While the topic sounds interesting, I couldn't quite highlight the underlying reason why cryptocurrency restrictions is a blessing in disguise.
It is restricted because if made acceptable at once, the economy of the country would be affected and there would be a sudden collapse of the economy and rise of interest rates to combat the ease at which things is afforded.
It's a blessing to those who understand and can use it for trading, earning and payment purposes.
Topic: Cryptocurrency restrictions in some countries is a blessing in disguise. - page 4. (Read 932 times)
September 01, 2023, 06:39:18 PM
September 01, 2023, 06:34:58 PM
Restriction of a country on Bitcoin will only pave the way to underground activity. I do not think it can cater to more adopters than when a country openly accepts Bitcoin. Unless cryptocurrency does harm, it will never be a blessing in disguise if it is restricted to any country. @OP You can sweet lemon the thought but it will never be better if a country accepts Bitcoin legally.
they will soon find out that it is better to regulate this market rather than be strict about it. as this will continue its activity even without them. so why not get something out of it via taxes rather than let them operate underground?
and with the digital revolution that we have nowadays, i don't think they can totally restrict this kind of progress over the net.
September 01, 2023, 06:26:13 PM
The CBN's stance on Bitcoin limited its adoption temporarily. But your motives for its revival are correct. Take a look: Unemployment and other income sources? The answer is yes. Some see Bitcoin as a way to gain money, but dealing should be done responsibly. When the market is volatile, you might win and lose quickly.
Also, innovation and ease have pros and cons. Like everywhere else, Binance and Remitano trading is dangerous in Nigeria. Security breaches, scams, and legal uncertainties are largely ignored. Bitcoin's "freedom and privacy" can be used to commit crimes, harming society.
Thus, interest leads to education, but it must be complete and address crypto trading's dangers and challenges. Well-informed groups make fewer costly mistakes, which improves the ecology. P2P trading can solve difficulties, but be careful.
Also, innovation and ease have pros and cons. Like everywhere else, Binance and Remitano trading is dangerous in Nigeria. Security breaches, scams, and legal uncertainties are largely ignored. Bitcoin's "freedom and privacy" can be used to commit crimes, harming society.
Thus, interest leads to education, but it must be complete and address crypto trading's dangers and challenges. Well-informed groups make fewer costly mistakes, which improves the ecology. P2P trading can solve difficulties, but be careful.
September 01, 2023, 04:40:59 PM
Restriction of a country on Bitcoin will only pave the way to underground activity. I do not think it can cater to more adopters than when a country openly accepts Bitcoin. Unless cryptocurrency does harm, it will never be a blessing in disguise if it is restricted to any country. @OP You can sweet lemon the thought but it will never be better if a country accepts Bitcoin legally.
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September 01, 2023, 03:40:29 PM
The ban on Bitcoin in Nigerian banks is not a total ban on cryptocurrency, which is why its adoption is still trending. If there were any serious ban on Bitcoin, it really would have limited the rate of adoption in the nation. Cryptocurrency restrictions in any nation are never a good thing, and like I said before, if Bitcoin were restricted in Nigeria, it would be difficult for citizens to freely acquire the coin. The truth is that the more citizens that are always in search of an additional source of income or other individuals that are also looking for a legit way to invest their money, the more they are discovering Bitcoin and also bringing its awareness to others. There are still other ways that people are learning about Bitcoin every day.
September 01, 2023, 03:15:38 PM
now information has spread quickly among the public so that when there is a ban on a product (in this case we discuss bitcoin) people will flock to find out the real reason it was banned and when they feel the reason for the ban doesn't make sense then they will start to fight against the government and instead give support to what the government forbids and this kind of thing has happened in many countries (people nowadays are smart enough to be fooled).
but for some countries, authoritarian countries, when the rules they set are prohibited, they will act decisively, such as freezing the assets of citizens who violate them or come to their homes, so citizens must be smart in hiding all forms of their bitcoin transactions and investments, to save bitcoin they must use a private wallet that has high security and to carry out buying and selling, they must use the P2P market.
but for some countries, authoritarian countries, when the rules they set are prohibited, they will act decisively, such as freezing the assets of citizens who violate them or come to their homes, so citizens must be smart in hiding all forms of their bitcoin transactions and investments, to save bitcoin they must use a private wallet that has high security and to carry out buying and selling, they must use the P2P market.
