Bitcoin have remain illegal in several countries,including Qatar,China and saudi Arabia because it cannot be regulated and its illicit ties to Money laundering,financing Terrorism,human trafficking etc.
Bitcoin is not illegal in China. It is illegal as a currency but legal as a digital property. Most countries that illegalize bitcoin are Muslims countries. If bitcoin is not legal in countries like Saudi Arabia and Qatar, it is not surprising. Only few countries illegalize bitcoin. I do not think they are more than 14 countries that illegalize bitcoin. Fiat is used more in money laundering and terrorism financing. |
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Binance was only a dominance exchange and wasn't really that it has the best offering services for crypto investors who trades on the P2P.
Atleast most of us whom had been engaging on other exchange platforms after the delisting of naira from the Binance P2P can even attest to it that there has been some comfortable features some exchanges have over Binance exchange which fortunately we weren't aware about all those while.
Op, I've been trading on the OKX exchange and haven't had issues with it so you can just give it a try and let's get this hyping of binance to an end and just continue our crypto networking with them in as much there are other platforms to occupy their spaces.
Binance is one of the best exchanges but what I do not like is that some people are saying it as if there are no other one of the best exchanges but there are some other one of the best exchanges that can be used. OKX is a good exchange but be careful not to deposit less than the minimum deposit for bitcoin address which is 0.0005 BTC. The exchange has used this to scam some people, including my friend. |
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Also worth knowing that Blue Wallet does not have a desktop version. But as you said, it's not central to this discussion. Still, there's probably a reason the OP chose these two wallets as an example.
Bluewallet is not having Windows version but it has MacOS version. https://bluewallet.io/desktop-bitcoin-wallet/ |
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I have little bitcoin in an exchange but assuming I'm considering moving the Bitcoin off an exchange using a mobile hot wallet like Sparrow or Blue Wallet and I've generated the 12-word recovery phrase and securely stored it. If let's say my mobile phone gets lost in a flood or destroyed in a fire but my laptop remains survives and I download the desktop version of Sparrow or Blue Wallet, will I be able to recover my wallet using the same 12 words?
Worth knowing that Sparrow is not having mobile versions but this is not what should be necessarily discussed on this thread. As other have posted already, be it on mobile or desktop, as long as it is BIP39 seed phrase, BIP39 compatible wallet can be used for the recovery. |
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What type of local products are we talking about here the ones we produce or the one’s we imported in. The ones we produce aren’t coming down because it wasn’t only the dollar that affected their hike prices alone. Things like energy needed for power also played its role (petrol and gas) and if we look at them they are still not coming down alongside the dollar rate right now.
Local products are produced locally. I mean what are produced in Nigeria are the local products. Those imported are foreign products. Petrol price stayed stable at around ₦640 to ₦660 or so since many months ago till this time. The complainant is about diesel used to power the plants used in manufacturing. Diesel went up to as high as ₦1900 and sold last month at ₦1700. Dangote is selling diesel between ₦1200 to ₦1300 now. As for those imported I think it has to do with our selfishness you will see retailers complaining that they have to sell off this products first and only reduce the price when they buy new one. But this ideology fails to work when it is the other way round. One thing that this period is telling us is that we need a good regulatory system on this things.
I am only referring to local products. |
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We can see as the naira appreciated so much in price against United States dollars and other foreign currencies. Also the price of imported products have decreased significantly but the price of local foods and other local products are still high and some increase the more. I hope the world bank will be right about this. https://www.channelstv.com/2024/04/09/world-bank-says-nigerias-2024-inflation-rate-will-drop-to-24-8-per-cent/amp/Some people said the price of local goods and services can not just come down, but which is not right to my hearing. A phone, laptop or an electronic that was sold at ₦100000 when dollar increased to ₦1900 is now around ₦60000 when dollar is ₦1101. I talked with a plumber recently about pumping machine, he said it was sold around ₦120000 but now sold around ₦67000 in the town that I am living. Those selling local products are the ones that are gaining more now as the prices of local products is not decreasing and that is still inflation. If the price all come down, the sellers will not lose even if they bought at higher prices. |
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The halving of bitcoin is indeed a dirty little trick hiding in the source code.The bitcoin white paper misleads:
"The steady addition of a constant of amount of new coins..."
