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I commend your effort for dat your thread for meta, everything wey you talk for there na true, because with di activities wey our naija board de generate, we suppose get more dan one merit source. And I really feel di passion wey you take talk about external merit source in di name of Hugeblack, to come de help us for merit matter, wey we suppose get our own local members to de run am for us.
Na di efforts wey our members de put for additional merit source na im ginger Hugeblack, to support us with merit distribution. I de very happy and grateful for dis development because di thing don favor me well well since em start am. More merit source for di board go help increase our activities and di quality of our posts.
You do well as you share the link of dat your thread for meta, i go follow do di needful and add my own contribution for di matter.
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The forum allows you the freedom to share your ideas as long as you respect others and do not conflict with bitcointalk rules. So unless the story is completely fictional, you are allowed to share it.
The problem lies in lying and trying to fabricate stories to attract, arouse sympathy, or obtain donations or merits, and sometimes this may be to complete paid posts.
I understand that such posts are not good, but trying to ban them will require us to fully verify them, and sometimes that is difficult, such as the stories that I built my house with Bitcoin or bought my first phone or computer with my posts in this forum.
Just click on ignore and people will stop when no one intract with them
I think that the best thing to do is just to ignore such posts, then concentrate time and energy on the ones that you think are worth your attention. I agree that if you cannot verify with facts that a post is fabricated, then the best thing is to leave it and move on. Despite how we feel that a post might be exaggerated or fabricated, the story may still be true, except you have a valid fact to prove it otherwise. This is an anonymous forum, and as you have said, the forum allows it's members to share ideas and personal experiences that is related and relevant to bitcoin. So even if I feel that a post is full of lies, i can ignore, report it. Although I would have loved it if the OP had elaborated more by sharing some examples of fabricated posts. |
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Di summary of wetin I fit talk for dis thread of growing wealth with cryptocurrency be say, first na bitcoin na im de sure and reliable pass for cryptocurrency, so e de better to focus mind on am. Again due to di volatility of bitcoin, person no suppose carry all em funds put for inside, because em no de like real estate wey you dey sure say di value no de come down. You fit lose your money for bitcoin, just like you fit to also gain for inside, because di risk de plenty. Di best thing na to invest di money wey you don put aside, so if di market de experience bear run, you no go too worry, because you know say after dat one na bull run, and you go fit cash in.
Lastly, to grow wealth with bitcoin investment e need patience and plenty knowledge of how e de work, odawise di person fit lose of of im money for inside. E no de advisable to borrow money take start bitcoin trading or investment.
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Na nice post wey you drop op and na true say na public sector go really give puah to the usage of bitcoin because if schools begin get bitcoin as payment option for their portals then even students wey dey for the school self go begin publicly do their P2P. If you see bitcoin for remita when you want pay for government bill or tax then that one mean say adoption don start be that na and hodlers go dey shout hallelujah but my brother.... naija government no fit try am. Dem no even know how to go about it just incase other countries start am and them follow them. We get inefficient government or people in government, therefore every thing just dey go left left. Naija government na copy copy and them no dey copy well, so even if technologically developed countries begin adopt am, naija government own go be mess up .
Na true say na di public sector hold di key for di mass adoption of bitcoin for di country, because na dem de collect di mandatory payments for di country, like tax and different revenues. So if dem adopt bitcoin as an alternative payment, na im go drive di publicity pass. People de normally follow government directives pass for everywhere, because dem no wan break di law and dem wan de sure say di thing no get gbege for di country. Aldo dis matter suppose be a challenge for di private sector to wake up and no de wait for government to de take lead in everything. Dem sef fit try and adopt bitcoin, if government kick against am, den dem fit stop. Because sometimes di government need to see di progress of some things from di private sectors, for dem to wake up and endorse di mass adoption. |
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Aug Board StatisticsTop 20 active users Aug, 23.
