Nigerian millennials and fintech startups are now fast adopting cryptos, especially when Nigerian youths seek police reforms. This is because it offers them the needed security and far cheaper transaction fees against using fiat currencies.
- Recent data shows that the use of Bitcoin for peer to peer lending in Nigeria among its Millenials, and startups are on an exploding run.
- Statistics obtained from usefultulips, a BTC analytic data provider, revealed that Nigeria leads Africa’s peer to peer lending in 2020, posting weekly P2P volumes of between $7 million, followed by South Africa and Kenya posting about $2 million weekly.
Timi Ajiboye, a co-founder of Buycoins.africa, a leading crypto exchange in Nigeria, spoke via his Twitter feed about the advantage crypto has over fiat currencies like the naira, at this time when Nigerians are agitating for police reforms.
“They have the power to shut down centralized exchanges that use payment processors (who are already under fire). But they cannot shut down non-custodial wallets & P2P exchanges that don’t handle fiat. No one can. That is the power of Bitcoin.”
They have the power to shut down centralised exchanges that use payment processors (who are already under fire). But they cannot shut down non-custodial wallets & P2P exchanges that don’t handle fiat. No one can. That is the power of #Bitcoin #EndSarsNow
— Timi (@timigod) October 13, 2020
Jens Ischebeck, a renowned Fintech publisher, in a note shared with Nairametrics, gave vital insights on why Africans are fast adopting crypto, and the advantages that crypto assets bring:
“Most African citizens have started shifting their hopes to the use of crypto, to escape numerous constraints faced with the traditional money transfer services, including cost, speed, and inconveniences.”
Recall that Bundle, a social payment app for cash and cryptocurrencies, had set up three cryptocurrency wallets for fundraising aimed at supporting the victims of SARS brutality and the protesters of the EndSARS movement.
The company also made some contribution of NGN 1,000,000 (2,145 BUSD) to support the cause.
1/ The Bundle team has set up three cryptocurrency wallets to raise funds globally in support of #EndSARS protestors and victims of SARS, and we have contributed 2,145 BUSD (~NGN 1,000,000) to the fund. pic.twitter.com/oqvK5ZmF7A
— Bundle (@BundleAfrica) October 10, 2020
Adebayo Juwon, Marketing Lead, FTX Africa, in an exclusive note to Nairametrics, spoke on the advantages that cryptos offer in today’s world. He said:
“Business owners are always seeking for means to scale their businesses, getting a competitive edge over others while being profitable at the same time. Recently, many of the top companies across the globe have been working towards achieving their goals with Blockchain technology.
So, it not surprising that a significant number of young Nigerians and small business owners avoid Nigerian banks, because of their stringent capital controls on outflows, relatively high transaction costs, and inflexible exchange rate system.”
That said, it’s fair to say Nigerian millennials are fast adapting to the most disruptive financial asset in the modern era.
Large entity moves Bitcoins valued $244 million
BTC whale moved about 18,901 BTC estimated to be worth about $244million, some hours ago.
As the price of the Bitcoin, the world’s flagship crypto breaches above $13,000 price levels, a growing amount of large entities in recent times have been increasing their transactional volume at the world’s most popular crypto.
Data obtained from Whales Alert, a crypto analytic tracker, revealed that an unknown BTC whale moved about 18,901 BTC estimated to be worth about $244 million, some hours ago.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 18,901 #BTC (244,385,564 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) October 25, 2020
Meanwhile, at the time of writing, Bitcoin traded at $13,064.05 with a 24-hour trading volume of $18,700,010,754. BTC price is down -1.8% in the last 24 hours. It has a circulating supply of 19 million coins and a max supply of 21 million coins.
Explore Data on the Nairametrics Research Website
What this means: From a macro level, the increase in the number of these large entities can be considered bullish.
- At the time this report was drafted, Bitcoin was still trading around the $13,000 support levels, as investors have kept buying BTC at its support levels.
- Nairametrics believes the increased buying pressures by notable institutional brands are partly responsible for the non-dilutable crypto recent highs while it is difficult to predict market movements. BTC whales have shown historically that they often determine the BTC trend.
Quick fact: At the BTC market, investors or traders who own large amounts of Bitcoins are typically known as Bitcoin whales.
