(whether it been a means of payment or as an investment)? .
Bitcoin has never be been a payment method but an investment. All those who see bitcoin as an illegal coin or business will get themselves to be blame and will regret in the nearest future. You are wrong; Bitcoin was created for micropayments and peer-to-peer transactions without the use of a third party; it is not an investment scheme, but rather a store of value. The price fluctuation generates some profit, but it is not an investment scheme. Before I join dis forum, I de think say bitcoin na business on it's own, where people de come de do business. But as I join na im I come understand say na primarily a means of digital payment, just as we get fiat currencies, only say im get advantage, unto say di price fluctuations de generate profit, as you don rightly explain. I believe say e de important to enlighten our loved ones about bitcoin, especially because of di misconception say government ban am for Nigeria. So if topic of discussion enter dat kind finance level, I fit take di opportunity clear dem, but if dem no show interest, no need to pressure dem. If no be say somebody clarify me about di misconception wey I get about cryptocurrency matter generally, I for no de here today. |
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Could this also be a good and positive sign that the Nigerian government will soon allow the trading of Cryptocurrency by banks in the soonest??
I forgot to reply to this. Know that forex is entirely different from crypto. Commercial banks were even allowed to trade forex before until CBN decided not to supply commerical banks with foreign currencies again in 2021 or so (I have forgotten the year, you can correct me if wrong). Even if bank later accept crypto, not because of this. Na true say forex and crypto no be di same tin, but as dem two na medium of exchanges, one na for fiat currencies and di other na for cryptocurrency, I de hope say if na true say CBN allow banks to de trade forex, hopefully dem go find good reason to comot di ban on cryptocurrency. Me I like to get plenty options wey I fit to choose from to do exchange for bitcoin matter. |
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To update or even read terms and conditions for any platform or exchange at all no easy ma broda because only the write up sef go discourage you to read am but I just believe say any changes wey dey happen for their platform na for the good of the customers because I trust binance and dem no reach this level wey dem dey without keeping and checking all possible errors for their platform.
Na true you talk, you fit to read di whole terms and conditions and still miss vital points wey fit to go against you. Personally I no de too border to read di whole terms and conditions for any established public company, instead I de focus on di company reputation, weda dem don build integrity, dem track record over di years, how many customers dem get and di level of trust wey dis customers get for where dem de and of course di customers feedback. I believe say any changes wey established company like binance go make, go suppose be win win for dem and dem customers, because e must get reason wey make dem be the top exchange, so dem no go want to jeopardize am, to want to chop alone, at di detriment of dia customers. |
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What's your take on this development?
It’s a welcome development seriously, this seems more like a better initiative than free school policy because with this you have an entitlement or obligation and not just going to school without putting in effort to get good grades or graduate just because it is free. With it being a loan the government will definitely have to take responsibility of finding job for the citizens they are fully aware that it is the only way to pay back. My biggest fear now it is execution because almost everything in Nigeria even those meant for the less privilege are most at times hijacked by the higher class or they would request for tip off before granting them the law. So I think the government shouldn’t just set up a central office just yet. The approval should come from each school. When a student can’t get funds to register for a session then the school should be in a position to grant him that loan. This will maybe reduce the number of student that could request for this loan and probably not still in academic year either through graduations or have been expelled out of the school. The hijacking matter na im be di main koko of di matter, because government go come up with ideas to alleviate poverty of di poor masses, and dem go implement an on the government level. But the wahala be say di people way de in charge to disburse di tin way government give, go de divert am. We don hear cases wey government go give palliatives to di people way need am, but at di end of di day everything go come end up for inside dem pocket, dem family and friends pocket or sell am to people way go fit pay for am. So for dis student loan matter, di idea make sense because many Nigerians wey get di brain and di willingness to get good and quality education, but money matter be dem barrier go fit make dem dream come true. But based on my observation about how corrupt our government officials de, applicants for dis loan go bribe before dem go de eligible to collect di loan, dem go fit to de give dis loan in di name of education, but dem go divert am to oda means. Aldo I de sincerely hope say e no go happen like I talk am dis time around. |
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I read different articles of newbie particular in beginners and help board and I notice that so many of the newbie have in mind that bitcointalk is an office to fetch and earn money. And it's noted that the primary agenda of making bitcointalk is to have a different reasons and suggestions of making the problem of bitcoin to be lesser, I will say some people are not informed of why bitcointalk is been created and its the reason why everytime some newbie make first and second post you know that their plan of registering is to earn a bitcoin.
