Most people shouting MMM and Bitcoin partnership know nothing about the reason for this latest crackdown on Bitcoin. Nigerian banks are the brain behind this. A lot of nigerians abroad don't repatriate money back to the country through the banking system again because of banks cross dealings. When you send in dollars from abroad, banks will collect the dollars and exchange it for you at an official rate of #315and when another person need that same dollars, the same bank will sell the dollars to him/her at a black market rate of #470 instead of #320 official rate thereby making a gain of #155 doing nothing.

Nigerians now prefer to buy Bitcoins with the dollars and then sell the Bitcoin directly to ecurrency exchangers at #470/dollar....

Imagine me bringing in nothing less than $3500 into Nigeria monthly and the bank will be crediting me at #315/dollar. And when I tried to use my Nigerian debit card to buy something worth just $70, the bank charged me at #470... I was really mad. I complained about this same problem on Nairaland sometime ago but a guy was so fast to shout "na una dey kill the naira" when he is suppose to face the banks who are shortchanging the people. It is not every transaction one conduct with Payoneer that is the reason I decided to use a nigerian debit card...

Cbn wants to prob bitcoin because blockchain isn't paying tax to Nigerian government , Nigeria chasing oil while developed countries earn billions from tech startups.. Don't worry Cbn keep chasing dollar exchangers, soon before your very own eyes local shops will be accepting bitcoins why we pay tax to US government. Fools.

:o1 Bitcon=780 dollars! Please Check their website.

Ebukax:
1.2 Bitcoins available for sale at 520 rate WhatsApp me on +234815 952 4545 negotiable

Guy 520?


Wetin come be your nairaland discount nau?

Diplomaticbeing:
Digital currency has its problem. One day what happened to liberty reserve will equally happen to it. The game there's, don't save your hard earned money on a digital account, because it can freeze without prior notice.

People like you are future poverty materials....ok...

grossintel:
Cbn wants to prob bitcoin because blockchain isn't paying tax to Nigerian government , Nigeria chasing oil while developed countries earn billions from tech startups.. Don't worry Cbn keep chasing dollar exchangers, soon before your very own eyes local shops will be accepting bitcoins why we pay tax to US government. Fools.

absolutely, I guess u are right. This is coming after Trump also asked his cabinet to look into bitcoin operation. Probably, to insert tax clause, well I can't say for now

blackberlin:


With regards to insecurity, I really can't say much about it cos it's way different from what we're used to like e-wallets etc.
Apart from that, I think Nigeria has quite a flexible environment for business and given the nature of Nigerians it's gonna spread like wildfire. What I'm more concerned about is the sustainability of the bitcoin itself. . .

bitcoin transactions takes place inside a smart wallet through its specific address (wallet address). Lately, some people have lost huge amount of money up to millions of naira because their wallet was hacked by hackers. When I say our environment, there re lot of things I put into consideration forinstance, phone theft/misplacement, carelessness etc. There are lots of clone site on block chain, like blockchein, so once u download this smart wallet from a clone site, you are on your own. On the issue of theft, some guys stole my iPad at gun point sometime ago, if I had enough funds inside that wallet, It would have been huge loss. Well let's see what their investigations lead us

Carrottop:
Brother Chill....BitCoin is a Cryptocurrency.. the Naira isn't a Cryptocurrency, so don't mix them up...Is the Bitcoin a legal tender?...Grab an Economics Textbook man and read up....BitCoin users were given preference under MMM( they were offered 50% more) this act attracted more people into MMM.

boy go back 2 school mmm united even offer 100%.

just2endowed:



Crab ur ss1 economic text book and tell me what's a money. Do u think anything can't be accepted as money dude.

U haven't known what blockchain is. When other advanced countries in the world had adopted it and start receiving cash of it into bank account, ur clueless government just like how daft u are in understanding the technology are saying u want to probe. This country dey annoy me. Associating it with mmm is stupid. I am not defending mmm, I am telling u what bitcoin can do. Dude try think, think man and read up. Don't stop at economic text book.

all those text books are outdated they need to update & add cryptocurrency to their books.

Zedoo:


Ure so ignorant?
Bitcoin has more value than naira that is the reason. And it even has more value than dollar...
You are talking about economics TEXTBOOK?? JEEEZZ! No wonder some people jus never move to the future...TEXTBOOK? WRITTEN IN WHAT YEAR? BY A GADDAMN NIGERIAN OR AMERICAN WHO EXISTED IN WHAT CENTURY... When you hear the world is a global village...i don't know the meaning it makes to you.... Bitcoin is simply a currency that belongs to no country..... Be educated....not schooled

Tell d ignoramus,1btc〓$793 today does that mean anything to him?

