Naija Novice Hangout {Newbies introduction & Orientation} Thread.

[Maestro75]

Also how about this March 17 news about Terra plans to obtaining $10 billion worth of BTC as reserve.

We’re already buying’: Terra founder plans to obtain $10B BTC for reserves.

If I be big time investor I no go trust this Terra news like I go trust the news on Russia accepting bitcoin for oil and gas sales. One of my reason be say I no go believe any businessman weh tell me say him deh push a rival business when him own business deh there. I doubt am. Another one be say Russia na big player for oil and gas and if them begin accept bitcoin in exchange for that na better demand e go be for bitcoin o. Omo you go see rush weh go happen.

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[CryptopreneurBrainboss]

And many oga them for here go tell you say altcoins na shitcoins, say make you run away from investing there. Sometimes e deh happen like that weh dem talk but most times e no deh be so. Altcoins deh give money and altcoins deh reck people too. My own be say if anybody want to invest in altcoins make them look for solid ones weh get better team. No just follow follow coins weh people deh hype.

Dem no dey wrong my brother, If people been just buy and hold Bitcoin (including myself) we for dey better place pass where we dey now. Understand say no matter how much your altcoins gives you, e dey hardly give better return when you compared in satoshi value when you buy and wetin dey value be Now. Make I give you example back 2017 when normally if you been invest in Ethereum na better return you for dey get now in dollars but Ethereum done fall from I think around 0.3 satoshi to around 0.07 satoshi now. Which means although for dollars you profit but for Bitcoin you lose.

Then now Bitcoin scarce unlike Ethereum. The same thing you fit do with other altcoins as well. 99% of altcoins na scams and the other 1% wey dey try, big possibilities dey say dem no go dey around in the next 5/10 years. When we enter this market na privacy coins, masternode etc they reign but now nothing come out their side compared to defi, metaverse etc altcoins na majorly short term investment and no ever use Bitcoin buy instead use ur fiat like that and always they secure Bitcoin (very important).

[Coyster]

The same thing you fit do with other altcoins as well. 99% of altcoins na scams and the other 1% wey dey try, big possibilities dey say dem no go dey around in the next 5/10 years. When we enter this market na privacy coins, masternode etc they reign but now nothing come out their side compared to defi, metaverse etc altcoins na majorly short term investment and no ever use Bitcoin buy instead use ur fiat like that and always they secure Bitcoin (very important).

Boss you don talk am finish, i fit talk say you old pass most of us for here so your knowledge choke well well, so i comot cap for this post. I don dy talk am since say no be say altcoins no good oh, e good well well, e fit to give you plenty ROI asap, but na short term projects them be and many of them follow be scam, but if you be long term investor e no still bad to buy some altcoins oh, but make sure say you treat am as short term investment, wetin i mean be say make you sell am as soon as you don collect ROI, no talk say you wan hold am for long period. But as for your Bitcoin, treasure am wella, accumulate more and make sure say you hold am for long period as na long term investment wey e be oh.

[CryptopreneurBrainboss]

I don dy talk am since say no be say altcoins no good oh, e good well well, e fit to give you plenty ROI asap, but na short term projects them be and many of them follow be scam, but if you be long term investor e no still bad to buy some altcoins oh,

Brother, you talk well. I dey always tell people say make the goal be to get as many Bitcoin as possible and one of the sure ways to achieve that na by investing in altcoins, take them as trades no too put body like we die here something by holding as you go do for Bitcoin. Nomata how promisingly any altcoin be, if the coin reign finish you go hate am. The only problem now na say people need fast money and you no go boame them because the county hard and they need chop. Na all this things they push them to investing in shit coins and at the end of the day, majority still lose.

We get types of altcoins, you see all those shit coins them, dey no follow for this advise oh. Those one na just pure gambling because utility self they no get. Ever as we talk of investing in altcoins, you gaz use your head know say no be everything dem list for market you go go after..

