₦airaland Forum

thebosstrevor1:
I mostly use bitcoin, ethereum, ripple but ripple was the cheapest and the fastest of all.

I have other coins which are cheap to send but most people dont use them for transactions, i just use those coins for short trading
I

xrp is cheap but it has no real use, there have been days when the network has gone down and nobody has noticed.

It's cheap to send because there are so many xrp in existence, it's 100% pre-mined and centralized. There's no reason for it be inefficient at all.

thebosstrevor1:
How do they want to wreck Nigerians?

Don't be deceived by all these hype, many Nigerians don't know about crypto

Sudden panic withdrawal has caused serious delays in payments of crypto owners. A lot of funds may get lost.

thebosstrevor1:
How do they want to wreck Nigerians?

Don't be deceived by all these hype, many Nigerians don't know about crypto

Most people in general don't.

I find it funny that this is where they place their priorities and not the constant outflowing of dollars for stupid religious travel.

SatantheDestroy:
stop misinforming people. so u are saying i cant use paxful or localbtc to buy it? well let me not even over disclose shit here, na the ssame nigerians cast the btc. let me return to my ahsawo thread

Sctests:
The article says CBN has ordered banks to penalize those identified to be trading or owning bitcoins.

CBN, Min of Finance, and Emefiele should be dragged to court by stakeholders while an order for stay of execution be obtained.
They want to wreck Nigerians.

Wreck which Nigerians?

How many Nigerians are even doing crypto transactions>

thebosstrevor1:
You trade on the most popular platform which is binance . Binance wrote that for now, you can't buy crypto with your Nigerian debit card but you can withdraw to your bank account.

This is what the binance ceo wrote.

If you have $NGN on Binance, you can:
1. withdraw NGN soon, or
2. convert to #crypto and hold it


The reality is that p2p will flourish but it will also lead to lot of scams, making people distrust crypto investments

Even before this ban people were already been scammed through crypto

kponkedenge:
The CBN governor is just a figure head.... The order came from the top.... He only came out to announce and implement it.

Thought cbn is independent

irumanle:
You don't understand how crypto works so go and face your stock oga Ade. You have USDT which is equivalent to USD and stable at thesame time. Transfering some crypto coins like XRP is even way cheaper regardless of the volume than your CBN stamp duty. Youth like you need to be reoriented about life. Let us all collectively reject struggling and suffering as a way of life. Our leaders are weaponising poverty and you are here supporting their inhuman policy. Our parents accepted it that is why we are here. Where is the positive effect of border closure. Show me that of REMITA. Crypto is puting your future in your own hand rather than hoping in a useless and backward policies of theirs. I started crypto with 39k July last year, to God be the Glory I am a Million+ now. Na from barbing shop I go get 1M? Bleep the Goverment

baba show me way na

samuelson06:
You are very correct with your analysis. How can you operate PayPal from Nigeria? No way! When attention is turned to PayPal, those guys would sense it and block your account. Right from the beginning, i've never been a friend to this volatile currencies. The reason most people yield to it is because they can easily buy, hold it and then sell. But what exactly are you buying? What services did you render? No one can answer those questions. I think I support the CBN to go ahead with the ban. Monitoring crypto market can make you go mad.

If you have a good stock working for you, please share with me let me buy as well. I've account with T212 and I'm very new to stock trading.

The stocks you're buying too is it a physical product, just answer, so because you don't have the answers for cryptocurrencies, it should be banned...typical

I believe first Bank allows for the use of PayPal. The only thing is that you can't withdraw but your can send money.

samuelson06:
You are very correct with your analysis. How can you operate PayPal from Nigeria? No way! When attention is turned to PayPal, those guys would sense it and block your account. Right from the beginning, i've never been a friend to this volatile currencies. The reason most people yield to it is because they can easily buy, hold it and then sell. But what exactly are you buying? What services did you render? No one can answer those questions. I think I support the CBN to go ahead with the ban. Monitoring crypto market can make you go mad.

