Wetin go happen to our stored Bitcoin, if Nigeria release her ban

CryptopreneurBrainboss

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Quote from: She shining on May 09, 2023, 12:04:46 PM

I have always looked forward to the day that Nigeria will call off their Bank ban on crypto, but I fear that the value of our stored Bitcoin will reduce. What I mean is that, the price of dollar or usdt in binance or other exchange P2P is roughly #743 but the official price of dollar/Tether if we buying via bank is lower but the ban on crypto in Nigeria has ruled out using our local banks.

Now when(if) Nigeria releases her ban on crypto, it would be possible to not only buy via P2P but also bank. This I believe would reduce the price of USDT and thus reduce the value of our stored crypto (Bitcoin) since Bitcoin is still being measured or expressed internationally in dollar.

Chairman which country you dey stay abeg, na this same banks wey hide new Naira from us dey sell am to pos agents and politicians wey wan buy vote na him you dey believe dem go sell at that official price. Bnaks wey go say dem no get dollars but dey get one Black market baba wey dem fit refer you to and na still dem dem dey run the matters there. Abeg fear banks oh. Even though they allow banks dey transaction cryptocurency difference go still dey between cryptocurency rate and normal rate. Infact banks go hike their own price to reach that of crypto P2P market.

At the moment, you know know say dollars no dey banks but yet aboki dem get am enough to exchange for you and their prices still no be the official price wey CBN dey put although e no high like cryptocurency own. I understand wetin you dey reason but no be so e go be infact if government lift ban, we fit get increase in demand and since enough dollars no dey due to the border been closed we for fit get small dollar rush and e go dey trade for 1k per dollars self although e go later stabilized.

CryptoHeadlineNews

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Quote from: Dr.Bitcoin_Strange on May 09, 2023, 02:23:14 PM

OP, even before the ban on crypto in bank transactions, the dollar rate on Binance or the Black market was not calculated based on the CBN dollar/Naira rate, which is about #400 to them, so even if the ban gets lifted, it will still not be calculated based on the CBN rate, so it's not going to affect our crypto holdings. Even if it does, it's just going to be a bit, like -0.01 percentage.

I still remember back then, when there were still direct deposits from Binance to Nigerian bank accounts, the CBN dollar rate was $380–$400, but based on Binance calculations, $1 was about $500+ then.

And secondly on this issue, if the ban on crypto is lifted by the Nigerian government (Centre bank), will the limitation on dollar spendable monthly limit also be lifted by our banks? Because I could remember back then when my Access bank card had a dollar card limit of $3000, and recently due to the new cashless CBN policy, the limit was reduced to $300, of which still small compared to what most people trade per day on peer to peer, because I think that was the reason why black market had the most trade volume simply because it allows for unlimited trade.

Because of what benefits will it be lifting the ban on crypto when the only dollar people could afford is either $100 to $300 per month

Coyster

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Quote from: Meme boy on May 14, 2023, 05:45:05 PM

but a lot of scammers are on this forum

That is why you suppose trade with only person wey dey trusted, if you go trade with newbie or person wey no get good reputation for this forum you go fit lose your funds oh, and as we dey for Bitcoin community we suppose learn how to do research before doing anything, e deg help to avoid scams.

Quote from: Sidra101 on May 15, 2023, 10:56:36 AM

I think we are smarter than these governing bodies, before they make such decision, it means there will be no internet access from the country and we will get the internet in our neighboring country.

Wetin you dey talk abeg? You read wetin OP post and wetin other users post too; nothing concern internet access for this thread, abeg stop spamming in this board, read and understand before you go post.

Adbitco

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Quote from: Meme boy on May 14, 2023, 05:45:05 PM

Quote from: Adbitco on May 09, 2023, 12:22:26 PM

There's nothing to fear about even though it's entirely ban I don't think it will affect us that way because we can still use through p2p, and this doesn't mean we must trade through exchanges like Binance but can still be traded through this forum. Usually the price on Binance is what we usually currently to trade and there's no one who will accept our official price of #500 while road side sellers are being reflected with the price at Binance #741, it's just a common a game our banks are playing.

but a lot of scammers are on this forum

There are reliable p2p service provider so I don't think you could get scammed just like that, if you desperately go trade with unauthorized user then there's every possibility for to be scammed. You can use brainboss service for p2p he is a trusted and reliable user here, whom have gain lots of reputation over the forum across other localities.

Sidra101

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I think we are smarter than these governing bodies, before they make such decision, it means there will be no internet access from the country and we will get the internet in our neighboring country.

Cryptomultiplier

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Quote from: She shining on May 09, 2023, 12:04:46 PM

I have always looked forward to the day that Nigeria will call off their Bank ban on crypto, but I fear that the value of our stored Bitcoin will reduce. What I mean is that, the price of dollar or usdt in binance or other exchange P2P is roughly #743 but the official price of dollar/Tether if we buying via bank is lower but the ban on crypto in Nigeria has ruled out using our local banks.

Now when(if) Nigeria releases her ban on crypto, it would be possible to not only buy via P2P but also bank. This I believe would reduce the price of USDT and thus reduce the value of our stored crypto (Bitcoin) since Bitcoin is still being measured or expressed internationally in dollar.

