By Tauzil - 17.02.2020
1 bitcoin to naira 2020
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Odunjo sources handsets and accessories from China and the United Arab Emirates. His Chinese suppliers asked to be paid in the cryptocurrency, 1 bitcoin to naira 2020 said, 1 bitcoin to naira 2020 speed and convenience.
Convert 100000 Nigerian naira NGN to Bitcoin BTC
The shift has boosted his profits, as he no longer has to buy dollars using the Nigerian naira or shell out fees to money-transfer firms. It 1 bitcoin to 1 bitcoin to naira 2020 2020 also one example of how, in Https://magazin-id.ru/2020/free-ecoin-giveaway-2020.html, bitcoin - the original and biggest cryptocurrency - is finding the practical use read more it has largely failed to elsewhere.
Odunjo is one of many people at the heart of a quiet bitcoin boom in 2020 site btc income, driven by payments from small businesses as well as remittances sent home from migrant workers, according to data shared exclusively with Reuters and interviews with around 1 bitcoin to naira 2020 bitcoin users and five cryptocurrency exchanges.
The number of monthly transfers also rose by almost half, surpassingaccording to Chainalysis, which says the research is 1 bitcoin to naira 2020 most comprehensive effort yet to map out global crypto use.
Much of the activity took place in Nigeria, the continent's biggest economy, along with South Africa and Kenya.
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This represents a reversal for bitcoin which, despite its birth as a payments tool over a decade ago, 1 bitcoin to naira 2020 mainly been used for speculation by financial traders rather than for commerce.
Why a boom in Africa?
Young, tech-savvy populations that have adapted quickly to bitcoin; weaker local currencies that make it harder to get dollars, the de facto currency of global trade; and complex bureaucracy 1 bitcoin to naira 2020 complicates money transfers.
The bitcoin users interviewed by Reuters, based in five countries from Nigeria to Botswana, said the cryptocurrency was helping people make their businesses nimbler and more profitable, and helping those working in places like Https://magazin-id.ru/2020/magical-crypto-conference-2020.html and North America hang on to more of the earnings they send home.
Yet risks abound. 1 bitcoin to naira 2020How To Trade Bitcoin With Naira
Bitcoin and other cryptocurrencies are unregulated in many countries and their legal status is unclear, meaning there is no safety net and little recourse if 1 bitcoin to naira 2020 lose funds.
For many, converting local currencies to and from bitcoin relies on informal brokers.
Prices are volatile, and buying and selling is 1 bitcoin to naira 2020 complex process that demands technical knowledge.
Inthe Nigerian central bank warned cryptocurrencies were not legal tender, and investors were unprotected. Odunjo makes two or three transfers a month of around 0.Make Daily Income Trading Cryptocurrency On Binance 2020
East Asia, Chainalysis found, is one of the top partners for bitcoin trading with Africa. Odunjo's trades offer a microcosm of the wider trends at play in both Nigeria and across the continent.
Gauging how cryptocurrencies are used in particular locations is tough, though. Digital coins offer a high degree of anonymity, and though the 1 bitcoin to naira 2020 of transactions can be tracked on the blockchain, the identity or whereabouts of a user cannot.
Chainalysis, which tracks crypto flows for financial firms and US law enforcement, gathered the data by analysing web traffic and trading patterns, though locations can be obscured by virtual private networks. As a result, Odunjo and other importers must pay more to buy increasingly scarce dollars.
The naira's 1 bitcoin to naira 2020 has pushed many Nigerians towards bitcoin, the interviews showed, as they seek methods of purchasing goods from 1 bitcoin to naira 2020 without having to buy dollars.
Sylvester Kalu, who runs a clothing starch maker in Uyo, eastern Nigeria, uses bitcoin to buy supplies from Istanbul and Shenzhen. When the price of oil dropped, forex became scare," he said. Exchanges across Africa spoke of a similar boom.
A big driver was workers using bitcoin for remittances, it added. Costs are lower when sending larger amounts or using a debit card, but the exchange rates on offer are typically several percentage points link favourable than the market rate.
However both exchanges and 1 bitcoin to naira 2020 OTC brokers carry risks, from hacks to scams.
And bitcoin, while handy 1 bitcoin to naira 2020 transfers, isn't much use on the ground - shops source landlords rarely accept it, for instance. This means friends or family sent funds by workers must convert it back to traditional currency, often via a broker at their end, introducing additional risk.
Yet the bitcoin users interviewed said many OTC brokers, who rely on word-of-mouth reviews, functioned reliably 1 bitcoin to naira 2020 an increasingly competitive market and were click to imperil the reputations they needed 1 bitcoin to naira 2020 stay in business.
And for a growing number of people, the potential rewards outweigh the pitfalls.
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