Topic: Naija Novice Hangout {Newbies introduction & Orientation} Thread. - page 143. (Read 1025045 times)

Nigeria is a great country and Africa's most populous Nation and this high population has translated into a high level of Cryptocurrency volume this population advantage put Nigeria in the number one position in cryptocurrency adoption in Africa and Nigeria is among the top 5 countries in global cryptocurrency transaction volume.
Why there have not been significant cryptocurrency development/project in Nigeria.
In the last couple of years let's take 2015-2022 to study how Nigeria has reacted toward cryptocurrency and what the country has gained and what it stands to gain in the future, before the CBN announcement on the restrictions of financial institutions on cryptocurrency transactions the Nigeria government hard paid no attention to cryptocurrency and citizens and even government officials who have prior knowledge of cryptocurrency have adopted Bitcoin as a secondary currency which give many citizens the power to send any amount of money using Bitcoin as to avoid the many monetary limitations placed on business and personal bank accounts in Nigeria, this made Bitcoin become popular among many Nigeria youths when Bitcoin was used for donation During the END SARS PROTEST IN OCTOBER 2020 and Bitcoin have also provided an opportunity to the teaming Nigeria youth to make income from bitcoin trading and other related Bitcoin services. Bitcoin in Nigeria is becoming more and more popular among the populists and with the 2023 general election around the corner a lot of presidential aspirants are making promises and one of the best possible hands for the president the present Vice president Professor Yemi Osinbajo has hard a body language that suggest movement of crypto-friendly motive and in one of those close door party meeting he stated clearly that his administration will give room for digital development and blockchain is going to be at the center of that and cryptocurrency will be adopted as a secondary currency and if that happen Nigeria will be placed on the right part for economic viability and it citizens will have the freedom to make their financial lives better.
WHAT ARE YOUR HOPE FOR THE FUTURE OF CRYPTOCURRENCY IN NIGERIA IN 2024 AND BEYOND?

Guys the problem of this country no Dey everly finish, una hear Wetin Dino melaye talk, sey God speak to am sey Atiku na the next president of Nigeria, na so the Nigerian government take us for cruise, is a country where the credibility, wisdom and education of the leaders don’t matter all they have to do is have connections. The country is really falling apart in many aspects but regardless Nigeria is our own, we no fit end all this in a day neither are we to run away from all of it. Elections they come even if many think say e go Dey rigged, but still make we try our best and do it in a very safe way.

The figure go pass self if them calculate am well. The poverty weh deh ground now no be small one. This APC government na big regret for all of us. Na the same Amaechi, Tinubu and Osinbajo and the rest of them weh run us down deh still deh drag to run for presidency too. No shame at all for any of their eyes because for them 9ja na business centre. Na to cut their shares from the national cake be their concern. Our people need to shine eyes this 2023 and pick only good leaders. Make we no go consider party to pick anyone this time.

Na the coco be that o. The census no go help anybody. In fact eh, na another way to put we country in more debt via say, them go use the opportunity Carr loot funds and for a good reason. E cast!
Mean while, of what use na em the least funds way no go pass minimum wage wan do for person life? Something way no dey surviveem them way dey the forum cef for even a week...

Nigerian government eh, na endure we dey endure am and we go survive am. Life now, na to build your own routine to make you see front and see front, na for people way wise.

Rruchi man, that thing you talk no too dey work for we country. If na for me I go say make we dey as we dey dey go. The only thing be say, the census go give small employment to youths shaa for the temporary time. People wey go waka the waka and count the count.
Wetin international dey gain for out census na to get data dem go use do statistics.
Like, "Nigeria na 180million people decade ago, today dem be 350million, increasing Aby almost 100%. In the next ten years Nigeria go populate pass China. The number of Nigeria people wey dey poor don increase to 35% percent and making it the poverty capital of the world "
Who all these things help?

Why there is no light is because our electric grid has collapsed. It's only in this country that you'll hear that the power grid collapsed, my small question is this: why is everything collapsing under this administration?
Most of the masses are collapsing.
Some National Assembly members are collapsing.
The enter education system has collapsed (such that even 10-year-old are making the news).
Business sectors are collapsing. Our crude oil collapsed.
Why is it so???

That one go fear you. When I first get that gist months back na so I doubt am self but na true e don come be. Na because NEPA or whatever them call themselves no get any body weh deh active to monitor them come make them no serious with providing us constant light. Their mind be say whether them give us light or not we go pay because bill will still come. No legislation for 9ja to make person deh empowered to sue them for billing us without giving us light. But they can not try that one with outside country and expect say they go pay them. Our National Assembly supposed force them to stop estimated billings for us and things go change.

So we get electricity like this? If to say I no see am I for no believe am. Small rain way fall here we never see light for two days I dey wonder if na the same nepa or the same Nigeria way I dey live na dey give other people light. So them carry the power them suppose give us dey use am do business. How many places we fit boast of for naija say them dey get light 24/7, how many? Minus the ones way oil companies dey provide because of their interest for that community. “29.95 billion naira generated from exportation of electricity” what a world

All the ones weh them don do before, how far? I know even reason how any of the past census weh we don do take help our Nigeria matter. No be say I no know the importance of census but I deh try reason our own census in particular. Nothing good weh go come out of it. Na just another avenue for people to take chop money.


Everything na still on to probability of wetin them fit do with the result as to decide sharing formula for states. But our two suppose know say that region of the country weh deh rule us know how to manipulate us to get wetin them want.

