Cryptocurrencies continue to be traded in Nigeria more than almost anywhere else in the world, reflecting a loss of confidence in more traditional forms of investment. Success stories have attracted millions of Nigerians to digital currencies, such as Bitcoin. A survey conducted by data platform Statista in 2020 revealed that 32 percent of Nigerians use cryptocurrencies, the highest percentage of any country in the world. It is estimated that Nigeria ranked third after the United States and Russia in 2020 among the top 10 countries in terms of trading volumes, generating more than $400 million in transactions. Although Nigeria has…
Author: BitcoSat
Bitcoin prices have fluctuated a lot during this year, and in 2021 they reached approximately $65,000. But it did not maintain this rise for long, as it subsequently lost more than 47 percent of its value.This fluctuation has affected the desire of large investors to adopt the currency because it represents a risk to their business and profits. Through the following article, we try to clarify five risks facing Bitcoin. 1. Government legislation against Bitcoin Government regulation is one of Bitcoin’s biggest risks, and China has begun to clamp down on miners. This is done by closing large mining farms.…
If you are a user of virtual digital currencies such as Bitcoin, you must have wondered where you can spend the digital currency.Through the following report, we try to highlight a few places out of hundreds of online stores and physical locations around the world where you can spend your virtual cryptocurrency and turn it into tangible goods. Here is a selection of vendors around the world where you can spend your cryptocurrencies: Fashion Consulting and Finance Food Gaming Health care and other services Bitcoin Guides
North Korean hackers are constantly discovering new ways to steal Bitcoin from unsuspecting victims, as they have resorted to stealing cryptocurrencies from investors and individual people as part of a new strategy pursued by Pyongyang to mitigate the impact of international sanctions.Targeting individuals who own virtual currencies such as Bitcoin represents a departure from its previous methods, which targeted platforms and financial institutions, and analysts say the shift indicates that North Korea is seeking a new source of income in light of the sanctions targeting its nuclear program. North Korean hackers previously attacked trading platforms directly, targeting employees at exchanges,…
A new study shows that mining cryptocurrencies are much more energy-intensive than mining their shiny counterparts like copper, gold, or platinum.Researchers have studied the unusual energy requirements of a Bitcoin mining company for years, and this first-of-its-kind comparison helps put mining operations in their natural context and illustrate their toll on the environment. Cryptocurrencies are a form of payment based on blockchain technology, a digital ledger that tracks transactions for verification.Cryptocurrency mining essentially adds a new block to the blockchain while the person doing the mining gets the digital coins. The entire mining process takes place in the virtual world,…
I am almost certain that the media’s excessive nature of its current treatment of the concept of the blockchain is wrong and misplaced, just as it is excessive in ignoring the digital currency revolution, led by Bitcoin, in its early beginnings, which is originally one of the outcomes of the blockchain. Between a confused transmitter, an ignorant and impulsive person, a hollow media person, and a lover of appearing on social networks – the simple person became confused, the idea was lost, and the fruit was lost, until eyes became distracted from certain facts, great benefits, and threats and doubts.…
A research paper from the Bank for International Settlements concludes that cryptoassets, touted as the future of finance, have not only failed to deliver on their promise, but are increasing financial risks in developing economies. The BIS report showed that “cryptoassets have the illusory appeal of being a simple and quick solution to financial challenges” especially in emerging markets, but “they have so far not reduced financial risks in less developed economies but rather amplified them.” The report examines what could happen if cryptocurrencies and traditional financial markets become more integrated in the future, focusing on the potential risks to…