[BIT-BENDER]

This is a great news in general for the Nigerian community, I am certain that there are many Nigerian miners out there that are mostly hindered by the cost of energy involved in mining, Nigerian has been know to get involved in every sector of crypto-currency except mining of Bitcoin, although one of my greatest fear in Nigeria is continuity, and I hope we have a long term run of this initiative.

[Maestro75]

take them as trades no too put body like we die here something by holding as you go do for Bitcoin. Nomata how promisingly any altcoin be, if the coin reign finish you go hate am.

Bros, na true weh you talk there. I be fall into that trap too thinking say altcoins na the baba. I hold them to the point weh their value disappear before my eyes. Na painful something true. And the ones weh deh too do like that na those ones weh their prices deh low and many of us go buy them because of their low price. Person don really jam bad luck for cryptocurrency no be small.
I like this your signature, e neat and come make sense no be small. Na senior men campaign you deh and you be the only 9ja there. E sure for you.

[Charles-Tim]

This is a great news in general for the Nigerian community, I am certain that there are many Nigerian miners out there that are mostly hindered by the cost of energy involved in mining, Nigerian has been know to get involved in every sector of crypto-currency except mining of Bitcoin

United States have the highest bitcoin mining hashrates, electricity is much cheaper in Nigeria if compared to countries like United States. Although, electricity generation in Nigeria is poor but if mining is not forbidden (and of course, not forbidden) in our country, we suppose to have some miners in Nigeria, but I noticed mining is not their thing in Nigeria, Nigerians prefer to trade bitcoin instead and even for cross border payments.

According to Statista


Electricity is cheaper in Nigeria, but what I think about the issue of mining is that we Nigerians were not early adopters and when we started to see the value of bitcoin, sophisticated miners have been existing, compare to what we can just mine with just computer before and make profit in a way we can buy the later existing sophisticated miners and also introducing it to friends and.loved ones.

although one of my greatest fear in Nigeria is continuity, and I hope we have a long term run of this initiative.

Exxon Mobil would not use Nigerian electricity to mine bitcoin in Nigeria, the gases that would be used are wastes from refineries (those gases that do burn away for no purpose). With this, it is highly believed Nigerian government will make bitcoin mining possible for Exxon Mobil in Nigeria and the gases being wastes before indicates the possiblity of bitcoin mining continuity in our country.

[CryptopreneurBrainboss]

United States have the highest bitcoin mining hashrates, electricity is much cheaper in Nigeria if compared to countries like United States. Although, electricity generation in Nigeria is poor but if mining is not forbidden (and of course, not forbidden) in our country, we suppose to have some miners in Nigeria, but I noticed mining is not their thing in Nigeria, Nigerians prefer to trade bitcoin instead and even for cross border payments.

Everything boils down to the Information people have received, wetin oyinbo know about bitcoin na mining, before bitcoin begin sell for other places oyinbo dun dey mine am even when e no get value. As Bitcoin come Nigeria wetin make am sound na based on trading levels and as investment. Nobody been dey reason mining so obviously even though electricity cheap here, nobody get that time to dey mine Bitcoin. Make you no also forget say many factors dey contribute to Nigerian not mining Bitcoin.

Yes electricity cheap but what about cost of maintenance, and cost of getting this mining equipment first. When person consider all the funds you gaz get to start up mining compared to wetin fit burst out for you, if normally you just buy Bitcoin with that money, them go obviously choose trading over mining.

[CryptocurencyKing]

How them dey take calculate these values as per price of electricity cef because, on a normal, electricity for naija no dey steady for most places and na so our people too no sabi pay electricity bill compare to the oyibo country them way don advance so. There ways different from our own and I doubt you fit dey owe electricity bill for there cef. Even if you try owe, e no go be for long so, how them dey take calculate this thing...

On the mining matter, we country no dey even reason mining at all. People way try like bitcoin or get small money cef, na straight up trading dey there body and non of them dey reason mining. Why, e don too hard to get the sophisticated devices way dey needed for mining way no go be only one cef. All follow say, we no been early know as Brainboss don talk and na why, yiu go see many Nigerians today dey try run small mining of altcoins them like PI with there phones, make the opportunity way been come with bitcoin no fly pass them in PI.

