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1  Alternate cryptocurrencies / Altcoin Discussion / How to create RBTC wallet. on: March 24, 2021, 11:08:38 AM
Fast growing Blockchain companies like  Soveryn and others adopted the RBTC Blockchain and people are finding it difficult to set up their wallets and fund it. I hope this my little guide helps few people;
 I will be going with Metamask as it is the simplest and of other wallets
Download Metamask for Android  iOS Windows

Now navigate through the Settings Menu on your Metamask and click Add Network then add these in their respective orders;

Network Name:RSK Mainnet
New RPC URL: https://mainnet.sovryn.app/rpc
Chain ID: 30
Currency Symbol: RBTC
Block Explorer URL: https://explorer.rsk.co


After you must have added RBTC Network on your Metamask, it is left for you to fund the wallet to be able to run transactions on the network. You can fund the address through several ways. RBTC is trading on Kucoin and Bitfinex.


Source;
https://wiki.sovryn.app/en/getting-started/wallet-setup#rbtc-fuels-your-rsk-mainnet-wallet
https://wiki.sovryn.app/en/getting-started/wallet-setup-videos#metamask
2  Economy / Economics / Central Bank of Nigeria Official Reiterates Nigerian Residents Free to Trade BTC on: March 21, 2021, 05:41:59 PM
Quote
A senior executive with Nigeria’s central bank, Adamu Lamtek, has reportedly denied that his institution had placed restrictions on the use of cryptocurrencies. Instead, Lamtek, who is the deputy governor responsible for corporates services at the Central Bank of Nigeria (CBN), says his organisation’s directive only applies to the banking sector.
Source: https://news.bitcoin.com/central-bank-of-nigeria-official-reiterates-nigerian-residents-free-to-trade-cryptos-directive-only-applies-to-banking-sector

As a Nigerian I can confirm this particular quote from Mr Adamu is false and CBN has restricted Nigerians from using Bank accounts to buy cryptocurrencies. Though P2P has been done smoothly but there are high rate of scams involved.. People have lost huge some of money through this medium because of holistic approach by the CBN.
3  Alternate cryptocurrencies / Altcoin Discussion / How to make Ethereum transactions for free on: February 21, 2021, 10:18:53 PM
I've quite seen a couple of times people complain of high gas fee from the Ethereum network. That's why I brought this little discovery I've made.

1. Creat an account with FXT Exchange. Set up and bind your account with 2FA authenticator.
2. Deposit any coin that has low withdrawal fees to your wallet on FXT E.g TRX,XLM,LTC and the rest.

After you just have deposited any of the coins; now convert to ETH for the value of the coin.
1. 
2.


Now you can withdraw your ETH for free, no fee will be charged.

Note: Do not use an exchange ETH wallet, only use anyone from Truswallet, Imtoken or any ERC-20
4  Bitcoin / Bitcoin Discussion / Morgan Stanley May Bet on Bitcoin in $150 Billion Investment Arm on: February 13, 2021, 04:30:27 PM
Quote
The group oversees about 19 funds, of which five delivered gains in excess of 100% in 2020. Its mutual funds have consistently made the top tier of rankings in recent years. Last year’s unusually high returns were aided by bets on companies benefiting from the pandemic, such as e-commerce and streaming entertainment. Prominent investments included Amazon.com Inc., Shopify Inc., Slack Technologies Inc., Zoom Video Communications Inc. and Moderna Inc.
Source: https://www.bloomberg.com/news/articles/2021-02-13/morgan-stanley-may-bet-on-bitcoin-in-150-billion-investment-arm
5  Economy / Speculation / Bitcoin hits $40k on: January 07, 2021, 06:12:20 PM
Happy to see a new ATH of BTCBTCBTC
The dominance is such a beauty to be-hold  Tongue
6  Bitcoin / Bitcoin Discussion / Interest in Bitcoin is relatively low compared to 2017 Google says on: December 17, 2020, 10:06:23 AM
Quote
While #BTC is making new all-time highs, interest in #Bitcoin is still relatively low compared to 2017 according to Google.


