What Does Crypto Contribute To The Economy - Politics (3)

Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,153,239 members, 7,818,818 topics. Date: Monday, 06 May 2024 at 05:43 AM

What Does Crypto Contribute To The Economy - Politics (3) - Nairaland

Nairaland Forum / Nairaland / General / Politics / What Does Crypto Contribute To The Economy (15152 Views)

How Nigerians Contribute To Election Rigging They Complain About - Bishop Onah / Did Tradermoni Contribute To Buhari's Support In The South East And South West? / In Spite Of Difficulty, President Buhari Has Been Growing The Economy - Osinbajo (2) (3) (4)

(1) (2) (3) (4) (5) (6) (Reply) (Go Down)

Re: What Does Crypto Contribute To The Economy by stevonics: 10:44am On Feb 22

Bros, you answered it. They said it can not be traced as if they are interested to trace funds looted from our treasury without crypto.

Emmizay12:
asking what crypto currency contribute to the Economy is like asking what money contributes to the economy

Crypto currency is money

Money is a store of value just like cowries of olden days

See bro go back to SS1 economics and stop asking foolish questions

Re: What Does Crypto Contribute To The Economy by Pythagoras001: 10:44am On Feb 22

it can have benefit to the economy if the government tax profit from trades on the platform and the platform owners.

Re: What Does Crypto Contribute To The Economy by bluefilm: 10:45am On Feb 22

Mindlog:
Severally used it to exchange my naira to different currencies without stressing Nigerian banks nor BDC

I use my naira to pay for USDT/ETH/BTC from traders on exchanges selling in Naira, when received, I sell them to traders buying in Kenyan shillings and British Pounds, having them pay into my Kenyan and UK bank account, I also use it to remit funds back to Nigeria from these 2 countries.....so no pressure on Nigerian banks

Please, can you give more details on how this is done?

Thank you

Re: What Does Crypto Contribute To The Economy by wink2015(m): 10:45am On Feb 22

It is a medium of digital currency exchanges.

For example, many freelancers doing online jobs in Nigeria are paid through crypto.

This is because paypal limited the use of their platform by Nigeria and some African countries.

So crypto comes in handy to rescue online freelancers.

Re: What Does Crypto Contribute To The Economy by Favourchris(f): 10:47am On Feb 22

Epstein:

It is of no benefit to any economy......popular amongst criminals to disguise sources of funds and engage in illicit trades.

It's volatile, unregulated and risky - and certainly not a profession.

Go back 20 years and most criminals dey talk say na 'Forex' dem dey trade!

So much ignorance smelling from one comment

1 Like

Re: What Does Crypto Contribute To The Economy by Chibuzoc(m): 10:47am On Feb 22

I will advice any young person to know more about crypto and web3, forget about this old fuuuls saying shits about crypto.

Crypto is your future, we are leaving the era of web2 to web3 don't be left behind.

3 Likes 1 Share

Re: What Does Crypto Contribute To The Economy by NOwazobia: 10:48am On Feb 22

Manowar94:
You want to start a Crypto currency investment?

No, he wants to attack it.

The tone is an attacking tone.

Re: What Does Crypto Contribute To The Economy by paskal16: 10:49am On Feb 22

Can't believe some retards are actually blaming crypto for the ineptitude of the Nigerian economy
Wallahi I have seen it all

Re: What Does Crypto Contribute To The Economy by ogaontop(m): 10:49am On Feb 22

jumper524:
us, UK and china don't know what they are doing..oga talk reality cos top countries in the world are banning them.

You're living like 10 years back bro, get informed!