The government raising the ban simply means banks can allow transactions and trades from businesses and individuals to go by it as a means of fulfilling these processes.
It also means the banks would have to claim taxes from the P2P or businesses who operate as individual banks.
It would also mean that crypto has been accepted as a legal tender for businesses and others that depend on it for commerce.

Our stored BTC will not loose its value, I believe. Instead, we might see changes in prices of charges being reduced of course, new payment processes added and new blocks or forks added to the network.
New agencies might be set up too to monitor the market as well as upgrade on KYC verification. This has been their original call to action to check hackers and scammers and terroristic inclinations from users, inorder to know who does what, who sent what, how much was sent, to whom it was sent and other inquiries. It simply goes beyond what a decentralized idea stands for, hence why nothing can happen to our stored BTC because it is out of their reach and in our hands to transact at our rate and at through the medium we deem best suited.

Wiwo

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First, you have to know the difference between the black market price and the official price.
Secondly, you have to take a look at the availability of physical dollars at the official market compared to the availability of Bitcoin or any other coins you want to sell in the local market.

Just as Charles TM said the price of the dollar in the official market vs the black market has not been the same long before the cryptocurrency bank ban, and this will not change even if the ban is lifted, so there is no need to panic as to what becomes the value of your bitcoin if eventually the ban is lifted.

What you should also note is that, if going by Bitcoin's decentralized nature and privacy orientation, no one that is good knowledge of the price differences between the official market and the black market will option is to choose a bank over exchange for Bitcoin transaction, this is the more reason why even after the Bitcoin/crypto ban in Nigeria it transaction still increase in volume on constant bases because even before the ban on bitcoin and bank transactions, not many use the bank to either buy bitcoin or sell bitcoin at that time, so this is just your imagination and bitcoin p2p market has gone far above what you are imagining at the moment.

bittraffic

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Analysis is right though.
Before the ban happens I think you will need to sell. If this is about to happen and you don't wanna lose the value, you will need to sell. As suggested above just stablecoin will be the option for you.

There is more freedom in using DEX but the disadvantage is that the price in Dexes is very different from the prices we have on major exchanges. It's the same in P2p, especially in the country where BTC is banned.

Smartvirus

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Quote from: She shining on May 09, 2023, 12:04:46 PM

Lets say for example, A person buys 1BTC for $27500( #20 432 500 ) with a dollar = #743

Assuming after the ban, buying from Banks is #500= $1
Therefore, the true value of a stored Bitcoin (Keeping Bitcoin price Constant) will be #13 750 000.

We no really get any ban for the country on owning crypto assets shah, na just say, our government and not just our government but many other nations own as well no patronise the crypto idea. Reason being that, e no dey regulated and na there major wahala be that.

Another thing I for like point out be say, we no dey buy bitcoin from banks, e no dey happen. In fact, if banks fit notice say, you dey transact crypto, na frozing be that and some kind small small wahala.
Another thing be say, when you dey buy from exchange and then you pick banks, na actually people way get accounts with those banks dey wor with you and not the banks themselves. Banks no dey sell bitcoin.

Meme boy

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Quote from: Adbitco on May 09, 2023, 12:22:26 PM

There's nothing to fear about even though it's entirely ban I don't think it will affect us that way because we can still use through p2p, and this doesn't mean we must trade through exchanges like Binance but can still be traded through this forum. Usually the price on Binance is what we usually currently to trade and there's no one who will accept our official price of #500 while road side sellers are being reflected with the price at Binance #741, it's just a common a game our banks are playing.

but a lot of scammers are on this forum

Framelover

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Quote from: She shining on May 09, 2023, 12:04:46 PM

I have always looked forward to the day that Nigeria will call off their Bank ban on crypto, but I fear that the value of our stored Bitcoin will reduce. What I mean is that, the price of dollar or usdt in binance or other exchange P2P is roughly #743 but the official price of dollar/Tether if we buying via bank is lower but the ban on crypto in Nigeria has ruled out using our local banks.

Now when(if) Nigeria releases her ban on crypto, it would be possible to not only buy via P2P but also bank. This I believe would reduce the price of USDT and thus reduce the value of our stored crypto (Bitcoin) since Bitcoin is still being measured or expressed internationally in dollar.

Lets say for example, A person buys 1BTC for $27500( #20 432 500 ) with a dollar = #743

Assuming after the ban, buying from Banks is #500= $1
Therefore, the true value of a stored Bitcoin (Keeping Bitcoin price Constant) will be #13 750 000.

This is my personal thoughts on the subject.
You can assist me in locating the flaws in my thought's.

The #500 I used is just hypothetical, stated price is #460.44 currently at the point of writing.

Your concerns about Nigeria's bank ban on crypto affecting the value of stored Bitcoin is understandable. Though It's difficult to predict the outcome, but the value of Bitcoin may decrease if buying through banks becomes more accessible and the value of USDT drops. It’s also possible that more people using Bitcoin could increase its value. Stay informed and make decisions based on intensive research.

