Topic: Fall in Naira and crypto growth in Nigeria (Read 315 times)

Inflation problem is currently a major problem not only in Nigeria but also in many countries around the world. In this scenario, our youth is interested in cryptocurrency especially Bitcoin. Now the halving season is going on so the price of Bitcoin is going down a bit which I think brings a huge opportunity for investors. This is just an opportunity for Bitcoin investors to buy at rock bottom prices. Your given trap title is not correct at all.

Investing in Bitcoin for the long term can help brighten your future prospects and make you more profitable. Not compensation here can be a result of your better decision making.

The government know fully well that the adoption will be massive and that would mean prosperity for the people. They're only afraid that when the people are very comfortable and no longer hungry like they've kept them, it might mean an end most of their political ambitions. They fully know the benefits of crypto relating activities thriving the country and how it will give financial power to the people. They're afraid of people wielding such power knowing fully well they thrive from the victimization of these people.

There are various economic advantage of giving crypto a favorable environment in the country like  

Attraction of Funds

Wherever big exchanges are, they will draw in other crypto projects and businesses. This leads to a huge influx of funds to the local economy, in hundreds of billions of dollars (USD), from all over the world. Crypto investments are borderless. Good ICOs are invested in by people from all over the world.

Attraction of Talent

Crypto businesses are lead by the sharpest minds on the planet. They are early adopters and developers of technology and financial industry. They push the envelope forward. Clear and favorable regulations on how ICOs are accepted by governments, listing on exchanges, and competitive personal tax policies are key to attracting these talents.

Local Job Creation

Crypto businesses are well funded. In 2017, crypto businesses raised $5.7 billion USD from ICOs, bigger than VC investments in the same year. In Jan of 2018 alone, crypto businesses already raised more than $2 billion USD, and the trend is accelerating. These businesses must hire people to grow their teams, creating job opportunities in the local community.

Tax Revenue for Governments

Unlike startups in other industries, cryptocurrency startups are often profitable from the beginning. Some are extremely profitable (see later). These profits generate significant tax revenue for the government, often in hundreds of millions of USD for each business.

Industry Growth

In addition to the direct tangible benefits, there are significant intangible and long term benefits, which we believe, far outweigh the immediately quantifiable ones mentioned above.

With more crypto business booming in one area, they will build a local culture that is crypto friendly and crypto advanced. This is similar to the startup culture in San Francisco, financial culture in New York, etc. With this culture built, it will help to shape the local economy, to be a world leading one. Early adopters could realize trillions of dollars in benefits compared to late adopters.

https://www.linkedin.com/pulse/benefits-crypto-part-1-countries-changpeng-zhao?utm_source=share&utm_medium=member_android&utm_campaign=share_via

Already no be new thing again say our government to want way wey go liberate the poor masses in the society that is why when they find any thing wey the youth wan de involve to counter unemployment and poverty, before you know Dem go either ban that thing or them go regulate am in a way wen e go still affect the masses.

All of them know say crypto dey legit and as e be so if our youths get into crypto currency Dem go see am say dis people don dey self employed and nothing wey Dem go dey find for the hand of government that is why Dem just always want make everything dey work under their watch and control but wetin me I know be say no matter how Dem fight people wey dey into crypto, Dem no go fit fight every body because some of us don dey grounded for the system wey be say no how wey Dem go fit conquer Dem. Dey already know the truth but Dem dey afraid of say people achieve better things without their help, Dem just want platforms wey dem go bring den dey claim all the whole glory.

Wetin me I know be say so far say Dem ban Binance wey be say naim be the leading exchange platform for Nigerians but yet people still find other means to continue with exchange of crypto and Fiat, I see so nothing Dem go fit do to stop the operation of cryptocurrency for the country, the awareness don dey spread small small so na only time will tell wen Dem go dey wit no choice na to approve adoption of cryptocurrencies.

