There are some set of people who still see Bitcoin as a Ponzi scheme here in our country Nigeria, they believe that the same way MMM, CBEX and others crash that is the same way Bitcoin will one day crash.
Some say anything that involves putting money online dem no dey put their hand.
the other day I was in a football field some people where discussing how Bitcoin is been accepted by some nations and states and how they are even investing on it and one of them said and I quote "those countries and state are making the biggest mistake of there life that Bitcoin will soon crash"

I think the reason why this set of people are still thinking this way is because they have not done their research about what Bitcoin is all about, they just believe since it is something we use money to invest in online, then is Ponzi scheme.

Anything you really don't know do research about it before giving your concussion so people won't see you as a fool or you won't end up losing a life time changing opportunity.

Sometimes because of too many activities or things to use money for we forget we need to accumulate Bitcoin for that week or month.
The reason why I'm bringing this up is because it has happened to me many times and I believe it has happened to some set of people too in this forum especially those who are using the DCA strategy to accumulate weekly or monthly.
For me how I was able to overcome it and remain consistent in my accumulation is setting a Google reminder so as soon as I receive my salary I get reminded that I need to buy Bitcoin, this has been so helpful to me in my Bitcoin accumulation journey.
The reason why some people are not consistent in their accumulation is because they sometimes forget to accumulate because of many issues going on in their life so setting a reminder is very important as an investor.

If this can't be effective enough for you then you can use automated transfer so that as soon as you receive your salary some percentage of it will be sent to your wallet exchange directly however this is only possible in countries that support it.

[Watin you no fit do for Nigeria.]

E get some people way dey fine am hard to continue there DCA strategy for Bitcoin accumulation because when they receive there salary to get mind to transfer an out so them fit use am buy Bitcoin na wahala, them go dey say I go do am, I go do am, till the money finish for there hand.
So na why automated DCA dey good because e go help you comot some percentage of your salary to your wallet exchange directly, from there you buy your Bitcoin.

But for our country here, to automatically move money from your Nigeria bank to crypto exchange dey very complicated due to restrictions way CBN put for ground, as of 2021 CBN prohibited banks from facilitating crypto-related transactions, which limits direct bank-to-exchange transfers.

Watin you no fit do for Nigeria.

You no fit directly link your bank account for example your UBA bank account or Access to cryptocurrency exchange like Binance or Coinbase because of CBN regulations.


Things you fit do way go help you since automatic transfer no fit work directly with our bank to crypto exchange.

1. Use P2P (Peer-to-Peer) Exchanges with Scheduled Reminders.
E get some exchange way dey allow person buy crypto coin from another person using Nigeria bank transfer, exchange like Bybit, bitget etc.
So since you no fit automate the transfer you fit just set up schedule reminder for example Google calendar or task schedule way go remind you to login to manually complete the P2P trading weekly or monthly.

2. Use a Fintech App That Supports Automation & Crypto.
Some fintech platforms for Nigeria dey allow person to save or invest automatically for example Cowrywise, PiggyVest, Risevest, etc.
So if you dey use this Fintech app as soon as money or your salary enter some percentage way you put go move to that Fintech app so later now you fit from there buy your Bitcoin.

Example:
 Cowrywise autosaves ₦10,000 from your UBA account weekly or monthly.
You later use part of your balance to buy Bitcoin manually.

3. Use Non-Nigerian Bank Account.
If you get foreign bank account way they support crypto for example Revolut, wise etc, you fit use am set up automatic transfer from your foreign bank account to your exchange then from there buy your Bitcoin and hold.

[The volatile nature of Bitcoin.]

Some countries even after one law maker bring the idea of Bitcoin reserve and initiate a bill for am them go still reject am.
Some times some people they wonder watin go make government reject to invest for asset like Bitcoin.
This one na some reasons why some government dey reject to get Bitcoin reserve for there country.

1. The volatile nature of Bitcoin.
We no say Bitcoin dey highly volatile in nature, and the price dey swing every time, so some government no go gree invest for something like that, them dey like something way dey stable.
Reserve asset way dey like Bitcoin fit just lose one kind big percentage of en value for one kind short time thereby creating financial risk for the country way choose to invest.

