Topic: Naija Novice Hangout {Newbies introduction & Orientation} Thread. - page 157. (Read 1250226 times)

I wonder how Nigerians are still able to use centralized exchanges that even helped CBN to freeze some Nigerians exchange accounts and people here saying CBN failed to successfully ban cryptocurrencies.

If you have any doubts, try making any bank transactions and entering any crypto related words to see how the bank will automatically freeze your account and blacklist your BVN, or try buying crypto with your ATM card to see how the bank has already cut off their services on any crypto related websites, and if you try more than three times, your ATM will be blocked and your account will be frozen.

Make no body lose guard with banks or ignore CBN restrictions all this na to reduce the level of money laundering for we country, everything wey get Cons also get Pros

Everything about this Nija na cruse, just imagine the ban of cryptocurrency whey they been proposed, but as e no work, now them fucus on banks to give limits to the money transaction, not knowing that the EFCC wey them they talk self na criminals on their own, because almost everything wey they happen them too get their own issue, but let's see as e go turn out.

The masses no be their interest ofcourse, dem dey present bill wey go affect them positively, bills wey go recycle dem for office for ever. Dem go pass bill wey concern elections, bills wey go elongate their stay in office, bills wey go increase their immunity and bills wey go encourage third tenor. Bills wey go assign police men give them. But when e reach common man, them go make bills wey go stop everyone from using generator. Make dem kwuntinue, the days of reckoning dey by the corner.

I never see or hear wey this our present senators pass bill of wetin go benefit the masses. Wey we be sae there are so many pressing matters wey dey go pass bill on, na receiving 5million or above na me be their problem. This don show us sae, Nigeria politicians has no better intention about us. Involving EFCC means that they wan categorically cage every Nigeria citizen as poor person. Every Nigerian should a live a low-class life, wey be sae, they can easily different the rich from the poor.
I keep saying it, this present government na them be the worst government ever. All of them dey smoke weed, na why dem dey reason bullshit

No be say it is gradually turning to cabal something. Na cabal deh always rule this country from way back, no be today e deh happen.


Na pretender Abba Kyari be. He acted like he was a good person until breeze come expose his bombom. There are so many others like him. No begin see his case like say na witch hurting as you deh say enemy of the state there. Anybody weh do bad must face the music. Let him face his case.

Una go don get that Hushpuppi recent case with the latest $400,000 yahoo runs weh him do from prison. That boy na real thief.

CBN even said Nigerians can use cryptocurrencies when they knew most citizens do not know what the ban was meant for. CBN can not do beyond CBN.

He was first linked to a fraudster by US FBI or so while investigating the fraudster. Are you saying police can't be corrupt or not? I am not saying he is corrupt but to avoid this kind of thing to happen, we must be very careful.

The country is possibly turning to cabal kind of a clique, imagine after several years of works and strugglings for survival and you later make it to amass wealth financially then comes the government hunting after you except you belong to either of their cabals and we all know what that means, it takes a lot of sacrifice at all cost.

I also come to think about the situation of Abba Kyari case and how he started well that all the agencies, government officials and reasonable citizens were proud of his relentless efforts to humanity and the country at large, then he was given a unique name called "Super Corp Abba Kyari". Now this same man is now an enemy to the country in appreciation to his past patriotism and dedicated service, though am not saying he did not commit those allegated atrocities but it might not be to such an extent, possibly he refused to comply to their directives then resulted to implicating him this far.

Na old law be that na. I no sure say banks deh reason EFCC on that natter again self. Maybe banks go report if na account weh no deh get regular transactions get that type of alert, no be with regular accounts weh deh transact well well on a regular basis like weekly or daily even if na less than 100k weekly self. I get a friend weh deh do over N5 million transaction once in a while and nothing don happen with am say bank report am or EFCC invite am.

The other day me and Wiwo bin dey yarn this matter here based on say we know we government. Our government too tricky and selfish. See upon this law, you will get another law that will exempt the governors and senators sons from this nonsense. Later dem go twist am say dem no talk say make EFCC arrest and try to confuse us.
The law is for the poor and if no be for technology and Bitcoin, government for smoke us.
Twitter ban, we still use twitter.
Crypto ban we still use Crypto and bank.
This one we go still win.

I saw that news that the Senate passed the mean that all Banks report to EFCC, Nigerians economy and financial crimes commission, any deposits of money 5 million and above for an individual and 10million above for a group or companies.
All I can say is the country wants to bread a Nation of poverty, I don't understand why the people's thinking are different from those who are in power, omo 5 million is small for any bank to start putting call through to EFCC, the government had tried Crypto ban that one no work now this is their new format.

Some exchanges like HitBTC charges 0.0009 BTC, Binance charges 0.0005 BTC, these are ridiculously high fee unlike the fee required by miners to include transaction into a block. This is the reason I prefer noncustododial means.

