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Cryptocurrency

Nigeria is Africa’s king in Bitcoin P2P

Nigeria leads Africa’s peer to peer Bitcoin transactions as it posted monthly P2P volumes of about $32.3million

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According to a new study seen by Nairametrics, Nigeria has seen the largest influx of activity in peer to peer transactions in the month of October.

While bitcoin’s usage has been rising steadily in markets like Europe and America, the speed at which Nigerians are switching more into crypto payment has gained so much traction across the board that transactional volume combines other African nations in relation to bitcoin P2P.

READ: Ripple lets go 1,000,000,000 XRP valued at $240 million

What you should know

Statistics seen from Usefultulips, a BTC analytic data provider, showed Nigeria leads Africa’s peer to peer transactions in the last 30 days, as it posted a monthly P2P volumes of between $32.3million, followed by the South African and Kenyans, each posting about $9.3 million and $8 million respectively.

READ: Bitcoin – The Future of Digital Currencies

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What they are saying

Ekene Ojieh, Head Of Public Relations, Buffalo Chase, a fast-growing crypto analytic firm, attributed the upward trend in the adoption of cryptos  – most especially Bitcoin, to Nigeria’s demographic structure.

Nigeria ranks 8th position in the largest country with crypto adoption. The reasons for this fact are not far-fetched.

READ: BTC whale steps in to buy larger stacks of Bitcoin, at a discount of $8,850 

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“It’s easy for a young country like Nigeria to adopt the use of bitcoin because a large percentage of its population falls within the age range that is tech-savvy. Although, that’s not the only reason why many Nigerian youths adopt bitcoin.

“Bitcoin gained an impressive 13.7% over week 43 – as per Glassnode. Bitcoin is currently traded at a $13,000 region. With the accessibility of bitcoin, we see more Nigerian youths adopting the use of bitcoin.”

READ: Crypto bounty: $1 million up for you

Bottomline

Internet-savvy Nigerians are leveraging on Bitcoin to sustain and drive their earnings, as it offers the cheapest medium of moving capital in relation to other traditional means of payments.

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. Featured Financial Market Analysis for a Fortune Global 500 Company. Member of the Chartered Financial Analyst Society. Follow Olumide on Twitter @tokunboadesina or email [email protected]

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Cryptocurrency

Bitcoin makes big bang, trading at $19,000

Bitcoin traded at $19,046.17 USD with a daily trading volume of $51,548,246,565 USD, moving up 2.82% in the last 24 hours.

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Bitcoin, 5 major reasons it's good to buy Bitcoin

The flagship crypto, Bitcoin, just hit a three year high, by breaking above $19,000

What you should know: At the time of writing this report, Bitcoin traded at $19,046.17 USD with a daily trading volume of $51,548,246,565 USD. BTC is up 2.82% in the last 24 hours.

READ: Ripple hits a big bang, gains 30%

It currently ranks at 1, with a market cap of $353,357,808,164 USD. It has a circulating supply of 18,552,700 BTC coins and a max. supply of 21,000,000 BTC coins.

Bitcoin is less than 4% away from the previous all time

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READ: BTC scammer steals 1,400 BTCs worth $16 million

READ: U.S dollar set to register its fourth consecutive monthly decline, longest losing streak since 2017

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READ: Two cryptos you should consider investing in

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Cryptocurrency

Why Bitcoin still looks like a bargain

With prices exceeding $18,000 for the first time since 2017, BTC looks poised to break its previous all-time high.

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Bitcoin on high demand, hits 2-year high, trading $17,000

As stakeholders, players, and crypto wannabes ponder if increasing their stakes on Bitcoin, the world’s most popular crypto seems ideal now, despite the fact that it’s trading near a record high, Nairametrics decided to weigh in on some key fundamentals showing Bitcoin looks like a bargain.

With prices exceeding $18,000 for the first time since 2017, BTC looks poised to break its previous all-time high. More investors are holding bitcoin for wealth preservation.

READ: Bitcoin on high demand, hits 2-year high, trading $17,000

A recent report from Glassnode, revealed plummeting Bitcoin exchange balances support the narrative that investors intend to hold their flagship crypto more than ever before, taking into consideration that with the prevailing demand in play, and limited supply of Bitcoin, the price would most definitely go north.

READ: Nigerians pay heavy price as laptop scarcity bites harder

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Bitcoin liquidity continues its downward trajectory, buttressing that the macro bitcoin is becoming scarce for open sale.

It is also important to note that Bitcoin has a circulating supply of 19 million coins and a max supply of 21 million coins, meaning there are about 2million left to be mined.

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READ: How Crypto can curb Nigeria’s high unemployment rate

Taking into account that about 4 million Bitcoins have been lost forever as a result of BTCs owners dying, and their next of kin not having access to such cryptos, it is fair to say there are only about 15million BTC presently in circulation to cater for over 7 billion people fighting to have a stake in Bitcoins, meaning that as BTC becomes scarce and more popular, it becomes a matter of time that the crypto asset valuation will hit the roof.

READ: Ripple hits a big bang, gains 30%

Bottom line

It’s vital to consider the bias saying that as global financial regulators begin to implement their regulatory framework on cryptos, it could become a matter of months for global banks and multinationals to increase their buying pressures on BTC. Thereby, pushing the price beyond the reach of an average investor.

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Cryptocurrency

28 million merchants to be granted crypto usage on PayPal

PayPal CEO, Mr. Schulman recently hinted the company will allow the usage of crypto funding for 28 million merchants.

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PayPal acquires shopping browser extension company for $4 billion

PayPal CEO, Mr. Schulman, recently hinted that the company would allow the usage of crypto funding for the 28 million merchants on its payments platform.

In a report credited to CNBC, the CEO of the payment juggernaut company elaborated further by saying, “Early next year, we’re going to allow cryptocurrencies to be a Funding Source for any transaction happening on all 28 million of our merchants and that will significantly bolster the utility of cryptocurrencies.”

READ: Why PayPal dropped 6% after posting its strongest earnings growth

The Chief Executive also disclosed that it was just a matter of time for digital currency to replace the old traditional forms of fiat currencies (paper money).

He said:

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“As paper money slowly dissipates and disappears from how people are using transactions; Central banks, especially on the retail side, will need to replace paper money with forms of digital fiat currency.”

READ: Ripple emerges as fourth biggest fintech company globally, worth $10 billion

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READ: NIPC releases its Q3 2020 report on Pioneer Status Incentive (PSI) applications

What this means

About a month ago, Nairametrics reported on PayPal Holdings Inc’s announcement that it would provide its users the opportunity to buy, hold, and sell cryptos directly from their PayPal accounts by early 2021.

It also hinted at a strategy to significantly boost its crypto’s utility capability, by making it readily available as a funding source for purchases with its 28 million clients globally.

READ: Unknown identity moves $117 million worth of Ethereum

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In a press statement seen by Nairametrics, Dan Schulman, President and CEO, PayPal, gave key insights on why the global payment company was going crypto:

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“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access, efficiency, speed, resilience of the payment system, and the ability for governments to disburse funds to citizens quickly.”

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