Hey guys. Just to clear up a little misunderstanding I've got. There's something I don't quite understand and it is what happens after people hodl coins and altcoins.

So, we all say that hodling is better than trading, yeah? And I think the only way to earn from cryptocurrency is by exchanging it for fiat currency, right? Meaning, the hodling is just for the value to increase over a while and then you still trade it right?
And for the altcoins, after buying altcoins, what happens if no one wants to buy them from you? You know a lot of altcoins aren't all that popular so how do people even sell off their altcoins? Can you even hodl altcoins?

I know those are a lot of questions, but I keep on getting it wrong in my head. So thanks in advance for the answers.

Good day, my country people. How is the heat treating you all? 

There's something I just recently observed and thought I should make it known to us all through this thread. This observation is " The Vicious circle". The phenomenon simply refers to a state of being "what you are" because you are "what you are". It comes from the vicious circle of poverty which states that "poverty leads to poverty". Have you ever made a resolution, and then given up because you can't afford to fund that resolution? Let's say you want to learn a skill but you don't have the money for registration and stuff like that. This takes you away from opportunities as daily, people with skills are needed but you can't be amongst them.

Now the main point of this phenomenon is that, cause of one thing or the other, you can't invest in yourself, and therefore you begin to lack value. People are usually saying, if you want to be wealthy you should get a job, save and then invest, or get a side hustle, but everyone continues to avoid the fact that a rich person is someone who gains self-value day after day. And whatever stops you from gaining value is your obstacle to gaining wealth.

In conclusion, learn to invest in yourself, your mental health, physical health, finances, and all aspects of your life.

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? 

Let's talk about the Pi network. With about 48 million users known as pioneers, this altcoin has gained popularity already. Also, its easy mining structure makes it more appealing to users than a lot of other altcoins. Although there are good speculations about it, it still hasn't been listed on Binance or any other exchange platform for buying and selling. What may be the reason? Is this how long it took other altcoins before they came into use? It's been more than 4 years since its words came to the public. What do you think caused the long wait and how valuable would it be when it comes out?

Good day, my countri people.

So, there's this question which even though I feel would have been better in the Economics board, I'd like to hear your opinion first.

I'm an economics student, and being on this forum I've always had to answer economic-related questions and thought I knew more than enough about our economic problems and how to solve them. But I was asked a straightforward question around last week and I honestly couldn't think of anything. The question was " As an economist, if you were to become the president of the country how would you treat the current hardship in the country ?"

This question had me thinking for hours cause, first of all, I always thought the solution to our economic problems was in the hands of the CBN Governor and the Minister of Finance, so what does the president want to do?

Didn't even want to check any search engine, cause it was a practical question. So, the question is going out to you all. What solution would you administer to the economic problem in this country as the president?

So, I watched a video recently where the guest speaker said, that if he gets the opportunity to advise teens in high school he would tell them not to study economics, and it made me scared because I'm studying economics. So, it was like... ' Did I make the wrong choice or something? '. Moving further in the video, I realized that what he was saying and explaining had already been said by my economics lecturer before.

"Economics is a day-to-day practice and is an easy endeavor made difficult for study reasons", he usually said. Watching the video to the end, I asked myself, "If I had the opportunity to go back in time would I pick another course to study? " And the answer was ..." No". And if I have the opportunity to advise any high school student about courses to choose... I'd say "Economics". The more people learn about even basic economics, the better the economy of countries.

So, if you had the opportunity to advise people about courses to choose In University, what would it be and why?

A wise man once said "Entrepreneurs are problem solvers" usually looking for new ways and solutions to both existing and newly discovered problems. So, the word innovation and entrepreneurship work hand in hand and cannot be put separately

Although the words business and Entrepreneurship have been used interchangeably they aren't the same. While Entrepreneurship has to do with the indulgence and bringing up of something new despite the risk, while, business has to do with capital and profit straight up. Here, you buy other people's products and sell them at a higher price.
Both have risks, but that of Entrepreneurship spells out risk itself. Even though I can't shake off the fact that entrepreneurship is simply capitalizing on People's problems to make a profit, I can say that entrepreneurship has positively helped a lot of people.

So, if you had the opportunity to invest your money into something would it be to start up something regardless of the amount of risks that come with it, or would you rather open a business or make a simple investment into assets?

