Topic: Federal government and banks are threats... (Read 304 times)
Base on my little research, the Nigeria government no want the youths to make more money than the most of the leaders, rather them like the youth not to work, which no Job in the country. Bitcoin has come to create a global wealth job opportunities, as long they is internet service in your location, which it has empowered many Nigeria citizens and across the globe.
Government is good office but leaders involved have different motives, right now federal government order banks to trace any crypto related accounts in my country and block it. The banking system usually feels threatens when huge capital is withdrew from the accounts. But i real deals here is the government are afraid of citizens having independent living source.
Government loves to impoverished its citizens, a young Nigerian's account was seize containing N2.5 billion, as bank ought the account to be related with crypto transactions. This is more reason while they're many bans from wicked government who refuses citizens financial rights.
The irony of all of this is that banks want their customers to keep using their services as they feel threatened with the emergence on the popularity of cryptocurrencies all over the world, and how exactly are they trying to convince us to keep using their services? By blocking our bank accounts, lol, you cannot make this up, if anything this is going to make the conviction of those which are willing to use cryptocurrencies even stronger, as they know that at any moment their bank accounts could be closed and they need to convert their fiat to crypto as soon as possible so this does not happen to them. Government loves to impoverished its citizens, a young Nigerian's account was seize containing N2.5 billion, as bank ought the account to be related with crypto transactions. This is more reason while they're many bans from wicked government who refuses citizens financial rights.
People say in the thread it's been a while since that story the op mentioned. But still, I agree it's sad when a government goes against the people.
It seems that the government is not trying to fight the people, but they are fighting the decentralization of finance because of bitcoin.I can say that I am one of the lucky users that my country's government is not trying to block bank accounts associated with crypto transactions. The government has implemented a tax on all crypto transactions in trading, it is a win to win situation between users and the government instead of banning us from trading them.
The government will always resist decentralization or any factor that will limit its authority. Bitcoin is one of these factors that limits government authority over finance so it is obvious that the first step of the government is to protect their authority which can result for banning Bitcoin or taking a hostile steps towards Bitcoin while they are preparing for regulation where the can control the effect of decentralization and lost of authority. Thus they implemented KYC on centralized services and any possible means to control the data and statistics of Bitcoin transaction.
Nigeria's a rich country; they could really use a boost by supporting crypto entrepreneurs in the country and encouraging crypto business to flourish there.
I agree with you, it is the way it should be. But whatever it is, the government has the right to regulate whatever they think is good for the country in the long term. For temporary solution is to use P2P trading, or move to crypto-friendly country.Government has the authority after all. So the government can do whatever implementation they wanted or any approach they think fit for Bitcoin with regards to their country.
People say in the thread it's been a while since that story the op mentioned. But still, I agree it's sad when a government goes against the people.
It seems that the government is not trying to fight the people, but they are fighting the decentralization of finance because of bitcoin.I can say that I am one of the lucky users that my country's government is not trying to block bank accounts associated with crypto transactions. The government has implemented a tax on all crypto transactions in trading, it is a win to win situation between users and the government instead of banning us from trading them.
Nigeria's a rich country; they could really use a boost by supporting crypto entrepreneurs in the country and encouraging crypto business to flourish there.
I agree with you, it is the way it should be. But whatever it is, the government has the right to regulate whatever they think is good for the country in the long term. For temporary solution is to use P2P trading, or move to crypto-friendly country. Government is good office but leaders involved have different motives, right now federal government order banks to trace any crypto related accounts in my country and block it. The banking system usually feels threatens when huge capital is withdrew from the accounts. But i real deals here is the government are afraid of citizens having independent living source.
Government loves to impoverished its citizens, a young Nigerian's account was seize containing N2.5 billion, as bank ought the account to be related with crypto transactions. This is more reason while they're many bans from wicked government who refuses citizens financial rights.