September 01, 2023, 02:33:10 PM
Restrictions on crypto-related services can create more buzz due to the influence of social media and make people to get to know it better but it's not a completely good thing. For example, in OP the banks restricted any activities related to crypto trading in Nigeria but people used to do it in p2p way so they could still buy and sell bitcoins if banks feel any suspicions about the activity then the account can be frozen which actually happened on many instances so it has a risk of losing all our savings in a bank account.
Apart from banking restrictions other restrictions can be much worse For example China restricted mining operations which resulted in a significant drop in the hast rate which congested the network completely and people were forced to pay high network fees so it all happened due to the restriction made by one government so everything has good and bad side too.
Apart from banking restrictions other restrictions can be much worse For example China restricted mining operations which resulted in a significant drop in the hast rate which congested the network completely and people were forced to pay high network fees so it all happened due to the restriction made by one government so everything has good and bad side too.
September 01, 2023, 12:29:14 PM
Just like what's happening in other countries, the more they prohibit something, the more that people will be breaking the law to pursue what's banned.
The ban initially led to a slow adoption, but eventually it then led to people being curious about bitcoin. Before you know it a lot of people have keyed into it, and that is why I say it's a blessing in disguise, because you'd think that the ban will diminish the adoption of bitcoin., but instead it increased the awareness. Again while the ban is still on in Nigeria, the country is one of the highest in bitcoin adoption.
That's true, the ban was a blessing in disguise there. And instead the government thinks that it will be better for them to ban it, the people there did the opposite and that has gained more adoption instead of stopping their curiosity of owning and adopting.If the ban didn't make so much headlines at the time of CBN ban, maybe the awareness and curiosity to understand bitcoin, might not be much.
This proves that good or bad publicity always ended up in a publicity. September 01, 2023, 11:46:30 AM
An example is in February, 2021, the CBN (central bank Nigeria) prohibited banks from engaging in any cryptocurrency transactions. At that time the restriction or ban affected the adoption of bitcoin, which was fast gaining ground as an alternative to fiat, for a while, people became afraid to be associated with bitcoin, because of the negative things that were attributed to it, like being a means of money laundering . Some were even thinking that the CBN ban meant that the country has banned cryptocurrencies. Despite the perception and challenges in some countries, the adoption of bitcoin keeps increasing everyday. Thanks to P2P which has widely gained ground as a decentralized means of transactions and reliable exchanges like Binance and Remitano, bitcoin users are increasing everyday.
https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/cryptocurrency-usage-soars-in-nigeria-despite-bank-ban-70497781
These are some of the factors that can be responsible for the increase in the number of bitcoin adoptors in countries that have restrictions.
1; Curiosity, naturally people are inquisitive to know why they are restricted to do certain things, therefore the more they learn about bitcoin and it's advantages, they will engage in it and tell others.
2; Unemployment, where there is high rate of unemployed people, especially the youth, they will see bitcoin trading as a source of earning income.
3: Alternative source of income, they can trade and invest in bitcoin, without loosing their day job.
4; Convenience, they can stay in the comfort of their homes and engage in bitcoin speculation and earn money.
5: Innovation, using a globally accepted decentralized digital currency, that has no boundaries like centralized fiat, gives more freedom and privacy to the users.