 

So, after reading a thread and realizing that paying with Bitcoin would mean that you'd be paying with future returns, I went on to research the topic of paying for goods and services with Bitcoin.
Bitcoin is decentralized meaning that it can be transferred to anyone without the interference of intermediate/ central authorities. This also implies that buying goods and services would be faster and easier if more people owned and accepted Bitcoin. If Bitcoin was adopted and accepted as a means of exchange in many countries then there would be a huge improvement in various and global economies.
It'll enable more people to access financial services and knowledge, reduce the rate at which bank charges are being paid, values gotten by sellers will increase rapidly, anonymity and many others. Apart from the loss on the buyers's part, Bitcoin has lots of disadvantages which would be challenges and pose lots of unhealthy risks if adopted.

After doing my research, I came to realize that this may probably be influenced by personal choices. Because looking at it thoroughly, some people would pay for items using things like Gold, Land, and other assets. But in the eyes of a money literate, that may be totally wrong.
So, I would love to ask and get this confusion over with. Is it ok for you to purchase items with Bitcoin? If yes or no, please state your reasons so we can all learn from it.

Thank you

Hey people.

So just for fun and a little bit of insights for people who aren't into any skills yet, I created this thread. It can also serve as a means of motivation for those who haven't started learning any skills yet.

So, we all know how important skills are not only on an individual basis but also on that of the economy, and many of us without doubt are either in the process of learning or already earning from skills. Needless to say, many global brands started as a result of skills learned and used to benefit people. The creators of Adidas,  puma, Coca-Cola, Microsoft, and even sports professionals, etc all learned and practiced their skills more than enough to become the best of the best.

So, my question is very simple. What skills are you currently learning or have learned and are earning from, and what is the reason why you picked it?

What is the reason you still don't own Bitcoin?

I don't want to be the kind of person who preaches Bitcoin or forces anybody into getting it but, we're all advocates here so...

Most times, when people are asked this question even before you hear things like "It's cause of the risks" or " I don't know how to trade" or "What if I lose my money", you'd hear something like " I don't even have the money". Don't worry, I'm not going into getting a job or doing campaigns on the forum here. I'm going into digital skills.

You may have heard of a lot of ways of making money, and digital skills aren't all that new to most of us. If no one has told you yet, my guy, please go and learn skills. Not just anyhow skills, learn digital skills. That's literally the future of the world.

We started off in hunting, then moved to agriculture, to industrialization and now the world is gradually evolving into a digital one. When people complain that they got fired from work, I start to wonder, no one would actually fire or replace a person who is evolving and developing themselves every day, learning more and more skills every day. You have to be at the top of the chain to survive.

Back to Bitcoin, money gotten from digital skills can be easily invested. This is literally the biggest investment you can make for yourself. Invest in digital skills this year and watch yourself develop every day.

Remember and always remember, make you no gree for anybody this year ooo

Have any one of you ever stumbled upon a child and for whatever reason and asked them how old they were and they replied " 14, 15, or 16" Then thinking they're still in secondary school, ask them, which class? and they're like " I'm in the university".

What were your reactions?   . I believe that moment you were probably worried about the future of this country.

The leaders of tomorrow, are children who can't take care of themselves. They're going to graduate from the university at about 18- 19 years old and then literal children would be in the labour force. How is this country going to not only survive but improve if the leaders of tomorrow are immature children who can't make proper decisions?

To be honest, some of these children actually deserve to be where they are. They are smart and responsible, but even regardless of age a lot of them are extremely immature and childish. The age for university admission used to be 18 years old, but now some schools just let anyhow children into uni, and this is mostly carried out by private universities.

Do you think NYSC can help these children? since some of its importance is teaching the youths resilience, independence, and patriotism. 

Another thing I've noticed is that a lot of parents don't let their children be independent or let them make decisions for themselves, then they grow up and become liabilities where at this point the parents start blaming them and comparing them to other people's children. This is very bad. Your child isn't going to be with you forever, no matter the age, when your child enters uni you should start letting them do things for themselves.  Let them fail, make mistakes, learn from those mistakes, and get up. You can't protect your child forever oo.

Let's make this country better with these tiny efforts.


Thank you.

In as much as many of us has heard of new years resolution, we know even if we partake, we sometimes don't achieve them or go half way or loose the zeal by either February or March( for the very disciplined people).

