The bitter reality | Bitcointalksearch.org

jaysabi

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Quote from: aysg76 on March 05, 2021, 12:15:28 PM

The countries which are seeing btc and other crypto as their enemies and try to put ban on them instead of regulating them they are just pushing themselves back in time and will not be able to compete with other nations.Nigeria which is at 27th position in world ecomomy at present is moving to a path where it is digging hole for itself.

The debts are growing day by day of Nigeria and economic growth is slow and will crypto bans have positive impact on the economy or rather than regulating cryptocurrencies and collecting tax revenue from the users will boost the revenue treasuries of government.

Here is list for number of crypto users in Nigeria :

So what's the benefit of such acts by Nigerian government I don't understand it.

Nigeria gets 120k transfers in its best month and that makes them a crypto powerhouse? That's like 4k transfers a day in a country of 200 million people. Setting the bar pretty low on what constitutes a "power house." With such limited usage, there's now way it is having any transformation effect. This graph is pure, unsubstantiated hype.

uneng

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Quote from: aysg76 on March 05, 2021, 12:15:28 PM

So what's the benefit of such acts by Nigerian government I don't understand it.

They want to protect the national currency against bitcoin adoption which theoretically will drive fiat to more devaluation and consequently the country's official economy.
Anyway the government there is fool, because they are unable to see bitcoin increases their citizens purchasing power, different from their local currency which only makes everyone poorer.

Hippocrypto

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Quote from: In the silence on March 04, 2021, 11:55:25 PM

Quote from: Gozie51 on February 16, 2021, 01:03:59 PM

-Snip

It saddens everyone that our crypto friends from other countries having this kind or problem. Other governments doesn't consider bitcoin/crypto as an asset that may help our daily lives and sees it as a threat to their superiority.

That's worst to think as their leaders begun dictatorship and taken away people's financial freedom on crypto. If they're afraid that this becomes a threat on their power, its very clear that their mindset is only for own pocket but not for welfare society. Leadership of that country has lack of political will that caters the benefit of their countrymen, and this is going to be difficult for them to grow economically if not corrected.

angrynerd88

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I trust they can have idealistic that they can still utilize bitcoin. As long as the government isn't closed down the web association, people can still look for other ways to utilize bitcoin, which can as it were be a matter of time for them to discover out that way.One day govrnment officials will realize will allow their individuals utilizing crypto, particularly in case their individuals can see the chances to create cash from crypto. I trust the government can see the benefits of crypto to their individuals and not prohibiting or disallow their individuals from utilizing crypto.

aysg76

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The countries which are seeing btc and other crypto as their enemies and try to put ban on them instead of regulating them they are just pushing themselves back in time and will not be able to compete with other nations.Nigeria which is at 27th position in world ecomomy at present is moving to a path where it is digging hole for itself.

The debts are growing day by day of Nigeria and economic growth is slow and will crypto bans have positive impact on the economy or rather than regulating cryptocurrencies and collecting tax revenue from the users will boost the revenue treasuries of government.

Here is list for number of crypto users in Nigeria :

So what's the benefit of such acts by Nigerian government I don't understand it.

In the silence

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Quote from: Gozie51 on February 16, 2021, 01:03:59 PM

-Snip

It saddens everyone that our crypto friends from other countries having this kind or problem. Other governments doesn't consider bitcoin/crypto as an asset that may help our daily lives and sees it as a threat to their superiority.

zanezane

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Quote from: StartupAnalyst on March 04, 2021, 06:06:13 PM

Nigerian government made a huge mistake. The forbidden make it seem so much more pleasurable. All traders will continue trading but illegally. I wonder how Nigerian governments will manage to regulate crypto trading. How they will block those traders who use VPN or TOR to change their IP-addresses, how they will block traders who prefer to use exchanges that don’t require verification for trading? They need only to switch off the internet totally but that would be the huge step back somewhere to the Stone Age.

The good thing about this mistake is that it is fixable. Hopefully, these problem will be resolved immediately because I can see the future of crypto in Nigeria, they are the second biggest population that is engaged in crypto related activities besides USA. If you have the infrastructure, you can track those people who uses VPN because they are still connected to the Nigerian Internet pipeline.