Whoa, hold up - this is some seriously concerning news! Unfortunately, it's all too typical for the government to put its own interests above those of its citizens. Looks like they're trying to stifle our financial freedom, but let's not let that hold us back. We're fully capable of achieving financial independence, no matter what the government throws our way. In fact, I think their actions will only push us to be even more innovative and resourceful. We have the skills and expertise to offer valuable products and services that people need, and that means serious cash flow for us. So let's not let the government get us down - let's use their actions as a spark to ignite our full potential! Government loves to impoverished its citizens, a young Nigerian's account was seize containing N2.5 billion, as bank ought the account to be related with crypto transactions. This is more reason while they're many bans from wicked government who refuses citizens financial rights.
People say in the thread it's been a while since that story the op mentioned. But still, I agree it's sad when a government goes against the people. I sort of see why the government doesn't want any businesses or income that isn't taxed, but they could be mild about it, and also it's Nigeria's fault as a state that they still haven't made favourable crypto regulations, considering how popular cryptos seem in Nigeria from various threads on this forum. It's not like Nigeria's a rich country; they could really use a boost by supporting crypto entrepreneurs in the country and encouraging crypto business to flourish there.
~snip
In the end, it all comes back to quantity. If the majority of a nation choose to use crypto, then the government will have nothing to stand against with. This is the reason, they control the media and only spreads news about the bad usages and side of crypto/Bitcoin. That way they create fear amongst the people and corrupt their mind. In that process, they spread fear in our heart so that we won't choose crypto over their controlled fiat currency. The system is broken and we are their puppets.And about CBDC! I agree with it. They can literally manipulate one's holding if it is stored in their database. How can we be safe from that. The answer is Bitcoin. Yet only few people know about it. Even after learning the truth, many try to overlook this fact. Cause? Fear.
So it all came down to one solution, and that is acceptance of Bitcoin amongst ourselves. Not the government, and not by any other system.
Nothing we can do about it, unfriendly countries towards bitcoin usually do that. Banks and its government always do partners and shares the same ideology towards crypto, good thing it's not in my place.
What people should do about it is doing p2p like others have said, and avoid transacting for large amount of money in one go since it will eventually be detected by the banks, if it can be traded/transferred for multiple times, much better.
Since the government owns the bank in my region, they implement very palatable policies that are very unfavorable to the ecosystem for bitcoin. After the government instructed commercial banks to block accounts related to cryptocurrencies, people began to use wallets instead when they wanted to conduct peer-to-peer transactions.What people should do about it is doing p2p like others have said, and avoid transacting for large amount of money in one go since it will eventually be detected by the banks, if it can be traded/transferred for multiple times, much better.
Yet despite all of the threats, there is no way for them to prevent people from investing in bitcoin, otherwise, I fail to understand what bitcoin has done to the bank's if not for there self-serving interests.
I can buy bitcoin, and then keep on buying even more bitcoin and I will be able to get rich by the time I retire, that is the main reason I use bitcoin.
Really? You as well? I know a lot of people buy Bitcoin just to be more prosperous. Well, I don't blame them. Bitcoin Price will be high over time. It doesn't mean you should use Bitcoin because it will make you rich. Look, If everyone holds Bitcoin and never uses it to buy goods, How will it spread worldwide? Also, there is no guarantee that you will be rich if you hold Bitcoin.
Centralized exchanges control 99% market. You can see massive market manipulation if they do shit. It may take a long time to recover where it was. Most people don't know how to hold. That's why we see fear when the Bitcoin price moves lower trend. Do you think everyone can hold?
You should use Bitcoin as your wallet too. If you see a massive adoption of Bitcoin in your area, you can buy goods using Bitcoin. Bitcoin Protects your privacy. People shouldn't know your wealth.
Nice
AFAIK it was from the last year where Nigerian Bank will confiscate any money related with Bitcoin, so nothing surprised here. If the bank don't want to accept any money related with Bitcoin, what you can do is trade via P2P and increase your security level in order to hide from getting tracked by your government. You can also move to the other country which is friendly with Bitcoin.
It's not that easy to move to another country because of Bitcoin, every countries have their advantages and disadvantages, if OP is in Nigeria, all he must avoid when using a P2P trade from Fiat to Crypto or ViceVersa is not to include any Crypto related words on the transaction, some sellers on Binance exchange always leave this notice on their board to never include any crypto words to avoid getting track down and arrested by the government, I am sure anyone who follows this rules using P2P will never be in any trouble. 
