Topic: Fall in Naira and crypto growth in Nigeria - page 2. (Read 315 times)

Of a truth the rise in cryptocurrency adoption is someworth associated with the fact that people are looking for other alternative means of survival. Bitcoin as seen as an investment could be taken as a such alternative means because one can trade on it on daily basis to generate  revenue or profit for themselves and in other words, they can buy and hold for a very long term so as to rake in profit when the price goes up as it meets their profit target.

I do not think the continuous fall in naira can be or stand to be a trap to crypto traders. Naira fall has nothing to do with crypto trading but rather the policies enacted by the government to strengthen the economy of the nation to help give  strong base for the naira to regain its value. Just as  CryptopreneurBrainboss has opined, it can only be a trap when one decides to trade crypto directly with the naira against the CBN policies but as a sharp trader you are, you need not worry as it is in your own advantage because you trade in bitcoin not nair and convert to usdt for those who cares and off to the p2p market you go to finalize your sales.

Both the unemployment rate and the inflation rate are both contributing to the adoption of Bitcoin in the country, the unemployment rate dey make the youths pick interest in the industry as they find ways to make a living for demselfs. The unemployment rate they make the youths go into trading and investing to use survive but also the inflation rate they contributions as people wey get money dey find means to protect their wealth against the deflation of the Naira. Inflation rate na number one reason why unemployment fit be two with other reasons like the increase in international business, Remittance payments and so on.


It can't be a trap unless you dey trade directly with Naira but we know say immediately the Naira stars to dey fall, e no dey stop and looking at the country there's no movement of a policy been introduced to strength the Naira. Even if the naira stop to dey fall, you can still make your profits from crypto trading so it can't be a trap, you shouldn't be trading Bitcoin against the naira but other currency and also cryptocurrency. When you wan trade your profits to naira you get double profits due to the Naira depreciating and your profits now been worth more then when naira stabilize you still get your normal profit from trading Bitcoin or other cryptocurency but only do this if you have the knowledge on trading.

Trading should be your side hustle, as a trader nobi everytime wey you go dey benefit from the market. You supposed get other hustle wey go dey pay you steady income like salary job and na dat one you supposed to dey use for your cost of living.

Unemployment is not the reason for increase in bitcoin and other cryptocurrencies adoption in Nigeria. If more people can buy, maybe the adoption would have been greater than this if inflation continues the way it is. The main reason for the increase in crypto adoption is the continuous declination in naira value and because some Nigerians see bitcoin as an investment.

It dopends on the coins that you have. If you have a shitcoin and it become a dead coin or its value do not rise, that means there is no difference, or having your money on the coin may make the value of your money to decrease. If it is coin a like bitcoin which is a hedge against inflation, you have nothing to be worried about when its price is still undervalued as of now.

The advise is that you should get a business, or have a means of earning. Investment should not be what to be used to determine cost of living.

Cryptocurrency adoption in our country has been increasing over the years due to our unemployment rate and inflation rate. I believe currently holders of coins before Tinubu's rule has experienced a great deal of profit with Naira falling in relation to Dollar.
I know that one's opportunity can be another's threat. Is the continuous fall beneficial to crypto traders or its just a trap?
Personally what are your thoughts on this?
Does the benefit from the market compensate for the cost of living?