Cryptocurrencies are becoming a global phenomenon amidst talk that they could replace fiat currencies in the near future. Cryptocurrencies adoption continues to gain momentum in part because of the world’s progression towards a cashless society.

Cryptocurrencies can be quite difficult to understand – one of the reasons why some countries and regulators continue to shun them. A lack of knowledge on how to use them is another headwind that continues to clobber digital currencies prospects and sentiments.

The fact that it is not possible to reverse a transaction once it is made is another headache that has forced most people to shun cryptocurrencies. If a wrong a transaction is made the only thing one can do is ask for a reversal from the recipient. There is nothing one can do on recipients of a wrong transaction turning down a request for a refund

Volatility is by far the biggest disadvantage that has clobbered cryptocurrencies sentiments. Volatility goes a long way in affecting the value of a coin, which can be difficult to comprehend or contend with.

While both fiat money and cryptocurrencies can be used as a means of payment, there are some differences.

Legality

Governments issue fiat currencies, which are in return regulated by the central bank. Fiat money is deemed legal tender in that it is often the official means of finalizing transactions. Governments control fiat money supply and issue policies from time to time that affects their value.

Cryptocurrencies, on the other hand, are merely digital assets that act as a medium of exchange that governments have no control over. The decentralization aspect means no central body can control or influence their value.

Some countries have banned cryptocurrencies on concerns that some of them are being used to fuel illegal activities such as terrorism and money laundering.

Tangibility

It is not possible to have a physical feel of cryptocurrencies as they operate online as virtual coins. Fiat currencies, on the other hand, have a physical aspect as they can exist as coins and notes thus possible to have a physical feel. Fiat money physical aspect at times does present a lot of challenges as it can be a nuisance to move around with vast chunks of money.

Exchange Aspect

Cryptocurrencies exist in digital form as they are created by computers and operate as private pieces of code. The means of exchange is thus purely digital. In contrast, fiat money can exist in both digital and physical form. Electronic payment services allow people to transfer fiat money digitally. In addition, people can transact with one another and exchange money physically.

Supply

A major difference between fiat money and cryptocurrency has to do with supply. Fiat money has an unlimited supply which means central authorities have no cap to the extent in which they can produce money.

Most cryptocurrencies have a cap when it comes to supply, which means there is a set amount of coins that will ever be in supply.  For example, the total number of Bitcoin coins that will ever be in supply is capped at 21 million.

With fiat money, it is impossible to tell the amount of money in circulation at any given time, but with cryptocurrencies, it is possible.

Storage

Cryptocurrencies virtual aspect means they can only exist online thereby stored in digital wallets commonly referred to as cryptocurrency wallets. While most digital wallets claim to offer secure storage, some of them have been hacked resulting in people losing a substantial amount of holdings.

The versatility of fiat money, on the other hand, means it can be stored in various forms. For instance, there are payment providers such as PayPal that allow people to store fiat money in digital form. Banks also do act as custodian of hard currencies.

Bottom Line

Cryptocurrencies and fiat money come with attributes that make them stand out as a means of legal tender regardless of jurisdiction. However, they also come with cons that have seen them continue to divide opinion around the world.

While there are many advantages of cryptocurrencies over fiat money, it seems that cryptocurrencies are not yet mature to replace the current standard payment method. It is a matter of time and not necessarily will be in the form of Bitcoin, Ethereum or any other cryptocurrency. The crypto market will most likely evolve to create a positive product that might change the current money system.

The Federal Government on Wednesday said that the Twitter ban in Nigeria will be lifted soon.

The Minister of Information and Culture, Alhaji Lai Mohammed stated this while briefing State House correspondents at the end of the virtual Federal Executive Council, FEC, meeting presided over by Vice President Yemi Osinbajo at the First Lady’s Conference room, Presidential Villa, Abuja.

The Minister who was asked to give an update on the Twitter ban in Nigeria and the interface with the company said, “The end for amicable resolution is very much in sight.

‘We appreciate the patience of Nigerians. I want to assure you that we have made very tremendous progress. We have met with Twitter both physically and in writing. We are actually almost there.

” The engagement has been extremely positive without any acrimony. We have made it clear what we want from Twitter.”

Alhaji Mohammed stated that some of the conditions made by the Federal Government for Twitter operations to resume in Nigeria include that Twitter should establish a legal presence in the country, register as a Nigerian company with an address.

It should also have a Country Representative that will serve as a liaison and must register with relevant regulatory agencies including the NCC.