For scalping and day trading, centralized exchanges can be a good option for people, for margin trading, traders will not also have option than to use a centralized exchanges. But for those that just want to buy and sell, converting from stable coin to unstable coin like bitcoin and vice versa in short or long term holding, these can still be on noncustododial means of trading using p2p means like your service (Igehhh exchange service) and CryptopreneurBrainboss exchange services to take advantage of the high fee.

This has been the reason I have maintained the fact that it is better for Nigerians not to reveal their identity, because it is not only bank means of exchanging is possible, but some people will like to just exchange bitcoin and other unstable coins to stable coins and vice versa which can easily be done within ourselves on this forum.

People can because of this create new account, so to maintain privacy and trade anonymously, but it would have been better this is done through a reputed account because you and Brainboss can reject newbies as their coin can be on blacklist or tainted, newbie account is not reputed, especially while making deals of no trace with the newbie.

That thing dey pain me ehnnn so teh you go see an ordinary poor man stealing a fowl and they will jail him while the useless politicians embazzling millions and the law is never against them.... kontinue diaris god ooooo


I swear na 4 hia gbege go dey o ..... do det tink we no fit run millions, abi dey tell dem say e no go better for us too, well na dia wahala be dat, tank god for btc p2p wey dey unlimited, you cant even believe they go to an extent of creating banks for themselves when the poor are dying, Fela tried his best but the world turn a deaf hear to him, now Satoshi is here again and has brought us liberty and freedom to financial challenges, many are still doubting.

Please this is a public place let's try as much as possible to pass the legitimate information to the public I know we are all going through a lot, 2022 has been a difficult year not only to our country but the whole world, I've read the whole new amended ACT which says and I quote.

Senate Mandates banks to report deposit above N5m to EFCC

It means that if you deposit N4.999m you are safe and still within the law but if you deposit N5m in a single transaction you will be reported to EFCC for query it's a normal bank procedure everywhere. The government will always watch you.

Na this thing me deh tell people. Na we be our own problem. I sabi say government follow join but na we be the major part of the problem. Everybody deh take the other person hursle. Everybody eye deh red for money and that is why ritual killing full everywhere. No community love again. Na love for cash deh cap now. Every slight opportunity everybody wan use am enrich themselves. See wetin deh happen for fuel and diesel matter for our country now. Most filling stations deh lock up for day time but open for night so that they can sell black market price. Na we deh do ourselves.

It's not only transactions it also entails if your account hold five million naira and above. Anyone who has more than 5M in holdings is a suspect of criminal activity. The politicians have structured this country to make sure the poor remain poor and the elites maintain their rule. Asuu is on strike, there is poor power supply, bad roads, insecurity, poor health care. I'm sick and tired of the thieves we put in Aso Rock.

Remember we still have those who send Bitcoin from a centralized exchanges to their wallets with a ridiculous default fees set by the exchange, e.g Remitano and Binance charge $30 per txn, the highest gas fees I have paid on Mycellium wallet is 0.40 cent, I always go for the highest to get my coins within 15 mins. Bitcoin gas is very cheap nowadays.

Yeah it's always congested but the best time to make ETH thx is within ETH quite hour 9PM- 1AM it would save you a lot of txn gas fees. You can also monitor gas fees via https://ethgasstation.info

That is true, the gas fee could be high. But, is ethereum network transaction fee that high to the extent it can not be as low as bitcoin transaction fee? I am asking this question because some people are having the misconception of high bitcoin fee, but the last bitcoin transactions I made was with $0.05 fee.

I am not using ethereum, DeFi and other ERC20 tokens and NFT on noncustododial wallet, but I think ethereum and all these tokens daily transactions can cause congestion that might make ethereum network fee higher, but I do not know much about Ethereum network. But while using bitcoin people have the misconception of high fee but of which not.

You are right, that was what I meant too, that CBN even told banks to be reporting transaction above ₦5 million in the past (last year), just to answer the question SatoPrincess asked about it, that there has been nothing private at all even before. That is the reason I also replied Wiwo that it is new because our data is more to the public, I referred EFCC as the public, which is a means of how the government are enabling privacy invasion because EFCC suppose to demand from bank about this, not them having the data directly.

It all depends on what you want to do with it. If you are a short-term hodler or trader, you may wish to utilize USDT due to its low fees and great volume, but if you want to hodl for a longer period of time, you must use DAI stablecoin, which is the market's sole decentralized stablecoin.

This is different from what I posted in the past, it sounds similar but it's a different set of regulations entirely, mine was about CBN regulations and charges on daily deposits by individuals and cooperatives, this current CBN governor is so incompetent that all we see every day is ridiculous regulations to make life difficult for both local and international trades, how can you give EFCC incensed to watch individual finances? That's absurd; when did N5M become so large that it need investigation if it hits your account? The Lord Jesus Christ!!

This our Nija ehen, na only Baba God fit help and support we the poor masses. As this matter be like this na to they try move any money wey person get go crypto be that oo, one can keep USDT or any stable coin and also BTC as well. With time benefit or gain fit come self, if the market go up, but if person live his money in Naira for all those our commercial banks, they will keep removing small charges.