Ab4all:
bitcoin transactions takes place inside a smart wallet through its specific address (wallet address). Lately, some people have lost huge amount of money up to millions of naira because their wallet was hacked by hackers. When I say our environment, there re lot of things I put into consideration forinstance, phone theft/misplacement, carelessness etc. There are lots of clone site on block chain, like blockchein, so once u download this smart wallet from a clone site, you are on your own. On the issue of theft, some guys stole my iPad at gun point sometime ago, if I had enough funds inside that wallet, It would have been huge loss. Well let's see what their investigations lead us

I don't totally agree with you on the phone loss thing...what you're saying is that when someone lose his phone then he has lost something like his mailbox in the phone which is not so ... I mean before anyone gets involved in cryptocurrency security of your device should be your priority(as in all devices must be passworded and a backup made in case of unforeseen circumstances ) I know no system is above hack but if you do your part even if you lose your device you can get your wallet back

Zedoo:


Ure so ignorant?
Bitcoin has more value than naira that is the reason. And it even has more value than dollar...
You are talking about economics TEXTBOOK?? JEEEZZ! No wonder some people jus never move to the future...TEXTBOOK? WRITTEN IN WHAT YEAR? BY A GADDAMN NIGERIAN OR AMERICAN WHO EXISTED IN WHAT CENTURY... When you hear the world is a global village...i don't know the meaning it makes to you.... Bitcoin is simply a currency that belongs to no country..... Be educated....not schooled

Tell d ignoramus,1btc〓$793

Diplomaticbeing:
Digital currency has its problem. One day what happened to liberty reserve will equally happen to it. The game there's, don't save your hard earned money on a digital account, because it can freeze without prior notice.

I have been warning all my friends about this. Buy with your spare money, but they are buying with all their savings.

Splinz:
Cryptocurrency is the future. Bitcoin has come to stay.

So they said about MMM

wine4dguy:
I don't totally agree with you on the phone loss thing...what you're saying is that when someone lose his phone then he has lost something like his mailbox in the phone which is not so ... I mean before anyone gets involved in cryptocurrency security of your device should be your priority(as in all devices must be passworded and a backup made in case of unforeseen circumstances ) I know no system is above hack but it's you do your part even if you lose your device you can get your wallet back

hmm, yes, there is a way to recover your fund which I failed to mention though. But what am trying to highlights here is its suitability in our environment especially the robbery case. It's like having your bank right there with u. Someone can actually under duress asked you u to transfer your fund to his wallet. You can't deny this fact as the awareness of bitcoin grows. Another point worthy of note here is bitcoin volatility. The price flunctuates due to demand. At present against the naira, it has dropped while higher against dollar, hence if adopted in Nigeria by cbn, that means increase in demand. Inflation here will be much higher which might be due to high exchange rate compared to forex. Maybe except we will be mining bitcoin in Nigeria which requires substantial amount of electricity.

djakinwande:
is that an ans to my question or you just want to get attention

Bitcoin is a cryptocurrency. Just like your physical cash . You dont need a bank to get bitcoins.... The price and rise is determined by demand and supply there is no regulator. Its just a store of value like people who bought gold back in the day. Bitcoins Is the new global money.... Anybody can hav bitcoins and the market is ONE. Its more valuable than the dollar- 1 bitcoin is worth over 750 dollars....just ONE bitcoin....

lonelydora:


I have been warning all my friends about this. Buy with your spare money, but they are buying with all their savings.

They are wise people.

Bitcoin is just like gold was back in the day...some people bought, d skeptical ones wished they did when years had passed.
bitcoin is simply your physical naira in a digital form...you can get it whenever you want by selling to willing buyers...humans lyk you - they are not hard to find....

The problem is that you all don't want to learn, and in the end people who learn will start oppressing you with their progress like the rich class in Nigeria and you start wishing things can be equal which they will never be... This is not MMM there is nothing lyk "gain after a month or a year". Its like someone buying dollars....but bitcoin is even f more value than dollars.... Its only sensible to access something when its still easy to get than to Wait for the same stupid government that you have acknowledged do not care about you or your welfare.... All government want to check is how they can control it and administer it to you....ripping you off again. Bitcoin has been here for YEARS now. There is nothing like acct freezing or crashing...
Its a very acceptable currency that you can use to pay for anything over the internet...i repeat ANYTHING.... 1 bitcoin is over 770 dollars... D the calculation in Naira.....
And right nw you dont pay anybody to have bitcoins you simply buy...
Nigerians should banish their third world mentality... Other countries are mining bitcoins animals dey here dey drag leg. Its lyk when shares and forex came the people wey no understand dull up, the willing people learnt about it and invested...
Bitcoin is predicted to hit 2000 dollars to 1bitcoin due Donal trumps dollar spending tendency.... Now that statement may mean nothing to you, but the wise person will demand to know what that implies or what it means or how it affects the bitcoin or why but the unwise person will say "they have come again, with their magic money".... Imagine people who bought dollars lyk 4 years ago and just left it in their account, do you know how much they will sell in this current scarcity period
Bitcoin is here to stay.....government cannot control it, if you wait for them it will turn to the current petrol situation, they will sell to you at an even higher price ..
Bitcoin is the new unilateral currency of the world....it doesn't matter the country you are in, you can own it....