Source: https://www.facebook.com/469201610080869/posts/1339811086353246/
I'm my opinion I think a lot of people are aware of bitcoin already compare to 2017 when people Google check things to know about it, now it is mostly available and easier to get than when it was just been broadcasted across different social media platforms and people would Google to satisfy their curiosity.
7  Bitcoin / Bitcoin Discussion / 12 years after Bitcoin whitepaper was released on: November 01, 2020, 11:24:28 AM
Bitcoin has treated everyone equally with seamless transactions over the years, a lot adopted bitcoin, a lot of stories have been told over the years regarding the position of Bitcoin in global marketing and economies. It has played a major role in rolling out new ideas of cryptocurrencies solving more pressing issues. Indeed it is a symbol of Decentralization .


It has exposed the incompetency of Central Banks. Thanks to Nakamoto.. To mark its 12th birthday, PayPal  adopted bitcoin a news that sprung it's price a few thousands of dollar above what it had been trading a day before.
What exactly have you learnt using bitcoin after its 12 years?
8  Bitcoin / Bitcoin Discussion / Protesters in Nigeria used Bitcoin as alternative of banks as CBN blocked accts. on: October 13, 2020, 04:28:12 PM
There has been protest against poor policing in Nigeria for over a week now across different cities, earlier today the CBN sanctioned the bank account used by the protesters to solicit for funds across the country. Immediately they noticed this development, the opted for Bitcoin payments system.
A big plus for the organisation.




https://twitter.com/feminist_co/status/1315998200944263168?s=19

I was about to make a thread about this. Came across the #freeFlutterwave on twitter trend list and decided to check it out.

For those who don't know, Here's a breakdown of what happened:

- Nigerian youths have been protesting for over a week over policing brutality currently happening across the country with several people getting killed on daily basis just because they're been tagged as criminals by law enforcement officers. The funny thing is every Nigerian youth that is living above the average standard of living is tagged as a criminal - web developers, crypto and forex traders, designers, small - medium scale business owners, entrepreneurs etc.

- Since the situation worsened with each passing day, Nigerians have embarked on peaceful protests across the country and was using a payment platform called Flutterwave (Even binance use this platform for crypto payments on their exchange) for funding the protests with food, medical supplies  and also for bailing our protesters that were arrested during the protests.

So.... what happened?

The central bank of Nigeria flagged the the platform saying it was used to fund "criminal" activities. So Nigerians turned to using Bitcoin as the payment solution abandoning all other traditional payment solutions.



This might not seem much for the global crypto community, but it's a huge win for the Nigerian crypto community on and off this forum. The citizens of Nigeria are beginning to realize that the crypto is the future and would help drive its adoption.


9  Economy / Trading Discussion / What actually makes a token pump? on: September 23, 2020, 08:28:17 AM
I'm starting with DIA. It is listed on top exchanges, has good partnership, the team isn't relenting and its price still drops drastically. So, I put up the question to learn with the trend on what actually thrives the price of a token/coin?
10  Alternate cryptocurrencies / Marketplace (Altcoins) / As Ethereum begins to appreciate in the market what is the fate of other alts? on: July 25, 2020, 04:10:11 PM
In the last couple of days we have witnessed a great price increase in Ethereum and I'm super happy about it's great gain.

I'm curious to know if it's is Altcoins season; which of the nearest alternative can you suggest for a HODLer?
An interest rate of +22.93% in 7 days isn't a bad choice after all.

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11  Bitcoin / Bitcoin Discussion / How was FBI able to locate which Bitcoin wallet is Woodberry's? on: July 11, 2020, 08:26:39 AM
I've read he transferred money gotten from his victims to Bitcoins and who disclosed his Bitcoin address to FBI? Is it possible for FBI to just locate one's Bitcoin address?

Quote
Preliminary blockchain analysis done by the FBI indicated that the 29-year-old received at least 1,494.71506296 bitcoin related to these BEC schemes, valued at over $6 million dollars at the time he received the proceeds.

“Mark instructed Individual B and Individual A to send money to the bitcoin wallet 16AtGJbaxL2kmzx4mW5ocpT2ysTWxmacWn (“the 16AtGJ BTC Wallet”) on at least nine occasions.

“Records obtained from Bitpay, a processor of cryptocurrency transactions, indicated that between approximately September 18, 2015 and November 29, 2016, the 16AtGJ BTC wallet made five purchases associated with the Gmail account hustleandbustle@gmail[.]com (the “hustle Gmail account”).



