Topic: Naija Novice Hangout {Newbies introduction & Orientation} Thread. - page 156. (Read 1250226 times)

Well I personally feel that bill will not be passed onto law, it's a scheme to keep the Nation poorer, we as a nation already get serious financial issues we need to they tackle , so now as a Crypto enthusiast ma now your useage of Crypto-currency go suppose come in play, if only we can hetore services accepting Crypto-currency as a medium of Exchange.

Who again received slap as a sendoff gift? Abi na only the beautiful Charles Soludo speech una listen to?

How come nobody play that tape here since that matter happen two days ago. Na so we vex for Bianca reach for slapping that busy body Mrs Obiano? Omo that Innoson car weh Soludo don sign as official car na correct move be that. That car no bad too. It will be good if all our leaders go encourage local production of goods and services. That one go help boost our economy. I wish Professor Soludo all the best as the new governor of Anambra State.

Yes, but if we are to be honest, quite a large number of crypto users use centralized exchanges cause of it is somewhat more convenient to use, so i think the best advice to users would be to make sure they do not store consequential/large funds in exchange wallets, after using the exchange for whatever reason it is they should do well to move funds to wallets they own private keys/seed phrase to, cause if it is not your keys, you know it definitely isn't your coins.

You are welcome to our local thread. This is a safe space for Nigerians to communicate and share ideas, discussions recent happenings in the country. UcheGod talk to you about plagiarism I go use broken make you understand am wella. No Copy and paste from anywhere thinking say nobody go know. E go shock you say somebody go report you. Anything you dey write make e dey come from your number 6 if you dey copy person work make am known say no be your work say na person own. 

Welukum to dis forum my brother hunter. Dis place na place to be. Na place wey go make you wise for money mata. Na place wey you go see beta investment opportunity and na place wey u go sabi about bitcoin. I happy say you don read the rules and regulations, abeg keep to them.
The one wey important pass is make you no commit plagiarism. Somethings people no sabi wetin be plagiarism. Plagiarism be say make you no copy wetin another person write and put it here like your own. But if you feel like say you must copy, put the link of wetin you copy for your writing and nothing go happen to you.

Make i first of all welcome you this better forum, I believe you are in the right place and I am sure our boss them wey they here go give more guidance.
On how to keep good reputation in the forum, all I have to say is that, make you try and avoid plagiarism, because na one of the crime wey this forum no want at all, all you have to do is to try and give your support and contributions to the forum. Once again welcome to Bitcointalk forum and Nija community.

NEW TOPIC
Name: crpyto hunter
Skills:   Architecture
State of origin : Akwa Ibom state
Occupation : student (on above field)
E sweet me wella for body as ah dey among my fellow Nigerians like this so... E no too easy for we Kwantry so most youths Don decide say dem wan follow crypto back to back,fortunatly ah dey among  them

Abeg bros and sisters make una reason me well as I just dey come on,  ah need support  rules_wise as I Don read pinned post for meta and B/H but ah still need una  advice just to maintain a good reputation  in the forum....
Thanks once again to everyone, Una weldone ooooo
I greet una  well well from this side. 
HUNTER_

Liquidity is another reason coins are limited on fiat supported decentralized exchanges, but you can use ethereum based, Binance coin based etc decentralized exchanges like PancakeSwap, BinanceDex etc for exchanging other altcoins, the liquidity on this later decentralized exchanges are high, but not fiat based, just for coins and their respective tokens.

Also on centralized exchanges, only few coins are listed for p2p trading, just that people have the advantage to convert/trade some other coins to the coin that can be traded on p2p on the centralized exchange.

The reason it is said that people should not use centralized exchanges is because people using it do not have full control over their own crypto assets on the exchanges, it is just as a warning which is true. But some people will still just make use of centralized and decentralized means in a way some certain huge amount of coins will not go beyond noncustododial wallets and decentralized exchanges while also still making use of centralized exchanges for tradings which are not possible on decentralized exchanges and using the opportunity to exchange coins to naira after making profit from trading.

To be sincere nowhere is actually 100% safety guaranteed just that one is more preferable than the other, but all i know is that one cannot solely make use of DEX or CEX alone but will need the help of each other to complement a good transaction experience, you may decided to exchange your coin to other crypto or prefer to hodl the coin for a while using a secured wallet.

Thank you for that link. But na only 4 cryptocurrencies them deh trade for that exchange as I checked them out now. I discourage with that and no come check the second link to know whether na the same thing. No be only bitcoin, litecoin, Ethereum person go trade na abi other altcoins na crime there?


That means to say no where deh completely safe too be that na. If Centralised exchanges get disadvantages and Decentralised exchanges get their own disadvantages too so where we go run enter then na. The best thing na to just to deh deh careful be that. Nothing like perfect exchange be that.

Reputed decentralized exchange with high liquidity like https://localcryptos.com/ is not bad, this has been the decentralized exchange I recently know to have higher liquidity recently. https://hodlhodl.com/ is not bad as well, I have seen some Nigerians on hodlhodl before which are ready to buy and sell bitcoin.