Charles-Tim

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Quote from: Broadanbig on May 11, 2023, 06:11:55 PM

Where I was beginning to see your point is towards the enaira app. If binance should accept the enaira app integration as a payment processor then there lies the problem because government would likely be bent on them using the official rate and other members too would want to buy with it since the official rate is cheaper than the black market rate and it would cause a little panic in the Nigeria Crypto community.

The eNaira speed wallet does not matter just like bank accounts do not matter too. Nobody or organization will want to buy or sell and got losses.

Broadanbig

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Just as Charles-Tim has said before the bank was banned from carrying out Crypto transaction by CBN, the parallel market price was used on binance. Even after then till now nothing has changed. Although I understand the point you are trying to make but I believe it does not affect our assets.

Where I was beginning to see your point is towards the enaira app. If binance should accept the enaira app integration as a payment processor then there lies the problem because government would likely be bent on them using the official rate and other members too would want to buy with it since the official rate is cheaper than the black market rate and it would cause a little panic in the Nigeria Crypto community.

Mate2237

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Quote from: She shining on May 09, 2023, 12:04:46 PM

I have always looked forward to the day that Nigeria will call off their Bank ban on crypto, but I fear that the value of our stored Bitcoin will reduce.

Guy the value of your bitcoins will never reduce. Bitcoin unit never reduced but it is the fiat currency reduces. If you keep bitcoin of 0.009 BTC in wallet for 10 years and if you go and check it the unit would never change but price of bitcoin might change.

Quote from: She shining on May 09, 2023, 12:04:46 PM

What I mean is that, the price of dollar or usdt in binance or other exchange P2P is roughly #743 but the official price of dollar/Tether if we buying via bank is lower but the ban on crypto in Nigeria has ruled out using our local banks.

I didn't get this part but if I may get little idea of what you are trying to say is that you are saying about the price of bitcoin. Well as I said before, bitcoin itself does not change but the price changes.

Dr.Bitcoin_Strange

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OP, even before the ban on crypto in bank transactions, the dollar rate on Binance or the Black market was not calculated based on the CBN dollar/Naira rate, which is about #400 to them, so even if the ban gets lifted, it will still not be calculated based on the CBN rate, so it's not going to affect our crypto holdings. Even if it does, it's just going to be a bit, like -0.01 percentage.

I still remember back then, when there were still direct deposits from Binance to Nigerian bank accounts, the CBN dollar rate was $380–$400, but based on Binance calculations, $1 was about $500+ then.

Charles-Tim

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Quote from: ?? on ??

Wait Bitcoin is traded in this forum?

Yes.

You can create a thread on currency exchange board. If you want to exchange to naira, you can create a thread about it on our board here. You can use Brainboss service. Igebotz also has is providing such service. But you can create a thread about it on our local board too.

Quote from: ?? on ??

Does that mean that the spike in the price of Dollar in the parallel market is as a result of Inflation or the high demand for dollar or both?

Inflation is part of it. People are demanding for more dollar.

Quote from: ?? on ??

Is there a way a thread can be I don't know Deleted?

You want to delete a thread. No need for that.

But there are sometimes you may want to delete a topic, example is when you make some changes and nobody has posted on the thread. You can edit it to 'del' or 'delete' and report it to be deleted. Report is at the lower left corner of every post.

Charles-Tim

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Parallel (black market) prices were used before the ban.

If you get a dollar card now, no bank is ready to fund it for you, you will still rely on the parallel market.

After the ban, some people were confused as we could see on foreign news that bitcoin was selling at premium, but they did not know that black market exist in Nigeria.

Black market has been existing in Nigeria even before bitcoin was created.

Adbitco

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There's nothing to fear about even though it's entirely ban I don't think it will affect us that way because we can still use through p2p, and this doesn't mean we must trade through exchanges like Binance but can still be traded through this forum. Usually the price on Binance is what we usually currently to trade and there's no one who will accept our official price of #500 while road side sellers are being reflected with the price at Binance #741, it's just a common a game our banks are playing.

She shining

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I have always looked forward to the day that Nigeria will call off their Bank ban on crypto, but I fear that the value of our stored Bitcoin will reduce. What I mean is that, the price of dollar or usdt in binance or other exchange P2P is roughly #743 but the official price of dollar/Tether if we buying via bank is lower but the ban on crypto in Nigeria has ruled out using our local banks.

Now when(if) Nigeria releases her ban on crypto, it would be possible to not only buy via P2P but also bank. This I believe would reduce the price of USDT and thus reduce the value of our stored crypto (Bitcoin) since Bitcoin is still being measured or expressed internationally in dollar.

Lets say for example, A person buys 1BTC for $27500( #20 432 500 ) with a dollar = #743

Assuming after the ban, buying from Banks is #500= $1
Therefore, the true value of a stored Bitcoin (Keeping Bitcoin price Constant) will be #13 750 000.

This is my personal thoughts on the subject.
You can assist me in locating the flaws in my thought's.

The #500 I used is just hypothetical, stated price is #460.44 currently at the point of writing.

Topic: Wetin go happen to our stored Bitcoin, if Nigeria release her ban (Read 182 times)