A New Era of Digital Finance Evolves With The Arrival of Bitstake
New Nigerian Bitcoin exchange platform uses digital currency and offers safe, viable alternative to traditional loan markets.
Lagos, Nigeria, May 13, 2015 (Newswire.com) - With digital currency taking hold as a more affordable way to transfer money across borders in less time, Bitstake (Bitstake.co) has emerged as a Nigerian Bitcoin exchange platform geared towards offering Nigerians the convenience of Bitcoin exchange to and from Naira, in addition to a peer-to-peer lending marketplace.
Using digital currency and offering a safe and viable alternative to traditional loan markets, this marketplace presents individuals and businesses the opportunity to acquire loans of different types at much lower rates and “cleaner” fee structures.
“The key focus of Bitstake is on fast and frictionless money remittance with the lowest fees – one-percent – internationally for fund transfer in and out of Nigeria,” explains Ray Carlo, senior project manager of Bitstake. “With the technology also compatible with all phone advancements as well as being able to be used over SMS texting for monetary transfers, there is a potential for growth and development in digital currencies – especially Bitcoin in Nigeria, due to the fast-growing rate of smartphone and Internet users. I realized that Nigeria was in dire need of a cheap and globally-accepted payment system that would offer a more cost-effective and easy-to-use money remittance platform…and one which would positively affect Nigerians, with funds that could be moved quickly and easily in and out of the country.”
According to the Overseas Development Institute, remittance fees cost the African continent $1.8 billion a year, with Nigerians currently paying huge fees for money transfers via a bank or Money Transfer Operator (MTO) when they use services such as Western Union or MoneyGram. Thus far, the Bitcoin protocol has been the simplest way to exchange money globally online from one individual to another without going through an intermediary such as a bank, PayPal account or Western Union – now, converting $200 received in Bitcoin at a Bitstake exchange costs two dollars, taking less than 10 minutes to receive Bitcoin currency from anywhere in the world and a few seconds to confirm payment coming through.
Carlo explains that Bitstake is a concept similar to a savings account, the difference being the interest is determined by the digital currency network weight and interest rate set in the digital currency source code; thus users with more balance will earn more interest. While interest rates are normally determined each month from traditional institutions, Bitstake algorithmically creates interest so it cannot be modified and is always provided in an “appropriate” amount.
“Transparency and fair practice forms the basic foundation for the Bitstake exchange services, and we preserve these values in our business behavior,” concludes Carlo. “All the security in the system has been custom-designed and modeled after traditional security and online banking access platforms, and we’re even offering new customers a sign-up bonus in an effort to get folks familiar with digital currency trading.”
More information can be obtained by visiting https://bitstake.co/.