Topic: How can we make the government know that Bitcoin is not a scam? - page 2. (Read 353 times)

All of this, our leaders already know that bitcoin is real, they just don't own any of it and they want to stop it in our country so that we can't use it anymore. The only thing the government can do is stop crypto exchanges from doing P2P in our country, so that we can't swap our coins for naira. I simply think our government can like its citizens to run crypto, but all the people that are opposite him are the people that control him to stop all these crypto transactions, and I just know that no matter how he tries to block many p2p in different exchanges, they will find another means to run there. So, assuming that our government is unaware that bitcoin exists is a lie. What @Charles-Tim stated is correct. they are lying about cryptocurrency contributing to the Naira's devaluation. When things go up in price they say it's because the dollar is high, and when it goes down, there's not change in the price, so I don't see anything that cryptocurrency is causing in the economy all I see is that our leaders are just hurting us and don't want the country to improve that is what am just thinking about it.

The government already know say Bitcoin no be scam, na them know wetin dem dey do, dem just dey vex as e be say Bitcoin no fit get to their reach and them no fit control am, because they won dey in control of it, e just dey pain them as e be say Bitcoin dey put food for most people table, they just want mk we just dey suffer, dey create more violence and make corruption just dey increase, which is very very bad. So them no know the game wey them dey play and I thank God say the founder already know wetin go happen na e make e make mk e no dey under any human control and I happy as e dey like that self.

The government knows that Bitcoin is not a scam and I see no need of convincing them that bitcoin is not a scam.Back then when online means of making money grew rampant and the scam whole kind of stuff was also increasing most people had the fear that all online means of making money is a scam,and when bitcoin came into existence lots of persons thought it was a scam project but with how long it has stayed in the world it's well convincing to any person and even to the government that it's not a scam.
I don't like convincing someone about Bitcoin,that is not a scam,the thing I'll do is,tell you about bitcoin and tell you to go make your research because it's from your research you'll get more insight on Bitcoin and cryptocurrency.

First of all, who are the government? Na we be the government and make we tell ourselves the truth, some government officials sabi this thing called crypto or bitcoin to be specific pass some ordinary person. Dem know the truth say bitcoin is not a scam but dem dey pretend thinking that we don't know the game they are playing. Sometimes, I dey give them benefit of doubt say na because they know the kind people we are for this country and if given full and free access to crypto, people go begin dey abuse am to launder public funds and stealing go dey on high but even if na wetin dem dey fear be that, denying us access to crypto is not the best way to combat that.

I dey respect government decision before when dem remain neutral concerning the issue but as dem dey take the matter for head now forgetting about the major issues facing the country is the most useless decision I have seen from this administration. Why making the whole thing look like a fight when they can easily set up and design a regulation guiding the usage of crypto in the country. If tax is there problem, we go pay the tax if dem put regulations in place than trying to deny us from having access to the technology.

Na government still dey lose the fight as dem dey form strong head and continue with the fight against the crypto in the country. Firstly, despite their efforts to stop us from using the service, we dey use am like nothing even happen. Secondly, the tax dem suppose dey collect from people using the service if dem allow us access and regulate the system, dem no dey see am collect. Finally, the local currency wey dem dey pretend to be protecting is becoming more valueless day by day because of their careless decisions.

As it is now, they are just ashame to revert their decisions since they claimed it will work but they make things worse. The only way to go now is to have a rethink and derive a measures to regulate the using of crypto or they continue to be on the losing side until their brain reset.

The issue of government fighting cryptocurrency or specifically Bitcoin, is not peculiar to Nigeria, we have some countries where there is total ban on Bitcoin, some other countries have different strict regulations on it. Globally I think that governments are not comfortable with a decentralized digital currency, that is why they fight it with ban and restrictions. Coming to Nigeria, I believe that our government is very enlightened and know the importance and advantages of Bitcoin, and they know that our youths are benefiting in different forms of cryptocurrency businesses, but they want to use cryptocurrency as excuse for their incompetence. The only way that we can convince our government that Bitcoin is not a scam is to continue hodling it, despite all odds, because we can't fight them.

