Topic: Naija Novice Hangout {Newbies introduction & Orientation} Thread. - page 148. (Read 1025511 times)

Nigeria's Next President and the Future of Cryptocurrency in Nigeria

I firmly believe that leadership determines direction. This direction could be either forward or backward. A forward direction equals progress and a backward direction is, well we all know what it means because we are currently experiencing that now as citizens of Nigeria.

While most folks are making the battle for the presidential seat between PDP and APC, I am more concerned about the individuals who are vying for this position, who they are, and what they do in relation to the budding crypto economy in Nigeria. Crypto is here to stay. However, for it to thrive, we must elect a leader with foresight. A leader such as Nayib Bukele,  president of El Salvador.

So far, I have counted 14 persons who have already declared interest to be Nigeria's next president. They include:

1. Anyim Pius Anyim
2. Yahaya Bello
3. Orji Uzor Kalu
4. Kingsley Moghalu
5. Dele Momodu
6. Chukwuka Monye
7. Bola Ahmed Tinubu
8. Rochas Okorocha
9. Khadija Okunnu-Lamidi
10. Sam Ohuabunwa
11. Doyin Okupe
12. Bukola Saraki
13. Atiku Abubakar
14. David Umahi


Of all these presidential aspirants, only Kingsley Moghalu , Atiku Abubakar , Dele Momodu , and Khadija Okunnu-Lamidi , have spoken in favour of bitcoin and cryptocurrency in Nigeria. This should at least give us an idea of the progress cryptocurrency will make if any of these persons win. Truth be told despite the fact that most people may believe that their votes don't count, I appeal to you to get your PVC and go out to vote on that day.  There is hope for Nigeria and there is hope for cryptocurrency in Nigeria.

What do you guys think? Did I miss out on any thing?

I see this news which day and I come they wonder what was the reason behind the sanctions. First I reason say maybe this banks dem dey involved in some crypto transaction directly like dem do trade which is what resulted to this sanctions. Because you no go how tell me say dem go sanction dem because ordinary citizens dey use their banks dey run their transaction. How dem wan take know say this transaction or that transaction dey come from crypto trading especially when description no indicate say na within dey sup be that.

On the order hands if big firms wey dey run cryptocurency trading get accounts with them (this banks) and them dey allow major transaction daily with them then CBN fit get a say. If na me be the banks CEO we go go court oh. This banks are private business, I no understand why this government just wan destroy this country. You know who go surfer all this thing, we the ordinary people because when banks go come with their charges to take wan recover, na only us go surfer am.

When I talk am say there is bitcoin ban in Nigeria some people talk say nothing like that, say na partial ban or say na only Buhari fit do am. Wetin come be this now where CBN begin sanction banks? We deh forget say na Buhari get CBN. Nothing weh anybody want to tell me. Godwin no fit do anything weh no be wetin Buhari want. The way this thing deh be me for body, it is like we are already in 2023 make this set of people carry their troubles go. This suffering is too much on Nigerians and APC no just send anybody.

My brother everybody dom take naija like cruise, anybody feet wake up go media house pay money talk anyhow unto say dem no dey hold person for wetin him talk for here. Buhari and em people wey promise naija people say em go end the insurgency wey been dey worry for Good luck administration in 1month if em enter power how far today?  No blame Zuga em dey try use method wey other people dom use enter power try em luck. Las las na to turn snake and gorilla   pack money zoom then another person go come too.

It is fair that the CBN fined the defaulting financial institutions. They already stated that digital currencies  are largely used in terrorism financing and money laundering of which there is a point. Although, in that circular, they did mention that banks should ensure that existing customers that are virtual currency exchangers have effective capital AML/CFT controls that enable them to comply with customer identification, verification and transfer, monitoring requirements. I suspect that this is the point where the banks failed and that is why they are being fined.

Sorry to say this but this news doesn't move me a bit like the central bank already issue a circular to commercial banks to close cryptocurrency accounts what you should know is there is a difference between cryptocurrency accounts and individual bank accounts, just as we have dollar account there is cryptocurrency account opened by banks and customer are operating them and most of those customers that have access to such account are politicians who make the huge conversion at regular intervals just to avoid the daily limit place on money transaction in Nigeria. This has little or nothing to do with me and you and to some extent, I see this move as a good move from the CBN most especially when we want to deal with money launderers who have seen cryptocurrency as their save heaven.

Three Nigerian Banks faces CBN Sanction Over Involvement in Crypto Transaction.

Three major Nigerian Banks on the early hours of Wednesday were reportedly sanctioned in respect to the violation of law enforced by the authority of the Central Bank of Nigeria to ban every account involved in any related crypto transaction, those banks were as follows: Stanbic IBTC bank, Access Bank Plc and the United Bank of Africa (UBA) with a hooping sum of #200m, #500m and #100m each respectively. CBN still maintain it stand by insinuating on crypto as an element used to perpetrates illegal acts such as money laundering, scam, and any form of fraudulent act due to it anonymity.

It could be recalled that earlier last year, the Nigeria government through its financial counterpart place a ban on making any cryptocurrency transaction and ever since then banks have refrain from performing any related crypto payments or transaction.

