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Good day everyone.
Where I come from, there's been harsh economic problems for a while now. It's no news, that there's a global inflation due to a few reasons, but even in the midst of all that, a lot of countries are still doing better than others, and the development rate isn't reducing as the standard of living is still by far well to do.
My country has been battling with the dollar exchange rates. It's been soaring high, making the prices of food and other commodities soar high as well. But recently, the exchange rates dropped by over 37%, and everyone became happy ( of course apart from those who earned in $), and the prices of goods and services even went higher, further decreasing the standard of living in the country.
Now, AI and search engines will only try to give me theoretically logical explanations, but I want something practical and out of experience from people of other countries. What do you think this Economic phenomenon is and what exactly is causing it? Has your country been in a situation like this throughout it's history, and how was it resolved?
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You see, not everyone would accept something new. A lot of people are bent on remaining with the old and never changing or accepting change. So, not everyone would accept Bitcoin. A lot of people, even though they know the fiat currency has the probability of failing, would still put their trust in it because the fiat currency has failed and picked itself from the ground many times. So, I can't really blame anyone
And another reason would be the risk that is attached to Bitcoin. People would call what is a scam, a scam. There's a high probability that their experience with Bitcoin was a terrible loss or maybe they've heard of stories from and about someone who invested their savings in Bitcoin and lost it all. You don't actually expect such a person to believe in Bitcoin anymore. Of course, they already know it as scam, and as such it shall be addressed.
The best thing is to leave people with their different opinions and perspectives. Do you, and follow what you want to.
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The fall of naira is a serious challenge to the Nigeria government and we all know how every government in this country mismanaged the money owned by the country and right now the government is seeing the cryptocurrency exchange as the problem of naira. This is government is known for looking for what they can always bring as blame when they are incapable of solving their problems. Now all blames falls on the cryptocurrency exchange don't be relaxed by leaving your money in exchange because they can do something by shouting it down to make Nigerians not to have access to it.
Exchange like binance and others are working on mobile, don't be so relaxed and comfortable while you money is in Exchange. If the government is unable to do something about the fall of naira, their next target is to shutdown Exchange complete. Government is always selfish, they won't even think if cryptocurrency is benefiting the youth, they will still go ahead to shut it down.
Also thought of exchanges being shut down in the country or disables Nigerians from using it. The government would stop at nothing just to make sure the crypto space in Nigeria is destroyed. Honestly, I don't see where all of this is leading to and what it is to gain from it. But it's all good, out God no go shame us. Business would rise up, and digital skill workers would too. Whatever it takes to make money in this country we would all make it. As OP has already said, do not be so comfortable with your assets on exchanges. secure them in good wallets. God would help in this Nigeria. |
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Nigeria is redeemable, it's just filled with anyhow selfish people, bad government, and a major number of lazy individuals ( may or may not be you ). For a colonized country and one with so much power and resources, it's doing so poorly. The government continues to carry out lawless activities in the name of justice. Well, it's no surprise, that no world is balanced and we the citizens would continue to be victims of being a part of a mother nation. We've gone through more than enough to not revive ourselves. Nobody is coming to save us. If we don't save ourselves well only continue to receive pity to try extent that we step on without pity anymore.
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I didn't have the luxury of sitting for long to think out a great topic for this post, because it wouldn't matter in the end after comments and replies have started coming in. We are aware how it is already and how much suffering we are experiencing on a daily basis since the removal of subsidy, since the hike in prices of food items and other charges. Recently, reports came in from World Food Programme reporting that the war thorn Ukraine donated about 25,000 tonnes of grains to Nigeria all in a bid to aid the situation that we as a country can't fix by assisting in providing food to around 1.3 million Nigerians affected by the rising food prices in not just the North-Eastern part, but the whole country. We are blessed with the best climate conditions and soil structures. Our lands are fertile and people are willing to work, but when it comes to funding the production of food and raw materials, politicians will carry about portfolios and lobby for the contracts to set themselves and family rich for life. It's so disheartening to be receiving grains from a country still fighting a war and in need of aid, don't you think? What a country we have, and the government thinks shutting down the operations of Binance or putting a bullseye on cryptocurrencies, is the solution to the devalued Naira. What are your thoughts? Source link: https://www.channelstv.com/2024/03/04/receiving-grains-from-ukraine-shows-nigeria-has-serious-economic-crisis-analyst/Sadly, it still surprises me that we continue to depend on imports to feed. What exactly do we lack in this country, that we can't provide for ourselves? I get that it's of course cheaper to import goods already manufactured than manufacture ourselves... But is the short Road the nice road? Look what it's doing to us now. We need serious entrepreneurial training and entrepreneur competition. We are eligible to provide for ourselves and even export to other countries ... But we go dey chop Garri weh be free something for 1k. Nawa oo |
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This is great news for the country, but at this point, it may need more than that to save it. Apart from exporting why can't the production rate increase? This Would by far reduce the rate of importation and thereby reduce the rate of dollar-naira exchange.
