The Central Bank of Nigeria (CBN) has pegged maximum over the counter (OTC) cash withdrawal per week for individuals at N100,000 and N500,000 for corporate organisations.
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The circular read: “Further to the launch of the redesigned Naira notes by the President of the Federal Republic of Nigeria, on Wednesday, November 23, 2022 and in line with the Cashless policy of the CBN, all deposit money banks (DMBs) and other financial institutions (OFls) are hereby directed to note and comply with the following:
"The maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations per week shall henceforth be N100,000 and N500,OOO respectively. Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively.
“Third party cheques above N50,OOO shall not be eligible for payment over the counter, while extant limits of N10,000,000 on clearing cheques still subsist.”
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The circular further stated that, the maximum cash withdrawal per week via Automated Teller Machine (ATM) shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day.”
Also “only denominations of N200 and below shall be loaded into the ATMs.”
The maximum cash withdrawal via point of sale (POS) terminal shall be N20,000 daily, the circular further stated.
The circular further stated that in “compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits is required for legitimate purposes, such cash withdrawals shall not exceed and for individuals and corporate organisations, respectively, and shall be subject to the referenced processing fees in (I) above, in addition to enhanced due diligence and further information requirements.” The central bank of Nigeria is changing up the entire system to try to boost the economy and the dwindling naira. I personally do not fancy the idea of limiting how much cash withdrawals one can make within certain periods of time and putting a low cap on that. This would adversely affect SMEs around the country and while it would push more people to exchange digitally through cashless means, it would have lots of negative sides How the policy would impact the economy and more importantly the citizens would be seen next month. one of the worst things you can do when your currency is on the verge of collapse. You don't stop people from withdrawing for no reason whatsoever. The process of withdrawal and deposit is where the money is at, so by cutting off one end of the chain they are just putting a hamper on the circulation of their currency. Less money from withdrawals-less money to spend. Less money spent, more money kept and inflation will come in.
That may be more of a political motive than to solve the current problems of the Nigerian government. Restricting withdrawal will cause heavy damage to businesses and have no effect on controlling inflation. In order to control inflation, deposit interest rates must be increased to attract people to deposit money in banks, thereby controlling cash flow, not restricting withdrawals.
Agreed. You have to inspire people to actually spend their money one way or another, not have them lose trust of the bank. I don't see the point in antagonizing businesses as well. They are the ones that are fostering the economy. What is going in Nigeria, why is everything their government doing there backwards of what they claim it to be? |
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In 2019, I was fascinated by Bitcoin after I was introduced to it. I have been following the attitude of governments towards bitcoin and hope it will be promoted. However there has been too much negative news in the past two years. I reacquaint myself with bitcoin and fiat money.
Money is a tool for exchanging goods and services in human social life, and whichever tool makes it into the system becomes the de facto currency. Governments regulate the economy by issuing money, which means they can control it. Bitcoin, on the other hand, cannot be controlled, which is why we like it, but also why governments don't like it.
After I figured it out, I no longer expect Bitcoin to be recognized by the state, and it doesn't need to be. It is part of a special asset, not a currency.
So I don't think Bitcoin is going to become a fiat currency.
It doesn't have to be the world's currency. Surely some visionaries of bitcoin may think it should be but for me it doesn't have to be recognized in that high a scale for it to be useful to humans. Bitcoin adoption in its root just means a majority of the world's population using crypto or in this case bitcoin for transactions and some daily processes that requires it. Even right now that only a small portion of the population uses it we are already seeing its great effects. Also you are right, the attitude of the government regarding bitcoin and its usage is too sour for it to really see good usage, so even if global adoption is indeed achievable in the foreseeable feature, it must come with a huge paradigm shift on the governments' part to be realized. |
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"Silicon Valley Venture Capital Godfather" Tim Draper (Tim Draper) believes that people will turn to high-quality and decentralized cryptocurrencies such as Bitcoin, and some weaker cryptocurrencies will become historical relics.