1. Charles-Tim [140]
2. Sim_card [67]
3. Mate2237 [56]
4. Agbe [55]
5. CryptoHeadlineNews [49]
6. Gozie51 [44]
7. CryptSafe [41]
8. Wiwo [41]
9. Nwada001 [36]
10. sokani [33]
11. Asiska02 [31]
12. Timmzzy [27]
13. Odohu [26]
14. Zanab247 [26]
15. DaNNy001 [25]
16. rachael9385 [24]
17. Marykeller [23]
18. SmartGold01 [23]
19. Kelward [22]
20. CryptopreneurBrainboss [21]
1. Sim_card [67]
2. Agbe [55]
3. Gozie51 [44]
*excluded potential (1000 merits) and Legendary rank The best poster was chosen based on the keywords (bitcoin, crypto) in your postings; quality will no longer be judged by the quantity of posts. Satoprincess Monthly BTC Reward winner Why Kelward?. key reason: fully involved in discussion and stay on topic. Aug Top 5 smerit sender1. C. Brainboss [81]
2. Igebotz [29]
3. Ratimov [28]
4. EFS [22]
5. Charles-Tim [19]
1. Odohu[42]
2. Sahahmu [41]
3. racheal9385 [33]
4. SmartCharpa[28]
5. C. Brainboss [23]
Ignored Topics 5456158 -Re: Nigeria why
5457446 -Re: TRAGIC FLOOD AT TRADEMORE ESTATE, ABUJA.
5121680 -Re: Naija Novice Hangout {Newbies introduction & Orientation} Thread.
5457645 -Re: Latest Statement from the Nigerian president.
5457103 -Re: Whats thought on this
5456207 -Re: Senator Adamu Bulkachuwa making an open Confessional statement
5453904 -Re: Emdee tiamiyu is a wrong Nigerian representative
5454673 -Re: A better Nigeria
5454699 -Re: Fun day for naija board
Side Notes> C. Brainboss monthly merit reward is officially onhold. ( effect from this month) Hugeblack generious offer will keep the board busy for the main time. before the local board was created but his reply was that the forum isn't looking to add more merit to circulation and that's just frustrating to the local board but what can we do, most times I even keep my smerits earned from merit received for the baord just to keep the energy high on the board.
Instead of getting discouraged we can think of a compromise, I can give Nigerians LB about 150-200 merits per month, which means about 100 extra sMerit, just make a weekly list, PM me with it or through that thread and I'll look into it.
After about 3 to 6 months, if there is an improvement in the quality of the posts and the post/merit ratio, then you will have enough reason to claim a new source source with +200 Merit per month. buwaytress UCL pool for a chance to share N6.3million prize pool this season. https://bitcointalk.org/index.php?topic=5408229.0 My merit source application> Igebotz Nigerian Local Board Merit Source ApplicationI will return the monthly statistics to only charts from next round. Weldon sir Igebotz, I salute your untiring efforts for dis your updates every month, you too much. And I de hope say your merit source application go de granted sharparly, because with dis your efforts to de update dis monthly overview, wey you no de tire, I sure say na so your merit go favour us and make our board to be di best for di whole local boards. I dobale thank you once again as you see my humble posts say dem de worthy to earn SatoPrincess, monthly btc reward again. Na very big morale dis one be for me again, to de put efforts to de make relevant posts for dis board. So far, dis our board na im be my backbone for dis bitcointalk forum, and I de very grateful for all di support way I de get for here. Satoprincess, I thank you as you stand gidigba de support and encourage new members like me with your btc reward, so we go de put efforts for our posts and to know say no be play play things de happen for dis forum. |
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I think that if it were a get rich quick scheme, the number of people involved would have been triple the one we have now. I mean, who doesn't love quick money? The thing is, most people enter into Bitcoin investment with the mindset of getting massive returns. This is not a lofty expectation if you are conversant with it's ups and downs but then again, some are not.. Bitcoin investment is something that will make you rich, but it also comes with it's risks which is a characteristic of business.
Most people who spread FUD about Bitcoin are those who were not patient to carry out their research before entering and once things don't pan out the way they expect, it becomes one of the worst and most time wasted investment there is.
Being a Bitcoin investor or hodler is like being a farmer who plants a seed and patiently nutures it to growth. Getting rich is a process and just as everything in life has a process, so does Bitcoin.