Re: What Does Crypto Contribute To The Economy by carl90(m): 10:49am On Feb 22

100% on point!

spiSeyi:
1 Employment (trading crypto assets is a means of employment and most crypto exchange employs more citizens to manage their platforms)
2 It attracts foreign investment (if the nation crypto markets is growing it can attracts foreign investors like Coin desk, and other notable firms).
3 High inflow of FX (The more crypto assets we hold the more the inflow of FX)
4 High liquidity of funds for loan through DeFi loans ( you can obtain loan on DeFi platforms with no third party and less interest)
5 Block chain solution can be used to fix some of the nations problem (supply chain, insecurity, distribution of palliatives, elections, e.t.c)
6 It will ease the pressure on foreign currency, Nigerians holding crypto assets can pay their trade partners in crypto instead of looking for scarce USD.
Banning crypto platforms has no effect on stoping the Naira from a free fall, PMB did the same and all efforts were frutai. The only way to save the economy is to diversify the economy, fix insecurity, electricity, reduce VAT and increase import duties to encourage local production then give tax incentives in the short term to encourage foreign investors.
Crypto has no negative effect on economy, it's only clueless government who sees crypto has a threat

1 Like

Re: What Does Crypto Contribute To The Economy by E180416: 10:51am On Feb 22

ozo13:
thanks for the piece but explain in clear terms sir how it can benefit the Nigeria economy I think that is what the poster wanted to hear

The blockchain, a disruptive technology is behind the emergence of cryptocurrency. The blockchain technology offers full transparency to transactions and open to anyone or institution that needs verification. The current fiat system does not offer this. Infact, governments can deploy the blockchain to improve its processes for efficiency because of its transparent nature. The benefit to the economy cannot be over emphasised. Many Multi nationals like Amazon are deploying the blockchain technology to their operations. A food for thought, the US SEC last month approved Bitcoin ETF to legalise the trading of Bitcoin among securities. We need to be forward thinking and be among the foremost in the adoption of new technologies that creates transparent value. I am sure the government realised this hence the recent lift on the banning of cryptocurrency.

Re: What Does Crypto Contribute To The Economy by itsene: 10:52am On Feb 22

Zilch
A criminal enterprise.

Re: What Does Crypto Contribute To The Economy by Quebec91(m): 10:53am On Feb 22

Epstein:
it provides 50 million jobs....??

Re: What Does Crypto Contribute To The Economy by Quebec91(m): 10:53am On Feb 22

Confirm

3rdeyeNigeria:
Crypto has no benefit to local economy. It only benefit the owner of the trading platform and some lucky speculators (gamblers or trader).

Overall it can pull down a country.

Google: George Soros Vs Bank of England to understand how speculative trading almost bankrupted UK.

Re: What Does Crypto Contribute To The Economy by OZIOGU1: 10:55am On Feb 22

If you are having issues running your binance/OctaFX after fg ban, PM let me put you through.

Re: What Does Crypto Contribute To The Economy by Acidosis(m): 10:55am On Feb 22

How does the Naira contribute to the economy?

Re: What Does Crypto Contribute To The Economy by NOwazobia: 10:56am On Feb 22

Emmizay12:
asking what crypto currency contribute to the Economy is like asking what money contributes to the economy

Crypto currency is money

Money is a store of value just like cowries of olden days

See bro go back to SS1 economics and stop asking foolish questions

He is not asking a question, he is actually attacking the industry.

That is a rhetoric question that seeks to discredit cryptocurrency.

I don't discuss reasonably with idiots.

Sane people wouldn't have drop anything reasonable for him and his likes to masturbate to.

Re: What Does Crypto Contribute To The Economy by wittydee: 10:57am On Feb 22

fightingdemons:
Goodday Everyone, I want to ask a question on nairaland about crypto and wish to find answers here now hear are the question. what is crypto,what are it uses,what benefit is it to the economy and individual at large and how can one trade crypto etc thanks

if you do a simple search on google, you will get ssuitsble answers. It is no wonder why we are lagging behind technologically if someone can be asking this queation in this prwsent time and age.

Re: What Does Crypto Contribute To The Economy by KushLyon(m): 10:57am On Feb 22

KingKO22:

Just like saying Bookies or Sport betting provide millions of jobs

Any difference?

I do crypto blogging and earn dollars in crypto without investing nothing but my time, so yes there's a big difference undecided

Don't talk about things you don't know

Re: What Does Crypto Contribute To The Economy by Deogratiasfx: 10:58am On Feb 22

Difrent:

Buhari didn't ban crypto stop spreading misinformation.