I completely agree with your assertion. However CBN also is afraid of the fact that people can actually take their financial life into their hands without government being involved, like people can actually be independent financially and to them that poses as a threat, because they seemingly want to control all the financial flow that comes into the country.
The CBN level of bias is so nauseating, because why are you sanctioning fintech companies from registering new customers, cryptocurrency trading and all what not, then you leave the commercial banks like that without a sanction.
So they know that bitcoin is not a scam but they are unwilling to accept it wholeheartedly.

I will agree with you that due to the conception of our primitive living and the lately exposed to advanced technologies such as the communication technologies, we have lately adapted to so many trends which might be thought of not being realistic.

Let us imagine rodd tell those those still living in the primitive that there is an existing digital financial system as bitcoin which you can only utilize the fund on p2p using the electronic devices to execute your transactions whereas, you can no have the fund on physical cash. Of course it would sound odd and unbelievable.

But here we are , education and advancement of technology has brought us ris far whereas, we can rest our motives on research at where it is complicated.


I stand to be corrected that the government knows more than you do about Bitcoin, they are aware that Bitcoin is not a scam and you can not convince them (government) on that instead they have been the one convincing you that Bitcoin is a scam while they are being aware of the reality fact about Bitcoin and that is one of the reasons why you and I came late in embracing this Bitcoin industry.

The government only fears that the digital financial system known to be cryptocurrencies is a decentralized blockchain where they (government) would not have their authority and audacities over its control. And moreover, the massive adoptions of Bitcoin is insighting tensions on the government so, the government seems jealous and unsafe that the fiats would loose value if Bitcoin succeeds to dominate the fiats but to me, that is stupid because everyone who has Bitcoin would still be at use of the fiat.

Maybe I should say it is basically out of their greeds because they can not control the decentralized system and have those chances to launder the public funds as they do in the centralized financial system.

Obviously the government knows that Bitcoin is not a scam but the thing is that they are just afraid of something which is decentralization, decentralization of Bitcoin has made it impossible for any entity to have power over Bitcoin, the countries you mentioned deemed it necessary to adopt Bitcoin as a means of payment beciause they understand what technology can do for a country and they let go of their selfish interest to allow Bitcoin come to the day light, they also understand how important Bitcoin is to their revenue system, apart from transacting with Bitcoin, taxes can be rqised from Bitcoin too, there are mining farms in the US and these firms needs constant eletricity to function which US provides and tax them for it, Nigerian government is only after selfish Interest at such they have failed to allow such a big technology like Bitcoin and other crypto to run freely, this country can grow their electricity because of bitcoin but greed and anti-peoples policy womt allow the government  to do the needful or think to that effect.
If they are afraid of money leaving the banks, what have they done to help people invest in the banks with good returns, Bitcoin has created that avenue for people to invest and get profit in the long run and as it stands there is nothing the governmemt can do about it, soon they will come to leave with this innovation and accept it with good fate.

When I started cryptocurrency, it was so easy to believe that cryptocurrency was a scam because there were more scam projects than real projects. Knowledge about how it all works was not there so bad people practically used cryptocurrency to scam people. I will not forget the various types of ponzi schemes launched using bitcoin which people joined thinking they were investing in bitcoin without knowing they were being lured to scam. Bitcoin was easy for scammers then because they thought they cannot be traced using bitcoin unlike now that we have seen that bitcoin transactions can be traced when it passes through CEX without being cojoined or mixed.

I think our government are still thinking the old ways, most of them are old men that are not conversant with the technology behind bitcoin, so it is just easy for them to conclude that bitcoin is a scam the moment they see one scam activities being perpetrated through bitcoin. A lot have changed now as people became more aware of bitcoin but it seems some officials have their mind fixed on the negative side, the reason our government is being deceived by few ignorant officials into thinking that cryptocurrency and exchanges are the problem of our economy and not government policy. It will really be difficult convincing people who deliberately decided to call bitcoin a bad name to believe that bitcoin is not a scam.