Source: https://www.premiumtimesng.com/news/headlines/402004-how-we-tracked-woodberry-via-iphone-whatsapp-bitcoin-transactions-fbi.html
12  Other / Beginners & Help / Do you value to add value to Human knowledge or your value is to earn merits? on: July 06, 2020, 10:16:49 PM
I was a complete noob who was very envious of highly ranked forum members. I didn't know they took time and worked diligently to earn their various positions. I received my first merit, I kneww I had to work more to earn myself their position.

I started ranking up bit by bit. Reading a lot of topics created, started interacting with experienced members. I wasn't shy to ask questions even if feels I was being stupid, I never felt it. I want to sincerely thank the experienced members for always answering our questions.
13  Bitcoin / Bitcoin Discussion / My suggestion on Bitcoin adoption on: July 01, 2020, 07:33:10 PM
I love the fact that the whole world isn't aware of Bitcoin yet. I see Bitcoin as a digital Gold. It is supposed to be scarce to retain its credibility. If Gold was made accessible to everyone, The value would never be as high it has always been. In the case of Bitcoin, before the century goes off a quantum of the world population will be accessing the internet and I'm not sure a lot of people will still be interested in knowing what it is.
14  Bitcoin / Bitcoin Discussion / Lesson plans about Bitcoin achieved on: July 01, 2020, 10:15:32 AM
So, I made a post about me teaching college students about Bitcoin and it's usage. I asked for  few things that would make up my lesson plans here.https://bitcointalk.org/index.php?topic=5259038.msg54708539#msg54708539 The positive replies I got was enough for me. So, I came up with these;

1. General introduction to Bitcoin
2. What it is used for
3. Introduction to a forum dedicated for discussion of Bitcoins named Bitcointalk Forum
4. Mining
5. Digital skills
6. Last week would be used for quizzes and setting up Bitcoin accounts and prizes would be won for serious students among them.


Your criticism is a welcome one too. Embarrassed
15  Other / Beginners & Help / I have a plan of teaching college students in my neighborhood Bitcoin on: June 30, 2020, 10:55:10 AM
I made a lesson plan yesterday and I would be teaching final year students approaching graduation in my neighborhood about Bitcoin and cryptocurrencies in general and career opportunities involved in the discussion as soon as the lockdown is lifted.

 You can as well suggest topics I can cover time to time. I will be dedicating 3 weeks for the campaign. I hope to update the forum about the development too.
16  Other / Beginners & Help / Note to newbies on: June 29, 2020, 09:13:58 AM
Welcome to the forum. Take your time to read and evaluate every possible detailed threads about rules and guidelines of the forum. Be wary of scams, don't go around following people promising to double your funds within the shortest period of time, it will likely turn scam at the long run.  Ask questions you are not very sure of.

The forum is to educate you and guide you, everyone was once a noob like yourself. Learning is a continuous process. Welcome once again. Tongue
17  Other / Off-topic / Blockchain to boost medical tourism in South Korea on: June 28, 2020, 04:33:46 PM
Blockchain to boost medical tourism in South Korea



A public-private consortium has come together in South Korea to employ blockchain technology in boosting the country’s medical tourism. According to local reports, the consortium will be launching a blockchain-powered platform to make this possible.

The consortium is made up of seven institutions including Dong-A University Hospital, Pusan National University Hospital, Gosin University Gospel Hospital, Samyuk Busan Hospital, and payment brokerage company Knet Co. Ltd.

Busan is the second largest city in South Korea and this initiative is led by Busan Bank, which is located in the Busan Metropolitan City. Busan Bank announced on June 18 that they had signed a business agreement to build the platform.

Boosting medical tourism in South Korea

The agreement is focused on building a “cycle of mutual growth” with local businessmen while also boosting the medical tourism business. This will be done through the combination of the banking process of Busan Bank and the special medical tourism business in Busan.

Their goal is to build a blockchain-based smartphone app—called “Regional Mobile Medical Tourism Platform—that will directly connect foreign medical tourists with participating medical institutions. Busan Bank use the blockchain-powered app to channel all medical tourism-related transactions.