So what did he did he do?

Re: What Does Crypto Contribute To The Economy by tollyboy5(m): 10:59am On Feb 22

3rdeyeNigeria:
Crypto has no benefit to local economy. It only benefit the owner of the trading platform and some lucky speculators (gamblers or trader).

Overall it can pull down a country.

Google: George Soros Vs Bank of England to understand how speculative trading almost bankrupted UK.

Lol stop it.
It's highly beneficial to Nigeria economy. Once I get paid in usdt I sell them to get naira cash.

Re: What Does Crypto Contribute To The Economy by melodyogonna(m): 11:01am On Feb 22

3rdeyeNigeria:
Crypto has no benefit to local economy. It only benefit the owner of the trading platform and some lucky speculators (gamblers or trader).

Overall it can pull down a country.

Google: George Soros Vs Bank of England to understand how speculative trading almost bankrupted UK.

Wetin be this nonsense?
First of, other countries tax proceeds gotten from crypto investment... so it benefits their local economy, Nigerian government decided to be stupid about it

Re: What Does Crypto Contribute To The Economy by RepoMan007: 11:02am On Feb 22

Orlu13:

so u mean only criminals deal in crypto... my friend u know nothing

all the money ur government ppl have been stealing since, was it thru crypto

after turning the country upside down with corruption and wack policies, u guys turn around that Blame crypto

I'm very sure u will soon blame opay, palmpay and kuda very soon...ndi ara

I mean criminals love paying for things with crtpto because of its hard-to-trace feature.

Re: What Does Crypto Contribute To The Economy by LARRYOBRAIN(m): 11:03am On Feb 22

On point, another betting platform manipulated by the owner and his cohorts and to defraud people.

KingKO22:

Just like saying Bookies or Sport betting provide millions of jobs

Any difference?

Re: What Does Crypto Contribute To The Economy by wman(m): 11:04am On Feb 22

Without crypto, a lot of young Nigerians would have been unemployed, thus putting more strain on the few jobs available in the country.

Crypto has alo brought a lot of FOREX and cash money that has circulated through the economy. Without USDT, demand for dollar would have increased and maybe even gotten to $3000/N

Re: What Does Crypto Contribute To The Economy by damiloladuke: 11:06am On Feb 22

EponObi:
Crypto has benefited Nigerian citizens more the government has ever done for them.

I won't go much into detail because from my observation, ignorant people are too much on this platform and because they don't understand crypto, they've resorted to calling it all sort of terrible names.

Stick with your 50k per month jobs, stick with your freelancing job, let crypto Bois and gals stick with their own. In the next 3 years, we shall which group attains financial freedom.

Edit: Ok, since this is on the front page, I will elaborate more.

Aside the speculations, the tech (Blockchain) is the next best revolution after the internet. If you are sleeping, start researching Blockchain and AI: these two will lead the next industrial revolution. If you snooze, you might end up relying on obsolete jobs and careers in the next decade. I won't say more than that.

Now to speculations: to the outsiders, crypto boi and gals are brokies. Lol. A lot is happening now in crypto that you won't hear about until late next year. That's when dumb money (probably you) will come into crypto to fuel the mass hysteria that will lead to the next bubble, just like in 2018 and 2022. What crypto dudes won't share with you is that there's a new trend (not so new) of airdrop. What this means is people have been receiving a bunch of free money (called airdrops) just by using and testing Blockchain protocols. I've seen people get up to $3k for testing Zetachain; $5k on Tia Protocol, $5k for testing Arbitrium chain, this is just a few I will mention. This year along, there have been a minimum of 10 projects that did airdrop. The average Nigeria doesn't even earn $1k per year. It's why I said many of you are ignorant.