Anyway, just like you talk naim be the koko like instead wey naira go appreciate wen we know dey feel the impact for the country, e better say e dey devaluate so that those of us wey dey earn in dollars go enjoy small abeg.

For me, the use of cryptocurrency by many in the country contributed to the inflation we experience for some time now and unless crypto is being regulated and accepted in the country, I would see it as a way out for many persons without jobs, because it creates a plain level field for those employed and earning up the minimum wage as much as it does to the crypto traders and investors who earn from it.

It may seem like a trap to many but it really isn't no matter the scare, because the government has failed to accept it, but in all reality, it has more than helped the micro and macro economy of the country, in that the poverty rate is only as high for those living in the rural areas without the benefits of technology or the internet as compared to those in the urban cities who have nothing else to depend on but have access to the means and technology.

For me, I go say make dollar increase make naira fall because even if naira increase and dollar fall, wetin go still happen for this country go still happen, beside the introduction of crypto don make people gain employment and don make dem no dey reason to do bad thing just to earn a living and e dey very beneficial if dollar increase because of the gain wey dey dey am and we fit dey use that gain dey save self, and our leaders dem know say to be a partaker of crypto make sense, na e mk some of dem dey hide dey do am even as dem dey talk say dem go banned us from using crypto and na them know wetin we dem dey play. And my prayer be say mk dollar just increase because see this country anything wey don high don high.

This situation is beneficial to only crypto and dollar holders alone, how does this benefit the common man in the locality, this decline of our naira has made life so unbearable to the citizens of this great country, but sincerely our government made it to be so, where we're they when we the country is heading to this lane, they are very selfish to the extent that the citizens are never a priority to them, the poor decisions of the Government has crippled the nation economy, most of us here wouldn't understand what's going on because we can still afford few things and some of us have this digital currency in our possession, Nigeria currency is bleeding, it needs treatment and fast recovery. We need prayer at the moment and God's intervention if not the dwindling economy will continue.

The depreciation of the Naira triggered the massive adoption of cryptocurrency in Nigeria. Mostly everyone in Nigeria is looking for a safer way of earning dollars so that they can be able to overcome the high standard of living in Nigeria. Imagine seeing the exchange rate of one dollar to Naira at 1175 Naira, you will want to adopt Bitcoin as a hedge or as an investment that will help you overcome the inflation in Nigeria.

It is no threat because the continuous fall of the Naira is a result of Nigeria's bad economy until a good policy is deployed by our government or CBN that will help the Naira to gain against the dollar if not Naira will keep on falling.

Yes, the benefit from the crypto market will help you overcome the inflation in Nigeria because your 10,000 Naira will be 10,000 Naira or above any time you want to convert some of your Bitcoin to fiat.

E suppose to benefit crypto traders because dem dey earn with either usdt, dollar and not naira so dem go still dey okay pass people wey dey rely only on naira.

Me I no think say na any trap. So far government never really do anything productive wey go make exchange rate reduce. There is nothing for now wey dey push am down, so even if them make announcement say naira go improve, that one na just for mouth because e go still go back to where e dey and even fall more. Nigeria need to go into production first before things go begin work.


No it doesn't. The rate of increase of goods and services no equate the difference wey the fall in naira dey experience because every commodity rises so if you have profit of a dollar to Naira then you have to also share it between every thing you need and want to buy daily and transport too . Although those who earn in dollars  dey still enjoy better Dan people wey still dey government work and government no even increase deir salary.

From what I observed in bitcoin and the people that I know are into bitcoin, are investing in bitcoin to make profit, because most of them believe that bitcoin investment is something that will change their lives after they sell in the bull run. Profit is the first thing in their mind, this is why you see that even the ones that don't know about trading will want to trade. They go extra miles to learn trading by all means so that they can make profit from the fluctuation of the price.

