The good side of banning btc in Nigeria - page 2.

Igebotz

staff

Activity: 1316

Merit: 1610

The Naija & BSFL Sherrif 📛

Quote from: The Cryptovator on February 27, 2021, 12:12:00 PM

The only benefit I can see that probably more Nigerian citizens know about Bitcoin due to the central bank decision. We don't know if the new peoples would involve with it or not, so still

According to the Chinese proverbs " War brings opportunities" I think ban is different in this case, ban means illegal thus making crypto marketing within the region seems impossible, I remember putting up my exchange services on on Facebook, and the amount of negative comments from the newbies were worrisome because of the fear of crypto being put into them by the CBN and nobody want to get caught.

Quote from: CryptopreneurBrainboss on February 28, 2021, 12:08:43 AM

A time when all over the world regulations are put in place to accommodate the new technology but that of our country is pushing us backwards.

Because they lick the Chinese ass and they do everything they are asked to do or else no loan

roosbit

member

Activity: 893

Merit: 43

Random coins :)

Like someone has already said bad publicity is good publicity which is the case here,moreover has long has you have access to the internet I don't see how the government will impose this ban...its mere talk tbh.

But on the contrary it is commendable what the government is trying to do ,looking at the large population that all translates into lost revenue if its citizens invest in crypto, so basically the govt knows what it is about to lose.

CryptopreneurBrainboss

legendary

Activity: 2450

Merit: 4295

eXch.cx - Automatic crypto Swap Exchange.

Quote from: Gozie51 on February 26, 2021, 06:54:41 AM

We know that there are always two sides to a coin. I came to the reality that the decision of the Nigerian government is just a step to another good story to bitcoin adoption in Nigeria and more to the world.

The ban can only end in one way and that's of the bitcoiners been triumphant. What worst can the government do, they're already closing our account and have placed a ban on many nigerians livelihood. We the nigerian people are known to always charter for ourselves, we don't rely on the government, we're hardworking individual and always find a way where there seems to be no way.

We have relyed on the government for too long and they have failed us making us immune to their disappointment like with the recent ban. A time when all over the world regulations are put in place to accommodate the new technology but that of our country is pushing us backwards.

This ban will only end up getting bitcoin regulated in the country which isn't any different from what it's now only that more service providers will be drawn into the country since It'll now be a freely government to cryptocurrency depending on what the regulation are.

verita1

member

Activity: 1358

Merit: 81

Good observation OP. But not everything would be possible without the Nigerian population plucking up the courage to defend their cause, which they also have the full right to choose. A regulation is an ideal way for the Nigerian crypto community to run their crypto-based activities.

Hopefully a solution will transcend shortly, I am pleased to hear that Nigerian Vice President Yemi Osinbajo has amended his mistake by stating that cryptocurrencies should be regulated and not prohibited.

Issa56

hero member

Activity: 1484

Merit: 928

The more the government try to ban bitcoin the more it is been published the more people get to know about bitcoin. The Nigeria government tried to ban bitcoin few months ago which I believe is a very bad idea or bad suggestion I believe trying to ban bitcoin is just as a result of bad government which only cares about thereself and there relative. Nigeria is a country which high level of poverty and unemployment 50% percent of Nigeria youth which are graduate without Job are into cryptocurrency which they are doing well they survive with cryptocurrency and they also feed there relatives with the money gotten from cryptocurrency. Lots of people are into cryptocurrency and they are doing well because they don't want to go into illegal things and cryptocurrency is the only source which they can get money from and the government is already planning to ban it, my question is that people that are already into cryptocurrency and they are surviving there what do you want them to be doing and the government is not providing employment opportunity. I believe that's the worst decision the government is trying to take which won't be possible.

The Cryptovator

legendary

Activity: 2408

Merit: 2226

Signature space for rent

The only benefit I can see that probably more Nigerian citizens know about Bitcoin due to the central bank decision. We don't know if the new peoples would involve with it or not, so still, I will say Nigeria's central bank hadn't taken the real-time decision. They just lost the revenue from Bitcoin transactions. Because I believe bitcoin users will never change their minds due to restrictions. Regulations mean more strict uses. People will use it now illegal way in Nigeria since they couldn't use it like before. I am still not convinced how this decision would help bitcoin adoption.

bittraffic

hero member

Activity: 3038

Merit: 617

The revolution against the regulation will open the eyes of the people about Bitcoin and Central banks. The country had been adopting BTC for a long time already which Bitcoin had become a household name for them. It will devastate their lives if the bank accounts of someone will be denied service by the banks because they made transactions with BTC before.

