The recent wave of crypto scams have come to use social media as the preferred medium to proliferate. Targeting innocent crypto users, scammers have begun taking Twitter handles to impersonate developers, even asking users for donations and funds, thousands has been stolen from unsuspecting users. With a number of legitimate crypt developers such as Charlie Lee and Vitalik Buterin having their identities stolen, thousands of dollars has been scammed so far. Even the Ripple CEO…
Bitcoin and altcoin mining has become mainstream with the advent of ASIC mining technology, however not everyone is interested in making large investments as a new breed of cyber criminal aims to utilize your hardware for their personal gain. As revealed by Check Point Software, CoinHive , a Java based cryptocoin miner, has become the 6th largest malware program to exist on the internet. CoinHive has been known to mine cryptocoin’s such as Monero on…
NairaEx Bitcoin buy and sell order will be disabled on 31 July 2017 in preparation of the bitcoin network hard fork. Trading will be resume after August 1, 2017 when the network stabilizes. On August 1, 2017, Bitcoin will hard-fork into two currencies (Bitcoin and Bitcoin Cash). Bitcoin holders will be credited with equal amount of bitcoin that they have during the hard fork. For example, 0.2 Bitcoin will result into 0.2 Bitcoin Cash. Bitcoin…
Bitcoin infrastructure must constantly develop and upgrade to deal with the scaling challenges having a wide user base include. To solve the problems such as ever-increasing confirmation times and slow transactions, new software has been developed to give the blockchain the stability and efficiency to handle the needs of investors, individuals, and developers alike. This will create many more opportunities for increased adoption and integration of the cryptocoins, but as with any upgrade to the…
New charges have been introduced yesterday as banks rev up the pressure on cash transactions as fees are set at 2% for transaction between 500 000 to a million naira and a huge 7.5% for transactions more than 5 million Naira. As revealed by the Apex bank these fees will initially be rolled out to cashless areas such as Lagos, Anambra, kano and a handful of others, before being in effect in Kaduna, Delta Imo,…
Talks about legalizing Bitcoin in Japan have been promising results for nearly a year now but with the future of Bitcoin exchanges at stake, a formal law has been passed and will be in effect tomorrow, legalizing Bitcoin as a tender in the country. As we have explored before, the previous draft did include some debilitating clauses which would have stifled growth of exchanges, but the majority of points set out in the document aim…
Coinfest is set to be held in Nigeria this year by the African Youth Peace Call group aiming to introduce Bitcoin to the masses and enthusiasts alike. The event will be free to attend and the venue is set in Lagos. The event has been held every year since 2013, and growing in size considerably thanks to various sponsors who have made the event possible in cities such as London and even Ghana. This year…
Russia stance towards Bitcoin users has been swaying over the past few months. Initially what was a negative and punishment heavy view on Bitcoin use, Bitcoin led to many being arrested etc. However respite was thought to be coming in the form of an update bill including regulation for Bitcoin as a financial medium. Sadly this may be on hold indefinitely as, Russia has prevented access to one of the biggest peer to peer exchanges,…
Currently returns on investments via banks and other governmental forms have been recognised as abysmal. Around 1-2% investors and Nigerians are not getting reasonable rates of return. Thus many Nigerians have turn to the MMM global scheme for frankly amazing rates of return. Advertising rates of over 100% on some occasions, the scheme essentially parts the users with their money through deceptive practices. When you enter the scheme you may originally think you are investing…
Downloading various Bitcoin wallets on your phone will allow you on demand access to your Bitcoin. Making your money mobile these wallets have the purpose of securely storing your funds. However among the number of legitimate applications available such as the bread wallet and the Blockchain.info app, there are many fakes especially on the IOS app store. A resurgence of counterfeit apps developed by rogue developers has been stealing unweary users funds. Many big names…