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Brett Redfearn resigned as Coinbase head of capital markets in July, the Wall Street Journal reported.
The ex-SEC official left because of a shift in Coinbase's priorities away from digital-asset securities, sources told the WSJ.
Brian Brooks, another ex-regulator, said Friday he was stepping down as CEO of Binance's US arm.
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Brett Redfearn has resigned as Coinbase's head of capital markets after just four months in the role, the Wall Street Journal reported.

Redfearn, a former regulatory official at the Securities and Exchange Commission, left the crypto exchange at the end of July, the WSJ reported Monday, citing a Coinbase spokesperson. The departure is said to have been amicable.

Coinbase's shift in priority away from digital-asset securities was the reason for Redfearn's departure, sources familiar with the matter told the WSJ.

A Coinbase spokesperson confirmed his departure in response to Insider's request for comment, adding that the company appreciates his contributions.

Before joining Coinbase, Redfearn was director of the trading and markets division at the SEC. Counting 13 years at JPMorgan, his career spans experience in markets, regulation, and electronic trading.

He joined the crypto exchange in late March this year, meaning it made one of its highest-profile hires just ahead of its stock market listing in April.

The rise of new uses for crypto may be behind the shift in focus at Coinbase that prompted Redfearn's departure.

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 The Bank of Ghana (BoG) is making another step towards the development of a central bank digital currency (CBDC) by partnering with a German currency technology provider.

The BoG officially announced Wednesday that it signed an agreement with German banknote and securities printing company Giesecke+Devrient (G+D) to pilot a retail CBDC in Ghana, West Africa.

As part of the agreement, G+D will provide its proprietary CBDC solution known as Filia to pilot the issuance of a digital form of Ghana’s national currency, the cedi. The digital currency will be tested in a trial with local banks, merchants, payment service providers and consumers, as well as other related parties.

The project is part of Ghana’s digitization strategy, the “Digital Ghana Agenda,” aimed at digitizing data and government services for the country of 30 million people. Also known as e-cedi, the digital cedi aims to complement the country’s traditional national currency as a digital alternative. According to the announcement, the CBDC should facilitate payments without a bank account, contract or smartphone.

BoG governor Ernest Addison said that the e-cedi provides a great opportunity to create a “robust, inclusive, competitive and sustainable financial sector, led by the central bank.” “From all indications, the concept has a significant role to play in the future of financial service delivery globally. This project is a significant step towards positioning Ghana to take full advantage of this emerging concept,” he added.

Ghanaian Vice President Mahamudu Bawumia recently said that the African governments need to embrace digital currencies to facilitate trade throughout the continent. The official argued in late July that trade between African countries demands a “single central payment” system.

| BTC has been increasing since July 20 after it reached a local low of $29,278. It created a higher low on Aug 5 and resumed its ascent after.

So far, it has managed to reach a high of $46,700 on Aug 10.

It’s approaching a very significant resistance level between $46,800 and $47,800. The resistance is created by the long-term 0.5 Fib retracement level (white), the short-term 0.618 Fib retracement level (black), and a horizontal resistance area.

Reclaiming this level would go a long way in indicating that the trend is still bullish. However, while the Stochastic oscillator and the MACD are bullish, the RSI has a generated bearish divergence (blue).

Short-term weakness
The six-hour chart shows similar weaknesses. Both the RSI and MACD have generated multiple bearish divergences.

If a decrease occurs, the closest support levels would be found at $39,900 and $37,770. These are the respective 0.382 and 0.5 Fib retracement support levels.

The two-hour chart provides an almost identical reading, with the same divergences visible in the MACD and RSI.

Therefore, it would make sense for BTC to reach a top somewhere inside the aforementioned $46,800-$47,800 resistance area.
Wave count
While the long-term wave count is not entirely clear, the short-term count indicates that BTC is likely in wave five of a bullish impulse (black).
Projecting the lengths of waves 1-3 (black) gives a target of $47,750 while using the length of wave 1 gives a target of $47,250 (orange)

|Largest DeFi Hack: $611 Million Stolen from Poly Network
The DeFi team has identified three addresses where the stolen funds have been stored
The vulnerability of blockchain infrastructure has been highlighted again as $611 million worth of cryptocurrencies were siphoned from cross-chain protocol, Poly Network on Tuesday, making it one of the largest crypto heists to date.

Launched by the founder of the Chinese blockchain project Neo, Poly Network enables swapping of tokens on the Binance Smart Chain, Ethereum and Polygon blockchains. All three blockchains were targeted on Tuesdays’ attack.

Poly team has identified and published the three addresses where the attackers stored the stolen funds.

Blockchain scanning platform data of the three addresses shows that $273 million in Ether were stolen, along with $253 million in tokens from the Binance Smart Chain and $85 million in USDC on the Polygon network.