Gozie51

hero member

Activity: 2660

Merit: 630

Vave.com - Crypto Casino

Quote from: bitterguy28 on February 26, 2021, 08:19:41 PM

Correct points , It is not only the bad effect is what Nigerian Crypto investors must understand but also the good effect.

I remember my fathers told me that In Publicity it doesnt matter if it's good or bad because both comply to Publicity so that is what made this better.

Those who has no idea or doubting crypto in the past will not had a chance to look deep into it and learn what is good or what is bad.

Yes it opens more people to it. The publicity is always good because of this kind of exposure that we are now observing on the Nigerian crypto community. Some of my friends have been asking to know what is cryptocurrency and before this time, they are not showing concern. If proper orientation go out to more people and the government eventually change there decision which by implication will make cryptocurrency legal, I believe more adoption of crypto and bitcoin will increase.

Lorence.xD

sr. member

Activity: 1624

Merit: 315

Leading Crypto Sports Betting & Casino Platform

Quote from: Sithara007 on February 27, 2021, 02:04:42 AM

Given how unpopular the Nigerian government is right now, I am sure that this ban will only cause more and more Nigerians to use Bitcoin.

That was mentioned in OP, the popularity of bitcoin in Nigeria will only rise because they outright ban it which means the media attention would be on them. But besides the fact that there is a good side in banning bitcoin in Nigeria, I don't think that it will be enough to outweigh the negatives for now, banning means that doing any activities that involve bitcoin might be incriminating which is bad for an average person that uses bitcoin because criminal record AFAIK will be detrimental when they want to get a job. Maybe in the coming months, the positives can outweigh but right now, I don't think that.

Kakmakr

legendary

Activity: 3542

Merit: 1965

Leading Crypto Sports Betting & Casino Platform

I personally think the good side of banning Bitcoin in Nigeria is the reduction of scam money being filtered through Bitcoin. We know the Nigerians love to scam people and we also know Bitcoin can be used as a tool to do that, if you know what you are doing.

So banning Bitcoin in that country, will not give them an opportunity to get quick access to "Fiat" after they scammed people, because Exchanges will not be allowed to operate. Grin

Bitcoin is just bad for some countries and unfortunately Nigeria is one of them. I feel sorry for the other people there who would have used it for legal things. (Money transmitting) Sad

Sithara007

legendary

Activity: 3346

Merit: 1352

Leading Crypto Sports Betting & Casino Platform

Given how unpopular the Nigerian government is right now, I am sure that this ban will only cause more and more Nigerians to use Bitcoin. Last year, the pro-government forces shot dead more than a dozen people in Lagos for protesting. Approval ratings for the president, Muhammadu Buhari is at record low. At this point, any hostile action from the government will be disregarded by the general population.

Vaskiy

legendary

Activity: 2646

Merit: 1106

DGbet.fun - Crypto Sportsbook

Rather than a ban, regulation is always the good choice. As of now Nigeria holds large volume of bitcoin transactions on different services. Nigeria is much affected by the socio-economic pollitical corruption and terrorism. Just now got a news of 317 girls from a school has been kidnapped on gun point by terrorist. Week ago similar incident have taken place with teachers and no information till date. Right now it is more to think of the social problems than the economic development.

cheezcarls

hero member

Activity: 2282

Merit: 659

Looking for gigs

I highly agree on what you said. There's always something a light in every bad situation, if we know how to find it. Even with the banks not allowed to deal with Bitcoin-related transactions, P2P trading activity is going to be much higher and it doesn't stop the Nigerians who are so passionate in this industry.

bitterguy28

full member

Activity: 2170

Merit: 182

“FRX: Ferocious Alpha”

Correct points , It is not only the bad effect is what Nigerian Crypto investors must understand but also the good effect.

I remember my fathers told me that In Publicity it doesnt matter if it's good or bad because both comply to Publicity so that is what made this better.

Those who has no idea or doubting crypto in the past will not had a chance to look deep into it and learn what is good or what is bad.

uneng

hero member

Activity: 2044

Merit: 784

Leading Crypto Sports Betting & Casino Platform

Quote from: Gozie51 on February 26, 2021, 06:54:41 AM

1. Regulation: Now that the SEC is talking tough, the government and senate may come with regulation in the Nigerian space anytime. If there is regulation to this effect, expect more investors because it means it has officially been legalized as many fear it wasn't a legal means of investment and earning before now.

