Central Bank Ban On Use of ATM card for Foreign Transactions Creates A Urge Market for Bitcoin In Nigeria

The Central Bank of Nigeria has banned the use of Naira denominated ATM cards abroad. Could this mean an explosion for the Bitcoin market in the country?


In a circular passed to all commercial banks within the country on Monday December 21 2015, the CBN ordered commercial banks to stop customers from using their debit and credit cards outside the country, a directive which takes effect from January 1 2016 in a move which the CBN Governor says will stem the flow of foreign currency out of the country.


Nigerian cards are being rejected already


Foreign online retailers have already started rejecting cards issued by Nigerian banks as there have been complaints by citizens who have tried to make purchases but have been turned down.


Hetty Hembadoon Orkuma is a bookseller and the CEO of Coffee Coloured Books, a bookstore located within the heart of the Federal Capital Territory. When asked about her experience, she was quick to reveal her frustration saying:


“Merchants are rejecting the Naira mastercard, so I can neither buy books nor pay for shipments. I have no choice but to wait and hope that I do not run out of stock before a solution is found.”


Increase in demand is obvious


Bitcoin exchangers within the country are already experiencing some difficulty in meeting with the demand for the cryptocurrency due to higher demand in recent times. Victor Yerima is the CEO of Africash International, an e-currency exchange outfit in Kaduna. Speaking on the impact of the recent ban by the CBN, Victor say:


“There is already a high demand in the market for Bitcoin that we the exchangers can hardly meet, I wonder what will happen after January 1 2016”.

http://naijabestselling.com/2015/12/26/central-bank-ban-on-use-of-atm-card-for-foreign-transactions-creates-a-urge-market-for-bitcoin-in-nigeria/

Am Already learning how to mine bitcoin

From frying pan into the fire.

kekakuz:
Am Already learning how to mine bitcoin

Nobody makes any money from mining bitcoin anymore. You could have made something say 4 years ago when the complexity hadn't reached today's level. Now, you'd have to compete with miners with specialized servers for bitcoin mining, which won't bring you a dime but racked up electricity bills.

With Payoneer card you get a free usa bank account and a free credit card you can withdraw $2000 daily from any ATM in the world including Nigeria

https://www.nairaland.com/2797254/get-free-usa-bank-account

Get a free card from the link above

SmartMugu:

Nobody makes any money from mining bitcoin anymore. You could have made something say 4 years ago when the complexity hadn't reached today's level. Now, you'd have to compete with miners with specialized servers for bitcoin mining, which won't bring you a dime but racked up electricity bills.

What must I do
Help me

kekakuz:

What must I do
Help me

I wish I knew. I was just telling you mining bitcoin doesn't yield any more money unlike when it just started.
An option for you could be to buy bitcoin cheap and resell when the price goes up. I was fortunate to make a lot from doing that from buying and selling bitcoins, lite coins and dogecoins over 3 or 4 years ago. Bitcoin sold for about $20 back then. I bought a lot of it and I rode it till it rose to almost $200 then sold them off for huge profits. Same for lite and doge.

If you prefer mining, I'd recommend you focus on other cryptos like dogecoin and litecoin. www. Btc-e.com has a list all trending crypto-currencies and you can buy and sell from there or even convert them to fiat currencies. If you choose to resell at bitcoin pricing, you can convert your mined doge or lite coin to bitcoins on btc-e. There are other exchanges, I just used btc-e when I messed with it back them and made a lot from there.

If you prefer trading, an option could be to buy cheap from sites like coinbase.com and resell on sites like localbitcoins.com. A lot of people do that along as their permanent jobs. As at today, coinbase sells one bitcoin for $424 and on localbitcoins, you can reseller for about $480 fluctuating. That's over $50 profit from just one bitcoin sale. Some merchants sell over 100 bitcoins per day depending on your capital. That's cool $5000 per day for some hard core bitcoin merchants.

You can check live bitcoin transactions on www.blockchain.info and see how people are seriously trading in that crypto.

The challenge you may have is about funding your btc-e or coinbase account from Nigeria, but you can research it though.

Hope that helps....

Goodluck.

