BY SAMUEL OKPO
“Africa has always been called black continent, not because of the colour of our skin but, because of the poverty of our mind” – Pastor Chris Oyakhilome.
It is true that an average African person believes in working hard to put food on his/her table. This mentality has over the years dominated the totality of the black man’s mindset. But, this is not the thinking of the whites. A white man believes in little work but tremendous result. Suffering and hard labour is not given prominence in their dictionary. Millions of people globally are making millions of Dollars/Naira daily in the comfort of their homes, using laptops and other electronic devices which makes it easier to access the internet and get connected to what is trending in the wider society. Though the perception of Akwa Ibomites and most Nigerians on networking business has been very negative, it is pertinent to say that there are some networking businesses that are bringing complete financial liberation to people in the global spectrum.
Many thanks must be given to Akwa Ibom Crypto-Currency professionals whose research and efforts has put smiles on the faces of people who have invested in their networking business. In an interaction with our correspondent, a young entrepreneur in the state, an indigene of Abak L.G.A and leader, Akwa Ibom Crypto-Currency Professionals, Mr. Felix Etukudo Hephzibah explained that Crypto-Currency is a virtual cash used online for global transactions. He said the body trades on bitcoins which is a digital currency, also called crypto currency that is not backed by any country’s Central Bank or Government. Bit coins can be traded for goods or services with vendors who accept Bitcoins as payment. Apart from bitcoins there are other currencies that are being traded with by crypto currencies such as Litecoin, Ripplecoin, Altcoin, Dogecoin TBC, etc.
Felix emphasized that Bitcoin is the largest of its kind in terms of total market value. Research has revealed that Bitcoin is a crypto currency and payment system invented by an unidentified programmer, or group of programmers, under the name of Satoshi Nakamoto.
It was introduced on 31st October, 2008 to a crypto currency mailing list, and released as open-source software in 2009. There have been various claims and speculation concerning the identity of Nakamoto, none of which are confirmed. The system is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain, which uses bitcoins as its unit of account. Since the system works without a central reposition or single administration, the U.S Treasury categorises bitcoins as decentralized virtual currency. Bitcoins is the first decentralized digital currency. A crypto currency is a medium of exchange like normal currencies such as USD, but designed for the purpose of exchanging digital information through a process made possible by certain principles of cryptography.
Accordingly, cryptography is used to secure the transactions and to control the creation of new coins. In other words, crypto currency is electricity converted into lines of code with monetary value. Again, it imperative to state clearly that, unlike centralized banking, like the Federal Reserve System (FRS), where governments control the value of a currency, like USD through the process of printing fiat money, government have no control over crypto currencies as they are decentralized.
It is on record that most crypto currencies are designed to decrease in production over time like Bitcoins, which creates a market cap on them, making it different from fiat currencies where financial institutions can always create more, hence inflation. Consequent upon this, Bitcoins will never have more than 21 million coins in circulation. The technical system on which all crypto currencies are based on was created by Satoshi Nakamoto.
While hundreds of different crypto currencies specifications exist, most are derived from one of the two protocols; proof of work or proof of stake. All crypto currencies are maintained by a community of crypto currency miners who are members of the general public that have set up their computers of ASIC machines to participate in the validation and processing. Officials in countries such as United States have also recognized that bitcoins can provide legitimate financial services to millions of people all over the world. It is noteworthy to stress that bitcoins can be exchanged for other currencies, products, and services. On sending bitcoins, users can pay an optional transaction fee to the miners. This may expedite the transaction being confirmed.
The P2P network monitors and verifies the transaction of bitcoins between users. Each users’ bitcoins are stored in a program called a digital wallet, which also holds each address the user sends and receives bitcoins from, as well as a private key known only to the user. Crypto -currency mining power is rated on a scale of hashes per seconds. A rig with a computing power of IKH/S is mining at a rate of 1,000 hashes a second, IMH/S is a million hashes per second and a GH/S is one billion hashes per second. Every time a miner successfully solves a block, a new one is created.