“The Busan Bank will actively cooperate to make Busan become the best medical tourism specialty district in Korea,” said Bin Dae-in, president of Busan Bank. “We will play a role in revitalizing the local medical tourism business,” he added.

Busan Bank was selected as a blockchain regulated free zone operator in Busan last July which will help promote the new medical tourism initiative.

Source: https://coingeek.com/blockchain-to-boost-medical-tourism-in-south-korea/
18  Other / Beginners & Help / How to easily buy and sell Bitcoin in Nigeria. on: June 28, 2020, 01:46:03 PM
I'm here to guide noobs in Nigeria on how to buy/sell Bitcoin or any other person interested in knowing how to exchange Bitcoin for fiat and vice versa in Nigeria.

We all know what Bitcoin is.

1. Nairaland Escrow Thread.

Nairaland is Africa's biggest online forum, here there are handful of individuals who trade and deal on almost all digital assets, you can easily market your coins and earn your fiat within the shortest period of time. You have to do your homework before you trade here because there are more scammers than genuine and honest buyers.

https://www.nairaland.com/5828664/currency-e-currency-market-deals-2020

2.Luno

Luno is the best and safest place to trade your coins.
The reason I listed Nairaland ahead of Luno is because; Luno has a limited number of cryptocurrencies you can trade easily.
In Luno you can't trade untill you;
 
•You verify your account with a valid means of identification
•Link your Bank Verification Number (BVN)
•Link your local bank account (Not necessary though but if you want fiat).


You can withdraw from Luno in any hour of the day though Luno usually starts working from 8:00 AM to 6:00 PM ( I'm not very sure of this).
Luno charges N 150. For trading fee and N 200. For withdrawing directly to your bank account.

The highest amount to deposit in Luno is N200,000.

https://www.luno.com/en/

I will be updating the thread with more information as other Nigerians suggest more vital information relating to this.
I'm open for corrections.


19  Bitcoin / Bitcoin Discussion / A lot of Americans still don't know what Bitcoin is on: June 28, 2020, 10:12:36 AM
I had two clients from America I want offer graphics designing jobs for, I demanded my payment would be in BitcoinBTC or Ethereum. To my greatest dismay, they were dumfounded on what Bitcoin or Ethereum is. I am still suprised up to this very moment. Cheesy Roll Eyes
20  Bitcoin / Bitcoin Discussion / Going Crypto in Nigeria: A Comparative Approach to the Regulation of Digital. on: June 28, 2020, 09:03:12 AM
Going Crypto in Nigeria: A Comparative Approach to the Regulation of Digital Currencies.


Cryptocurrencies, or digital currencies secured using encryption techniques, have seized the imagination of a motley crew of anti-capitalists, financial experts and computer scientists. At the same time, cryptocurrencies operate outside the purview of central banks and have created a regulatory conundrum for governments. Regulation of this digital currency in Africa has been varied, with some countries offering full-throated endorsements while others look to ban or discourage its use. The Central Bank of Nigeria (“CBN”) had adopted an interesting middle ground approach, not looking to either ban or adopt cryptocurrency but offer stern warnings to banks, financial institutions and customers not to transact in it. In January 2017, the CBN issued a statement to all banks and financial institutions prohibiting transactions in digital currencies on account of its volatility. This shaped the tenor of the subsequent regulatory approach by the CBN, the Nigerian Securities and Exchange Commission (“SEC”) as well as consumer protection authorities. However, Nigeria is reported to have the world’s third largest number of users of digital currencies with no adverse impact reported as a result of these actions. We take a closer look at Nigeria’s approach to regulating cryptocurrencies through the lens of regulatory models adopted by other African countries and recent legal developments in the field. 

Cryptocurrency Regulation in Africa

African countries have adopted a disaggregated approach to regulating digital currencies in general. Several countries have either decided to ban or prohibit the use of digital currencies. A significant number of countries have not adopted a coherent approach towards regulation at all, deciding instead to let the market grow for now. A relatively smaller number of countries have taken an explicitly progressive approach towards the growth of digital currencies, deciding to either formally adopt the use of such currencies or legalise it to allow for regulation. For instance, Senegal and Tunisia have announced their own forms of digital currencies, signalling a welcome approach. We take a closer look at some African countries that previously had a hard-line stance against cryptocurrencies but are beginning to adopt a more reconciliatory approach.