[uchegod-21]

My whole advice to every Nigeria for this coming election wey wan happen for 2023 be say.
2023: Don’t die for dia wars oooh. All politicians be friends. Buhari, Atiku, Tinubu & co are all friends. If you no see that at his son’s wedding, you dey on a long thing.
Be wise and vote rightly in 2023. No go kill and dull yourself for dia matter

Very good advice. But me sure say nothing dey sup, youths no go kill themselves for election. The ones wey go do am na mumu youths. End sars protest don really open youths them eyes for this country.
Secondly, plenty youths both the ones wey wise and the ones wey no wise don join street, and dem dey collect, many of them no go because of peanut money carry gun for those wicked politicians again.
As you talk this thing now, make we try promote the campaign. Dem no create youths create thuggery and then create old men create leadership.

[Coyster]

United States have the highest bitcoin mining hashrates, electricity is much cheaper in Nigeria if compared to countries like United States. Although, electricity generation in Nigeria is poor but if mining is not forbidden (and of course, not forbidden) in our country, we suppose to have some miners in Nigeria, but I noticed mining is not their thing in Nigeria, Nigerians prefer to trade bitcoin instead and even for cross border payments.

Is electricity not only cheap in Nigeria because of the appalling electricity generation rate? I mean, for example when two European countries are talking about electricity costs, we are certain that the electricity generation in the both countries are near to impeccable, and one country only pays higher prolly because of some other logistics and what have you. But in the case of Nigeria, electricity can be said to be cheap because of poor power supply, and if by chance you want to get a steady supply for mining purposes for example, i am pretty sure you will pay extremely high fees.

Electricity is cheaper in Nigeria, but what I think about the issue of mining is that we Nigerians were not early adopters and when we started to see the value of bitcoin, sophisticated miners have been existing, compare to what we can just mine with just computer before and make profit in a way we can buy the later existing sophisticated miners and also introducing it to friends and.loved ones.

You can't really blame Nigerians for that lack of interest, i do not think it is peculiar to just us by the way, i am pretty sure other countries that aren't early adopters as well have a dearth of miners in their shores, underdevelopment is also a factor here, let us not forget it costs so much to mine Bitcoin right now, and we live in an uncertain society to say the least, were our government can take arbitrary negative decisions at any point in time, in my opinion it is actually going to be somewhat risky for one to invest so much into mining in Nigeria.

[uchegod-21]

You can't really blame Nigerians for that lack of interest, i do not think it is peculiar to just us by the way, i am pretty sure other countries that aren't early adopters as well have a dearth of miners in their shores, underdevelopment is also a factor here, let us not forget it costs so much to mine Bitcoin right now, and we live in an uncertain society to say the least, were our government can take arbitrary negative decisions at any point in time, in my opinion it is actually going to be somewhat risky for one to invest so much into mining in Nigeria.

I wish to summarise what you said here in this way. The reasons Nigerians are not involved in mining are;

• Nigerians are not early adopters of bitcoin, they came when mining became so expensive
• Overall under-development of the country, which includes poor electricity supply
• high tendency of government hash decisions on mining

The last point is what every investor compulsorily checks before establishing a firm. Nigerian government can make some non business friendly laws. But when it is crypto, any country can do it. We expected that China will be safe and there was some level of concentration in China, what finally happened is a story. Any government can do anything against crypto at anytime.

[BIT-BENDER]

I was reading an article of Nigerian miners do what they know how to do best which is mining Bitcoin. But this guys don't mine Bitcoin in there father's land but they do in other countries if the world.
Nigerians are ready to mine Bitcoin, the zeal is there but the issue right is the difficulty a miner would encounter mining Bitcoin in Nigeria, especially power issue, governmental issues. I believe once all these issues are tackled we would be having more miners on Nigeria.

[Coyster]

The last point is what every investor compulsorily checks before establishing a firm. Nigerian government can make some non business friendly laws. But when it is crypto, any country can do it. We expected that China will be safe and there was some level of concentration in China, what finally happened is a story. Any government can do anything against crypto at anytime.

