Topic: Naija Novice Hangout {Newbies introduction & Orientation} Thread. - page 218. (Read 1343490 times)

Nor be lie, na crypto dey reign for our country because the youths don see say the government nor get them for mind at all. White collar jobs nor dey for common cos oga at the top don keep slot for him children way still dy secondary school. Internet money nai be wetin the youths don see say go fit help them escape sapa. If you really check am well, for the past three years now many Forex companies don come out way they trade for people and Nigerians dey jump into am. Some work out some nor work even some of us way dey hear na through MMM we take know Bitcoin. An average dey ready to work hard to escape poverty na information dey kill us. Na so them go carry one alt for head way nor get market cap dey shill am everywhere say them be investor those people dy hard to convince or teach something.

I wan use this opportunity thanks everybody wey wish me happy birthday yesterday, I no even know say the turn up go much. The thing sweet me to the extent I gaz last min organized small party and we been get enough representative from this community. Do people wey call, text and chat, I say thank you as una make the birthday a day to remember.


Already our youth don the pick interest in the industry, in every five Nigeria youth, four go don hear about bitcoin and cryptocurency then atleast 3 go dey parole with the market either by investing or trading this na just based on my own observation. You look am na wetin dey rain now, no be crypto?

Although I pity our youth as majority they misinform na e make dem dey run around they do rubbish say dem be crypto enthusiast. With just the right information, everywhere go stew.

The mata no hard at all for us to understand, we dy live for Naija, so we dy see wetin dy do our naira, there is a pretty high state of inflation in our country at the moment, the naira is devaluing everyday as the cost of living skyrockets, that's one of the reasons Nigerian youths are interested in cryptocurrencies, to use it as a hedge to the devaluing Nigerian Naira. Another thing be say, unemployment dy worry us well well as things be so, so people dy find better investment opportunity, na so their interest go land for crypto, cause e get the ability to give beta ROI, and thus means wey them go take chop.

The interest of Nigerians in crypto would obviously continue to grow, with the issues created as a result of the pandemic, making the economic situation worse in the country, definitely more people would definitely want to use crypto and we wey be Nigerians go contribute to mainstream adoption wey dy come for front.

I understand your points and you are right, we all knew how CBN banned Bitcoin and other cryptocurrencies after EndSARs protest, nobody is againsting this at all that the president may or may not have hand in it, but what we corrected is that it is not the president that ban cryptocurrencies in Nigeria, that it is officially banned by the CBN governor for this not to mislead people.

Naira is our legal tender in Nigeria, we have no option than we will spend it and make use of it, but it is a depreciating asset. 1 dollar in 2015 equals to 168 naira, now 1 dollar equals 410 naira. When Nigeria became an independent nation in 1960, after the Independence, Naira was equalled to British Pound and its price was greater than US Dollar, but as been depreciating all the time. Even the US Dollar is still a depreciating asset but Naira is worse. I think this is obvious for us to know that if we want to save our money and make it not to devalue, Bitcoin is a very perfect option because it is an appreciative asset, while naira is not advisable.

Naira for spendings
Bitcoin for savings

Assuming I saved naira in bank in 2015 at $160, and I withdrew it in 2020 at $365. You see how that is a complete loss, most likely who saves naira in bank over long period of time will lose huge amount in value.

Am looking forward to seeing my fellow Nigerian youths trooping into crypto investment with their assets, this got me motivated this noon as I come across the news thread on how the American youths are madly falling inlove to crypto investment of their assets and I know that with clearer understanding of this, our own naija youths will choose crypto over the traditional Fiat system.

Another interesting fact about this is when you save your assets with banks, you get no or little return over it, considering if it were to be crypto asset investment, trust me you will be excited, but if I borrow money from banks, we all know how tough the steps and requirements, terms and conditions and the consequences for non repayment.

My beloved brothers, here is the challenge I bring to us all on investing our assets on crypto (btc).

This isn't new to us all, all of these is just a calculated effort from the Nigerian government to hamper the growth of cryptocurrencies in Nigeria, irrespective of if they are knowledgeable about it or not, I'm pretty sure we're all aware how corrupt and incompetent most of our government officials are, and they are more often than not, loyal, not to the citizens, but to one 'god-father' or the other who made it possible for them to get to that position. That is why it seems there is as yet no consensus from the government as to what the state of crypto in Nigeria is, cause most of them hardly even understand what it is, how it operates, it's pros and cons, but are just basically following the bandwagon to attack it.
That one no matter at all, me and you know say CBN oga no fit take decision on im own like that, the president was definitely aware of the whole situation, and if you ask me, he has more role to play than anyone else in this case, I know officially it's the CBN that issued the statement, but oga president hand full for the matter.

