Topic: Naija Novice Hangout {Newbies introduction & Orientation} Thread. - page 145. (Read 1249402 times)

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.

Why I go tell a friend to buy btc na make him male money. When btc dey low you buy, when e high you sell.

Inflation and depreciation of naira dey o and it is real, I no dey doubt you, but e no be the major reason people dey join bitcoin motor.  Even people wey buy for dip, when e rise, dem dey sell back to fiat and still save the money go fiat and use the gain. So, no be inflation make people dey like bitcion, na hunger wey dey land.

You no know say plenty people for Nigeria wey get permanent job wey dey pay them 500k and above no too dey send Bitcoin? Dem feel say dem balance well, na people wey no get steady job dey greedie for trading and the rest of them.

You too make sense my oga. Na the same gospel I dey preach give people but dem no wan believe. Weda power change hand or not, dollar go reach N1k and continue to dey go high, na so dem create and design this country.

I never see anybody wey open mount tell me why e dey into cryptocurency na because of inflation. The majority are in because of the capital gains which is why trading is very popular in the country. Assuming na inflation and people dey look towards alternative then we for get holders as that's the only answer to the inflation debate. Yes inflation na very big issue for the country but na belle people dey find first. Assuming all that matters na the inflation of a thing people for dey ask for better payment in their Jobs to meet up but no the Job self no dey.

Majority of the the individual involved in the space are youths. This guys are those struggling to get a better paying jobs and some no even get jobs wey go fit take care of dem bills, this is the reason we been get a ponzi bubble at some point wey every day new ponzi scheme dey come out. This were means people been dey try get something to give them cash. This same ponzi bubble na him lead to the discovery of Bitcoin. I can tell you for fact, nobody been care of Bitcoin before MMM (2014/2015) come in with other ponzi wey dey use the currency. Na dem come open people eyes. Both has contributed but inflation get lesser impact than the quest for a better life.

I don’t know about you guys but I don’t see the naira getting any value in the coming years, even if power changes hands a lot still needs to be done before we can achieve a stable currency and economy. The naira is dropping very badly every day and the funny part be say our government no even sabi anything to do to salvage the situation and I don’t the the next government go even sabi Wetin to do.

That is parallel market rate or black market which is always higher if compared to CBN rate.

I used CBN rate for it which is the official rate: https://www.cbn.gov.ng/rates/exchratebycurrency.asp

Nigerian buyers and sellers on p2p crypto exchanges use parallel rate.

But me and you know say no be the real exchange rate for dollar and naira be that as of today. One dollar deh exchange for 590 as of today. Abi una deh exchange una bitcoin for N414?


Na better talk you give us here. All of us weh deh scream privacy this and privacy that go don dirty our hands and exposed our personal information anyhow o. This thing hard to maintain.

Privacy na for  people wey concern themsef about am. Who no want anonymity na him concern. Obob anybody wey don borrow money from mobile loan apps, do easy-buy or any of those service wey they ask for permission to your contact and media storage before them grant your request no suppose dey talk privacy.

They know. From the simple fact, haven't you heard from old people that transport fee from City A or Town A or Village A to another City A or Town A or Village A that was ₦10 before now cost ₦1500. Nigerians are complaining that what they can use ₦18000 minimum wage to buy in 2018, they can not use ₦33000 minimum wage to buy it this time because of inflation. They are the ones saying the generator they bought with ₦10000 in 2010 can be bought with over ₦30000 now. Nigerian old people are the ones that will say the value of naira is the business you used it to establish because what naira can buy today, it can not buy it tomorrow.

If the old people can not relate this with how bitcoin is deflationary, the young people can and know how bitcoin can help as a hedge against naira inflation. People do not just buy cryptocurrencies in Nigeria, the most reason is because they know if they buy it, that the value will increase and they can sell at higher rate. We can noticed this from the reason we are telling friends to buy and why friends that just know about crypto want to buy coins.

uchegod-21, be earnest, why can you tell a friend to buy Bitcoin. That is the reason others are telling their friends to buy too.

This your chart dey wounjor my heart. E dey make my heart to dey bleed aswear. Upon say USD dey lose value and oyibo weh get am dey complain, sometimes I dey laugh dem, people wey see currency wey stablize still dey complain. If dem be Nigerians na suicide dem go commit na.

But upon the wey naira dey crash, I believe say no be the major thing wey make Nigerianals enter crypto. Afterall many Nigerians no sabi say their money dey depreciate for bank.
The major coco be say boys dey find how to earn a living. Na wetin push some of us enter this place so.

Like say them go talk truth about the number of people wey still dey alive wey dem go count e for make sense but the matter be say them wam use the census waka take rig the up coming election, them wam tell us now say Kano state and other northern state get 1billion people for there so if them vote anybody na the person go win. Them no go ever bring better thing come out wey go help solve the insurgency wey dey ground na something wey go benefit their political ambition them wam do.

