Topic: Crypto Matter: Abeg, Somebody Explain Am for Me (Read 170 times)

Well, for me.. I go say na because them no dey in control of an, na e make them dey really dey fight against am bad bad, them no want carry their ears hear say na crypto, even if na to find you come your house them go do.

Na true say crypto dey really help us well well for this country especially as things come be now but for their selfish desire, they no want dey reason that one, their own be say make they just dey in control of am, so that they fit dey do am as they like, and they like as we dey suffer and they no won do anything, they just won continue to see us dey suffer, if not I no see any reason why them go dey the crypto but that one God say their plans no go come to pass.

The state has not yet achieved authority over this sector and the market share is increasing if we consider a long timeline. It just means that the states are banned based on the regulations they set, but are unable to prevent the use and operations. As more CEOs, influential people are diving into the cryptocurrency segment, the government will have a tough time regulating cryptocurrencies for real. They can impose taxes, that's fair but they can never ban crypto.

However, if something really grievous like a 51% attack occurs, I'm wondering if it's still possible for the governments to develop USB wallets that extract all the crypto from the blockchain ledger. They could then make a really crafty move- issue out real Bitcoins with all the data in the personal USB drives of all the investors, and make use of anti-counterfeiting technology to make it legit and circulate coins like fiat currency. This way, they have the whole situation under control.

Possibly, the government could be trying out ways to exploit the blockchain and get this done. Just my thoughts.

Right now I can't really say that the government is against crypto in the country cause if it was really a war or something that they wanted  to stop they would have issued a ban, but that's not the case here, all the recent news relating to crypto has been about exchanges and their supposedly false accusations about money laundering and them being at fault for the way our currency is depreciating in value, they have ban p2p trading( which is a means where local buyers or crypto users easily change their crypto for fait within the country) and this has affected many of us here that usually keep our money in crypto and love to engage in trading transactions more often.

But their supposed claim seems to be false cause no problem has been solved and naira continues to fail in value against dollar, we alm know how this happened, during our last election more money was printed and that has affected the total available supply of naira and in turn reduced its value, you would better understand this logic if you knew the concept of supply and demand, so what our government is trying to do is to solve a problem they created for themselves and blame it on crypto.

Crypto don try for plenty youths for dis country, if no be for crypto for dis country, crime rate for don increase pass like dis, but at least plenty youths wey Dey school, and d once wey don graduate from school Dey see food chop from crypto. Since I Dey my final year for school na him I don Dey put eye for ground Dey look for online hustle wey I fit Dey do, before I come learn about crypto, as I Dey do more research na him I come across this forum wey I come Dey build my self small small, if no be for crypto e for no funny for me ooo, because since I even graduate school wey I finish service, I don Dey use eye look for job up and down but nothing Dey ooo, I don even give up for job for dis country self.

Na because the government no want make youths process for dis country now, they just want make all of us Dey suffer, so that if election time reach, dem go come give us small money so that we go still vote for them. If everybody don get money, small small change wey dem Dey share give people during election no go move anybody now.

Advice well-given. Get a job or learn a skill, to be your own boss as job no too d for the country.

This na the kind advice wey a friend or peso wey like peso go give em fellow being cos for this our country no be crypto wey peso go talk sae em go like put em mind into for financial freedom without having a source of income aside crypto wey go unable am to invest in bitcoin without been force to sell their bitcoin when money no d to sort out emergency bills.

Many people, more especially the newbies the think sae crypto na to invest on am, and be at profit without having any other things to do. Dem come forget sae, investment for bitcoin na for long term. You can't be waking up to profits everyday, even if you do, you no go withdraw your profit nah, you go still wait till the time wey your target price go reach before them go sell their bitcoin holdings.

Peso need job or something wey go keep them busy till that time wey d go like trade their bitcoin for fiat.

The government thinks that there are some bad actors that are hiding behind crypto to manipulate FX market, they think naira fall is because of crypto existence but what this government has been ignorant about is that they didn't check the past government Naira performance despite when the dollar was pegged, the only reason why the past government ban crypto then was because of the protest that happened when the donation were collected in crypto.

This government is just a try and error policy government, by the time they are done delisting all the p2p market in Nigeria and the Naira refused to appreciate, they allow the p2p market to function properly. Even Kucoin that was halted today, the Naira never appreciated, the price is still the same with yesterday price.