Actions After the Hack
The Poly team has already requested miners to block the transactions originating from the three addresses, and the community is following through. Tether has already blacklisted the USDT tokens on Ethereum that constitute roughly $33 million in the stolen proceeds.

We call on miners of affected blockchain and crypto exchanges to blacklist tokens coming from the above addresses,” the Poly team tweeted.

Additionally, Binance CEO Changpeng Zhao assured coordination with Poly, but highlighted that no one controls the blockchains and ‘there are no guarantees’.

Around an hour after the attack, the hackers tried to move cryptos including USDT through the ETH address in liquidity pool Curve.fi, but the transaction was rejected. However, another $100 million in assets were moved from the Binance Chain and deposited into liquidity pool Ellipsis Finance.

Though the exact way of breaching the protocol security is not yet known, several blockchain investigation companies have already initiated probes. According to Chinese blockchain security firm, BlockSec, the attack might have been triggered with the leak of private keys or through a bug during Poly’s signing process.

Another Chinese security firm, Slowmist, identified that the attackers used the privacy token Monero as their original funds, which obtained the information from its Chinese exchange partner, Hoo. Furthermore, the company claims that it has identified the attackers’ email address, IP information and device fingerprint.

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Several experts consider stablecoins to be the future of cryptocurrencies. As the name suggests, stablecoins are safer and more resilient to crypto volatility than other cryptocurrencies. Some stablecoins are backed by fiat currencies such as USD, or EUR, while others are backed by hard assets such as gold, diamond, oil, etc.

People prefer stablecoins because of their base asset, which helps crypto tokens become more resistant to fluctuations. Also, as a single entity does not rule them, they remain decentralized regardless of being pinned by an asset.

Over time, several blockchain projects have launched their own stablecoins backed by different fiats and hard assets. However, Eurst became the first platform to design a Euro Stable Token to digitize Euro currency and start a crypto transition in the European economy.

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|Fixed supply, altcoin-beating qualities and a lack of corporate liability all ensure Bitcoin is streets ahead of the rest.
Bitcoin (BTC) easily succeeds over other cryptocurrencies in multiple key areas, which all but guarantee its future as the standard, noted academic Konrad S. Graf has concluded.

In the second installment of a two-part interview with Eurasia Review published Jan. 1, Graf highlighted a plethora of “competitive advantages” inherent to Bitcoin.

Graf has sought to gain exposure for Bitcoin through academic essays, which expand beyond its mechanism of action to situate it within the broader economic system.

Scarcity
Bitcoin wins out over other forms of money — including other cryptocurrencies — largely due to its fixed supply.

“Bitcoin’s top competitive advantage… is its ability (to) restrict new issuance, the relative reliability of its methods for controlling unit production,” Graf summarizes.

Specifically, Bitcoin’s supply cannot be manipulated, nor can its maximum issuance — 21 million units — ever change to dilute it.

No entity, no matter how powerful in terms of computing power active on the network, can diminish the value of the existing BTC held by savers by increasing the supply. This is in direct contrast to cryptocurrencies with a mutable supply, such as Ethereum (ETH) and XRP, as well as all fiat currencies.

Apolitical value transfer
The above characteristic thus makes Bitcoin particularly useful for settlements from anyone to anyone, as a financial protocol immune to the trappings of fiat.

Here, Graf touches on Saifedean Ammous’ popular book, “The Bitcoin Standard,” which extensively examines Bitcoin’s advantages over fiat. Ammous likewise devotes space to how Bitcoin could function as a settlement currency without the need for middlemen.

“Ammous argues that it is in the — for most people quite arcane — field of settlements that Bitcoin could find some of its most competitive applications. It could become not only an in-common non-political money unit, but also a direct competitor to the SWIFT system and any other existing or emerging rivals to it,” Graf explains.

He continues:

“In a world where conventional systems are also politicized, Bitcoin has an advantage of being “neutral” in the sense that it is controlled by none of the competing power blocks, which means that any and all could potentially participate.”

Technical prowess
Against major altcoins, Bitcoin’s technical prowess means its position as a market leader has been obvious for years, says Graf.

As Cointelegraph has also frequently reported, hash rate alone has achieved an order of magnitude better progress than Ethereum or similar market incumbents.

“BTC currently has 97 exahashes protecting its network to BCH’s 2.5 exahashes, giving BTC a hash rate 39 times higher than that of even its next closest digital-cash competitor,” he continues.

Bitcoin network hash rate vs. Bitcoin Cash

Bitcoin network hash rate vs. Bitcoin Cash, Bitcoin SV. Source: Coin.dance

That attribute also differentiates Bitcoin from imitators with very similar characteristics — the principle may be the same, but hash rate distribution, or centralization, and activity on those other networks pale by comparison.

