Daum:


What is Money?
How is Bitcoin different from the money in your Bank. Its just numbers you have as money. It's not physical hope you understand. They can't print everyone money if not you have inflation.

Bitcoin is better than your Niara because it grows. Your Naira is trash...

money is a legal tender that is guaranteed by a government

Bitcoin isn't guaranteed by anyone, if everybody using it decide to pull out, it will crash to zero cause bulk of it's current value is inflated

Dannyfan:
How is MMM related to crypto?
This article is just to defend their defendless decision.
I can't remember someone trading crypto on MMM

For uneducated people that lost money on mmm which was just a pyramid scheme.
Anything that has to do with money online is just another mmm in their eyes.

Flier:
Waste of circular or whatever they call it,crypto can’t be banned Infact developed world tried it and failed but I believed they have destroyed the start ups and give power to the black market
While Robinhood keep minting young millionaires in USA everyday,this useless people keep blocking the youth and I believe they will Blame the same youth when they are attacked by Robbers or get kidnapped

Who told you crypto can't be banned? History and trends has shown that it can be banned and it is very easy to do, just by putting some things in place and you see everything goes back to zero.That's why they always advise crypto market players to trade with what they can afford to lose, because anything can happen.

Take for instance, if countries ban bitcoin mining, the fud that will create is enough to crash the market completely. Banks generally are being affected by the popularity of crypto and all Banks in the whole universe are being affected.

I am a crypto enthusiast myself and i have been on it for over 6 years, before you talk say i don't know what i am saying.

iamJ:
they are the same, the money you make from Bitcoin is someone else investment in Bitcoin

Bitcoin is not a company, it doesn't have offices, it doesn't make or generate revenue, if more people buy it, it becomes more profitable for the previous investor, it's a gigantic ponzi scheme

Shut up & stop exhibiting your ignorance if u know nothing about blockchain technology!
Bitcoin is bigger than a country, it is creating companies all over the globe, employing people all over the world. Do u know the number of people bitcoin has laid off the labour market all over the world? Stop typing nonsense please!

LOL NOW THEY DO CARE ABOUT PEOPLES MONEY?LOL

thatigboman:
Op, i dont work in CBN or know their reason for doing what they did.
But i know i attended a conference in lagos about this cryptocurrency and the man from CBN say they are against it it because it is unregulated.
U can put N10 million in there and it vanishes, u cant call police, u cant reach out to CBN, your money just fanishes.
Always state the both sides of the argument

Omihanifa:
The central bank is just plainly stupid for taking this funny decision

They banned it simply because they don't know how the system works.

The CBN should better wake up and embrace technology. the world is moving away from Fiat money

Ordinary dollar they can't provide sufficiently for businesses in the country now people are moving towards digital money they are getting angry.

Thesame government that can't provide jobs for the masses wants to kill the little that is putting food on the tables of Nigerians

True talk 2023 look like a decade now. The worst government in living memory

Don't panic. Hold on to your coins.
Simply create a PayPal account, convert your crypto to fiat currency on your crypto exchange platform and send the money to your PayPal account.
They can’t block you PayPal account.
The government don't understand how sophiscated blockchain technology is,
I can help you create paypal account for just 15k

If they could Ban Bitcoin because its like taking forex out, then they can also ban the trading of US stock market?!

When you sell Bitcoin, won't you bring the money back?!

Useless reasoning.

iamJ:
money is a legal tender that is guaranteed by a government

Bitcoin isn't guaranteed by anyone, if everybody using it decide to pull out, it will crash to zero cause bulk of it's current value is inflated

You are making sense

Rubbiish:

Shut up & stop exhibiting your ignorance if u know nothing about blockchain technology!
Bitcoin is bigger than a country, it is creating companies all over the globe, employing people all over the world. Do u know the number of people bitcoin has laid off the labour market all over the world? Stop typing nonsense please!

calling me ignorant meanwhile you are the one that is ignorant


Nigeria my country

profmallor:
Great, so I will explain

An exchange like Binance which i use well sells currencies in crypto BUSD, USDT and the likes. These are not physical dollars, there are all digital currencies. In fact, when you buy a crypto like USDT, which equivalent to a dollar, you pay way more than you would if you go to an Aboki to buy physical dollars.

