Category: Online geld

Nigerians raise middle fingers at Central Bank measures for bitcoin and cryptocurrency

by Kristin Wagner
Nigeria is undoubtedly the largest African cryptocurrency market, millions of young citizens of the country are trying to face their financial difficulties with cryptocurrency. The Central Bank of Nigeria (BCN) makes that a bit more difficult. They have banned other banks from providing services to cryptocurrency companies. The expectation was that the crypto market would collapse as a result, but nothing could be further from the truth. Portugal Cryptocurrency is popular.

What happened?

To be clear: The Central Bank does not ban cryptocurrency, nor are citizens immediately discouraged from trading. The ban only applies to banks and financial institutions. In other words, crypto exchanges and related companies that previously allowed users to deposit or withdraw their money directly from their bank accounts can no longer do this. The ban is a major setback as bank transfers through exchanges made it easier for many Nigerians to access crypto services without getting ripped off. Still, this doesn't stop Nigerians from trading heavily in cryptocurrency. According to a recent article, Nigeria is the largest peer-to-peer market for Paxful.

It is not a deterrent

When the ban took effect, cryptocurrency traders in Nigeria had to figure out a way to trade without the intervention of banks through crypto exchanges. Paxful is a global peer-to-peer cryptocurrency trading platform and by far the largest in Africa. According to the article, Nigerians have reached a trade volume of $ 1.5 billion with more than 1.5 million users. At least on Paxful. And according to data from UsefulTulips, Nigerians using Paxful traded more than $ 6.3 million in the past 7 days and more than $ 77.4 million in the past 90 days. Germany Crypto is popular.

Traditional financial system is no longer sufficient

Paxful also reports impressive trade volumes from countries such as China, the United States, India and Kenya. Globally, the peer-to-peer platform has more than six million users and more than $ 5 billion in transactions have been executed. According to CEO Ray Youssef, the traditional financial system can no longer meet the needs of a large portion of the world's population. He says the financial systems that currently exist are fostering many financial inequalities, adding that cryptocurrencies have the power to change the system. He says: "With cryptocurrencies, we see an alternative, a way to let the financial system rest on the basis of equality. Our mission at Paxful is to give everyone equal access to finance no matter who they are or where they are, so they can manage their own money and build the future they want with financial freedom. " Now the question: Can Africa and other parts of the world set up a good banking system faster? Or is it easier for citizens to simply switch to Bitcoin?

Crypto guide: this is how digital coins work

by Kristin Wagner
Record prices and more and more investors: digital coins are more popular than ever. Due to the explosive rises in value, it seems you can no longer ignore it. An explanation of how bitcoin and other cryptocurrencies work, so that you can participate in the discussion about the financial topic of the moment. For months, the financial news has been dominated by digital currencies such as bitcoin, ripple and ethereum. Today, ethereum reached the record of more than $1,200 (€1,000). At the beginning of 2017 you bought 1 ethereum for 10 dollars, so the early birds could make a nice profit last year.

Crypto coins

The most famous of all cryptocurrencies is bitcoin. The fact that it is a crypto coin (or crypto currency) does not mean more or less than that the money only exists digitally. There are no physical coins or notes of it. This applies to all cryptocurrencies: from bitcoin and ripple to litecoin and ethereum.


The big difference between cryptocurrencies and the 'normal' currency is that with the latter the Dutch government sends (or at least tries to send) the value. If your euro suddenly becomes worth less, the government steps in to ensure that the value stabilizes. The same applies if the currency becomes more valuable. This is not the case with bitcoin, and those other cryptocurrencies. At the time of writing, the coin is worth around $15,000. If the value is only 1 dollar tomorrow, then you have been unlucky if you have bitcoins. Conversely, if the bitcoin is worth $25,000 tomorrow, you'll have earned $10,000.


The fact that the government does not pull the strings behind the scenes is the disadvantage and the advantage of bitcoin. It also means that no one has complete control over the currency.


A term that is almost always used with bitcoin is blockchain. Blockchain technology is to bitcoin what the engine is to a car. Without that technology, it doesn't work at all. Where with a euro the bank keeps track of how much (or little) you have of it, with bitcoin it is a bit more complicated. Blockchain technology keeps track of all bitcoin transactions. So if you give one coin to your neighbor, it will be stored in the blockchain. If all that information were in one place, it would be very difficult, if not impossible, to secure. has enough information. That is why blockchain technology stores the information spread over all different computers. To make sure that a transaction from one computer to another goes well, a digital signature is added. It just works a little differently than the scribble you normally use.


