Topic: As our economy dey so, Bitcoin na blessing to us? - page 2. (Read 647 times)

for what I have seen and hear so far about Bitcoin, even as, I never benefits from Bitcoin. I can tell you for free that, Bitcoin is a life changer, is a blessing to so many people here. sometimes I dey ask, what if there is nothing like Bitcoin coupled with the hardship the country is facing today. when you check all this, you will know that Bitcoin have done so much good to us.

Bitcoin na blessings to us more than some of us even know based on the opportunities wey e don bring for us, e come better pass as we e be say e dey decentralized so government or individuals no too get control over am, this na come make people wey they use am no need go Tru too many procedures to use am, and too much touch lighting no come follow as that they cause barrier for some transactions.

E get people wey the use of Bitcoin don help dem alleviate the problem them been dey get with foreign exchange, because now instead of the money they fit jus get Bitcoin and send am to anywhere in the world and the other people go receive am completely without any issues. The people wey dey run exchange now dey make money from am because of Bitcoin now dem don get work unlike before wey dem for dey idle as government say dem no get work for everybody, so Bitcoin don be blessings in many ways Dan curse as some pipo go wan dey think am.

Bitcoin for naija con be like say youths don get job. But truly, I know no whether youth still dey look for jobs like that like as e be around 11 years ago when bitcoin never show or even few years ago like 5 years back wey bitcoin begin trend. Guys dey introduce deir friends either to learn how to trade am or do any other thing without am. You go hardly see youth wey dey internet compliant wey no get binance app for fone and that one mean say the hussle dey online.

Na money matter and naija no dey carry last unto say na wetin go enter belle we just need first. No be about the freedom from banks, decentralization but how much difference in profit you fit sustain yourself with from trading or hodling btc.

The existence of bitcoin Don really help the citizens in so many ways, before now when the economy was okay those early investors of bitcoin made their first money in Bitcoin.  Some youth for our country Don take bitcoin trading as an occupation and e Don really help them. The truth be say if tovsay bitcoin no dey and with what the present economy is like e for hard for the citizens.  Many people are working online jobs that is related to Bitcoin.  Any person wey say bitcoin no be blessing to this young generation  the person no dey say truth.  It is as the founder of bitcoin know say by this time the world go need bitcoin na why him create bitcoin.

Bitcoin na blessing for our naija but na only the people were believe with it because dey get many people for our naija where still dey talk say bitcoin na scam because dey don't get any idea on it and na them dey most suffer for the county because dey don't get something doing in the country dey just dey spoil some people mind since dey no do, dey won't makes another person do dey will be saying negative things about it for people, Bitcoin is volatile and government can control it and that make it stronger, I think that is why government make am illegal for the country because he can't get access with it, if know be say Bitcoin investment dey i don't know how many people go dey face for the country how the economic bad this days everything just dey increase price.

Censorship yes, Manipulation no. Bitcoin market is one of the most manipulated market and that can be a good thing and also a bad thing. The price of Bitcoin is influence by news which means it is manipulated by news and this one mean say bad news go make the price of Bitcoin to fall and goodnews go carry the price go up and that's why during bear market we always get more of bad news and the price keeps dumping while for bull market na mostly goodnews dey full everywhere. News is been used to manipulation the price of Bitcoin but the manipulation no dey last because at the end of the day the community power always win and no matter how they try to keep the price of Bitcoin down with all their negative news like exchange hacking, protocols and projects getting hacked, government crackdown on cryptocurency services las las the price of Bitcoin go still recover. Bitcoin is a blessing because it teaches about financial literacy, been incharge of your finance and so on.


Why we sabi lie to ourselves, yes Decentralized of Bitcoin is the greatest gift it gave to humanity but in Nigeria it isn't the decentralization that's our real blessing but the price increase (profit). Make I ask you, how many Nigerians dey use Bitcoin in a decentralized way wey you know outside the forum. Even most people wey dey here dey use Bitcoin with centralized services. Dem all dey trade Bitcoin for remitano, Binance or other centralized platforms. Dem dey use non custodial wallets as na blockchain wallet dey trend before but now trust wallet. Ask anybody wey dey into cryptocurency and the first thing you go see na Binance or trust wallet for their phone. The blessings wey Bitcoin give Nigerians na the price increase (profits) wey e dey give us, other things come secondary. Most Nigerian self dun run KYC finish for exchange just to get how to trade funds to their bank account. Without the profits dem many of us for dun commot the industry. The decentralization of the industry still need more preaching and that's what we're meant to do in our different surroundings.