Thanks for your input uchegod-21, and you are correct, the last point is not peculiar to just Nigeria, even if overall it is a reason why many individuals would think twice before setting up a mining plant anywhere in the world. If you ask me i am pretty sure most governments just attack Bitcoin in diverse ways, even when they do not have a genuine reason to do so, they just make up one story or the other such as 'it is harmful to the enviroment' and other similar bullshit, but the fact remains that they do not like it cause it is decentralized and they can in no way have absolute control over the network.

I was reading an article of Nigerian miners do what they know how to do best which is mining Bitcoin. But this guys don't mine Bitcoin in there father's land but they do in other countries if the world.

I wasn't even aware there are Nigerians who run/own mining rigs in other parts of the world, well as a business man/woman all you have to do is what is good for business, Bitcoin mining is suitable in many countries of which Nigeria is none for now, so prolly somewhere down the line when conditions might be better here in our shores, then we could see the rise of Nigerian miners.

[uchegod-21]

I wasn't even aware there are Nigerians who run/own mining rigs in other parts of the world, well as a business man/woman all you have to do is what is good for business, Bitcoin mining is suitable in many countries of which Nigeria is none for now, so prolly somewhere down the line when conditions might be better here in our shores, then we could see the rise of Nigerian miners.

I doubt Nigerians will own mining rigs in other parts of the world (I am not saying that it is impossible). But an average Nigerian will invest in what he understands. Nigerians no doubt may join mining pools in other countries though.
If we can witness the rise of miners in Nigeria, it should be in altcoins because as we speak, bitcoin mining is less lucrative and besides there might not be bitcoin mining by the time Nigerian economy will fit mining and miners will be feeding with transaction fees.

[Marykeller]

How them dey take calculate these values as per price of electricity cef because, on a normal, electricity for naija no dey steady for most places and na so our people too no sabi pay electricity bill compare to the oyibo country them way don advance so. There ways different from our own and I doubt you fit dey owe electricity bill for there cef. Even if you try owe, e no go be for long so, how them dey take calculate this thing...

On the mining matter, we country no dey even reason mining at all. People way try like bitcoin or get small money cef, na straight up trading dey there body and non of them dey reason mining. Why, e don too hard to get the sophisticated devices way dey needed for mining way no go be only one cef. All follow say, we no been early know as Brainboss don talk and na why, yiu go see many Nigerians today dey try run small mining of altcoins them like PI with there phones, make the opportunity way been come with bitcoin no fly pass them in PI.

As for calculating of Nepa bill, you go know sae your country d very funny when em comes to giving you estimated bills of your household electricity. For them to give you wetin you go d pay be sae, dem go come your apartment come crosscheck your building, from the worth of your building, dem go give you wetin you go d pay per months. Although the monthly payment fluctuates. The same logic goes with companies and hotels

Nigerians have the Mining of bitcoin at heart but wetin d discourage us be sae we no d get steady power supply of light. As for that Pi mining that one no follow at all. I no go encourage person to run am because na big time rubbish

[Coyster]

I wasn't even aware there are Nigerians who run/own mining rigs in other parts of the world, well as a business man/woman all you have to do is what is good for business, Bitcoin mining is suitable in many countries of which Nigeria is none for now, so prolly somewhere down the line when conditions might be better here in our shores, then we could see the rise of Nigerian miners.

I doubt Nigerians will own mining rigs in other parts of the world (I am not saying that it is impossible). But an average Nigerian will invest in what he understands.

I posted that on the back of the post by BIT-BENDER, and i also made it known that i was unaware of such developments, and absolutely your arguments as regards the info are pretty much valid, maybe BIT-BENDER can be so kind to share with us the link to the news he read, so we can as well make out our own assessment of it .

[uchegod-21]

I wasn't even aware there are Nigerians who run/own mining rigs in other parts of the world, well as a business man/woman all you have to do is what is good for business, Bitcoin mining is suitable in many countries of which Nigeria is none for now, so prolly somewhere down the line when conditions might be better here in our shores, then we could see the rise of Nigerian miners.

