Blockchain
Using the Bitcoin Lightning Network to send money between the EU and Africa fiat
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The industry is still promoting accessibility and global acceptance despite the current crypto coldness. Users from different continents now have a way to make cross-border transactions using multiple fiat currencies thanks to a new partnership between Queen Corner And the pitnob.
Usually, a third party, such as Western Union, which relies on centralized companies, is needed to transfer funds between Europe and Africa. These transactions are notoriously expensive discounts and often require authorization from several parties before processing can begin.
use of the Bitcoin Lightning Network; CoinCorner and Bitnob have teamed up to create cross-border transactions from the UK and Europe to Africa
According to World Bank estimates, Sub-Saharan Africa received over $40 billion in remittances annually as of 2020, with Nigeria alone approaching half of that total.
Users can now send money to select countries in Africa via the Bitcoin BTC Lightning Network from the UK and Europe. The software, Send Globally, makes it possible to convert British Pounds (GBP) or Euros (EUR) into the local currencies of Ghana, Kenya and Nigeria (GHS).
Through the Lightning Network, funds are automatically converted into BTC, converted into local currency instantly, and then deposited directly into the recipient’s bank account or mobile wallet.
The remittance industry, according to CoinCorner CEO Danny Scott, is an important opportunity to underscore the value of BTC.
“Bitcoin has always been a great tool for moving money around the world because of its lack of borders, but now with the Lightning Network, transferring Bitcoin is instant and very cheap.”
According to Statista data, Nigeria was among the top 10 recipients of remittances in 2021. Moreover, according to World Bank data, Sub-Saharan Africa accounted for 14.1% of remittances worldwide in the previous year.
However, about 80% of African countries have restrictions on the types of organizations that can provide local banks with services related to remittances. This exclusivity raises barriers to entry, limiting access to money for those who need it most.
With the continent teeming with developing countries and real-world applications, the presence of cryptocurrencies in Africa has been a hot topic in the industry. The cryptocurrency market is still expanding, especially in North Africa. According to Chainalysis research, the Middle East and North Africa region has the fastest economic growth in the world.
The Nigerian government met with Binance in September to discuss the possibility of negotiating a special economic zone designed to help blockchain and Cryptocurrency companies in the region.
Subsequent research from Chainalysis confirmed Ghana’s rise to prominence in the cryptocurrency industry. According to the report, it could overtake Kenya and Nigeria in terms of cryptocurrency usage.
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The Bancor price prediction shows that BNT is crossing the 9-day and 21-day moving averages while the coin is taking off to the upside.
Bancor Prediction Statistics Data:
- Bancor price now – $0.34
- Bancor’s market capitalization is $55.8 million
- The circulating supply of Bancor – 162.5 million
- The total supply of Bancor – 162.5 million
- Bancor Coinmarketcap Ranking – #287
BNT/USD market
Key levels:
Resistance levels: $300, $310, $320
Support levels: $130, $120, $110
BNT / USD It is currently trading at $0.345 after touching a daily high of $0.490, and is likely to return above the 9-day and 21-day moving averages. However, in case the buyers can push the price above the $0.50 resistance level, then the daily candlestick may close above this level, and the price may rise towards the upper boundary of the channel.
Bancor Price Prediction: Bancor is preparing for an upward movement
According to the daily chart, the Bancor price It is moving near the $0.40 resistance level as the coin is preparing for additional gains. The technical indicator’s RSI (14) is also moving to cross above the 50 level, where the signal line is pointing up to signal a buy signal.
However, if buyers are able to push the price and hold it above the 9-day and 21-day moving averages, Bancor price could rise towards the upper boundary of the channel to reach the potential resistance levels at $0.50, $0.55, and $0.60. While crossing below the lower border of the channel, it could lift the currency to the support levels at $0.25, $0.20, and $0.15, respectively.
Against Bitcoin, Bancor is following a bullish rally, and it could swing higher to cross above the upper boundary of the channel that could identify the resistance at 2400 SAT and above. On the other hand, if the market price crosses the lower boundary of the channel, it may reach the support level of 1800 SAT and below.
However, the technical indicator’s RSI (14) is currently moving to cross above the 50 level as the signal line is pointing north to confirm the upward move. Moreover, any further upward movement may create additional gains above the channel.
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Since the coin starts the upward movement towards the upside, the dYdX price forecast is likely to move steadily inside the channel.
dYdX prediction stats data:
- DYDX price now – $1.10
- DYDX market capitalization – $72.7 million
- Circulating supply of DYDX – 65.5 million
- Total supply of DYDX – 1 billion
- DYDX Coinmarketcap Rank – #198
DYDX/USD Market
Key levels:
Resistance levels: $2.00, $2.20, $2.40
Support levels: $0.50, $0.30, $0.10
DYDX/USD is likely to cross above the 9-day and 21-day moving averages as the currency begins its upward movement. in the past few days, dYdX price Struggles to cross over to the positive side. According to the daily chart, the RSI (14) technical indicator moved to cross above the 40 level, confirming the bullish movement of the currency.
dYdX Price Prediction: DYDX is ready for an uptrend
the dYdX price It is currently moving north. If the currency continues its upward movement, the bulls may cross above the 9-day and 21-day moving averages, which could reach the resistance levels at $2.00, $2.20, and $2.40. At the time of writing, DYDX/USD is showing a slight bullish movement on the daily chart.
Conversely, if the coin slips below the lower boundary of the channel, it may bring the coin back to the $0.50, $0.30, and $0.10 support levels, respectively. Meanwhile, long-term buyers should not be alarmed by the small impact down the road, as the future of DYDX is assured as evidenced by the technical indicator’s RSI (14).
Against Bitcoin, dYdX price is hovering below its 9-day and 21-day moving averages as the coin is poised for an upward move. The technical indicator’s RSI (14) also confirms the upward movement as the signal line encounters the 40 level. On the contrary, a potential downside move could emerge if the market price crosses below the lower boundary of the channel, which could reach the support level 200 SAT and below.
Meanwhile, any further bullish move above the moving averages could push the coin to the 1200 SAT resistance level and above, and this could take the coin to a new high, and the market could remain in the bullish zone.
But, Dash 2 Trading It gives you the ability to improve your trading and scalping profits with effective crypto trading recommendations, automated trading, and analytics features. There is a D2T token pre-sale going on and time is running out. The launch of the pre-sale dashboard is coming soon as the product developer is ahead of schedule. To date, the prequel has raised nearly $12 million.
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