Topic: Igebotz Nigerian Local Board Merit Source Application - page 5. (Read 1322 times)

Bitcoin do and do increase to all-time-high as usual, but some altcoins failed to do that. During bull market, altcoins may not reach all-time-high again or in time. Some coins are shitcoins and some become dead.

Let me give you some good examples:

Bitcoin increased to $69000 in 2021. Now at $29300
Dash increased to 478 in 2021. Now at $31.80
Filecoin increased to $430 in 2020. Now at $4.2
Solana increased to $259.9 in 2021. Now at 23.17

Most altcoins are still 10 times lower than their all-time-high in 2020/2021, but bitcoin is just not more than 2.5 times lower.

In 2020, bitcoin got to all-time-high above $19600 of 2017. Its price increased to $69000 in 2021 which is the present all-time-high. There are many well known altcoins that did not get to all-time-high at all in 2020/2021.

Examples of coins that did not get to all-time-high in 2020/2021:
EOS
Bitcoin cash
Zcash
And many other coins.

Like I have once mentioned, your topic is about bitcoin and this can be taken as an investment assets, but altcoins are gambling assets and only use them to gamble.

After a significant bear market and if you are able to risk your money, risking the amount of money that you can afford to lose, there are some altcoins to go for, but not for long term investment except ether, but which I will not encourage anyone to invest on due to privacy reasons and centralization. There has been no coin like bitcoin.

I can only advice people to invest in bitcoin which is less volatile, most decentralized and most secure.

This one go different and na based on the different coins dem wey you dey interested in wey go determine if you go go long term or short term. If we dey based dis discussion for just bitcoin then na long term wey sure pass because even all the OG wey hold their bitcoin from the day wey Bitcoin was sent to their wallets to dis day go comfirm to you say nothing sure pass for Bitcoin side then to become a long term hodler. Long term holding helps you in so many ways that isn't just profit gaining. If you be long term hodler e go make you develop the habit of patience and this one no go only help you for Bitcoin but all round investment that includes the industry and other investment options.

E go make you to get patience and with patience your investment go dey profit you, if you know wetin you dey invest inside and e no be scam. Short term holding no bad but if you're get the opportunity to choose which one you go belong among the two choices, choose long term hodling. This one go make you get less stressed for the market and all the shakara wey e dey do. But if this topic involved all coin that one be say you need to decide weda you go hold long or short on your own as nobody know how profitable any coin fit dey at a particular time. Altcoins investment dey very unpredictable and e dey get plenty wahala wey be say if you no put your head for ground you fit fall mumu to scammers.

With BitPay, I can set it on Electrum too, but still of lower rate, at ₦752 to a dollar. I do not know what cause it but it has also changed from CBN rate.


upload image to website

Technical analyses, fundamental analyses, news, statistical analyses and all possible things that can have effect on bitcoin price can be on this thread. But it would be good to let the discussion to be what would correlate more to bitcoin holding instead of trading.

I have thought about this several times, they both almost even have similar price as at now. I think this will not cause confusion. I will edit it to I&E rate. But let us see what other people will post about this.

Yeah bitcoin at 25 million plus after having more than 2% increase in the last 24 hours but aside the XRP FOMO and the current reports of big financial institutions moving towards bitcoin ETF, I think the bitcoin to Naira is also greatly affected by the fact that the Naira is down against the dollar. The Naira is trading above 815 against the dollar which also increases the price of bitcoin. So far so good the I and E setting the market hasn’t helped the Naira against the other currencies but with time we shall see

This is a great initiative to have our own local speculation board (+1).

Nah say my brain dy pain me abi watin, cuz I remember say I been don see diz reply earlier diz morning, same reply but some part don loss  and the post no dy show like watin dem edit.


I don't know how long we should be updating the price if it's every 24hrs or every price change, be that as it may the current BTC/NGN is #25,640,595 with dollar rate at #855 per Dollar multiply by the current rate which is $29,989

I received the notification too and I tried using the service as instructed in the Kucoin fast trade page.

After visiting the page, I noticed that the 1USDT is = 807.89 naira, which is cheaper than that of P2P transactions that ranges around 866Naira; I decide to give it a try!




After entering the necessary card details and some address information they requested, my card verification failed, which I don't know why. Maybe some of the information was not right, but I am sure I input the correct details.



I then chose another payment method, and I was redirected to a p2p platform where I could trade with someone, but this time the price was the same as the one on the p2p platform.

Observation
Maybe if the card details worked the price of USDT will be cheaper than that of p2p; but why require additional information apart from card details?

When I heard "Bank transfer", I thought maybe the new deposit option initiated by Kucoin will be using the bank dollar rate of #770 currently, but mere seeing this image given above, just got me slowly discourages from giving this a try, as I see no difference between this method and the p2p, as both still uses the black market of #850 to #877 per 1usdt. Which I was thinking of giving this a try for an arbitrage opportunity.

How, I think "Remitano" also accept both bank transfer (Deposit & withdrawal) on their Naira wallet, which works effectively in few minutes

That is,
#10,000/11.4USDT =#877

Which means on "Treasura", 1usdt is been sold at #877

My people, una don hear say CBN don direct all banks to lift all the restrictions wey them sama give some accounts wey dey do business in cryptocurrency and other finTech. To me. This na better news for us wey dey for the crypto industry.