Due to the tightening of monetary policy by the Federal Reserve and the knock-on effect of the bankruptcy of major industry companies such as Terra, Celsius and FTX, the crypto market is full of fraud, black gold politics and various conspiracy theories. I'm personally on the sidelines, but still have a lot of confidence. The pool of crypto markets is getting cleaner and cleaner. In this earthquake in the encryption market, people's awareness is getting higher and higher. God said that the disaster is that people become smarter and see scams more and more clearly instead of pure trust. Altcoins are becoming more and more Like a mainstream currency, if you are a liar, you have to be a liar with a high IQ. As a government, it will also make the encryption market more orderly through various regulations. There is no doubt that Bitcoin has had a huge impact on the global economic order. The early dividend period of Bitcoin is over, and the next is the stable period. What are your views on the future? I clearly know that the persistence of beliefs is often not so strong, and few people can hold Bitcoin for a long time. It could but it has no business wrecking other's opportunities. It's already big on its own and is in a competition with itself, so there's no point actually breaking shitcoins if that's what you mean. I understand Tim Draper's sentiments but for an industry that thrives in original copycats, it's going to be very hard for bitcoin to monopolize the competition especially when you consider the fact that these altcoins offer more and more utilities with every iteration while on the other hand bitcoin remains, well bitcoin. |
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We all have different occupations and work for different companies. We work hard and keep improving ourselves to show our company owner how good we are at our work and how efficient we can be in growing the company. But all we are doing is helping grow someone else's companies. All our talent and struggle is to help someone else earn more money. What are we doing for ourselves? At some point in our life, we must grow our own businesses for our own safety.
The title "Do your work" refers to growing your own business. We all have some skills in different sectors and we use all of our energy to work for a company and get a monthly salary. But we are not supposed to work for that company till death. so how will we bear our living expenses after retirement? Most people do not think about that.
You can say yes they do. They do monthly savings for their retirement plan.
But this is not savings or investment. Your fiat currencies lose value every year. So Your 30 years of saving will be the same in numbers but not in values.
So what can we do then? We have so little to grow a business.
Invest your saving in precious metals like gold and silver or digital assets like bitcoin, or it can in some potential stock or it can be in real estate. Invest your money where ever you want. Just do not keep it in a bank. The Bank interest rate is not higher than the inflation. You are losing money not gaining it. The point is to invest even if your saving is negligible.
Conventionally no one will ever be rich from working for a boss. That's true, but there are some exceptions. For me, you don't need to really learn a new craft or subject yourself to learning a new business model to apply to yourself. Personally what would work better for you is to be more financially literate. You can start a business and end it immediately when sale doesn't match your expectations, that is because you aren't financially literate, you can work 9-5 on a livable wage with some leftover for savings and you'd expect something for when you retire. That's the gist of it. For me you need to really learn how money works and how you should spend it before jumping on money-making schemes because without proper knowledge and discipline you'd end up spending it all. |
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Ww3 must start as war or big Crisis Are natural process after hyper inflation.
The war can reset world economy.
So for war there russia and with who ?
Russia can go to war with EU UK or USA But only one of them can be choosen.
So this time look like russia will go war with EU If war in EU zone then USA and UK economy Will be booming.
I don't think you need a war of that large a scale to "reset" the economy. Let alone a world war. With nuclear weapons active and raring to go ballistic I don't think the economy will be the least of your worries even if it does reset. The world will become unlivable, everything will perish. What good is an economy if everyone is dead? Please be mindful of your thoughts and don't impose radical ideas like that because it's people's lives that will be at stake. The fact that you could nonchalantly say we need a war is just absurd to me. War is never a good thing no matter how good it resets your economy lol. |
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I think most of us here that works at a 9-5 will pass this proof of income verification with flying colors even. But I don't see the point as to why such rules must be imposed. I mean, what does getting my proof of income have to do with me trying to enjoy a quick gamble? I get that these casinos try their hardest to ensure that hackers are kept at an arm's length, however I don't see the benefits of imposing such rules over your regulars, especially if it's a cryptocurrency casino. Some of us here claim funds directly from crypto in numerous ways, some of them barred by the parameters you have given, at best, it's just gonna stop a couple of unemployed hackers from ever-getting their hands on your funds, in its worst, it's bound to cause a casino to lose a considerable amount of their customers. |
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compared to countries in East Asia, Japan is quite receptive and accepting of cryptocurrencies and the benefits they could provide. So I don't think they are lagging compared to the rest of the world. It's the fact that they are more relevant in other aspects, like how great they are with creating manga, videogames, technological solutions, and whatnot that news and updates about Japan's journey to the cryptocurrency world is overshadowed. Japan is a unique country in the world because they are very fanatical about their country, they will not be interested in projects that use languages other than Japanese so most of the top exchanges in Japan are pure Japanese, of course there are several exchanges that are popular in Japan even I heard that Binance also opened business in Japan.
