One of the difficulties many face in crypto is how tk convert their crypto coins to local fiat which they can use for their everyday runnings activities, .providing an easy way for this conversion will have a positive effect on crypto mainstream movement
This is a good step that CZ have taken. Given to the fact that Nigeria is the most populous black nation, getting the attention of crypto enthusiast in that region will go a long way to aid the global adoption of cryptocurrency and Blockchain technology.
Topic: Nigeria Naira becomes first Fiat currencies to be listed on Binance. (Read 295 times)
November 27, 2019, 04:43:43 AM
November 13, 2019, 07:09:22 AM
My Nigerian friends were bragging about how it meant that Nigeria has a special place in the Cryptocurrency sphere but recently, more fiat currencies has been added and CZ has made it known that he plans to onboard about 180 new fiat currencies within the next 6 to 9 months, ofcourse it's all just funa Nd games and playful banter between friends.
November 12, 2019, 02:15:23 PM
According to a survey made using stats from Local bitcoins, it was estimated that Nigerians are the top 7 people in the world with the highest bitcoin volume although I have to say that I am surprised that the Nigerian Naira happened to be the first Fiat listed in Binance exchange, but presently it's not the only one as more Cryptocurrencies (I think 4 at last count) has been added as well, eagerly awaiting the time my country's currency would be listed, fingers crossed.
Don't be surprised. You already said it yourself. Nigeria has the 7th highest Bitcoin trading volume year to date as per data release by Localbitcoins. To add to that statistics, the number of Nigerian Bitcoin users and traders are increasing with each passing day. Nigeria is quickly becoming a hub for Crypto. I'm glad we're edging towards financial freedom and other perks that comes with Blockchain.
November 12, 2019, 01:34:58 PM
According to a survey made using stats from Local bitcoins, it was estimated that Nigerians are the top 7 people in the world with the highest bitcoin volume although I have to say that I am surprised that the Nigerian Naira happened to be the first Fiat listed in Binance exchange, but presently it's not the only one as more Cryptocurrencies (I think 4 at last count) has been added as well, eagerly awaiting the time my country's currency would be listed, fingers crossed.
November 12, 2019, 03:01:41 AM
Which is far from true. Binance choose NGN because it was easiest to do since Nigeria is open for blockchain technology and is "actively engaging in trading cryptocurrencies" but it is definetli not dominating the industry.
OP is an advocate for the growth of cryptocurrency in Africa on this forum, and I think I'll be right if i say when he meant Nigeria is dominating the industry, he didn't mean all over the world, of course it's not possible for Nigeria to be the most dominant crypto savvy nation in the world, so many nations have adopted the technology, groomed it, even before Africans bought into it. I feel OP meant Nigeria is one of, if not the most active in cryptocurrency trading in Africa, and I think Nigeria, along with Ghana, Zimbabwe, South Africa and Botswana lead that list in Africa, so I think he's correct if he says Nigeria is dominating the industry(at least in Africa).
November 11, 2019, 12:17:20 PM
It still contributes though, and saying that it's nothing is like an understatement considering that Nigeria is one of the most progressive countries in Africa despite the fact that poverty still runs out and about. Seeing that Nigerians are actively engaging in trading cryptocurrencies, it's already a good thing and something worth noticing and worth mentioning since that side of the map often is disregarded on economic scenes.
Yes. I agree. But OP said that binance choose Nigeria because:
No surprise here, Nigerians are one of the most active traders dominating the industry.
Which is far from true. Binance choose NGN because it was easiest to do since Nigeria is open for blockchain technology and is "actively engaging in trading cryptocurrencies" but it is definetli not dominating the industry.
1D trading volume on NGN/BTC is equal to 8M NGN = 22 222$ ! 1D trading volime on USDT/BTC on binance is 1 000 000 000$ its 45 000 times less.
Summed it up and this thread didn't last more than 4 days. I need to build a P2P bitcoin exchange, is there anyone with skills to make this a reality?
October 28, 2019, 09:39:52 AM
It still contributes though, and saying that it's nothing is like an understatement considering that Nigeria is one of the most progressive countries in Africa despite the fact that poverty still runs out and about. Seeing that Nigerians are actively engaging in trading cryptocurrencies, it's already a good thing and something worth noticing and worth mentioning since that side of the map often is disregarded on economic scenes.
Yes. I agree. But OP said that binance choose Nigeria because:
No surprise here, Nigerians are one of the most active traders dominating the industry.