Ab4all:
hmm, yes, there is a way to recover your fund which I failed to mention though. But what am trying to highlights here is its suitability in our environment especially the robbery case. It's like having your bank right there with u. Someone can actually under duress asked you u to transfer your fund to his wallet. You can't deny this fact as the awareness of bitcoin grows. Another point worthy of note here is bitcoin volatility. The price flunctuates due to demand. At present against the naira, it has dropped while higher against dollar, hence if adopted in Nigeria by cbn, that means increase in demand. Inflation here will be much higher which might be due to high exchange rate compared to forex. Maybe except we will be mining bitcoin in Nigeria which requires substantial amount of electricity.

It has dropped lyk its now 1 naira to 1 bitcoin. Dude u lecture is funny... So because of robbers why dont you sieze to have your bank account? Can't someone rob you on the spot and also ask you to use mobile banking to transfer ur money to him?
What are you saying??
So you should not put your money in the bank again becos you can get robbed after visiting an atm?
So you should not invest in bitcoins because someone can ask you to transfer it to him under duress??

Omo
..na real THIRD WORLD COUNTRY Nigeria be....

Zedoo:


It has dropped lyk its now 1 naira to 1 bitcoin. Dude u lecture is funny... So because of robbers why dont you sieze to have your bank account? Can't someone rob you on the spot and also ask you to use mobile banking to transfer ur money to him?
What are you saying??
So you should not put your money in the bank again becos you can get robbed after visiting an atm?
So you should not invest in bitcoins because someone can ask you to transfer it to him under duress??

Omo
..na real THIRD WORLD COUNTRY Nigeria be....

dude, u are die hardedly funny I swear. how can u compare bank acct to wallet address or transaction hash tag. Acct transactions can be traced u know that right?

Zedoo:


Bitcoin is a cryptocurrency. Just like your physical cash . You dont need a bank to get bitcoins.... The price and rise is determined by demand and supply there is no regulator. Its just a store of value like people who bought gold back in the day. Bitcoins Is the new global money.... Anybody can hav bitcoins and the market is ONE. Its more valuable than the dollar- 1 bitcoin is worth over 750 dollars....just ONE bitcoin....

what about the security of the website?? What if it was hacked who will be responsible fo th loss??

Ab4all:
bitcoin transactions takes place inside a smart wallet through its specific address (wallet address). Lately, some people have lost huge amount of money up to millions of naira because their wallet was hacked by hackers. When I say our environment, there re lot of things I put into consideration forinstance, phone theft/misplacement, carelessness etc. There are lots of clone site on block chain, like blockchein, so once u download this smart wallet from a clone site, you are on your own. On the issue of theft, some guys stole my iPad at gun point sometime ago, if I had enough funds inside that wallet, It would have been huge loss. Well let's see what their investigations lead us

What are you saying?

The only hack of recent was bitfinex, an e-currency exchanger/trader, which allegations point at inside job considering the layers of security measures in place, and also the fact that customers Bitcoins were not on cold storage.

hacking your offline wallet (cold storage) is near impossible, even if your device is stolen.

What you should say is, don't lose your device that has your offline wallet on it.

djakinwande:
what about the security of the website?? What if it was hacked who will be responsible fo th loss??

The website is strongly secure more secure than your bank account...do you know how many people and companies buy bitcoins? Top billionaires like warren Buffett invest in bitcoins....
Secondly you CANNOT get hacked except YOU give someone else your wallet ID and password....
The system.itself does NOT know your password, you are adviced to save it so that you never forget it.
You can set up security to grant you certain questions in the event you lose your password but there is nothing lyk resending your password to your mail...

Blockchain.info is the most reliable, critically acclaimed bitcoin side most acceptable anywhere bitcoins are traded in the world. And the system generates new address based on encryption whenever you want to do a transaction.