Quite unlikely, they are a collectivist society, and although they have this certain phobia about learning new languages it is no excuse to be less accepting of enterprises that involve cryptocurrencies. The fact of the matter is, they are indeed accepting of cryptocurrency, so much so that for a time they have their own cryptocurrency exchange until CZ's Binance annexed it. |
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People say lots of things about how important bitcoin could be to the society we have right now, some say the coin offers variety from usage against fiat currency, some say anonymity, some say because it offers profit. But at the end of the day I think these benefits wouldn't be realized if adoption isn't made. As of now the world could easily go on without bitcoin and cryptocurrencies for that matter, because people do not have it in their safekeeping. What will drive importance to people is a universal importance that will have them want to earn bitcoin and hold them for a long time. Other than its potential for exponential price growth however there is none thus far that could offer such importance. So until then, bitcoin will remain like this.
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It is avoidable when hodlers choose rightly to invest properly and not giving centralised system this chance to always scam them. The point to this is to not give scammers this opportunity, close the loop holes. For exchange you don't leave your coins with the exchange this is why the huge sum of estimated $10 billion was lost in FTZ scam. Another is to invest major in bitcoin because some investors want to buy cheap unit of coins , accumulation of satoshi is more secured.
These crypto projects were the "right fit" so they say when they were at the height of their productivity, now it's dirt cheap and people are calling it a shitcoin despite signs and analyses back then stating these projects are the next big thing in crypto. The thing is there's no real "right fit" project at all, only projects that deliver what they promise and go beyond what they are ought to provide. Analyses could only get you so far, and is always to be taken with a grain of salt no matter how reputable a project is. Doing your own research is still king, because you can't trust anyone more than you can trust yourself and your gut feeling as well as a research and study of market parameters that you yourself have observed. |
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 sourceBitcoin is BetterOne can actually proof this over and over again on the uniqueness of bitcoin as the best and preferable source of an asset and a digital currency that has every tenderness to solve the demanding economic challenge with applicable solutions on many areas in its application, gold is good but bitcoin is a better form of an asset trending whereby everyone want to learn about bitcoin, fiat currency couldn't solve the inflation problem and is being affected to the worst extent where recession now becomes a threat on world economy, here the illustration gives the impression of bitcoin being identified as the choicest and most preferred means to invest with, its both the combination of an asset and a currency in which either gold or fiat couldn't serve and that's why you discover that bitcoin has achieved a milestone worthwhile only within a couple of years. What you benefits with Bitcoin against fiat or goldWhile in addition to what the above illustration gives about bitcoin, i will like to add and give these five quogent points along with what difference bitcoin comes with. 1. Decentralization of assets 2. No KYC required for investment 3. Digital and secured form of asset and currency 4. High profitability with less risk 5. No inflation tolerance or price manipulation agreed. Bitcoin has so much edge when compared to most of the current stores of value we have at our disposal. For instance anything that is physical like gold or precious stones pose issues with insecurity given the fact that the transaction is done person-to-person, bitcoin doesn't have this problem. And compared to other cryptocurrencies it has the benefit of being stable enough, at least in regularity of its price compared to others that fluctuates like crazy, thanks to bitcoin's 4-year cycle brought about by its halving. But all of these are really just miniscule compared to the potential for profit and security that bitcoin brings to the table, it is just unlike any other and is literally a feature that could walk in itself. |
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5 things you should not do with your money to get rich or advance your lives
1. Don't spend without a plan
- Many people don't care or just don't care about spending. They don't care if they have extra money or if they have money left over until
the end of the month. Then they will complain that they don't have any more money because they have no idea how and where they are
spending it. And how many times have you gone shopping or grocery shopping without a list, which ended up costing you more because
you didn't have a plan?
Because if you want to save something or have some money, you should keep having plans when it comes to what you buy.