Which is far from true. Binance choose NGN because it was easiest to do since Nigeria is open for blockchain technology and is "actively engaging in trading cryptocurrencies" but it is definetli not dominating the industry.
1D trading volume on NGN/BTC is equal to 8M NGN = 22 222$ ! 1D trading volime on USDT/BTC on binance is 1 000 000 000$ its 45 000 times less.
October 26, 2019, 03:34:54 PM
Be cautious while trading with the Nigerian Naira (NGN). This particular currency has lost almost 60% of its value during the last 5 years. The exchange rate was 1 USD = 160 NGN in 2014, and now the exchange rate stands at 1 USD = 361 NGN. The Nigerian government has devalued the NGN two times recently, once in 2016 and the last time in 2017.
Looking at the chart NGN has been stable for the last 2 years, going sideways. But man.. those drops make it a forex world shitcoin. Of course that traders who are are willing to trade BTC using NGN should either cover themselves against NGN downside or closely watch the economical and politic aspects of Nigeria. It is important for a trader to know what kind of asset is he trading at all moments
October 26, 2019, 03:21:34 PM
I never knew "binancian" is a word, maybe the OP created it or maybe it was a thing beforehand but I really enjoy it, "binancian" like a game class or race (race looks better) like in wow or something.
Nigeria is known for their active community in bitcoin world, I have met with hundreds of them during my 7 years in bitcoin world and I feel like I have worked with tens of them as well (more like 7 probably), they are good coders, they are good designers as well and they have great English, they have better English than most Europeans I have met so they do work in digital advertisement properly, you can hire 3 Nigerians (one coder, one designer, one writer) and you can literally build a whole digital agency for probably under 200 bucks a month which would really mean you can profit super easily and grow from there.
Nigeria is known for their active community in bitcoin world, I have met with hundreds of them during my 7 years in bitcoin world and I feel like I have worked with tens of them as well (more like 7 probably), they are good coders, they are good designers as well and they have great English, they have better English than most Europeans I have met so they do work in digital advertisement properly, you can hire 3 Nigerians (one coder, one designer, one writer) and you can literally build a whole digital agency for probably under 200 bucks a month which would really mean you can profit super easily and grow from there.
October 26, 2019, 01:10:59 PM
No doubt Nigerians are one of the most active community in cryptocurrency and it is an awesome update that top exchange like Binance has listed Nigeria's official currency Naira. The most supporting factor behind this may be Nigerian govt. positive stand regarding cryptocurrencies unlike other countries. Nigeria must have realized the benefits of blockchain chronology and its good affects on economy. I wish all other govts make a positive stand for cryptocurrencies.
October 26, 2019, 12:11:49 PM
Be cautious while trading with the Nigerian Naira (NGN). This particular currency has lost almost 60% of its value during the last 5 years. The exchange rate was 1 USD = 160 NGN in 2014, and now the exchange rate stands at 1 USD = 361 NGN. The Nigerian government has devalued the NGN two times recently, once in 2016 and the last time in 2017.
This is quite good rather than other old projects that has been dead.
Maybe it's just the effect of the current market condition so they devalued the price.
October 26, 2019, 11:59:21 AM
I think that binance add NGN because Nigeria is open for new technologies and does not make unnecessary problems (good for them) rather than they have dominated the industry. Just loock at NGN/BTC volume. 26 M NGN - that's 75 k $. Its nothing. I know that its first day of trading but its less than noticeable.
It still contributes though, and saying that it's nothing is like an understatement considering that Nigeria is one of the most progressive countries in Africa despite the fact that poverty still runs out and about. Seeing that Nigerians are actively engaging in trading cryptocurrencies, it's already a good thing and something worth noticing and worth mentioning since that side of the map often is disregarded on economic scenes.
October 26, 2019, 11:24:29 AM
Be cautious while trading with the Nigerian Naira (NGN). This particular currency has lost almost 60% of its value during the last 5 years. The exchange rate was 1 USD = 160 NGN in 2014, and now the exchange rate stands at 1 USD = 361 NGN. The Nigerian government has devalued the NGN two times recently, once in 2016 and the last time in 2017.
October 26, 2019, 10:42:01 AM
Good news, is there no regulation regarding fiat registration at the binanace exchanger? Usually the government provides several regulations for security arrangements. I don't see NGN on the binance exchanger, is it on the binance dex? Good support done by binance.
