When Binance made the announcement to discontinue all services in Nigeria by March 8, it sent shockwaves through the crypto community in the country. Despite facing regulatory scrutiny, the sudden exit of the world's largest crypto exchange from the fastest-growing market for Bitcoin adoption left many questioning the future. However, for some, like Ray Youssef, the founder of NoOnes, this move was not unexpected.
Anticipating the Shift
Ray Youssef foresaw the challenges and obstacles that lay ahead for the crypto industry, particularly in regions like the Global South. As a former CEO of a Bitcoin company based in the United States, he witnessed firsthand the financial barriers and regulatory complexities that hindered progress. Recognizing the need for a platform that catered to the unique needs of African entrepreneurs, Youssef founded NoOnes, a peer-to-peer Bitcoin trading platform.
The Currency War
The exit of Binance from Nigeria symbolizes a larger battle being waged in the financial landscape. Entrepreneurs in the Global South find themselves trapped within their local markets, making cross-border transactions and business expansion challenging. Youssef emphasizes the importance of understanding the pressures faced by leaders and working collaboratively to forge a new path forward.
Empowering Entrepreneurs in the Global South
To unlock the full potential of entrepreneurs in the Global South, Youssef advocates for creating an environment that fosters growth and innovation. By promoting free trade and ensuring a fluid monetary system, businesses can thrive and expand beyond local borders. Youssef's decision to relocate to the Global South and establish NoOnes reflects his commitment to supporting the region's entrepreneurial spirit.
Local Engagement and Partnership
At NoOnes, local engagement is key to success. By hiring Africans to handle moderation and involving them in the decision-making process, the platform ensures fair and inclusive practices. Instead of viewing Africa as a market to exploit, NoOnes sees its users as partners and collaborators, sharing profits through a unique partner program.
Seizing Opportunities in the Crypto Space
Despite the challenges posed by Binance's withdrawal from Nigeria, NoOnes remains steadfast in its mission to empower Nigerian entrepreneurs through Bitcoin adoption. By providing a platform that offers life-changing opportunities and business growth potential, NoOnes seeks to fuel prosperity and economic empowerment in the Global South.
Ray Youssef's vision for a more inclusive and dynamic crypto ecosystem resonates with the aspirations of African entrepreneurs. As the continent embraces the possibilities of Bitcoin and decentralized finance, NoOnes stands ready to support and uplift those who dare to innovate and thrive in this new era of financial empowerment.
Frequently Asked Questions
How much should precious metals make up your portfolio?
This question can only be answered if we first know what precious metals are. Precious metals refer to elements with a very high value relative other commodities. This makes them highly valuable for both investment and trading. Gold is currently the most widely traded precious metal.
There are also many other precious metals such as platinum and silver. The price of gold fluctuates, but it generally remains stable during times of economic turmoil. It is not affected by inflation or deflation.
All precious metals prices tend to rise with the overall market. However, the prices of precious metals do not always move in sync with one another. For instance, gold's price will rise when the economy is weak, while precious metals prices will fall. Investors expect lower interest rate, making bonds less appealing investments.
However, when an economy is strong, the reverse effect occurs. Investors want safe assets such Treasury Bonds and are less inclined to demand precious metals. These precious metals are rare and become more costly.
It is important to diversify your portfolio across precious metals in order to maximize your profit from precious metals investments. Additionally, since the prices of precious metals tend to rise and fall together, it's best to invest in several different types of precious metals rather than just focusing on one type.
What is a Precious Metal IRA?
A precious metal IRA allows you to diversify your retirement savings into gold, silver, platinum, palladium, rhodium, iridium, osmium, and other rare metals. These are “precious metals” because they are hard to find, and therefore very valuable. These are excellent investments that will protect your wealth from inflation and economic instability.
Precious metals are sometimes called “bullion.” Bullion refers simply to the physical metal.
Bullion can be purchased through many channels including online retailers and large coin dealers as well as some grocery stores.