2. Don't brag about having a lot of money
- This is correct because it is your money where you can do whatever you want to do with your money. But whether we admit it or not,
being arrogant is also the reason for handling or mishandling our money.
"2 things when you have a lot of money"
a. You make a new friend.
b. You have a close relative.
- What do these two mean? When people know you have a lot of money, you are usually the one they turn to when it comes to financial matters such as borrowing, asking for help, and freeing up where you are always the best so on and so forth. But after all, there is nothing wrong if you are not forced and it springs from your will. In short, there is nothing wrong with helping, lending, or freeing.
It's just that others who approach become abusive because it's not their own money and they don't care about the money you spend or use, Because they think it's okay not to pay you. After all, you have a lot of money based on their thinking, this is a reality that is happening in our time today. But they don't know that you were forced to do that and they don't know how hard you worked for it before you got it. Then in the end you will realize that the money you lent just went to nothing and just went to useless things or vices. There are also people to whom you give money who don't care about you, what is your current situation, or something else. Because these people only think about themselves and their interests.
But you don't need to be greedy or selfish, as long as you always reach for a spring inside and from the heart so that it is not heavy on your will. And it doesn't hurt to be simple all the time. Also, you don't need to flaunt or show people that you have a lot of money because successful businessmen don't show off piles of money, they are just simple people with heavy pockets.
3. Don't always buy something that loses value
- One of the major problems with what we spend over time is losing value or depreciating. Like you bought a phone or a car last year, but
I'm not saying that it's not a necessity, I don't mean it like that of course. What I want to convey is that you don't always have to keep up
with the trend, just because there is a new I phone that comes out, you will also buy such gadgets even if they are very expensive and it
will be a bit difficult to buy it, but it turns out that you are just forcing your own so you can keep up with the trend.
It's the same with the car because you'll need a down payment there, gas costs, maintenance, and other things that will be needed here
because if you don't do it, you'll surely sell it at a low value.
4. Don't waste money on useless things
- Like most of us, there are still many addicted to spending on useless things. One of the good examples of this is that others may be
inclined to go with friends who only do happenings and you keep up with your troops knowing that they have a lot of money unlike you or
us which is not like that. Just like buying a high brand of coffee to drink in coffee shops just to be able to socialize and have a big time,
you might not lose or die if you reduce the time you buy this kind of expensive coffee brand. Because you know that your budget is also
hurting your pocket. And we know that there is also one that is cheaper and it's the same coffee, so let's just be practical for now. And
there are many other things that we can reduce the things that we spend money on for nothing.
5. Don't invest suddenly
- In my experience, I have also participated in this type of investment without thinking immediately or doing research because I was just
carried away by the hype. It's just like the "Get rich quick" where your 1k$ will turn into 10k$ after 3 days, things like that. Just like before
the rise of cryptocurrency projects, there were a lot of them but in the end, they turned out to be scams, but I don't blame them all
because there are legit crypto projects and there are others that are just scams or shitcoins, this is just an example.
But I'm not saying that you shouldn't invest in crypto, I think we shouldn't make a hasty decision so that our capital doesn't go to waste.
Number 2 just made me laugh out of relatability. When I was a little bit naive about life and how to handle money, I keep bragging about how much I earn as well as how much I can chip in for stuff that would require pools of money to be dedicated, like house renovation and whatnot. I have noticed relatives, even those who I would consider to be far-blooded to me slither in to the scene like they've known me all my life when they haven't even tossed me a loaf of bread once. Soon pandemic came, and profits dwindled, and I became a massive disappointment, since I can't put as much in the table as I could back then, some of my friends who I grew close with stopped checking on me, same went with relatives who were so eager to acquaint with me back then. Money is a people magnet they say, and I couldn't agree more, when you have more money and you don't know how to spend it, you'll find other people who will spend it with you, and if that relationship was built in money, its lack will cause the relationship to slowly crumble and fall before your eyes, so find true friends and pay gratitude to them, but this time don't let them know you earn this and that, or you can spend this to this and that. |
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Guy often tell me house is a force saving. By looking at the market today, full of scammer roaming around, and countless unsavoury characters and get rich quick scheme, jobless highly educated youth. I conclude buyhouse is not only a “forced saving” but also a “save yourselves”.