Firstly there's a reason this forum has some privileges that gives its members the opportunity to make money while they're members of the forum. We're in the 21st century and social medias where we spend majority of our time has implemented an avenue for their members to be able to monetize their hobbies and passions, the forum couldn't be any different. The forum isn't against you making money while you're using the forum but against abusing such privilege or using the forum just for the sore purpose of making money from here. We shouldn't have the mindset of just making money from the forum but are free to do so when the opportunity comes that's why we have service boards for announcing service we can offer for exchange for Bitcoin. Newbies shoudn't consider the forum as just an avenue to make money or they'll miss the beauty of the forum. The forum should be used as a medium to pass on knowledge to the younger generation of Bitcoiner and a means to learn from the OGs that were in the game before we came. There are lots of knowledge on the forum and this should be our main focus (how to benefits for those knowledge) and not how to make money. Knowledge and Information is wealth and that should be our focused any other thing should be extra. Personally I think that earning money or incentives can be a motivating factor for people to be more committed to reach their desired goals. So I think that it doesn't matter if it's money that is the motivating factor for a newbie, or he considers bitcoitalk as an office, what matters is that you have to be committed and follow the rules and regulations of the forum in order for you to be ranked. Let money or whatever motivate you, but get the job done first, learn passionately about bitcoin and all it's complex technicalities and terminologies, learn how to make money with bitcoin, make your contributions in the forum with quality posts. Hopefully in the short or long term, reward will come. |
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As for Nelson4lov, welcome back, i guess the tag on your name ressurected you from a long time deep sleep back to the forum  Thanks my gee. I appreciate. Been a long time coming. Happy to be back to the community especially now that things are moving fast and wild - FG USD unification, financial bill 2023 and the Nigerian SEC ban on Binance Nigeria. Welcome back, na your papa born you, as dem just de ask about your whereabout, na so you just show face, your own no go pass you by. The love for dis naija board no get mate, for anonymous forum like dis, I no know say members go send if dem no see another member activities for a while, unto say you fit no even know di member personally. Dis your matter don make me understand say no be all about bitcoin discussions and economics matter, we dey also show concern for member. Congratulations on your achievements since wen you comot for di forum. Good to have you back. |
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Is the US a big threat to the coin market?
They are trying to control the market, that much is certain. I don't think the end goal is to kill crypto altogether, I believe the US SEC is trying to gain a foothold before they start introducing rules, business partners, etc whether it is directly or indirectly. It might seem scary but this should not be the first time stuff like this happens. FTX went bankrupt just a few months ago, and the market is still doing healthy compared to the past. We might go even lower but that's just the nature of a very speculative market. At the end of the day having a less concentrated market that relies on one or two exchanges is good IMO. Governments general likes to have a hold on their economy, especially where it concerns the private sectors. As most members have predicted, if binance were to go down in the US, it will have a big impact on bitcoin, because USA is a world power economy and binance is a big and major exchange. But this impact will only happen on a short term, as other exchanges will take the advantage to measure up and try to take the place of binance in the US, also with the stability of bitcoin, in no time the market will be trading as normal. |
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Wow! This is for real, my first earning for inside bitcon. No wayo, I don receive di complete 15.22 USD, as you talk am na so you do am. I de very very grateful to you, I de talk am from di bottom of my heart, and I pray say God, go continue to de reward you back. Abeg dis one no be token, na real morale e be for me to de put more effort to try contribute meaningfully and make quality posts inside dis our naija board. I also de thank di organizers of this monthly reward, all di efforts wey una de put to make am work, I know say no be small thing, may God, continue to bless all of una. I receive di reward with gratitude. I thank una again. Abeg, I go like sell this bitcoin here, who fit run am with me make him show. Give me better rate. Na my first experience be this. |
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The suspension of di CBN governor fit to be a blessing for bitcoin for inside Nigeria, because di new Oga fit to decide to change some of dem policies and come comot di ban on bitcoin, dat one go sweet me pass. I de reason say e go de more convenient to de exchange naira and crypto inside centralized exchanges of our banks, to avoid dis uncertainties of being scammed.
For p2p transactions between two individuals, I don understand say telegram and WhatsApp na no go area for transaction matter. However from my observation so far for dis our naija board, I see say trust de for here, a member even boldly make recommendation for anoda member, dat act follow increase my confidence for our board.