SmartMugu:


I wish I knew. I was just telling you mining bitcoin doesn't yield any more money unlike when it just started.
An option for you could be to buy bitcoin cheap and resell when the price goes up. I was fortunate to make a lot from doing that from buying and selling bitcoins, lite coins and dogecoins over 3 or 4 years ago. Bitcoin sold for about $20 back then. I bought a lot of it and I rode it till it rose to almost $200 then sold them off for huge profits. Same for lite and doge.

If you prefer mining, I'd recommend you focus on other cryptos like dogecoin and litecoin. www. Btc-e.com has a list all trending crypto-currencies and you can buy and sell from there or even convert them to fiat currencies. If you choose to resell at bitcoin pricing, you can convert your mined doge or lite coin to bitcoins on btc-e. There are other exchanges, I just used btc-e when I messed with it back them and made a lot from there.

If you prefer trading, an option could be to buy cheap from sites like coinbase.com and resell on sites like localbitcoins.com. A lot of people do that along as their permanent jobs. As at today, coinbase sells one bitcoin for $424 and on localbitcoins, you can reseller for about $480 fluctuating. That's over $50 profit from just one bitcoin sale. Some merchants sell over 100 bitcoins per day depending on your capital. That's cool $5000 per day for some hard core bitcoin merchants.

You can check live bitcoin transactions on www.blockchain.info and see how people are seriously trading in that crypto.

The challenge you may have is about funding your btc-e or coinbase account from Nigeria, but you can research it though.

Hope that helps....

Goodluck.

Thanks
I will start ASAP. I don't know if you have any idea on how we can introduce bitcoin into mobile money services

SmartMugu:

Nobody makes any money from mining bitcoin anymore. You could have made something say 4 years ago when the complexity hadn't reached today's level. Now, you'd have to compete with miners with specialized servers for bitcoin mining, which won't bring you a dime but racked up electricity bills.

I am making money sir.. I have a full house racked up with large number of SSD 10Gb/s Bitcoin nodes used in mining.

Strahovski:


I am making money sir.. I have a full house racked up with large number of SSD 10Gb/s Bitcoin nodes used in mining.

Great to know! If you compare the money you make from mining to the electricity bills you rack up, and you're are still in profit then you have a good deal! I know the difficulty level has almost tripled almost 3 times this year alone and several mining pools has shut down.

kekakuz:


Thanks
I will start ASAP. I don't know if you have any idea on how we can introduce bitcoin into mobile money services

Me and a few friends considered introducing bitcoin ATMs to Nigeria. As at that time, there was none in Nigeria. However, the legalities and security had to be straighted out
We ended up slowing down with the idea.
If you like that path, you may start researching from sites like robocoin.com.

I registered at coinbase and my account couldnt buy or sell.any way out guys

please is there any bitcoin wallet that offers atm card that u can recommend. I tried xapo but they don't send ATM card to Nigeria.

dmostcheerful:
please is there any bitcoin wallet that offers atm card that u can recommend.
I tried xapo but they don't send ATM card to Nigeria.

Yes there are, I just took delivery of mine yesterday from
bit-

Check also
anxbtc.com
xmlgold.eu
ccedk

You can thank me later

dalemat:


Yes there are, I just took delivery of mine yesterday from
bit-

Check also
anxbtc.com
xmlgold.eu
ccedk

You can thank me later

can u withdraw from our ATM here with the card?

barikay:
can u withdraw from our ATM here with the card?

yes it should, but dont expect to get N260 to $1 exhange rate oo. you should be expecting btw N193 - N199 to $1

dalemat:


yes it should, but dont expect to get N260 to $1 exhange rate oo. you should be expecting btw N193 - N199 to $1

what are the fees like?

suyamasta:
what are the fees like?

The value of these kind of cards are best maximised when shopping online or when you are in europe or usa.
withdrawing from nigeria atm will not be profitable. you will end up loosing because of conversion fee and unreasonable exchange rate in nigeria.

dalemat:


The value of these kind of cards are best maximised when shopping online or when you are in europe or usa.
withdrawing from nigeria atm will not be profitable. you will end up loosing because of conversion fee and unreasonable exchange rate in nigeria.

Ok i see, tnx for d info

Because of the cost of electricity you can do cloud mining

SmartMugu:

Nobody makes any money from mining bitcoin anymore. You could have made something say 4 years ago when the complexity hadn't reached today's level. Now, you'd have to compete with miners with specialized servers for bitcoin mining, which won't bring you a dime but racked up electricity bills.