Airdrop aside, we've seen many token pull 10-100x since Jan 2023. I can count 20 tokens like that off hand. There's a crypto project that's coming mainstream soon called World Coin, founded by by Sam Altman (founder of OpenAI , ChatGPT): that coin moved from $2 to $8 this year along. Mind you, I already told you the mass hysteria is happening late next year. That means for the next 1.5 years, crypto boi and gals (those you qualify as inconsequential, broke, gamblers, unserious) will hunt and earn airdrops and flip alt coins for 10-1000x (even more - depending on individual skill sets).

By 2026, a lot of them will japa to enjoy life (not to become wage slaves), many of them will start businesses - they will inject fuel into our economy, build houses, buys cars, enjoy the goodies of life) while you the serious ones will still be dragging with your low pay jobs.

I'm sorry if my writing offends anyone. But the truth has to be said.

The thing is many of you just go through life like zombies without an iota of idea where the world is heading. The universe has handed all you need to excel in life on a platter but many of you are still snoozing. It's why you see content creators buy cars and you term them as yahoo, forgetting content is the crude oil of the new age.

PS: don't quote me to ask for how to start crypto and shit. I don't have the time. The internet is there for you to use. And most importantly, everything I wrote here is not financial advice.

Shout out to my kings and queens on CTNG. You guys are killing it and are making the Nation proud. 2025 - Joy is coming!!!

I've been in the crypto space for 10 years, but I must commend you for this write up. You made it seem like I am getting crypto information just today. I read all you wrote with full concentration and this should serve as motivation to every newbie and veterans. God bless

2 Likes 1 Share

Re: What Does Crypto Contribute To The Economy by sulaak(m): 11:07am On Feb 22

fightingdemons:
Goodday Everyone, I want to ask a question on nairaland about crypto and wish to find answers here now hear are the question. what is crypto,what are it uses,what benefit is it to the economy and individual at large and how can one trade crypto etc thanks

Nothing

Re: What Does Crypto Contribute To The Economy by ozo13(m): 11:07am On Feb 22

Deogratiasfx:

Oil has so much value and one can dispute that. One thing we should also know is that, not every developed country has oil, fold or these mineral resources.
How do u think they make their money? Serious innovations going on now would mean that in 100yrs no one would care about oil again. So what becomes of countries like Nigeria?

our country is having some challenges and the poster asked an important question.could people rushing to save there money in crypto or dollar further make the naira valueless.it isn't about oil now.its about the advantages and disadvantages of the cryptocurrency to the Nigerian economy.you guys need to convince us that aside Tinubu that made the policy to remove subsidy and also naira floating, prove to us Nigeria citizens moving there savings to crypto hurriedly are in a way no causing more problem to Nigeria economy and what should be the solution.Thanks

Re: What Does Crypto Contribute To The Economy by Orlu13: 11:10am On Feb 22

RepoMan007:
I mean criminals love paying for things with crtpto because of its hard-to-trace feature.

is there no system dat criminals use..don't criminals use banks as well
all the money bandits have been taking since as Ransome, how many has ur government traced

u ppl should leave talk jor

Re: What Does Crypto Contribute To The Economy by ObalendeCMS: 11:11am On Feb 22

Doing crypto is not different from doing pos business. Both are bullsheet!

Re: What Does Crypto Contribute To The Economy by EponObi: 11:14am On Feb 22

damiloladuke:

I've been in the crypto space for 10 years, but I must commend you for this write up. You made it seem like I am getting crypto information just today. I read all you wrote with full concentration and this should serve as motivation to every newbie and veterans. God bless

Thank you sir. People need to be informed. We are the headquarters of poverty in the world, our people ought to be attentive to crypto - that's our game changer to overcome the yoke our political system has placed on us since independence.

Re: What Does Crypto Contribute To The Economy by fightingdemons: 11:14am On Feb 22

ObalendeCMS:
Doing crypto is not different from doing pos business. Both are bullsheet!

if you want to call it bullshit then give your reason

1 Like

(1) (2) (3) (4) (5) (6) (Reply)

Banky W Interviews Governor Fashola (Pics) / LASTMA Official Caught On Tape Collecting Bribe / Christy Anyanwu Implicates Achike Udenwa In Confession To EFCC

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 59
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.