2. Lack of true value and backing.
Bitcoin na asset way no get government backing or any physical asset backing, unlike asset like gold or fiat currency, Bitcoin value dey market driven entirely and because of that en con make am dey very hard for conservative fiscal policymakers for some nations to trust am as a safe haven asset.

3. Financial crime.
Bitcoin fit facilitate money laundering, tax evasion and other crime.
So countries way never dey updated to stop all this crime they fear to even accept Bitcoin investment.

4. Cybersecurity Risks.
To buy Bitcoin you need digital wallet and secure storage and this wallet them fit hack am.
No be all country dey well equipped with technical infrastructure to store or manage crypto assets securely, so fear they there body especially underdeveloped countries.

5. Influence of Global Financial Institutions.
Institutions like IMF, World Bank, and BIS no really dey support Bitcoin so countries way dey dependent on these institutions for loan and aid go always avoid to adopt Bitcoin reserve in other to stay for there good book make them fit they give them loans and aids.

E get watin some news sites and bloggers done dey do for long now and e dey very bad because e dey misled some people.
I know say News site and bloggers they fine make people come there site or page come read news because na so them dey carry make money and them dey mostly use interesting headline to catch our attention which e dey very okay but to use fake headline just to capture people attention dey very bad because e dey misled people.
Yesterday my friend call me for phone dey ask me if na true say Burna boy done die, I con ask am say who tell am say Burna boy done die en say en see am for news I ask am which news e say Phoenix I con tell am to wait make I confirm I con enter tunde Ednut and other news page I no see anything like that, then I enter phoenix news site and immediately I con see am.

But as I read down I con discover say na watin Burna boy talk them change like that, I discovered the real news after reading down.
This fake headline dey very bad make them stop am because e dey misled a lot of people.
E get one day way this fake headline done make me believe say Bitcoin Don hit $200k.

Another thing abeg make we learn to read every detail of any news before concluding.

Discretionary income na that money way remain after you done pay all the necessary bills like you done pay NEPA people, you done remove money way you dey save for your next year house rent payment, children school fees if na person way done get family you done remove money for food and other basic things after you done settle all this things the money way con they remain na your Discretionary income and na the only money you suppose use buy Bitcoin if you go use money for house rent or food you go suffer and you go just go sell the Bitcoin and you no as Bitcoin they do e fit fall that time you won sell and as en fall your money too done reduce so abeg to avoid story use only your Discretionary income.
One of my friend done enter financial problem tire because en dey use money for basic needs go buy Bitcoin.

If you they dey aggressive for your Bitcoin accumulation abeg no go dey aggressive enter money way you won use to settle basic bills oo, abeg make sure say you dey only dey aggressive within your Discretionary income.

There is something I noticed here in the Nigeria local board which I think some members are finding difficult to understand especially newbies and which is "what kind of discussion that should be off topic".
I noticed some members especially newbies will post a topic in the main Nigeria board but it will be pushed to off topic and they will be wondering why is it pushed to off topic and since there's no answers in [Rules] READ ME!! Unofficial General Guidelines For Posting( Na de koko dem) thread and also in Useful information for Nigerian newbies it will be better we address it.

From my own idea I think topics that can only remain in the main Nigeria board are when it concerns cryptocurrency in general especially Bitcoin, when it does not relate to this then it will be pushed to off topic or  Politics and society (Naija) any of these two that it fits.
However I think our moderator Sir Igebotz will throw more light on this so members and especially newbies will understand better.

I don't know if this has been addressed if it has no problem because I have not seen it.

I think sharing our experience about scam can save someone else from getting scammed, when you have been scammed or close to getting scammed and you share it with others they will have that idea and will become more careful and conscious.

Someone from my local board shared an experience he had with P2P traders in Bybit where he sold his coin and the buyer sent him below the original cost of his coin and he refused to release coin and he wrote to the buyer telling him to send his complete money or else he won't release coin and that was when the buyer sent him his complete money, this his experience he shared made me more attentive to everything when trading in Bybit P2P, when same thing happened to me in the P2P trading in Bybit it was easy for me to identify and handle because of the experience shared in my local board.

