Bitcoin Forum

Currently, many Nigerians are hedging against collapsing local currency the naira by accumulating cryptocurrencies, particular stablecoins and bitcoins. According to  recent data (https://nairametrics.com/2022/07/28/nigerians-run-to-crypto-amid-falling-naira-bitcoin-p2p-trading-surge-by-258-in-7-days/),many Nigerians traded over $5 million worth of Bitcoin on the popular P2P trading website Paxful, and LocalBitcoins saw a 258% increase from last week’s data. Despite the fact that banks are forbidden by the central bank from aiding cryptocurrency transactions, many Nigerians nonetheless exchange the digital currency in the peer-to-peer market.

How would people keep investing in a currency that recently lost almost 70% of its value against the naira that just lost 35% of its value? Why would people choose to invest in a currency that has been banned by the powerful central banks? Why would people still have confidence in a currency that has faced countless media wars by powerful nations, corporations and individuals depicting it as a bad investment? There have been speculations and projections that Bitcoin price would keep falling until it would soon become worthless, yet people still trust it.

Bitcoin would not stop amazing me.

The trick is to zoom out on the charts.
The naira as with many other fiat currencies have been getting devalued, due to inflation, while Bitcoin has been progressively appreciating in value, making it more of a hedge within a mid to long-term time range.
Of course, there would be intermittent price drops due to the speculative value, but the value always recovers. This is not the same with NGN and many other fiat currencies.

The government and banks are against decentralization, so definitely they would be against Bitcoin.
Powerful nations, corporations and individuals can be wrong as well, or they are protecting their interests.
There are also countries, corporations and individuals who are enthusiastic about bitcoin.

You should however, not let others think for you, do you own research.

Baseless speculations.
P.S, we don trust here, we verify.

The deputy governor of Bank of England, Sir Jon Cunliffe, said to BBC, “Their price can vary quite considerably and [bitcoins] could theoretically or practically drop to zero."  Also, John Paulson, president and portfolio manager of U.S. investment firm Paulson & Co said to Bloomberg in an interview “Cryptocurrencies, regardless of where they’re trading today, will eventually prove to be worthless. Once the exuberance wears off, or liquidity dries up, they will go to zero. I wouldn’t recommend anyone invest in cryptocurrencies."
https://www.outlookindia.com/website/story/business-news-bitcoins-would-be-worthless-says-bank-of-england/405318
Baseless speculations by these powerful anti-Bitcoin forces have not been able to deter people from investing.

I think all of these are just an individual pushing a narrative on others that just accept it, think it'll be good for media coverage of their company or just have fear of the technology. I don't know if it's the same with a lot of people but particularly older generations get annoyed at younger people using phones until they realise how well connected it's made people and have had to embrace it themselves - crypto might end up in the same category as that.

In the long term, Bitcoin will regain its value in relation to fiat currencies, which will continue to have less and less purchasing power because it is something that cannot be prevented, and currently inflation only accelerates the whole process. If you look at the short term, let's remember that just a few months ago 1 BTC was worth less than $18 000, and today it is worth $24 000, which could have resulted in significant profits for some investors.


I assume that in a country like Nigeria, the average person does not live even close to the standard that exists in most developed countries, and accordingly, the average person blames the government, politicians and banks for that. In such an environment, people are more inclined to look for an alternative, and it is more than obvious that they have found it in Bitcoin. Moreover, bans in such cases are even more counterproductive because the more you prevent people from doing something, the more resistance they show, especially if they understand that they want to take away their right to free choice.

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This is the well-known position of the Bank of England, but also of many other central banks around the world, especially in Europe. People who listen to such characters and believe them are nothing more than ordinary centralist followers who walk through life blindfolded.

I am still waiting for the day I will use bitcoin to buy goods and services in my locality. If Nigerian Government refuse to adopt bitcoin and  with the way I am seeing the massive inflow of users of bitcoin in the country, very soon the users will use it to render the services of selling goods with bitcoin and accepting goods with bitcoin but for now everyone is changing the bitcoin to the fiat currency for the exchanging of goods and services.

