• Nigeria recently launched a Central Bank Digital Currency (CBDC), the eNaira, as part of its financial system.
• The government has put restrictions on cash withdrawal, limiting it to about $225 per week and $45 per day.
• These regulations have been met with skepticism from Nigerians who view them as an attempt by the government to gain more control over citizens’ finances.

Introduction

This is an opinion editorial by Heritage Falodun, a Bitcoin consultant and computer scientist based in Nigeria. It focuses on the launch of the eNaira, Nigeria’s Central Bank Digital Currency (CBDC) and how it has sparked new sets of financial policies, regulations and restrictions from the Nigerian government.

Government Restrictions

In an effort to drive consumers toward alternative options like its CBDC, the Nigerian government has now put restrictions on cash withdrawals from banks limiting it to about $225 per week or 100,000 naira and a daily limit of about $45. This has caused some concern among Nigerians who perceive these regulations as an attempt by the government to gain more control over citizens’ finances.

Viewpoint of CBDC Launch

The governor of the Central Bank of Nigeria, Godwin Emefiele views that launching a CBDC is “to ensure that more people in this country are financially included” due to advancements in money technology moving from commodity to metallic, then paper and plastic; now digital. He believes that this should be seen as a solution for their economic predicaments such as inflation, monetary censorship and rigid access to foreign exchange amongst others however so far this does not appear to be what is happening on ground level within Nigeria since January 2021 when they launched their CBDC.

Reaction From Nigerians

On February 2nd 2023 just two days after the initial deadline set by the Central Bank for all Nigerians to return old naira denominations a Nigerian named Oluwasegun Kosemani tweeted expressing his view that “the Nigerian government is intentionally forcing its citizens into a cashless Keynesian economy while they position their surveillance CBDC – eNaria as final destination”. This example shows how well-informed younger generations understand what these regulations mean for them in terms of financial control which appears mostly directed at pushing towards a cashless policy where the government holds complete control over all citizens’ finances.

Conclusion

In conclusion it appears that despite being introduced with good intentions such as increasing financial inclusion with alternative options like CBDCs it appears that so far Nigerians are not leaps and bounds closer towards achieving this goal but rather further away due to increased governmental control via restrictive policies over their finances through limiting withdrawals etcetera which creates distrust among citizens towards both their governments intentions but also their own ability to manage their own money in ways they see fit without interference or restriction

• Multisignature security (“multisig”) offers a different set of security guarantees than single-signature (singlesig) solutions.
• Multisig wallets are more secure, as multiple entities are involved and there is less trust in any one entity.
• Setting up and using multisig can be operationally more time consuming, so it should only be used for long-term HODLing.

What Is Multisig?

Multisignature security, or “multisig,” is a wallet that can talk to multiple signing devices and coordinate between them for signing transactions (generally using the PSBT format). In comparison, a singlesig wallet talks to one signer only. The singlesig wallet is also often the signer, meaning the keys are hot.

Advantages of Multisig

The advantages of having multiple signers are to reduce single points of failure and increase redundancy in your setup. By having multiple entities involved, users can minimize trust in any one entity as well as increase their overall security posture.

Considerations For Bitcoin Custody

Setting up and using multisig can be operationally more time consuming and include more pitfalls if not done correctly. Therefore, it is recommended that users only consider multisig for long-term HODLing where regular transactions are not anticipated. A robust multi-vendor multisig setup requires hardware from at least two vendors; thus incurring costs associated with hardware procurement and maintenance which should also be considered before opting for multisig custody solutions.

Common Examples Of Attacks On Multisigs

Common examples of attacks on multsigs include social engineering attacks such as phishing scams or other malicious attacks targeting specific individuals who have access to part of the wallet’s private keys. These types of attacks may lead to stolen funds if they are successful in acquiring access to an individual’s private key or device containing it. Additionally, compromised hardware devices used in a multi-device setup could also lead to stolen funds if attackers gain control over it without being detected by the other signers participating in the system.