But the cons of decentralized exchanges is that they attract more scammers and coin is more likely to be tainted. In this regard you should make sure the coin bought on decentralized exchangen is never sent to a centralized exchange which can result to exchange account it is sent to to be frozen. Some people sending it to a centralize exchange would have it in plan to ricochet the coin like on Samourai but which anyone can do on reputed wallets like Electrum to take advantage of low fee.

Re: How can tainted coins becomes hard to be recognized by centralized services

But this applies to anyone that feels his coin is tainted and want to ricochet it, not coins on blacklist which people should totally avoid.

But the advantage of centralized exchanges is that p2p trades on it can be more legit if compared to decentralized exchanges, but to have full control, best not to use a centralized exchange at all. Also another are people that often trade and also making use margin and derivatives in a way these can only be done on centralized exchanges. Both centralized and decentralized exchanges have pros and cons. It is we that will know when to use one or not.

This drag drag on top whether crypto ban deh 9ja or not get as e be. Ban deh on top cryptocurrency matter for 9ja o. Make una deh careful. Too much grammar no deh there.


But na how we go take trade if we no use centralised exchanges? I sure say every trader weh deh here go want to read which suggestion of exchanges weh we go use here. E go sweet if you go give us the exchange weh you deh use so we go fit reason am and follow join body to protect our investments too.

Depreciated and outdated old fool's, their day of reckoning is coming.
Look now next year election dey come and Efcc dey monitor all accounts in Nigeria, the same politicians and Senate weh pass bill to ban Crypto Currency stuff for we 9ja na them go use am pass.
Them go use BTC well well ehhh next year, I swear.
The matter weak me and it irks me to see no improvement,we all in this together... Hopefully we'll get outa this sit together.

Even the best advice is to never use centralized exchanges because they have the private keys of the addresses given to their customers, that means it is never customers coin on blockchain, it is the owner of the centralize exchange that has the coin on blockchain and they are the ones that have the full control, not the customers. I wonder what will happen to people that are not having any illegal dealings but their account freezed because one of their transactions is linked to a fraudster address or exchange account.

We have options like https://localcryptos.com/, https://hodlhodl.com/, https://bisq.network/ and some other reputed decentralized exchanges, or better still using direct p2p which is common within our people in Nigeria. But some people prefer convenience and low cost over privacy and having full control which ought not to be.

Only people I know would find it difficult are scalpers and days traders, but any inactive coins should not be left on exchanges but be moved to a reputed noncustododial wallet, preferably open source hardware wallet.

Thanks for the compliment Wiwo. Although, we are all learning and exposing ourselves here to vital information about bitcoin and other cryptocurrencies regarding Nigeria.

I appreciate that.

Boss thank you for that dig up some time e dey lazy me to share those kind news link but I make sure say I read and analyze the news before I put out source information to prompt professor like you into research to dig out evidence and further theories to support the discussion, na as I read the link you share I even know say CZ address 9ja users of the exchange but I been done read their anti money laundering law and cooperation with law enforcements across the globe. E go make sense make person no leave huge amount for centralized exchange. Na Y I dey avoid Binance be that.

I am lost here, it's really hard for Dem to tag anyone guilty of money laundering offense, from what I believe, some of those accounts may have been wrongfully accused, I don't know for a certain, but what's clear is that many of that platforms users especially those from Nigerians has had their coins ceased and they don't even know when it would be  released.

This is the major reason why e no bam make person they keep him coin for a long time on Exchanges, many of them are fast going centralized.

Although, I did not know about any citizens of any other countries to be affected, but likely it could be. I have just dig deeper to find out that you are right, with what CZ said, we can say the Nigerian accounts were restricted because of international law enforcement.

A Letter From Our CEO To Nigerians: Our Commitment To User Protection

According to binance response to the ban of some accounts on the exchange, their stated clearly that it was just a usual routine global operation on the exchange and those affected are those with cases of money laundering and associated with fraud, no be only 9ja accounts Binance block so I no see EFCC or CBN hand for this one directly but I know say an collaboration within agencies involve. So waiten two of una talk an the correct thing.

If CBN, EFCC or any other Nigerians governmental organization was not mentioned, even if it is not Nigerian governmental organization that was responsible for the freezing of Nigerian exchange account on Binance, that does not mean Nigerian governmental organization like CBN or EFCC can not request from Binance (or any other custododial crypto exchange Nigerians are using) to immediately freeze some Nigerian accounts. Although, Binance did not disclosed the government of the country responsible for it but it is suspicious it would be CBN or EFCC which we know have be tackling crypto illegal activities in Nigeria since CBN ban.

Just implying that so far Nigerians are still able to access custodial crypto exchanges, which makes that to be evident enough for people to know that bitcoin and other cryptocurrencies are implicitly banned in Nigeria and only by CBN. If cryptocurrencies are totally banned, Nigerians will have no alternative than to go for decentralized exchanges and direct p2p means of exchange.

Do you think the CBN had anything to do with the recent Nigerian and Binance incident? most Nigerians use it for peer-to-peer services and staking coins, I believe the majority of the accounts were p2p defaulters and accounts linked to reported or blacklisted wallet addresses, but Binance did not indicate which government order they were acting on but they did mention government in one of their response I read