Even now you still dey in trouble because any exchange wey just enter this governments eyes somehow them go just press button the wey wen the exchange go remove p2p for Nigerians. So even now sef you still dey in trouble for one side. Just imagine am say you be Marchant for any of this exchange wey government done close down (no be big trouble be that?) The thing be say now nah to just dey do your crypto things on a low, no go raise alarm for others to know say you sef dey deal on crypto currency.
The reason why this governments them dey do all this things he say naira dey lose value and them think am say to stop crypto for the country nai be the best. For me, anything wey done spoil done spoil, nah only God nai go fit make thing come back to normal again. Now just reason am say some few months back, naira been dey regain value from 1800 to 1100 and e even reach 950 for $1. But now, e do e high again.

So technically the government no dey against cryptocurrency because if dem dey against cryptocurrency dem for dun ban all crypto activities for the country and make you no think say the government no fit do am because e get people wey been dey doubt say the government go fit pull out Naira from crypto trading exchanges and so far they have been able to do it. Dem go make cryptocurrency inaccessible through centralized exchanges but the decentralized ones go still dey function that's if the government was against cryptocurrency but what they're against is the manipulation of the Naira based on their own thinking and they believe it's crypto exchanges with other means na wetin people dey use manipulate the Naira which they're not entirely wrong but that isn't the main reason why the Naira no dey stable.

Na the economy of the country dey cause am but the government no wan accept say dem dey rule the country wrongly instead they wan attack wetin dem think go put fear for people body but when dem do all their gra gra finish, the Naira go return back to its worst form. The government sha no too dey friendly to the development of crypto but them non dey attack am. If you notice all wetin dem dey do since na attacking any means wey person fit dey use trade foreign currency against the Naira. Truth be say the Naira weak right now and if we no fix our economy, it'll continue getting weaker.

your knowledge on crypto shouldn't be a substitute to looking out for a good job that you can do outside of the crypto sector. As a starter, it's best you get involved in crypto as a side hustle while still looking for other means of making money and if you're done with service, you can still start up a little job while still making your investing in crypto.

As for the main reason why the government is cracking down all crypto related channels, most persons have rightly said it already and it's just basically because they feel that it's what's responsible for the devaluation of the naira. There aim is to crack down any exchanges that does p2p transaction which they believe is responsible for the increase in the exchange rate we're currently facing. But the issue is, has thier effort to crack down major crypto exchanges increased the value of the naira? The obvious answer is an emphatic NO. Cryptocurrency isn't the cause of the devaluation of the naira and even if they succeds in stoping any form of crypto transactions in Nigeria, the exchange rate would most likely remain the same. They refused to ensure that our rate of dependence on imported product is reduced to the lowest point and ensure that are agriculture and refineries is working well but want to shift attention to other sectors?  If they like, they should crack down all the popular p2p channels, crypto will stop go on in this country and that wouldn't in any way affect the average economic life of the Nigerian citizen.

After much you've got several replies on this thread pertaining your question, I just want to let you know that after that your service, you'd still need to find that job and don't just lean your income on your Crypto investment otherwise you'll have some unnecessary sabotage names on this crypto journey.
Bitcoin or crypto investment is a reality hope that your tomorrow will be better and can't assure you that immediately you invest that you'd start making profits like the normal physical and conventional business places and public services may give dividends to daily earning.
Bitcoin is best a successful investment for investors who can hold for a long time and not the desperate quick rich investors.
So, I'd advice you still pursue those opportuned jobs or diversify your incomes in anyway just so your bitcoin assets could be fertile enough to yield you amazing profits.

You are right because in as much as crypto investment is very important and has the possibility of making one successful doesn't mean that they will not focus on other things, however just like you said getting a job will be very good for him because depending completely on crypto investment to survive could lead to panicking because one of the things he needs to understand is that crypto investment is not actually an investment someone would venture into with the believe of making huge money at a blink of an eye especially when he is holding for a long term, so perhaps the best way for him is having a steady source of income and from there diversifying some part of his funds to Bitcoin investment perhaps with this he will no longer depend on his investment to be successful in life but rather the investment will become an elevator for him in the future.

You know government decision sometimes no dey clear for person eyes. You go begin wonder why dem do certain things. You self you no wonder why dem no use BVN share some money through banks regards to palliative instead of buying rice etc wey dem distribute along party line or paying only federal government workers some percentage on the palliative as if civil servants reach 30% of the Nigerian population.

