[HBTCDL]

14th October 2012 bitcoin was $12 currently at 19k, down with - 70% since its ATH I feel this a second chance given to new investors

Take the chance today and HBTCDL

Happy independence day to Africa's most populous country.


Today marks Nigeria's 62nd year since gaining her independence from the colonial masters.

Nigeria bitcoin adoption journey so far.

1. One of the top countries in the world with high number of bitcoin investors. This investors are mostly youths aged between 18 and 60

2. A country with over 200 million citizen with 27% of them (33.4 million) been cryptocurrency investors despite the government banning its trading in February 2021.

3. A country that has traded over $1.16bn worth of bitcoin on paxful(a P2P exchange platform).

4. A country that currently has many places that accepts bitcoin as a form of payment (luxury hotel in lagos been the first) and Also has two bitcoin stands in lagos.

5. A country that is presumed to have over 60% of its citizens core cryptocurrency investors come 2030.


Nigeria might not be there yet in regards to bitcoin adoption but just like it gain its independence, one day we will also celebrate the freedom of money (Bitcoin adoption)

Source
the nation
triple a
Thisdaylive

[NIGERIA ECONOMICAL PROBLEM]

The news about bitcoin is already old but in Nigeria it is the talk of the day. With the country being regarded as the giant of Africa in both population and economy, it has the potential to lead the African continent to bitcoin mass adoption.

NIGERIA ECONOMICAL PROBLEM
Regardless of been Africa's biggest economy it has become very hard for most Nigerians to financial thrive because of multiple economic and social challenges notably the fluctuation of the exchange rate. As at the year 2020, Nigerian Naira was 361 to $1 and as today its equivalent to $1 is ₦700+. With this fluctuations people (mostly Youths) starts tending to bitcoin for easier transactions and to save there incomes.

WHY IS BITCOIN LOOKED AT ONLY BY THE YOUTH?
Although stats have shown that over 33.4Million Nigeria use cryptocurrency (mostly bitcoin) with the age of the investors ranging between 18–60, one could see that the older generation aren't paying much attention to bitcoin. This could be as a result of fear to loosing there funds to ponzi scheme. Two of the notable Ponzi scam that discouraged Nigerians from everything online (as they call it) was the MMM (happened in 2016) and Rackstali ponzi scheme. Some Nigerian lost millions of Naira into them and since then the central bank of Nigeria has warned about this kind of schemes. Although cryptocurrency is way different from ponzi schemes the old still regard them the same. Not with standing the warning some learned Nigerians didn't held back in investing into bitcoin and since then there has been no turning back. And come 2021, bitcoin worth ₦316.9Billion was traded with an estimate of about 16,000 transactions per day.


BITCOIN BAN AND WHAT HAS HAPPENED SINCE THEN

Although on February 7th 2021 CBN banned Nigerians from the use of bitcoin (cryptocurrency at large) which lead to some investor's account been frozen in local banks. But still Nigerians still didn't give up and some of the achievements since then are;
1. More Nigerians began to pick interest into cryptocurrency.
2. Nigeria had is first bitcoin ATM in Lagos ( although the government grabbed hold of it and yet to release it)
3. The Nigerian government have started to look into the possibility of legalising bitcoin with there recent partnership with Binance Exchange.

WHAT IS BEHIND THE INCREASE ADOPTION OF BITCOIN.
1. While Nigeria economy depends on remittance and with large population not having access to Banks. Nigerians access to financial service has been limited and causing transfer of money to be costly and slow, as prompted people to look else where.
2. With the inflation happening and the constant fluctuations of exchange rates, Nigerians bitcoin as alternative solution to the storage of the fund.
3. Another reason might be since Nigeria has a relatively young population it makes adopting digital economy much easier.

BENEFITS OF BITCOIN TO NIGERIA ECONOMY ARE;
–) Better banking experience; with bitcoin, money can be transferred from Nigeria to other countries easily and at low transaction fee than the regular banks.
–) Although volatile but with bitcoin future potential, it would make sense to save some of our future reserve assets in bitcoin considering the fluctuations of Naira to the exchanges

Nigerian government shouldn't see bitcoin as a thing coming to take over Naira as the legal tender but can be use together (side by side) with legal tender and Nigeria digital currency (eNaira)
REFERENCES
Thisdaylive
BBC Africa
finbold.com


This post is opened to corrections if there is a missed up of stats

I have been reading about timestamp in bitcoin. And I have some few questions I would love the forum to help me with.

1. If time stamp can be manipulated or altered regularly doesn't that affect the credibility of its service.

2. If coincidentally (or maybe manipulated), a block's timestamp is later than the previous block, wouldn't that affect the blockchain or the timestamp of the block built on top of it?

3. Wouldn't the irregularities in time stamp results in double spending attack in bitcoin

I am sorry if this questions might have been answered before.