NairaSwitch:
Because of the cost of electricity you can do cloud mining

That won't be cost-effective anymore. Bitcoin halving just happened yesterday (Saturday). Only the big players in the mining industry will be able to make money from bitcoin mining.

SmartMugu:

Nobody makes any money from mining bitcoin anymore. You could have made something say 4 years ago when the complexity hadn't reached today's level. Now, you'd have to compete with miners with specialized servers for bitcoin mining, which won't bring you a dime but racked up electricity bills.

I know a place or two in Nigeria where electricity is constant (and free)

coolscott:

I know a place or two in Nigeria where electricity is constant (and free)

Awesome. If you have that kind of opportunity, ure well positioned to consider mining zcash. It's another crypto worth mining and everyone is getting ready for it's mining to commence in less than two weeks from now. I'll be cloud mining it, so I don't have to worry about electricity.

You can always convert your zcash to bitcoin or other cryptos. Zcash is already worth a lot before it's launch. Google it up, and get ur hardware ready.
Goodluck.

SmartMugu:


I wish I knew. I was just telling you mining bitcoin doesn't yield any more money unlike when it just started.
An option for you could be to buy bitcoin cheap and resell when the price goes up. I was fortunate to make a lot from doing that from buying and selling bitcoins, lite coins and dogecoins over 3 or 4 years ago. Bitcoin sold for about $20 back then. I bought a lot of it and I rode it till it rose to almost $200 then sold them off for huge profits. Same for lite and doge.

If you prefer mining, I'd recommend you focus on other cryptos like dogecoin and litecoin. www. Btc-e.com has a list all trending crypto-currencies and you can buy and sell from there or even convert them to fiat currencies. If you choose to resell at bitcoin pricing, you can convert your mined doge or lite coin to bitcoins on btc-e. There are other exchanges, I just used btc-e when I messed with it back them and made a lot from there.

If you prefer trading, an option could be to buy cheap from sites like coinbase.com and resell on sites like localbitcoins.com. A lot of people do that along as their permanent jobs. As at today, coinbase sells one bitcoin for $424 and on localbitcoins, you can reseller for about $480 fluctuating. That's over $50 profit from just one bitcoin sale. Some merchants sell over 100 bitcoins per day depending on your capital. That's cool $5000 per day for some hard core bitcoin merchants.

You can check live bitcoin transactions on www.blockchain.info and see how people are seriously trading in that crypto.

The challenge you may have is about funding your btc-e or coinbase account from Nigeria, but you can research it though.

Hope that helps....

Goodluck.

Does this kind of opportunity (the bolded part) still exist currently as at this October 2016? Because I know the bitcoin market is very dynamic....things can change very rapidly.
I see a lot of possibility for scaling this up massively if it still exists.
And if the opportunity does still exist, what are the drawbacks/challenges?

nice info

DonX001:


Does this kind of opportunity (the bolded part) still exist currently as at this October 2016? Because I know the bitcoin market is very dynamic....things can change very rapidly.
I see a lot of possibility for scaling this up massively if it still exists.
And if the opportunity does still exist, what are the drawbacks/challenges?

The opportunities still exist. Rather than buying from coinbase, u may consider buying from circle.com or compare the rates to decide whom to buy from. You can even buy from localbitcoins and resell on the same site go a profit using a different accepted payment method.

I think the potential drawbacks would be people's locations and the applicable payment options. For a buyer located in Nigeria for example, a Walmart to Walmart payment or is bank payment may not be that easy, but of course western union payments would work. So, if that's cheap for them, ure good.

Also. Do u due diligence on KYC requirements to be on the safe side.

SmartMugu:

The opportunities still exist. Rather than buying from coinbase, u may consider buying from circle.com or compare the rates to decide whom to buy from. You can even buy from localbitcoins and resell on the same site go a profit using a different accepted payment method.

I think the potential drawbacks would be people's locations and the applicable payment options. For a buyer located in Nigeria for example, a Walmart to Walmart payment or is bank payment may not be that easy, but of course western union payments would work. So, if that's cheap for them, ure good.

Also. Do u due diligence on KYC requirements to be on the safe side.

Thanks for d clarifications.
Much appreciated.

DonX001:


Thanks for d clarifications.
Much appreciated.

Sorry for any typos, I was driving and texting back to your message...bad habit. Lol.