This post is to first of all say Happy New Year to all the members of the Naija Board, welcome to 2024, and secondly to motivate each and every one of us to achieve that which we couldn't last year or a new goal we've set for ourselves this year.

Research shows that when people talk about their goals or things they want to attain and achieve to other people, they get motivated to really achieve those goals. Cause it's like, " I have to finish what I've started. This person/ people must not see me as a failure" and it also gives a sense of support from that person/ those people. So, feel free to talk about whatever goal you have for 2024, and have it at the back of your mind that the members of the forum( even though you don't know most of them) would be rooting out for you.

As for me, in 2024, I have lots of goals to achieve, but they can all be linked to one thing, FREEDOM. In 2024, I want my freedom. Freedom from where I am right now, the people around me right now, the situation i'm in right now, and in order to attain that there are about 5 different goals I need to achieve.

This was actually my goal for 2023 cause I finally reached the age I saw myself as independent, but I couldn't achieve it. Now, I have another year and chance to get what I want and I'm not going to blow it, neither should you. My motto this year is consistency, because whatever you consistently put your mind to do, you would excell in and achieve.

Feel free to write down what you want to achieve this year in the comment section, and as you do so don't forget, we'll all be waiting for your success story.

Thank you, and Happy New Year.

Good day, my country people.

It's no news that the inflation rate in our country has just recently hit 28.9, meaning it's already in hyperinflation.

For those who don't really get a grasp of the inflation rate, in layman's terms, it is just the rate at which the general price level of a country increases. Monetarists see it as the rate at which too much money in the economy chases fewer goods. While economists see it as the rate at which aggregate ( total ) demand runs ahead of total supply in an Economy.

 Now, the rate at which people are demanding in the country is over 28.9% ahead of the rate at which we are producing and that is very bad. Making us depend on imports, making the prices of goods to be high eventually leading to high costs of production factors. The causes and effects of inflation in relationship with bad Economy are all related.

With the rate at which we're even losing foreign investors, we may end up going deeper into the hyperinflation or depression phases of the economic cycle. Nigeria needs serious monetary and fiscal policies, but we're still focusing on important things.

The vice presidential candidate of Indonesia, santiaga Uno, in expressing interest in Bitcoin and for his campaigns said he would raise Bitcoin experts in order to help the country's economy. Let's not even dive into the fact that the Nigerian government has shown no interest whatsoever in Bitcoin talk more of accepting it for Economic purposes. Let's move into the facts that Santiaga wants to raise Bitcoin experts meanwhile, we have Bitcoin experts in this country why isn't it helping the economy even if it's a little? Or does it have to be a political thing before it makes an impact on the economy?

A very famous entrepreneur once said ( and I will never stop making reference to this saying ) " If only the people can understand how money works and how the monetary policies work, the economy will change before tomorrow morning". We as citizens can help this country with individual efforts.

Money obtained from Bitcoin can be used in acquiring, building, or running businesses, which would in turn lead to employment opportunities, reduction In imports, increased production in the country, and many other benefits.

Educating people, even if it's informally, in Bitcoin would mean that people would be able to properly save their wealth in it and more people would accept it as a means of payment, therefore leading to the increase in value of our currency. Stats show that our currency, Naira has lost over 20% of it's value. When people begin to use alternatives, the supply/circulation would reduce and therefore it's value will increase.

There are a million and one things we can do to better this country, and most of these solutions are in our hands.So, let's do what we can to help not only ourselves but the future generation.

Good afternoon my country people.

This topic was formed from a lecture discussion where the lecturer asked the question "is Nigeria a failed project?" And it made me wonder, if we had the solutions to our problems why isn't anybody working towards making the country better?

It's no news that the country is getting way worse than it was yesterday, meanwhile people predicted it to be developed not long after it's independence. From the high illiteracy and unemployment rate to the devaluation of our currency, and the continuous corruption in the government sector. When the question was asked, of course, some students agreed that Nigeria is actually a failed project cause of the signs we see everyday. Meanwhile, some said Nigeria isn't a failed project considering the following points:

First of all, projects are of 2 kinds;  the short term projects and the long term projects.

Short term projects are known as "Goals", and the way of solving short term problems or meeting a goal is through "Tactics".

Long term projects are known as " Objectives", and solution is through "Strategies".

They argued that it's possible that the solutions to Nigeria's problems are on the long run and are not solutions that'll bring up results today, but the thing is how long is this long term project going to last ?