A lot of shared experience has helped a lot of people from getting scammed and it will be better if we continue sharing our experience on scammed issues because it will prevent others from getting scammed.

Person way share en experience about how them scam am or how den be won scam am go help prevent other people from getting scammed, when you share that experience people way see am go con they more careful for that area.
E get person way share en experience for Bybit P2P trading for this our local board way be say the buyer way buy en coin no send am the complete money, say the buyer comot some money from the  exact money en suppose send am say en con chat the buyer up con tell am say en no go release coin till en send am en full money say na so the buyer con send am en full money.
 This experience way en share prevent me from falling for those buyers scam for that Bybit P2P trading, one thing be say if you no carry your eye down well when you they trade for that Bybit P2P trading you no go know say those buyers no send you your exact money because they they mostly comot money way you no go even notice, money like 1k, 2k or 3k even more, when then do me na 3k them comot from my money but because of that experience way person Share for this our local board my eye con dey shine when I dey trade for that Bybit P2P na so I use catch am con tell am say if en no send me my complete money I no go release coin na so en send me my 3k oo.

So as we they share our experience na so we they prevent others from getting scammed.

Some set of people when they here how much someone has gotten from Bitcoin or has made from Bitcoin investment they just want to start thinking they can just go into it and make same amount of money they saw or heard someone made, if you hear something about someone making huge amount of money from Bitcoin investment you need to ask questions and do some research before going into Bitcoin investment because some set of people thinks Bitcoin investment is a Ponzi scheme where you can just start making money so easy.
I know some set of people who created a wallet and started accumulating Bitcoin when they later discovered they need to hold for long period of time they became disappointed and stopped.
So before going into Bitcoin investment try to know about it and how it works don't just start because you heard about someone's testimony.

If you are talking about the huge amount of money one can make through bitcoin investment please also talk about the sacrifices one has to make so you won't mislead people who don't have knowledge about Bitcoin investment, because accumulating and holding for some years is a sacrifice one has to make in other to succeed in Bitcoin investment.

[Store am with hardware Wallets.]

E get one news way I hear recently say them hack Bybit con thief money and na huge amount of money oo news talk say na $1.46 billion in Ethereum, even Bybit management done confirm the news say na watin happen, all this exchange way we they see everywhere no really they safe to they store your Bitcoin and hold for long term, now the best way to store your Bitcoin na by

1. Store am with hardware Wallets.

You fit still call am offline storage, we get wallet like ledger and trezor for the offline storage, this device go store your Bitcoin offline with like this now e go they immune to all this online hackers, this offline storage na the safest way to store or hold Bitcoin for long term o.

2. Store am for Non-Custodial Wallets.

For example we get.
Exodus or Electrum: na software wallets way they very friendly en go give you control over your private key, this wallets they secure more than all this exchanges.

3. Use cold storage.

Cold storage na method way them they use store Bitcoin and other crypto coin offline to protect am from hackers, cold storage go keep your private key offline, this cold storage they give high security compared to online or hot wallet way dey connected to online.

[Investment scamming:]

Online scam is becoming more popular everyday, people are being scammed of there money and crypto coin, there are different types of online scam and is good we know them so we can be at alert always.

1. Investment scamming: a scammer will tell someone that there's an investment available which there's little or no risk involved and one will get his return in Bitcoin, they make it real and some set of people who always love quick success accept and they get scammed, they may also introduce to you fraudulent mining operations so let's be careful.

2. Phishing scamming: Fraudulent exchange or wallet mimic real cryptocurrency exchanges or wallets to steal users' private keys or login details, I know some set of people may have fallen victim for this one needs to check well before accepting any message or link.


3. Ponzi schemes scam: In a Ponzi scheme they will tell you to start an investment with them and you will be paid weekly or monthly, they use early inventors money to pay the other investors and before the new investors date of payment will be due they have made a lot of money and they will vanish.