We often heard about a lot of highly educated youth had no jobs, underemployed, which is very bad today and getting worse day by day. What they often failed to see is it has been norms in the past, do you not know every scientist is borderline poor and bloke, Albert Einstein is not rich, Newton Isaac is bankrupt poor on south sea bubble, Wright brother is poor, we often read about how great are scientist on the textbook who create useful invention to improve life, but there is a catch, the textbook conveniently never mention the scientist personal wealth, it’s apparent textbook censor the information they do not want the kids to know all the scientist are living paycheck to paycheck and borderline poor, where they often has to wagecuck and sell their IP to the government to make a living, if they failed to create any IP they would be rejected just another bloke we often see on the street today, is homeless educated guy not often in the past?
Friedcat of the bitcoin is the modern day jobless highly educated genius, he is often regarded as “genius youth who is living a frugal life”, despite awarded with scholarship, and secure the top spot in the top business school, the guy goes on and create very useful product, create the asicminer, but very quickly the guy just simply goes broke and fall into endless debt burden, his company is broken, life broken and going missing forever after he couldn’t pay the debt he owned, oh how ironically he is just the modernise Newton Isaac in disguise, such a nice addition, so guy listen, keep following the advice of go to school and study hard get good grade, get a good paying job with benefit, you would eventually made it in life, miraculously and magically you would be living happy ending life, it’s fine guy!
Then I’m often getting bombarded with doubt “Do you have a better system than existing one? Do you?” Obviously I don’t have any and I would never come up with one, keep trying to beat the house and to realise how great/lesser a person you are.
House price is soaring, but finance advisor telling me to debt maxxing on house loan 90% loan and 0~10% dp, and it’s fine. Because bank want to increase revenue, increasing house price is what the bank did, by increasing house price, guy would take more loan to buy house, that way bank can increase revenue by increasing house price and increasing the loan to buy house, then bank can charge interest on the house loan to make profit. But what I often heard is guy tell me to debt maxing on house loan, don’t care about saving, it’s a recipe to disaster to me. So guy today hope the house price to collapse and they can shop house on the bargain, that’s one wishful thinking, the bank cartel and house developer wouldn’t allow that to happen, reduce house price would make it bad for bank to sell more house loan, and bad for developer too, the blackrock would stop that effort, however as usual some guy would loss everything due to greed, if over leveraged on house loan, would loss everything.
I don't think the house price is the one that's necessarily increasing. If my memory serves me correctly it is the interest loans that kept soaring high up while the housing average remains in line with the current inflation rate, although of course you are right with that, banks gotta make money from somewhere and that's where they make it mostly.They jack up the interest rates, put people into irrecoverable debt, and reap the profits like nothing bad happened at all. As for education, I think it's common knowledge at this point. Not a lot of bright people, or at least those who got themselves a masters degree ever had a chance to live a life of luxury or at least a life of contentment. They lived frugal lives and that is because there is no money in the academia, the money is made from somewhere else, not from the transfer of knowledge from a professor or a scholar to a student. |
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Hey guys, With all the KYC talk lately I wanted to open up a thread and ask about your opinion. The side of the user:- Prefers no KYC - Prefers anon coins as a payment platform - If a KYC is triggered, they want to trust the brand with their documents The side of the casino:- Regulators are asking them to do KYC, but they need to find a balance on when it's triggered. E.g. to keep a portion of the user happy, they can rise the trigger to a certain amount. - They are tied to a payment provider, either because of the license or CMS, and can offer only a certain portion of cryptocurrency. - Users are abusing them if there's absolutely no KYC matrix in the system. What would, in your opinion, be the best balance here? Efialtis from BTCGosu mentioned that some of the casino managers make exceptions, and I can imagine how that's possible, but I'm curious in what you would like to see there.
Regarding KYC: Their management confirmed with me personally that they would not enforce KYC. (Same old story, we could of course argue about that just like with any curacao licensed crypto casino) - the good news is when I have personal confirmation of such a statement, then I am putting a "No" and if they break their word at any point of time, I would take action. That is how I have always been handling this topic and how I will continue doing it.
