The Rise of Dollar is Affecting Nigerians to Buy Bitcoin Right Now. - page 2.

Mpamaegbu

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Quote from: Mate2237 on November 08, 2022, 09:48:18 AM

I bought at the present dollar rate to the Fiat currency which is 875 Naira per 1$ x 19.18 = 17,035 and 0.00098 BTC in Naira is 16k. I didn't check it before I bought it because I was very much Happy to buy Bitcoin with the local currency.

The current exchange rate as I type this on Binance P2P is between N825/$ to N830/$ but you know how sellers are often reluctant to reduce price once they've once sold high. Last week, some of us sold at N860–N870 and I think that was the highest it got. The naira is pushing and regaining strength against the dollar at the moment and I wonder why anyone will still wish it continued to crash or exploit another's navity on that.

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As it is I don't think Nigerians can buy Bitcoin because of the present situation of Dollar rate and the bear market but any how some are still buying.

Even when it gets to N1,000/$, there are still people who will buy it. The fiat versus dollar value won't prevent anyone who's serious in buying it from buying when the time is right for them.

avikz

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I don't think it's only Nigeria. A lot of countries are facing the same issue, especially if the trades are going through licensed exchanges. Some countries are obviously facing more 8ssues due to the devaluation of their own currency like Nigeria but more or less it's same for other countries as well.

Despite this odd, I personally think, it's a good time to buy bitcoin if you have long term outlook. Yes, you will have to shell out more money but that will be worth in long term.

Hispo

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Did the merchant charge you 1k Naira over the market value for your Bitcoin purchase? That is what I understand, at least.
I have experience with devaluation of my local currency, so I can tell it is not uncommon for merchants to charge over the market price for goods, I assume they do it to have a threshold while managing local currency (which is losing value), so they can have enough time to re-convert into other assets without losing their capital/earnings from spread.

But it is a little odd, if you ask me, usually these measures are reserved for moments of quite high inflation. I had assumed Nigerian Naira was relatively stable in short terms and not suffering from sharp dumps against the USD.

mk4

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Quote from: Mate2237 on November 08, 2022, 09:48:18 AM

That is the risk in the investment of Bitcoin one has to know before entering.

It's the risk of buying assets in publicly markets in general. You really can't expect to have perfect buy entries all the time where you'll be in the green immediately — especially for something as volatile as bitcoin and cryptocurrencies.

Mate2237

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I bought Bitcoin on p2p and today I bought Bitcoin unit of 0.00098 which is equivalent to $19.18 and in local Fiat currency is about #17k after when I have paid the seller the cash and he left. I checked the BTC unit in Fiat currency (Naira), imo I regret it o. I bought at the present dollar rate to the Fiat currency which is 875 Naira per 1$ x 19.18 = 17,035 and 0.00098 BTC in Naira is 16k. I didn't check it before I bought it because I was very much Happy to buy Bitcoin with the local currency. This is the second time he has sold to me. I was excited but I lost at the moment because of the bear market of Bitcoin the high rate of Dollar with the drastically devaluation of the Nigerian Naira.

But time will come I will not regret. That is the risk in the investment of Bitcoin one has to know before entering. As it is I don't think Nigerians can buy Bitcoin because of the present situation of Dollar rate and the bear market but any how some are still buying.

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