Blessing indeed, Omor this country for don show many people shega well well oo, even as e dey even show people sef already but the blessing be say we all dey enjoy the benefits and also gain knowledge on Bitcoin technology and other wonderful things wey dey included for cyber and crypto technology. My brother as you talk am na so e be because of not for these signature campaign wey men dem dey use hold body sometimes e for red well well oo.

Bitcoin really come to us as a blessing wey we don already accept and dey use am, dos wey neva adopt am or dislike d use na their choice and d bitcoin itself na alternative to fiat current and not compulsory for all of us but e no dey limited to anybody. One tin I like with bitcoin be say e dey close that gap of not having complete ownership of your money to yourself and dis na one of d greatest thing wey make many us emulate am come dey use am. Me I no get any thing to say to dos wey know about am an no wan adopt the use, na their choice to make as dis bitcoin no be something wey dey forceful on anybody. Just let dem know wetin dem stand to get, d advantages and disadvantages of it when you don’t trade the good way, and dey will be persuaded or convinced to join willingly wen dey get and understand the whole concept.


One good thing wey I see say we dey get as advantage to dey earn in bitcoin be say we fit dey convert am go USD and then from USD to naira. Anytime wey naira dey depreciate against USD, if we convert am we go get higher value in naira but to spend am again go come be like say we no really see any different from when d price been never depreciate like that. Anytime wey naira dey depreciate against USD, na economy downturn dey cause am, so that’s why the value of the money if you wan spend am go still dey the same. The good thing I see with earning in USD for Naija be say, you won’t see any different, whether increase or decrease in your source of income and spendings on a daily basis. Earning in dollar and spending in Naira in Nigeria is directly proportional to each other.

That's correct, mate. Bitcoin is the first decentralized currency that is not controlled by any single organization or government, and it is used by more than 200,000 people due to its open source nature. Bitcoin is the best entirely contributed currency. It's made up of people like you, so there's no need for a bank or payment between you and anybody you're attempting to trade with. Because this, Bitcoin is the most trusted decentralized money in all over the world.

Bitcoin benefits a lot of people, especially the youths and which benefits Nigerians, and the entire world, not just our country. If to say their's not this Bitcoin, how do we think some youth will survive? The way Nigeria is moving on currently now, People are graduating from school every day in Nigeria, and their's no government work for them. To be honest, Bitcoin makes everything easier for people, even in terms of transactions, which are extremely fast, unlike Nigeria banks, which they will do anything they want with people.

No be lie, di decentralization of bitcoin, na real blessing e be for Nigeria, and any oda country, because e no get restrictions, nothing like say any country or entity de control or manipulate am. Anywhere wey di holder de for dis world, di coin no get any restrictions or barriers to take am make transactions. So no matter how naira de devalue e no get any effect for di bitcoin wey de inside your wallet. Plus you fit de trade am as a business, or de invest am on a long term and also make profit.

Dos days wey we de hear of money gram and western Union money transfer, person go send money from abroad and you go go bank to collect am. With bitcoin, nothing concern you and bank, na for di person to just run P2P with you and your bitcoin go enter your wallet directly, no third party.

This would depend on our government, but assuming I am the president  (maybe in the next life), all the exchanges will be forced to have offices in Nigeria and I will tax them approximately because they are not different from banks. You can not believe that these exchanges have offices in those developed countries that later have strict regulations that forced the exchanges to leave the countries. The one I prefer most is the United States that makes all their exchanges to have United States domain and also have offices compulsory. Having an office can not be too stringent for the exchanges to leave, unlike the strict laws from the developed countries after the exchanges have offices in their country.

Even if our government sets a framework/regulation for crypto, it does not mean centralized exchanges would launch physical offices in Nigeria, i don't see why they'll want to do that or be forced to do that. The government would only give them their own terms of the crypto regulatory framework, and if these businesses think they cannot cope with it, they'll simply have to discontinue their services to Nigerian customers.

Bitcoin is a blessing not only to Nigeria but to every country that is challenged with with centralized policy. Where you have to say yes sir before it can be done, where you have to give a bribe before it can be process, you have to pay and lobby to make things faster. However, presence of bitcoin na very transparent technology wey we go dy see wetin dy happen through, it will be visible and transparent for everyone to see.

Just visualize how the central bank would be better today if they have adopted bitcoin and pay people in bitcoin, the rate of corruption in nigeria is going to drop because any money you spend and embezzle will be transparent and anyone that cannot be accounted for will be seen from the blockchain. But will bitcoin be welcome in our central bank, no.

Bitcoin also has power to make people make payment without any fear and have to wait for approval, as long as it's your money, you have the private keys# you will send amount to any person without any middle person or maybe a point of failure, bitcoin doesn't fail.

Aside from the other benefits, we need bitcoin because it appreciate in value, if you have ever have bitcoin when it was around $4000 during the bear market but with time, it went above previous all time high, anyone that happened to bought n that price should be in good profit. This is why we as Nigeria, need bitcoin to store our assets.