With these and other related reasons makes bitcoin adoption to be increasing everyday, despite all odds. This is the reason why countries like Nigeria, has one of the fastest rising bitcoin adoption in the world today.
https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/cryptocurrency-usage-soars-in-nigeria-despite-bank-ban-70497781
These are some of the factors that can be responsible for the increase in the number of bitcoin adoptors in countries that have restrictions.
1; Curiosity, naturally people are inquisitive to know why they are restricted to do certain things, therefore the more they learn about bitcoin and it's advantages, they will engage in it and tell others.
2; Unemployment, where there is high rate of unemployed people, especially the youth, they will see bitcoin trading as a source of earning income.
3: Alternative source of income, they can trade and invest in bitcoin, without loosing their day job.
4; Convenience, they can stay in the comfort of their homes and engage in bitcoin speculation and earn money.
5: Innovation, using a globally accepted decentralized digital currency, that has no boundaries like centralized fiat, gives more freedom and privacy to the users.
With these and other related reasons makes bitcoin adoption to be increasing everyday, despite all odds. This is the reason why countries like Nigeria, has one of the fastest rising bitcoin adoption in the world today.
We are so conditioned to be attracted to what we are forbidden that it becomes a desire to obtain it, to experience by our own means if it is good or not, as they say, it is part of the human being... I be never seen restrictions in this way, always I thought that they would be an obstacle to the adoption of bitcoin and a delay for it, but this new approach completely changed my perspective towards this situation, and it seems that if this event is true, people are becoming interested and even inquiring about their own media regarding bitcoin despite the fact that this currency is being inhibited, a good sign that could increase the demand for it, I wonder if it is only in this country that this event is being noticed, because if it is in all that they have implemented this measure perhaps all those inconveniences that were believed to affect what is so sought after for bitcoin are no longer a problem, as we know there are ways that our bitcoins do not have the need to go through centralized platforms to store them, so that if these people who aroused their interest in this asset manage to study it as it should be, they will realize that freedom with it has no limits.
September 01, 2023, 10:31:18 AM
I concur with the first point you've made, but for the other points, they indeed come with specific conditions for one to act upon them. People tend to become more curious when they experience limitations in accessing something, whereas those who view BTC as a means to generate additional income must initially possess some capital to delve into it.
Entering the realm of Bitcoin without any capital will certainly confine your ability to explore and attempt other endeavors. Therefore, at the very least, someone aspiring to turn Bitcoin into an income alternative should have some initial funds for learning about investment.
A solid foundation of knowledge is undeniably crucial to progress to the next phase.
Entering the realm of Bitcoin without any capital will certainly confine your ability to explore and attempt other endeavors. Therefore, at the very least, someone aspiring to turn Bitcoin into an income alternative should have some initial funds for learning about investment.
A solid foundation of knowledge is undeniably crucial to progress to the next phase.
September 01, 2023, 09:41:11 AM
1; Curiosity, naturally people are inquisitive to know why they are restricted to do certain things, therefore the more they learn about bitcoin and it's advantages, they will engage in it and tell others.
It does not always happen like this, even if people get to find out why the government has put a restriction on the use of bitcoins, and they do, majority of them will not want to engage with it because of its restricted status. They will just find out and hold on to the knowledge. Only a few persons will like to involve themselves regardless of the governments opinion and the others because they were not involved with bitcoins before, will keep their distance.2; Unemployment, where there is high rate of unemployed people, especially the youth, they will see bitcoin trading as a source of earning income.
Why do people still see trading as an employment? Before any trader can really make money from trading bitcoins, they need capital to be able to purchase the amount of bitcoins that they can to trade with. You cannot start trading with zero capital. And even when you start trading, it is not always a win win situation. 
September 01, 2023, 09:16:10 AM
Yeah, it shows the number of Nigerians' need for third party services which means they're still easily tracked. In the long run actually that is a problem for both especially potentially bringing the service itself to legal sanctions. If one wants true freedom, then reduce the intention of using such services or dont associate fiat and crypto activities.
