Greetings to all my fellow Nigerians I brought this topic for all of us to add our perspective on why you think Nigeria is leading the adoption of bitcoin in Africa .
in the year 2020, the term( Bitcoin) became more popular in Nigeria after our Naira currency devalued, which made many Nigerians to explore Bitcoin as a potentially store of value and it iscertain that every since many Nigeria Bitcoiner has evolved over time in suggesting a cautious embrace of the technology.
It wasn’t really the devaluation of Naira that saw many Nigerians looking out for alternatives. If that was the case, dollar would have served just fine since inflation on it is only slightly and it’s always a stronger when valued against Naira. 2020 was the year when the pandemic rocked every part of our world where people had assets and couldn’t access them, there were limits to what you can buy and even going to cash in your money was impossible let alone, having to work and earn for daily survival. This saw people searching for alternatives for investment and finance and that’s how Bitcoin became really popular. It also happened to have been a year for the halving and so, there were a lot of credible activities in just that one year. true!, Bitcoin had been popular long before 2020, I think Bitcoin became popular after it's first upsurge that shook the world. So it's definitely wrong for the op to say Bitcoin became popular in Nigeria in 2020. |
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The way some investors are behaving it is obvious that they don't still understand this you said and that is why we have people selling off when the market is going down because of wrong investment. The reason why some investors won't go forward or make progress in their investments is covetousness, some of them are not always contented with what they have even though that is the only thing they can afford at that point in time and anyone who wants to exceed there capability or capacity will definitely learn in the hard way because there is a saying that " you can not be faster than your shadow"
People are investing above their limits and this causes them to panic when the market is experiencing some discomfort. Investing isn't supposed to be fast so you can't be think about't investing today and be expecting to be cashing out tomorrow. I won't say people don't understand this but they're just too greedy to care, they want to make money so fast without giving it time to mature and it's not like when they get the money that they'll be able to manage it well to multiply it further instead they burn the whole money and go back to square one to start hustling again. Your Bitcoin accumulation pool shouldn't be extravagant that you go broke because you'll still get to sell your stash prematurely and that's the biggest problem of Bitcoin investors this days. there's a phrase that says you must learn to crawl before you walk, this phrase applies in many aspects of our lives. And in Bitcoin it simply means you have to pass through different stages especially in accumulation before you get to where your aiming for. many investors sub-consciously sees Bitcoin as a means to double up financially and thus seem to invest heavily to make huge profits within their certain durability. And when the market experiences a little turbulence they panic. Investing your all into Bitcoin is the most unencouragable thing to do as an investor trying to accumulate Bitcoin. |
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Maybe an example might be helpful?
Go back to my earlier example. My hypothetical guy had variance in his income and expenses, yet I also mentioned that many times his income was $1,500 per month and his expenses were $950. So that means he ONLY has $550 left for all of his discretionary income for each month, which I thought was more than a decent income, especially if we might be hypothesizing someone who might be somewhat relateable to folks in Nigeria.. even though sure, this guy might have a higher income than what is typically expected.. but still he ONLY has right around 36.7% total for all of his discretionary income that is left after he accounts for his expenses.
Omo, JayJuanGee… you Dey write shah, to read all these thing way you just carry yakata for here like this no be small kind reading but the thing be say, you make certain interesting points them. I no see you write pigin but, I believe say you understand am via we naija yarn. Oya make I follow up for English! I don't understand the pigin very well... so I might lose the context when trying to figure out the pigin. well the op acknowledges the way you seem to be very good at writing and how well you put out your words. The way you carefully respond to replies and how direct you are with your words. And it literally gives them a tough time when reading. But nevertheless it's good , you're good and that's okay. |
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In as much as we can create guidelines or certain steps that will seem best for anyone doing a 9-5 job and wants to invest in Bitcoin, it is also necessary to know that we all have different financial principles, guidelines and ethics. Like I have always frequently said what fits Mr x might not be what's good for Mr y because we're not all the same, we earn differently we spend differently so all of this should just remain as an opinion not fact's.