It is because of rising inflation the news pointed to which is very correct in my opinion. Fiat is inflationary and always getting depreciated by the government, but this fiat depreciation is worse in developing and underdeveloped coumtris and Nigeria is among.

USD is even inflationary, over 7.5% inflation in United States recently and yet naira still keep sinking to United States which US government still always decrease its value, the reason Nigerians that know about this prefer cryptocurrencies like bitcoin as a hedge against naira inflation. Even some Nigerians will consider fiat-pegged cryptocurrencies because naira always depreciate than fiats in developed countries, like USD, Euro and Pound Sterling, but which are also still depreciatimg in price but better than naira.

1 USD in 2012 equals to 158.79 naira
1 USD in 2013 equals to 159.26 naira
1 USD in 2014 equals to 171.71 naira
1 USD in 2015 equals to 197.87 naira
1 USD in 2016 equals to 257.66 naira
1 USD in 2017 equals to 333.71 naira
1 USD in 2018 equals to 361.29 naira
1 USD in 2019 equals to 360.06 naira
1 USD in 2020 equals to 380.25 naira
1 USD in 2021 equals to 403.58 naira
1 USD in 2022 equals to 414.03 naira (presently)

---

From the news:

I go tell you say Census na the last thing weh deh anybody mind now self. Even insecurity no go make the thing succeed if them try am. How them want to execute the thing for north. Who want to die? Even for south east insecurity don deh increase on daily now. Nowhere deh secured for 9ja again and we say we get president? But which station be 94.1 FM. Na Wazobia FM, Rivers? You forget say no be only one station get that dial for the country.

I swear and e no end for the forum o. Na for person WhatsApp status (person way no dey forum o) na em I first confirm the joy. E con dey spread awareness say, make people way never been fit run verification before via say, maybe there NIN or means of ID no clear, say make them go use BVN carry dey alright.
I con dey look matter, dey ask myself say, watin dey sup for here? Abi these men forget say, na our privacy we don dey put put like this...

E cast o. I know say, we dey more about the moni, make e just land na em be our own. We forget say, some moni no dey just land, e dey carry wahala dey waka for body and na these kind details dey cast am.

             NEW TOPIC

According to 94.1 FM, Nigeria will be carrying out Censor's next year April 2023.
This Censor's was last done in the year 2006, A short and first one will be done in June immediately political representatives/parties are done with them various primaries election.

E come be like na our lack of concern self come make the thing worse. We no too put body for the privacy matter once we need anything. We just want to comply to whatever verifications any exchange bring out. We go say since we don already deh there e no make any difference to not comply. No be say we no know all this things.


I remember those years well self. It was very easy that time to run trades on exchanges. Just email and password and you are good to go and trade. This thing don deh hard now and most us no sabi how to run this thing for decentralised exchanges na him make.

One funny thing about this Binance verification and BVN be say, both the first person and the second person wey post this thing see am as goodnews and better thing for the crypto community 
E be like our own version of crypto for Africa different o, we no value our privacy and e no concern us whether dem sell our data or not. Everyday for beginners and help board we dey see the kinds of o_e_l_e_o dey create topics about privacy but we no care.
Even for here either Coyster or BIT-BENDER don talkam say before before when you talk bitcoin we talk privacy and other things, like e be like Bitcoin of nowadays no hard again.

Try reading up previous discussion before post, and by you posting this means that you haven’t been active here, allow me to encourage you to more present here even if you don’t want to post you can just read up. Concerning the BVN Mata I still stand my ground say no be better news. Such things are against the value of crypto-currency which is decentralization.

We don table this discussion for here before. If you read well you go see say we don talk about am. Nor reason am na the problem we dey face for this thread. Our topics dey quick bury for ground nai make we dey talk things we don already talk before.
I nor baddo this verification kasala, binance been dey do say them no go force users do KYC like coinbase but see them today. I don leave binance enter Kucoin.

I bring better come table for una today, now you fit verify your Binance account with the number wea they give us for bank, we them they call am BVN them been done stop am before due to our government Wahala, but he Don dey available now tell other people wea they try verify there account.

Na this one here be the main reason for me o. Na because of to hold body and see money make alot of us enter cryptocurrency as na investment opportunity we see am as. Nothing concern me with whether banks deh bleep or not to enter cryptos and I believe na the same way with many Nigerians. Jobs no deh and to survive na him make many people find themselves for cryptos and forex.

I like this statistics there weh talk say "According to the report, 35% of the Nigerian population aged 18 to 60 — or 33.4 million people — have owned or traded cryptocurrencies during the last six months." That one shows how Nigerians havr embraced cryptos to escape poverty.