4. Impersonation Scam: Scammers pose as celebrities, influencers, or companies offering money giveaways,victims will be asked to send money with the promise of receiving more money in return, a friend of mine has fallen victim to this, someone impersonated Elon musk and told him his doing a giveaway he did a fake video call with my friend and told him to first of all send money to a particular account using Bitcoin and his going to send him 10 time's the money his sent.

6. Love Scam: scammers develop online relationships and romance and then request payments for fake emergencies such as sickness, accident, gun shot and many other things.

7. Airdrop scam: those of you that are doing airdrops be very careful don't connect those airdrop to the wallet you are using to accumulate Bitcoin because if you do you have given them access to your wallet and they can withdraw your Bitcoin.


Stay safe

[Start little by little and be very consistent.]

Emergency funds are very important to have as an investor however building an emergency funds on a low income can be challenging, but it's definitely possible with the right approach, and here are some approach that can help you.

A. Start little by little and be very consistent.
All you need to do is start small no matter how small the money is, just be accumulate it and be consistent with time you will build a very strong backup funds, you can use the " pay yourself first" method which means saving before using your Discretionary income for anything else, the key to succeeding in these is by being consistent.

B. Cut down all unnecessary spending.
Cut all unnecessary spending for example eating out especially in expensive hotels, and what ever you want to do always look for cheaper alternative for example buying your food items in bulk.

C. Find a way to increase your income.
Find a side hustle don't just depend on your salary alone, you can engage yourself in freelance or any other thing that you find comfortable.

D. Take Advantage of Community Resources.
If you know you don't have what it takes to stay in big cities then stay in your community and take advantage of your community resources if it is farming you farm it will help you save cost.

E. There's one thing that always help me to save cost, I will plan my week and withdraw the particular money I need to spend for that week and keep, through out that week I will make sure I don't withdraw again and if I have a leftover money for that week i will add it to my savings account.

As we decide to invest in cryptocurrency it is important we understand how crypto tax works so as to avoid facing some punishment by law enforcement agency.
There are some crypto transactions that may trigger taxable event and there are also some that may not trigger taxable event, and it is very important we pay our crypto tax if need be.

Crypto activities that may trigger taxable event include as follows

1. When you sell crypto for fiat currency it is taxable and the tax is called capital gain tax.

2. If you trade one cryptocurrency for another for example Bitcoin to Solana coin it is taxable.

3. When you use crypto coin to buy goods or services for example using Bitcoin to buy a car, tv, bicycle, etc. It is taxable and the tax is called income tax

4. When you Receive crypto as income for example through mining, staking, airdrops it is taxable the tax is also called income tax

Now activities that are not taxable are.

When you transfer cryptocurrency to your other wallet account and when you are holding your crypto coin without selling is not taxable.


This are basically in USA, UK, and some other countries so it will be advise you make research about your country cryptocurrency tax law and policy.

In the Year 2008 a human called Satoshi Nakamoto released the Bitcoin whitepaper called Bitcoin it was a peer-to-peer electronic cash system, however in 2009 the software was released and it was first mined in same year.
And then Bitcoin first exchange was then launch and the exchange was Bitcoinmarket.com, and then in 2011 Bitcoin was $1 in price, In 2011 to 2012 Bitcoin price was $31 but later went back to $2 because of it's volatility nature however that didn't stop it from growing in 2013 Bitcoin price was $1k which also later dropped too, but in 2014 to 2015 Bitcoin was $200 to $400 then in 2016 to 2017 Bitcoin surprised everyone as it got to $20k, in 2018 Bitcoin dropped to $3k and then in 2019 it rise again to $13k and in 2020 it went back to $6k.
The covid-19 experience made people to release how important Bitcoin investment is, that made a lot of people started buying Bitcoin and holding so as of 2021 to 2022 Bitcoin price was $60k but later drop in same 2022 year to $20k, then in 2023 to 2024 Bitcoin was $90k now in 2025 Bitcoin is $104k.

Bitcoin is now on its road to $200k and is very much possible, there's Increasing institutional adoption and there's decreasing trust in traditional finance, if you have not started accumulating Bitcoin you can start now you are never too late.

