Connect with us

Bitcoin

Coinfest Nigeria Highlights Blockchain Use Cases Beyond Simply Investing in Bitcoin

Published

on

Coinfest Nigeria

The “decentralised convention for decentralised currency” CoinFest Nigeria was held on April 5, 2018, in Abuja. Crypto-enthusiasts, blockchain entrepreneurs, and investors came to together to discuss the future of cryptocurrency and the blockchain in Nigeria.

Coinfest is an annual event held in many countries, including Nigeria, which aims to promote the use of digital currencies and blockchain technology through a collaborative initiative.

Despite the recent drop in the cryptocurrency market and increased regulatory scrutiny for cryptocurrencies, Coinfest NG still experienced a strong turnout with over 150 participants coming from within Nigeria as well as other West African nations.

The event’s keynote speaker, Dr. Andrew S. Nevin, said in his presentation that there is a need for more Africans to see blockchain technology beyond bitcoin, highlighting this as one of the reasons why most African ICOs have failed.

“Despite raising billions, 46% of ICOs have failed globally, and the majority of African ICOs have failed. Only SureRemit and a few others were successful. Yet about NGN32 billion worth of bitcoin have been traded in Nigeria.”

Steemit in Nigeria

Coinfest NigeriaOne of the many topics discussed at the conference was the fast rate at which the Steemit community is growing in Nigeria. Mr. Toju Kaka talked about building a blockchain community through Steemit. He described the blockchain-powered social network as the Telsa of social media, adding that the platform will be a vehicle that will drive cryptocurrency adoption across the world.

Mr. Toju also described how many microbloggers in the country are now leveraging the Steemit platform as means of making money online through posting valuable content. He further went on to say some Steemians are already building hubs in Nigeria.

“As am talking to you right now, there are crypto-enthusiast who have taken it upon themselves to create hubs in some part of the countries like Ibadan, Portharcourt, and Uyo to power Steemians,” Toju said.

AgroPlexi Aims to Provide Financial Inclusion to Nigerian Farmers

One of the interesting startups showcased at Coinfest NG was AgroPlexi, a new platform leveraging blockchain technology to provide financial inclusion in the Agriculture sector.

The founder of Agroplexi, Mr. Ogundele Mayowa, said that one of the major problems of most African farmers is access to funding. Many of them are unbanked and do not have the necessary criteria to qualify for bank loans. This is where AgroPlexi wants to help.

“Here in Nigeria many of us look at the trading aspect, how we can make money from it. But cryptocurrency and blockchain technology is more than just money it’s the future. Agroplexi already has 51,000 farmers in her database and still counting.”

Mayowa concluded by saying that blockchain and cryptocurrency have the potential to solve the problems surrounding poverty and democracy in Africa.

Nigerian blockchain thought leader, Lucky Uwakwe, also spoke at the conference and told participants: “Experts used to say that it takes a good ten years for software to get into the limelight. That is to tell you that if bitcoin can keep on the pace at which it’s growing, in the next two years it will surely dominate the world as PayPal does.”

Coinfest 2018 showcased a wide range of startups, such as Xendbit, Bitmama, and BeepMagnet, which are a testament to Nigeria and West Africa’s growing blockchain startup scene.

Bitcoin

Almost a Quarter of High-Tech Consumers in South Africa Now Own Cryptocurrency

Published

on

High-Tech Consumers in South Africa

A new study titled “Digital Lifestyle Measure report” conducted by MBIT found that 23 percent of high-tech consumers in South Africa own at least one cryptocurrency, with bitcoin being the most common holding. 

New Report Shows High-Tech Consumers Hold Crypto

In the”Digital Lifestyle Measure report” report, each level of tech consumer (high, medium, and low) was grouped according to DM segmentation. A high-tech consumer is identified and tagged as a “DLM5 consumer”, and for the low-tech consumers, a “DLM1 consumer” was used. 

To place each of the participants in the right groups, the survey made use of a question and answer (Q&A) method. Each person was categorised according to how well they were able to answer the provided questions. The questions mostly focused on their private digital lifestyle and technological gadgets they own and can operate well.

The result of this survey shows that only six percent of the low-tech consumers (DLM 1) own crypto, while 23 percent of high tech consumers own cryptocurrencies. The remaining percentage was then shared in the order: DLM 2: seven percent, DLM 3: twelve percent, and DLM 4: eight percent.

cryptoThe report also stated that of the DML5 population, about 42 perfect of them are of the notion that cryptocurrencies are here to stay. Same goes for 30 percent of the DLM 4 consumers group.

Conversely, 41 percent of the low-tech consumers (DLM1 consumers) did not know what cryptocurrencies are all about, according to IOL

From the DLM 3 consumer group, about 34 percent of them cannot say what the future looks like for cryptocurrencies but 26 percent of them claimed cryptocurrencies to be the “future of financial transacting.”

The report has further shown that high tech consumers who are continually paying for something electronically, are more likely to buy crypto in the long run.