Which government are we going to explain to that bitcoin is not a scam? The government that knows what bitcoins means? We don’t have to explain anything to the government because they are banning all the p2p Nigerian exchanges, they all know that bitcoin is not a scam and I there are many of them that have bitcoin in their wallet now, did you know that they are doing this just because they don’t have access to people wallets, the government have ask many exchanges to provide the Nigeria currency people details and they refuse to give it out because they know they that will be a problem for them, the government are angry because they don’t have what they want and by god grace they will keep suffering without not having a single person detail.

The government are the real scammers in Nigeria, they don’t know how people suffer to get money but they know how to stop them from cryptocurrency, I don’t even know the value of government in Nigeria again because instead of them to be protecting us they are trying to scam us, that is why our country never progress and every year someone will be facing a lot of problem and things are getting worse all the time, nothing remain in Nigeria than prayer because when things don’t work out we pray for things to be better.

The truth of the fact is that government already know that Bitcoin is not a scam, but yet still prefer fiat over it, since they have control over fiat, and could regulate it's inflow and outflow for economic stability, unlike Bitcoin which they don't have control. And as such tends to discourage people from buying and investing in Bitcoin, but rather fiats where they have control over their funds and could tax it appropriately. So I think the question we should be asking now is "How can we make government accept to regulate Bitcoin?" and not "How can we make the government know that Bitcoin is not a scam?" because they already know it's not scam, and are investing in it secretly.
However, one of the reason government will always prefer fiat is the commission they tend to generate through fiat transactions. That is, imagine #20 are been charged per transactions, and in a day almost 1 million transaction are been made in a day. If you are to calculate it, it will be roughly 20million Naira daily.

There is no need to let the government know that bitcoin is not a scam because they are aware that it's not a scam. The reason why bitcoin was created was because of self-custodial, which will prevent the government from spying on you, deciding how and when you can do your transactions, and also not being able to scrutinize your transactions. So the government will not want to legalize bitcoin so that they will still have the power to implement a policy that will make them treat us the way they like without us having any choice but to adhere to it. For instance, the policy the federal government wanted to implement would have allowed them to take 0.5% of any transfer we make each day, and the money would not be accounted for. Bitcoin will stop the government from implementing a policy that will help them enrich themselves because people will make use of the alternative payment system "bitcoin" to pay for goods and services if such a policy is implemented. Bitcoin will be free to use in our country when we have a president who means well to its citizens.

What the banks are after is P2P trading. But I was Well I think you are not alone on this thought because I have pondering on the reasons why they would only limit the Fintech banks to registration of new account and allow the normal commercial banks or do they feel that those those commercial banks aren't also used for P2P transaction? Well this is Nigeria where the government always thinks and act sideways of the issue at hand so am not surprised but the funny thing about this whole issue is that despite the restrictions on these banks and also bans on some popular CEX, trading of Bitcoin and other assets seems to continue as normal and even the goals of what they all these actions for continue to worsen by every day so it's just a stupid move by the CBN if you ask me and with time I do hope someone with an insight to all these things can actually be elected as the CBN governor and maybe put an end to all these shenanigans.

I can conspicuously say it's not in our place to make the government of our country to know that bitcoin is not a scam when they have chosen to stick to their guns of not accepting the reality of it. In those other countries whose government has adopted bitcoin El Salvador for instance and others like the US where bitcoin is being used today for different means of transactions, was it the citizens that made it known to their government that bitcoin isn't a scam?

The government has all the instruments within their reach to know everything about bitcoin (cryptocurrency) but their inability to build an economy that can match up with the the development of the trend makes them muzzle crypto at all cost not to thrive among it citizens as they fear that a lot of money will leave the traditional financial system of which they are in charge of into crypto in search of value for their money as hedge against inflation which fiat (Naira) is unable to give.  Watch out all the countries that places no restrictions on bitcoin most of these countries are countries with a soaring economy policies.