If you have a good stock working for you, please share with me let me buy as well. I've account with T212 and I'm very new to stock trading.

Elon has done it again


https://abokifx.com/news/tesla-buys-1-5-billion-in-bitcoin-and-plans-to-start-accepting-it-as-payment-for-products-cnbc?type=crypto

Esseite:
Dont blame the CBN, it's only protecting you and myself from premium tears.

Nothing ya further from the truth.
If you think anybody in the world wakes up to go to work every morning thinking of how to help the life of one random guy that is on nairaland you’re sadly mistaken.
This is about control. Period. The money they are trying to save you from losing they don’t care if it’s in your pocket they only care because it’s in their possession.
If they truly cared about you, you will have every amenity possible down to the most remote villages because there is more than enough money.
They are only concerned because autonomy means less control for them which means less usefulness which means less and lesser salaries for them which means irrelevance which means nobody needing them for any bullshit.

Crypto has been there since 03. In the space of time bitcoin has grown since 03, the naira has never gained against the dollar. These “genius” economists and money strategists at cbn so much want to protect you but haven’t shown you nothing that has lifted any common man out of poverty. People are worse than they ever were.
But yea they’re concerned about your “premium” tears .

Some of una need buy new brain.

thebosstrevor1:
How do they want to wreck Nigerians?

Don't be deceived by all these hype, many Nigerians don't know about crypto

Almost every youth with a smartphone on the east and West of Nigeria know about crypto. I guess you're talking about the North where illiteracy is high. Nigeria is one of the countries with the highest volume of crypto use

thebosstrevor1:
Woke ontop of crypto...na wa ooh.


Btc and ethereum is the most useful coins. The other coins you talked about are cheap to send because nobody uses them. Bitcoin and ethereum were cheaper to send until blocks became difficult to solve which led to high network fees.

I have tested many coins and btc and ethereum is still the most accepted means of transaction on the mainweb.

Crypto is not stock.

Still forming woke, keep embarrassing yourself.... You don't know anything about crypto bros, so enough people ain't transacting on bsc and dot? Guy rest... Go read about ERC20, BEP2 AND Bep20 and Dot go know their differences... Olodo

E be like say na the Irs command buhari mk em ban crypto since most money wey geeguys dey collect dey untraceable
Wahala for person wey dey invest for crpto

Without a doubt, I know we will all smile again .


Everybody problem is not a problem .


We will allow withdraw our cash
In peace .

Nobody should have BP. oooo.

Nigerians money in Cryptocurrencies is not change ( Billions /Trillions).


I know my Country loves her citizens .


.Therefore something big is coming shortly .Stay glue .





SOGshops Cares.

thebosstrevor1:
Even the writer of this article criticizing government policies is clueless.

You mean people shouuld open a PayPal account that they can't operate from Nigeria.

People should go to the unregulated p2p crypto market where you can be easily scammed.

You cannot buy crypto with any Nigerian visa or debit card and you can’t withdraw crypto to any bank says the writer and then he wants you to open a paypal account

Now, Deposit in naira to buy crypto have been stopped by most exchanges ( binance and luno) now, this will affect everyone in crypto, another method will be found that will benefit those who have a trusted buyer living outside Nigeria.

The method can be, find a reliable Nigerian living abroad, deposit equivalent money in the person Nigerian account and then the person helps you to buy the crypto you want and then send them to your wallet, this method is good but it is crazy when people understand that sending btc and ethereum from one wallet to another is very expensive that will make you lose.

People don't understand how very volatile crypto is. The volatility can make you panic and make you lose your cash very fast.

Imagine you buy ethereum or btc worth 100k from luno, when that 100k worth of ethereum shows on your ethereum wallet, it can be 98k, in 2 weeks, that ethereum can be worth 110k, in 4 days time, can be worth 99k..this volatile coin can play with your emotions and make you panic sell.

What about network fee.

If i send 10k ethereum to my friend's ethereum account, sometimes, sending fees can be 6k.