In Nigeria, where bitcoin and crypto currency at large is termed illegal by the government, a young investor by name Gaius Chibueze, also the founder of Tactcoin has donated a sum of 10 million Naira worth of Btc (approximately 0.55btc) to Peter obi a presidential candidate in the country's forthcoming General election. The donation is meant for obi's campaign and mobilisation. Gaius believes that obi can take the country's economy forward.
This post isn't about the donation to the presidential aspirant but the continuous involvement of my country into crypto currency, how it can open the eyes of the government to see the real light of crypto world and how it will also influence more people about crypto currency genuity and is also here to stay.
I am seriously happy about this new development in my country and hope this will lead to crypto been legally accepted here in Nigeria

Reading and hearing of some cryptocurrency traders and investors wailing about the recent crash in the crypto market, some even leading to suicide. Here are my precautionary measures on how to avoid cryptocurrency disappointment.

As we all know cryptocurrency market is  very volatile as such crashes is common. So one has to be prepared for anything.

1. DON'T TAKE ALL YOUR LIFE INVESTMENT INTO CRYPTOCURRENCY; this would have been said numerous times but new crypto enthusiasts like myself can be gullible or naive to how some might invest $87k in cryptocurrency and generate $1M in space of just say 72 hours. As this looks promising so is the risk associated to it. Some of this big traders have risk assessment, they don't just throw all their money into cryptocurrency.

2. Do NOT BORROW/LEND MONEY TO INVEST OR TRADE; if you borrow money to buy a coin, once the market falls it might lead to you willing to sell at a lower price and end up not recovering your invested money which might lead to been in debt. Which is one serious issue crypto enthusiasts need to stay away from.

3. HAVE SEPARATE SOURCE OF LIVELIHOOD FOR EMERGENCY; some newbies actually take crypto Trading as the only means of survival, and when there is a market crash there is a lot of panic which might lead to suicide or people being homeless. As a cryptocurrency trader/investor one should have another means of making ends meet even if it small income. Atleast that could sustain any market crash which can also take some stress out of you.
You can start today by putting some funds out (can be monthly) to start up new business, if there's none currently.

4. KNOW THE TYPE OF COINS TO INVEST/TRADE IN; personally i don't encourage huge investment in unstable coins. Coins with long term potential are advisable. Smaller cryptocurrency actually bring huge gains in a short time frame but it's risk are huge than the stable coins. Although it is quite hard to dictate which coins can stay up for a very long time, the most common long term coin is the Bitcoin, which has the potential to recover after market crash. Some of the tips on how to identify a long term coin are;

A) the first thing is looking at the coin's management team and how reliable it is. Some experience traders suggest that any management team that is anonymous is a big no trading/investing coin.

B) what is the project purpose; one has to read through the project and see if the purpose of the project is worth investigating in and aslo check the road map as to how they are moving towards the ascribed purpose.

C) How active is the project community; any project that doesn't have a strong/active development community is a big red flag.

As it stands now we do not know when the market will come up again or maybe it is longtime down fall. But investors/traders need to find means of diversification to avoid disappointments that could be unbearable.

Looking forward to some advice from senior members of the forum on this thread

Transactions in a block are compressed and verified as one in a Bitcoin by Merkle tree. The tree is created by repeatedly hashing of nodes to form a single one. This kind of tree is produced upside down ( not like the natural tree). The technique is similar to the process of hashing twice the SHA256. The tree can be constructed from multiple transactions but still has same top root of 32-bytes data. The Merkle tree efficiency increases proportionally with the increase in scale. SPV nodes are verified by Merkle paths without having to download the full Bitcoin blocks. Merkle paths connect transactions to the block Merkle root.

1. Would Merkle tree solves the problem of Collision sometimes encountered with SHA256?

2. How secure is this more than the normal linear hash and what's the difference?

Scam Alert

There's a particular channel/group on telegram acting as a P2P Escrow for cryptocurrency trading. The group has about 10, 000+ members so it looks more like a large and secure group. Which can trigger any naive or gullible newbie to trade in.
This is how dey work;
Someone will bring out an offer to sell his/her coin at a cheaper rate and negotiate with you after the agreement as been sealed you would be ask to pay in FIAT to the admin's account plus some minimal amount as transaction fee (<$1). After the payment as been done and confirmed by the admin and you are now waiting for your coin, the coin trader will now come up with an excuse which might lead to you requesting for your money back from the admin and you will eventually be remove from the group and all your chats deleted so the next scam victim won't find out. I later found that most members of the group/channel are not real. How they add them up is what I don't know.

The two images below are how two groups look like.

The first image was the group my friend was scammed $50 and was later removed.

The second image is a new group going round





Scam 2;

I joined tron.ac since November and I invested 1000trx later increase it,  though I made substianal profit on it. Yesterday I noticed I couldn't withdraw,  I thought it was network.  This morning same thing so I decided to contact their customer support,  I was told to pay additional  30% of total of my investment.  I quickly rushed to trxblue.com to check,  I withdrew with confirmation that it was successful but I didn't see any coin in my wallet.  So I contacted Joanna one of the customer support,  she replied that i should pay 20% of my total investment to continue mining.