- This means that a BTC whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.
- As BTC whales accumulate BTCs, bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in.
- This means that over time, it’s possible that as BTC approaches its fixed supply of 21 million, the price of BTC will go up, with BTC’s present demand factored in.
Bulls on rampage, Ethereum wallets now record high
The number of Ethereum addresses (EOAs) holding at least 0.1 ETH just crossed the 10,261,111 million mark for the first time.
Retail investors are rushing big time, over owning a stake in the world’s second most valuable crypto by market value. Its rise has not been surprising to many crypto experts in the crypto-verse, as the rise of DeFi Crypto partly helped Ethereum usage reach an all-time high coupled with the fact that it’s now trading over $400.
According to reports recently released by Glasscode, the number of Ethereum addresses (EOAs) holding at least 0.1 ETH just crossed the 10,261,111 million mark for the first time.
Previous ATH of 10,258,944 was observed earlier today
— glassnode alerts (@glassnodealerts) October 26, 2020
“The increase in gas usage indicates a continuous growth in the use of Ethereum’s platform, as measured by the number of transactions, as well as demand for block space, as measured via gas per transaction,” said Wilson Withiam, research analyst at data provider Messari.
Data from Coingecko at the time this report was written showed Ethereum traded at $408.30 with a daily trading volume of $11 billion. ETH price is down -1.6% in the last 24 hours. It has a circulating supply of 110 million coins and a max supply of ∞ coins.
Quick fact; Ethereum is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without any fraud, interruption, control or interference from a third party.
Ethereum is a decentralized system, fully independent, and is not under anybody’s authority. It has no pivotal point, and its platform is connected to thousands of its users through their computing system around the world, which means it’s almost impossible for Ethereum to go offline.
Gas is the token that energizes Ethereum’s blockchain. It is the standard used to calculate the number of charges an individual needs to pay in order to make transactions on Ethereum’s blockchain.
Like with many other crypto assets, speculating with Ethereum can be highly profitable and has had a good history of giving its investors huge returns. However, there are also many other options to make income from Ethereum. These options include Ethereum mining, Ethereum faucets, and Ethereum staking.
Crypto for music, AUDIO up by 500%
Binance Labs, the investment and incubation arm of Binance, has made a strategic investment in Audius.
A newly designed crypto is presently gaining waves with the aid of the world’s biggest crypto exchange Binance.
A few days ago the decentralized music streaming platform Audius (AUDIO) launched its crypto. The coin traded as low as $0.04 on launch day, according to Coinmarketcap.
However that became history as the macro, showing Binance would be supporting the pretty unknown crypto catalyzed a steep upward price movement that sent it as high as $0.50, which represents a surge of 1,125% in a span of a few hours, before presently trading at the time this report was drafted at 0.21140 with a gain close to 500% since its launch.
The macro making this crypto asset blue hot amidst thousands of crypto is largely attributed to these statement released by Binance
Binance Labs, the investment and incubation arm of Binance, has made a strategic investment in Audius – a decentralized streaming protocol giving everyone the freedom to distribute, monetize, and stream any audio content. Specifically, Binance Labs led an extension round for Audius worth $1.25 million.
With 750,000 monthly active users (MAUs) and over a million streams each month across more than 100,000 tracks, Audius has teamed up with top artists like deadmau5, 3LAU, and RAC to help crypto cross the chasm.
Audius features a native platform token – AUDIO – that is staked for security, feature access, and governance. AUDIO is earned by users to shape future iterations of the protocol, creating a community dynamic in ownership unique to a music industry full of middlemen.
The means of artists being able to connect directly with fans is one that speaks to the ethos of web3, and one that the Audius community will be exploring closely over the coming months.
“Audius and its approach to mainstream crypto adoption are among the strongest we’ve seen. We’re glad to have Binance supporting this vision as we are both heavily aligned in creating a more accessible future for crypto,” Head of Binance Labs Wei Zhou said about the investment.
That said, the popularly known Binance founder Changpeng Zhao shared the news about the company’s investment in Audius via Twitter
Let's decentralize music. 🎶🎶🎶https://t.co/sUgAfNmKwO
— CZ Binance (@cz_binance) October 24, 2020