Nigeria’s 24.2% Bitcoin Adoption Rate: The Highest Rate of Crypto Ownership Globally

 

Bitcoin Is the Most Popular Coin in Nigeria

In addition to finding the West African nation as the country with the highest proportion of citizens that hold cryptocurrencies globally, the survey also discovered that “of the 1 in 4 online adults in Nigeria who own some form of cryptocurrency, bitcoin is the most popular coin in Nigeria at 66.5% of crypto owners.” Alternatively, this means more than half of the 24.2% of Nigerian respondents that own cryptocurrencies are in fact bitcoin holders.

On the other hand, the survey findings suggest ethereum (ETH) is the second most popular coin with Nigerian cryptocurrency holders, at 23.8%. Despite this seemingly high rate of interest in ETH, the ratio of Nigerians holding this cryptocurrency relative to other countries is still lower, the survey data suggests.

In fact, according to the survey, the 23.8% ETH ownership ratio is only enough to see Nigeria being ranked the 15th country out of a total of 22 countries.

Dogecoin in Third Place

Meanwhile, the survey findings show the meme coin, dogecoin, in third place at 21.8%. This ratio in turn is enough to see Nigeria feature in the top ten. The survey report explains:

Dogecoin is the third most popular choice with crypto adopters in Nigeria, with 21.8% of adults who own crypto holding the coin. This makes it the 8th ranked country in our list of 22 countries in terms of dogecoin ownership among those that own crypto.

In terms of the makeup of cryptocurrency owners in Nigeria, the survey found 62.9% of Nigerian crypto owners to be men while women account for the remainder.

In other words, this disparity between the number of males and females that own crypto means men are 1.7 times more likely to own crypto. With the average figure globally at 1.5, this means Nigeria has the 11th highest male dominance of the 22 countries.

Source

Nigerian Judge Rules in Favour of Accused Crypto Startup, Accounts to Be Reopened

 

A Nigerian Federal Court judge recently ruled that the two frozen bank accounts belonging to Rise Vest Technologies, which is accused of trading cryptocurrencies, must be reopened.

CBN’s Bank Account Freeze Order Dismissed

In a ruling that overturns the Central Bank of Nigeria (CBN)’s August 17 decision to freeze the bank accounts, Judge Taiwo Taiwo is quoted by The Nation insisting that the central bank could not simply rely on a mere circular when deciding to close an account.

Bitcoin briefly crashed 87% to about $8,000 on Binance's US crypto trading platform

 

• Bitcoin plummeted to $8,200 on Binance's US platform, Coin Telegraph first reported.
• The brief decline in the cryptocurrency was an 87% fall from $65,815.
• Binance's CEO tweeted "expect very high volatility in #crypto over the next few months."

Bitcoin rises above $62,000; RSS calls for crypto regulation

 The crypto market is trading mixed on Monday morning, with Bitcoin trading nearly 2 percent higher at $62,134. The coin has surged nearly 12 percent in the past seven days, having crossed $60,000 last Saturday. The coin is close to an all-time high as investors hoped US regulators would soon approve a futures-based exchange-traded fund (ETF), a move likely to open the path to wider investment in digital assets.

$447,746 Paid in Failed Ethereum Transaction

 

Ethereum (ETH) transactions can be tricky when it comes to fees, and this is far from the first time somebody paid massive amounts for a transaction, and a failed one at that – this time USD 533,901 in total.

What it seems had happened is that this user wanted to partake in the token sale by derivatives decentralized exchange (DEX) Strips Finance. Announced five days ago, Initial Dex Offering (IDO) – aka the STRP token sale – was conducted on Sushiswap’s MISO platform on October 13, lasting for 24 hours.

Crypto trading thrives in Nigeria despite official disapproval

 

LAGOS, Oct 12 (Reuters) - Nigerian art dealer Ebuka Joseph started using cryptocurrencies last year when business ground to a halt due to COVID-19. Now he is hooked even though the financial authorities disapprove.

“Crypto just allows me to transact freely and within minutes we are done with our transactions,” the 28-year-old told Reuters from a friend’s studio in Lagos where he displays his works.

Crypto Funds Doubled Inflows Last Week, Bitcoin Leads the Pack

 

BeInCrypto –

Digital asset management firm CoinShares has released its weekly report on fund flows for the crypto market. The highlight of the report, published on Oct 11, is that the amount of new capital flowing in has doubled in the past week.

Bitcoin Climbs 11% In a Green Day

 

Bitcoin was trading at $47,473.6 by 06:42 (10:42 GMT) on the Investing.com Index on Friday, up 11.02% on the day. It was the largest one-day percentage gain since June 9.

The move upwards pushed Bitcoin's market cap up to $876.9B, or 43.37% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $1,184.9B.