CBN claimed it has systems in place that places all banks under surveillance for any crypto payments or transaction been performed from any bank to alert them in which banks are unaware of such system in place.

What surprised me most is the claim by Stanbic IBTC bank that the payment could have byepass their system unknowingly to them, i still look forward to when our government will wake up to see the number of Nigerian youth trooping for cryptocurrency neglecting their ineffective E-Naira.

https://thestreetjournal.org/cbn-slams-₦800-million-fines-on-banks-for-flouting-cryptocurrency-order/

Guy understand say, every markets cycle dey carry e own trend come. If you look back to 2017 and 2021 you go I see say no be the same type of project been trend during this bull cycle although some OGs coins dem benefit. One important thing you need to know about bull cycle na say Layer 1 coins they always do well. Layer 1 coins na AKA Ethereum killers that's coins wey dey work on smart contracts them. 2017 we see coins like NEO, Trim and Cardamom so we'll while 2021 we see project like Solana, Polkadot, Avalanche etc dem plenty.

This one mean say in 2025 we supposed they expect another layer 1 coin wey go feel like on e own, fit challenge Ethereum to do well due to hype as Solana get. So keep an eye on those kind of project and any trend that comes out before or after the halving. Metaverse also no go die easily as big names are coming into the space. You see this Bored App Club NFT wey launch appcoin. Just dey watch that market. If better crash happened in next months to come, get yourself some Bitcoin and altcoins especially Apecoin if you dey look to invest in metaverse, do some research though on the coin before investing just so you go know wetin you dey get yourself into.

Na Buhari and APC weh I blame. They have made us a laughing stock to the point weh Sam Zuga come deh put mouth for something weh him no fit do. Him never fit steady his Zugacoin e come remain to solve the massive problem weh Nigeria get. Him want to follow that $1 to N1 weh APC carry deceive us start, e no go work. Na format to take enter APC government to cut him own share of the loot Zuga deh find.

Make use this opportunity first congratulate you on your new rank, we get another Legendary for our mix, na @Bitbender remain for the OGs now. Wida you na wetin you dey do wey you never get dem merits. Guy hustle oh.

Ok to answer you, $1M no big something, when you consider the adoption wey dey come and the scarcity of Bitcoin. If you wan understand the power of adoption, just got study wetin happen to Bored Ape NFT. Something wey be dey $200 now the cost flood price of 100 ETH that's $300k+. Bitcoin go easily do $1M trading price. Okay make we speculate small. The next target (that's major target) na $100k from there we go more for higher target them.

From that $100k wey no go pass next 2/3 years to achieve, na just 10x to $1M. That's if bitcoin trade at $100k na just 10x to reach $1M. You see how easy e dey. When the higher the price of Bitcoin, the more e dey enter people eye  especially the rich.

Yes, and that why Bitcoin is a speculative asset in my opinion, many people tend to refer to Bitcoin as a safe haven asset/store of value, and i do not quite agree with that, many investors more or less just 'speculate' with the price of Bitcoin hoping for huge returns at a later period, and it rarely disappoints as Bitcoins price always appreciates in the long term.
Thank you for posting this site, i will do well to peruse through it and do my research on what i find therein.
I know say 30 years far well well, but $1M no be here oh, i no talk say e dey impossible oh, but i just dy reason am if Bitcoin go fit go as high as that in the next 30 years, but well make we dey watch, the koko be say make God give us life so we go see as everything go take happen.
Unemployment na one very big wahala for our country so, i also believe say many Nigerians go dey seek escape route and other secondary source of income, so dey go chook eye wella for Bitcoin matter.

Limited supply, fiat devaluation and adoption would make bitcoin continuing valuation possible.

With that said above, people see bitcoin already as a means of investment, then the more the adoption.

Bitcoin in long term is a hedge against inflation, a store of value, a safe haven. In short term, bitcoin is a speculative asset. Do not listen to what people are saying, you also know what is going on. You know what the take of a bitcoin critic can be about this.

Nigerians have already adopted bitcoin, the adoption rate is growing. Devaluation of naira the more cause of this.

Strong and transparent blockchain, decentralized bitcoin community should make this possible. Chainanalysis even see the transparent blockchain helpful, like the case of Bitfinex hacker that was later found and linked to his real identity, and many others.

Remaining 2 million bitcoin, 19 million has been mined, yet the mempool not congested and mining hashrate recently reach all-time-high. What makes you think the fee would be higher when all bitcoin are mined? Also, the last bitcoin to be mined will be in 2140, still over a century to come.

There will be no more mining reward, but the reward would be transaction fee, but transactions would still be included into a block by miners so the transaction can get confirmed. Which means if bitcoin is still using PoW, more electricity would still be used by miners. But what matters most is how the electricity is generated, most electricity miners are using are clean energy that produces no green house gases to the environment, miners are working towards clean energy is is what that matters if bitcoin can produce more energy than it is used for mining.