September 01, 2023, 08:55:48 AM
The initial ban on cryptocurrency in Nigeria led to a slow adoption of bitcoin,because many people were scared of adopting bitcoin and some who had then sold due to the fear of the government. Some that dont have the mind to keep their bitcoin sold out of panic. It was as time passes on and people start seeing that the government has less cocern on the restriction and there was the p2p payment method that encouraged them to re-engage themselves again. Another thing that discouraged the youth from listening to the government and taking their ban unserious is because the government is weak in terms of cartering for its citizens. The high level of poverty made youths to see crypto as an alternative means of income and they rushed into it,not minding the government. In some other countries,the ban on bitcoin will affect the adoption of bitcoin to decline drastically,because the citizens will be afraid to go against the law,since it might lead to jail. The decentralized nature of bitcoin rendered government ban on bitcoin weak since it uses p2p payment method for transactions.
The ban initially led to a slow adoption, but eventually it then led to people being curious about bitcoin. Before you know it a lot of people have keyed into it, and that is why I say it's a blessing in disguise, because you'd think that the ban will diminish the adoption of bitcoin., but instead it increased the awareness. Again while the ban is still on in Nigeria, the country is one of the highest in bitcoin adoption. If the ban didn't make so much headlines at the time of CBN ban, maybe the awareness and curiosity to understand bitcoin, might not be much.
September 01, 2023, 08:04:57 AM
This is like bashers, the more bashers you have, the more you are getting famous. See those influencers whose content was shared by their bashers, even if they are just laughing at them. It is also the same with Bitcoin, your bank banned it, which made more people curious about it and found out that it was valuable, which is why they jumped in and wanted to have a Bitcoin. Though still, it is more likely to be adopted if they just do not put restrictions on it because people are not scared to use it.
September 01, 2023, 07:55:18 AM
Some were even thinking that the CBN ban meant that the country has banned cryptocurrencies.
I've read some crypto fanatics on social media say it's not a ban but a restriction and I asked them what's the difference. They failed woefully to furnish me with any explanation. Some say it's the CBN banning cryptos and not the Nigerian government as if both work in isolation. May be in some sane societies, the governor of the central bank is independent and derives its powers and authority from the act establishing it. In Nigeria, that office is tied to the apron strings of the president. The same way Charles Soludo (former CBN governor) was tied to Olusegun Obasanjo (president at the time) was the same way Godwin Emefiele (former CBN governor) was tied to Buhari (president at the time)Quote
This is the reason why countries like Nigeria, has one of the fastest rising bitcoin adoption in the world today.
You're right about the ban being a blessing in disguise. That action from the CBN and its directives to banks to collapse every bank accounts that have been found transacting in cryptocurrencies pushed a lot of people into getting curious and wanting to know more about the stuff that drew government's wrath into banning it. Words started getting out about Bitcoin on the streets to the point that even "419" dudes started fronting with Bitcoin as what they're into while quizzed by the EFCC. With the word on the streets concerning Bitcoin and what it could do, enthusiasts started researching on it. To this day, youths who haven't heard anything about cryptocurrency in Nigeria; especially upward and mobile ones in cities, are seen as naive.Bitcoin and the entire cryptocurrency industry have provided a lot of money making opportunities to uncountable households, both directly and indirectly.
September 01, 2023, 04:16:00 AM
True, thanks to the right restriction on Bitcoin and crypto in my country, that's how I know about peer to peer and since then I never go back to centralized crypto platforms, no one knows I am using Fiat to buy crypto, not even my banks, it's really a blessing in disguise.
At the same time, so many people believe that crypto is illegal or scam that's why the government put a ban on it, this action from the government encourages millions of people in the country to keep hating Bitcoin.
Either ways I don't see anything stopping crypto in Nigeria, people are tired of the government and they want a way out, so far, crypto have saved so many from the harsh situation of the country.
Bitcoin remains Unstoppable.