Bro, first of all you need to understand say  Nigeria generally don dy informed, we get more knowledge than before, so no need to convince anybody because people know say Bitcoin no be scam, check the current trend now way dy happen for our society, wey be; I hope you dy tap, people now no say Bitcoin and cryptocurrency at large no be scam, all those days wey people think say Bitcoin na scam don pass, and na because of wetin MMM do most people nai make Dem been see Bitcoin like that, but Bitcoin don change people mind finish over the years, so I no believe say anybody need any convincing now.

And as for our government, who tell you say them no know wetin be Bitcoin? Dem dy more educated than you, them hire the best lawyers, financial advicers, and tech gurus wey dy work for them and wey dy tell Dem what's up if them no know, Dem just dy fight cryptocurrency because of the way dollar dy rise everyday, Dem no care if the youth dy use am survive or not, na the dollar wey dy rise wey Dem no fit stop, nai dy worry Dem,  wey dy make Dem fight most of these exchange, wey e come be like say na Bitcoin Dem dy fight, so my brother, in this 21st century wey we dy, wey dy more enlightened than you can imagine, so I no think say our government need any convincing about Bitcoin because Dem know already.

The government already knew that Bitcoin is not a scam but the only reason why it seems they are not too comfortable with Bitcoin is the decentralized nature because they are always after projects that they can control and know how things are being done and how they can generate revenues from it and taxes are paid so since all these things are not in their control that is why they are not forward in giving us a crypto friendly environmentl, the government are mostly after the cause of Naira devaluation that is why they are trying to halt crypto exchanges p2p platforms so they are not fighting bitcoin directly because they already know they can't be able to fight it if not they couldn't have lifted ban they placed on cryptocurrencies before.
You need to understand that government always want to have their own share in any project that it's citizens are into within the country so since they are not able to have easy access to people's transactions that is the reason why they are acting strange and looking for a solution in the wrong places but I believe with time they will have no other choice than to let crypto enthusiasts be.

They know that bitcoin is not a scam. What you are seeing on Opay, Palmpay, Kuda and Moniepoint are directives from the CBN which do not know what they are even doing. I guess you saw information like:


What the banks are after is P2P trading. But I was wondering why commerical banks and other banks were not told to stop registering new customers and start displaying the warning.

P2P trading continues.

Is it crypto that makes Nigeria GDP to fall from $568 billion in 2014 to $252 billion in 2024? They have bad way of handling the economy but now they are lying that cryptocurrencies are contributing to naira devaluation.

Years back, most of us believed that Bitcoin was a scam project because of the kind of information we got from unknown people that don't understand Bitcoin and the world called cryptocurrency either. But today we are all bitcoiners/bitcoinists. However, one reason why many people believed that Bitcoin was a scam project those days might be because technology wasn't advanced then. Let's check during the year 2009, there wasn't a smart cellphone that's smart like the ones we have these days. People in those days did not do their own research and many people only depended on the radical news or the newspapers 📰🗞️. And then the amount to buy a cellphone was high and a lot of youths then couldn't afford it.

But today, we have more smartphones and laptops, PCs and these have made things easier for everyone to do their own research whenever they come across things from ads on the internet or elsewhere. But I still wonder why many people these present days still put their knowledge of what people say about something (mostly when it's Bitcoin, crypto-related things). Most people make things difficult for themselves because they easily believe in what other people say, and they make their own conclusions without consulting their own research.

IMO, people who believe that Bitcoin is a scam are the people that can easily be scammed if a scammer sees them. Some government advisers are not well-educated about Bitcoin and cryptocurrencies. That's why they tell the government in power that Bitcoin is a scam, because no one controls it and the government also fails to do their own research before making their own conclusions to restrict or ban any bank account that deals with crypto currency transactions.

Now my question is: how can we make these governments know that Bitcoin is not a scam?