Point being:
White paper does not mention halving !
Bitcoin white paper misled holders to have more money and they become a millionaire. Halving is not good because it reduces the mining supply and which can make bitcoin scarce and increase in demand which can cause further increase in price and value of the coin. Can you see how wrong you are. The whitepaper does not talk about Segwit, Taproot, RBF, CPFP, trading bitcoin and so many other things, and therefore it should be a scam! What a stupid kind of logic you have there, OP
Segwit, Taproot, RBF and CPFP were introduced after bitcoin has been created, but halving was created with bitcoin and not a soft fork. I mean halving is part of the fundamental part of bitcoin. But you are not wrong that not all will be talked about on the bitcoin white paper. |
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Binance is praised than it should be. My question is what do you think this other top mentioned exchanges can do to make users no longer think of Binance? Do you think any exchange is making that move to cover up the space...let's discuss.
Binance is not the only exchange and it is overestimation if you said it is better than some other exchanges as if other exchanges and nothing to it. If Bybit does not satisfy you, use other exchange. |
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With the advancement in technology, wireless Internet connection should be very much possible through satellite transmission and we've seen Elon musk starlink building on such structure and although the undersea cables is still the backbone of the world's internet structure, wireless Internet connection is the only long lasting solution to the frequent break in internet connectivity.
I read recently that Elon Musk's internet service company, Starlink, has slashed the price of its hardware by 45% in Nigeria. It sold around ₦800000 in this April but now sold at ₦440000. The subscription cost ₦38000 per month for unlimited internet connection. Let us see if the price will reduces further and which can encourage more people to buy. Also it will be good for those in areas that internet service through the water cables are poor. Also it will be good for those that have family and want them all to be using it. Aside that, I still prefer to use water cable networks. It will be good for those that use it for business, especially to provide Wi-Fi for people. 4.5 terabyte annually is ₦450000 for MTN, Airtel, and maybe others. That is ₦37500 monthly Unlimited for Starlink is ₦38000 monthly But some people do not need up to unlimited and which we reduce cost. I do not think I will be able to finish using 2.5 terabyte annually. I can send 5 gigabyte to anyone on MTN daily. Even if the person is another state in Nigeria With Starlink, you can only use it where the Starlink router and Starlink satellite dish is. |
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Do you expect instant decrease in price of good and services as dollar loses value to naira? No, this can't be possible. It will take some times before this can become effective. Remember alot of product has been produced down with an expensive materials by campany, wholesalers have also store goods at high price. Most will want to sell part or all of this before selling at new price. I believe if naira continue to appreciate like this, it will definitely has effect on goods very soon.
Do not think naira just increase in price, the government also manipulated it by decreasing its price and later increased it. The price of phones, laptops and electronics have fallen 50% already but local products are not decreasing in price while some increased in price. If there should be deflation, it also supposed to be on all products, be it imported or produced locally. If other prices have decreased, those that bought at high prices but selling at low prices will also not lose. |
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Is this wrong? Top 10 Companies in Nigeria That Pay in DollarsJoint Venture between Shell Petroleum Development Company (SPDC) and Other Companies Chevron Global Corporation in the Oil and Gas Industry: ExxonMobil The Nigerian National Petroleum Corporation (NNPC) in the Oil and Gas Industry MTN Nigeria (Telecommunications) Nestle Nigeria PLC The Federal Nigeria Civil Service Oil and Gas Total Dangote Group Breweries in Nigeria Do you think the EFCC can stop all those companies not to pay some of their workers in foreign currency? Already FG dey demand list of Nigerians way dey trade for Binance. Wetin you feel say them won use that information do?