NO Exchange comes to your Bank at month end for dollar reconciliation because they dont trade in foreign currency. They allow you use Naira all the way

summary

Naira >>> Exchange >>>> trading >>> profit >>> withdraw >>> Naira


The Government is Bitter because all of sudden many people dont bank with them any longer because the exchanges provide remarkable liquidity and profit, something the banks would never do because Nigerian Banks dont even bank anyway but to use our money to make more money for themselves.

I know the HIGH and mighty would have crypto trading not because they cant make money from it themselves, but more because suddenly the average man doesnt need their fraudulent institutions to make any money. Block chain technology is more transparent and easier to use to trace fraud than even the banking systems, so they lie on foreign exhange outflow.

soon if they dont allow the billions of Naira stock in exchanges back into the economy, that Naira they are protecting would fall further. when people make money off crypto trading is it not the same Nigerian economy they plunge the same funds into. But the half baked CBN policy makers cannot think further than their noses.

Thanks for the explanation. I also use binance too.

However, I deposit in Naira and it's converted to dollar. The naira you deposit cannot just he turned to BUSD or USDT without first being converted to dollars.

Virtually every cryptocurrency is valued in dollars. Even USDT has a dollar price. So, how do you skip the part where your naira first gets converted to dollars before you can trade on the exchange.


Also, remember that you're trading cryptocurrency. So, you're buying what others are selling, and vice versa. And those people you buy from collect dollars (which of course isn't magically created) which they can withdraw or trade into another coin. You sell your bitcoin valued in dollars and get paid in naira (using the exchange rate) so naira is being turned into dollars and vice versa.

Please correct me if I have missed something.

Jones4190:
Don't panic. Hold on to your coins.
Simply create a PayPal account, convert your crypto to fiat currency on your crypto exchange platform and send the money to your PayPal account.
They can’t block you PayPal account.
The government don't understand how sophiscated blockchain technology is,
I can help you create paypal account for just 15k

I think luno account cant do it as well cux your money can't be trace

THE OTHER DAY WAS PLANNING TO SELL OFF ONE OF MY BITCOINS BUT I HAVE THINK TWICE IF IT WAS THE BEST DECISION, PUTTING CONSIDERATION OUR CURRENT NAIRA SITUATION

meekhat:
Crypto has come to stay whether CBN likes it or not. Nothing spoil at all. Watch how p2p deals will grow in exchanges like binance. Naira is dead and no be we kill am. No wise person keeps his money in naira anymore.
Let me come and be going to binance for p2p buy and sell jor

meekhat:
Crypto has come to stay whether CBN likes it or not. Nothing spoil at all. Watch how p2p deals will grow in exchanges like binance. Naira is dead and no be we kill am. No wise person keeps his money in naira anymore.
Let me come and be going to binance for p2p buy and sell jor

P2P is the way.
Although I don't really like it.

trailblazar:

You're a fool.

Empty skull. Your mates are contributing intelligently and you're here abusing someone whose opinion doesn't align with yours. Who is a fool now?

Messed up country. I've been trading and transacting in crypto since 2015, I knew it would get to this someday because they have no idea how it works, not to talk of how it can benefit the country, they worry about short term effect on the Naira. It really can't stand though, other countries have found ways to try to regulate tge crypto cause they know it has come to stay, our own decided outright ban is what's best. What a shame

iamJ:
na ponzi scheme, mmm 2.0

You buy and hope it rises, if more people buy you make money, if everybody wants to sell it will crash, the more people buying the higher it rises, if everybody wan remove their money plenty people will commit suicide


Like mmm but international mmm

It’s not a ponzi scheme and it’s not entirely the explanation you have given it.