Basically you have your Wallet ID and Wallet Password ( these are for log in only)
The you have your wallet address- this is like your normal account number.....you use it to receive and send bitcoins..

Its normal to be skeptical of change....
Even your money in the bank is under d same risk.... And worst because naira is of low value....1 bitcoin is worth over 405,000 naira as we speak...just ONE.... And you can buy for any amount....even 10k bitcoin dey but that will be in decimals.... My best advise to anybody is to read about it. Go to blockchain.info or google....and then decide for yourself if you want to or not.

This is not a ponzi scheme promising your returns...

Just imagine you had an opportunity to buy dollars and have a dollar account...easily from the comfort of your house....

And then imagine a currency more valuable than the dollar and will even be more so as demand rises and people begin to hoard....

Ab4all:
dude, u are die hardedly funny I swear. how can u compare bank acct to wallet address or transaction hash tag. Acct transactions can be traced u know that right?

You are the funny one...so in bitcoin you cannot see your acct transaction history is that what you are telling me??

The government is plain stupid... More advanced countries with better technological advancement and technical personnel have accepted something.... Pot bellied individuals who know nothing about a computer beyond Microsoft word and sitting in meetings talking nonsense, people who haven't found a way to re-grow their own currency, are "probing" bitcoin..
the African illusion... What do YOU know about digitalization?? And worst part is even if you convince Nigerians not to buy (impoverishing them for life) I can and will still sell my bitcoins to someone in America or Canada and get paid instantly.... So this is not MMM or one pyramid nonsense. This is money

These agencies have become toothless under this administration, only talking with no action.

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Zedoo:


The website is strongly secure more secure than your bank account...do you know how many people and companies buy bitcoins? Top billionaires like warren Buffett invest in bitcoins....
Secondly you CANNOT get hacked except YOU give someone else your wallet ID and password....
The system.itself does NOT know your password, you are adviced to save it so that you never forget it.
You can set up security to grant you certain questions in the event you lose your password but there is nothing lyk resending your password to your mail...

Blockchain.info is the most reliable, critically acclaimed bitcoin side most acceptable anywhere bitcoins are traded in the world. And the system generates new address based on encryption whenever you want to do a transaction.

Basically you have your Wallet ID and Wallet Password ( these are for log in only)
The you have your wallet address- this is like your normal account number.....you use it to receive and send bitcoins..

Its normal to be skeptical of change....
Even your money in the bank is under d same risk.... And worst because naira is of low value....1 bitcoin is worth over 405,000 naira as we speak...just ONE.... And you can buy for any amount....even 10k bitcoin dey but that will be in decimals.... My best advise to anybody is to read about it. Go to blockchain.info or google....and then decide for yourself if you want to or not.

This is not a ponzi scheme promising your returns...

Just imagine you had an opportunity to buy dollars and have a dollar account...easily from the comfort of your house....

And then imagine a currency more valuable than the dollar and will even be more so as demand rises and people begin to hoard....

Alrite...thanks for d insight

fratermathy:


So because you know it, everyone must know it abi?

Point is try to have a open mindset.

billyG:

all those text books are outdated they need to update & add cryptocurrency to their books.

True, I was discussing with a final year Banking and Finance student and she does not know what cryptocurrencies or bitcoin is.
Never heard of it.

lonelydora:


So they said about MMM

Stop this pls, it only shows ignorance.
Try to read about it.

Stop comparing bitcoins with Mmm. They are two different things entirely.

juicydiceyjoe:


Stop this pls, it only shows ignorance.
Try to read about it.

Stop comparing bitcoins with Mmm. They are two different things entirely.

Bro, if God save me make i collect my 50k January 14th, Una no go see me again.

Ab4all:
hmm, yes, there is a way to recover your fund which I failed to mention though. But what am trying to highlights here is its suitability in our environment especially the robbery case. It's like having your bank right there with u. Someone can actually under duress asked you u to transfer your fund to his wallet. You can't deny this fact as the awareness of bitcoin grows. Another point worthy of note here is bitcoin volatility. The price flunctuates due to demand. At present against the naira, it has dropped while higher against dollar, hence if adopted in Nigeria by cbn, that means increase in demand. Inflation here will be much higher which might be due to high exchange rate compared to forex. Maybe except we will be mining bitcoin in Nigeria which requires substantial amount of electricity.

On your first point, same goes with mobile banking, internet banking and using quickteller. You can be made to transfer the money in your bank account with your phone under duress.

On your second point, I agree with you completely. The price volatility is an issue but then it is good for investments now with the hope that prices will rise even higher for you to sell.