Secondly, there's something in projects "Goal/Objectives congruence" . This refers to harmonization of goals. It's very possible that everyone is doing their work and is working towards different goals that aren't bringing forth general good fruits but individual selfish based fruits, and this is the number 1 thing you'd see in Nigeria. Hardly would you find someone who wants to work for the people, and also hardly would you find people who are ready to elect and listen to someone who's ready to help them. People have their head elsewhere. Take for example, elections, the general goal is to elect someone who would lead and help push the country upwards, but some people are focused on just getting into power, others are focused on stealing ballot boxes and making quick cash, and many others. So, in order for things to go smoothly while working on goals, one would have to synchronize the focus of everybody's individual want, harmonizing them in order to get general gains.

Thirdly, there may be visions, projects, objectives etc for the country, but poor strategies and tactics are used in meeting them, making it therefore slow, poor and inefficient. Again, I'd like to add that Nigeria may be working on old rules while alot of other countries are working on and implementing new and innovative ideas for their economic development. Take for example, the fact that many countries have accepted Bitcoin and are using it, while a few have even made it their legal tender, taking them further and further into the future. While in our country, only a few have Investments in Bitcoin, only a little above those few own Bitcoins, while after adding a little more percentage of Nigerians, you would now have the number of people that have heard of it. This is quite backwards.

Some of Nigeria's economic plans that may be seen as failed projects include; The Millennium Development Goals (MDGs), The National Economic Empowerment Development Strategy (NEEDS), The Vision 20:2020.

In conclusion, I'm going to be throwing the question to the public. In your opinion is Nigeria and failed project ? And reasons why you picked yes or no.

Thank you.

It's no news that the economy of our country is draining day by day, leading to more Bitcoin advocates in the country. With the continuous hardship in the country, I bring to y'all this topic " what to do with 1 BTC as a Nigerian".

So, I once saw on a thread somewhere in the forum where these white people posted houses and cars they'd get if they had a Bitcoin and it varied from country to country. Decided to bring it to our board since we can all relate to the current price of 1 BTC which was recently over $34,000 and in our Naira currency is #27,110,056.50.

We really don't have to limit it to houses and cars only, just generally as a Nigerian what would you do with 1 BTC? Get a business, trade , hodl, real estate and many others...

Recently, the vice chairman of Berkshire Hathaway and the business partner of Warren Buffett, Charlie Munger, made some controversial remarks about Bitcoin and cryptocurrency at Zoom's Zoomtopia 2023 conference. He called Bitcoin "the stupidest investment I ever saw", and said that most crypto investments will go to zero. He also said that despises Bitcoin's growth and that he would never buy or invest it.

In this thread, I will argue that Munger is wrong about Bitcoin and that it is actually the smartest investment choice one can make.

 First of all, it is decentralized and scarce. Starting from its scarcity, the fact that Bitcoin's supply is fixed is more than enough reason to understand that its value is way higher than fiat currency. It can preserve its purchasing power and protect its hodlers from inflation and currency devaluation, literally the number 1 thing against paper money.
   
Then its decentralization, which makes it possible for it to run on a network of computers around the world that verify transactions and secure the system. Absolutely no one controls or owns Bitcoin, not even its creator Satoshi Nakamoto, i.e., it can't even be controlled by the governments or private corporations.

Secondly, Bitcoin is inclusive and global. It can be accessed by anyone on the internet with a connection and a device, regardless of their location, geographical area, identity, or status. It also empowers people to have more control over their money and their future. It allows them to save, spend, receive, send, and donate money across borders without intermediaries or fees. It also allows them to participate in a global community of people who share a common vision of freedom, sovereignty, and innovation.

Thirdly, Bitcoin is innovative and adaptable. Now, the third important reason why Bitcoin is the smartest investment ever is that it is innovative and adaptable. It is not just a digital currency, but a programmable platform that allows various applications and use cases. For example, Bitcoin can also enable decentralized finance (DeFi), which is a system of peer-to-peer lending, trading, borrowing, and investing without arbitrators.

Bitcoin is also adaptable and resilient, as it can evolve and improve over time through consensus and innovation. For example, Bitcoin recently underwent a major advancement called Taproot, which improved its scalability, functionality, and privacy.