It’s not an entity
On the topic of centralization, a final advantage Bitcoin has over “corporate” blockchains is its lack of weak points political actors can target.

That benefit has become all the more apparent in 2019, the year in which Facebook unveiled and subsequently faced a global backlash over its digital currency protocol, Libra.

CEO Mark Zuckerberg appeared before U.S. lawmakers alone several times, amid criticisms Facebook was attempting to remove government monopolies over the proposed stablecoin currency.

“There is no CEO to summon to Washington for interrogation,” Graf concludes about Bitcoin.

|Manufacturers Association of Nigeria backs CBN on FX ban to BDCs. ... This was disclosed in a statement titled: “MAN's Perspective on the CBN's New Policy on Forex Allocation to BDCs,” signed by its Director-General, Mr Segun ... CBN Intervention Funds yet to achieve desired impact

|Some Nigerians Wednesday urged the Federal Government to partner with Professor Archbishop Sam Zuga who has successfully raised his currency Zugacoin to the most expensive and popular coin in Africa.

“Now that they have decided to go into Cryptocurrency, it would be very patriotic for them to officially involve the leader of Cryptocurrency in Africa who happens to be from Nigeria. It is also very important for them to do this because, eventually, the E-NAIRA must run on a blockchain platform, that being the case, if they partner with the CEO of Sam Zuga, they will even be given a cheaper access fee compared to the ones they might use that would be from the western world.

The access fee they will pay into the foreign economy they would use their Blockchain platform for E-NAIRA would leave our economy, thereby amounting to capital flight. But if they use Sam Zuga’s Blockchain Main Net which is indigenous, that money will stay within our financial ecosystem thereby boosting our economy. The Buhari administration have to do everything to use home grown technology for this Cryptocurrency they are planning. By so doing, they will mitigate against foreign manipulation and control of E-NAIRA.

I am optimistic that this little piece of information would inevitably get to the appropriate authority, one way or the other. I just came up with this as a concerned Nigeria,” Austin Ntukogu stated.

It should also be noted that ZUGACOIN is now on 3 different Blockchains, Ethereum, Binance and Samzuga Blockchain
This is also coming after the first Blockchain Main Net in Africa was successfully Launched by the first professor of Digital Economy in the world, Archbishop Sam Zuga.

|Crypto Exchange Binance Launches Tax Reporting Tool
Binance is launching a Tax Reporting Tool to assist the exchange with compliance requirements.
By Scott Chipolina

Jul 28, 2021

Crypto exchange Binance is launching a Tax Reporting Tool that will enable its users to “keep track of their crypto activities and streamline reporting requirements,” per a statement released yesterday.

“The fact is that in many countries around the world, crypto regulations are still evolving and we are all discovering the right path for this promising, young and exciting industry,” said Changpeng Zhao (“CZ”), CEO of Binance.

The new tool allows users to transfer their transaction history to a third party, and also obtain overviews of their tax liabilities. Though the tool will help users, it also comes at a time when the exchange has been under fire from regulators globally.

Nigerian government will always try to frustrate legitimate business. We wake up every morning to one bad news or the other. On the brighter side this will push people to embrace crypto. The value of naira is depreciating everyday. We might get to 560/$ at this rate. Save your money in stable coins.

|Naira fell marginally against the U.S dollar at the parallel market on Tuesday, after the Central Bank of Nigeria (CBN) announced that it has ended the sales of forex to Bureau De Change operators.

You na strong hands o, Newbie way get skills for signature and trading. No worry, you be better pikin. You dey very welcome to both the forum and our small corner way we dey take manage life. Here way you don come so, na among brothers you dey be this and for anything way we dey do, we dey try carry ourselve along before we go hope say, them Oyibo and other people them go carry us join body. So, we don know you now, you too go try put eye make you for know your people them finish so that, we no go con dey Jons ourselves for some kind matter.
Abeg eh, try keep to the rules and another important thing be say, you go try dey show face for this area, we need am. You do well.

Welcome to the forum, I use the opportunity welcome odas wey post their introduction before you and you too. I just dey very interested in your skills, when you say signature wetin you mean. Like you Sabi run signature codes, abi you dey mean to dey write dey promote campaign through signature participations. If na dar one you mean then dat one no be skills oh everybody fit run dat one na, abeg clear us.

Una good morning oh, how last week be na, market don dey green again oh, I hope una done secure the bags already so as things dey go up una go follow benefit. In all dey getting, get BNB na one altcoin I dey sure go do well if market favour altcoins. Already dey don burn their quarterly burnings na for bull to come now carry price go three digits.