Conclusion

In conclusion, while singlesigs provide basic bitcoin custody options when managing small amounts, I believe that anyone holding a non-trivial amount of bitcoin for the long term should evaluate a multisig option due its added security features such as reduced single points of failure and increased redundancy within its setup process. However, it is important to keep in mind all considerations associated with setting up a robust multi-vendor solution such as costs associated with hardware procurement and maintenance before opting for a multi signature custodian solution.

Overview of Madeira

• A small Portuguese island 600 miles off the coast of Portugal
• Popular tourist destination with warm and temperate climate and a rich cultural heritage
• Economy driven by tourism, remittance, trade in ports, and exports such as bananas, passion fruit, tea, and wine

Bitcoiners Visit Madeira

A band of high-profile Bitcoiners visited Madeira this summer to document their experience. Pleb Music created a documentary featuring drone shots, storytelling sleight of hand and the agile camerawork of @Cinemuck_. The documentary showcases life on the island during the Northern Hemisphere winter.

Economy of Madeira

Madeira is like other small island developing states where its development is restricted due to its size. The local economy depends on tourism as well as remittance sent from Madeirans living abroad. Additionally, they export bananas, passion fruit, tea and wine. In order to diversify the economy during low season months they have begun to encourage digital nomads to work from the island.

Food & Culture

The cuisine on Madeira consists of espetada (posh kebab), steak and scrumptious fish which appeals to Bitcoiners visiting the island. There is also a rich cultural heritage that makes it an appealing travel destination for tourists looking for Instagram-worthy landscape views.

Conclusion

In conclusion, this summer’s visit from Bitcoiners highlighted why Madeira should be on any traveling Bitcoiner’s bucket list: stunning views, delicious food options and a unique culture that makes it stand out from other destinations. With regular direct flights to New York and budget airlines travelling to European capitals cities this small Portuguese island offers something for everyone.

Black Americans and Bitcoin

• Black Americans have been drawn to Bitcoin due to its potential, technology, and price movement.
• Millions of people invested in Bitcoin with their COVID-19 stimulus checks.
• However, the crypto market crash has hurt Black investors disproportionately.

The Crypto Bubble

In the late 2010s, a significant number of black Americans began researching Bitcoin with enthusiasm. They saw the promise of its blockchain technology, a distributed ledger that provides an immutable record of transactions, as well as watched the price movement of bitcoin hitting record highs. With the distribution of COVID-19 stimulus checks in 2020, millions of people who had never had much to invest or save suddenly had cash on hand and many chose to put them into bitcoin.
Unfortunately, over the last year following this period where many black investors found bitcoin, the overall crypto market has started to shrink; cryptocurrency holdings have disappeared after these digital currencies entered into a winter market resulting in more than $2 trillion being lost in value with bitcoin plunging from highs of $69,000 reached in November 2021 to around $20,000 per coin now.

Addressing Financial Inclusion

Bitcoin naturally holds practical appeal for small-dollar investors from historically marginalized communities who distrust traditional finance. For instance, Black Americans can purchase BTC on digital platforms without a credit check which may hold them back from financial inclusion in other assets. This is why many Black investors have invested funds into bitcoin because they believe it will give them financial autonomy despite the risks associated with it.

Lessons Learned

Although investing in cryptocurrency may be risky and expensive for some people due to losses related to crypto bubbles or crashes such as we are seeing now; there are important lessons that can be learned from black investors about becoming an intelligent investor regardless if purchasing Bitcoin or not: doing your research before investing and understanding exactly how digital assets work can go a long way when it comes to making smart investments decisions no matter what asset you choose.

Conclusion

Despite recent downturns in cryptocurrency markets black Americans continue to show interest in digital assets due both its potential profit but also its promise of financial independence which makes it attractive for those who distrust traditional finance systems due lack of access and opportunity provided by them. With their enthusiasm for this new technology there is much that other investors can learn about proper research methods and understanding how digital assets work before committing funds towards them regardless if they are interested on buying Bitcoin or not.