Make una no forget say, the action of CBN be slow down cryptocurrency businesses and activities for our country as many people who for dey use crypto come dey comot body to avoid wahala from our government. Even GTB been carry the matter for head come dey close account of people wey them notice say na crypto or forex them dey do.   But as e be say them don give greenlight say people dey free to use crypto, we go dey expect say crypto will have greater penetration for our country and that na good thing.

This na the article for people wey wan read the full gist:
https://www.primebusiness.africa/cbn-orders-nigerian-banks-to-lift-restriction-on-accounts-of-crypto-other-firms/

My people how una see the matter?

Our problem for this country just circle round the former CBN governor, dat guy was a cancer in our economy. Nothing wey him do wey favor the economy of the country. Na only to dey put laws wey go take us backwards na wetin sabi. What's the need of taxing crypto when it isn't regulated in the county. Na only money mata wey we dey rush sign, we no go do the one wey go make the citizens survive and encourage more business and people to enter the cryptocurency market. E dey do me like say the government rush passed that taxation bills so dem fit dey suck all this crypto companies wey dey country dry.

Dem no go create a conducive environment for business to prosper with regulations yet dem wan dey tax dem. The taxation no be bad thing oh like e good say government dey take tax as na very good way for government to dey gather money way dem go use package the country but what about the regulations of the industry. To do business for this country na big wahala. As of now the taxation wasn't necessary or abi US dun passed their own taxation bill because this country sabi follow follow (maybe na why dem hurry go pass the bill). Anyway sha I just hope say as the taxation bill dey take effect e go make governments to begin reason regulating the industry.

I know say charles-tim don reply you but I just wan add say de one wey him dey talk na LN for wallets like electrum.

Kraken, OKX, Bitfinex na some of de exchanges wey don already dey support lightning network, so na beta development say de world's largest exchange don follow suit. De integration of LN go benefits Binance users and maybe increase their user base. From de reaction of de news from some of their users, I come realize say e get some people wen dem wan send small amount of bitcoin to anoda exchange, dem dey like convert am to anoda coin wey d withdrawal fee dey minimal like TRX before dem send am, and trade am back to BTC wen de deposit successfully reach de exchange. But with de integration of LN and as many exchanges begin to support am e go help users to swiftly withdraw and deposit BTC.

I think de only similarities be say you fit generate invoices wen using either of dem and send BTC from CEX 2 CEX, CEX to non-custodial wallets and vice versa. But LN for non-custodial wallet get im own added benefit or advantage and Charles-Tim don already explain am.

Any person wey dey run any business na to maximize profits and Binance is no different. De free transaction fee no dey available for Binance and oda CEXs.

In terms of transaction fees, I feel say Binance dey try wen compared to oda exchanges. I neva really compare de transaction fee with oda exchanges but 0.000002 BTC no bad.

Dis one no shock me say this update dey come out just before the bull market wey be say investors go begin full the crypto market wey dey come ahead. E dey always surprised me when Kucoin no be decentralized exchange but an average player for the centralized exchanges industry yet e still dey run no KYC parole and SEC never come for them. Well I been know say na just a matter of time before dem go join others dey begin dey make am compulsory say make we all run our KYC verification. See eh e no bad when this centralized exchange dey request am because they're mandated to know their customers to avoid any mumu business wey men wan use their exchange dey run.

But for the sake of privacy, those KYC no make sense and that's why we get other options wey be say people fit dey use and they stay anonymous. I just dey pity kucoin exchange because some of their customers na people wey dey run away from all this KYC wahala so as kucoin before no been dey request am. Men begin dey use the exchange but now wey dem dun join others to request KYC it means they no get advantage again and it's better to use a well recognize exchange wey be say get plenty volume than now using kucoin when you go still need to verify your KYC. Kucoin dun fuck up although I no blame them.

I was greeted with one of the most relieving news of the year today "The limit on the domiciliary account has been lifted." No doubt that cryptocurrency has helped in place of a domiciliary account for cross-border payments, but certainly not in the area of savings in the USD with confidence, that's at least for me as the security of my money is important.

The limit restriction introduced by Emefiele's CBN in May 2021 must surely affect those of us that have been saving in dollars before cryptocurrency. This savings approach is good since it doesn't devalue our money and we also get to gain through it, and also with the hope that we can send our money anywhere in the world if need be. But suddenly, Emefiele made sure that our savings could not be transferred abroad anymore if sorted at home or use as we like, he scattered the whole process.

With this news, it shows that the new CBN acting head seems to know where some of Nigeria's problems lie. Causing more hardship is not the economic solution but allowing the market flows freely after making positive policies is. This restriction removal means that I can save and use my dollar like before.

You can try this too as a good option for saving in fiat.

Besides, another pressing issue that needs major attention by the CBN is that of the Naira debit and credit cards. These cards are now worthless in Nigeria, but all were working in cross-border swapping arrangements before Emefiele restricted them and caused more hardship for Nigerians in payments, especially where cryptocurrencies are not accepted.

People now use either third parties for payments of something that supposes to be private, and as such, pay more, or are forced to use the dollar version of the cards which goes with more issuance and maintenance fees thereby enriching the banks more.

It will be a great relief if the CBN could do this for Nigerians. They don't have an excuse anymore after removing the fuel subsidy.

Which means it is not the right time to mention Patricia. The exchange is not functioning right now and the exchange hold customers funds, while we do not know if the exchange is going to pay it or not. I am surprised that you have not excluded the exchange.


https://pwcnigeria.typepad.com/files/2022-finance-bill_hor.pdf



I just went through it as fast as possible, I have no time to read it in details yet, but I saw that cryptocurrencies are mentioned under chargeable assets.