Crypto currencies are digital currencies for instance you have currencies that belong to nations such as naira etc

Crypto currencies are digital currencies tho with no national boundaries, you don’t buy it hoping it will rise, some do buy it hoping the value will rise and they will make a profit from it ( trade it ) some use it for international transactions vis a vis making international payments CBN and Nigerian banks will never allow you to do

The more people buying it doesn’t mean the value will increase because the value of cyorcurrencies are finite ( limited in supply )

In short it is not MMM, it is far from it or a ponzu scheme it’s just like any currency dollar euro whatever. Hope the explanation helps

iamJ:
na ponzi scheme, mmm 2.0

You buy and hope it rises, if more people buy you make money, if everybody wants to sell it will crash, the more people buying the higher it rises, if everybody wan remove their money plenty people will commit suicide


Like mmm but international mmm

Ah.. Bros Your I.Q low sha

Dannyfan:
How is MMM related to crypto?
This article is just to defend their defendless decision.
I can't remember someone trading crypto on MMM

Crypto is related to ponzi because when more people buy into a project the value increases, if more people didn't buy, nothing like value appreciation . When more people buy, those people who bought earlier will have the chance to cash out, if not they won't, new money is needed for earlier investors to cash out.

There is exit scamming in ponzi, exit scamming and project abandonment is also rampant in the cryptosphere.



Still buying all Gift cards @ good rate

https://www.nairaland.com/3908406/best-farsell-all-itunes-amazon

WHATSAPP:https:///s/saintulot

Why is these Mallam organisation always making things hard for Nigerians, is not all Nigerian youths are yahoo boys any useless rule they are putting now on sim cards , phone numbers, CBN shits, money transfer, western union, and so on are all targeting yahoo boys , mean while we have strong issue in our bushes that can make all these rules not to work.

What if i and my families even if say am not yet married survives on cryptocurrency alone what should I do?


APC government are just here to make things hard for Nigerians.
God will forever punish who ever voted in for Buhari government for the second tenure .

Missyajoke:
If it's going to boost the economy its a welcome idea

Ode gidi ni e....I wonder how u are allowed to type on Nairaland.

iamJ:
calling me ignorant meanwhile you are the one that is ignorant


Nigeria my country

For u to say bitcoin is not a company & doesn't have an office, obviously shows your level of ignorance which clearly bespeaks u know nothing about blockchain technology. The world is clamouring for decentralization of all sector including social media, u are typing nonsense!

id911:
This is what you get when archaic and museum object like Mohammed Buhari, a stark economic illiterate is placed in position of power. The government of Buhari and Osinbajo has inflicted so much pain on Nigerians, pain never experienced before except during the civil war and mid eighties which, incidentally was during Buhari's draconian regime. When will Nigeria stop appointing a banker as CBN Governor?

To those who voted Buhari and Osinbajo because of tribe and religion, are you enjoying their evil and wicked policies?

On top virtual currency whose value is greatly over inflated. On top virtual currency that has no legal backing.

Apc youth go come out defend there master

Osas4lav:
Messed up country. I've been trading and transacting in crypto since 2015, I knew it would get to this someday because they have no idea how it works, not to talk of how it can benefit the country, they worry about short term effect on the Naira. It really can't stand though, other countries have found ways to try to regulate tge crypto cause they know it has come to stay, our own decided outright ban is what's best. What a shame

It is not their fault they have not clue old men club they don't know how to steal it the way they are stealing naira that's why they are coming up with stupid policy. W

No thats not true, even though your dashboard reports in USD or YEN or Yuan, your value is still in Naira. Is it not Naira you deposite do you withdraw in Dollars?. After you do all the transactions why dont they send to your dom account. Why do they allow you withdraw to only your Naira account, Yes they do for some people but very few. You have crypto that are listed in Naira and dont even need to be changed to dollars.

Yes eventually Bianance which is a foreign company in Nigeria most take out their profits but so do MTN and DSTV and all other foreign companies

joey150:


Thanks for the explanation. I also use binance too.

However, I deposit in Naira and it's converted to dollar. The naira you deposit cannot just he turned to BUSD or USDT without first being converted to dollars.