To ensure secure transmission, each user has two keys: a private key (private key) and a public key (public key). Those keys are actually a bunch of numbers, just “1” and “0,” one after the other. It is very important that the private key actually remains only yours. Unlike your 'normal' signature, a digital signature is different every time you need one. So for every transaction a new signature is created. To this end, a combination is made of your private key and the content of the message. That is why you must also keep the private key secret, otherwise anyone can sign your name. That signature also consists of a lot of ones and zeros.


Of course, a signature is of no use to you if someone else cannot verify it. In normal life, your signature is therefore in your passport. Again, it is slightly more complicated with digital scribbles. To check the signature, the other person needs your public key and the transaction in question. By combining the two with your signature, the other person will be told whether the scribble is real or fake.


The storage and control of bitcoin transactions are also distributed over computers. In doing so, you run into another problem: how do you ensure that people cannot tamper with data from the past? And so can you say that you gave them 200 bitcoins last year? Before we get into that, it's important to take a step back. If you were to design a blockchain, you would see exactly why it is called that. The data is stored as blocks and those blocks are chained one after the other. In a little more detail, this comes down to the following: a block consists of 2,400 transactions. They are lumped together and encrypted. At the end of that process, a similar number comes out as with the signature: a combination of ones and zeros. To create a new block, you have to startwith those numbers. As a result, blocks are linked together like a chain.


Securing those blocks is done by people called miners. These miners receive a reward, a block reward, for each block they protect. That reward consists of a – piece of a – bitcoin. The linking of those blocks and the amount of different miners form the strength of the security. Because each block builds on an old block, you can't go back in time and cheat with the transactions. In addition, the code at the end of the block would no longer match the circulating code, and you would be blown away. The most obvious option to defraud seems to secure a block itself. But that doesn't work either. This is due to the way in which security works. In short: different miners are looking at how they can secure the same data. The first person to finish gets the reward. That does not alter the fact that the other miners will continue. has enough information. As with the signature, there must be one specific combination of numbers. So everyone should end up with the same thing. If one person comes up with a different combination, it's because that person cheated. The system is designed in such a way that it looks around at the different blocks. One deviant code immediately stands out.


This security is therefore completely separated from one computer or location. In addition, the code on which bitcoin runs can be viewed by everyone via code sharing platform Github. Programmers have already established that there are no backdoors. The original code was created by a person or group calling themselves Satoshi Nakamoto. Who or what Satoshi Nakamoto is is unknown. There have been people who have impersonated the creator of bitcoin. They all turned out to be a mess. Because the system is set up so transparently, it has no effect on trust in bitcoin.

ANALYSISBinance Coin, Synthetix, Enjin Price Analysis

by Kristin Wagner
The crypto sector's market cap has fallen 2% in the past 24 hours as major cryptocurrencies were in the red at the time of writing. Binance Coin's drop in value forced itself to fall through its crucial resistance level. SNX posted a drop in its bearish outlook. Finally, ENJ may return below its support zone if it fails to keep itself above its resistance level.

Binance Coin [BNB]

The Binance coin fell 3.4% overnight and the price stood at $332 at the time of writing. It broke through its USD 341 resistance level yesterday, but with today's fall, it was trading below it again. Technical indicators also painted a bearish picture. The immediate support level was at $304 and then at $291. Buying pressure declined, with the same confirmed by the MACD. Furthermore, the Awesome Oscillator histograms hit the charts. However, market volatility could increase as the Bolinger Bands widen. If the price rises, the resistance level to test immediately would be $341. Wat zijn cryptocurrencies?

Synthetix [SNX]

Synthetix's price action has been on a sideways trend for the past few days as the price has fluctuated between $9.50 and $9.52. At press time, it was valued at $9.50 after SNX fell 5.7%. Bearish sentiments still prevailed in the market, although the coin could see a decline in bearish signals in the next few trading sessions. The Awesome Oscillator's histogram flashed red signal bars, as did the MACDs. However, these hit the charts at the time of going to press. Chaikin cash flow declined slightly as a decline in capital inflow was noted. However, the inflow still dominated the outflow. In the event of a reversal, if the price pushes north, the crypto may soon break through its $9.52 resistance and aim for $10.49.

Enjin [ENJ]

ENJ's technical chart painted a rather bearish picture as the coin fell 5.6% in the past 24 hours. The Awesome Oscillator observed red signal bars and a dip in buying pressure. The Relative Strength Index also matched the same as the indicator making its way into the bearish zone at press time. XTZ Tezos has started to rise. The MACD also painted the same story as a bearish crossover 24 hours ago. ENJ has been struggling to break the $1.47 resistance level for some time now. If it continues to fail the next attempts, the price would end up at $1.31.