It seems to me that many of us are providing examples in order to attempt to show some parameters in which any of us might be needing to decide and/or to prioritize his investment into bitcoin, to the extent that a guy might have discretionary income that varies, yet still choose some level of aggressiveness in regards to his situation. I had specifically provided an example of a guy who's income tended to vary between $500 and $2,500 per month and who's expenses tended to vary between $750 and $1,200 per month. Of course, the details might vary, and also a person's assessment of the situation might vary too, yet if we go through the process of pointing out the various parameters and describing the choices that the guy ended up making, including that he decided that tentatively he was going to invest $70 per week into bitcoin for the first 14 weeks, and then $35 per week for the next 71 weeks, and then he was tentatively planning to return to investing $70 per week into bitcoin after the first 85 weeks. Even though the matter is not set in stone, he has figured out a tentative plan based on what he expects his current situation to be and also in regards to how he expects his future situation to be. Surely if some of his details change, he can account for the changes and to adapt within parameters that he finds acceptable. He likely realizes that he has preferences that he is attempting to express through the system that he has chosen to follow, and his options are not "whatever" since "whatever" would not necessarily help him to reach his objectives and/or to balance whate he believes to be limitations within his circumstances (income/expense and/or other matters). We could have had also contemplated that the guy was not necessarily new to investing, and maybe he had already spent 5 years or more investing at about a rate of 15% of his income, no accumulation on and maybe he had already accumulated an investment portfolio of $30k or more.. and so then when he starts out his bitcoin investment, maybe he wants to take around $10k from his already existing investment and lump sum invest it in into bitcoin.. or at least he might consider lump sum versus DCA versus buying on dips as three accumulation options that he might have right from the start, and he also might have a situation in which he receives a bonus of anywhere between $500 and $2k a couple times every year, and so then maybe he has some additional options that we might be able to take into account, and surely not everyone is going to decide the same in regards to how to treat those additional individualistic factors. We describe some individualistic factors in order to show that the choices might not be all over the place, but they have to attempt to deal within the parameters that are available, to the extent that any of us might be in a position to be able to identify our various factors and then to be able to come up with a plan and to employ it within what we would consider to be acceptable terms to our own situation. So in that regard, even if some of us might be expressing our own preferences within the parameters, hopefully none of are imposing our own preferences onto others... even if some others might agree that we had reached a reasonable balance given the known circumstances that have been outlined through the hypothetical example I agree one hundred percent, with all you've said and the example you've given clarifies it all. Why I said what I said was because I noticed almost everywhere in the forum some members say it like the are trying to impose their own ideas and knowledge in Bitcoin accumulation on others and I know it wouldn't sit right with most people. Just like you said everyone should be aware that in order to reach that point that the really want to reach there should be a plan on ground, and not just any plan but a good plan that would see them balance their financial capabilities and not take a toll on them. |
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In as much as we can create guidelines or certain steps that will seem best for anyone doing a 9-5 job and wants to invest in Bitcoin, it is also necessary to know that we all have different financial principles, guidelines and ethics. Like I have always frequently said what fits Mr x might not be what's good for Mr y because we're not all the same, we earn differently we spend differently so all of this should just remain as an opinion not fact's. You can't talk about automative savings it just wouldn't sit well with everyone, to some it might be alright but to others it won't. Emergency funds can mean anything to anyone, for some they are funds for moths full of unwanted expenses while for others they're for certain goals or things they tend to achieve. From everything I've read so far , investing in Bitcoin and saving from your 9-5 job has been made routinic , and honestly am not a fan of routines. Let everyone be a judge to their financial prowess, not that any strategy is better than the other. About a week ago Tungbulu invited me to participate in this thread, and I don't mind, even though I understand that some local's might prefer to keep threads to locals so that the topics might remain accessible and even communicated in local language, which I don't necessarily understand very well.
I acknowledge the fact you took the invitation to this local board, you're most welcomed. |
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I believe say we all know Wetin JAKPA mean. For those way no know Jakpa is a slang popularly used to describe leaving the country for a better life. I respect anyone who believes in building our country Nigeria also I no Dey judge anyone who wants to leave Nigeria in search of a greener pasture because we all get different views and wetin we want our lives to be like, even some people in the western world like America, Uk also Jakpa some because of they don’t like some narrative being pushed in the school, so just want a slow and calm environment for their kids and family. What ever reason you want to travel it is important to choose a country that is made for you, I no fit talk about other factors but as a person way Dey into cryptocurrency it is better you consider or factor in countries way no get cryptocurrency tax before making your decision. Here are countries way no get cryptocurrency tax Germany Belarus El Salvador Portugal Singapore Malaysia Malta Cayman Islands Puerto Rico Switzerland Georgia https://koinly.io/blog/crypto-tax-free-countries/Some few more still Dey but this 11 countries go good for you to study on. "japa and crypto tax free nation" are not supposed to be on the same topic dear. A real typical Nigerian trying to escape the woes of this harsh country would never for once speak about choosing a crypto tax free nation. |
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If you’ve been watching a lot of our comedy skits lately from the likes of Sabinus, De-General, or even some influencers, then you must have seen plenty of ads for different apps and platforms to trade your Bitcoin with.