And why people are still tripping in to bitcoin even in the midst of the bear market because Nigeria currency is worthless to the dollar. And as it is now. The inflation in the country is very much high that the Fiat currency can not buy a reason thing to anyone. A shirt that was sold $3 in years back now is about $15 to 20 dollar. No reasonable youth will see such thing and stick to the Fiat currency to suffer.

Cause they are baseless speculations.
You should not be listening to banks or financial cooperations about a decentralized technology, when they are promoters of a centralized system.

As I said, do your own research.

Inflation is effective in some parts of the world now and some currencies are getting a massive decline in recent months which doesn't have any guarantee of recovery in their economy won't recover. You see the other countries one after another falling and the start is what we are seeing right now with Sri Lanka and I believe Nigeria is no way better than them because of their huge problem of corruption. This is why people are making some decisions that will gonna amaze us because you cannot blame them while they are just safetying their money through bitcoins because not only they can secure their assets, but they also have a high chance to multiply it when the bitcoins price will rise again.

This is just the beginning my friend, so you just have to be ready for more amazement anytime soon, because this was just a warm up, because Bitcoin has come to stay and not going anywhere, so the earlier you stop doubting it, learn about it and understand it, the better for you
But however, at times I wonder what would have been the fate of those living in countries where Bitcoin is banned, such as "Nigeria" without the help of the peer2peer system which has given most individuals the privilege to still access Bitcoin despite been banned by authorities & central bank from processing bitcoin related transactions.. And funny enough, Nigeria (a banned country) happens to be the country with the highest Bitcoin transaction.
But however, here are my view on these statements below

It is very simple, because thou Bitcoin fell by 70% in the past few days, it still has the tendency to go another 100% to 1000% in the future compared to Fiat currency whose value is stagnant


Because this currency has the potential to be a better option for long term investment compared to Fiat currency investment

Because it saw the tough times and yet still survive with mass adoption and pump in price



This is Bitcoin and not Luna Terra that could be worthless anytime soon because it has got the massive community always ready to invest there funds

Nigerian naira isn't increasing by about 180% annually on average in the last 8 years. There's no hope that it'll recover. It's a hyperinflated currency that will worth even less tomorrow, and even less the day after that. Bitcoin gives a hope to escape this fraudulent, centralized system.

They don't "invest" into it, in the same way they don't invest when they're buying other currencies. It's just a trade. They switch from one currency to the other.

Because people can think critically and simply look on a chart instead of taking the words of every corporation and government that doesn't want their good?

you're right, I'm also very fascinated by bitcoin. Nigerians give a true example when prices fall and many people are frustrated. But look, isn't this the time to add the right decimal places to fiat money? there was a time when the price went down which made some people panic. to make bitcoin grow it had to be by queuing in the market [exchange rate bubbles and making volume]
I hope other countries provide the same statistics. For me, the nominal from each country will bring fresh air to investors' confidence in exchanging fiat to crypto. There are 2 ways of looking at bearishness. I have taken this moment

If it's because of the chaotic political situation, that could be a plausible excuse. Let's say Russia is currently under a lot of post-war sanctions, RUB suffers from the lowest inflation rate of up to 17%. In fact, a drop of 35% is a pretty severe inflation rate for a country's currency. Internal conflicts seem more dangerous to the country's economy.

On the other hand, cryptocurrencies especially bitcoin have proven to be a currency of freedom with high volatility. So the concern about inflation has been accepted and becomes a normal risk even when the value will be zero.

I guess you’re listing out all sorts of headwinds that bitcoin faces, in particular where you are from, but pointing out the fact that bitcoin has continued to run strong despite all of these difficulties occurring.  Bitcoin has and drink does amaze me as well. Just when I think it’s facing too much pressure, something new happens that makes up for the negative.

When government goes first with more restrictions, citizens will react by choosing decentralized platforms, peer-to-peer tradings.

