The issue is government should find a way to regulate it to make sure it’s not used as an avenue to take out laundered or stolen money from the system

The various exchanges decide their prices based on many indices. Probably where and how they do business. In my opinion whats more critical are the percentage movements they allow, price doesn't really matter

UncleKoboko:

Please can you explain the very obvious variations in prices between Luno and binance. Why is Luno price usually very high?

goody2019:
What is the economic benefit of crypto currency? Does it contribute to the country's GDP? Is it tied to productivity in any way? Agric, tech, etc. Or do one just stay at home, play with figures and gets paid hugely.

Blockchain is the most secure technology right now. Many central banks of the world big tech or social media companies are adopting it. Of course it contributes to GDP.

pooozeee:
.

if its in the exchange yes your crypto can be blocked.. move it ASAP

CSTRR:

There are crypto "banks" in Nigeria that can allow you to withdraw Naira with your bitcoin ATM card.

Check out "Patricia "

You mentioned the world is moving away from fiat money...

So the question is to "To what?"

If you answer is Bitcoin, then what have you bought with Bitcoin lately?

Unfortunately, right now, Bitcoin is not a currency.

TONIOI:
You can’t create jobs for youths, so the youths created jobs for themselves via #Crypto #BitCoin. And now you have shut that down

Youths can’t farm because of your kinsmen herdsmen. They can’t manufacture because you gave us no electricity.

You closed Nigeria’s border and ruined thousands of businesses. You closed Kano film village, costing us millions.

General Buhari, what do you want us to do? Do you want our economy to be like your cows that don’t increase .

Buying and selling of crypto currency is no job. No productivity is involved. No goods, no services.

joey150:


If the value is in naira, then explain how it's written in dollars and you can buy bitcoin from someone selling in the US (through the exchange) and the person in the US can then choose to withdraw in dollars? Your value is in Naira quite alright, but converted to the dollar equivalent.


Before Nigerian Cryptocurrency exchanges became popular, people did peer to peer transfer where they would use the current bitcoin price and then sell based on the equivalent exchange rate in naira. And if I recall, then you could only directly buy crypto from an exchange using a foreign currency.

If the Nigerian dollar exchange rate shoots up or drops, dosen't it affect how much dollars is reflected in your dashboard when you credit your wallet or want to withdraw?

Please point out anything that I may have missed.

When you fund your exchange account in naira, the money stays in the bank accont of the exchange (assuming its not p2p). That same money from that account is used to pay those who are withdrawing their crypto to Naira. Same happens to the US man who funded in dollars. He withdraws also in dollars. Nothing gets converted. The notional value IF it were to be converted, is what you see in your dashboard. You can even decide to view your dashboard in Naira and it will show the price of the crypto in Naira. The only time conversion will have to happen is when the exchange has balanced its books for inflows and outflows from their Naira account and have determined their profit. At that point if its a foreign company, they have to repatriate their profit - which is a tiny fraction of their total turnover, so cant be a problem to CBN.

The simple reason for the ban is the CBN ability to make their monetary control policies work is being eroded by crypto which they have no way of controlling. There are several European, Middle Eastern and Asian countries that have criminalised the use of crypto in their countries and it has seriously stifled crypto use in those countries.

iamJ:
someone called it a company that its traded like stocks hence the question


decentralized meaning nobody will be held responsible if its value plummets and people lose all their savings

How come you only look at the "negative" side of it.
Fiat like the Naira also plummets or gains, do you hold the government responsible?

BTC, BNB, ETH and other alts have gained immensely since inception and will only get better.
Imagine if u had 2 BTC 5yrs ago and you hodl, would u be saying all this?
Contrast that to having 18 million in the bank from 5yrs ago, now it's value would have only diminished as the Naira has "plummeted" since bubu took power.

goody2019:


Buying and selling of crypto currency is no job. No productivity is involved. No goods, no services.

Same applies to buying and selling of Naira....crypto is not an investment. Crypto is money , used to buy and sell like any other currency. It can only be viewed as an asset if its value increases relative to the base currency.

Germanhunter:


Use correct English lie na
You just Dey Fvck up anyhow

Lmao

Ylai una no go kee me Troway for here

profmallor:
The various exchanges decide their prices based on many indices. Probably where and how they do business. In my opinion whats more critical are the percentage movements they allow, price doesn't really matter

Hmm
I done learn...

But do think price doesn't really matter?

What if I buy with binance cheap and sell on Luno to make more profits?

There was a country.

essay007:

How come you only look at the "negative" side of it.
Fiat like the Naira also plummets or gains, do you hold the government responsible?

BTC, BNB, ETH and other alts have gained immensely since inception and will only get better.
Imagine if u had 2 BTC 5yrs ago and you hodl, would u be saying all this?
Contrast that to having 18 million in the bank from 5yrs ago, now it's value would have only diminished as the Naira has "plummeted" since bubu took power.

[img]https://media./images/29eb45b8a3f29b524562476186ad1bc0/tenor.gif[/img]

doesnt change the fact that its a long game ponzi scheme, criminals use it to move cash, speculators use it to take advantage of new investors, someone with 2 million bitcoins for sale will crash the entire system in less than 5hrs

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

Why would you charge so much for something that can be created freely?

if you can buy on one exchange cheaper and sell higher on another that would be awesome, you are maximizing your profit. I need to check that but i doubt the exchanges would allow it cause they would have noticed the huge outflow from their exchanges that never return. But good to check makes sense

UncleKoboko:

Hmm
I done learn...