As I said in my previous post, You have to be careful with your privacy. It's important. The Banks and the Government always want to take control of your money. If you use Bitcoin, They will lose control over your money. They are doing business with you using your money. You know the reason why they want to seize Bitcoin funds. Stay anonymous on the internet if Bitcoin is banned in your country. You shouldn't tell anyone that you own Bitcoin. Not even your friends and family members.
I won't suggest anyone to centralized exchange. But, Sometimes, we have to use it because of our needs if you use centralized exchanges to convert your Bitcoin for fiat. Do it part by part. Don't go all in. Use a payment method which has a low chance of tracing you. A few simple, easy things can save you from getting caught.
I think that's reason for only some people, most of us use it because we want to make a profit. I mean I understand that if you do not want to get caught, then using bitcoin is a good idea, but there is a fact that we are not going to see too many people end up using bitcoin for this purpose. I can buy bitcoin, and then keep on buying even more bitcoin and I will be able to get rich by the time I retire, that is the main reason I use bitcoin.I won't suggest anyone to centralized exchange. But, Sometimes, we have to use it because of our needs if you use centralized exchanges to convert your Bitcoin for fiat. Do it part by part. Don't go all in. Use a payment method which has a low chance of tracing you. A few simple, easy things can save you from getting caught.
Obviously I dislike the government as well because there is nothing in the fiat world that could get me rich since government makes sure that we do not get rich if we just play by the rules, so we need to get out of the game and change the rules in our new game, which is buying bitcoin.
Nothing we can do about it, unfriendly countries towards bitcoin usually do that. Banks and its government always do partners and shares the same ideology towards crypto, good thing it's not in my place.
What people should do about it is doing p2p like others have said, and avoid transacting for large amount of money in one go since it will eventually be detected by the banks, if it can be traded/transferred for multiple times, much better.
Going for multiple transactions against the single transaction is good. I had the similar experience years back and I'm not aware of the bank policies. For some reason I was to withdraw a huge amount and soon after the withdrawal being processed I was called by the manager and questioned of how the money came to your account and what's the need of big withdrawal and you haven't made such withdrawal earlier. I feared and further said it came from my friend and I'm withdrawing for some medical purpose. So, we should be careful as the banks always keep eye over us how to steal the money from the people. What people should do about it is doing p2p like others have said, and avoid transacting for large amount of money in one go since it will eventually be detected by the banks, if it can be traded/transferred for multiple times, much better.
Why do you this Bitcoin is still not the legalized world currency? It is because the Government want to control us. They have created a system where everything is under their control. Anything that threaten that system, such as Bitcoin, they will try to suppress it no matter what. So this action is not a new thing. Many people have been put to jail just for being involved with crypto. Their offense was they owned crypto. It happened in my country.
Bitcoin comes with freedom, which is a sore to the eye of the Government. The day they accept our freedom, only then we can see no ban on Bitcoin. It's a shame to know what the Government is missing out on leaving Bitcoin to the side.
Bitcoin comes with freedom, which is a sore to the eye of the Government. The day they accept our freedom, only then we can see no ban on Bitcoin. It's a shame to know what the Government is missing out on leaving Bitcoin to the side.
While all of this is true, I also believe that the US government has always manipulated financial laws to their favour.
If you divide the current debt by the amount of American citizens, you end up with a number so high that it could never be repaid.
So the financial system was rigged to allow Americans to live far above their standard. And particularly rigged to enslave other nations with debt traps.
BTC ends all of that and governments are terrified of it.
In fact they are now launching central bank digital currencies, which are even more rigged than the original fiat money already was.
They want total control, and are fighting against a system that offers the exact opposite.
I find it hard to believe that the little people could ever win
Nothing we can do about it, unfriendly countries towards bitcoin usually do that. Banks and its government always do partners and shares the same ideology towards crypto, good thing it's not in my place.
What people should do about it is doing p2p like others have said, and avoid transacting for large amount of money in one go since it will eventually be detected by the banks, if it can be traded/transferred for multiple times, much better.
What people should do about it is doing p2p like others have said, and avoid transacting for large amount of money in one go since it will eventually be detected by the banks, if it can be traded/transferred for multiple times, much better.
