Nigeria by the below data is the second largest user of pax to bitcoin and now the CBN has issued an instruction to banks to go after cryptocurrency account and pull them down. What effect do you think this could have on the bitcoin as Nigeria is fast becoming a large investor in the bitcoin market or is it just going to be one of those news coming from China on cryptocurrency ban and yet bitcoin kept moving higher.

Binance already issued Notice Of Temporary Suspension Of NGN Deposits


Country         Volume $            Country                       Volume BTC

USA       $3,755,463,837        USA                          535,660

Nigeria      $566,668,692        Nigeria                                60,215

China       $181,329,392        China                                     20,553

Canada        $131,108,721    Canada                              15,367

UK          $119,440,278             UK                                11,169

India        $94,794,948                 India                              10,017

Australia $75,643,905          Australia                        7,050

Kenya    $55,292,942               Kenya                               5,895

Philippines $22,733,649     Vietnam                          3,323

South Africa    $18,935,812      Philippines                   2,121

https://www.google.com/amp/s/qz.com/africa/1947769/nigeria-is-the-second-largest-bitcoin-market-after-the-us/amp/

Litecoin is a chaser and this is always what you need to understand. It has a history of coming behind etheruem and playing closely to etheruem but gets cut in the middle to retrace backward. However this is still a good move as it is yet to touch ATH. Hodling for a while won't be too much risk because bitcoin and etheruem are still doing up.

I think you have a cool idea of it. I don't think it will stop all aspect of cryptocurrency. Centralized exchanges maybe affected and bitcoin itself is decentralized and that makes it difficult to monitor. You can transfer coins to wallet address and only you have access to it. P2P is another channel. Moreover I think the Nigerian situation is politically motivated and it won't stay for a longer time. China did it and have relaxed there policy on it.

After I heard the news and circular flying around the Nigerian crypto space that the CBN has instructed banks to close down cryptocurrency accounts;


I have made google my close friend for the pass 24 hours, searching to see any reason related to the decision. Although no media house or government financial parastatals have given such needed reasons but from my study, I have deduced from individual comments and body language as SELFISH REASON. It is purely wickedness, myopically planned and meant to witch hunt certain people, otherwise how would that Nigeria Launches Digital Portal and Mobile App in September and nearly 4 months , coming down on a sector that will certainly ensure proportional growth of the digital economy and industry. I can't rap my head on the Nigerian system. How can a country grow this way?

From my ravage on google anyway, I saw a reason linking the decision to:
1. Protecting the Naira as the fiat is largely converted into cryptocurrency.
I saw another reason which happens to be the stronger point for me, that which is supposing that:

2. The #ENDSARS protesters made use of crypto channels in release of funds to execute the protest and this is a reason to come up with an obnoxious selfish agenda.

In dissecting these reasons, the first point in relation to the naira from collapsing is nothing to discuss. It holds no brief for the government. The Naira has been on free fall since 1960, during the Nigerian civil war that lasted 3 years and during the first Republic in 1963. The Naira saw her worst falls beginning from the era of Democratic regime in 1999 with high levels of money laundary to foreign lands by Nigerian governments and politicians. Solutions to building the Naira is not far from a reasonable Nigerian mind and politicians and that is simply the tenants of good governance that will increase exportation rather than depending on importation of products that are taken away as raw materials in Nigeria (Appalling). To remind us, Nigerian is still battling to build a functional crude oil refinery

So, to number two point which I see as major reason as The CBN directive comes just months after protesters in Nigeria used bitcoin to raise funds after authorities reportedly shuttered bank accounts associated with the movement., the Nigerian government have been on the case of some #endsars individuals and have confiscated some of their belongings including frozening their fiat accounts with the bank. I have no doubt again that this is another move to frustrate certain people.

If a government wakes up to a decision against certain progressives , it means the masses and larger population will keep going down by the day. The government need to have a decision to grow with modernity.

I don't expect a major bull run again this year. I think the market will do a steady movement up and down and not a super run like we saw in 2017 and last year which are all halving year. Therefore, the halving years have been instrumental for bull runs if this is historic we can now have it at the back of our minds when a major run can come in light. We are going to have steady but less volatile growth but I don't expect a 6 digit before another halving.

A good advise for anyone trying to rely on bitcoin as a job. You will have heart break. If you only focus on bitcoin waves and volatility to make money to take care of your family, what happens when your expectation for profit is going off to south?
You can just play around with bitcoin while you invest wisely by waiting for a huge drop to buy and not to always rush in so you don't feel bad.

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I like your design on your page and update of campaigns. You also managed your defi for you very well as responses are coming in. Keep your job going , you doing good manager.

Although, Nigerians are still in doubt about the gravity of covid-19 because of the nature of Nigerian politics where many top government officials are secretly seen without wearing facemask except when they are appearing on record or video.

But it is unfortunate that the virus that was discovered to attack the human society since late 2019 has refused to be eradicated all over the globe. It rather keep increasing and changing the way humans have lived. It has made man to see it as one of those existing illnesses bedeviling the society.

But to my opinion, it is different compared to other sickness in the way you should guide against it or avoid against it. The mode is so different unlike others. For other sicknesses or health challenges, you should come down with it first to have certain physical preventive measures or help given to you and people can only know when they come close to you or ask you.

For most illness, you come down with it before people will know about it like malaria, diabetes, STDs and other infestions, internal organ disease etc, the symptoms or manifestion of some of these health challenges are just personal and within your confine. And you are told what to avoid if you don't want to contact any of them or fall down with them but the general public don't know you are avoiding them even from afar.