Casino's rules are always the ones to be followed, never the players, if the player doesn't want to undergo KYC, they are always free to leave and find some other place that doesn't require them to do so. Honestly I am in support of it, the fact that it gives you some sense of safety because at the very least everyone who gambles in that site did the same thing as you and is subject to the extent of laws you are subjected to as well should one of them decide to mess with you or your account. I don't roll with no KYC because it's a bit iffy for me, sometimes even scary because if I could easily gamble and withdraw, this means that when I get hacked the hacker would have no trouble getting all my funds. |
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I work in healthcare and one of my patients offered an investment opportunity to me.
Leaving any amount of money higher than 100 bucks untouched for 9 months, would result in a 600% return on investment.
Of course this is fraud, but I had to figure it out. It is a pyramid system in which withdrawals of people at the top, are funded by money from new "investors" at the bottom of the pyramid. My patient had made 2 previous withdrawals with success ($2500 profit and $9000 profit), and has now invested $10 000 expecting 60 000 in a few months.
When no new money enters the system, the bottom line of the pyramid loses their money and the creator of the scam takes it all.
The scammer asks to get paid in BTC, not in fiat currency.
Can his BTC address somehow lead to an arrest?
Ponzi schemes don't last long. And historically these people are arrested because the source of the money is easily identified.
Now with BTC I think it is much harder to identify the scammer and to stop the scheme. I think it's harder for any government to prove that there is a Ponzi scheme in the first place
Unfortunately through the manner at which he requests the tithings be made, there wouldn't be any forms of lead that would direct the authorities to him, so unless you personally know the perpetrator of this scam yourself, it would be a little too hard to hold them accountable in court due to the lack of evidence. Then again there are some instances of people outing themselves as the founder of a project in its infancy, then taking the money for themselves that are eventually caught or at least put in the wanted list of the police, sometimes by the InterPol even, that being said this happens very scarcely so don't get your hopes up. The case with bitcoin's anonymity is truly a double-edged sword. It helps people be obscured for stuff and purchases they don't want revealed, at the same time causing wrong-doers to commit crimes scot-free |
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Making Bitcoin a legal tender means when a person goes to purchase a commodity, instead of paying with dollar or whatever currency is being used, they pay with BTC.
Given the unstable nature of cryptocurrencies, and the untraceable nature, would you suggest it wise for countries to adopt Bitcoin as a legal tender?
Recently, El Salvador and Central African Republic announced that they have adopted Bitcoin as a legal tender.
Because it is decentralized, meaning it can freely do whatever it wants without the prying eyes of the government, side effect of this is the fact that is untaxable, meaning you until you convert your bitcoins into fiat, the government will not have the means and the abilities to tax you no matter how they push for it. At the end of the day, global adoption doesn't necessarily have to involve your national government lifting any promoting bitcoin and other cryptocurrencies for that matter. Global adoption just means that cryptocurrency is so beginner-friendly, less hostile, and easily accessible that virtually everyone could have and would have it alongside their fiat if fiat is still around by that time, so the case for whether it would be wise for countries to adopt bitcoin as a legal tender is a little on the nose and irrelevant at the same time when you take these factors in consideration. |
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I think I am one of the unluckiest gambler/bettor out here, today is one of my worst days again and I think I should quit betting.
I went all in on Argentina thinking their match against Saudi Arabia would be an easy win for them, and the fact that the odds were so far away against Saudi Arabia winning while it was in huge favor of Argentina caused me to be so sure that Argentina was going to win the match, and then, I went all in, hoping to make some big wins just like yesterday, but now, everything is gone, in just a twinkle of an eye...
Argentina is a big disappointment, It's still hard to believe, I quit betting until I am able to forget this experience entirely.
First off, I am sorry for your loss, losing an all-in bet must be one of the worst feelings you can experience as a gambler. Top it all off with the fact that you are very much confident of the team you chose. Just goes to show how everything could change and happen when it comes to sports and betting adjacent. That being said, you are on the right track, you must reflect and take a breather, distract yourself away from the things that stresses you the most including this loss and maybe pick up a hobby or two. I find that reinvesting the energy you used to spend on gambling to something else the best way to really stop yourself from gambling, because then you won't have the time to gamble anymore and you are also doing something worthwhile and productive for yourself. |
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