The crypto world sometimes when you look at it clearly, works like an organized ponzi scheme.

At the end of the day, i prefer stocks to the crypto scam even though the returns can be huge, if you are an early buyer

cryptocurrency like ponzi scheme? Oh come on Abokina. With all this lengthy writing you couldn't differentiate between almighty,legit and legally cryptocurrency market and that of ponzi scheme?

Sparky01:
Still forming woke, keep embarrassing yourself.... You don't know anything about crypto bros, so enough people ain't transacting on bsc and dot? Guy rest... Go read about ERC20, BEP2 AND Bep20 and Dot go know their differences... Olodo

How does smart contracts like ERC20, BEP2 go to do with the topic of discussion?

Do you even know what is DOT token and what it is used what?

What is the trading volume of bsc? just 12k and you said people are using for transaction

thebosstrevor1:
Even the writer of this article criticizing government policies is clueless.

You mean people shouuld open a PayPal account that they can't operate from Nigeria.

People should go to the unregulated p2p crypto market where you can be easily scammed.

You cannot buy crypto with any Nigerian visa or debit card and you can’t withdraw crypto to any bank says the writer and then he wants you to open a paypal account

Now, Deposit in naira to buy crypto have been stopped by most exchanges ( binance and luno) now, this will affect everyone in crypto, another method will be found that will benefit those who have a trusted buyer living outside Nigeria.

The method can be, find a reliable Nigerian living abroad, deposit equivalent money in the person Nigerian account and then the person helps you to buy the crypto you want and then send them to your wallet, this method is good but it is crazy when people understand that sending btc and ethereum from one wallet to another is very expensive that will make you lose.

People don't understand how very volatile crypto is. The volatility can make you panic and make you lose your cash very fast.

Imagine you buy ethereum or btc worth 100k from luno, when that 100k worth of ethereum shows on your ethereum wallet, it can be 98k, in 2 weeks, that ethereum can be worth 110k, in 4 days time, can be worth 99k..this volatile coin can play with your emotions and make you panic sell.

What about network fee.

If i send 10k ethereum to my friend's ethereum account, sometimes, sending fees can be 6k.

The crypto world sometimes when you look at it clearly, works like an organized ponzi scheme.

At the end of the day, i prefer stocks to the crypto scam even though the returns can be huge, if you are an early buyer

Who cares about its volatility and the risk of people losing or making money. You made reference to shares: who told you shares are not also volatile. Do you know how much i lost in AMC last week. Top international companies have started accepting cryptos as valid means of payments. Do you know how many patriotic Nigerians are making a genuine living from cryptos.
We are so backwards that WHO denied us from getting the Pfizer covid-19 vaccines due to inadequate storage facilities. Other developing countries are investing in Tech and other potential sectors capable of eradicating poverty and uplifting the standard of living for their citizens.
I am fed up with loyalist blindly supporting this clueless government even when policies do not favour the masses.
I am handicapped being a Nigerian.
The real problem is fools are full of confidence and the intelligent ones are full of doubts.

thebosstrevor1:
How does smart contracts like ERC20, BEP2 go to do with the topic of discussion?

Do you even know what is DOT token and what it is used what?

What is the trading volume of bsc? just 12k and you said people are using for transaction

okay

Collinsanele:
Who cares about its volatility and the risk of people losing or making money. You made reference to shares: who told you shares are not also volatile. Do you know how much i lost in AMC last week. Top international companies have started accepting cryptos as valid means of payments. Do you know how many patriotic Nigerians are making a genuine living from cryptos.
We are so backwards that WHO denied us from getting the Pfizer covid-19 vaccines due to inadequate storage facilities. Other developing countries are investing in Tech and other potential sectors capable of eradicating poverty and uplifting the standard of living for their citizens.
I am fed up with loyalist blindly supporting this clueless government even when policies do not favour the masses.
I am handicapped being a Nigerian.
The real problem is fools are full of confidence and the intelligent ones are full of doubts.