In addition, the fee is also expensive. Yes, I agree with this. One of them that you are referring to is wire transfer. Wire transfer can take days. There are some other ones but they are also costly just like wire transfer. Some people are referring to bitcoin transaction to be costly, but far cheaper than international fiat transactions.

Not a single thing that will help the economy, but all will be combined to make a good economy. If Nigeria government force those exchanges to have offices in Nigeria, have some workers from Nigeria and regulate them like banks and using them to generate internal revenue, it would have been better.

To some extent, bitcoin is helping some people involved in bitcoin trading like P2P and making money from it and contributing to the economy. If someone make money from a business (which can be bitcoin business or related), the person will buy goods more and give works to people for the people to render their services. Which means this can help in increasing production, but it is left to the government on how they make citizens produce the goods and services locally, or keeping on depending on imported products and services.

Yap and na true talk be that. Bitcoin don save many life and help them well well. So bitcoin na blessing to everyone wey dey use am and like am. But make we no go over do oh. Make sure you know when to invest and when to trade. Bitcoin was created mainly for p2p and not for third party control. You send directly to the recipient wallet and nobody can block or obstruct the transaction and there is no monthly charges. The economic leaders might have tried their best to stop bitcoin but since there is no central control system, they could do not so they let it be. Bitcoin is the best ever for now. Because the matter the amount you have in you account, nobody can come block your account and ask you how you manage to get this money. This this happened in the aftermath of #Endsars when the Federal Government froze some of the protesters accounts and sued them to court and when they discovered that many people used bitcoin to save their money den no come fit do anything again so they just leave those people.

There are plenty people that are using  bitcoin in Nigeria but the people wey no dey use am nai plenty pass. And I believed non of those people wey dey use bitcoin e dey poor, everyone dey do well in their little ways and for those wey dey the forum sef dey do well. And when di government go adopt am, people go dey happy dey join and use because even for those wey never use am def know say bitcoin e dey exist. And dem sef know say bitcoin dey help people well well but dem dey fear to use am because government never approved am.

Bitcoin dey decentralized and no authority/entity fit control am and if you dey use Bitcoin na you go always dey in control of your money/finances, but mind you, if you carry your Bitcoin put am for centralized exchanges you no dey in control again oh, na only when Bitcoin dey inside your non custodial wallet wey you go dey in control of your assets.

Having said that, generally Bitcoin no go help based on our current economical wahala, though Bitcoin fit serve as hedge for fiat inflation and e go fit give you ROI if you invest and hodl for the long term, but Bitcoin no go fit make the economy better generally, that one no follow for one of its use cases.

Bitcoin na him be the koko, e give everyone financial inclusion and e no dey restricted by age, gender or territory. E put power in the hands of the people, no entity fit control or manipulate bitcoin na him make government dey see am as threat to fiat.

A remember back in days, if person wey dey obodo oyibo send you money, na always big challenge to collect the money, the process dey time consuming and this na after banks don carry out their verification checks. But Bitcoin don make everything dey easy for everyone, the transaction dey transparent, faster, better and e don eliminate the need for third party. E help many businesses strive as you fit buy something from abroad and pay with Bitcoin. Many Nigerians wey dey work remotely dey use am as a medium of payment for their services and e also give people wey dey into Bitcoin trading a source of livelihood.

Bitcoin knowledge and resources na better blessing to us wey Sabi am and mostly for this current biting economy.
As per the control wey dey inside, e dey hard for anyone person or even the SEC regulators to do anything, all them fit do na just to monitor transactions because na inside decentralized network Bitcoin or cryptocurrencies these days dey run on.

I think Bitcoin and crypto currency market fit dey manipulated somehow, because since na based on demand and supply the system dey run, those wey get million dollars investment in BTC or cryptocurrency, wey we know as whales fit affect the prices and availability of the coin when them decide to sell their asset or liquidate some of am.

The control can be of two types: the first is the control over bitcoin price while the second is the control over your own money. Bitcoin do not give the government or central authority the power to have any of the two controls. But according to your post, you are referring to central authority control, like the government.

But regarding economy, bitcoin is an asset and its price is controlled by demand and supply. People buying more and the coin is becoming more scarce which makes its price to increase. In short, bitcoin is an appropriative asset and that is how I see it is helping Nigerians, for people to use it to hedge against inflation.

My brother waiting you talk na true even if say I nava start to they invest for Bitcoin but seeing how plenty people done benefits from Bitcoin I most say Bitcoin is a game changer, so I just wish say everybody for we 9ja go see Bitcoin on the perspective way we they see am, live for they better somehow for we 9ja.