While the Securities and Exchange Commission (SEC) as well as the Central Bank of Nigeria (CBN) have sounded notes of caution, they have not and cannot place a ban on activities regarding bitcoin in Nigeria. Here is what we know so far about Bitcoins;
- Globally bitcoin transactions are not regulated by the central banks. Bitcoin is also not banned in advanced economies like the United States and Britain.
- Bitcoin transactions instead, take place, with a bitcoin Exchange Traded Fund (ETF) under an application before the Securities and Exchange Commission (SEC) in the United States.
- Bitcoin is in no way related to Ponzi scheme MMM.
- Bitcoin is simply a virtual currency.
- There are several bitcoin exchanges in the country, but based on enquiries by Nairametrics from bitcoin players, the most commonly used in Nigeria are Nairaex and Naira4dollar.
- NairaEx has a simple and easy to use site event though the blog page on bitcoins appears not to work.
- Trades are however limited to bitcoin and perfect money.
- Perfect money quotes are not displayed on the quote ticket.
- The frequently asked questions (FAQs) is easy to understand and very comprehensive.
- Nairaex has one physical office in Abeokuta, Ogun State, which is odd since Lagos is the commercial capital of the country.
- They have a better exchange rate compared to several exchanges.
- Naira4dollar Naira4dollar has been in existence since 2006.
- They have a greater variety of digital currencies. In addition to bitcoin, one can also carry out transactions relating to Perfect money and Webmoney.
- The site appears cluttered.
- Exchange rates are a bit lower compared to other exchanges. Customer service is poor, despite the positive opinions posted prominently on the site.
- Why have BBM and Whatsapp contacts and then state that a 24/7 response is not guaranteed?
- They have a wider network of physical offices in Lagos and Ibadan, as well as several customer care numbers to call. This makes resolving issues related to bitcoin transactions much easier.