AniviaBtc

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Quote from: ChiBitCTy on February 16, 2021, 06:01:38 PM

I am sorry to see this and this kind of stuff just absolutely sickens me. I hate countries trying to hold back its citizens from progression. From what I’ve heard and read, banks can’t be trusted so much there. Cryptocurrencies of course then become such a savior of sorts.

Well you can still buy/sell/trade on a decentralized exchange or over the counter right ?

Mindset of the governments is sometimes the hindrance to its own development as a country.

There are a lot of possible positive opportunities in cryptocurrencies but the governments doesn't give some attention and time to understand this.

It is true that good governance will lead to development and progress but in Nigeria, it is the opposite. Hoping that other countries like Algeria, India, and etc., will also see the advantages and benefits of legalizing cryptocurrency in their country. Maybe that's also the problem that's why some of the investors are hesitating to invest on it due to their location.

StartupAnalyst

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Nigerian government made a huge mistake. The forbidden make it seem so much more pleasurable. All traders will continue trading but illegally. I wonder how Nigerian governments will manage to regulate crypto trading. How they will block those traders who use VPN or TOR to change their IP-addresses, how they will block traders who prefer to use exchanges that don’t require verification for trading? They need only to switch off the internet totally but that would be the huge step back somewhere to the Stone Age.

NAOFUMI

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countries that holds their citizens from making its progress, also in third-world country, makes their country more poor and blocks the possible progress in economy.

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Quote from: meanwords on February 26, 2021, 11:42:33 PM

Don't lose hope. From what I've heard, it's only the Central Bank of Nigeria who is against Bitcoin but their SEC is actually willing to adopt cryptocurrency.

I was wondering what the CBN was, not being a Nigerian citizen myself. So I assume that they control all of the little banks, one of which OP was using to deal with crypto? That does indeed suck--it sounds like OP will get whatever money he had deposited with his bank back, but hopefully this doesn't mean he'll have to go unbanked for long. I don't know how available banking is in Nigeria.

Governments want to regulate everything, and it's ridiculous, no matter what reasons they give (money laundering is usually top on their list). Anyway, don't give up OP. Find another bank if you can and figure out another way to do crypto transactions. Best of luck, and you've got my sympathy here as well.

sheenshane

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It's very pathetic and sorry for the loss in our co-crypto enthusiasts who live in that country, as I can say to myself, we're still very lucky to our government and we didn't do the same as them.

But, this isn't the end of the day for all crypto enthusiasts of Nigeria, they can still use cryptocurrencies or Bitcoin through decentralized exchange or even P2P exchanges and move quickly to non-custodial wallets. Let's see what are those consequences waiting ahead while they are rejecting the good opportunity to becomes a most successful country, even though the most developed country was adopted Bitcoin, how much more to them.

To those who know alternative ways and staying pseudonymous in using Bitcoin, they will not much more worries as of now.

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It is awful to see an actual email informing a certain individual having connection to cryptocurrency transaction having a closure of account because of the above mentioned reason. It seems like the OP's country is really that strict on implementing its rules and regulations regarding its stand towards cryptocurrency usage. It is really a bitter reality that is hard to be faced by those individuals located on those kind of countries having strict restrictions that once proven and figured out having a connection or doing cryptocurrency transactions will make their account into closure.

sana54210

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Quote from: Taskford on February 28, 2021, 03:31:16 AM

Don't treat all crypto user as family since there are people who doesn't care about your financial goals also your feelings since there are people only aim for there personal gain so be selective to pick people who can really give a good boost to the whole community and ignore people who contribute toxicity so that you will find better space for long term in this industry.

Also I think the banking system of nigeria see that crypto is a big threat to them since imagine if all citizen will be on crypto they will be demolish and that will be bad to them in financial matters.

Honestly the difference is crypto involves every type of people in the world and that is the difference. For example if you are in a situation where even exchange owners and regular small bounty hunters are in the same crypto world so we can't really say there are same type of people and yes we are not family. How can we be family with CZ who owns probably billions of dollars, and those are huge differences, there are people in between as well too.