Whether the Bitcoin ban is lifted or not, if you are not cautious, you will most likely be scammed. Do not trust in crypto, only verify, and do not make any transactions on this board without escrow unless you are dealing with a resputable user. I provided a rule for this, as well as how and with whom to trade. Crypto has no trust, always verify first. I hear you crystal clear and thank you for di further enlightenment. Verification de very important and no overfamiliarity about money matter even for our board here. I read di link way you show me and I go do di needful if I want to transact p2p for our board. E no de easy to do business with person wey you no de see face to face, and believe say na di reason why scam de for online businesses well well. |
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From di discussion of dis topic show say we no even know di reason why di CBN ban cryptocurrency for naija. For what ever reason wey dem get, ban na ban, so as dem no tell us officially the reason for di ban, e go de expected say different people go de bring different theories as to why dem ban am. Me I de look ahead to when dem go comot di ban, Aldo as e be now e be like say hope de for dat area, because as I de hear say dem wan begin tax crypto transactions. So hopefully we go also de do bitcoin exchanges for our banks.
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For di question of weda di government go tax individuals or di exchanges, tax na tax, even if dem no tax individuals wey de trade with cryptocurrencies, wen dem tax di exchanges di exchanges go collect am as higher fees from di individuals or as value added tax. E just be like say you go buy something for store, dem don already comot di tax of di product before you buy am. Personally I for no mind di taxation, evendo say e de bite for body, but you go get rest of mind say you no get problems with di authority. Hopefully as I don mention for another topic, CBN go see di light and comot dat ban on bitcoin, wey de give better tin bad name. Tax in itself no bad, so far wayo no de am
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Are you curious about why the price of Bitcoin has increased in relation to fiat currency inflation? It may seem contradictory since Bitcoin is also part of the economy and can be affected by inflation. However, the price of Bitcoin has risen primarily because of increased investor interest and demand. Bitcoin has a limited supply, and with more people investing in it, the demand has surpassed the available quantity, leading to a higher price. This is the fundamental reason behind the price surge.
I can relate to your analysis because the forces of demand and supply determines price. When demand is greater than supply, the result is increase in price. Therefore if investors have continued trust and interest in bitcoin, to be investing in it, over the years the demand will increase, which will automatically increase it's value and price, this is basic economics. Eventually it will reach equilibrium, where demand and supply meets, then the forces of demand and supply will determine again if price will go up or down. In the case of bitcoin, it is clear that with price fluctuations over the years, it's value has continued to appreciate. This is a gain for investors in bitcoin. |
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If no be say di OP mention America, say dem get issues with binance too, I for conclude say our financial institutions de witch hunt crypto matter for our country. I no know whether e de proper for SEC to de monitor binance, but if e de proper, make dem allow de regulatory body de see to dem matter, so we go fit rest for di matter and trade with bitcoin in peace. I no de happy say dem de mention ban and suspension for bitcoin and crypto matter in general.
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Dis question na from information wey I gather from unreliable source, na im make I say as I don enter reliable bitcoin forum, make I ask di question? Secondly e get any oda country wey dem government ban bitcoin wey dem de use dis p2p system?
