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1  Local / Nigeria (Naija) / Is Bitcoin A Safe Haven Asset For Investment? on: May 11, 2024, 07:36:03 PM
What is a safe haven asset?A safe-haven asset is a financial instrument that is expected to retain, or even gain value during periods of economic downturn.In other words a safe haven asset is expected to retains it's value during economic crash/instability.There are several assets that have been identified by investors as a safe haven asset;Gold, Government bonds, US dollar, Japanese yen, Defensive stocks etc.
Over the years Bitcoin has been identified and recognized as a safe haven asset for investment.Bitcoin which is often referred to as a "Digital Gold" is a digital asset that retain it's value and even increase in value during economic instability.Since Bitcoin isn't backed up by government or any central controlling authority most investors haven't identified Bitcoin to as safe haven asset in their investment portfolio.For the fact that Bitcoin retain it's value and beyond during economic crash it's a safe haven asset to me.It's important for an investor to carry out research on any safe haven asset before investing,even if they are called safe haven asset doesn't mean they don't have their unique risk,so research should be done effectively as every investor have their different investing goal and risk tolerance.
Features That Qualifies Bitcoin As A Safe Haven Asset
1.High Liquidity: Liquidity is the ability to convert your asset into other assets or cash.An investment must have a high liquidity which guarantees quick transactions and market growth.With the high liquidity in Bitcoin transaction it makes it a store of value and a safe haven asset.
2.Limited Supply: Bitcoin supply is limited,it has a fixed supply of 21 million BTC to be mined.The law of supply and demand states that when the supply outweigh the demand the value of the currency is depreciated and loses its value but when the demand outweigh the supply the currency retains it's value, that's why the value of Bitcoin is maintained because of it's limited supply.
3. Continuous Demand:An investment must maintain a continuous demand for it to be a store of value and a safe haven asset.The continuous demand of Bitcoin makes it a store of value and promotes it adoption.
4.Permanence:An asset is considered a safe haven asset when it can't be destroyed physically for instance Bitcoin.Bitcoin can be stored for years in a wallet without any form of decay or rot.
My fellow Nigerians let's discuss,what's your take on Bitcoin as a safe haven asset.

2  Local / Nigeria (Naija) / The Power of Blockchain Network on: April 05, 2024, 07:57:38 PM
A Blockchain is a computer based ledger of transactions where informations can only be added and cannot be edited or deleted.When a sender sends a transaction it is not received immediately, instead it is grouped together with pending transactions which are executed at same time,this group of transaction is called (A Block).On a Bitcoin Blockchain network a transaction is executed every 10mins,after a transaction is added to the ledger,recent blocks that are added to the other blocks form a Chain, that's how the name (Blockchain) was derived.Blockchain network are used to store and transfer financial assets like (Bitcoin).It is an information management system.There are significant differences between the regular database and Blockchain network;
1.In a regular database used by banks and government,the regular database has different users(Single account user, Multiple account users such as bank employees and the Super users).When a regular database is hacked,it is as a result of the hacker has gain access into the super user account and the hacker change,edit and delete informations but in a Blockchain network only one user has the access to control his or her account.It doesn't mean that in a Blockchain network a user account cannot be hacked,it can if only the user has been tricked by a scammer to reveal his/her password,or has been deceived to send his or her asset to a scammer.
2.In a regular database used by banks and government, data can be interacted in different ways, such as data can be added to a database, existing informations in a database can also be edited,so if a hacker gain access in a super user's account,the hacker can add false informations and edit/delete legitimate records but in a Blockchain network information can only be added,once it is added it cannot be deleted and edited.
3.In a regular database,there are users that have permission over your account for example bank employees,if a customer tries to make a transaction that the bank doesn't like,they have the full control to stop that transfer from happening but in a Blockchain network a user has full control over his or her account,for example if I want to transfer Bitcoin to my relative within or outside Nigeria nobody can stop the transfer because nobody has control over my transactions, meaning Blockchain transactions cannot be stopped.
3  Local / Nigeria (Naija) / Reasons why Naija Government never adopt Bitcoin as legal tender on: March 30, 2024, 09:02:46 AM
My country pipo I greet una.Bitcoin na decentralized digital currency wey dey face crisis ever since Satoshi Nakamoto invent am in 2009.We thank God say dis new digitalized currency when don gain popularity round the world dey decentralized if not governments for don look for all possible means to end dis digital currency called Bitcoin.Now make we discuss the main topic Bitcoin as legal tender.We dey hear words like adopting Bitcoin as legal tender,wetin dat one con mean? Adopting Bitcoin as legal tender means say the government go announce publicly to the citizens of the country say dem fit use Bitcoin make payment for any goods dem they purchase just like the way we dey use our fiat currency.E also means say Bitcoin go dey officially recognized as a means of exchange without any restrictions.

We dey hear of El Salvador.El Salvador na the first country wey adopt Bitcoin as legal tender in June 2021,de government of El Salvador con make bitcoin their national currency.Although El Salvador no get their own currency,de country dey make use of the U.S dollar.So with the adoption of Bitcoin as legal tender,de citizens of El Salvador dey use Bitcoin purchase any goods and make transactions without any form of restrictions.
And also we dey hear of Central African Republic,dis country na the second country wey adopt Bitcoin as legal tender in April 2022,and na de first African country wey adopt Bitcoin as legal tender,e dey very surprising and challenging to other governments wey dey regulate and restrict the use of Bitcoin in Africa.And Central African Republic na one of the poorest country in the world.

