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Saturday, July 11 , 2020 10:17
AM / by NASD Plc/ Header Image Credit: NASD
What Do You Know About Bitcoins?
Bitcoin is a decentralized digital currency without
a central bank or single administrator that can be sent from user to user on
the peer-to-peer bitcoin network without the need for intermediaries.
Transactions are verified by network nodes through cryptography and recorded in
a public distributed ledger called a blockchain (refer to previous
newsletters).
A key element of bitcoin is its decentralized
status, meaning that it is not controlled or regulated by any central
authority. This immediately distinguishes it from fiat currencies.
Now that we have seen a brief overview of what
bitcoin is, we can better understand how this leading cryptocurrency provides
potential benefits to its users.
User Autonomy
The primary draw of bitcoin for many users, and
indeed one of the central tenets of cryptocurrencies more generally, is
autonomy. Digital currencies allow users more autonomy over their own money
than fiat currencies do, at least in theory. Users can control how they spend
their money without dealing with an intermediary authority like a bank or
government.
Discretion
Bitcoin purchases are discrete. Unless a user
voluntarily publishes his Bitcoin transactions, his purchases are never
associated with his personal identity, much like cash-only purchases, and
cannot easily be traced back to him. In fact, the anonymous bitcoin address
that is generated for user purchases changes with each transaction. This is not
to say that bitcoin transactions are truly anonymous or entirely untraceable,
but they are much less readily linked to personal identity than some
traditional forms of payment.
Peer-to-Peer Focus
The bitcoin payment system is purely peer-to-peer,
meaning that users can send and receive payments to or from anyone on the
network around the world without requiring approval from any external source or
authority.
Elimination of Banking Fees
While it is considered standard among
cryptocurrency exchanges to charge so-called "maker" and
"taker" fees, as well as occasional deposit and withdrawal fees,
bitcoin users are not subject to the litany of traditional banking fees
associated with fiat currencies. This means no account maintenance or minimum
balance fees, no overdraft charges, and no returned deposit fees, among many
others.
Very Low Transaction Fees for International
Payments
Standard wire transfers and foreign purchases
typically involve fees and exchange costs. Since bitcoin transactions have no
intermediary institutions or government involvement, the costs of transacting
are kept very low. This can be a major advantage for travellers. Additionally,
any transfer in bitcoins happens very quickly, eliminating the inconvenience of
typical authorization requirements and wait periods.
Mobile Payments
Like with many online payment systems, bitcoin
users can pay for their coins anywhere they have Internet access. This means
that purchasers never have to travel to a bank or a store to buy a product.
However, unlike online payments made with U.S. bank accounts or credit cards,
personal information is not necessary to complete any transaction.
Accessibility
Because users can send and receive bitcoins with
only a smartphone or computer, bitcoin is theoretically available to
populations of users without access to traditional banking systems, credit
cards and other methods of payment.
Year-to-Date Overview
NASD OTC Securities Exchange Market closed on a
positive note YTD as the market recorded an increase in performance. NASD
Security Index Year to date return rose by 1.47%. Total volume traded
Year-to-Date stands at 7,808,158,770 units in 766 deals and total Value traded
is N10,189,975,792.02.
Week 28 Overview
NASD OTC Securities Exchange closed the week with a
negative return in NSI. The NSI return fell by -1.28% to close the week at
707.77 points against 716.96 points in the preceding Friday, July 03 2020.
In addition, Week 28 saw NASD Investors lose N6.75 Billion in value. NASD OTC Market capitalization closed at N519.90 Billion compared to N526.65 Billion in the preceding Friday, resulting from a negative movement of prices.
There was a 346.36% increase in the total value traded
during the week as week 28 saw NASD Investors trade a total of N59,825,479.95 in value
compared to N13,403,014.5 in the
previous week. Total trade activity for the year is valued at N10,189,975,792.02.
In the same pattern, volume traded during the week was
10,737,277.00 units compared to 224,488.00 units in the previous week
leading to a 4,683.01% increase in trade volume compared to week 27. Total
volume traded for the year is 7,808,158,770 units.
Top Traded Securities by
Volume
The week closed with Food Concept Plc Ranking top
among four most traded securities by volume and VFD Group Plc as the fourth
most traded stock by volume in week 28.
Top Traded Securities by
Values
The week closed with FrieskandCampina Wamco Nigeria
Plc ranking top among top four most traded securities by value and Niger Delta
Exploration and Production Plc stood as the fourth most traded Security by
Value for the week.
Advancers for the week
Three of NASD OTC stocks closed the week with a
positive movement in the prices of three of its Stocks. Afriland Properties
Plc, which currently holds a Market Capitalization of N2.94 Billion closes the week at N2.14 representing a 8.08
percent increase from the previous close of N1.98.
Food Concept Plc, which currently holds a Market
Capitalization of N4.38
Billion closes the week at N0.75 representing a 7.14 percent increase from the previous close of N0.7.
FrieslandCampina Wamco Nigeria Plc, which currently
holds a Market Capitalization of N118.14 Billion closes the week at N121 representing a 0.12 percent increase from the
previous close of N120.86.
Decliners for the Week
One of NASD OTC big stocks close the week with a
negative movement in price. Central Securities Clearing System Plc which
currently holds a Market Capitalization of N67.50 Billion closes the week at N13.5 representing a -9.88
percent decrease from the previous close of N14.98.
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