Nigeria has honestly gone through a lot in the past 4 - 8 years... but no other year beat that of 2023 /2024. Everything literally went haywire in the year 2024, whilst everyone was thinking it'd be a good year. It needs literal help. Hope this information is true and will be useful in saving the country.
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Those who have studied economics in college may not necessarily be able to apply what they have learned in their daily lives and what is very important for everyone is to be able to manage their finances well because this is not an easy thing to do. carried out by each person and related to courses that are worth studying, of course this really depends on each individual and we cannot force other people to study a field that they really don't like, of course they won't be able to finish what they started, but we can suggest other people if they like it, of course they will follow what we suggest.
Those who have studied economics may fail to apply what they've learned or prove their worth in a job. Someone in IT who's a website developer or who's into data analysis has solid work that they can show to prove what they're capable of. @OP, I've been in your position because I've studied economics, and there are many times that I look back and ask myself what I could have done differently. To be honest, I'm not sure what to answer. If I were to choose another sector, I'd choose something more specific than economics, such as logistics, anything in the IT sector, or even a handyman's skill, such as electrician, mechanic, plumber, and so on. I'm positive that you get my point. Personally, I'm now after a data analysis course, not sure if it interests me enough to dig further, nor am I expecting to find a job through the course. I'm simply trying to broaden my horizons and see if I can excel at something specific that the job market requires. I totally get what you're saying, Economics is too broad for its own good. I also really considered data analysis, and probably even fell in love with the idea of being an at-home data analyst. Chill life, an organized one at that, have all the time in the world and earn money from the comfort of my study chair. But, in as much as that sounds catchy, I guess I'm also in love with the idea of owning a business. You see, I found this as a result of my country going through an economic crisis, Andi realized after so much studies that the industrial sector in my country is underdeveloped because everybody is just trying to earn online at home and no one is barely coming out to create entrepreneurial ventures anymore. So, I can contribute big time by producing goods people would normally export from outside and help my country. Anyways, we are not in the same shoes I guess. Pursue your data analysis dreams for both of us, fighting ✊ |
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You know, there are people that look at certain things and they just conclude that because it's luxurious and expensive, it's not there thing at all. I once had that kind of mindset but with time I have learned that luxury could even make you more productive.
There are environment you will be exposed to and things you will use that will totally revamp your idea on wealth and aid you to work more effectively. As long as the luxurious stuff you're purchasing aids you to become more productive and comfortable, nothing should be too expensive to be bought for your comfort.
I've purchased a Mac laptop that's way expensive than the average laptops I could easily get but because I needed what will work well for the kind of job I do, I had to buy it and I must say that the fulfillment out ways the negative thought of not to purchasing it.
That's one factor that lead me to always go for high-quality and luxurious stuff after that moment.
Have you bought something that people feel is rather too expensive and that you could have purchased a lower version of it? What was your inexperience like after that?
Yes, I have. The feelings afterward are usually of regret, cause, of course, I should have gone for the cheaper version and I went for the more expensive one, why? Most times the quality difference isn't even much. But that mindset isn't really good, just like you said. So, I started believing in the mindset of spending on yourself, you deserve it and all.. but that mindset doesn't frequently make you penniless. How about we sacrifice now, simplify our expenses, and save so much so we can get all the good things at once, how bout we have this mindset? |
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Money is anything that has value, used to purchase goods and services and store wealth. There are about 4- 5 types of money, if I'm not mistaken, and they include, quasi, fiat, commodity, fiduciary, and I think the last should be commercial.
I like to think of Bitcoin as a form or type of money just like assets are. It is an alternative to money, and its brothers would be investment options such as land, gold, oil.. etc.
