bitcoin exchange Archives - AfricaBusiness.com

15Dec

By Africa BusinessNo Comments

Fintech

Where Can I buy Bitcoin with Cash?

By Erick Pendo Bitcoin was the world's first decentralized digital currency. It was created in 2008 and has since become a popular form of digital payment that allows both buyers and sellers to securely store “money”, and send and receive payments without the need for an intermediary bank or other financial institution. Bitcoin transactions are verified through an open, public ledger known as blockchain that is secured with cryptography. This makes it virtually impossible to double spend, counterfeit or manipulate digital currency. With Bitcoin, users can buy goods and services online or transfer funds directly to others in minutes. How can you acquire Bitcoin? Bitcoin is an attractive payment option for people who want to remain anonymous, transfer money quickly and securely, or bypa...

Crypto assets: Are you prepared for the taxman?

South African taxpayers must realize that the time to regularise their cryptocurrency assets with the South African Revenue Service (SARS) has come, says Diane Seccombe, National Head of Taxation at Mazars. “While tax compliance in the crypto space has been a murky area until now, SARS and the South African Reserve Bank (SARB) have followed other international jurisdictions in developing stringent regulatory frameworks for this burgeoning segment of the market, with much focus on transparency,” Seccombe says. Now, there is no longer any doubt that taxpayers are required to disclose their crypto assets – including purchases, current holdings, and disposals – as part of their statements of assets and liabilities. From a tax perspective, cryptocurrencies are not regarded as currencies, but...

Top 5 Reasons Why Nigerian Pioneer Bitcoin Remittances

A survey by Statista found that around 32 percent of people in Nigeria use cryptocurrencies and this is the highest proportion of a population in the world. In terms of trade volume, the country stands in 3rd position after the United States of American and Russia with a transaction value of more than 400 million dollars. This virtual currency is booming in Nigeria although there is a banking ban on it, traders discovered ways against government ban like the other parts of the world. As per the blockchain research firm Chainalysis, the amount of crypto received by the Nigerian crypto community has been constantly growing. The use of crypto in international trade also surged in Nigeria, people tried to use the currency to proxy the US dollar. Since the beginning of 2021, Nigerians traded 50...