Thank you Brainboss as you take chuk mouth for this matta try give me some reasons wey people dey dislike USDT and why dem still dey use am. The allegation say dem dey mint new usdt na heavy one o. Choi, if na true, people wey create the coin go over reach o. Nawa o, strategies too full for this crypto market.
God which day I go make am, I know say I go fit make am for this crypto things.
Wetin I need na idea, skill and money to push the project. Who get idea carry me along na, abeg!

This story never reach many people ear. Na base on the way some crypto exchanges dey regard Usdt nai make we the users believe Usdt weight. Some of the other stable coins sef no dey listed for some exchanges. Them dey promote the coin way them like, I go do research on this topic so I fit know for myself in case of next time

My brother usdt no be better stablecoin oh forget say e dey popular and major exchange dey accept am (if I no dey mistake self, belike na the first stablecoin wey come out). USDT get better liquidity that's why it's best for trading but when it comes for holding, na DAI as Charles talk. We get other better alternative as dem decentralized wella but na liquidity dey make people no use dem. No be the one you go get $100 for stablecoin but because of lack of liquidity, you no go get better value when converting. BUSD na the brother to USDT  dat one even worst pass as na Binance demselves dey control am.

Usdt get plenty court cases and questionable behavior. Infact rumors come out ones say their stablecoin just dey like USD, say e no get actual backing and na so so printing dem just dey print am. As for the censor matta, I believe say e dun reach time to recount but my question na say, why next year wey election dey. Dem for do am this year so we no get get divided attention next year and choose better government.

A head count will be beneficial in piloting the affairs of this country for the next decade, good thing it is slated for next year (2023), same year when new government go enter power.

If the figures are taken correctly, nor be say dem engineer am make e favour some side, e fit influence the way dem they share money for this country to the various state because some side need allocation pass some other side.
I hope say e go dey credible.

You don forget sae, this government d forget the most relevant thing d do wetin no matter. No be as they take block 72 millions lines last month because of NIN. As dey don talk am sae Census go happen by that time, believe me not em go by then. My aunty wey d work for Census board don yarn me about Census wey go happen for 2023 since last year sef. Hearing it from radio station na legit news wey go happen

USDT can be freezed on noncustododial wallet, it's a centralized coin that does not worth going for. Best to go for DAI which you can have its full control on noncustododial wallet unlike many others.

[UPDATED] PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets

Stable coins good to save because of the unpredictable economy. But one thing dey confuse me. The way dem dey carry cast USDT for this forum based on say na centralized coin. Dem dey talk like say you fit wake up tomorrow you no see USDT again but I no just understand the whole thing. Na because of the general hatred dem get for other coins wey no be bitcoin abi e get particular problem wey USDT get or USDT don get problem before since dem create am?

I sabi say no one go take naira over crypto-Currency except the person is the ignorant about the former, also as Nigerians e Dey our default settings to try to make profits from any where we can, so I no think say holding stable coin na option to many, but some go still seem am as an alternative though, but as a hunter we Dey always try to double am, no doubt Stable coin like USDT is very much preferable in terms of saving and not getting affected my the very unpredictable economy, the opportunity to invest in a Crypto is very inviting.

The CBN rate weh person no fit buy at, that one na rate? We deh talk of what is real no be one political talk and deceit. Banks plaster that rate for their banking halls but them no deh sell at that rate, na wetin we go call that one, no be wayo be that? CBN deh use am deh deceive outsiders so them go believe say our naira carry small weight. Even Emefiele no go exchange his own dollar at that rate self.

And that is the real price. Na the market deh decide price and no bi one written figure somewhere.

How many Nigerian do you know just buy Usdt and hold. If na inflation we dey fight, the solution for just be to dey buy Usdt to secure our wealth but that's not the major problem. The problem is getting financial assistance in regards to getting more income, which is why people dey risk their life savings just to buy cryptocurrency and the worst part they buy into projects that are been hype and shitcoin.

The volumes come from buying Bitcoin, go all statistics wey dun come out. Nigerians buy and trade Bitcoin not buy and hold Usdt or any other stablecoin. Na when the profit comes first na when people begin dey reason stablecoin. Infact majority takes it back to Naira like instantly (go peer2peer market na) transacting ongoing daily as people need this profits to keep life going.

Don't also forget we have banks and other third party services that offers options to store your money in dollars but non of this get the kind interest wey Bitcoin and the whole cryptocurency market they attract. This only supposed make you reason say no be all about inflation something (although I no dey doubt say e follow)

I think I have to quote the news again and bold some words

No one is disputing that and you are right about it. But they buy, sell, take profit. It is practically within cryptocurrencies unless they want to spend or use the money for other businesses, not mostly likely they save naira (where inflation reason comes in). Like buy bitcoin, make profit, sell bitcoin to buy a stable coin like USDT, yet, all within cryptocurrencies. Nigerians still see fiat like US dollar to be a hedge against naira inflation. Many people in countries like US, EU and UK see holding stable coins to be pointless, but otherwise is the case in Africa.

To be earnest, how many among us here prefer naira to cryptocurrencies? I guess no one. Why? Not because of naira inflation? People prefer cryptocurrencies to naira because they know naira is highly inflationary.

If inflation is never part of, assuming naira is a deflationary currencies (although which is not possible), which Nigerians will go for bitcoin if they see naira profitable?

Will you advice your friend to convert to naira or a stable coin like USDT or Dai after making profit from investment or trading? Remember USDT, Dai and other stable coins pegged with fiat are part of cryptocurrencies. I should have used cryptocurrency instead of bitcoin in that question. Nigerian crypto traders and holders see naira to be highly inflationary and consider it for spending.