But basically, keeping money and keeping money aren't similar. The reasons are, first of all, when you said money, I believe you were talking about the fiat currency. The thing is fiat loses its value due to inflation but Bitcoin doesn't, Bitcoin loses its value due to how volatile it is, and its popularity index. I.e the more people believe it and invest in it... The more it's value. Meanwhile,e everyone uses money but over time it's value still reduces. So, keeping fiat money is a loss, and keeping Bitcoin isn't. That is how they aren't Similar
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Have you ever met individuals with insane and brilliant ideas that got you wondering, how come he knows all this and it's not even reflected in his life? Some could give you real business ideas that could change a whole generation but that's all they can do, they can't bring it to reality and all their ideas only end on the discussion ground and never come to life.
I've met some of them and I must say, they are the backbone of so many successful businesses. Always with brilliant solutions to hands-on problems but can't put things together all by themselves to create a company of their own.
I believe nature is fair to all and while it gives some people that quality, others can bank from these brilliant ideas and bring it all to reality by supporting the ideas with the needed finance, resources, and coordination required to have a successful firm.
What do you think?
People who want to bring their ideas to reality would, and people who don't want to, won't. Barely would you find one starting up a business with their own money cause most business people don't have the start-up capital. That's why they depend on means like loans from banks, family, friends, venture capitalists, and many others. One one has an excuse, you couldn't do it, cause you don't want to. One of the major constraints in Businesses is the lack of start-up capital But through loans, one can finance or fund their dreams with other people's money till they can redeem themselves and it becomes their reality. The world may not have given us all equal opportunities and benefits but you have something, use it wisely. |
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cost? scam? believe? Data cocoon room? This is probably why we are afraid to buy new tokens. So, starting tomorrow, I plan to take the first step to learn about an unknown token. Everyone is welcome to recommend, and the flag is here.  Everything in the crypto space is generally risky, but new tokens are less expensive to invest in. These are the lists of new tokens added from yesterday till today; TOTO - $0.00002112. Started 20 hrs ago. MegaWorth - $17.97. Added a day ago. XRGB -$0.5451.Started a day ago. Blast Pepe-$0.00001207. started 22hrs ago. Africarare Ubuntu - 0.06555. started a day ago. These are a few new tokens to invest in. |
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You see, the Bitcoin industry is also a type/ kind of market and it is greatly influenced by the actions of the potential investors.
What generally causes the alt season is;
Firstly, the surge in Bitcoin price during the bull season. When this happens investors begin to invest massively in Bitcoin, and this leads to its price going higher and higher. After a while, the price begins to consolidate and reduce, just a little though, but at this period, these investors begin to withdraw their assets and look for other cryptocurrencies to invest in. This altcoin in return begins to surge in price due to the massive investments being poured into it. As a result, the price surpasses Bitcoin and dominates.
Basically, the market is influenced by the actions of the investors. What they do greatly affects the price of the cryptocurrencies. The more a cryptocurrency is popular and is invested in the higher its price.
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Many people have lost the chance to become successful because they mismanaged their opportunity, some loss their opportunity because of foolishness while some may loss theirs because of anger and some because of ignorance. Many people have been blessed with so many opportunities but still they remain where they are while some are looking for the little opportunity to be given to them.
In my work place as at last year I had this friend we both ate from hand to mouth but we managed a little work together and our salary was very small that it won't carry us for two weeks before the month runs out but we still managed it then later I travelled and left him still working after some months he called me that he has been posted to a higher level where he earned higher I was very happy for him. When I came back I saw that his appearance has changed he was living well then I travelled again after three months I was told that my Friend left the work and went back to his village where there was no work at all because he made a mistake and his boss shouted at him.
I came back and started working there he came to plead because his savings has finished but no chance for him, he suffered alot looking for job everywhere so after that year I told him that it is January and there is vacancy he should go and plead again he went and he was employed but he went back and stole two months after he was employed and he was given the highest salary among all new workers as a person who already knew the work operation.
What a waste of opportunity.