For others like tuberculosis and other respiratory diseases, you are told to avoid dust and places that can trigger your challenge and the public won't know you are allergic to such or that you are preventing any trigger if you abide.

Covid-19 is not like that. It has changed the way society works. It has made nose coverage a new way of accepted way of life, fast becoming a world culture. When you now see somebody, you don't see anything wrong with them covering their nose, in fact the reverse is the case for the person whose nose was not covered ; the new normal.







In gatherings and foras, you are now expected to cover your nose because you want to prevent contacting covid-19. My point is, this is the first kind of preventive model that has lasted a long time and becoming the norm. What use to be the practice by only health workers have now become the public expected way of life. Will this ever go away, ? Many countries have made it a law that face mask most be worn in public places, a law means it attracts penalty for offenders and Nigeria is not left out.



In Nigeria, the federal and some states government have made it a 6 months jail term for someone seen not to wear their face mask in public places. In fact, you are now reminded by neighbours and friends not to forget your face mask while coming out in public. Will this ever go away?


Nigerians are already getting use to it as some have started making it fashionable, wearing facemask to fit into the colour of their attire.




The second lockdown is being threatened to come if guidelines are not adhered to. This is a new year after covid-19 devastated last year and here we are with same covid-19 issues. This is not making me happy and I'm sure Nigerians are not, as things begin to get bad with covid-19 plus her insurgencies, terrorism, attacks, bad government and corruption.

The funny side of covid-19 and facemask.

Laughing. Nigerians too are resilient people, never giving up home, creative and funny people. They say laughter also helps one to relax in the midst of challenges.

I have seen some funny pictures about face mask and the joke made on covid-19 challenges and quarantine. I will let you see some of them below.

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At $250 is already leading to economic instability and $500 will be a big problem to the world economy. Many will think the oil producing nations will benefit more but I don't think so.
The worst is it will have multiple effect because none oil producers are going to also make increase of their local product in exchange to cushion the oil increase which will skyrocket transportation both sea, land and air. It will surely be a big problem to humanity if oil increase without proper option or substitute.

Real value how is that going to be when bubble is almost as a fake pump that trap investors. With that I think such trap discourage more investors which means volume will drop and marketcap. If that can happen then where is the real value.

The market is really out of the hook. I saw ripple flying despite the law suite and take over back to its number 3 spot from polkadot. Altcoins is starting on a good move for the week. Last week too was doge, who knows the next bull to come.

I saw this number of stablecoins, there are many more.

                                                 Marketcap            Position

Dai (DAI)                               $1.66B                           #26
  


Binance USD (BUSD).         $1.48B.                          #30



Tether (USDT).                     $26.62B.                        #4



StableUSD (USDS).             $537,324.                     #1477



USD Coin (USDC).             $5,871,307,918B.        #12



Gemini (GUSD).            $16,328,793.                   #502



Paxos (PAX).                $245,267,473.                    #97



TRUE USD (TUSD).      $403,555,480M.                #77



GBP Stable Coin (BGBP)



Stasis (EURS).             $44,213,860.                     #310

List of Stablecoins

https://trustwallet.com/stablecoins

The real purpose of stablecoins is to make your coins fixed at a point that you convert. Example when your coin has pumped high and you fear it may drop or you are not sure how long the pump or bull may last, you can convert to continuing hodling it stablecoin at same high value and whenever you decide to reconvert to either bitcoin, it gives you value as high as it were  excluding very low fee. During the current bull, many hodl their portfolio in stablecoin and I believe this is a very wise think to do and stable coin is the reason that people are seeing cryptocurrency as having fiat relation and impart in terms of value and stability.

You missed the 3? though and jumped over to 4 ? huh



Yeah but don't you consider etheruem as a good second option of crypto diversification after bitcoin. At least in history, etheruem has also done a bull after bitcoin even times other altcoins don't have the run up, etheruem has profited hodlers after bitcoin.

Looking to invest in new projects gives the hope of coming out rich in a short time after you have put in the money but it unfortunately don't happen that way. The joy when reading through the promises from the team and works done and more to come is overwhelming but you get heart broken at the end. Is better to go for coins that have established themselves in the market that you can analyse their performance over a long time than projects still struggling and talking future unrealistic promises. I don't know if I can still be a fool again like a newbie. I like to put my investment with coins already in coin market and not stories and promises.

I can suggest IMO that existing coins are better to invest on than new projects. Allow new projects to go through the crypto journey and if they are genuine, they will survive and ready for trust and investment. This is cryptocurrency space where promises fly everywhere except you are ready to buy certain new projects to dump when they pump "if you are lucky too. "

This is why bitcoin will not support USD, the volatility. Bitcoin has a crypto volatility and USD is basically fiat that is regulated by the government. USD is one of the popular and easily exchanged currency with bitcoin but I don't think it can back USD.

I think if a country does taxing and your amount is within the taxable amount, you will be taxed despite the amount. Meanwhile I think Op's transaction falls under capital gain tax for countries that tax on cryptocurrency gains. If it can be proved that his withdrawal is above initial investment capital, he can be taxed ideally.

How you made a post and classify fiat and cryptocurrency to be the same and no difference? No, they are not same completely and if they are not same completely, then they are different but doing same purpose. This same purpose that both perform is what relate them together.
They do the purpose with different models and have different make up. Fiat is physical money stored in a bank or personally in the house and with the state being its custodian but your bitcoin is controlled by you in your wallet, isn't it