The use of bitcoin for Naija dey illegal because February 2021 central bank of Nigeria ban the use of Bitcoin.Despite say CBN ban bitcoin February 2021, chainalysis give report say Nigeria na one the sixth leading country in the world wey dey promote the use of bitcoin transaction.After CBN ban bitcoin government con lift the ban on Dec 2023, bitcoin enthusiast con dey jolly say the government don know the importance of Bitcoin.The Nigerian government don look for all possible means to end bitcoin transaction for Naija but e dey beyond their power, currently the Nigeria government don ban the use of one of the most popular centralized exchange (Binance) wey bitcoiners dey sell,buy and trade bitcoin and other cryptocurrency for the platform using Naira.All these ones na strategies wey de Nigerian government dey use regulate the use of Bitcoin transaction,even as that bitcoiners dey use the P2P transaction dey sell,buy and trade bitcoin regardless.
The Nigerian government no wan know and no wan explore, Bitcoin na one of the safest means of transaction and investment.The reasons why the Nigerian government neva adopt Bitcoin as legal tender;
1. From the two features wey I mention about de two countries wey don adopt bitcoin as legal tender,El Salvador no get their own national currency dem dey use the U.S dollar then Central African Republic na one of the poorest country in the world,so the Nigerian government dey feel say most countries wey don adopt Bitcoin as legal tender na country wey no get their own national currency like El Salvador and na countries wey their financial system dey unstable.
2. Government get the fear say bitcoin go replace de Nigerian national currency (Naira)
3. Government no go get access to control or manipulate bitcoin because e dey decentralized.

In addition, Satoshi Nakamoto no invent bitcoin con think say any country go adopt am as legal tender but na countries wey know de importance of Bitcoin nai adopt am as legal tender.Like I talk before say the Nigerian government no wan know and no wan explore, Satoshi Nakamoto no invent bitcoin to come replace any national currency like Naira, dollar etc,if Nigerian government adopt Bitcoin as legal tender no con mean say we go neglect our national currency,we go still dey use am for transactions.
4  Local / Nigeria (Naija) / The Advantages of Bitcoin [A decentralized digital currency] on: February 23, 2024, 08:58:09 PM
Bitcoin is a decentralized digital currency that has been widely recognized in the economy as a medium of online payment.And it is also one of the most popular investment by companies and individuals.Bitcoin is a technology advancement and also a financial revolution in the world.Bitcoin is a decentralized digital currency that can also be called the currency of the future.Bitcoin has numerous benefits in this digital era.Many youths have adopted the use of bitcoin because it has played a vital role in the economy.The advantages of bitcoin are;

1. Transparency: Bitcoin blockchain technology is transparent[Openness],the bitcoin blockchain network allow blockchain explorers to view all transactions that has occurred in the public ledger.

2. Financial Freedom: Bitcoin has made investors and bitcoiners become their own bank.Bitcoin blockchain network uses the [P2P] platform that allows users operate without the control/involvement of third parties.

3. Security: Bitcoin blockchain network is more secured.Bitcoin blockchain technology uses the proof of work[PoW],the proof of work is a decentralized consensus that secures and verify transactions carried out in a public ledger.

4. Transaction Irreversibility: Bitcoin transactions are irreversible and cannot be charged back.

So my country pipo I go like make we contribute on the advantages of bitcoin for our society and economy.

5  Bitcoin / Bitcoin Discussion / Difference Between Fiat Currency and Bitcoin on: January 26, 2024, 10:50:25 PM
Fiat currency is a currency issued by the government while Bitcoin is a decentralized digital currency that uses the blockchain network-(A digitalized ledger that records transaction across the network of computers).In this thread I'll list the difference between fiat currency and bitcoin in a tabular form.
Fiat Currency Bitcoin
1.Fiat currency is accepted worldwide as a legal tender.
1.Bitcoin is a decentralized digital currency that is not accepted in most countries as a legal tender.
2.Controlled and managed by central bank.
2.Bitcoin operates without the involvement of third party like the central bank.
3.Fiat currency has an unlimited supply.
3.Bitcoin has a limited supply.
4.Fiat currency is a physical means of exchange for example coin,bank note etc.
4.Bitcoin is a digital means of exchange for example it uses the peer to peer-(P2P).
5.Transaction cost of fiat currency is low.
5.Transaction cost of bitcoin is high.
6.Fiat currency is stored in a person's bank account.
6.Bitcoin is stored in a person's digital wallet.
7.Fiat currency can be destroyed physically for example it can be burnt.
7.Bitcoin can't be destroyed physically because it is stored in a digital wallet.
6  Other / Beginners & Help / How to insert table in a thread? on: January 21, 2024, 03:18:42 PM
I bring greetings from my end to everyone in the forum. I need your help.
How can I insert a table in a thread?I want to create a thread in a tabular form but I have no idea. Please I need answer from the experts in forum.
7  Other / Beginners & Help / My Knowledge On Bitcoin on: January 19, 2024, 08:52:39 PM
Bitcoin is a cryptocurrency I've been hearing but haven't gotten a full information about it.The only information I was having on bitcoin was the bull run market,when people bought bitcoin,stored it in their digit wallet,and when the price of bitcoin was high(Bull run market) in 2021,those people that were having bitcoin in their wallet sold it and some invested,some bought cars,houses etc.So that was the only information I was having on bitcoin but when I joined this forum I've acquired some information on bitcoin,that bitcoin is not a get quick rich investment.And-
1.Bitcoin was the first cryptocurrency.
2.Bitcoin was launched in 2009 by an anonymous inventor called Satoshi Nakamoto.
3.It's a decentralized digital currency that uses peer to peer(P2P)-It allows users to trade,sell,buy bitcoin in any part of the world without the involvement of the government or bank.
4.Bitcoin is not accepted in most countries.
5.Bitcoin is not controlled by the government.
6.Bitcoin cannot be hacked.
         So with this knowledge I have on bitcoin as a beginner,I'm still open to know more and take corrections.
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