Truly if bitcoin where a get rich quick scheme, then the number of people that will be involved in it would have doubled many times over. Because as you have said, who doesn't love quick money, and sadly this is the very reason why many people are falling victims in the hands of fraudsters that will scam them and collect their hard earned money. An example is the ponzi schemes, where you invest a small amount of money and in the shortest period of time, your start to earn geometrically, this will entice a lot of get rich quick mindsets, who will put all their life savings in the scheme, all of a sudden the ponzi will shutdown and the investors will loose their invested funds. S The lesson to learn is to be very careful when you see any get rich quick scheme, because if there are such investments, the people involved will keep it a secret and be reaping from it alone. |
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I don reason di possibility of how we fit to de take bitcoin de make payments, just like naira, inside Nigeria. E come lead me to wonder weda na di private or public sector go fit to make am possible pass, at di end I come conclude say na di public sector, way be government establishments go fit to facilitate di acceptance of bitcoin pass.
This one na wild thought because if this country wey we dey, if we dey wait for government to lead the way we go just old. Check out the sectors wey the government dey handle how e dey and the sectors wey dey private like entertainment. You go see big difference for this two sectors which is why my own belief na say na private sector for fit push this agenda. Private sectors for the country fit come together say dem wan dey accept Bitcoin and when the government see all the force wey this people carry dem go allow them. Imagine celebrities begin dey accept Bitcoin for their shows, concert, buying of their music etc na there adoption go explode pass all this government sectors. Imaging if power distribution companies, NPA, public schools, government higher institutions, general hospitals and all government revenue generation agencies come approve bitcoin, di private sector go just respectfully, without much choice, follow de collect am. Abeg oh, same facilities wey dem fit just wake up say dem no get the facilities to use process the transaction dem. If to say the country na place wey government things dey dey straight forward e for go well but since you no fit trust those wey dem put in charge to maintain this things e go just be another wasted development. You just imagine dem make stadium private and dis guys dey accept Bitcoin as payment to attempt any activity for the stadium whether na football match or other activities. Na privata sector sure pass abeg. Thanks boss, as you trow more light on the matter, I reason your perspective say na di private sector fit to increase the awareness and adoption of bitcoin for inside di country pass di public sector. You really make valid point in terms of say na di private sector de boost our lucrative entertainment sector, but di question be say wetin de stop dem to adopt am as an alternative means of payment for dem shows and endorsements? Why dem never think go bitcoin side? Abi dem never here about cryptocurrency before or dem no want to get anything to do with decentralized currency? The truth be say me I believe say na because our government never fully endorse cryptocurrency matter for di country, so dem probably de wait wen e go de conducive for dem to fully accept bitcoin. And me I believe say na when di government through dem public sector start to endorse bitcoin, na den dem go begin follow follow join di bandwagon. Me I believe say di fear of government na di beginning of wisdom for our private sectors, because dem no want to offend di government. If no be so some of dem for don adopt bitcoin, as an alternative to naira. CBN restrictions and make government no de look into dem financial matter fit make dem de slack. Lastly i still believe say if di private sector first de accept bitcoin, dem go follow and e go became business as usual, all man do your pwn thing. |
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I don reason di possibility of how we fit to de take bitcoin de make payments, just like naira, inside Nigeria. E come lead me to wonder weda na di private or public sector go fit to make am possible pass, at di end I come conclude say na di public sector, way be government establishments go fit to facilitate di acceptance of bitcoin pass. Dis na primarily because di private sector no get di kind centralized authority wey di public sector get, government fit wake up one day and decide say dem wan de collect bitcoin as an alternative to naira inside dem establshments. You go see say overnight bitcoin don get popularity be dat and di adoption go accelerate.
Aldo as e be now I no see di possibility of di government say dem go adopt cryptocurrency, na through our banks dem go de facilitate di transactions. As we know di CBN restrictions on crypto matter still de ground, so dat one na very big set back.