Well, make we just leave am like dat 🤷.

That brought up the comment that you were neither wrong nor right, but could be misleading people. For people that do not know what exactly who officially banned cryptocurrencies in Nigeria, reading from your post can mislead the person to think the president of Nigeria banned cryptocurrencies, but cryptocurrencies are officially banned by the CBN governor irrespective of the political aspect.

Even the incumbent president rival during the last election who is also the formal Vice President of Nigeria during Olusegun Obasanjo regime against the CBN ban, requesting the CBN to rescind the ban. We also know how Nigeria Security and Exchange Commission only calls for regulation rather than ban, the reason I think the CBN president got no option than to take to media that Nigeria can still make use of cryptocurrencies that only the banks will not support any transaction that are crypto related directly, the p2p crypto transaction in Nigeria is legal while making it illegal is beyond the jurisdiction of the CBN, what most Nigerians did not know until CBN government made that statement, but what we Nigerians on this forum knew.

As far as I know in Nigeria, the president too have much power which ought not to be, if Buhari wants to revoke the CBN ban, we all know that the chances is more than 70% possible, else CBN governor would most likely be fired, this is Nigeria, and purely political. Although, it is necessary the president (I do not know about Nigerian president, no be me talk that one o) should know about cryptocurrencies, but should be totally left alone for the CBN to make their own decisions. We would still see people that will take the move to court so that the ban will be revoked in court, but this can take a long time as it happened in India. Also, I believe the opposition party might be crypto friendly than this present government that find all means to distress citizens.

The same person that says most cryptocurrency transaction are illegitimate, he personally dislike decentralized cryptocurrencies. When most criminal activities in Nigeria are mostly in fiat, but he has nothing to say about naira, this is self-centeredness in my opinion.

Cryptocurrencies breed illegal activities, raise risks – CBN
The CBN governor says most cryptocurrency transactions are illegitimate

No be that same CBN Governor wey talk say "Bitcoin is made from thin air" say e go vanish very soon with this kind statement this kind of man dey like person wey sabi about how cryptocurrency works? From VP statement it very clear that the man knows how crypto works but he was not in position to decide whether the ban will stand or not.

The CBN position na appointment position no doubt and Buhari must make decisions based on the Governor's report and that was what he did when the CNB presented him with the crypto report. Wetin you feel say CBN Governor wey no sabi how bitcoin work go write? Buhari on the other hand will only take what the CBN wrote since him too na OLODO for the field and him believe say the CBN is correct.

CBN played the most important role here and not the President in my own unpopular opinion.

Una dey talk dis thing like sey una dey for sane societies of Europe and America where institutions dey function without presidential interference. Haaba! Abi una dey wind me ni like sey una nor sabi sey all government functionaries for Naija dey do wetin Bubu want ba. Who be Emefiele sef to argue wetin dem tell am to do? Who born 🐒? But wait oh, so una think sey if dem leave Emefiele and give am free hand im go dey do all this rubbish wey im CBN dey do? No nah! The man dey learned to understand how d economy works but na im master tune im dey wan dance to. For instance, make una see the way wey other CBN governors before im take work and the presidents of their time and how dem dey determined to help the economy. Na just simple case I give here. Emefiele own dey different because d present administration nor even send whether d economy dive of not. Shey una listen to VP Osinbajo comment when CBN banned crypto for Naija ba? So, una think sey if na Osinbajo be presido, Emefiele go ban Bitcoin? 🤷

Yes na wetin Charles talk legit, The CBN do not need the president approval or suggestion to ban anything that has to do with monetary value or assets, the CBN get the full power to make the call and to ban whatever they feel will threaten the bank or the government and since bitcoin is against the traditional banking and the government e make dem easy to kick it out.

Although, Bitcoin users that want privacy can maintain being private while holding and using Bitcoin for payment, but the blockchain (Bitcoin public ledger) is available to the public, all Bitcoin transactions can be traced or tracked on the blockchain by any blockchain observer like you or I.


Bitcoin Privacy Model ¹
https://bitcointalksearch.org/topic/education-bitcoin-privacy-and-anonymity-5229148

If you can check the recent exchange that was hacked , you will see the addresses the hackers makes use of, the addresses are known and any transaction that occur using the addresses will be tracked. Some cryptocurrencies like Monero that do not have transparent blockchain can be used but just as Igehhh commented, many of these people are illetrates, most of them do not exactly know what cryptocurrencies are. If they have been using naira since and it is perfectly working good for them and getting the job done, they will still prefer to make use of naira. One of the anonymous transaction that can be made is fiat transaction in cash, the reason why the bandits may prefer to make use of it.