The Bank of Ghana had previously announced that digital currencies were not licensed or legal within the country, therefore rendering the public that uses it especially at risk. However, this hands-off approach might change, with calls in Parliament to regulate to mitigate the risks of fraud. Moreover, the Governor of the Bank of Ghana recently announced that the country may issue its own digital currency in the future. This ‘sandbox’ approach to digital currencies is also reflected in the country’s Payment Systems and Services Bill, through which cryptocurrencies are believed to be regulated as ‘electronic money issuers’. Similarly, Kenya is also on the cusp of a regulatory overhaul towards cryptocurrencies. Previously, its Central Bank had made announcements declaring digital currencies to be outside the purview of its regulation and therefore prohibited its use. However, the Kenyan government has changed its attitude towards blockchain technology in general, seeing its potential in resolving conflicts over title to land, ramping public health infrastructure and enhancing the transparency of records through smart contracts. On February 28, 2018, an 11 member government task force to study the use of distributed ledger technology was announced. Moreover, the Kenyan Central Bank has also indicated that it is re-thinking its position by announcing a whitepaper on its use. Kenya also offers a window into the potential outcome of lawsuits surrounding the use of cryptocurrencies in jurisdictions that have not specifically outlawed its use but simply declared it to be ‘unregulated’. In 2015, the Kenyan High Court ruled in the case of Lipisha Consortium Ltd and Bitpesa Ltd v Safaricom Petition that bitcoin represented monetary value and that suspension of services for use of bitcoin was justified since the approval of the Central Bank was not received. This category of states – with no explicit prohibition but robust warnings against use – is proximate to Nigeria’s model, and warrants closer analysis.

Concerns Surrounding Cryptocurrency in Nigeria

Similar to several other African countries, Nigeria voiced early concerns surrounding the popularity and appeal of cryptocurrencies. On January 12, 2017, the CBN issued a circular to banks and financial institutions in Nigeria (“2017 Circular”) warning of the risks associated with virtual currency operations. That virtual currencies were unregulated made transactions “largely untraceable and anonymous making them susceptible to abuse by criminals, especially in money laundering and financing of terrorism”, it said. Therefore, “pending substantive regulation” in Nigeria, banks and financial institutions were directed to do the following:

Not hold, trade or transact in any way in virtual currencies;
Virtual currency exchanges who are currently customers have effective anti-money laundering and combating the financing of terrorism (“AML/CFT”) controls in place;
Such AML/CFT controls should facilitate customer identification, verification and monitoring of transactions; and
Suspicious transactions to be reported to the Nigerian Financial Intelligence Unit.
This was a strongly worded circular that indicated a strict directive to completely ring-fence the financial services sector from the vagaries of virtual currencies. However, the second directive in the circular – that of implementing AML/CFT controls for current customers – also belied a more positive outlook. The 2017 Circular was followed up with a more mildly-worded press release on February 28, 2018 (“2018 Press Release”). The 2018 Press Release states that cryptocurrencies are unlicensed, unregulated and accordingly do not constitute legal tender in Nigeria. Therefore, investors are warned of the lack of any legal redress in relation to virtual currency transactions. A January, 2017 public notice from the SEC also reiterated this hands-off albeit highly cautious approach towards cryptocurrencies, leaving investors in the lurch and the market highly susceptible to fraud.

The combination of a teeming market of cryptocurrency users and exchanges in a largely unregulated market in Nigeria has provided the ideal conditions for fraudulent schemes. For instance, two Nigerian nationals were indicted in April, 2019 by the US Attorney’s Office in the District of Oregon on charges of defrauding investors of approximately USD 60,000 by causing them to transfer bitcoin to virtual wallets with the promise of financial gain. Similarly, users of a Nigerian crypto wallet called Satowallet reported losses of over USD 1 million caused by a scam allegedly perpetrated by third parties. Unfortunately, the CBN played a passive role through this. As early as March, 2017, the Deputy Director of CBN’s Banking and Payment System stated that the “Central bank cannot control or regulate bitcoin. Central bank cannot control or regulate blockchain. Just the same way no one is going to control or regulate the Internet. We don’t own it.” As a consequence, CBN would not be a forum for consumer protection since “We can’t stop bitcoin.” This position was backed by the Nigerian Deposit Insurance Corporation (“NDIC”), which stated that crypto users would not be afforded either consumer protection or insurance. This absence of regulation coupled with the reluctance of regulators to mitigate the risks of fraud in the crypto market may have exacerbated these risks and led to reduced trust in the overall fintech ecosystem.