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Bitcoin dominance currently sits at 61%. On January 13, 2018, Bitcoin dominance hit an all time low of 35%.

 

What is bitcoin dominance?

Bitcoin dominance is bitcoin's marketcap dividend by the marketcaps of all cryptocurrencies combined. It shows how much value bitcoin has versus the all cryptos combined. This is important because it shows the relative strength of altcoins over time. For most of bitcoin's lifetime (pre-2017), dominance sat at over 98%. Bitcoin was the entire market. But since the first altcoin boom in 2017, it has never come close to that peak again..

Tor-enabled Bitcoin nodes are back after bug on network

 Anonymous Tor-enabled Bitcoin nodes normally make up as much as 25% of totally reachable Bitcoin nodes.

According to the latest data from node monitoring resource Bitnodes, Tor-enabled Bitcoin (BTC) nodes are back to normal following almost a full-swing crash in early January 2021. As of Jan. 13, the number of reachable Tor-based BTC nodes amounted to 2,581, up from as few as 122 nodes on Jan. 9.

Flash coin BTC Scammers, Don't let this happen to you.

 

Guys, be careful this 2021 and wait for at least one confirmation before you pay. If the seller is sending from an external wallet. Flash coin sellers are cashing out. They just scammed a  guy N4,000,000. The funniest part is this, he has gone to the Police station trying to block and so on. Police said he should come back on Monday and also later asked him to pay some amount of money in other to help him track down the scammer. 

One can bet the flash coin seller already cleaned that money via a 3rd party and now leaving both sellers and buyers as victims.

Always do any kind of KYC(Know your customer) before you sell BTC or buy from sellers.

Also, change your Wallet address each time you receive BTC with it. Some Thieves watch your wallet incoming BTC on Blockchain explorer and send a screenshot of fake payment, imitating a real sender.

Always generate a new wallet address each time.

What is Flash Coin and how is the scam done by scammer.

The scammer uses a kind of old software that imitates BTC(Probably one of the old coins that halved but could not continue mining BTC) to send out fake BTC that will never get confirmed on the BTC network.

The picture above is a sample of one of the app or software being used by the scammer to con unsuspected buyers. Once the buyer pays without waiting for confirmation, it means the buyer has lost.

A buyer must wait for at least one confirmation before making payment to the seller's account in other not to fall for these flash coin sellers.

Long term analysis for Bitcoin in 2021-2022.

 

Bitcoin scarcity is and will be the forerunner for bullish movements never ever seen in an asset until today. The existing upward movement is stretched, but having less bitcoins available in the market has been decreasing each and every day, this makes any bet from this upward trend very risky. Every asset growing exponentially tends to improve with time because of the normal realization of profits available in the market, but as we are in times of chaos and uncertainty worldwide, we genuinely believe that now it won't happen with the key protection asset against industry CHAOS nationwide and worldwide.

The total market cap is very close to breaking its 2018 high where 71% of that value is represented by bitcoin.

This shows that there are great chances of reaching absolute dominance above 80% in the next year due to its scarcity and its strong anti-inflationary system.

The world is experiencing the brutality of an inviolable idea, many who criticized and scoffed at the beginning saying that it was child's play, today are desperate, angry, regretful, and inventing all kinds of bubble theory.

When something is born in the middle of chaos it is prepared to overcome chaos.

Satoshi Nakamoto knew well when he started the genesis block, that in the world there will always be chaos, and that the only way to fight it would be with an immutable idea, where no one would own it, nothing centralized and that over 10 years would be the beginning the great transition.

Every day the world governments inflate their own currencies more, thus promoting a devaluation of them. This massive impression ends up affecting all sectors and directly in the price of the raw material, forcing the lack of world input.

Large investors have no other choice but to look for a safe asset, easy to store and with a limited issue, which has clear rules and which has its issue cut in half every 4 years.

Yes, this asset exists, it is one that many people scoffed at being a nerdy game, which at the moment is "expensive", but we believe that it is still cheap and there is time for institutional investors to put their billions of dollars in it.

2020 was the year that most used digital account and digital money, governments around the world are changing their system of issuing colored paper based on the honesty of politicians. Paper money will get more and more dead every day, with that, bitcoin will become more and more known and alive.

The evolution of money has started, and a new low-cost storage reserve, easily accessible, with no third-party involvement in storage and with 100% security, starts to gain space and will fight until it finishes yet another competitor, GOLD.

2021 is going to be a year of turmoil with the arrival of institutional investors and as a result, it will increase the attention of regulators, who will try to reach bitcoin by the weakest part of the market which is the altcoins, but all this will not make much difference in the long run because everything tends to go in search of a solid monetary policy offered only by bitcoin.