Paxful, Localbitcoins are peer-to-peer trading and the growth of trading volume are impressive. I am very curious about peer-to-peer trading volume on Binance from Nigeria. I believe it is on growth too and maybe it is growing faster than on Paxful and LocalBitcoins.

Any growth figure for Binance P2P?

Besides what others have said, bitcoin is obviously not without risk. The point is that you don't need to go 100% into whatever currency (or whatever investment or asset in general). Just place a smart allocation to bitcoin, and probably go mostly with the USD instead of the Naira.

The answer is simple and it can all be traced back to lack of trust. Lack of trust in the central Banks choice to make the best and a good investment option for you that is truly beneficial and not influenced by government opinion.

There is more access to information now and people know better than to trust and just take anything the media or an individual says without finding out for themselves. Everyone has an opinion about bitcoins, some say it's bad so people say it's a good investment, I say for yourself you do your research and give it a try for investment purpose so you could have your own testimony and decide for yourself if it's a bad investment or good investment, and this is what many people are doing currently in Nigeria, finding out if truly it is a bad investment option as they want to paint it to be, or if it is all a lie.

If Bitcoin is an amazing creation for the world, then obviously it will be ready to amaze us in every moment it exists for the world. I know what you are feeling right now, but I have had those feelings since 2017. But yeah, in this current situation when the whole world is facing an economic crisis, a country where people are making $5m worth of crypto p2p transactions is huge news. But it shows us the power of it. No matter how much time it takes from us, it can show us its wonder in every moment. I'm hoping for some good news.

Some countries prohibit Bitcoin transactions, others support it. A few banks ban cryptocurrencies, but most others support cryptocurrencies.
If we examine further, the local currency is worse than Bitcoin. Bitcoin is valid in almost all countries, while local currency is only valid in certain countries. Belief in Bitcoin is emerging all over the world, and trust is born naturally.
Trust in fiat currency is caused by the state forcing to use the currency, and prohibiting transactions using other currencies that are not authorized by the state. That trust will disappear naturally if there is inflation in a country.
If a country collapses, then the local currency will collapse. If a country collapses then Bitcoin will not collapse.
To tear down Bitcoin is just to tear down the world. Lol ;D
And it's a dream that's still far away.

You are questioning and you are answering as well. The fact is people know to invest in Bitcoin is risky since it has been dumped hard. It's because of trust, investors trust in crypto and that's what pushes crypto. Bitcoin is backed by even a lot of institutional investors and millionaires. So they have been taking advantage of volatility. Mainly people invest in crypto to take advantage of the volatile, so that they can make some money. Crypto is future investments opportunities, you can't expect instant profits from crypto.

Yeah, those are speculations and the same goes from those speculations that we've been reading about bitcoin reaching $100k or more for the next bull run.

Actually, this speculation has been going around not just for this year.

But if you've been here years ago, you're probably hearing this time and time again and it had never stopped that they keep telling that bitcoin is going to be zero or dead.

a common reason why they trust bitcoin more than local currency is because bitcoin returns are faster. Bitcoin did almost lose almost 70% when the price drop occurred, but it is possible that it will be more than double the current shortfall. Compared to the local currency naira, which experienced inflation of 35%, this is certainly a disaster for those who still hold local currency.
Speculation about bitcoin that will continue to fall is only negative speculation, after a bear market occurs there will certainly be a bullish market. Bitcoin will not cease to amaze every believer even more.

Bitcoin didn't actually face any serious media wars. There was never any coordinated attack on it from large media. Bitcoiners just have a persecution complex, so whenever some random news website says that Bitcoin is dead, they say that the whole media attacks Bitcoin.

And which corporations have attacked Bitcoin? Because I'm now aware of any long-term effort to do so by any large corporation.

Even governments aren't seriously attacking Bitcoin. China simply banned it, but they didn't order their propaganda machine to constantly bash Bitcoin. EU and US also don't care much about Bitcoin, there are some regulations and occasionally some officials make some statements that enrage Bitcoiners, but that's it.

