Sam Zuga, the founder of Zugacoin, the Nigerian cryptocurrency, has reacted to the criticism that greeted the inability of users to make withdrawals.
BizWatch Nigeria learned that some users and merchants of Zugacoin have been battling challenges relating to an inability to withdraw their digital assets. Hence, industry critics believed that the digital currency should be avoided by all means.
According to one of the critics Ophi Rume, investors need to think twice before committing financially to Zugacoin, saying they risk losing their investment.
Rume explained that when prospective investors learn or become aware of such details about this project, they would likely decide against investing and thus preserve their meager savings.
Displeased with this, Zuga expressed his disgust, as he described his critics as ignorants, whom he alleged were desperate to tarnish his image and that of his project.
“The only challenge is lack of knowledge from the users. Anyone can withdraw conveniently if the people that are withdrawing are less than the people who are depositing. No system can survive if what is going out is more than what is coming in.
“There is no problem anywhere in the Samzuga ecosystem. The only problem is your ignorance of how the system has been designed to work. Merchants can transfer money from the Merchant area of the merchant app to the Merchants wallet and from there to P2P conveniently,” Zuga said as he explained how the ecosystem works and why some holders may be having problems withdrawing.
Checks on Coinmarketcap revealed that Zugacoin last traded at $1.64 with a 24-hour trading volume of over $5,220.27.