Lagos state government, don commission train to de run from Marina to mile 2, dem also put di transport fares, assuming say dem add bitcoin as an alternative means of payment, dat one for blow bitcoin usage for Lagos state. BRT buses get card wey passengers de load transport payments, if you wan enter di bus you go just hold di card in front of di card metre and your transport fate go deduct. So dis system for just suit bitcoin holders wey wan purchase transport fare. Dem no go worry about making bitcoin transfer for bus stop. Imaging if power distribution companies, NPA, public schools, government higher institutions, general hospitals and all government revenue generation agencies come approve bitcoin, di private sector go just respectfully, without much choice, follow de collect am.
So wetin you reason about di matter?
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The problem is people look at the HODLers from over 10 years back who bought Bitcoins for a few buck and the value of their Bitcoins is now in millions still seated in the wallets. This triggers them to think they can also become millionaires overnight, but the truth is even for those HODLers, it was not an overnight thing. They had to go through thick and think, FUD and FOMOs, Government bans and approvals, crypto hacks and scares to reach where they are today.
Success does not come on a silver platter in most cases.
As you have noted, the early investors and traders in bitcoin, set this pace because they were able to accumulate a lot of profits in a short period of time. Looking at their success story helped to sell bitcoin as a profitable venture, but the truth that many people didn't realize was that this HODlers were taking risk at the time, because there was no way of being too certain of what the future held for bitcoin. They were able to overcome FOMOs because they saw the potentials of bitcoin and most importantly they patiently waited for it to boom. So it wasn't even a get rich quick scheme for them. |
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Years back when I started hearing about bitcoin, I used to think that it was very easy and a shortcut to success. This perception was informed by the way people projected bitcoin, that if you want to get rich quick, you should just go into bitcoin. Today I know better that the perception is wrong, because people can actually loose their hard earned money in bitcoin, leaving them worse off than when they started it. The volatile nature of bitcoin makes it to be quite unpredictable, people who want to trade bitcoin must diligently study about it, know the technicalities and terminologies of it, before venturing into it. Even at that you can not accurately predict the outcome whether the price will pump or dump.
Unlike fiat which the amount in your bank account remains what it is, bitcoin in your wallet will constantly fluctuate, meaning that there is chances that you can gain or lose your bitcoin. This confirms that the chances of getting rich can also make you poor. Although the probability of earning in bitcoin, is more than loosing in it , if the person understood how to speculate the factors that determines the supply and demand of it, also to be disciplined.
So do you think that I'm correct about bitcoin, that it is not an easy way to get rich quick as some people will make believe, and it is just like other ventures where there is no guarantee of getting rich?
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These are some of the factors that can be responsible for the increase in the number of bitcoin adoptors in countries that have restrictions.
1; Curiosity, naturally people are inquisitive to know why they are restricted to do certain things, therefore the more they learn about bitcoin and it's advantages, they will engage in it and tell others.
2; Unemployment, where there is high rate of unemployed people, especially the youth, they will see bitcoin trading as a source of earning income.
3: Alternative source of income, they can trade and invest in bitcoin, without loosing their day job.
4; Convenience, they can stay in the comfort of their homes and engage in bitcoin speculation and earn money.
5: Innovation, using a globally accepted decentralized digital currency, that has no boundaries like centralized fiat, gives more freedom and privacy to the users.
With these and other related reasons makes bitcoin adoption to be increasing everyday, despite all odds. This is the reason why countries like Nigeria, has one of the fastest rising bitcoin adoption in the world today.
This list would be maximized if the country accept Bitcoin legally since there is no need to go and hide while participating in these activities. @OP you are just citing the list of possible Bitcoin events if it is legalized or accepted with just some twist of words. If Bitcoin is not restricted by the government, you will see an increase in the output of those list. So it is still better to have Bitcoin accepted by the government than restrict it since all people who are caught participating in illegal activities may be sanctioned by the government. I used Nigeria, as a case study for the thread, and Nigeria, has not banned bitcoin or any cryptocurrency, its just the country's central bank that restricted it's banks from facilitating any bitcoin transactions. So bitcoin is not illegal in that country, so far you're not dealing through the banks. I said that it's a blessing in disguise because despite the negative image that the apex bank painted about cryptocurrency, the adoption is still going higher, especially among the youth. Although the adoption might be more than this if there were no restrictions, but for the fact that the CBN associated crypto with money laundering and terrorism, yet people are still adopting the coin everyday. It shows that despite all the negative image, bitcoin is still winning, instead of fading out in that country. |
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The news is not true as i see it, if the people were aware of these, all investors will withdraw their assets from it, secondly, BUSD is a currency that I don't think can easily go down line that, though if something like this should happen, then we should first expect much of this from Binance exchange itself than the coin first, which regulations will keep Binance running but BUSD down, i don't think it will stop or they would have announced it by this earlier.