If the powerful organizations actually decided to fight Bitcoin, things would turn pretty bad for it. If centralized exchanges got shut down, if banks would go after p2p transactions, if merchants were banned from accepting Bitcoin, the price would crash badly and would take decades to recover, if ever.

This kinda of uncertainty about Bitcoin's future is one of the factors why its so volatile and why not everyone rush to adopt it.

That is why many people love Bitcoin and cryptocurrency because cryptocurrency can always really make people alive better, much better without any centralized regulations, control, inflation, and other probems. The problem only relates to the regulations in the country. If reading the story by OP, this means that cryptocurrency can really help people to keep alive, right? Although way may be illegal, at least they can still make money during their bad situation. And Bitcoin and other cryptocurrencies also dont limit them to do the activities because they are not ontrolled by anyone or governemnt.
Bitcoi is special, and because of this situation, some govenrmet really don;t like Bitcoin much

That 70% loss in Bitcoin's price is based on its ATH. That's the short-term. That's looking at a small portion of its overall chart. If you zoom out, you will see that in just a decade Bitcoin grew tens of thousands of fold. Whereas, Naira's 35% loss may also be a limited view of the currency's much longer history, but if you take a couple of steps back, you will see that Naira has always been falling in value. It has always been losing purchasing power.

Well, that's how Naira and the rest of the fiat currencies are designed. So we don't fault them that. However, Nigerians, and the rest of the people around the world need a currency that stores value over time.

The reason for which many people are accepting Bitcoins is due to it’s decentralised nature. And for this nature the government cannot impose and tax on it for which it has been declared as banner in many nations including Nigeria.
Also your query regarding why many people investing in Bitcoins when Bitcoins are already down by a large margin. Then my friend let me tell you that Bitcoins are currently suffering a bear market, and soon it will recover and cross it’s all time high. For this reason people are buying the coin or investing in it in a flash sale price.

I am gonna say if we overlap the historical charts of Bitcoin and Naira then they are going to make a X where from zero to thousands of dollar is trend forbbitcoin and from a dollar (or less) to minus couple of dollar is trend for the Naira.

They are doing great, I am supporting this at all time.

indeed everyone has a different view, some like bitcoin and some don't, and that's normal, because in this world there are always pros and cons. but for ourselves we must be able to choose which one is best for us, and must be ourselves, but in fact the presence of bitcoin has helped the economy of many people, that's why many countries are adopting bitcoin, because they see good potential in bitcoin. and uniquely investing in bitcoin can be done by all people.

If this amazes you, then I think there are many other things that will amaze you even more when you study it in detail. As far as I know, Bitcoin was created to fight inflation. Some national economies we think are big but they still operate in a fragile and fragile way, so some options to invest in assets such as gold, real estate, and even crypto are channels to keep assets from being exposed to risks when they decline.
And I also think that if there is a certain amount of knowledge, I believe many people will agree that buying BTC will bring high profits during the economic downturn and during development again.

The real problem at the beginning here is the Nigeria Naira, their currency. There are also a lot of other countries who experienced this, they want to solve their country's problem of inflation by holding Bitcoins that hold their own currency the value is really decreasing so fast.
It's just sad recently that Bitcoin really dumped too hard from $69k, it's very wrong timing but for me, I considered the recent huge dumps is a correction for long term run of Bitcoin to be more healthy and natural.

Another indication that bitcoin won't depreciate to the point of becoming worthless is this. Many investors continue to leave investments that have just lost 35% of their value and rush into ones that have lost 70% of their value. Despite the rumors that bitcoin is a bad investment, a large number of people still believe it and invest in it. Fiat money will lose out to bitcoin.