To arrest them and fine them. The government will allege that they are the ones that manipulated the market. But it is very obvious that the federal government also manipulated naira but which they overshadowed with their accusations. |
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If your wallet is connected to trustedcoin then you can try this method and if the suggestion above does not work you can try this one below
It will definitely work. He should click on wallet with two-factor authentication -> I already have a seed -> input the seed phrase. He will see what that I posted above to disable it. I hope he will understand to click on next after seeing the disclaimer. Also I think this should not be a work for someone that had successfully setup a 2FA wallet on Electrum before. |
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While importing the seed phrase, you will see where you can disable the 2FA before you will set your password. You will be able to spend the coins without the need of TrrustedCoin.  |
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I think I understood what you want but it will cause to inconvenience for some related entities (company, manager, participant). Some campaigns have their pay rate directly in BTC but some others want to have a fix pay rate in $, then convert it to BTC for payment. I guess companies and managers have reasons for this choice, convenience.
De-dollarization is not in their mind.
I think stompix is kind of relating it to BRICS and how people are saying BRICS mission could be fulfilled. We know that the main reason for BRICS is dedollarization but using some means to make other countries looking for ways to join the organization. Here is another dedollarization news I read not quite long: China’s yuan replaces US dollar, euro as Russia’s ‘primary’ foreign currency for overseas economic activity while I have been reading about BRICS mission since some years ago. |
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BRICS misson is to looking for ways many countries (especially China and Russia etc) will not depend on United States dollars so that they will be able to make US sanction not to have much effect. They are still on it but dollar remains the dominant currency. United States dollars remain the most traded currency even till now and it makes up almost 88% in total in 2023, just as it was since many years ago. The highest among the reserve currencies is also still the United States dollars. It account for $58.41 in 2023. https://en.m.wikipedia.org/wiki/Reserve_currencyHow about bitcoin pair with fiat? United State dollars accounts for 71.45% of the total world's reserves. https://www.investopedia.com/tech/top-fiat-currencies-used-trade-bitcoin/Dollarization occurred naturally, BRICS mission will be hard to achieve. |
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I don't know the exact time but usually a week nodes should reject it but better to ask the sender what wallet he used to send the BTC
Because some wallets like Blockchain wallet it always rebroadcast unconfirmed transactions same goes for exchanges.
On Bitcoin Core, it is 14 days by default. But node runners can set it to what they want. That only works if you fully trust the sender to do so.
If it is me and I do not trust the sender, that means I will not give the sender what he wants in exchange for the money. It is cash and carry or we should use escrow. I will tell the sender to pump the fee. Also, why telling the sender to make another transaction and not just rebroadcast the same?
I think that is what he meant. To resend the coin again in a new transaction. But nice making it clear because a coin that is thought to have been dropped has not been dropped from some other nodes and if the fee rate becomes lower, the transaction that has been thought to have been dropped can later be confirmed. |
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The attacker malware gain access to the clipboard of his victims device. The malware change the bitcoin address that the victim copied. It changed it to the attackers bitcoin address. So if the victim paste what is copied to the clipboard, it will be the attackers address and not the address that he copied.
If the victim wants to send his address to someone to send him some coins, it will be the attackers address that would be sent.
If the victim wants to send bitcoin to someone, he will unknowingly send the coins to the attackers address.
That is why it is good to check and recheck the address that you are sending coins to
That is why it is good to avoid malware
Cold wallets are safer
Using QR code is effective as it does not make use of clipboard but camera.
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importing private key to electrum wallet then send to your address is it enough?
You import the private key and then send the coins to another address. Why not just sweep the private key instead. But if you just prefer to import and send the coin to another of your address, that is not also bad as long as the private key that you imported is not compromised and your if the wallet that you sent the coin to also is not compromised. |
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Any experts here who can shed their light on this case? I received this payment about 3,5 days ago and it's still unconfirmed.
Should I be worried that it might stay unconfirmed forever or will it for sure be confirmed sooner or later? But realistically, how long can it take?
The mempool is so congested right now and it might take weeks or more that transaction can get confirmed. It might be dropped from mempool later. Why not tell the sender to increase the fee using RBF because the transaction supports RBF. Do not accept an unconfirmed transaction until it has one confirmation. |
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The subsidy that has been removed since many months ago is what you are just discussing now. Despite inflation that is in Nigeria recently, PMS price stayed at ₦650. AGO continue to increase and had a higher price of ₦1700 but the price reduced recently after Dangote begin selling AGO at ₦1200/₦1300.
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