Secondly, is depreciation of Naira, though I have seen people who prefer to keep dollar than bitcoin because they don't have trust for bitcoin yet and all the time, they exchange their dollar to Naira when they want to spend. Unemployment has made Nigerian youths to be ready to do something that will make them be dependent on themselves to safeguard their future, and most of these youths who has the knowledge of bitcoin are buying and hodling with the little money that have to invest for the future.

This is not the only reason and I don't think it's the main reason why Cryptocurrency adoption is increasing in Nigeria, I see it that, the increase in the adoption rate of cryptocurrency in Nigeria has come from the fact cryptocurrency as been a way for alot of people all over the world to liberate from financial struggles aside from the other benefits with it not withstanding that alot have suffered from scammed or failed projects all over the world including Nigeria.
I will stick to this my claim reason is that before the economy collapse to this stage the adoption rate of crypto has been increasing and in fact if the economy becomes more better people will have more money to invest in cryptocurrency and this will increase our adoption rate more.
Though the best cryptocurrency to invest in is Bitcoin since there is surety for profit in the long run but Nigerians as also invested on altcoins and shitcoins especially in 2021 and we know what happen to most of them, so I guess this is among the reason most Nigerians has stick to bitcoin for investment.

There is no trap here, we all know that the economy is not getting much better for the time being and no sudden change in our economy that will give it a positive growth at the time being because when it's time for a positive growth it won't be sudden.

Yes it compensate alot from this because those earning from a currency being favored by the depreciation of our local currency are actually being able to make up in some ways (if not alot ) from all these economic crisis that has caused hike in price in everything because someone earning in Naira is at the lost in regards to the Economy while those earning in dollars, Euro and any other favorable currency are able to compensate better now (especially when the two are still being paid same amount they earned before the economy became worst).

Well eh fit appear say we they earn for dollar they at advantage base on say the price way eh be now when we convert to our local currency way be naira eh go favour us, but the thing be say those people way their salary nah for local currency how eh go be for them.

Make we no too greedy this dollar something way they climb like this they affect all of us for one way or the other because the price of things they increase for price day by day and this our high dollar exchange no go solve am, nah when you exchange $100 for N100,000 you carry am enter market  nah that time we go know Watin really they happen for the country.

As I check today the dollar exchange rate self don touch N1100 to $1 which really no look good if we no take time nah 1500 we fit they see before the end of the year and things go hard pass the way eh be for this our country I just they pity our grandma and grandpa them way they for village they do their selling because some of them fit close of market as them fit no cope with the situation, if we they reason about our own advantage make we also they include others way no they earn like us.

Yes

Dollar is not a store of value, it is also a depreciating asset, but just that naira is depreciating far more than dollar is the reason many people among us think that it is a store of value. But the amount of goods and services that $100 can buy or pay for in the past 10 years, the same $100 can not pay for it as of today.

Bitcoin is undervalued right now and it is an appreciative asset, store of value and a hedge against inflation in long term and it would be the best for now when its price is still low.

Since naira was created in 1973, has the value gone up before against dollar? I mean after some period of time. That has not happened before. Expect naira to continue falling until the government allow CBN or make CBN to appreciate the price of naira.

Cryptocurrency has really be of good benefit to the young people even before when the economy has not gotten bad to this, and even now that the unemployment rate is still increasing Cryptocurrency is playing a vital role when it comes to financial help. In countries whereby their currency is depreciating constantly like that of naija I think those who save in bitcoin will really benefit because their  is no need to have savings with a currency that has no value in this hard time of the economy.  Bitcoin came at the right time when people will so much be in need for financial help.

This thing wey you talk na true me i remeber when i sell dollar for 530 now see the price. My question be say as dollar they N1075 now you feel say e go up pass this amount? and for people they see dollar as store of value or wealth i wan know if nah good time to buy dollar now then expect am to increase again?

Seriously if dollar increase pass like this e no go too make sense o because ill naira go they loose more value compared to other countries.