Just as others dun talk na so e dey, make I just add small mouth for the mata too. We get two ways of exchanging wey be centralized and decentralized. All this binance dem, and other top exchanges wey be centralized exchange, if you use them run P2P, your funds no fit loss to some extent because if you fit proven say you never received the money (that's if you they sell) and you dun send the money (that's if you they buy) then una go enter appeal court (for the exchange) una go prove who dey lie and if you win you go receive your Bitcoin or money. Scammers dey those platforms too but dem dey in the minimum because dem get to do KYC before dem become merchant to the sell and buy Bitcoin. Now for decentralized P2P wey you dey do with another human being without any website, e better you only trade with person wey you know very well if not dem go scam you. The scamming fit dun reduce but some persons still dey fall mugu and that's why we still get this type of scammers full Telegram and WhatsApp. If you no wise dem go scam you and dey very cautious of all those high fee merchant because na them be the scammers. Government no ban Bitcoin but ban banks from trading Bitcoin and that's why you no fit trade Bitcoin directly with banks but things fit change, Tinubu dun suspend the current CBN governor now now. The suspension of di CBN governor fit to be a blessing for bitcoin for inside Nigeria, because di new Oga fit to decide to change some of dem policies and come comot di ban on bitcoin, dat one go sweet me pass. I de reason say e go de more convenient to de exchange naira and crypto inside centralized exchanges of our banks, to avoid dis uncertainties of being scammed. For p2p transactions between two individuals, I don understand say telegram and WhatsApp na no go area for transaction matter. However from my observation so far for dis our naija board, I see say trust de for here, a member even boldly make recommendation for anoda member, dat act follow increase my confidence for our board. |
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1: Blockchain - This is a list of all blocks that have ever been listed. I see this as a bank statement of account. The blockchain is a public record that one individual can't compromise. All nodes verify that the information being added to the blockchain is correct. Its decentralized nature means that the data it shows is correct no matter where you are. Your bank statements and bank accounts for that matter, are only worth something to one particular bank and its branches. Walk across the street to a different brand, and they will have no idea who you are and what you own. I truly agree, blockcain surpasses centralised bank accounts and it's statements, because it is decentralized in it's nature. It's also worth to note that you can make use of it anywhere in the world, without restrictions or barriers of fiat currencies. I really look forward to the day when blockchain, will eliminate centralised bank accounts and bitcoin will be used to purchase commodities in every corner of the world. |
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I hope say CBN go see di light and understand the benefits of bitcoin, as a genuine business, and a credible source of income, e go help to reduce unemployment for di country. Dem suppose lift dis ban, because if people wey no understand bitcoin, dey hear ban e go be like say na fraudulent business.
Point of correction my brother, Bitcoin is not a business per say, but a decentralized digital currency that is independent of it's own and not controlled by anybody whether bank nor government. But just that it could be used for doing business as a medium of payment for goods and services, and not that it is a business on it's own. Secondly, legalizing Bitcoin on it's own do not create job, unless people are skillful enough to engage in crypto related work and get paid in Bitcoin, trading or investing in it for a long term so as to gain from profit. I thank you my oga member, for your clarification. Bitcoin na decentralized digital currency, so e no really be business on it's own like dat, di point is well taken. I like as centralized currencies no get any influence on bitcoin, so dat one make am a very good place to do transactions. Aldo I de reason say trading on bitcoin na work or job, so fa di person de earn income directly from di trading. But I try understand wetin you explain say if people dey skillful enough to engage in crypto related work wey dem go get paid for bitcoin, either by trading or investment, to make profit. |
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The NLC knows that the amount they are asking for will not be approved by the FG. It took how many years before minimum wage was increased to 33,000 naira…my corper friends were very happy to earn that much since it was higher than the previous years. Asking the today government for an increase of x6 is unrealistic and tbh they don’t put much of a bargain. I don’t believe the NLC will get what they want, they should come with a better plan.
I doubt say wage increase for Nigeria, go better our standard of living, because if government increase salary, business owners go also want to increase the prices of the goods wey dem de sell, to also benefit for di increase. At di end of the day naira go devalue and all dat plenty money no go fit improve standard of living. Check for instance dis fuel subsidy wey dem do rush rush go remove, di increment of fuel, de affect di economy negatively, because e don make transportation to go high and di chain reaction be say every other commodity de follow am increase in prices. Nigeria suppose focus on infrastructural development, build refineries, encourage industrial growth, support small businesses to grow, support skills acquisition. Instead na how we go take de spend money everybody de focus on. So as you talk am, e no de realistic for di government to increase ×6 of minimum wage, e no go favor di economy at all. |
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I think it is also important to know the different address protocols of Bitcoin. Aside from learning the stated list of @OP, I believe it is important for newbies to learn and differentiate the difference between Bitcoin address protocols. Legacy address = P2PKH (Pay to Public key hash) = 1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2 A pay-to-pubkey-hash (P2PKH), or legacy address, is the oldest and original bitcoin address format. This address format is not widely used today as transaction costs are higher using this format. However, support for this in applications is still encouraged to be compatible with older legacy wallets that have not upgraded to new address formats.
Legacy addresses begin with the number 1, can contain upper and lowercase characters, and are case sensitive. Script address = P2SH (Pay to Script Has) = 3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy A pay-to-script-hash (P2SH), or script address, can have additional rules and functionality attached to the address. Script addresses are commonly used for multi-sig addresses, which can specify that signatures from several keys are required to authorize the transaction.