However the biggest difference is people who want to see crypto as the money for the whole world and the people who do not care about crypto at all and only care about making profit. There is really nothing that you could change between those people because one could make a billion dollars today in profit and will allow crypto to be destroyed next day never existing, I can't do that, I would rather not make any profit at all if it means crypto will grow super big.

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Quote from: Kong Hey Pakboy on February 28, 2021, 05:32:54 AM

That's so disappointing. Instead supporting the country to welcome innovations and new knowledge that may be useful to its citizens, they are the obstacle itself to prevent its citizens to success. They are blind in seeing bitcoin as an opportunity to the country and do they not know that it is very beneficial to know these kinds of things? It opens minds of people who are stuck in terms of financial crisis.

They don't see any goods towards crypto and never sees its benefits to their netizens but this government official has been posses by their own corrupt minds.
I hope these officials will change their minds and take a look at what will serve good and beneficial to their people. And I hope also that they will know more about Bitcoin, about cryptocurrency, and how this affects and improve the living status of their netizen.

Kong Hey Pakboy

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That's so disappointing. Instead supporting the country to welcome innovations and new knowledge that may be useful to its citizens, they are the obstacle itself to prevent its citizens to success. They are blind in seeing bitcoin as an opportunity to the country and do they not know that it is very beneficial to know these kinds of things? It opens minds of people who are stuck in terms of financial crisis.

Taskford

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Quote from: Shasha80 on February 28, 2021, 02:18:57 AM

Even though I don't live in Nigeria, I consider all crypto users as family. Because for now the crypto community is still a minority, therefore
I am very saddened by what happened to the crypto community in Nigeria. But I believe they can make crypto transactions without going
through the bank. Hopefully what happens in Nigeria is only temporary, because crypto can help to become a source of income for the Nigerian
population. I am sure that eventually the Nigerian government will realize the importance of cryptocurrency for the Nigerian population.
I will always pray for the Nigerian community to be given strength to face these problems.

Don't treat all crypto user as family since there are people who doesn't care about your financial goals also your feelings since there are people only aim for there personal gain so be selective to pick people who can really give a good boost to the whole community and ignore people who contribute toxicity so that you will find better space for long term in this industry.

Also I think the banking system of nigeria see that crypto is a big threat to them since imagine if all citizen will be on crypto they will be demolish and that will be bad to them in financial matters.

so98nn

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Thats the reason why Nigeria will never see a perfect Sunrise because there is none if they kept doing this!
I have always responded to Nigerian case in this fashion only. It doesn't make sense why they are banning it. They will loose big investors in the process and all the money which is associated with the crypto currency might just get pulled out of the banks.

If this amounts to larger portion then banks could see downfall themselves. That's a mistake they have done there. They must influence people of Nigeria to make more developments in the country's crypto infra and bring some jobs, money into the Nigeria.

Shasha80

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Even though I don't live in Nigeria, I consider all crypto users as family. Because for now the crypto community is still a minority, therefore
I am very saddened by what happened to the crypto community in Nigeria. But I believe they can make crypto transactions without going
through the bank. Hopefully what happens in Nigeria is only temporary, because crypto can help to become a source of income for the Nigerian
population. I am sure that eventually the Nigerian government will realize the importance of cryptocurrency for the Nigerian population.
I will always pray for the Nigerian community to be given strength to face these problems.

michellee

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Quote from: Genemind on February 27, 2021, 10:09:18 AM

I feel sorry for your loss. It's sad that some countries are against cryptocurrency and even had to prevent their people have financial freedom. I am just thankful that our country is neutral when it comes to cryptocurrency. I believe that cryptocurrency has a bright future ahead and that some countries are not yet ready to embrace it. The government cannot accept the fact that banks are not really needed. However, banks are controlled by the government, which is not the same case with crypto.

I hope that is only temporary in that country. I hope that the government can research cryptocurrency and what benefits that the government can take. The cryptocurrency can give more opportunity for their people and not just be a new source of income, but it can also be their investment for their future. If the government can realize that, including if they use cryptocurrency, they will have a new reserve for their income. The government does not have to close their bank, and they can still control the bank, but the government gives a new chance for their people to make money from cryptocurrency.

Topic: The bitter reality (Read 512 times)