Virtually every cryptocurrency is valued in dollars. Even USDT has a dollar price. So, how do you skip the part where your naira first gets converted to dollars before you can trade on the exchange?

Nobody takes naira and change it to USDT without using a benchmark currency, which is the dollar.

Despite it being a digital currency, they are all still valued in dollars. Like in the oil market, you have to convert your local currency to dollars to trade in it.

Also, remember that you're trading cryptocurrency. So, you're buying what others are selling, and vice versa. And those people you buy from collect dollars (which of course isn't magically created) which they can withdraw or trade into another coin. You sell your bitcoin valued in dollars and get paid in naira (using the exchange rate) so naira is being turned into dollars and vice versa.

Please correct me if I have missed something.

profmallor:
Dollars are definately not takeout of Nigeria for Crypto trading. for most exchanges you deposite naira and buy foreign currencies using NGN. NO DOLLAR Leaves Nigeria. CBN is only jealous cause suddenly fewer people are going to banks and so they have less money to steal. Crypto deals are the purf of SEC and CBN has nothing to do there but to try to further impoverish the few Nigerians trying to make a Living despite Governments Failures. Those at the CBN have proven in recent times to be the most confused bunch in recent times. Their Policies are all over the place making and reversing when their experiments dont work. Banks and other Financial houses dont want to cut their profit margins so they are using teh CBN to fight crypto. Evil People

Some reasonable points you have there

Jones4190:
Don't panic. Hold on to your coins.
Simply create a PayPal account, convert your crypto to fiat currency on your crypto exchange platform and send the money to your PayPal account.
They can’t block you PayPal account.
The government don't understand how sophiscated blockchain technology is,
I can help you create paypal account for just 15k

15k to open paypal account? Haba bros.

Omihanifa:
The central bank is just plainly stupid for taking this funny decision

They banned it simply because they don't know how the system works.

The CBN should better wake up and embrace technology. the world is moving away from Fiat money

Ordinary dollar they can't provide sufficiently for businesses in the country now people are moving towards digital money they are getting angry.

Thesame government that can't provide jobs for the masses wants to kill the little that is putting food on the tables of Nigerians

U think they don't know what they are doing?? Lol. They know exactly what they are doing. They want to control and monitor cashflow, foreign investment/funding and for many reasons bt most especially political reasons.

authority2006:


On top virtual currency whose value is greatly over inflated. On top virtual currency that has no legal backing.

Bros/ madam when internet started many people said isn't going to work etc look at it now over 30yrs later even programming language software then compare to now has really improved.

Dannyfan:
How is MMM related to crypto?
This article is just to defend their defendless decision.
I can't remember someone trading crypto on MMM

The writer is a big fool......MMM that went off since 2016.... he's now including MMM has an index affecting dollar...idiot

SaintUlot:



Crypto is related to ponzi because when more people buy into a project the value increases, if more people didn't buy, nothing like value appreciation . When more people buy, those people who bought earlier will have the chance to cash out, if not they won't, new money is needed for earlier investors to cash out.

There is exit scamming in ponzi, exit scamming and project abandonment is also rampant in the cryptosphere.



Still buying all Gift cards @ good rate

https://www.nairaland.com/3908406/best-farsell-all-itunes-amazon

WHATSAPP:https:///s/saintulot

This is the poor Nigerian version of explaining the volatility of cryptocurrencies. The supply of cyortocurriences are fixed meaning they don’t need YOU or anybody to buy and they don’t need YOU or anybody to sell

Whenever you buy any crypto currency it’s value can go hope and go down just like when you are buying shares on the Nigerian stock exchange, Dangite cement shares can rise and fall anytime.

This is not because they need new investors and old investors are cashing out, whether you buy any Cryptocurrency or not

Also buying and selling crypto currencies is not the only reason people use cyotocurrneixes some use it for international transactions, its like a currency with no borders.

If cyotocurrencies was a Ponzi scheme, have you ever seen a Ponzi scheme being used to pay people school fees and import cars etc