Di news fit be true. Although I neva see an official announcement from Binance or from a reputable media outlet like Cointelegraph, but Cryptonomist don report about am. Di reason wey dem give be say Paxos Trust Company wan acquire BUSD and also because of legal action wey SEC bin file against Paxos because of BUSD, say dem no follow regulatory compliance. Maybe why people no go too panic na because di news neva spread well well and na something wey go happen in 2024, so time dey plenty for people to convert their BUSD to whatever asset dem wan covert am to. Make we dey watch sha weda di time of BUSD don come to an end or na anoda fake news. Some elements of truth de dey for almost all rumors, diafo di information fit to be true or dem fit to de speculate wetin fit happen, based on say paxos wey acquire BUSD get some gbege for ground. But all di same as Binance never come all out say na so e be, make we no conclude finish say na true. Me I see Binance as a reputable exchange wey don make name and dem no go want wetin go spoil de trust for cryptocurrency matter, especially bitcoin wey be di baba., so I feel say no course for alarm yet. |
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To me this biggest blessing in disguise is when it comes to bitcoin being used in countries where it’s banned because it just underlines the importance of a decentralized currency more than ever. The whole point of bitcoin is giving power back to the people, and who needs that more than those under an oppressive regime.
You really got the essence of this thread, because you recognized that despite the CBN ban, the adoption of bitcoin in a country like Nigeria, keeps increasing. So despite all the negative image that was painted about bitcoin, that it is used to sponsor terrorism and a means of money laundering, still the number of users keeps increasing. Therefore if you look at it from this perspectives, you can agree that the ban aroused people's curiosity, and they're keying into bitcoin everyday. So this can be said to be a blessing in desguise, because instead of diminishing the interest of bitcoin, more people are adopting it. For clarity purpose, Nigeria, has not ban bitcoin, it is the central bank, that restricted banks from engaging in bitcoin transactions. |
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OP I believe say many factors dey cause as e be like this. Unto say halving na next year, I believe say there is uncertain about the Bitcoin price but however, there are also some people strategically manipulating the market I believe they are taking advantage of the market situations as well selling to drop the price then they buy back and hold till after the halving as usual and expected bull run does come then they start selling to take profit. This happens all the time and in a way people would not understand how it works.
This is the reason I don't listen to fud anymore because that is also a strategy by them to confuse people who are weak hands and they end up selling low and the whales buy them all at low prices and hold them to take big profit.
Di drop really panic me, unto say me na new person for bitcoin matter. I just hold small bitcoin for my wallet as I just de learn about di market speculation. From time to time e go just appreciate, di thing just de sweet me, before I know di btc just start to de deprecate for my wallet, now e de lower dan wen I get am. I even fear say make I no wake up one day see say di wallet don empty. I agree with your explanation, Helving dey around di corner and di whales dem fit to manipulate di market by selling dem bitcoin, wey fit likely cause dis price dump, so people go panic and sell dem bitcoin, wen di price come down finish dem go come de buy am back. So di best thing wey person fit to do now na to hold im bitcoin, till bull run, wey im go sell and make profit. I also agree with members wey say now na di best time to buy bitcoin. |
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The initial ban on cryptocurrency in Nigeria led to a slow adoption of bitcoin,because many people were scared of adopting bitcoin and some who had then sold due to the fear of the government. Some that dont have the mind to keep their bitcoin sold out of panic. It was as time passes on and people start seeing that the government has less cocern on the restriction and there was the p2p payment method that encouraged them to re-engage themselves again. Another thing that discouraged the youth from listening to the government and taking their ban unserious is because the government is weak in terms of cartering for its citizens. The high level of poverty made youths to see crypto as an alternative means of income and they rushed into it,not minding the government. In some other countries,the ban on bitcoin will affect the adoption of bitcoin to decline drastically,because the citizens will be afraid to go against the law,since it might lead to jail. The decentralized nature of bitcoin rendered government ban on bitcoin weak since it uses p2p payment method for transactions.