Based on the google trends data, South Africa currently has the highest levels of interest in bitcoin across the world. Hence, it should come as no surprise that tech-savvy South Africans are the ones investing in digital currencies and tokens. 

Continue Reading

Bitcoin

Ecobank Report: Most African Regulators Are Taking a “Wait and See” Approach to Cryptocurrency Regulation

Published

on

African Regulators

While there has been a substantial increase in the adoption of cryptocurrencies in Africa compared to three years ago, there has been minimal effort from African countries to try and regulate cryptocurrencies despite their increased use in various African nations according to a new report by Ecobank.

Ecobank tracked “the current state of cryptocurrency regulation in all markets in Sub-Saharan Africa” through the regulatory responses that have been issued by central banks or financial regulators. In the report, the pan-African bank found that most African regulators are taking a “wait and see” approach when it comes to cryptocurrency regulation.

The report stated: “Many African governments and regulators recognise both the risks and the potential positive impacts of cryptocurrencies, and some also appreciate the difference between cryptocurrencies and the underlying blockchain technology. But they have been reticent in authorising cryptocurrency transactions, and mostly remain apprehensive about the potential risks. African countries appear to be looking to their neighbours to regulate and innovate first, and learn from their mistakes, rather than being the first mover.”

The reported noted that the main reason why African governments were being skeptical about licensing the use of cryptocurrencies was their citizens getting overexposed to cryptocurrency investments and there being a future crash that would cause a ripple effect in the broader economy.

African Regulators’ Stance

African RegulatorsOut of the 39 jurisdictions surveyed, more than 21 countries in the region are yet to make a public declaration on the use of cryptocurrencies.

So far, there have been three countries that have taken a stance on cryptocurrency. Namibia tops the list having banned the commercial use of digital currencies. However, South Africa and Swaziland are the only two countries in Sub-Saharan Africa that have adopted “a generally favourable and permissive stance, but without full legality”.

The remaining countries fall somewhere in between and “refuse” to directly regulate cryptocurrencies claiming that bitcoin and other digital currencies “operate in the grey area between legality and illegality” and have issued warnings to their citizens and investors against using or investing in them. The bank also noted that conversations regarding the speculative nature and instability of cryptocurrency prices have overshadowed their benefits and the potential they bring.

The bank went ahead to note: “Unfortunately, the spectacular rise and fall in the traded value of cryptocurrencies has drowned out broader discussion on the potential benefits this new technology could bring. The transformational impact that could be delivered by tokenising products and services on the blockchain has been compared to that of the Internet. Crypto tokens and currencies could enable consumers to transact instantly, cross-border and for free, provide them with KYC-compliant digital IDs, and incentivise their behaviour and change the way they engage with governments & service providers.”

Ecobank will continue to track cryptocurrency regulation in Sub-Saharan Africa and provide regular updates that will reflect the regulation progress in the African nations.

Continue Reading

Bitcoin

Paxful Continues #BuiltWithBitcoin Charitable Initiative in Africa with the Construction of a Second School

Published

on

#BuiltWithBitcoin

Peer-to-peer bitcoin exchange Paxful announced the newest chapter in its #BuiltWithBitcoin charitable initiative: the construction of a school in Rwanda – for students aged six to fifteen – in the Nyamata Sector of Rwanda’s Bugesera District. This will be the second bitcoin-funded school that Paxful has raised funds for.

bitcoinContinuing its partnership with NGO Zam Zam Water, Paxful has kickstarted the project with a $20,000 donation. The total construction cost of the school is estimated to be $100,000. The remaining balance, Paxful hopes, will be raised through its fundraising campaign.

Donations can be made via Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Dash.  Paxful will match all community donations until the $100,000 goal is met.

“The #BuiltWithBitcoin initiative is a testament to the power of cryptocurrency,” said Ray Youssef, CEO of Paxful. He added:

“We firmly believe that it can improve lives and make the world a better place.”

The planned school is expected to be almost twice the size of the first bitcoin-funded school and will serve up to 300 primary school students upon completion. Furthermore, the school will include a cafeteria, a 35,000-liter potable water well, solar panels for sustainability, and many other resources for the education and enjoyment of students, staff, and faculty, according to a company press release.

“Education is a crucial tool for helping those in developing nations increase their standard of living, so we are very pleased to partner with Paxful to serve these bright young students,” said Yusuf A. Nessary, founder and president of Zam Zam Water. He added:

“This is only a small glimpse into what we can and will continue to do with the power of cryptocurrency.”

Paxful began the #BuiltwithBitcoin initiative in 2017 to promote philanthropy and charity within the cryptocurrency industry. The company plans to construct 100 African schools, as well as donate money for wells and other projects.

To contribute to #BuiltwithBitcoin, send all donations to Zam Zam Water:

BTC (Bitcoin): 3Q5CESP85hhXTLSy2HDbSyNchb5Bi8D7ku
BCH (Bitcoin Cash): 15YGniLxo77kfMUWGoRNT6ShUQC93MvaXg

Continue Reading

Popular Posts