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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.
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Rep felicitates Wike on emergence as THISDAY/Arise TV Minister of the Year
The Chairman House of Representatives Committee on Federal Capital Territory (FCT), Rep. Aliyu Betara (APC-Borno), has congratulated the FCT Minister, Mr Nyesom Wike, on his emergence as THISDAY/Arise TV Minister of the Year.
Betara, in a congratulatory message issued in Abuja, eulogised the leadership virtue and dedication of the minister to infrastructural development in the territory.
The lawmaker, representing Biu/Bayo/Shani/Kwaya Kusar Federal Constituency of Borno, said that the award was well-deserved.
“On behalf of the House of Representatives Committee on FCT, I wish to extend my warmest congratulations to the FCT Minister, Mr Nyesom Wike, on your well-deserved recognition as the Minister of the Year by THISDAY/Arise TV.
“This prestigious honour is a testament to your visionary leadership, tireless dedication and exceptional contributions to the infrastructural transformation in the territory.
“Your unwavering commitment to service and your determination to improve the lives of residents and visitors alike to the FCT has been nothing short of exemplary.
“Through your bold initiatives and strategic policies, you have not only enhanced the aesthetics and functionality of Abuja, but have also reaffirmed the FCT’s position as a beacon of progress and modernity in Nigeria,” he said.
Betara said that the recognition was a reflection of the positive impact of Wike’s work and the admiration he had earned across various sectors.
While describing the recognition as an outstanding achievement, the lawmaker prayed that the milestone would serve as an inspiration for greater accomplishments in service, with integrity and purpose.
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Court adjourns case against ex-Kogi governor, others
A Federal Capital Territory High Court on Wednesday, adjourned hearing in the alleged money laundering case against former governor of Kogi, Yahaya Bello until April 3 and April 24.
Justice Maryann Anenih adjourned the case for continuation of hearing after the first witness, Fabian Nworah, a property developer, was called to testify.
The Prosecution Counsel, Kemi Pinheiro, SAN, informed the court that he had five witnesses to call for the day.
Justice Anenih said she could only take one witness as she had other matters to attend to.
The court also announced that it would not be sitting on Thursday as previously scheduled.
Counsel for the 1st and 2nd Defendants, Joseph Daudu, SAN, however, informed the court that the prosecution had not made the statements on oath of the 2nd defendant available to the defence team.
He said he was aware that the first defendant had not made any statement.
Daudu also objected to the witness presented by the prosecution, arguing that the defendants had no prior knowledge of the witness and were only seeing him in court for the first time.
Citing authorities, he emphasised that legal proceedings should not be a “hide and seek” game, stating that the prosecution was required to provide the witness’ statements on oath in advance so the defence could adequately prepare for cross-examination.
“The statements of the second defendant have not been served on us to be able to know if we will be able to represent him or not.
“So, it is a serious handicap on us. They need to serve us all the statements made by the defendants.
“I understand the first defendant has not made a statement. Fortunately, we are still within the house keeping stage of the proceeding,” he added.
Corroborating this, counsel for the 3rd Defendant, Abubakar Aliyu, SAN, said, “mine is not a comment but an observation my lord. My application is for the court to order the prosecution to provide us with the statements of the 2nd and 3rd defendants.”
When the judge asked if he had requested for the statements, Aliyu SAN said, he discovered on Tuesday that the said statements were not part of the proof of evidence served on the defendants.
He said: “I am also applying that the court order the prosecution to provide us with copies of recovered digital device and the report or the extract therefrom mentioned on Page 14 of Volume 1 of the proof of evidence and the report of the forensic expert if any.
“I am following the procedure followed in Okoye against the Commissioner of Police, which was adopted by the Supreme Court in Okemini Vs Commissioner of Police.”
The prosecution witness, however, disagreed, saying the defendants were trying to delay speedy trial.
He insisted that the proof of evidence was served on the defendants on Nov. 27, 2024.
“The constitutional provisions, which they rely on, does not imply that the prosecution should provide all the documents which it relies on.
“The law only provides that the prosecution should oblige the defence with all the documents requested for,” Pinheiro argued.
He noted that the issues would be addressed whenever they receive formal applications from the Defendants and urged the court to proceed on the business for the day.
“As it is, we have almost utilised more than an hour on these arguments,” he stated.
The judge asked the defendant’s counsel why he did not raise the issues in December.
Daudu SAN replied that it was because it had to be done after arraignment.
“I have applied and they are not obliging me. It is absolutely necessary for our defence,” counsel for the 3rd defendant said.
The judge, however, declined the application for adjournment and directed the prosecution to proceed with the case.
The prosecution then proceeded to call its first witness, Fabian Nwora, a property developer with EFAB Property Nigeria Limited.
Nwora testified that he was invited to the Economic and Financial Crimes on Feb. 8, 2023, regarding a transaction between Shehu Bello and EFAB Property concerning a property located at No. 1 Ikogosi Street, Maitama.
He stated that he sold the said property to Shehu Bello but observed that the name on the sale agreement was Dr Bello Ohiani, not Shehu Bello.
He said, in 2023, Shehu Bello approached EFAB Property, informing them that the property was under investigation by the EFCC.
He returned all documents related to the purchase and demanded a refund of the N550million that was paid.
Subsequently, he said, EFAB Property was invited by the EFCC to explain what transpired between them and Shehu Bello.
The EFCC instructed the company to refund the entire sum to an EFCC-designated account. EFAB Property complied in two batches of N400 million and N150 million.
Headlines
Kebbi to upgrade Zuru hospital to referral centre
The Kebbi Government says it is assessing the condition of the Zuru General Hospital with the aim of upgrading it to a referral centre.
Gov. Nasir Idris stated this when he visited the Emir of Zuru, Alhaji Muhammadu Sani-Sami on Wednesday in Zuru.
Idris visited the emir to thank the people of Fakai, Sakaba, Danko/Wasagu and Zuru Local Government Areas that make up the emirate.
Idris said that upgrading the Zuru General Hospital to a referral centre would ease the difficulties faced by people of the emirate.
The governor said that quality healthcare services remained an utmost priority of his administration.
He said that the Sir Yahaya Memorial Hospital, Birnin Kebbi and the State Medical Centre, Kalgo, currently serving as referral health institutions were overstretched.
“The government is committed to reversing the trend by making referral hospitals close, accessible and affordable to the people of the state,” he said.
On the expansion of the Zuru Water Works and construction of urban township roads, Idris promised to reappraise the facilities for necessary action.
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