Script addresses start with the number 3, can contain upper and lowercase characters, and are case sensitive. Segwit address =P2WSH (pay to witness) = bc1qar0srrr7xfkvy5l643lydnw9re59gtzzwf5mdq A pay-to-witness-public-key-hash (P2WPKH), also known as native SegWit or Bech32 address, is a modern, more efficient address format. SegWit addresses are opt-in, so not every application supports them, but the majority do, and should, today. SegWit adoption can be tracked on here. Benefits of SegWit addresses include more resistance to input errors (as they are case insensitive and use error-correcting codes), and lower transaction fees. The fee saving will depend on the type of transaction but for a common transfer of funds it can be 30-40%. SegWit addresses start with bc1q and are case insensitive. Example: bc1qar0srrr7xfkvy5l643lydnw9re59gtzzwf5mdq Script address - P2SH # = P2TR (Pay to Taproot) = bc1p5d7rjq7g6rdk2yhzks9smlaqtedr4dekq08ge8ztwac72sfr9rusxg3297 A pay-to-taproot (P2TR), also known as a Taproot or Bech32m address, is the most recent and advanced bitcoin address format. Taproot introduces more advanced security, privacy, flexibility and scaling to bitcoin. Like SegWit, Taproot addresses are opt-in and not currently widely supported. Taproot adoption can be tracked here. Benefits of Taproot include the ability to use Schnorr Signatures, offering better security, lower fees, and more flexible multi-key transactions. Multi-key addresses using P2TR look the same as single-key addresses giving users of multi-key increased privacy. Taproot also enables more advanced scripting, enabling more complex smart contracts to be built on bitcoin. Taproot addresses start with bc1p and are case insensitive. Thanks so much, infact bitcoin terminologies needs to be studied as a course. I really feel privileged to be learning so much about bitcoin for free in this forum. From everything that you have enlightened me about addresses, it was only segwit that I was familiar with, I'm glad that I'm able to add to my bitcoin knowledge from your educative post. I look forward to when I can master every technicalities that surrounds mastering bitcoin, so I can also give back like experienced members are doing now. |
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And as bitcoin de banned for Nigeria, how di person go seek for justice for the scam?
If bitcoin is not banned in our country, that does not mean scam will not exist either, it is you that needs to avoid scam. So my question be, what if the buyer pay money into di account of the seller, den di seller no come transfer the bitcoin into di buyer account, no be scam be dat? And as bitcoin de banned for Nigeria, how di person go seek for justice for the scam?
On p2p exchanges like Bisq, it makes use of 2-of-3 multisig. This makes scam not to be possible to some extent, just like on centralized exchanges too. For naira exchange to bitcoin and other crypto and vice versa on centralized exchanges, the exchange serves as the middle man which can help mitigate scam. But there is still possibility of scam if someone is not careful enough. Do not rely on alert, if you are paid, check your bank account balance and make sure the money reflect on your account before you proceed to release the coin from escrow. Secondly e get any oda country wey dem government ban bitcoin wey dem de use dis p2p system?
Nigeria government did not ban bitcoin and other cryptocurrencies, it is CBN that ban cryptocurrencies. If the government ban bitcoin, they can go to the extent of doing what they did to Twitter (when Twitter was banned in the country) to centralized exchanges to the extent that you will not have the option than to use vendor or decentralized exchanges. I don read through all the posts for dis topic, so fa wetin I gather be say to be on di safe side for p2p matter, na to go through reliable exchanges wey most members for here de so kind to share. Your advice make sense say make person no depend on alert, instead make the person check him account balance to confirm payments. Dem no depend tell person say fake alerts de everywhere now. I hope say CBN go see di light and understand the benefits of bitcoin, as a genuine business, and a credible source of income, e go help to reduce unemployment for di country. Dem suppose lift dis ban, because if people wey no understand bitcoin, dey hear ban e go be like say na fraudulent business. |
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I thank the organizers of this reward inside our naija board, na very big encouragement for members, especially new ones like me. I de very very grateful and honoured say una consider and choose me for dis reward. Before I enter bitcointalk, I no sabi anything about bitcoin, Aldo I don get the interest to learn am te te. I thank God, say I de understand about bitcoin for dis forum everyday.
I thank una our experienced members wey de teach and guide new members like me to de understand bitcoin. This reward na very big morale booster for me to de more focused for di forum.
I thank you SatoPrincess, na my bitcoin segwit be did, bc1qu9vv08rpc27vmqjyca8fcydaa00lge07f4n4jd
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