You like how dollar to naira is now over ₦1000 because you told your friend to invest in USDT or because you just like how the price is increasing? Know that if we have a stable economy with little or almost no inflation, that means as naira will not that be devalued or not devalued, there will not be persistent rise in the price of goods and services and it will also just be like now but in a way that Nigerians will have more believe in naira than what is happening. Stable economy would have been better.

From my own view of things in the country, I go talk say this rate of unemployment sef dey follow cause this massive adoption in the crypto industry because as the day dey break na so different people dey find different alternative wey go fit put food for their belle and I believe say this sef dey cause the massive influx of Nigerians into the crypto space looking for different opportunity that they can utilize there .

As of today the major reason to why people dey actually hold and use Bitcoin sef na base on the principle say e go fit generate profit for them if them hold for long and Nigerians too no exception for this idea as I believe say this too na one of the reasons for the massive adoption in the country plus the fact about wonderful experience people actually got from airdrop and big and temporary pumps from some of the rapidly grow altcoins in the crypto space.

I think high inflation and unemployment rate dey also contribute to nigerians bracing cryptocurrency with both hands. Just as Brainboss talk the reason be say many people dey look for source of livelihood and other ways to protect their wealth. People dey do crypto trading, some dey buy and hold Bitcoin long term while some dey invest in stablecoins.

No be news again say our naira no get value where the dollar dey and some people dey use am as investment opportunity. As at february, I don sell USDT at N745. So imagine I want invest in dollars during this period, come buy 50 million worth of USDT at this price, I go receive about $67,114 USDT. As I dey make this post dollar now, one dollar is N1075, so if I want offload my portfolio sell all my USDT, I go sell am at N72,147,550. That's a profit of N22,147,550 naira within this short time.

Devaluation of Naira is a key major factor for the adoption of Bitcoin here in Nigeria except for the fact that Nigerians are that versatile and always want to be on the know of new innovative ideas to always be in the mainstream.

The developed countries with booming economic situation are far fetched from unemployment and are open to innovations hence their adoption of Bitcoin and alternative means of investment so they could get profit from their holdings. They otherwise see Bitcoin as a means of measurement and store of assets value.

In my own opinion, i like am as 1 dollar na 1K for naira, back in time i remember when i been dey tell many of my folks make them keep their money for USDT, i believe many listened to me and many didn't which e no concern me, like this me na trader i be so e really dey better for my own side of view if u ask me.

If a country has high population like Nigeria and the government give a favorable environment for bitcoin and other crypto adoption, many Nigerians will be involved in crypto adoption generally. You can see how many people can invest in ponzi schemes, even in developed countries which has nothing to do with employment. Ponzi scheme is not good but I just used it as an example. Anywhere there is money and people see that if they invest, they will make money, people will invest in such a thing. That is bitcoin and some other cryptocurrencies for you. As long as Nigerians heard about something like that, many people among them are involved is something like that already which has nothing to do with employment or unemployment.

As for trading, I wish there are many traders among us up to 5000 people and let us do a survey about people that are making it from crypto trading, you will be disappointed with the result.

In countries like United States, you can not compare them with Nigeria if the nominal value of the money they have in cryptocurrencies is compared with Nigeria, they have many ways they earn from cryptocurrencies, some people among them launch new coins and tokens, they have employments pertaining to cryptocurrencies et cetera. Is that related to unemployment?

As long as people see job and opportunity in something, employment or not, they are going there. Nigerians are numerous. In a numerous nation, you know how this can be.

It is existing on exchanges like Binance, but on all other exchanges that I have used, I saw nothing like that, unless you go for their CexP2P.

In countries that have high employment rate, trading is common there as well.

In 2022, South Africa, Djibouti, West Bank and Gaza, Eswatini and Republic of Congo top the lists of countries with highest unemployment rate, non of the countries are found on this top lists of crypto adoption index of 2023.

Is umemployment the reason crypto is well adopted in United States, Vietnam, Ukraine and China?

The reasons I see more for the adoption are devaluation of naira and crypto means of investment. There are developed countries with high employment rate that well adopted cryptocurrencies.