 
Scam 3;
 
Today I was able to uncover two scam airdrops.

1 wirtual

2: yam finance

This two are pure scam. They will mandate you to pay certain network fee for withdrawal, after you paid you need to validate your payment, when it's confirm they will block your account.

Yam is a token designed to phishing your wallet to unveil your private information.

A chain organisation is said to take place after more than a block is mined same time. The blocks in older chain are deactivated for those in the newest chain. When more than a block is mined at same time nodes receive different blocks causing disparity to which block was actually mined first. Then chain reorganisation happens when another block is mined. The most recent block is received as the newest longest chain. Each mode then perform chain organisation.

My questions are;
1. What if the nodes receive blocks shorter than the active chain, does chain organisation also occurs?
2. Does this mean only the transaction present in the longest chain remain valid after reorganisation?

3. What happens to the transaction in deactivated blocks?

There have been alot of scam project now...

Three features of fake airdrop.

1: any airdrop that "have no end" they often runs for 2/3 months, majority are not true.  real airdrops don't last more than a month.

2:  95% of airdrop given to "all participants" is not real. Normal airdrop is mainly for a limited number for top referrals.

3: Any airdrop promising you high amount of their token equivalent  $5000, $10,000 or even more without through referral bonus may not be real. Real airdrops don't give such amount, unless you are claiming on  their site where you pay gas fee,

Checksums is a 4 bytes of data generated through hashing data twice with SHA256. Checksum is used to check the validity of the original data whenever it is typed. The checksums are included in addresses and WIF private keys. The checksum is created by hashing with SHA 256 twice before then the data for hashing is converted from its string to bytes and after hashing the first 4 bytes is saved as the Checksum.

My questions are;
1. Other than using the first 4 bytes of a hashed can the last 4 bytes also work?

2. Can Checksums be used to recover a forgotten data?     How?

Coinbase transaction; this transaction is the first stored in a block. It differs from a Bitcoin transaction by creating new currency which were not spent (the reward for the miner). There by having an empty input in a transaction. This reward can be transferred to another wallet ( base on the choice of the miner). Some of the data found in a Coinbase transaction data are; version, output, input number, output count, VOUT, Scriptsig, and its size, lock time, TXID. Reading through I found that the transaction outputs can only be spent only when it must have confirmed a 100blocks or more.
My questions;
1. Does these apply to every transactions?
2. If no, please explain the phenomenon behind it?
3. What happens when combined reward of the block with its transaction fee is bigger than the output value

As a newbie that has Falling into crypto currency scams and disappointment. The following is how I overcome those disappointments

Risk involve in cryptocurrency
i. Crypto pump and dump;
Crypto is highly volatile and a lot of people do not consider this before investing.
ii. Fake investment scams; This risk applies to a lot of newbies like myself. Someone will just tell you to bring your money and they'll help you invest,
It's important you recognize scams when you see them
iii. Emergency of new coins;
New coins emerge frequently it is now your own to DYOR(Do your own research) to know which ones you should invest in.
iv. Money-laundering through crypto exchanges;;This is also very common.VSome people are actually fraudsters but they just use Cryptocurrency as a camouflage.

What should your mindset be about cryptocurrency?

Mindest 1: Crypto is not a get rich quick scheme. If you have the mindset of putting $10 into crypto today and getting $100 tomorrow, please, I beg you do not venture into crypto.Having the get-rich-quick mindset makes you fall for a lot of scams.

Mindset 2: Cryptocurrency itself is not a skill or Business. This might sound a little bit controversial but it is what it is.
Cryptocurrency is neither a skill nor a business. At the moment, cryptocurency as a whole is more of an investment. The skill and business part of crypto is in Crypto Trading.

So, you should know this and know peace.

There are 3 major and sustainable ways to make money with cryptocurreny.
1. Investing
2. Crypto Trading
3. Crypto Mining.

A digital signature is created by combining a private key with transaction data. It's used instead of a public key or an address.
In a Bitcoin transaction, a digital signature is utilized to open an unspent output with the address save from the network

My issue is whether this signature can be used for several transactions.

Hash SHA256 are said to be a good ID numbers (TXID) since they can accept any long type of data string and generate a short but unique data.
This TXID which can also be use when an output is required to be use for a transaction input.

My question now is since   during hashing bytes sequence are required what happens when one forgets to pack the hexadecimal strings to bytes?

Secondly why is hashing not done once but twice in Bitcoin?

Thirdly can two transactions have same TXID?

As a newbie reading on how to deposit coins to a binance account. First the identification of the deposit address and the type of network, if it is a multiple network wallet. Then a memo address is said to be required. A memo which is said to be an extral address needed to identify a recipients account during transaction other than its wallet address. I studied that a memo is only needed to credit a public wallet and not a private wallet.

My question is how can i actually identify whether the wallet is either public or private?

And how can i generate/create my own memo when receiving funds?