Crypto is currently the number one trending topic in Nigeria with over 239k tweets. This current hot topic is tied with the misunderstanding between Femco and the public.
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The Feminist Coalition Group (Femco) explained that the group had an unconfirmed transaction on the Bitcoin network which was between the organisation and a sales entity.
The sales entity here sold provisions needed by the organisation during the #EndSARS campaign of which the payment was done using bitcoin.
The transaction which was initiated on Nov 16 2020, was confirmed on March 5, 2021. The transaction according to Femco was done with a minimal fee to make sure the funds donated were fully used for its purpose without many miscellaneous expenses.
— feministcoalition (@feminist_co) March 12, 2021
The recent transaction confirmation stirred up issues from the public. They claimed that Femco sent bitcoin to a separate wallet on claims that it wasn’t used for the purpose it was meant for.
In a recent tweet a few hours ago, Femco explained in detail the transaction and how it was carried out in connection with the previous report published by the group. Many who did not know about cryptocurrency were stirred up to go and read about crypto and how the bitcoin network transaction works.
This is more or less one of the best times for crypto in Nigeria, which has continued to stir up adoption across the country. More people are getting to understand how the bitcoin transaction works.
Quick Facts: Bitcoin is a digital form of money generally known as cryptocurrency and powered by Blockchain Technology. Bitcoin cryptocurrency is powered by Bitcoin blockchain network while Ethereum cryptocurrency known as Ether (ETH) is powered by Ethereum Blockchain. Transactions are publicly confirmed on the network in seconds. Can take longer periods when the network is clogged.