At the same time, so many people believe that crypto is illegal or scam that's why the government put a ban on it, this action from the government encourages millions of people in the country to keep hating Bitcoin.
Either ways I don't see anything stopping crypto in Nigeria, people are tired of the government and they want a way out, so far, crypto have saved so many from the harsh situation of the country.
Bitcoin remains Unstoppable.
September 01, 2023, 04:11:16 AM
These are some of the factors that can be responsible for the increase in the number of bitcoin adoptors in countries that have restrictions.
1; Curiosity, naturally people are inquisitive to know why they are restricted to do certain things, therefore the more they learn about bitcoin and it's advantages, they will engage in it and tell others.
2; Unemployment, where there is high rate of unemployed people, especially the youth, they will see bitcoin trading as a source of earning income.
3: Alternative source of income, they can trade and invest in bitcoin, without loosing their day job.
1; Curiosity, naturally people are inquisitive to know why they are restricted to do certain things, therefore the more they learn about bitcoin and it's advantages, they will engage in it and tell others.
2; Unemployment, where there is high rate of unemployed people, especially the youth, they will see bitcoin trading as a source of earning income.
3: Alternative source of income, they can trade and invest in bitcoin, without loosing their day job.
Yeah, it's true ban on cryptocurrency leads to more adoption. I take my country as an example where cryptocurrency is banned by the government and CBP. But instead of keeping people away from it people take more interest in it and I see in recent years people want to invest their savings in Bitcoin because they want an alternative to unemployment. In our country young are graduate from universities a thousand in every session but have no job and as a result, they come toward Bitcoin without any fear of the government ban.
September 01, 2023, 04:00:19 AM
The initial ban on cryptocurrency in Nigeria led to a slow adoption of bitcoin,because many people were scared of adopting bitcoin and some who had then sold due to the fear of the government. Some that dont have the mind to keep their bitcoin sold out of panic. It was as time passes on and people start seeing that the government has less cocern on the restriction and there was the p2p payment method that encouraged them to re-engage themselves again. Another thing that discouraged the youth from listening to the government and taking their ban unserious is because the government is weak in terms of cartering for its citizens. The high level of poverty made youths to see crypto as an alternative means of income and they rushed into it,not minding the government. In some other countries,the ban on bitcoin will affect the adoption of bitcoin to decline drastically,because the citizens will be afraid to go against the law,since it might lead to jail. The decentralized nature of bitcoin rendered government ban on bitcoin weak since it uses p2p payment method for transactions.
September 01, 2023, 03:45:16 AM
I don't see the Nigerian government's anti-crypto position as causally related to the active usage of Bitcoin by the Nigerian people. A ban is not a blessing in disguise. It's an obstacle, but one that can play out differently in practice. The way I see it, people in Nigeria use Bitcoin in spite of the government's efforts to restrict its usage, pretty much ignoring the restrictions and doing their own thing. And it's a shame when those in power don't see the potential of their own nation to live and prosper, the effort of regular people to boost their economy. I hope that Nigeria will manage to get more adequate leaders in the future, those that will follow a clearly amazing nation of this country.
September 01, 2023, 03:22:34 AM
2; Unemployment, where there is high rate of unemployed people, especially the youth, they will see bitcoin trading as a source of earning income.
4; Convenience, they can stay in the comfort of their homes and engage in bitcoin speculation and earn money.
I agree with the other factors but I don't think this is the one that helped drive bitcoin's popularity. If you are unemployed and just stay at home, how will you have money to invest and trade bitcoin? We all know that investing in bitcoin is very risky, especially with trading, most people lose money in trading.
As we have discussed many before, bitcoin does not provide jobs and help reduce unemployment or alleviate poverty. So don't think that unemployed young people participating in trade is a good thing. That only shows the laziness and unwillingness to work of your country's youth. They just want to become rich without having to work and they think bitcoin trading can help them realize that dream.
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