According to the history of cryptocurrency, the first cryptocurrency was Bitcoin. Bitcoin was created in 2009 by a pseudonymous developer named Satashi Nakamoto. Bitcoin uses SHA – 256, which is a set of cryptographic hash functions designed by the U.S National Security Agency. Bitcoin is a cryptocurrency that is based on the proof-of-work system in April, 2011. Namecoin, the first Altcoin, was created to form a decentralized NDS to make internet censorship more difficult. In October 2011, Litecoin was released and became the first successful crypto-currency to use script as its hash function rather than SHA – 256. This gave the general public the ability to mine for Litecoin without the purchase of specific hardware such as the ASIC machines use to mine Bitcoin. In 2013, Litecoin began to receive media attention reaching a market cap of $1 Billion. Ripplecoin, created in 2011, was built on the same protocol as Bitcoin but services, as a payment system, think of it like a paypal for crypto-currencies that supports any fiat currency, crypto currency, commodity or even frequent flier miles.
In February 2015, the number of merchants accepting bitcoin for products and services passed 100,000. Instead of 2 -3% typically imposed by credit card processor. Merchants accepting bitcoins often pay fees in the range from 0% to less than 2%.
There are a lot of services offering information and monitoring of crypto currencies. Coinmarket cap is an excellent way of checking on the market cap, price, available supply and volume of crypto-currencies. Reddit is a great way to stay in touch with the community and follow trends and crypto coin charts is full of information ranging from a list of crypto coins, exchanges, information on arbitrage opportunities and more. Liteshack allows visitors to view the network hash rate of many different coins across six different hashing algorithms. They even provide a graph of the networks hash rate so you can detect trends or signs that the general public is either gaining or losing interest in a particular coin.
Hence, the leader of Akwa Ibom Cryptocurrency Professionals, Mr. Felix Etukudo Hephzibah while disclosing the benefits of investing in Bitcoins said the platform offers a unique financial revolution, unveiling wealth in recession. He called on people of Akwa Ibom State and Nigerians in general residing in the State to learn how to turn amazing business of our $200,000 in just 18 months without selling products, withdraw funds at will and get 20% income every month from their investment and many more.
“If you invest in crypto currency, you may die and your generation will still benefit from your investment”. The merchant lamented the wrong notion of Akwa Ibom people and Nigerians on networking transaction, saying that over one Trillion US Dollar passes through the internet every day. I’m a small voice in the wilderness calling on everybody to come and invest on crypto currency.
“I want Akwa Ibom people to do away with the small mentality (etok etok syndrome) and dream very big because crypto currency is here to liberate people from the bondage of poverty” he stated.
Going by the position of Mr. Felix, it takes a lot of energy and stress to sensitize our people on the merits of being opened to new knowledge. “Our people don’t like taking risk. One or two persons who love to take risk and invest on crypto-currency are giving testimonies. I was jobless and homeless when I joined crypto currency but today I’m financially free and my generation stands to benefit tremendously from it”.
People may invest in crypto currency for as low as any amount of money depending on one’s financial capability.
Meanwhile, Betty Bassey, an indigene of Okobo Local Government Area who has been on crypto currency investment in the past six months told our reporter in their head office located at No. 1 Umoren Street, Uyo, Akwa Ibom State that today her testimony is awesome, as she has prospered to her satisfaction. According to her, the major problem facing most Akwa Ibomites and Nigerians at large is the fear of the unknown. She said that it is only the political class and oil moguls that are not afraid of 2017 that is by the corner while others including civil servants and average young persons are in trepidation concerning the future. She noted that by investing in crypto currency, young people in the contemporary society can build a new world of financial freedom for their future while calling on Akwa Ibomites and Nigerians to destroy their wrong perception on networking investment.
Betty Bassey stated emphatically that crypto currency has come to stay in the State, stressing that it is the language of the rich.
“Our people should look beyond what they are doing. The youths should understand that crypto-currency is a new generation, true digital reality, a program business for the beginners and experienced entrepreneurs. The project brings together not just a team but people all over the world to invest in bitcoin”. Interested investors should stop by No 1 Umoren Street, off Aka Road, Uyo, or call 08037805681, for more details.
Samuel Okpo writes that having carefully looked at the products and services of Akwa Ibom Crypto-currency professionals in the State, one can infer that the body has the capacity to eradicate poverty and ensure financial freedom to people who are willing to invest in a fast growing business. The general public is hereby advised to take advantage of this unprecedented opportunity and be re-positioned for a completely new life in a world of endless possibilities.