This can mislead people, the president of Nigeria do not ban cryptocurrencies, he may have influence about the ban as we know how CBN governor will have to follow his order, or telling the CBN governor that he should do something after the EndSARs protest as a result of Bitcoin used for the funding after the bank account used in the funding were blocked. I am not implying that you are wrong but neither am I implying that you are right as this is politics, but nomally, CBN governor is the one that ban cryptocurrencies in Nigeria, not the president.

Baba this people are illiterate and they have no business with bitcoin, they are Islamist and den no dey put eyes for worldly something ooo in fact the naira payments dey more safer to them than bitcoin since na cash to hand wey no get tracing and history and Nigeria come be mumu country join am.

These type of payments na opportunity for them to put a tracker for one of the note and trace the money till the main collector or the calmp where this bandits and terrorist dey hide but our people sense too dey low abeg.


Happy CB I don wish am yesterday but make I talk am for here too.

Abeg abeg, make dem maintain dat naira for dem ransom oh. Hia! We nor even get anything against Bitcoin for Nigeria apart from sey our leaders dem nor understand how e dey work and Buhari dey ban am, talkless of sey dem point am out sey people dey use am as ransom. Guy, you want make owa office close ba? Abeg, nor be dat type of popularity I wan for Bitcoin head oh.

Hehehehehe... Na d Peak factor na. E dey d guy body like Papilo. I join my muscles to celebrate am too. BB, make we drop wallet address ba🙊? Anything for d men go make sense oh 🙄. Enjoy your time.

I have done this off the forum before, but I think when it is also here already I can express my mind.

Not only you, many people on this forum, including myself, I have felt the good impact of Brainboss countless number of times, he is a kind of person that truly want to help when need help, he is mature in action. Many more of this day in successes beyond his imagination.

I second that! Happy birthday to @CryptopreneurBrainboss, "the special one" doing us proud home and abroad. One of the most credible managers I have been privileged to work with. You have paved the way for other Nigerians in the forum without knowing. Wish you all of God's blessings as you step into a new age.

Wanna take this time out to say a little belated happy birthday to the boss himself, the man of the People @CryptopreneurBrainboss, I learnt today is your birthday sir, I really wish I could do more than this am doing right now, we've never meet neither do I know anything  about you, and you know nothing about me as well, (aside me been a married man, maybe you remember  ) but I've personally felt your good impact and I've many times been a partaker of your generous heart in this forum.
I declare God's blessings upon your new age with many much more years filled with great health, prosperity with peace of mind, the good works of your hands will be super blessed in Jesus name, you will forever stand out among your pairs in whatever field you choose or fild yourself, this generation will feel your positive impact and every man shall know your name in Jesus mighty name.... Amen.

I read a news few days ago, there has been so many news I have also red in the past. We remembered vividly when Boko Haram, one of the deadliest terrorists in the world kidnapped Dapchi schoolgirls, the rate of kidnapping has increased in Nigeria after since then , bandits are kidnapping kings, even they kidnapped school children, if we can remember the one that happened in Katsina, and few others, kidnaping has now been taken as job in Nigeria, which is very wrong but the Nigerian economy is getting worse day after day.

What I have noticed is that the ransom demanded for are in Naira, why are they not demanding for cryptocurrencies like Bitcoin?

The mutated form, Delta variant is deadlier, even many scientists says it is able to still infect single-dose vaccinated people. We know how the government can be responsive to such. Check the quote below, it is one of the latest news about Covid-19 in Nigeria.

But do you know if all Covid-19 patients were tested in Nigeria last year and the result was accurate, the number of positive cases would have been more.

My broda, I need to loud dat gist abeg. Nor be dis kain tory wey go hide under link. For wat nah 😅

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You na correct guy. The way wey you dey take discover all this opete ehn, e come be like sey you don dey dis forum tey tey sef like a decade ago. Make I baff you with colele water small. Sometimes I dey even wonder how those theymos and Cyrus guys go be unto strong men wey dem be. If nor be for dem ehn, these orda guys here for amplify bully nor be small. Imagine everytime wetin dem dey enjoy na to dey chook eye for which account be alt or not as if e even concern dem sef as far as account nor violate rules. Some people wan make e bi like sey na only dem dey make kishi and make others nor make.