In fact, there are so many now, and one thing they all seem to say is that they are “fast and reliable.”
So my question is, which of these platforms have you actually tried or come across, and how was the experience? Because most of the top exchanges and wallets I know like Binance, Bybit, Luno, etc. are not Nigerian-owned.
Are the Nigerian ones really fast and reliable like they claim?
This is also a way to support and patronize our own local Nigerian market.
And if you’ve had any bad experiences with some, please feel free to highlight them too, so others can be watchful.
trusted Nigerian owned exchanges are rare if not impossible too to find. Personally I will not use any Nigerian based exchange because I do know how difficult and unsteady the Nigerian system is and things could take a drastic change when the company refuses to adhere to some regulations. So my question is, which of these platforms have you actually tried or come across, and how was the experience? Because most of the top exchanges and wallets I know like Binance, Bybit, Luno, etc. are not Nigerian-owned.
Are the Nigerian ones really fast and reliable like they claim?
This is also a way to support and patronize our own local Nigerian market.
And if you’ve had any bad experiences with some, please feel free to highlight them too, so others can be watchful.
Any crypto company you see that is owned by any Nigerian person, please don't trade on them until you do your findings. Recently, the Nigerian Security exchange commission revise the process of opening exchange in Nigeria and if all of them want to follow that rules, none of them will be operating in Nigeria because the money to pay for application fee, processing free and other charges, you will be spending roughly $80k, that's a lot of money if converted to Naira, shared capital of ₦500m, that's a very huge amount of money. If most of those companies have this amount to pay as legal fees, they will not be functioning in Nigeria unless there is backing from venture capitals and investors from outside. This condition are very bad but at the same time, it helps protect the people because how is it going to sound if everyone want to launch and exchange, it will bring alot of scams acquisition, it's not like it might, it will bring it and some people might not have any their money back. wisely said, from this perspective people would understand why the lack of trust is there. The Nigerian system wouldn't favor this exchanges much and as such that makes them unreliable. |
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Congratulations on launching your loan service.. it's good seeing that our people are launching service like this making us to reduce our focused on how they do go apply for the general lending board. Usually, if we could get something like this then it would help us.
A little correction or suggestions; It wouldn't be that nice putting merits as a criteria because there are people who are already in campaign and doesn't have up to that merits requirements but can repay as long as they are in active campaign and earning. I think your focused should be on active campaign because there are people who earned up to that merits requirements but are not in campaign, would you also give loan to such person who are in campaign?
Wait a moment, doesn't it mean that your is free and doesn't require interest when paying back?
Thanks for your valuable advice. Maybe the merit criteria were not very necessary. But I am just trying to value his (borrower's) account. I will definitely consider it and make corrections if necessary. Another thing to clarify is that my service is interest free. So when you return the money within the specified time, you will have to pay the same amount. If the time is exceeded, the mentioned penalty will have to be calculated. Because, I want to spread the service to more people. I invite everyone to comment and contribute to the necessary corrections. I don't quite understand the penalty fee of 5$ per day, does it mean 5$ would be added each day to your outstanding amount? Or how does it work you need to enlighten us more |
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One method of hacking they do commonly used these days is "phishing" .
Now phishing is a kind of hacking whereby the replicate already made apps that are popularly used, and sometimes unpopular apps are also used too, they also use emails too the try to get useful info from by replicating emails of people close to you.
So when users try use this phished app the hacker gets hold of all the necessary information the need when the user inputs those information.
I've only falled for this kind of method once, when a friend of mine enlightened me on the situation.
Phishing hacks can come through so many ways, like email scams, duplicating applications softwares.e.t.c.
One of the many ways to prevent this is by insttalling anti-viruses and anti-malware soft ware because it helps as a counter force on phishing attacks.
nd also check every email carefully because when doing phishing attempts it's always easier for a hacker to make mistakes.
