• Nigeria recently launched a Central Bank Digital Currency (CBDC), the eNaira, which has introduced new financial policies and regulations.
• Restrictions on cash withdrawal from banks have been put in place to encourage people to use alternative options like CBDCs instead.
• The Nigerian government is using these regulations to force citizens into a cashless economy while positioning their surveillance CBDC as the final destination.

Introduction

Heritage Falodun, a Bitcoin consultant and computer scientist based in Nigeria, writes an opinion editorial about how Nigeria’s central bank digital currency (CBDC), the eNaira, has led to financial policies, regulations and restrictions being imposed by the country’s central bank.

Cash Withdrawal Limits

In an effort to make consumers utilize alternative options like its CBDC, the Nigerian government has limited cash withdrawals from banks to around 100,000 naira per week with a daily limit of about $45. This has caused economic sabotage since the launch of the eNaira.

The Governor’s View

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) believes that this will ensure more people are financially included in Nigeria. He also believes that money must evolve from commodity-based systems to paper and then plastic before finally transitioning into digital forms — something which he thinks Nigerians should embrace for their own benefit.

Un-banking The Banked

However, what has happened on ground since the introduction of this policy is quite different; rather than banking those who don’t have access to financial services or products — it appears as though those already ‘banked’ are now ‘un-banked’ due to strict regulations on cash withdrawal limits set by CBN.

Conclusion

It is clear that these stringent measures imposed by the Nigerian government are mainly geared towards controlling citizens financially while positioning their surveillance CBDC as a mandatory destination for all payments and transactions — whether local or international. It is therefore important for Nigerians — especially youths who form 70% of its population—to stay informed about such developments so they can better understand their implications for them personally and collectively as a nation.

Overview

• Bitcoin mining sector ended last year battered and bruised due to reckless central bank policies.
• 2021 has seen a wildly bullish start to the new year, resulting in major gains for publicly-traded bitcoin mining companies.
• Penny stocks refer to small companies trading below $5 per share, many of which saw share prices drop below a single dollar by the end of last year.

The Year 2022

2020 was arguably the worst year on record for bitcoin mining. Central banks around the world recklessly implemented unprecedented policies that had drastic consequences on markets everywhere. The leveraged bet of bitcoin through mining made it no exception – ending 2022 battered and bruised. Many public mining companies were relegated to trading as literal penny stocks by the holidays.

New Year Rally

2023 started with a bang for publicly-traded bitcoin mining companies, experiencing major gains since New Year’s Day due to a sustained rally in bitcoin’s price (44%). Hash rate set new all-time highs in January, even as hash price jumped 25%. Investors have welcomed these positive changes in both share prices and the price of bitcoin itself.

Penny Stocks

Penny stocks typically refer to securities that trade at market prices of mere pennies or small companies trading below $5 per share listed on large exchanges such as Nasdaq. Most often they trade via over-the-counter (OTC) transactions – many of which saw shares trading below a single dollar come December 2020.

Conclusion

Though 2021 has brought good news for publicly traded bitcoin mining companies, much tragedy was left behind from last year’s events – leaving investors uncertain how long this rally will last. Nevertheless, market data from TradingView shows companies like Riot Platforms, Marathon Digital and CleanSpark have all gained between 40% to 110%, signaling potential growth still ahead this new year despite the struggles endured throughout 2020.

• Twitter has reportedly begun applying for payment licenses in the U.S.
• Elon Musk is open to the idea of adding Bitcoin and cryptocurrency to its payment system
• The “super app” vision of Twitter will prioritize fiat but could include alternative payment methods such as cryptocurrency

Twitter Preparing for Payments

Twitter has reportedly started applying for regulatory licenses across the U.S., indicating that it is preparing to begin facilitating payments through its platform. This “super app” would prioritize Fiat payments, but could potentially include cryptocurrency as an alternative payment method.

Musk Open to Adding Crypto

According to a Financial Times report, Elon Musk is open to the idea of adding Bitcoin and other cryptocurrency options into Twitter’s payments vision. People close to the company have stated that they are mapping out the architecture needed to facilitate payments on the platform with a small team, which could include functionality for crypto payments.

Tesla Also Accepted BTC

This would not be the first time that one of Elon Musk’s businesses has accepted bitcoin transactions — Tesla previously accepted bitcoin for electric vehicles before retracting due to concerns about renewable energy usage. It is unclear if there are any firm plans yet for interoperability between Twitter and cryptocurrencies, but Musk has expressed his desire for turning Twitter into a generalized “super app”.

