Bitcoin Forum

A new Nigerian bitcoin exchange called Bitstake, is planning to open it’s doors to 70 million internet users in Nigeria. The country has experienced double digit growth in it’s internet population numbers almost every single year, with the exception of 2013. Nigeria also boasts an impressive $21 billion a year remittance industry, and that is where digital currencies can really make a difference on the African continent. According to figures released by a recent World Bank report, “After remaining broadly unchanged in 2012, remittances to Sub-

http://btcfeed.net/news/bitstake-a-new-nigerian-bitcoin-exchange/

I do not know if this is a good or a bad thing.  ???

1. "Nigeria currently does not have any cryptocurrency legislation, so bitcoin business do not have any legal barriers to entry."
2. "P2P lending options"
3. "There will be a need for a minimum amount of documentation for uses that wish to transact digital currency to fiat or fiat to digital currency."

The country desperately need some sort of Bitcoin support, to help with people with no bank accounts and also remittance, but a possible dodgy exchange like MtGox will hurt them more. {Not saying Bitstake will be a next MtGox, but most exchanges turn bad very quickly, if there is poor regulation and controls}

It's not going to work out for them. We know for a fact that the Nigerians are about to institute specific regulatory guidelines, and that one exchange in particular is working with the regulators to be the first licensed in the country. In the mean-time, the authorities won't be tolerant of this effort.

Well it's too early to tell at this point in time
It will be interesting to see how it goes, and well worst case scenario it will be the Nigerian Bitcoin scammer
Sorry couldn't help saying that  ;)

Is is set up by a Nigerian Prince?

 :D Someone had to make that joke  :D.


Seriously though I think the remittance market is the biggest untapped resource currently. They should probably focus their efforts on that rather than an exchange.

Yeah, we need to make bitcoin the king of the remittance industry. This would be continual demand re-occurring on a regular basis. I just wonder if the demand for focusing on this area of business isn't there because the transaction fees would be so low. idk

First off, you cannot rule anything out until you have concrete data and it will take time to get that; this is new. I remember people saying that the internet would not workout and they are changing their tunes about BTC also.

As far as the new exchange, i believe the youth will embrace it. Bitstake has a unique platform that allows P2P lending, must-staking, and host of other features. They have a alternation-crypto coin (ticker) XBS that trades on the the Bittrex exchange and will trade on their exchange as well. Many will be drawn to it over BTC because it has more features and it a smaller market cap than BTC. (currently 1.3 million coins @$50K market cap). Once they see it going up in value 500-1000% a month, they will crowd into it. If you are smart, you wold be buying some now, before the exchange opens on April 1st.

Here the link to purchase on Bittrex. It is a trusted exchange:
https://bittrex.com/Market/Index?MarketName=BTC-XBS

1% of all the coins would only cost 2 btc ($523) at the current value. It will cost 10x more , if you wait for the exchange to open up on April 1st. And, will only go up and up.

Follow the Bitstake team on twitter:
https://twitter.com/BitStake

Full disclosure:
I own some XBS and I am trying to buy all i can at the moment. I believe this is like buying BTC at 5 cents. Why not buy 2 btc worth? If i am correct, i make a fortune. If I am not, I lose $500 dollars. I spend more drinking in Miami on a good night...a VERY good night.

I'm speaking (typing) based on first-hand knowledge from within the Nigerian administration. A regulatory bill is about to be drafted, and this exchange's owner is not part of the process at all. There's another that is