I almost fall victim to phishing attack some time ago when i wanted to register on an app i was introduced to, what made me not to fall was when they requested for my Facebook login details or my email login details, i was like why an app of its own would require login details of another app. They even send mails with phishing links but what i have done is that some of the apps that i used my email address to register, i set up an anti-phishing code such that when i receive a mail it must include the anti-phishing code before i will take the mail seriously especially if it is a mail that comes from the centralized exchange i normally use. that's quite smart of you , trust me I wish I knew very well about phishing a long time ago but after my first incident, I got fully clarified by a friend and since then I now feel like I know all their methods they use. How I fell into the trap was my Facebook account, back in the days where Facebook lite wasn't a thing yet, the old version of Facebook. I tried downloading a Facebook app on my little android phone back then , I already had a good account I normally used , I usually log in through websites so one day I decided to download the app not knowing I was downloading a replica of Facebook and not the actual Facebook, when I input all my details It didn't go further again, I tried and tried but to no avail. I then went back to the website to login and I discovered that my account was no longer under my control. |
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One method of hacking they do commonly used these days is "phishing" .
Now phishing is a kind of hacking whereby the replicate already made apps that are popularly used, and sometimes unpopular apps are also used too, they also use emails too the try to get useful info from by replicating emails of people close to you.
So when users try use this phished app the hacker gets hold of all the necessary information the need when the user inputs those information.
I've only falled for this kind of method once, when a friend of mine enlightened me on the situation.
Phishing hacks can come through so many ways, like email scams, duplicating applications softwares.e.t.c.
One of the many ways to prevent this is by insttalling anti-viruses and anti-malware soft ware because it helps as a counter force on phishing attacks.
nd also check every email carefully because when doing phishing attempts it's always easier for a hacker to make mistakes.
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My opinion,
A decade from now I think Bitcoin would have surpassed all expectations, technological advancements would also be a contributing factor .
I see Bitcoin contributing massively to the world economy, and a massive adoption by both individuals and institutions too.
Here's a break down of how I expect Bitcoin to be 10 year's from now.
1. Regulatory clarity: in the next couple of years, I would personally expect that the government would establish some form of regulation that provides Bitcoin a platform that enables it grow and provides stability.
2.competition: this might seem off , but I think I kind of see a competition in the nearest future, I feel like an alt coin might also have an upsurge that would seem as though competition for Bitcoin.
3. Bitcoin price: maybe ten years from now Bitcoin could be valuable at a million dollar per coin, whatever be the case we all know Bitcoin will only soar.
In conclusion, nobody knows the fate of Bitcoin in the next couple of years, but we all know there's still a long way to go.
There's a bright light at the end of the tunnel, and it Bitcoin we still haven't reached that tunnel end.
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With all you've said, be it manually saving money or automativelly saving emergency funds, it all requires discipline and a serious and determined mindset. With that you can achieve a lot more than you think. I feel you giving a percentage of what to keep and what to save seems off because people would always save what they can afford to keep for a good period of time without looking back at it. 2. Bitcoin Accumulation: 30% of your income should go to your discretionary spending, you can choose to use all 30% to accumulate Bitcoin or use a lesser percentage, it's totally up to you, but note that it should be a reasonable amount. Me I no support the idea of using all 30% for accumulating Bitcoin. Don't put yourself in a bad spot because you want to prioritize accumulating Bitcoin. Use a smaller percentage that won't make you run out of cash or get to use your emergency funds for things that aren't emergency. Plan your finances properly and allocate your funds very well. No do pass yourself. Say your friends they invest 100k monthly no go make you to dey do the same. If na 10k you fit afford and you no go broker, they run am like that and soonest you go done accumulate some decent amount of Bitcoin. i also do not support the idea of 30% people should choose a percentage that seems appropriate for them. , someone who earns more than I do is required to invest 30% , no problem. But I earn lower you can't also expect 30% from me too. You should do whatever amount you feel seems right. |
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There are some factors behind this,
Some members of the forum feel that leaving replies on a good topic does lesser good than creating the topic themselves which is infact not true.
Topics on this forum should be more educative and meaningful that members here could benefit from, and recently i personally observed how merits are now given to members with meaningful replies which indicates that our merit sources are actually doing a fine job.
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Honestly I would say there's no need to.