Strike Tested Lightning Network Tipping

Twitter had previously tested tipping via Jack Mallers’ Strike on its platform using Bitcoin’s Lightning Network protocol before enabling users directly add their bitcoin address in order receive tips directly.

Conclusion

It appears as though Twitter may soon begin supporting crypto payments as part of its “super app” vision, although there are no concrete plans yet. However, with Elon Musk’s previous experience in accepting Bitcoin transactions with Tesla, it seems likely that he will continue exploring ways to integrate cryptocurrency into his businesses in the future.

• Genesis Coin Inc., the world’s first and largest bitcoin ATM software platform, has been acquired by Bitstop Founders Andrew Barnard and Doug Carrillo.
• Together, Genesis Coin and Bitstop represent more than 75 operators with over 12,000 bitcoin ATMs worldwide.
• Evan Rose, Genesis Coin’s founder, will stay on as a technical advisor and remain a member of the company’s Board of Directors.

Genesis Coin Acquired By Bitstop Founders

Genesis Coin Inc., the world’s first and largest bitcoin ATM software platform, has been acquired by Bitstop Founders Andrew Barnard and Doug Carrillo. As part of the acquisition, Barnard will become Chief Executive Officer and Carrillo will become Chief Strategy Officer; both joining the Board of Directors at Genesis Coin. The headquarters for Genesis Coin will move to Miami, Florida.

Combination Of Two Leading Software Platforms

This transaction represents a combination of two leading software platforms in this industry which creates value for both companies’ stakeholders. Evan Rose, Founder of Genesis Coin will stay on as a technical advisor while continuing membership on the company’s Board of Directors. Moving forward there are plans to introduce new products and services this year.

Over 35% Of Bitcoin ATM Transactions Powered By Genisis

Currently Genesis Coiin technology powers over 35% of all Bitcoin ATM transactions around the world thanks to their partnership with Chivo network in El Salvador as well as other private label Bitcoin ATM platforms from Bitstop.

Over 2,500 Bitcoin ATMs Worldwide

Bitstop currently has over 2,500 Bitcoin ATMs worldwide facilitating annual sales volume in billions of dollars across U.S & international markets combined with those from Genesis Coin who have their own large network collectively representing more than 75 operators with over 12,000 Bitcoin ATMs worldwide offering excellent customer service & value for users & investors alike.

Andrew Barnard On The Acquisition

According to Andrew Barnard “Genesis coin gave birth to the Bitcoin ATM industry… It’s the first & largest Bitcoin ATM software platform in the world.” He went on to say that combining these two platforms together offers great value & synergy between them making it an ideal choice for both companies stakeholders moving forward into 2021 & beyond!

• Nostr is an innovative protocol that allows users to securely communicate without relying on usernames or identifiers.
• This system is based on user-controlled public/private key pairs, which presents the challenge of key management.
• As Nostr grows in adoption, users must develop a scheme for rotating keypairs without compromising their identity or security.

Nostr is an innovative communications protocol that allows users to securely communicate without relying on usernames or identifiers. It is a breakthrough in the way we communicate, as it gives users the ability to control their own identities while also providing a secure environment for communication. The core design of the system is based on user public/private key pairs, which serves as a tight binding between the actual user and how they are identified by others. This eliminates the need for usernames and any type of identifiers that a relay server is in control of, as it is the user’s keys that are completely under their control.

However, this system also introduces all of the problems of key management that someone possessing a private key runs into. Keys can be lost or stolen and if such an event were to occur, users have no one to go to for assistance. This means that as the platform grows in adoption, users must develop a scheme for rotating keypairs without compromising their identity or security. This is a challenge that must be faced in order to ensure the security of the platform and its users.

To address this issue, Nostr has implemented a range of measures that make key rotation easy and secure. For example, users can easily generate a new keypair and add it to their list of public keys that are associated with their account. This list of public keys is then used to verify the authenticity of an incoming message and ensure that it was sent from the user’s account. Additionally, Nostr has put in place measures to ensure that old public keys are not used in order to prevent any malicious actors from using them to intercept messages.

Overall, Nostr is an innovative protocol that gives users the power to control their own identity and communication. It is essential that users understand the challenges of key management and develop a scheme for rotating keypairs without compromising their identity or security as the platform grows in adoption. By taking these steps, they can ensure the security of the platform and its users.