Is the issuance amount of e-Naira known?
Yes, the issuance amount is been known and managed by its Regulators (Central Bank of Nigeria), and it isn’t public available to users in real time. The total amount of e-Naira in circulation always fluctuate and we only get to know the total number of issuance in periodical release statements from CBN that provides understanding of the total value of e-Naira in circulation.
#cbdc
How transparent is the e-Naira?
e-Naira transactions are not very transparent because the public cannot access the transaction data. Only regulators and the government can see it, possibly to protect users' privacy.
#cbdc
Which companies are developing e-Naira?
The Central Bank of Nigeria partnered with Bitt, a global financial company, to help bring the e-Naira technology to life.
How much privacy does e-Naira have?
Its operation is similar to the usual process of sending Naira from one bank app to another. As far as I know, e-Naira's privacy is very different from digital currencies like Bitcoin. The security in e-Naira mainly comes from KYC (Know Your Customer) requirements, encryption to protect user information, and it follows Nigeria's laws and regulations.
What tech stack does e-Naira use?
The e-Naira, like other digital currencies, was created to improve security, privacy, and transparency for its users. The exact technology used to develop the e-Naira isn't fully known, but research suggests that common tools like Distributed Ledger Technology (DLT) and Hyperledger Fabric are likely part of it. DLT helps ensure transparency, security, and that data cannot be changed, and it supports the two-tiered system the Central Bank of Nigeria (CBN) uses. Hyperledger Fabric, on the other hand, is a blockchain system designed for businesses and organizations.
#cbdc
How many people use e-Naira?
When e-Naira was first launched, many Nigerians thought it was a scam. Some even believed that the Central Bank of Nigeria (CBN) introduced it to track people using cryptocurrencies, which could result in their bank accounts being suspended. Because of these concerns, only about 0.5% of the population used e-Naira in the first year. However, starting in October 2022, its popularity grew quickly, and now around 13 million people are using it.
#cbdc #nigeria
What is e-Naira?
e-Naira is a crypto like digital currency launched by Central Bank of Nigeria (CBN) in October 2021. The innovation behind it is to provide a secure fast and efficient way for Nigerians to transact online.
How does SatsFaucet works?
SatsFaucet works with companies that want to advertise their games, apps, surveys, or products.
Here’s how to make cool SATs on SatsFaucet:
1. Pick a task from the offers page or offerwall. You can sort the offers to find ones that fits your interest.
2. Finish the task. Most tasks take between 2 and 10 minutes.
3. After completing the task, you'll earn coins.
Coins breakdown:
10,000 coins = $1. Once you have 50,000 coins ($5), you can instantly cash out in satoshis (bitcoin).
Join the whooping community of stackers on SatsFaucet today through the provided link below
https://satsfaucet.com/register?r=19097
#stacksats #bitcoin #btc #nostr #freesats
Hello famz, I just unlocked a new way to earn free SATS by just completing simple tasks online.
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#nostr #stacksats #newbie
Topic: Challenges and Risks of Bitcoin
While Bitcoin offers numerous advantages, it also presents certain challenges and risks that need to be addressed:
- Bitcoin is known for its price volatility. Its value can fluctuate dramatically over short periods, which can be a risk for investors and a challenge for its use as a stable currency.
- The legal status of Bitcoin varies by country. Some governments have embraced it, while other countries like Nigeria have banned or heavily regulated its use. This uncertainty has affect its adoption and usability.
- While the Bitcoin network itself is highly secure, individual users can be vulnerable to hacks, scams, and theft, especially if they do not properly secure their digital wallets.
- As Bitcoin has grown in popularity, the network has faced challenges with scalability. The Bitcoin network can process only a limited number of transactions per second, leading to delays and higher fees during periods of high demand.
#bitcoin #btc #nostr #newbie #learnbitcoin
Read previous post here: https://primal.net/e/note1j9kx7u25xunsumcp0x3lhxr879ua3ll9xyn0xfle3x4rw5m5chgslyc9dp
Topic: Advantages of Bitcoin
- Bitcoin transactions are secured by cryptography, making them resistant to fraud and hacking. The blockchain's decentralized nature also adds to its security.
- Bitcoin can be sent and received anywhere in the world, making it accessible to people in regions with limited access to traditional banking systems.
- Bitcoin transactions often have lower fees compared to traditional banking and money transfer services, especially for international transfers.
- Users have full control over their Bitcoin, without relying on a bank or other financial institution.
#bitcoin #btc #nostr #learnbitcoin #newbie
Read previous post here: https://primal.net/e/note1j9kx7u25xunsumcp0x3lhxr879ua3ll9xyn0xfle3x4rw5m5chgslyc9dp
…continued from previous post
How Bitcoin is been Used
- Medium of Exchange: Bitcoin can be used to buy goods and services online and, increasingly, in physical stores. Some businesses accept Bitcoin as a payment method, either directly or through payment processors that convert it into fiat currency.
- Store of Value: Many people view Bitcoin as a DIGITAL GOLD, using it as a store of value to protect against inflation and economic instability. Due to its limited supply and increasing demand, Bitcoin has often appreciated in value over time.