Sincerely speaking that same people who kept talking against bitcoin are same people who buy secretly but they end up deceiving people who doesn't know the feature and future of bitcoin. Many Authorities have fought bitcoin with all it takes coupled much speculation right from the onset but yet they can't finished the battle to sink bitcoin when they noticed the effectiveness of it they turn a reversed moved by joining the trend to buy and hold. Bitcoin are mostly invested when the price are dip more especially those who entered the  market at top before the recently market sentiment caused by Luna before finally dipping.

There are lots of currencies that loses its values against the us Dollars at this point they believe on investment more especially our NGN Against USD was about #700 plus per Naira few weeks at this point people would love to invest in Bitcoin to secure the funds and bitcoin since it doesn't finally drop drastically like other currencies.

Thats because crypto winter is the best time for a crypto millionaire to accumulate their moon bag before the bullish market.

The Feds and the Central Bank only understand the centralization platform and they see decentralization which gives people hope and liberation as a problem to their ruling power.
The people are already aware of the benefit BTC introduced and they issue to ignore the ban of the government from stopping them just the Chinese did.

 
People are confident in BTC because of it potential and the bond it creates among its users. About the backlash from powerful nations, corporations, etc. This is expected to happen when an innovative concept is introduced and the same thing happened when the internet was introduced

You said it yourself that they are speculation which means they are just assumptions and it does justify what will happen.

The biggest one I heard with the same excuse was China. There are a lot of people who say that China already banned bitcoin, and keep telling people they "banned" it again and again, so far we have seen 11 news regarding this, even if smaller parts, they keep saying they banned it.

But, the main reason behind it is said to be China buying a ton of crypto with the dollars they have, they know they can't cash that out since it is a lot of money and would ruin the economy, so instead they drop the crypto prices with such news, uses the dollar debt they own from USA to buy crypto, and they can move that around easier and quicker, and when it goes up they have a lot of profit from it as well.

No country wants that their banking system should be completely destroyed, so they are stopping bitcoin, but it was very nice to see the interest of the people and the way its price is increasing, it seems that investors are getting a lot of profit. And in the future, fiat currency will be devalued and bitcoin will be used instead of fiat like nilgeria's people faith in naira has been reduced and their trust in bitcoin will surely boost the bitcoin market.
It's amazing to see bitcoin future is coming

Seeing that lots of indigenes are now taking the decision to invest in Bitcoin rather than keeping their money in the bank savings account, that was why the central bank banned crypto transactions in the bank but citizens who still believed in the journey of Bitcoin will never relent from making their investment through P2P.
  When I read on the news that crypto transaction has been ban by bank in Nigeria, first thing I did was to search 🔍 on Google how to buy cryptocurrency via pier to pier, that was how I discovered Binance P2P.

Base on the information getting from Nigeria, the economy are really clashing down, leaving your money in the bank as savings account at the end of every month Bank we cut charge fees instead of interest, beside is better to invest in cryptocurrency And the current price USDT stable coin to Naria $1 = #700  which is dollar is on Bull Run in Nigeria Naira Currency, which things are very expensive in the country, that is why many people are investing on Bitcoin as a passive income. Therefore with p2p payment transaction government can't stop Bitcoin investment in the country and beside, Bitcoin is the problem of Nigeria. The country need a good leader, so that things we start working perfectly in every sectors.

I believe it doesn't matter who these people are or the position they hold in society, this does not make them correct about everything. just yesterday I saw this post, https://bitcointalk.org/index.php?topic=5411824.0 made here by some Bitcoin hater talking along the same line, and as for the continuous Bitcoin adoption by many in Nigeria, rightly so this is one of the easiest ways to edge against inflation considering how the Naira has been losing value in recent years.
Back in 2015, African Richest Man Aliko Dangote warns we’ll end up buying a dollar at N500 (http://vanguardngr.com/2015/07/if-theres-no-subsidy-well-end-up-buying-a-dollar-at-n500-dangote/) and today it is about N700-$1 in a country where it is also difficult to access FX hence the adoption of Bitcoin will continue to grow regardless of what the Government through the Central Bank has ordered and besides, which other Investment will give you the type of profit you get from Bitcoin over time.