If after all these discussions SEC chooses for a minimally friendly approach towards bitcoin we can say it's already better than nothing, but truth is that the best bitcoin times were when regulations didn't touch this subject specifically. So you could deal with btcs and invest without losing too much money due to taxes and on the other side time and privacy due to bureaucracy.
One of the main points I've seen nigerians thankful to bitcoin was about privacy, as they can store and even hide their money safely from corrupt public agents which abuse power to extort citizens. If this privacy is going to be over due to regulations abuses will keep happening.

dothebeats

legendary

Activity: 3542

Merit: 1352

Cashback 15%

Good for taking the word out, but actually bad for the citizens that are experiencing it firsthand.

The citizens who are using and are looking to use bitcoin would be afraid to be handed over some legal problems and other inconveniences should the bank they are using agrees or follows the directives from the central bank. Imagine having your bank account frozen just because you dealt with bitcoin some months ago? That would be a pain in the ass, and would really get into you given that they are sifting well and good through your records just to prove a point.

Also, it appears that the Central Bank of Nigeria isn't going to change their opinions of bitcoin and crypto very soon despite the reports, articles, journals, and whatnot that have been released in favor of cryptocurrencies.

just_Alice

hero member

Activity: 1274

Merit: 622

There are some good points here, it's nice to be able to find some positive sides in something bad.
However, I'm not so sure about the second point in the op. On the one hand, Nigeria is the country with one of the biggest Bitcoin circulation, so, considering this, I don't think that talks about the ban will influence peoples' knowledge. I think nowadays 99% of the population already know about Bitcoin, how can they not know?
On the other hand, if we look at that tiny percentage of people who still don't know about Bitcoin, will it actually be a good sign? To hear about something you've never heard about before in the context of banning? I don't think those people will become the new converts.

CarnagexD

sr. member

Activity: 1498

Merit: 374

Leading Crypto Sports Betting & Casino Platform

So some sort of realization after the lacking, kind of story. Since it will only go to show the government that they really need cryptocurrencies to operate and be adopted or else they will be left behind in the current stature of the world economy and the upcoming future ones, once bitcoin becomes globally adopted. However, I doubt this will happen because they should've known this from the very start, even before they impose the ban on bitcoin. Don't governments use feasibility studies to check if their ordinances and policies will work?

Quote from: avikz on February 26, 2021, 02:09:20 PM

I believe favorable regulations will be good for any country and their citizens. Blanket ban will only create an underground market and people will pay zero tax on their black money. So banning a cryptocurrency is not a solution, rather it's an initiation of a much larger issue!

So I don't think banning cryptocurrency will bring in any positive impact on Nigeria. Because common people always try to stay within their legal limits. So no matter whatever free advertising it is doing for bitcoin, it will be mostly negative for the commoners.

But I sincerely hope these governments realize their mistake soon before it's too late!

Yeah, not sure how this went past the Nigerian government's notice. And a very untimely ban too, considering they are the leaders in bitcoin adoption in this planet. That's like being first place in a race and then letting yourself lose at the last minute mark.

logfiles

copper member

Activity: 2170

Merit: 1827

Top Crypto Casino

One thing you forget to think about is that there's away people with less information are easy to control. With the Nigerian Government's announcement of the ban. This will definitely affect adoption in Nigeria. So many people from the Nigerian rural areas will obviously believe in what their government says while very few who know more about bitcoin will remain defiant.

To convince the masses to use Bitcoin under such circumstances will be an uphill task. Just being realistic.

Gozie51

hero member

Activity: 2660

Merit: 630

Vave.com - Crypto Casino

Quote from: Natalim on February 26, 2021, 08:34:50 AM

Maybe the timing of banning bitcoin is wrong, as people are seeing bitcoin so bullish, people will believe that the government took their opportunity to make money from bitcoin, maybe if they ban it when bitcoin is dumping, people would be convince that it's a good decision by the government to protect people from losing their money.

The timing is bullish and that is why the people see it like government is short changing them from having profit from the market. Like you have said, if it was during the bear then people's voice will be heard in support of government ban.

Quote from: mk4 on February 26, 2021, 08:33:38 AM

I guess the effect from the public would completely depend on the people. I'm not sure with the case of the Nigerian people, but if this would happen to the United States, there would definitely be a lot of people on the defense— the likes of the human rights communities, libertarians, and other people and organizations that are quite against government control.

Yes Nigeria and Nigerians are trying in their strength. The lawyers have gone to challenge it in court, many other bodies are speaking out. But you know how African democracy is, not really democratic where the voice of the people will be heard and followed. So America practice a kind of democracy from that
of Nigeria

Topic: The good side of banning btc in Nigeria - page 2. (Read 590 times)