But do think price doesn't really matter?

What if I buy with binance cheap and sell on Luno to make more profits?

BuddhaPalm:


You mentioned the world is moving away from fiat money...

So the question is to "To what?"

If you answer is Bitcoin, then what have you bought with Bitcoin lately?

Unfortunately, right now, Bitcoin is not a currency.

He's right. The world is moving away from fiat to crypto. There are crypto ATMs in Europe and the US/Canada where u can fund ur cards with crypto and use it to trade/pay.
Many online stores also accept bitcoin payment.

Admittedly in Africa it's still in the nascent stage. 15 years from now crypto will be the main trading medium and there ain't nothing the cbn can do about it.

essay007:

He's right. The world is moving away from fiat to crypto. There are crypto ATMs in Europe and the US/Canada where u can fund ur cards with crypto and use it to trade/pay.
Many online stores also accept bitcoin payment.

Admittedly in Africa it's still in the nascent stage. 15 years from now crypto will be the main trading medium and there ain't nothing the cbn can do about it.

how can bitcoin become the currency of the world?

do you know how much is in circulation in the world? if 1 million bitcoins is worth 37 billion $

21 million bitcoins is the total that will ever exist, that cant even service california alone talkless of the entire world, its blockchain technology that the world likes not bitcoin

iamJ:

[img]https://media./images/29eb45b8a3f29b524562476186ad1bc0/tenor.gif[/img]

doesnt change the fact that its a long game ponzi scheme, criminals use it to move cash, speculators use it to take advantage of new investors, someone with 2 million bitcoins for sale will crash the entire system in less than 5hrs

Yes yes yes, because criminals have never used fiat to move cash in the history of currency before.
It's obvious you don't know much about cryptocurency. But I can guarantee, years from now you'll be involved because that's where the world is headed.
All the big companies in the world now hold BTC, Some of the richest pple in the world own it and it's done of the poorest in the world that'll be calling it "Ponzi scheme".

BTC is not pinkcoin o. Know the difference.
I rest my case with you.

iamJ:

[img]https://media./images/29eb45b8a3f29b524562476186ad1bc0/tenor.gif[/img]

doesnt change the fact that its a long game ponzi scheme, criminals use it to move cash, speculators use it to take advantage of new investors, someone with 2 million bitcoins for sale will crash the entire system in less than 5hrs

Bitcoin is not a PONZI scheme.. damn you are dumb.
See when you keep talking it exposes how dumb you are! Its decentralized you dope.

They should be careful with this ban o!

How do they now want me to sell my about $216k worth of bitcoin? Well, that one na small thing sha, government dey learn ni.

Sapore:


Same applies to buying and selling of Naira....crypto is not an investment. Crypto is money , used to buy and sell like any other currency. It can only be viewed as an asset if its value increases relative to the base currency.

Bless you. I couldn't have explained it better. This simple concept is what many can't get down. SMH...

Kidnappers,rogue herdsmen, fraudsters,looters transacts their business in naira yet d CBN has not ban naira .

[quote author=goody2019 post=98784044]

Buying and selling of crypto currency is no job. No productivity is involved. No goods, no

I just wish u are ready to learn , I will teach u , rather than u thinking this way .

iamJ:

[img]https://media./images/29eb45b8a3f29b524562476186ad1bc0/tenor.gif[/img]

doesnt change the fact that its a long game ponzi scheme, criminals use it to move cash, speculators use it to take advantage of new investors, someone with 2 million bitcoins for sale will crash the entire system in less than 5hrs

How? 2 million bitcoins for 1 person?

Theoutsider:


Bitcoin is not a PONZI scheme.. damn you are dumb.
See when you keep talking it exposes how dumb you are! Its decentralized you dope.

decentralized is blockchain, I don't have a problem with blockchain, it's a beautiful idea but Bitcoin as a currency is a ponzi scheme


I don't understand why you are calling me dumb, it's not my fault that you can't understand something you claim to understand

Tonytonex:
How? 2 million bitcoins for 1 person?

� the guy tire me. His ignorance on the subject is outstanding. I don't want to reply him directly.

See, reading some things on NL can even Bleep ur brain up.

Tonytonex:
How? 2 million bitcoins for 1 person?

the guy that created the whole thing has 1 million Bitcoins

The currency is very vulnerable, if someone decides to start selling of their coins and they flood the market with coins, what will happen then? If the price crashes, what happens to small investors? No government will bail out anybody that played Russian roulette with their money on a global ponzi scheme

iamJ:
the guy that created the whole thing has 1 million Bitcoins

The currency is very vulnerable, if someone decides to start selling of their coins and they flood the market with coins, what will happen then? If the price crashes, what happens to small investors? No government will bail out anybody that played Russian roulette with their money on a global ponzi scheme

what? then, he should be the richest person in the world then na

Tonytonex:
what? then, he should be the richest person in the world then na

1million Bitcoins is 37 billion dollars

essay007:

� the guy tire me. His ignorance on the subject is outstanding. I don't want to reply him directly.

See, reading some things on NL can even Bleep ur brain up.

honestly

MartinsD12:

They should unban it immediately, meanwhile this cryptocurrency how does it work? make gurus explain to me in a layman's understanding

It can help terminate generational poverty if you can get and hold it for a very long time.