1.You lost in amc shares not because of volatility but because of unattainable bubble organized by retail buyers.

2. No top company is accepting bitcoin as a means of payment.

3. It is true people are making money off crypto through speculation, also lot of people are also losing their savings, while also many yahoo boys are using to launder money.

4. The Who didn't deny Nigeria from getting covid vaccines, it is fake news .

5. Tech does not eradicate poverty, sure, it create jobs but jobs for highly qualified people.

SavageResponse:
Wreck which Nigerians?

How many Nigerians are even doing crypto transactions>

More than you'll ever know. Go read up stastistical reports on crypto trading in Nigeria.

thebosstrevor1:
Shut up.

Because you know about usdt, that means you know about crypto.

You claim crypto is putting your future into your hands, how? Aren't people also losing all their life savings in crypto trading because of volatility

It seems you think people use rice to buy 1 usdt or 2 xrp.

Xrp is cheaper, how many people use it for transactions, how many times have someone sent you ripple and you converted it to cash.

You claim you made millions from 39k ...anyway every Nigerian online is a millionaire.

You don't know me so stop typing rubbish..

You are a typical example of blockheads youth Buhari is talking about. You need to educate yourself on global events. If USA and China couldn't ban crypto then what are you trying to justify here. Why did we have Binance US? Why did USA took ripple/xrp to court instead of outright ban? Sorry indeed is the case of some Nigerian youth.

SatantheDestroy:
how will u be doing p2p without using reputable sites like paxful or localbitcoins?
also how will govt track down the 200k u paid me for crypto without u writing its purpose?
some of these things are just not obtainable

you see that fellow,he is a buharist.... ignore him next time.

irumanle:
You are a typical example of blockheads youth Buhari is talking about. You need to educate yourself on global events. If USA and China couldn't ban crypto then what are you trying to justify here. Why did we have Binance US? Why did USA took ripple/xrp to court instead of outright ban? Sorry indeed is the case of some Nigerian youth.

I agree that i am blockhead but you are the definition of what they call watermelon head, na water full your head.

I hope you know that many crypto companies do not sell to the US and Chinese market because of regulations.

Infact binance USA is different from binance global sites because of United states Sec regulations. New block chain companies cant offer their token in the US market, they only sell outside the US

Do you know that you can not buy and sell ripple in the United states because it is banned.( law suit).

Do you know that in Australia, south korea, japan, china the United states, you can't buy and trade monero and some other privacy coin because they are banned.

Crypto can be banned anywhere in the world if government sees it as a threat to their system. All technology are on the mercy of government regulations.

Go learn from e -gold, very popular but government ban everything and now it is illegal.

Sorry is your real name.

thebosstrevor1:
Yes Government can track that transaction not in the crypto sense of it but know that anything that passes through the banking system can be tracked.

P2p will increase but also p2p is risky if there is no escrow

Hi,

Elon Musk is really more convincing to me than CBN on why I need to sustain Bitcoin as one of my Investment Portfolios. I really wish there are financial experts/analysts on this forum to brainstorm with, and not just political analysts that dominate this forum. I don't know if you can fill in a little.

I've observed that Paxful Escrow seem reliable and I can easily trade without involving any Nigerian Bank or Currency. Now, my question is this? When I convert my bitcoin to USD abroad and wire it to my Domiciliary Account in Nigeria, will I have any issue with any government agency (particularly EFCC) regarding the source of the money when deploying it for business transactions in Nigeria, after converting it to Naira using the Black Market?

Secondly, after telling them (EFCC) that it is a proceed from Bitcoin Trading that never involved Nigerian Currency or Bank, could there be a likelihood scenario of them confiscating the money?

rawfact:
Hi,

Elon Musk is really more convincing to me than CBN on why I need to sustain Bitcoin as one of my Investment Portfolios. I really wish there are financial experts/analysts on this forum to brainstorm with, and not just political analysts that dominate this forum. I don't know if you can fill in a little.