It is really a waste of opportunity, but does opportunity knock on your door only once? I don't believe it does. For every experience and mistake we make today, whether the outcome is good or bad, there's a lesson to be learned for tomorrow. I get, that he stole, he really messed up, and he has to learn his lesson in a severe way, but, that's not the last opportunity in the world. Many other opportunities would come and if he doesn't learn from this one, he would mess up the ones to come. Learning from opportunities opens more and more opportunities, I hope that we'll be able to perceive one and not let it go to waste, like this young man. |
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we all know that Bitcoin is so broad that coming to crash is so minimal, but the big question is what if it crash?
it is so obvious that majority of the world is totally dependable on Bitcoin.
but I think that in anything we do we should try as much as having a plan b, there is nothing wrong if we invest in other business as plan b.
for example I have seen most men who are international staffs in an oil companies taking a huge amount of money at every end of the month not knowing that nothing last forever more especially money.
so am on the opinion that every Bitcoin miner should have a plan b of investing in other business to avoid the story that touch.
First of all, bitcoin isn't a business. Secondly, it's not MMM, but I get, you said we should imagine, so, there are 2 ways of creating wealth. Note: not 2 ways of making money...creating wealth. And there are; investing in a business and investing in assets. Mind you, businesses are also assets ...the only difference is you work in your business until people begin to work for you, and that is the point where it becomes an asset... Bitcoin is one of the many assets out there, but one with great potential and high interest, cause of its potential ability to take over the monetary system... but there are other valuable assets. There's land, gold, business, and many others....but if Bitcoin were to crash ...I would go for these 3. |
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Anytime the price of Bitcoin skyrockets, there would be massive selling of Bitcoin and this practice(s) have always lead to the price of Bitcoin falling back afterwards. During the approval of spot Bitcoin ETFs, it was observed that the massive selling of Bitcoin when the price got to $48,000 made the price to fall to $38,000, it was after the corrections that the price began to soar higher again till now that it has set a new ATH of about $69,210 and immediately, massive selling and withdrawal of Bitcoin was also noticed.
Wouldn't this continues practice of withdrawing and selling off whenever the price skyrockets going to slow the volatility of Bitcoin to continue skyrocketing? Since the price automatically starts experiencing a dip after every massive withdrawal.
What you said is right, OP but, In as much as that's the best time to hodl, so one's worth continues to increase, it's also just how the market works. Besides, not everyone sells off their Bitcoin and altcoins at this moment. Having Bitcoin at its ATH period is a factor and huge influence on people's wealth skyrocketing, but at the same time, not everyone sells and accepts Bitcoin, leading to the withdrawal and exchange for fiat currency. |
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recently i get help from some good people to open wallet for bitcoin.
im a kid for this world but my age is not.
May 25, 2018, 04:54:25 PM my account activation date.
now i curious to know more about this world, how its work, how to start here.
how can i help someone.
Welcome to the cryptocurrency industry, brother. You're in the right place and probably at the right time too. There are alot of information about Bitcoin and other altcoins right here on the forum, and all are available to you. I'd say you get reading, learning, and taking action, cause I want to assume you're here for the same reason most of us are... And that's gaining financial stability. The journey would be nice and smooth with the right information, trust me. Once again.. welcome |
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BTC reached a new ATH of 69,170.63 USD today, marking a significant moment in its history. This is a surprising development, as BTC has traditionally never reached a new ATH before the halving event. BTC halving is an event built into Bitcoin's code that cuts the reward for mining new BTC in half, roughly every four years. This happens because the halving is triggered at a specific number of mined blocks (around 210,000) [1], and with an average block creation time of 10 minutes, it works out to roughly four years between halvings. In simpler terms, Halving reduces miners' income, causing the minimum BTC mining cost to roughly double. This means that for miners to maintain their pre-halving income, the BTC price would also need to roughly double. This is considered one of the driving forces behind the historical price increases of BTC observed after each Halving event [2]. It may contribute to the roughly 4-year cycle observed in both BTC and the broader crypto market, similar to some traditional markets. I believe this cyclical pattern might have been part of Satoshi's calculation when creating Bitcoin. I believe that BTC history can be segmented into distinct periods. The first period, spanning from its genesis block mined on January 3rd, 2009 [3], to the third halving event on May 11th, 2020, exhibits unique characteristics: - Singular ATH: a period witnessed a single, prominent ATH, suggesting a distinct price discovery phase.
- Bounded Bear Markets: Subsequent bear markets never dipped lower than the prior cycle's peak, potentially indicating a rising price floor.
- Pre-Halving Stagnation: New ATHs consistently emerged after halving events, suggesting a price increase pattern tied to block reward reduction.
- Fib retracement at Halving: The BTC price at each halving appears to gravitate towards the 0.618 Fibonacci retracement level of the preceding downtrend.