A precious metal IRA allows you to invest directly in bullion, rather than buying stock shares. This will ensure that you receive annual dividends.
Precious Metal IRAs don’t require paperwork nor have annual fees. Instead, your gains are subject to a small tax. Plus, you can access your funds whenever you like.
Are gold investments a good idea for an IRA?
For anyone who wants to save some money, gold can be a good investment. It is also an excellent way to diversify you portfolio. There's more to gold that meets the eye.
It has been used throughout history as currency and it is still a very popular method of payment. It is often called “the oldest currency in the world.”
But unlike paper currencies, which governments create, gold is mined out of the earth. That makes it very valuable because it's rare and hard to create.
The price of gold fluctuates based on supply and demand. When the economy is strong, people tend to spend more money, which means fewer people mine gold. The result is that gold's value increases.
On the other hand, people will save cash when the economy slows and not spend it. This increases the production of gold, which in turn drives down its value.
This is why gold investment makes sense for both individuals and businesses. You'll reap the benefits of investing in gold when the economy grows.
Additionally, you'll earn interest on your investments which will help you grow your wealth. If gold's value falls, you don't have to lose any of your investments.
Should You Buy or Sell Gold?
In times past, gold was considered a safe haven for investors in times of economic trouble. Many people are now turning their backs on traditional investments like stocks and bonds, and instead look to precious metals like Gold.
Gold prices have been on an upward trend over recent years, but they remain relatively low compared to other commodities such as oil and silver.
Experts think this could change quickly. They say that gold prices could rise dramatically with another global financial crisis.
They also noted that gold is growing in popularity because of its perceived value as well as potential return.
These are some things you should consider when considering gold investing.
- The first thing to do is assess whether you actually need the money you're putting aside for retirement. You can save for retirement and not invest your savings in gold. Gold does offer an extra layer of protection for those who reach retirement age.
- Second, you need to be clear about what you are buying before you decide to buy gold. Each offer varying degrees of security and flexibility.
- Don't forget that gold does not offer the same safety level as a bank accounts. Your gold coins may be lost and you might never get them back.
If you are thinking of buying gold, do your research. Make sure to protect any gold you already own.
Statistics
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
External Links
cftc.gov
law.cornell.edu
- 7 U.S. Code SS7 – Designation Boards of Trade as Contract Markets
- 26 U.S. Code SS 408 – Individual retirement funds
finance.yahoo.com
wsj.com
- Saddam Hussein's Invasion Helped Uncage a Bear In 1990 – WSJ
- Want to Keep Gold in Your IRA at Home? It's Not Exactly Legal – WSJ
How To
The History of Gold as an Asset
From the very beginning of time, gold was a currency. It was universally accepted due to its purity and divisibility, beauty, scarcity, and durability. It was also traded internationally due to its high value. Because there were no internationally recognized standards for measuring and weighing gold, the different weights of this metal could be used worldwide. One pound sterling in England was equivalent to 24 carats silver, while one livre tournois in France was equal 25 carats. In Germany, one mark was equivalent to 28 carats.
In the 1860s, the United States began to issue American coins made from 90% copper, 10% Zinc, and 0.942 Fine Gold. This caused a drop in foreign currency demand which resulted in an increase of their prices. The price of gold dropped because the United States began to mint large quantities of gold coins. They needed to pay off debt because they had too much money coming into circulation. They sold some of their excess gold to Europe to pay off the debt.
Since most European countries were not confident in the U.S. dollar they began accepting gold as payment. However, after World War I, many European countries stopped taking gold and began using paper money instead. The price of gold has risen significantly since then. Even though gold's price fluctuates, it is still one of the most secure investments you could make.
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By: Ray Youssef
Title: NoOnes Empowering Nigerian Entrepreneurs in the Crypto Space
Sourced From: bitcoinmagazine.com/culture/noones-helping-nigeria-after-binance-exit-
Published Date: Fri, 29 Mar 2024 18:00:03 GMT
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