Headlines
What is a Bitcoin exchange?
These digital asset exchanges are the most popular for acquiring new BTC due to their user-friendliness and availability. In simpler terms, a Bitcoin exchange is a digital marketplace where traders and buyers can buy and sell this digital money using conventional currency or other altcoins. A Bitcoin exchange is an online platform that acts as an intermediary between buyers and sellers of this virtual money.
The process of acquiring new Bitcoins from a Bitcoin exchange such as Quantum AI follows a few basic steps, which include;
Creating an account on the exchange
Validate your identity by linking your bank account or a credit card and uploading your identification.
Right after you have approved, you can now make your purchase of a new BTC, and this digital money is transferred to your account once the transaction is complete.
Furthermore, most exchanges lately offer ways to set up recurring purchases, making it easier to set up daily, weekly or yearly investments in manageable denominations. It is a reasonably painless way to grow your Bitcoin holdings. Before investing with crypto exchanges like Quantum AI check did Elon Musk invest in Quantum AI
On the other hand, Bitcoin exchanges are vulnerable to hacks and other security issues. If you leave your Bitcoin on the exchange platform, it is not yours until you withdraw it to a wallet you control. If somebody hacks the crypto exchange or you lose the funds due to mismanagement, you may lose your digital money.
As a result, most of these digital money users deposit their funds via bank transfers into the exchange, purchase their electronic money and then eventually withdraw it to a safe wallet that allows them to hold their private keys.
Moreover, Bitcoin exchanges are subject to Know Your Customer (KYC) and AML regulations. Therefore, you will be required to submit some of your personal information and documentation as proof of who you are.
Decentralized Exchanges
Decentralized Bitcoin exchanges are digital platforms that operate without a central authority. These exchanges, in return, allow peer-to-peer trading of these electronic currencies without an exchange authority to facilitate the transactions. A decentralized Bitcoin exchange has several, including;
It helps most of these digital money users feel that decentralized exchanges better match the decentralized structures of most digital currencies themselves.
The majority of decentralized exchanges also require less personal information from their members than other types of exchanges
There are few chances or issues of hacks if the users transfer assets directly to other users, therefore, eradicating the need to transfer assets to the exchange.
Moreover, decentralized exchanges may be less susceptible to price manipulation and fraudulent trading activities.
Decentralized trading exchanges must maintain fundamental user interest in trading volume and liquidity. Furthermore, not all decentralized exchanges have achieved these essential baseline qualities. Users of a decentralized exchange may have less recourse if they are all the victims of fraud than those who use the crypto exchanges with centralized authorities.
Special Considerations When Selecting a Bitcoin Exchange
When considering which exchange they can work with, find out the fees incurred in every transaction. All Bitcoin exchanges have transaction fees applied to each completed buy and sell order carried out within the exchange.
Digital money users should also consider the Bitcoin wallets they will use to store private keys for authorizing transactions and accessing the user’s Bitcoin addresses.
The Bottom Line
A Bitcoin exchange is a business that enables customers to trade this and other cryptocurrencies for fiat money or other virtual currencies. Today, the world has various crypto exchanges, but almost all serve the same purpose of facilitating crypto trading. Nevertheless, research the platform you use to ensure the safety of your funds and seamless trading.
Headlines
Commission, journalists partner to revamp water sector in Kaduna
The Kaduna State Water Services Regulatory Commission (KADWREC) says it is partnering media practitioners towards revamping water services in the state.
Mr Dogara Bashir, the Executive Chairman of KADWREC, disclosed this on Monday at a one-day workshop organised for media practitioners on regulation of ‘Water, Sanitation and Hygiene’ (WASH) activities held in Kaduna.
Bashir said the commission was aware of the importance of the role media practitioners played in the society.
He stated that the workshop was to provide an avenue to liaise with them as important stakeholders on water supply and sanitation services in the state.
Bashir said: “As media practitioners, we believe you are a gateway to the citizens so, the workshop would acquaint you with some of the regulations already in place so that you can in turn transmit it to the public
“The state of water services in Kaduna State is in dire need of attention and the State Water Corporation and KADWREC were established towards addressing the seeming challenges.
“The commission is mandated to ensure better service delivery and regulation of water and sanitation services in the State.
“The idea is that once the regulations are developed, we send them to the State Ministry of Justice to gazette and then we get the state government to endorse and give the go ahead to commence the implementation of the regulations
“We intend to implement them fully come January, 2025 God willing, as we have embarked on advocacy activities having gone to zones 1 and 2 where we talked to traditional rulers, security agencies and the Judiciary.”
He disclosed that a special Court has already been attached to the commission by the Chief Judge of the State for service providers who may likely violate regulations.
The chairman further said that amongst the commission’s objectives include ensuring security, reliability and quality of service in the production and delivery of water to the consumers as well making regulations to control the sinking of boreholes.
Others included; maximising access to water services by promoting and facilitating consumer connections to distribution systems in urban and rural areas.
According to Bashir, they also include ensuring that regulatory decision-making has regards to all the relevant health, safety, environmental and social legislation applying to the water sector.
Bashir further said that the commission collaborate with the relevant state and federal agencies on water policies.
Crime
2 ladies docked for allegedly obtaining money by fraud
The police in Lagos have dragged two women, Mmesuma Ofunna, and Blessing Adimekwe, before an Ojo Magistrates’ Court in Lagos, over alleged obtaining money by false pretence.
Ofunna, 22, and Adimekwe, 25, were arraigned before the Magistrate, Mr L K J Layeni, on a four-count charge bordering on conspiracy, obtaining by false pretence, stealing and conduct likely to breach peace.
They each, however, pleaded not guilty to the charge.
The prosecutor, ASP Simon Uche, told the court that the defendants conspired with others now at large, to commit the offence on Oct. 26 at the Okokomaiko area of Ojo.
He alleged that they had obtained the sum of N70, 000 from one Faith Ahamefule, with a promise not to post her nude photo on social media.
The prosecutor alleged that the defendants later posted the nude photo of the nominal complainant on social media, knowing that their promise was false.
He alleged that they stole the N70, 0000, thereby conducting themselves in a manner likely to breach public peace.
The offence contravenes the provisions of sections 168(d), 287, 314, and 411 of the Criminal Law of Lagos State 2015.
The court granted the defendants bails in the sum of N500, 000 each, with two sureties each in like sum.
He adjourned the case until Jan. 8, 2025 for mention.
Headlines
Driver jailed 6 months for attempting to steal a car
A Jos Magistrates’ Court on Monday, sentenced a 37-year-old driver, Ahmad Umar to six months in imprisonment for attempting to steal a car.
The Magistrate, Shawomi Bokkos, summarily tried and sentenced the convict after he pleaded guilty to the charge.
Bokkos in his judgment, ordered the convict to pay an option of N30, 000 fine or spend six months in prison.
Earlier, the Prosecutor, Insp Ibrahim Gokwat, told the court that the case was reported on Oct. 10, at the Area Command Police station through a distress call by one Sydney Peacemorie the complainant.
Gokwat said the complainant parked his Toyota RAV4 in front of Access Bank and went inside to carry out some transactions, only to return to find the convict inside his car.
“The convict unlawfully opened the car and was in the driver’s seat when the complainant raised alarm and he was apprehended, but his accomplice escaped.
“The convict was severely beaten by a mob but was rescued by the police,” said Gokwat.
“The prosecutor said that the offence contravened the Plateau Penal Code Law.
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