I doubt Nigerians will own mining rigs in other parts of the world (I am not saying that it is impossible). But an average Nigerian will invest in what he understands.

I posted that on the back of the post by BIT-BENDER, and i also made it known that i was unaware of such developments, and absolutely your arguments as regards the info are pretty much valid, maybe BIT-BENDER can be so kind to share with us the link to the news he read, so we can as well make out our own assessment of it .

Coyster, I purposely removed BIT-BENDER's comment so that I will put everything on your head to defend  .  I don't know how you understood the game .

As for that Pi mining that one no follow at all. I no go encourage person to run am because na big time rubbish

That pi matta na sensitive mata o, we gas treat am with care. See wetin sup:
1. Pi don already get large community wey dem dey use run adverts and other things dey get money.
2. Crypto thing na game of numbers, and pi network don already get numbers, so no underrate dem o. Anything can happen shaa.

[Charles-Tim]

Yes electricity cheap but what about cost of maintenance, and cost of getting this mining equipment first. When person consider all the funds you gaz get to start up mining compared to wetin fit burst out for you, if normally you just buy Bitcoin with that money, them go obviously choose trading over mining.

Labour in Nigeria is cheaper than that of United States. The purchasing power parity (PPP) in United States is higher than that of Nigeria. Because of these, bitcoin mining in Nigeria should be more profitable. But what I think the issue is, is the poor electricity which can discourage Nigerians to start mining. But if some people have started mining in the CPU days, there would be a way to it because there are areas in Nigeria with constant electricity as bad as electricity supply still is in Nigerians, these kind of early adopters would make more research and continue mining bitcoin. Although, how Nigeria government would react to this if Nigerians are mining bitcoin is excluded, because they may or may not come with a law that will make mining favours bitcoin miners in our country if public electricity is used.

But in the case of Nigeria, electricity can be said to be cheap because of poor power supply, and if by chance you want to get a steady supply for mining purposes for example, i am pretty sure you will pay extremely high fees.

The electricity usage is in U.S. dollars per kilowatt hour. Also likely prepaid plan would be used for the calculation.

The last point is what every investor compulsorily checks before establishing a firm. Nigerian government can make some non business friendly laws. But when it is crypto, any country can do it. We expected that China will be safe and there was some level of concentration in China, what finally happened is a story. Any government can do anything against crypto at anytime.

I do not think it is the issue by our government, even before the CBN crypto ban, it has been happening like that. Only few countries are miners congested. Like I have mentioned before that mining is not Nigerian thing. We were not early adopters and when miners are using sophisticated miners, issue of poor electricity may be the cause of the reason. In a country there is poor electricity, miners are discouraged to establish in such country, just like ours.

[GiftedMAN]

My whole advice to every Nigeria for this coming election wey wan happen for 2023 be say.
2023: Don’t die for dia wars oooh. All politicians be friends. Buhari, Atiku, Tinubu & co are all friends. If you no see that at his son’s wedding, you dey on a long thing.
Be wise and vote rightly in 2023. No go kill and dull yourself for dia matter

Very good advice. But me sure say nothing dey sup, youths no go kill themselves for election. The ones wey go do am na mumu youths. End sars protest don really open youths them eyes for this country.
Secondly, plenty youths both the ones wey wise and the ones wey no wise don join street, and dem dey collect, many of them no go because of peanut money carry gun for those wicked politicians again.
As you talk this thing now, make we try promote the campaign. Dem no create youths create thuggery and then create old men create leadership.

I wish say all the youth go get this kind sense wey you take to drop this message walahi e for sweet me well well because if all the youth pipe low dey maintain for the hustle wey dey give them joy where our politicians wam see them talkless of to give them peanut money and guns to take cause wahala? Na some youth wey dom use ice and other hard drugs kill them self finish go mumu go work for people wey go later come kill them finish. I just pray say make them use things dem wey happen before get sense.