Topic: Dealing with the current mix, Could this lead to a bad crypto year? (Read 71 times)

With my observation it will only be this period that all these things are happening that we may experience some tough time. Like having to carry out successful transactions on exchanges. Why am saying this is because amid these situation i had encountered some painful incident today. I tried to take some profits bia the rise of bitcoin so i was finding an alternative to binance to trade my USDT into fiat but on the process i lost about $4 to 5$ because of lack of familiarity with other exchanges.

I really don't see any strategy in what they are actually doing by fighting the wrong people thinking it will curb the current inflation in the country, but to me, since the government have everything in their disposal, I believe that they knows that it's the wrong move, but they are just afraid of facing the reality, by trying to rejuvenate the economy back to the level they met it, when they took it from the last administration, and upon all they are doing, it's not driving down cost of price of things in the market, which shows that it's not what they should be doing, if they want the price of things to crash.

Op, another thing you need to know is that an exchange is just like a market place where you go and do some transactions, like buying and selling, so if that particular market is not favourable, you look for another that is more favourable, so I advice you utilize another exchange that their p2p network is still working, like kucoin and bybit as of now.

I didn't have to read your post to the end to capture your point but just a simple clue you are missing here is that cryptocurrency and whatever happens to the crypto market is not controlled  by the Nigeria government, bitcoin in particular is not under the control of any government that their policies and regulatory measures should make it a bad year for BTC. It is a decentralized currency unlike those exchange we are only using as a means to buy and sell our assets which are an entirely different phenomenon altogether.

If the Nigeria government decides to attack those platforms you had mentioned as a panacea to save the naira value, I expect any cryptocurrency user to make use of other reputable platforms that are outside their list of attack and continue with his or her p2p trading. However, if you're a hodler then a centralized platform isn't a  good option to hodl your coins as your keys are not under your charge but a third party which makes you not sole owner of your coins unlike when you have them in a non-custodial wallets like electrum and others.

There's nothing to be afraid of, there are a lot of other platforms to do p2p trading with, make use of them and be calm while bitcoin keep rising.

With the different strategies by the government to restoring the economy to it feet again, the cryptocurency and forex world has recently become a major target with attacks on berue the change vendors, restrictions on binance and statement from the president's aid  making claims that binance will destroy Nigeria if not stopped.

This should be a a thing of concern to us as a segment of the country that are part of those facing the current hardship in the land and seeing that in a bide to restoring the economy to it feet again, some of us will have to suffer for it. Bitcoin is gaining and Thier is the urge to keep holding but if the exchange rate doesn't favour us, then even after the  excitement from how  bullish bitcoin price is going, converting your BTC to naira becomes a serious disadvantage if the price of dollar dropped too low.

I'm not saying that it's bad for the naira to gain over the dollar but considering the population of youth currently depending on menial dollar paying jobs because of the difference in the exchange rate, it had has made the high rate of unemployment to appear unnoticed. being too strict on binance and attacking this crypto sector of the economy could be another way of shooting ourselves on the foot and it might course more arm than good to our economy and our peace, if care isn't taken.

If for any reason binance is banned totally in Nigeria and we see more stringent measures by the government that affect us negatively, could this lead to a bad crypto year for us? This is my first circle in the industry so I don't know if this kind of attack is a regular thing or I'm just being overly afraid.