Omo for this crypto thing, the reason wey I see na say dem dey think say na exchanges dey make Naira exchange rate dey increase but dem dey play. Government na copy cat, dem dey look at wetin some countries dey do like India but forgetting say work no dey for naija and youths dey use cryptocurrency dey survive.

1. Not that the government isn't aware of the prons and cons of cryptocurrency in general, but that the government is supposed to control the inflow and outflow of money, which does not happen with cryptocurrency because they have no control over the inflow and outflow of transactions, making it difficult for them to track and regulate. It is normal for the government refusing to support anything of which it has no control.

2. There was a reported $56.7b in crypto traded volume in Nigeria last year with no tax paid to the government as there is no capital gain tax on crypto transactions in Nigeria, and exchanges are not effectively regulated by the SEC Nigeria.

If the Citizens are only benefitting and the government is not getting tax on those incomes it's becomes a problem to the government so they will do everything to stop it.

Crypto nobe work , make you too try find work do.

Go and get a good job if you have the opportunity to have one. Crypto is good but to be successful in it you need a good source of income. It could be business or a good paying job. No doubt its hard to get a job in the country but there are various jobs can get you a manageable pay and there are skills in the internet aside crypto that you can start which in less than no time you can start getting paid from it.

It seems you rely so much on crypto to make you become that wealthy person you dreamed of becoming but i want you to understand you can only be successful in that way if you invested a lot, and where does the money comes from? Focus on your big dreams while you rely on crypto to support you daily financial burden. Dont put all your eggs in one basket, get a job or business and start making money.

Well, according to them, den say na cryptocurrency dey devalue our naira through p2p so na why Dem dey fight against any p2p or cryptocurrency transaction. For over how many years our government don first dey use style dey push cryptocurrency commot from body like Dem first do for 2021 when dem restrict banks from crypto transactions. Everybody be dey happy last year when dey remove dis restriction but as we all know say na spoil na wan happen next.

Well, we don't know and we no fit tell watin our government get for mind as we no wan dey conclude for here. If Dem say na p2p market dey kill the economy of which we all know say na lie then make dem dey fight. But if Dem get sense see say no be e then make dem use their head go fix the country wey Dem don spoil finish. I no know watin Dem want from we country people but make God help all of us.

The government being against cryptocurrencies, they allegedly claims the digital currency is responsible for the devaluing of the naira with the trading of p2p in the exchange platforms meanwhile it doesn't seem to be true
The government is basically an anti citizens progress and timely against the crypto currencies because it's lucrative potential has attracted lot of masses to have their funds invested on the platform and it's dearly helping for source of income
Most likely, the governor's s greedy one, they're literally fighting against the crypto because they can't get ride to control the digital financial system since it's a decentralized and non custodial financial network. We should've to also know it that the government has always wanted to enslave her citizens where we'd work like an elephant and earns like the ants. So right in bitcoin and the crypto blockchains entirely, there's no chances for them to  govern us to that extend.

First of all, you need to understand say this our present government, just want people to dy under, they want a situation whereby they can easily tell you to go and steal a ballot box during election, and you will do it whole heartedly without any push back, because you will surely need the peanut they will give too you for survival, And you need to understand that you can't easily manipulate someone that is doing well on his own, someone that doesn't need your money for survival to do your biding, so in essence is that they just want the youth to remain jobless and poor so that they can be used as tools any time they wish, but crypto has been a direct threat to what they really want, because most Nigerian youth have really engaged in it, and it's now making a difference in our financial state.

So in your own case, I would suggest you have a source of income first, before even thinking of investing into Bitcoin, and try all your possible best to gain more knowledge about Bitcoin and cryptocurrency, so as to know how to navigate your way successfully in the space.

I know say if no be for crypto, I go just dey in trouble for this country. Because as I dey finish service, I suppose go look for work like other normal people, but this work no dey the country. But what I no understand be why our country dey against crypto. I mean, the government go done see say eh dey help a lot of people nah. Abeg, anybody with better understanding of this matter fit explain am for me, make I understand more. Why dem dey fight against something wey dey bring money and hope to our people? Dem suppose dey support am, no be fight am. I just dey confused, make somebody help me out?