In conclusion, Bitcoin is a decentralized, scarce, innovative, adaptable, inclusive, and global. It is a superior form of money and a store of value. I can't even begin to emphasize how much of a revolution it is in the world. I hope this thread, has enlightened you and destroyed whatever doubt some of you, especially the newbies have about Bitcoin. Sure, it has its disadvantages, but what good thing doesn't? So, let's be like Satoshi Nakamoto and not like Charlie Munger.

Own a Bitcoin today, and start from somewhere no matter how small.

Sometimes ago, I read a thread on the forum, can't really remember where but it talked about fear being a motivational push to know, acquire,  and sell Bitcoin. In as much as it sounded motivational at first,  it also felt twisted and wrong cause we all know fear leads to doubts and stagnancy. So, I decided to look into it.

When it comes to Bitcoin, we all know there are risks attached to it. In fact, whatever thing you decide to do, be it good, bad, beneficial, or not, there are risks attached to it and it makes the future of whatever we are doing to be uncertain.  Now the question or the main deal is, do we need to wait for fear of regretting to be our push towards doing certain things?

Now, I have and I'm certain that we've all been in situations where we wanted to do something, we've set goals to solve one problem or the other and we failed to continue along the way. Personally, I think that was fear of uncertainty playing with us. Fear doesn't motivate it just leads to procrastination and zero growth where you'd find yourself saying, I'll do it tomorrow until tomorrow never comes ( been a huge victim). Confidently doing whatever you're doing consistently with the right knowledge is appropriate. If you're going to wait for motivation every day, you're not going to get anything done, learn to discipline yourself every day.

The purpose of this thread is to first of all encourage my fellow newbies out there who are finding it hard to adapt to the forum or anything at all. Just keep on learning and writing until you can't keep track anymore. Knowledge is very important, don't let fear drive you away from anything, and when it's time to acquire bitcoins you'll be able to face the risks too, without fear. And with the right knowledge.  

The fiat currency as we all know is subject to inflation. Needless to say, a lot of economies have gone down due to it, but today, we're going to be talking about the US dollar.
 
The US dollar has lost 98% of its purchasing power since 1971 and has gone through an 8% decline in its shares of global reserves in 2021. Now the thing is, if the USD continues to face inflation this much, do you think the Global reserve would be worth anything much in the future?
Lately, other countries have begun to carry out trade in currencies aside from USD due to US sanctions and other reasons including trade war with China and fed hikes to reduce inflation.

I'm April, Emmanuel Macron, the French president said that Europe must reduce its dependence on the US dollar to keep its strategic autonomy and avoid becoming vassals to America.
Although dollars play a huge role in the world financial system and cannot be replicated by other countries, it doesn't still change the fact that it's declining and we may need alternatives to occupy shares in the reserves.

Gold seems like a fine option, considering how its purchasing power, remains more stable over time, but do you think cryptocurrency stands a chance?

 Now don't get me wrong, we all know and understand that Bitcoin in particular is decentralized, hence making it an alternative to money. Anyway, I intentionally used crypto and not Bitcoin since there are centralized coins that can be controlled by the Fed like USDC & USDT ( another thing is if they hold value as much as gold to be included).

So, do you think cryptocurrency stands a chance in share of the global reserves, now that countries are opened to diversification through assets? 

Good day, all,

 So, there was news recently about the rise in Ethereum's Gas rising to 72 GWEI on the 26th of September, 2023, and I decided to research it.
  
I believe we all know what the term "Gas" is on Ethereum's network. For those who don't,  it is simply the fee per transaction on the network. Gas price is determined by demand and supply in the market and may fluctuate depending on the network congestion and complicatedness of transactions.
 
Now, the causes of the increase include;

The deployment of Curve Finances native stablecoin. This had been long awaited by the Defi community.  The crvUSD attracted a lot of liquidity and actions to its platform,  thereby increasing the demand for GAS.
However, it was later redeployed shortly after deployment and added pressure to the network.

Another thing was the release of " stoner cats" NFTs on the network. It led to a lot of demands from collectors and lovers who rushed to buy them before they sold out.
This increased competition for block space and drove up the gas fees for everyone.

And then, the ongoing memecoin trading frenzy that started with the run of PEPE and continued with other tokens. Transactions took place on uniswap and accounted for 34% of all fees paid on the network in the last week.

This was what I could gather during my research, you can also read more here;

https://bitcoinist.com/
https://www.blocknative.com/gas-estimator