You can let them know about Bitcoin but not try and persuade them into starting crypto.
Sharing knowledge is one thing but how the person who the knowledge is been passed to recieves and take the knowledge is up to them. Except in some way or the other you'll tend to benefit from it.
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Have you ever been debited when the transaction is not successfully or have similar issues in your bank before?
It is then you will know that the banking system in our country home is dead.
They find it very easy to debit and deduct unnecessary charges,but start the process of refund and see how they will keep turning you around as if you are begging them money.
It is quite unfortunate that even our money in the bank is not safe as so many people have suffered lost of the money in their bank account been cleared without their bank giving them a proper answer of what happened to their money.
Without making enough noise, your money will just go.
SO BAD.
it's quite sad when I see my fellow country men speak so I'll of a situation as this in our country without making any proper research. Did you know? That Nigeria is one of the few countries in Africa that permits easy inter-bank transfer, that is, different banks in the country co-operate and send and receive money interchangeably. Whereas some countries like south Africa do not. In south Africa it's difficult to use a particular institution and try to transfer money to another institution sometimes it takes days and even weeks before transactions could be verified or approved. But in Nigeria it's as easy as abc but still we choose to find fault in the system when we should be thanking God that it's not as worse as the others around us. |
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Crypto can be anything to anyone.
Crypto was introduced differently to everyone, not everyone in this forum started crypto with the same understanding about it.
To others they might have been introduced by friends or family members who became rich overnight through crypto. While to others it must have been through a simple research that ked to one thing or the other and then they ended up in crypto.
Whatever be the case , everyone here started crypto with a different mindset, and let's not dispute the fact that crypto has also made a lot of people rich overnight, that's fact.
I'm not saying or supporting the idea of crypto being a get rich quick scheme, but we should also bear in mind that crypto can be anything to anyone and these claims we make about it are not fact's but only opinions.
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- Invest heavily in alt or meme: It might be lack of knowledge or greed, but try as much as possible to not invest heavily in alt or meme coin because the end point is mostly painful, they falls more than they rise and even when market start appreciating, they will hardly recovers back to where it fell from, so avoid taking such risk.
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[/quote] this is one factor I think we should create more awareness on, I personally feel that people who invest heavily on alt or meme coin's are gamble minded individuals, and this does more harm than good.
If am to testify about my shortcomings due to Altcoins investment, it's really sad. Snd I wouldn't love to see anybody pass through that.
Bitcoin remains the only reliable asset to invest on. It just requires patience.
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Rightly said Hatchy , you've said all that needs to be said.
This topic should be pinned so newbies especially and some old members too who are guilty of this would be able to see this.
Posting topics shouldn't only be about seeking merits but Topics should have good knowledge filled contents that would be beneficial to the community
These days many users think the just have to create and post topics in order to accumulate merits forgetting the need to bring something tangible to the table.
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For some months that I have been away from the bitcoin community, I have a different view from what I once know and believed . This brings me to the conclusion that, lots of people outside the Bitcoin community sees it with different perspective. Outside here where struggles is real, lots of people have little or no time to think about bitcoin. Sometimes life can make one not to think close to cryptocurrency. Now I understand it that of a truth, with the popularity of bitcoin , many are no longer looking at the direction of bitcoins and there is no hope that it will ever have a bigger influence on world economy.
To be real, bitcoin does not fit to every day life considering the economy crises in every nation.
Life has been designed around paper money and centralized system. Even in 50 years to come , we will only find 1 out of 10 who will be ready to shop with bitcoins.
you've just said your opinion, and also how you viewed life outside the BTC community. But I have to strongly disagree with you on the part where you said there is no hope that it will ever be a big influence on the world economy, you need to do a lot of research before making such claims, Nigeria alone, despite our feds negligence on Bitcoin we still contribute largely to the Bitcoin community, and somehow Bitcoin does affect our economy positively and negatively at the same time. My advice is just do a proper research before posting up topics. |
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Patience is key, applies in almost every area of life.
And Bitcoin is not exempted, you've simply put it this is by far a good way to talk about this matter.
Bitcoin has proven to be the best and reliable crypto currency to invest in by far.
But despite that it's volatility leaves the fate of good ROI in the hands of the investor.
Bitcoin is no a get rich quick scheme, for some people it has worked that way but it doesn't justify that it isn't.
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