I've observed that Paxful Escrow seem reliable and I can easily trade without involving any Nigerian Bank or Currency. Now, my question is this? When I convert my bitcoin to USD abroad and wire it to my Domiciliary Account in Nigeria, will I have any issue with any government agency (particularly EFCC) regarding the source of the money when deploying it for business transactions in Nigeria, after converting it to Naira using the Black Market?

Secondly, after telling them (EFCC) that it is a proceed from Bitcoin Trading that never involved Nigerian Currency or Bank, could there be a likelihood scenario of them confiscating the money?

1. No, you wont have any problem aslong as you know the limit of transaction, sending huge amounts of dollars which exceed the limit can flag your account for money laundering.

Try to research the anti money laundering laws and the limit of daily transactions for domiciliary account. It is 10k dollars daily

2. If you use p2p with escrow, they wont know because the transaction will look like a remittance. So you don't have any problems.


Problems start to arise when your transaction is daily and also when it exceeds the daily limit.

thebosstrevor1:
1. No, you wont have any problem aslong as you know the limit of transaction, sending huge amounts of dollars which exceed the limit can flag your account for money laundering.

Try to research the anti money laundering laws and the limit of daily transactions for domiciliary account. It is 10k dollars daily

2. If you use p2p with escrow, they wont know because the transaction will look like a remittance. So you don't have any problems.


Problems start to arise when your transaction is daily and also when it exceeds the daily limit.

Pretty fast response! Alright. Thanks for your time and contribution.

thebosstrevor1:
I agree that i am blockhead but you are the definition of what they call watermelon head, na water full your head.

I hope you know that many crypto companies do not sell to the US and Chinese market because of regulations.

Infact binance USA is different from binance global sites because of United states Sec regulations. New block chain companies cant offer their token in the US market, they only sell outside the US

Do you know that you can not buy and sell ripple in the United states because it is banned.( law suit).

Do you know that in Australia, south korea, japan, china the United states, you can't buy and trade monero and some other privacy coin because they are banned.

Crypto can be banned anywhere in the world if government sees it as a threat to their system. All technology are on the mercy of government regulations.

Go learn from e -gold, very popular but government ban everything and now it is illegal.

Sorry is your real name.

I hope you have seen CBN new press release. Kawa ma jayejaye ti di baraku party after party. Go and face your Nigeria Stock Exchange market leave us alone.

thebosstrevor1:
1.You lost in amc shares not because of volatility but because of unattainable bubble organized by retail buyers.

2. No top company is accepting bitcoin as a means of payment.

3. It is true people are making money off crypto through speculation, also lot of people are also losing their savings, while also many yahoo boys are using to launder money.

4. The Who didn't deny Nigeria from getting covid vaccines, it is fake news .

5. Tech does not eradicate poverty, sure, it create jobs but jobs for highly qualified people.

Elon Musk the CEO of Tesla and SpaceX has invested over a billion dollars and plans to accept Bitcoin has a valid means of transaction.
Just Google big companies accepting cryptos.

People have been losing their savings since time immemorial (you should not force an adult to spend his or her money in a certain way. It's a free world). Yahoo boys and other fraudsters have been laundering money before the advent of cryptos and would still launder money through other sources. It's not only through sentiments and speculations that drive the rise and fall of crytocurrencies

We were disqualified from receiving Pfizer vaccine because it requires a storage facility of -78deg Celsius. We don't have constant power supply to sustain that. It's not fake news, just call a spade a spade. You can Google for further verification.

Tech is not for the most qualified. You can even work in any FANG company even without a college degree. For starters, you can be learning and still be earning via freelancing and doing some jobs for startups. It can create employment for our teeming digital-oriented youths. I can go on and on on this

FemiLastBorn:
must u involve tribe?
Na people like una be Nigeria problem..

Caman go sleep.

Nigeria’s problem stems from too many tribes. D earlier u realize that...the better for you