This approach is beginning to change. The Speaker of the Nigerian House of Representatives called for a legal framework to regulate cryptocurrencies. Moreover, on August 22, 2019, the FinTech Roadmap Committee of the Nigerian Capital Market constituted by the SEC submitted its report to the SEC (“FinTech Report”). The FinTech Report contains the following findings and recommendations in relation to cryptocurrencies:

Currently, the absence of a classification of cryptocurrencies as commodity, security or currency is causing regulatory uncertainty. The recommended classification is either as a commodity or a security but not a currency;
SEC should be primarily responsible for the regulation of virtual financial assets exchanges;
SEC should develop a stringent KYC and due diligence framework for initial coin offerings of digital currencies; and
All of these should be in place in the first quarter of 2020, as per the timeline laid down by the report.
The direction of the FinTech Report towards regulation of cryptocurrencies is in consonance with developments in the rest of the world. Similar to action by the CBN, the Reserve Bank of India (“RBI”) had also at first taken  a hands-off approach by issuing advisories by way of press releases. In 2018, the RBI flipped to the other extreme, prohibiting banks and financial institutions not only from dealing in cryptocurrencies, like the CBN had, but also prohibiting them from transacting with businesses dealing with cryptocurrencies. This meant than banks could no longer open accounts for or service crypto-businesses such as exchanges in any way. A legal challenge against this action by the RBI before the Supreme Court of India recently succeeded. The petitioners had contended that ring-fencing the financial services sector from cryptocurrencies amounts to a shadow ban. The court held that regulation  should be proportionate to the risk posed by cryptocurrencies, and in the absence of empirical evidence of damage caused by cryptocurrencies, a ban cannot be considered proportionate. Similarly, the United States, the United Kingdom and the European Union all either already regulate certain aspects of or intend to regulate cryptocurrencies as a whole.

Way Ahead

As Nigeria moves away from a hands-off or shadow banning approach towards a pro-regulatory approach, two considerations may be foremost in the minds of policy makers. At the outset, as the FinTech Report indicates, the possibility of regulatory overlap is high. The SEC would have an incentive to classify cryptocurrencies as a security, the NDIC as a commodity and the CBN as a currency – in order to ensure that it is the primary regulator. This would only further exacerbate the regulatory uncertainty that already exists in the market. Therefore, in order to avoid regulatory overlap it is critical that any framework be developed in consonance with all three regulators. This would ensure that not just cryptocurrencies but also other elements of the crypto infrastructure – exchanges, assets, coin offerings – are all adequately regulated by the appropriate regulator. The need for widespread consultation is critical, as was highlighted by policy makers to be lacking in the RBI’s actions towards cryptocurrencies in India. Bringing stakeholders into confidence makes for more effective policy. Lastly, given numerous fraudulent schemes that have shaken the trust of ordinary Nigerians in the crypto market, it is imperative to have robust consumer protection measures in any regulatory framework being envisaged. The Nigerian Government may decide to empower existing consumer protection bodies to investigate and prosecute instances of fraud, wilful misrepresentation and other modes of market manipulation. In the alternative, a specialised consumer protection body may be set up that can work in tandem with the CBN, SEC and NDIC to support the integrity of the cryptocurrency market.

This post is authored by Varun Baliga, a consultant working with Ikigai Law, with inputs from Anirudh Rastogi, founder and managing partner at Ikigai Law. Reach out to us at contact@ikigailaw.com.

Disclosure – Ikigai Law represented the crypto-exchanges in their challenge against the shadow ban on cryptocurrencies before the Supreme Court of India.


https://www.ikigailaw.com/going-crypto-in-nigeria-a-comparative-approach-to-the-regulation-of-digital-currencies/#acceptLicense
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