I for like make them mine all the bitcoins even today make everybody rest. If this mining continue to dey go, news dem like Bitcoin dey consume plenty energy and other bla bla bla go continue. I want make all the lies end, I want people to understand say Bitcoin get problem too. If mining end, miners go now depend on transaction fee for incentives, by that time transaction go high wela, and e go clear everybody for eyes say Bitcoin get wahala by then.

Dem sae "tough time never last" but Buhari regime came with power bank. Check out nah, our president is used as an example of a bad leader during lectures for University wey d for Scotland. Na to tell you sae, Nigeria don jagajaga be that. Is now clear to the world that Nigeria is a failed state. To make Nigeria great again go dey in the hands of God. The poverty rate of the country don increase wella since Buhari take over from Goodluck Jonathan. There is a big problem in the land, different calamities d happen daily. if this APC government no resolve in time, it's possible that there won't be any election by next year

Not soon, BTC.com just mined block 730366 not quite long, next halving would be at block height 840000. The next halving should be first quarter of 2024 if you take the difference and multiply it by 10 minutes average that new blocks are mined, relating it to months.

Is making ₦1 equals $1 the Nigeria problem? No. The CBN with the approval of the Nigerian government can make ₦1 equals $1, Nigeria government controls the naira price in a way to protect Nigerian foreign reserve. Anyone that proposes such to me I won't doubt it that he does not know what he is saying when I have not known how his proposal would have economic impact. Even $1 is not equals €1 or £1. It would have been better to say 'he will make the Nigerian economy better', what Buhari wanted but never happened, I do not know how Sam Zuga is special.

Let us see how he would be able to pay the federal government $97 billion foreign loan. He only wants Zugacoin to be known to Nigerians so they can adopt it and nothing more.

One Naira Can Be Equal One Dollar Says Sam Zuga

I was thrown into amazement when i red about Sam Zuga claiming that he can help our Naija #1 equals to $1 if we give am the opportunity, that's one, secondly he also talked about how he go help Naija settle the ogbonge loan we bin borrow wey dey awa neck, all the $97 billion in the space of just one year if we allow am with the use of him zugacoin.

I remember some few days back on how we bin dey talk about him mata and now wey i see anoda update as he go meet awa deputy CBN governor dey yarn the mata on top say na him zugacoin be our economy savior, dis one heavy me o and i cant stop laffin.

Wetin dey pain me pass na the amount of debt wey naija dey hold, dat kind of money too much and we no see any impact it has created but rather things kip getin  worse, na him be say if we no pay am awa children wey dey come go suffer the debt be dat. guyz shey zuga no go compound to the worsening of the economy or make we give am trial for the first time?

https://punchng.com/i-can-help-to-achieve-1-naira-to-1-dollar-through-digital-economy-sam-zuga-tells-cbn/?amp

Guy I need you suggestions, with the next Bitcoin halving coming soon, what sector of crypto-currency is best to adopt right now,
I am looking the project on metaverse, they are looking attractive, but for how long would they last? I don't think they would be a thing in the next 4yrs this is just my thoughts, but I am seeking for a logical discussion on a project that could turn 1000X in future years to come. Let's share thought guys I always believe Crypto-currency is unpredictable and we all can make something out of it.

Actually this current government really failed us, people were anticipating Change because of the economic situation that year, the main concern na the bum blast wey been they every part of the country. But things way we they carry our eye see for this Government na Hell, because almost all things wey they happen then don double, even prices triple and still the economy no they go well. I no even know one better thing wey this government don do for us, na so so killing, kidnapping, bandictry everywhere, our country is bleeding and the government no they even send us.
This is the time to wise up oo, this election na to chose who fit help us now.

If naira like make she exchange for N1,500/$, na our gain self unto people weh deh make the cash in bitcoin. This APC government finish this country no be small thing o.


You be comedian. But na true you talk there. Every survivor of this Buhari government supposed get better certificate or medal for survival. No be small chaise at all. This country really use speed take enter reverse gear as Buhari take over from Goodluck Jonathan. We are back to 10 years ago.

Very nice discussion you bring here and hopefully all man fit put mount to keep this discussion alive. Oil dun finish for my pocket if not I for dun pour you small as this post worth am. Make we dey see shall if I get something anytime soon I go remember this post. Now to put mount for this discussion;

1: Normally na only 2 million remain to mine now and I hear say e dey take around 10minutes to mine one. This one mean say bitcoin dun scarce be dat, everybody now go dey find way to hodl unto their coins unlike before wey na just trading most people dey do. This one go make Bitcoin increase wella for my own opinion. If we dey look 30years I go say $1M (yes one million dollars), first e go try achieve $100k den go dey struggle to keep that trading price then during the next bull cycle, we go see price above $100k.

4: Nothing dun happen yet compared to wetin dey come, if you ask me. Wait make real adoption enter wella first then you go see massive numbers from the country. E go take just one better government to pass crypto friendly law and all companies go rush come established themselves for Nigeria. Already  this companies dey find wey penetrate Nigerian market. Watch most exchange & well established cryptocurency get Nigerian ambassadors already. With high rank of graduates and less work, bitcoin and cryptocurrency in general go be home to many Nigeria youths.
Ps: I go answer others later make I no go post article.