There's a news going round this days that the reason why gamblers are no longer winning games when it comes to sport betting is because sport bet companies and other influential people in the world always buy matches and tell them what they should play, for example two football clubs are playing a match tomorrow and a lot of people have predicted on that particular match and if majority of gambler's have predicted on it that sport bet companies will decide to buy the match in other for those clubs to play the unexpected.
This is not true because such act is highly prohibited by nations they have a very strict laws against match fixing and any Player, coache, or official caught engaging in this practice risk being ban from the sport there by tarnishing their careers and reputations.
One of the reasons why match fixing is not supported is because it kills the passion for that particular sport and Match-fixing involves manipulation and deception, betraying the trust of fans, players, and stakeholders who expect the sport to be genuine, that news flying around about match fixing is false, if your prediction didn't go as predicted those not mean the match was fixed.
The same way gamblers lose money sometimes that's same way sport betting companies lose money sometimes, and same way gamblers win sometimes that's same way sport betting companies win sometimes.

Nigeria government has not officially adopted having a Bitcoin reserve, however there's News going round that there's an ongoing discourse among regulatory bodies regarding having a Bitcoin reserve and they are deliberating about the potential benefits and challenges of having a bitcoin reserve as a nation.
Nigeria government should adopt having a Bitcoin reserve, with the way Bitcoin is going those nations that refused to have a Bitcoin reserve will regret when those that have will be enjoying the benefit, my lovely nation Nigeria has what it takes to have a Bitcoin reserve, the benefit of this reserve in the next 10 to 20 years can help fix a lot of issues which can be solved with finance.
El Salvador as a nation has already established a Bitcoin reserve In December 2024, there National Bitcoin Office announced a deposit exceeding $1 million into there reserve, in the next 10 years this reserve will generate more millions for them.
The united state president has also proposed having a Bitcoin reserve and in no time they will have there own, so also Brazil, Switzerland and Poland, no nation should be lift behind this is the time for Nigeria government to invest on this wonderful project, state and local government inside Nigeria can also get involve in this.

Some people love and knows everything about soccer why some people love and knows everything about basketball, so also table tennis, volleyball, baseball, horse racing, handball, snooker, boxing, cricket, golf etc. Any sport you know very well, you can  gamble on those sport and avoid gambling on sports you know nothing about, one of the reasons why some set of people lose money a lot when it comes to gambling is because they gamble on sports they know nothing about with the slogan " gambling is all about luck" yes gambling involves luck but that those not mean skill and knowledge is not involve, if you gamble on sports you know nothing about then you are gambling blinding and your chance of winning are very small compared to when you know everything about that particular sport, when you know a lot about a particular sport prediction will be easy for you.
Is true that knowing everything about a particular sport those not grantee you winning always but is an added advantage when you are gambling because it brings you more wins.

I believe if every country in the world use one currency it will really help the world at large and every nation will benefit from it, there are some benefits or reasons why the world should have a single currency which are.

A. When the world have a single currency it will remove or eliminate exchange rate fluctuations there by making international trade and investment more productive and competent and how can this be achieved it will simply remove the risk and Instabilities connected with fluctuating exchange rates.

B. When the world have a single currency it will reduce the cost in making transactions because there will be no more conversion of currency to another currency and this will really benefit business men and women and also travelers, some time when you travel to another country you fine out that the money with you that you think is big is actually small when converted to that county's currency you travelled to, having one currency will make for easy money transaction between two people in different nations.

C. Having a single currency will also help in enhancing price transparency it will be difficult for a business man to import goods into a country and increase the price x 10 of what he bought it, having a single currency will help to reduce price of some specific items globally.

D. Having a single currency will help to unit the world more and every nation will be his brothers keeper and it there will be a global monetary policy this will help prevent corrupt politicians from stealing.

[Happy New year Nigeria Bitcointalk members.]

Happy New year Nigeria Bitcointalk members.

I they very happy to wish all of una happy New year, last year being 2024 e get some of our forum members way die, may there soul rest in peace, we go always remember there dedication to this forum.
Now way we done enter 2025 I pray for good health and prosperity, and I know say this year go mark a new beginning of greatness for our lives and that of the forum.