December 13, 2018

Cryptocurrency: Bitcoin crashes from $20,000 to $3,000 in 12 months


..As Luno educates investors on risk management


By Dayo Adesulu

While it was reported that at the first half of 2018 about $1.1billion investors funds were lost to cyber crime operators, in the second half of the year, the sector also witnessed a massive depreciation in the value of cryptocurrencies.

December 18, 2017,  Bitcoin reached a all time record high of about $ 20,000, but as at the time of filing this report, the value of Bitcoin has crashed to $3,450, thereby leaving investors licking their wound.

Determined to ensure that  investors in the  sector get adequate knowledge to participate profitably and minimize loss, Luno last week began training of people in Lagos and other parts of Nigeria.

Speaking at the first edition of Luno Meet-up in Lagos, the Country Manager, Luno Nigeria, Owen Odia, said: “The essence is to ensure that Nigerians are educated on the need to use Bitcoin, Ethereum and blockchain technology profitably.



While urging investors to be cautious with their transactions, Odia said: “Bitcoin is a new technology and of course, with new technology comes many challenges.”


According to her, while some people may want to defraud investors, players in the sector should ensure they get adequate information from google or meet experts for professional advice on cryptocurrency.


Odia who described Nigerians as having huge potentials to profit in blockchain technology and cryptocurrency said that LUNO was fully committed to ensure it educates investors within and outside Lagos to avoid loss.

She said: “LUNO has a very rich learning portal. Bitcoin is a currency that is designed to be secured using crypto backing to make transactions safe. “Cryptocurrency is an application that works on a blockchain technology. It can be used anywhere in the world as it is inter-transferable, it is faster and safer. It has never been hacked.


“A lot of people trade on Bitcoin and make a lot of money,  you can start small by buying a fraction.

“Luno is leveraging on technology to make transactions cheaper and faster, as well as possessing the most interactive and instant support. “The future of customer is cryptocurrency. We don’t sell customers information to a third-party. It can be used for transactions all over the world.”


On his part, Lucky Uwakwe, Chief Operating Officer (COO), Blockchain Solutions and Co-Founder, Twitter Africa.Org, said that cryptocurrency has come to stay in Nigeria.

According to him,  cryptocurrency is quite healthy. “It is not a scam, it is a healthy market. It helps you to buy, send and transfer money easily. Luno is the best exchange trade in Nigeria,” he said.


While speaking on the government’s stand regarding crypto-currency, Uwakwe said/that the government is not against it but rather, advises that more cautionary measures be taken on it.

He said: “Right now, it is more cautionary in the sense that they allow people to play while still observing in the background.


“Aside the store of value, other ways Block-Chain technology can be applied are in the areas of healthcare, agriculture, land registry, certificate verification, document verification, voting system, among others.


“I would most likely want to see the 2019 general elections done using Blockchain technology. “With this, people can vote from the comfort of their homes without coming to the polling units. “The votes are recorded immediately, just like sending money to someone on Bitcoin, you don’t have any delay.


“The CBN and government should see it as a more positive thing and observe space carefully, exchange and see the outcome. That’s my advice for the regulators. They should get a committee, let them form the law, observe what the exchanges are doing, check out what participants are doing in the space.


“Luno is a cryptocurrency company that provides a platform for people to trade on Bitcoin Ethereum. “We are presently in 40 countries, including Nigeria and South Africa. We are looking at expanding to 40 countries and others nations around the world.”