Due to the consistent properties mentioned earlier, predicting the first stage is generally straightforward. The second stage, however, presents a more intricate picture. While it may have begun around May 11th, 2020, coinciding with Halving 3, there are some key deviations from the previous cycle: - Double-peaked ATH: ATH took the form of a double peak, occurring in both April and November of 2021.
- Deeper crypto winter: The current crypto winter's bottom point sits lower than the prior cycle's peak, reaching 15.5K USD in November 2022 compared to 19.8K USD in December 2017.
- Early new ATH: Notably, a new ATH emerged today, before the Halving 4.
- Uncertain Halving price: The BTC price at the time of this halving remains undetermined, with the possibility of exceeding the previous cycle's ATH.
While I'm impressed by BTC's new ATH, as a non-technical investor, I'm cautious about this deviation from historical cycles. In 2021, I successfully timed the market by selling in November-December based on cyclical patterns. This time, however, the uncertainty is higher. The next peak for BTC could be in November 2025, but an earlier ATH in 2024 followed by a crypto winter in 2025 is also a possibility. Predicting this accurately is difficult, and more data is needed for a clearer picture. I want to know your views on BTC reaching a new ATH before the Halving: - Are you surprised by this event?
- Do you think this signals a new stage for BTC history?
- Are you worried that this event will disrupt the market's cyclical nature and future predictability?
References:[1] What Is Bitcoin Halving? Definition, How It Works, Why It Matters[2] Bitcoin Halving 2024: How It Works and Why It Matters[3] How and when did Bitcoin start? The complete Bitcoin historyI'm not surprised at all. Yes, this is the 1st time it's price is getting this high, but Bitcoin has the potential to get this high and even go higher. Predictions already said it'll get over 100 - 500k between 2024 and 2025. So, I believe it'll keep on going up and up and until it reaches these prices and properly even surpasses it... Digital currency is the future and it's starting to show how much potential it has. |
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Bank investors have more certainty because there capital is completely safe but they give 8-10% annual profits to the investors of per year. But it is comparatively less in terms of profits.
On the other hand you will get constant profits from crypto as if you are experienced in trading then daily profits is possible. Otherwise you can get profits by investing. However crypto investment puts your capital at greater risk (main point).
Getting a rented apartment puts the tenants in their comfort zones, paying rent probably every month, half a year, or a year. They don't have to worry about maintenance, light issues, and the rest .. they just have to pay their rent and everything will be sorted out. Meanwhile, a person who owns his/ her own house gets to live without paying rent constantly. They may rent a few of their houses to people and earn money from their belongings or sell it off... Meanwhile, they have to worry about maintenance and other stuff... In life, the comfortable way/ route is always the least comfortable. The higher the risks the higher the returns. One cannot be comfortable accepting 8-10 % interest when they know that there's a straight path they need to follow and earn over 50%/ above, can they? So, profits from the banks aren't all that comfortable, even considering the fact that sometimes they still withdraw from your account for maintenance and other things without your concern. So in conclusion, of course, altcoins/ cryptocurrency profit is the best profit. |
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The commercial banks have done a good job keeping people's money safe for ages, and now there's something better. It doesn't just store your wealth but gives you interest over time for keeping your wealth. Cryptocurrency is where most people store their wealth nowadays but it doesn't change the fact that the banking institution did and is probably still doing a great job keeping money.
Commercial banks are a good place to keep your money but isn't the best place. Considering how the value of one's income reduces over time there. Apart from that reason .. the banks are a safe place to keep your money.
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Hi Guys
I have lost access to all my XCN tokens. i have provided liquidity in their website and the claimed that they were hacked in November 2023 and their website was taken down. They promised to reimbursed people but it's been 3 months and they still have not returned anything to existing users. They have launched V2 version if their website and sucking more and more people in, I suggest you stay awa from these scammers. Look at community forums and people complaining about lost funds.
It's sad that you lost your investments. What's worse is that more and more people are being pulled into these shit coins for quick cash and their money is being burnt out of their hands. This is why full knowledge about what you're getting into is always needed de in the crypto world. In as much as being a risk taker is a good thing and helps you learn a lot, it is jive to know what you're getting into and then have calculated the risk behind it. Anyways, it's a lesson to learn for another day and experience added. It'll also help to keep people away from all the scammers and shit coins. |
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