• Setting up an independent body to oversee the investigation and prosecution of all reports of police misconduct
• In-line with the new police act, psychological evaluation & retraining of all disbanded SARS officers before they can be redeployed
• Increase police salary so that they are adequately compensated for protecting the lives and property of citizens.
It remains to be seen exactly how the government and police of the Federal Republic of Nigeria will implement the solutions demanded by protestors but with each new day, hope grows for all sides to benefit from a new path in the nation.
350 members of Spain’s lower house of Congress each received 1 euro in crypto through emails as part of an attempt to raise awareness about the future role of cryptocurrencies in societies.
Education startup, Tutellus helped to orchestrate the awareness exercise. The tokenization-focused startup is keen to raise awareness about the future role of cryptocurrencies in society.
According to Tutellus,
“We have explained to your honorable members that we are in a time of profound change in the use of money, in addition to highlighting the important role that cryptocurrencies have today.”
Miguel Caballero, founder of Tutellus says the transfers are “not a donation”. Some congress members may not be familiar with cryptocurrency. With the transferred cryptocurrencies, they have an opportunity to learn more.
Over the years, Spain has become more aware of cryptocurrencies and their use across the nation. In more recent times, it has doubled down on taxation. Notices were sent to 66,000 owners of cryptocurrency in the country, representing an increase from the 15,700 tax letters the agency sent to cryptocurrency owners in the previous year.
Spanish tax authority, the Agencia Estatal de Administracion Tributaria says it plans to quadruple notices to taxpayers with cryptocurrency going from 14,700 notices
“Going from 14,700 notices last year to about 66,000 in the campaign that started this Wednesday.”
The rise in tax notices could be considered as a reflection of how much cryptocurrency activity has increased in the nation where banking giant Santander has been able to use tokenization such as Ripple to enhance its operations.
Lawmakers in other nations have also received transactions. Decrypt reported that the political action committee (PAC) of the Chamber of Digital Commerce sent $50 Bitcoin to all 541 members of Congress in October. The transactions were made with the hopes of helping more people get a better working knowledge of cryptocurrency technology.