- Investment Asset: Bitcoin is also seen as an investment asset. Investors buy and hold Bitcoin with the expectation that its value will rise, similar to how they might invest in stocks or real estate.
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#bitcoin #nostr #newbie #learnbitcoin #btc
…continued from previous post
Topic: Characteristics of Bitcoin
The key characteristics of Bitcoin include:
Decentralization: Bitcoin is not controlled by any central authority, such as a government or financial institution. Its decentralized nature is one of its defining features and differentiates it from traditional currencies.
Limited Supply: Bitcoin has a fixed total supply of 21 million coins. This scarcity is built into its code, ensuring that no more than 21 million bitcoins will ever exist. This feature makes Bitcoin deflationary, contrasting with traditional currencies, which can be printed in unlimited quantities.
Transparency and Anonymity: All Bitcoin transactions are recorded on the blockchain, making them publicly visible. However, while the transactions are transparent, the identities of the users involved are pseudonymous, meaning that they are represented by complex alphanumeric addresses rather than personal information.
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#bitcoin #btc #newbie #learnbitcoin
…continued from previous post
How Bitcoin Works
Bitcoin operates on a technology called blockchain, which is a decentralized, public ledger that records all Bitcoin transactions. The blockchain is maintained by a network of computers (nodes) that validate and record every transaction.
Bitcoin transactions occur directly between users, without the need for an intermediary like a bank. This peer-to-peer nature allows for greater autonomy and reduces transaction costs.
New bitcoins are created through a process called mining. Miners use computational power to solve complex mathematical puzzles that validate transactions and add them to the blockchain. This process, known as Proof of Work (PoW), ensures the security and integrity of the network. Miners are rewarded with new bitcoins for their efforts.
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#bitcoin #btc #nostr #newbie #learnbitcoin
Bitcoin and Crypto Education (A guide for the starter)
Digital currencies, also known as digital money or electronic currencies, are currencies that exist exclusively in electronic form. Unlike physical money such as coins or banknotes, digital currencies are intangible, decentralized, and can be transferred digitally through devices like computers, smartphones, or tablets.
Bitcoin as a digital currency
Bitcoin is the first and most well-known example of digital money, often referred to as a cryptocurrency. It was introduced in 2008 by an anonymous person or group known as Satoshi Nakamoto. Bitcoin represents a major innovation in the financial world, fundamentally changing how we think about money and transactions. Bitcoin is classified as a cryptocurrency because it uses cryptography to secure transactions, control the creation of new units, and verify the transfer of assets.
To be continued in the coming posts…🙌🏽
#bitcoin #btc #nostr #newbie
How did #bitcoin investors behave during the recent market downturn?
When the crypto market took a hit, two distinct groups of Bitcoin investors emerged. According to blockchain data, seasoned investors with wallets holding 1,000 to 10,000 coins seized the opportunity to boost their holdings, snapping up more Bitcoin.
On the other hand, smaller-scale investors with less than 1 BTC in their addresses were selling off their assets, reveals IntoTheBlock analysis. This dichotomy highlights a stark contrast in investment strategies:
Experienced and affluent investors, undeterred by market fluctuations, confidently doubled down on their crypto bets.
Inexperienced investors, often driven by emotions, fled the market.
This divergence underscores the difference between calculated risk-taking and impulsive decision-making in the world of cryptocurrency investing.
#bitcoin #btc #stacksats #hodl #nostr
Break Free from Centralized Chains!
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#bitcoin #btc #nokyc #stacksats
@bisq is doing a fantastic job of promoting desktop apps that allow you to access Bitcoin without the need for Know Your Customer (KYC) verification. If you haven't checked out the new Bisq v2 yet, you're missing out! This latest version offers a seamless and private way to engage with Bitcoin, and it's definitely worth exploring.
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Bitcoin remains a bellwether for the digital asset market. Its decentralized nature, limited supply, and growing mainstream acceptance contribute to its enduring appeal. Whether you're a seasoned investor or curious newcomer, Bitcoin's journey is worth watching. Will it continue to rise or experience another downturn? Only time will tell.
#bitcoin #btc #stacksats
Good morning Bitcoiners!
I'll be hosting a Nostr Nest discussion session to talk about the "Challenges Facing Peer-to-Peer (P2P) Networks in Nigeria."
Calling out to decentralized P2P exchanges like nostr:npub1yul83qxn35u607er3m7039t6rddj06qezfagfqlfw4qk5z5slrfqu8ncdu , nostr:npub15369wu3wzzar5fclhecyqfv683x69n6nhlg7rxqnsg2dydgxflpq3apswl , nostr:npub1dllf8wmj6jk83r7chck6madmfgh3fges65ctpe5t6ueujazvvcvsh20tz5 , nostr:npub1mftv2j67vayavkks8rqev3u8jjhefe86tf80msstfxvpunk9vmps6prkl3 , and nostr:npub1kdkl4prkt7jmy8cdzdutqv8988vekl93nj4r25zpqpa5uacm9jkqnsjzq5 —would you be interested in joining a live Nostr Nest talk?
#btc #decentralized #nokyc #bitcoin
Good morning!
Starting another day by taking a sip from the wisdom of Bitcoin:
Don't trust, verify!
#bitcoin #btc #nostr #gm