It was listed at binance dex and not in binance exchanger, maybe because there was no regulation yet implemented with NGN. I am looking after for other countries to have the chance to be listed like NGN, hopefully most asian countries who've been strongly patronizing cryptocurrency trading.
I looked for pairs of NGNs on Binance DEX, did not find them? I think other countries will follow, but there are still government rules that must be completed, someday other countries will have money in Cryptocurrency.
October 25, 2019, 11:13:10 PM
yah, although people think that Nigeria or countries in Africa are underdeveloped, in terms of crypto, they have a lot of people involved in trading and investing.
This is why CZ is looking to Africa and expand its network to increase market liquidity and exchange platform. That is a great direction.
This is why CZ is looking to Africa and expand its network to increase market liquidity and exchange platform. That is a great direction.
October 25, 2019, 06:31:47 PM
Good news, is there no regulation regarding fiat registration at the binanace exchanger? Usually the government provides several regulations for security arrangements. I don't see NGN on the binance exchanger, is it on the binance dex? Good support done by binance.
It was listed at binance dex and not in binance exchanger, maybe because there was no regulation yet implemented with NGN. I am looking after for other countries to have the chance to be listed like NGN, hopefully most asian countries who've been strongly patronizing cryptocurrency trading.
October 25, 2019, 06:21:01 PM
I think Nigerians are one of the earliest adopters of crypto and I would say that they are really very active specially around 2017 wherein I have some interactions with them as well. So I wouldn't be surprised that Binance has choosen Nigeria Naira to be the first currency to be listed on their platform. So it's a win-win situation for all Nigerians here and of course Binance are going to expand its presence even more in Africa with this bold move. And Nigerians are amongst the top remittance sender country, if I'm not mistaken so it will be fairly easy from the other side to test this as well. I think this open a lot of doors from Nigerians and experiment to see how they can take advantage of this.
October 25, 2019, 02:56:13 PM
The latest development is a big plus to Nigerian crypocurrencies enthusiasts I believed binance sees the need to accommodate teeming Nigerian bitcoin traders who had resorted to using unsecured third parties in buying and selling of cryptocurrencis this is absolutely a way out not long a go despite the warning by the Central bank of Nigeria who had issue a stern warning against the use of cryptos.
link: https://www.coindesk.com/nigerias-central-bank-again-warns-on-crypto-investments
Despite the high rate of unemployment in the country the hard working teeming youth had to find a way out in trading their coins to make ends meet the listing of NGN will big sign of relief in making swift and faster transactions.
link: https://www.coindesk.com/nigerias-central-bank-again-warns-on-crypto-investments
Despite the high rate of unemployment in the country the hard working teeming youth had to find a way out in trading their coins to make ends meet the listing of NGN will big sign of relief in making swift and faster transactions.
October 25, 2019, 02:02:28 PM
It's been a long time coming. I did saw this one coming. Nigerians are topping the charts for countries with high trading volume – The #1 in Africa and #7 worldwide. One interesting fact is that Nigeria's volume has been quite consistent since 2016.
Source : https://www.bitcoinmarketjournal.com/bitcoin-trading-volume-by-country/
I'm not forgetting Flutterwave's role in making this a possibility. Big kudos to them. One of the best tech companies in Nigeria at the moment.
Source : https://www.bitcoinmarketjournal.com/bitcoin-trading-volume-by-country/
I'm not forgetting Flutterwave's role in making this a possibility. Big kudos to them. One of the best tech companies in Nigeria at the moment.
October 25, 2019, 01:47:28 PM
I have no idea the volume from Africa are mostly from Nigeria. The government of the country must be bitcoin friendly government but the first I know of the country that is crypto friendly is Zimbabwe. I also have noticed it just today that there is BUSD in CMC. Looks like everyone is taking advantage of stablecoin and BNB is taking its full benefit by grabbing market even the African market.
There had been many of the people are trying to view crypto to be the tool to waken these countries up for its potential.
Very intelligent move made by the CZ & the co. Africa is a huge niche for cryptocurrency projects taking into account the big percentage of unbanked people there. We all know what success MPesa had in Kenya and pretty much all over the African continent. I strongly believe that cryptocurrencies are going to be the catalyst that will end the hunger and boost Africa economic and social development close to what we now see in most of the countries.
Especially because they have most of the population unbanked means that there are less hurdles and they won't have banks protesting against the change
Especially because they have most of the population unbanked means that there are less hurdles and they won't have banks protesting against the change
There had been many of the people are trying to view crypto to be the tool to waken these countries up for its potential.
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