The ban initially led to a slow adoption, but eventually it then led to people being curious about bitcoin. Before you know it a lot of people have keyed into it, and that is why I say it's a blessing in disguise, because you'd think that the ban will diminish the adoption of bitcoin., but instead it increased the awareness. Again while the ban is still on in Nigeria, the country is one of the highest in bitcoin adoption. If the ban didn't make so much headlines at the time of CBN ban, maybe the awareness and curiosity to understand bitcoin, might not be much. |
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After the ban and those who were not well grounded in bitcoin moved their bitcoin to dollar and keep it there. And those who understands bitcoin has a decentralized currency was not shaking and were calm to observe the next move of the government because they knew that the CBN or the federal government could not control their wallets. And immediately they diverted their attentions to p2p and used the international exchange platforms to sell their bitcoin and spend. Yes that reduced the adoption of bitcoin because people thought that since government did not support it, as for them bitcoin became illegal. So they became afraid to use the coin. But later in the years, those who thought bitcoin is illegal as the CBN banned it became interested to join the investment again and probably because the dividends from the old bitcoiners. Well to some extent those factors propelled the wide range of adoption of bitcoin in the country.
This is another blessing caused by the restriction in Nigeria, after the CBN ban on banks to transact bitcoin. People lost interest, but when the few that continued in bitcoin, through P2P and exchanges, began to prosper, it propelled the interest of majority of the people to join bitcoin trading and investment. Factors like this helped greatly in creating the awareness and the very fast adoption of bitcoin, because due to the economic hardship, people were looking for alternative means of earning incomes. |
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An example is in February, 2021, the CBN (central bank Nigeria) prohibited banks from engaging in any cryptocurrency transactions. At that time the restriction or ban affected the adoption of bitcoin, which was fast gaining ground as an alternative to fiat, for a while, people became afraid to be associated with bitcoin, because of the negative things that were attributed to it, like being a means of money laundering . Some were even thinking that the CBN ban meant that the country has banned cryptocurrencies. Despite the perception and challenges in some countries, the adoption of bitcoin keeps increasing everyday. Thanks to P2P which has widely gained ground as a decentralized means of transactions and reliable exchanges like Binance and Remitano, bitcoin users are increasing everyday. https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/cryptocurrency-usage-soars-in-nigeria-despite-bank-ban-70497781These are some of the factors that can be responsible for the increase in the number of bitcoin adoptors in countries that have restrictions. 1; Curiosity, naturally people are inquisitive to know why they are restricted to do certain things, therefore the more they learn about bitcoin and it's advantages, they will engage in it and tell others. 2; Unemployment, where there is high rate of unemployed people, especially the youth, they will see bitcoin trading as a source of earning income. 3: Alternative source of income, they can trade and invest in bitcoin, without loosing their day job. 4; Convenience, they can stay in the comfort of their homes and engage in bitcoin speculation and earn money. 5: Innovation, using a globally accepted decentralized digital currency, that has no boundaries like centralized fiat, gives more freedom and privacy to the users. With these and other related reasons makes bitcoin adoption to be increasing everyday, despite all odds. This is the reason why countries like Nigeria, has one of the fastest rising bitcoin adoption in the world today. |
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Out of sight na out of mind, so any how wey people fit to take spread di awareness of bitcoin, weda na tru digital or physical means de welcomed. After I join dis forum and i come see the benefits of di decentralized coin, I de try in my own little ways to de create di awareness. I put a sign in front of my shop say customers fit to make payments with bitcoin, Aldo no customer don pay me with di coin yet, but at least dem and passersby de see di small signboard everyday.
Bitcoin na di way forward now and in di future to de take make transactions, because en no get restrictions like fiat. So na a matter of time, di awareness and acceptance go reach every corner of di world.
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