Suppose you are in a country where Bitcoin Transaction is not allowed. Never deposits your money in a bank. Do small transactions with them for daily needs. There is no way they can detect you are a Bitcoin holder until you publicize this and submit KYC on centralized exchanges. You have to be careful with your privacy.
Well this is currently my situation.
I have called my local banker and said that the would be a large transaction next week. That I had to protect my savings against the current inflation.
She then offered me a 2% profit rate with a savings account. I laughed it off and said that the inflation is a multitude of the profit rate any bank can offer.
When she sees that half of my bank savings are going to Binance, I expect alarm bells to go off.
Government is good office but leaders involved have different motives, right now federal government order banks to trace any crypto related accounts in my country and block it. The banking system usually feels threatens when huge capital is withdrew from the accounts. But i real deals here is the government are afraid of citizens having independent living source.
Bitcoin disrupts the financial system and obviously, traditional financing institutions will be threatened especially when a new competitor offers innovation, more financial transaction freedom and independence from the banking services.
Government loves to impoverished its citizens, a young Nigerian's account was seize containing N2.5 billion, as bank ought the account to be related with crypto transactions. This is more reason while they're many bans from wicked government who refuses citizens financial rights.
I do not think this applies to all government and is dependent on what kind of leader the government has. Good leaders wanted their citizen to be fruitful and above poverty so they are doing their best to create programs that can improve the status of their constituents. Of course, the greedy and corrupt politicians will do the opposite and will often create a half-baked project to cover up their corruption. Or they will deliberately implement regulation in guise of innovation and certain institution improvement but obviously bring more difficulty to their citizen.
Government is good office but leaders involved have different motives, right now federal government order banks to trace any crypto related accounts in my country and block it. The banking system usually feels threatens when huge capital is withdrew from the accounts. But i real deals here is the government are afraid of citizens having independent living source.
Government loves to impoverished its citizens, a young Nigerian's account was seize containing N2.5 billion, as bank ought the account to be related with crypto transactions. This is more reason while they're many bans from wicked government who refuses citizens financial rights.
Do you know why banks are not in support of bitcoin? If they can support bitcoin then they will lose lots of customers, most of the money you deposit into your bank accounts are been used by banks to run their own business, some of them loan companies the money which their will be interest in the money. If they accept bitcoin then average Nigeria citizen won’t leave money in bank anymore. I believe that’s one of the reasons banks are not in support of bitcoin. Government loves to impoverished its citizens, a young Nigerian's account was seize containing N2.5 billion, as bank ought the account to be related with crypto transactions. This is more reason while they're many bans from wicked government who refuses citizens financial rights.
Government is good office but leaders involved have different motives, right now federal government order banks to trace any crypto related accounts in my country and block it. The banking system usually feels threatens when huge capital is withdrew from the accounts. But i real deals here is the government are afraid of citizens having independent living source.
The Nigerian government has had a law prohibiting cryptocurrency transactions and banks from participating in them for some time, but despite this, the use of bitcoin has increased significantly. P2P transactions have made it possible for ordinary Nigerians to trade bitcoin without the knowledge of the government.
The government, I'm sure, is aware of citizens' involvement in cryptocurrency trade, but they can't completely prohibit or restrict their use because they know the citizens have found a means of livelihood there that they were unable to provide for them.
With recent developments in the country, we may see the Nigerian government reconsidering the use of cryptocurrencies in the country and lifting the ban on them; this will be great news for the crypto community, which we expect to hear soon with transition of government happening soon.
Why do you this Bitcoin is still not the legalized world currency? It is because the Government want to control us. They have created a system where everything is under their control. Anything that threaten that system, such as Bitcoin, they will try to suppress it no matter what. So this action is not a new thing. Many people have been put to jail just for being involved with crypto. Their offense was they owned crypto. It happened in my country.
Bitcoin comes with freedom, which is a sore to the eye of the Government. The day they accept our freedom, only then we can see no ban on Bitcoin. It's a shame to know what the Government is missing out on leaving Bitcoin to the side.
Bitcoin comes with freedom, which is a sore to the eye of the Government. The day they accept our freedom, only then we can see no ban on Bitcoin. It's a shame to know what the Government is missing out on leaving Bitcoin to the side.
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