Naija Novice Hangout {Newbies introduction & Orientation} Thread.

[BIN-BIN]

Never mind to bring this up here, but I think it is very important as some Nigerians are concerned, make we please double our hustle. I do not know how true this is, but we need to increase the quality of the way we post.

https://bitcointalk.org/index.php?topic=5320413.msg56447596#msg56447596

Abegi no mind anyone categorizing nigerian as spammers, brother na lie abeg no be the nigerian wey I know for the forum eh. We dey try abeg infact we better pass most local board. See eh I dey manage Campaign (if not the highest number self) if you see as my eye they pain my every week eh from reading all other guys (no wan call local board name) but their english no be here talk more of their quality.

For nigerian na only bounty hunters they spoil our name if not we dey show working abeg. Make una just keep am up, improve more for the quality wey we dey deliver and in the right time we go all rank up. That e new blacklist fit be as a result of say e see my talk wey make me add someone new to my black maybe d tin just refresh e memories and e decide to update e own blacklist.

Baba your reasoning make sense that list na him want make people dey put mouth for official thread of campaign were him dey manage as team dey complain about signature and bounty say e no dey help dem project get enough awareness. Make we just dey do well we go make amm happen. Much respect brainboss

[1714903512]

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[1714903512]

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[1714903512]

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[Oshosondy]

Baba your reasoning make sense that list na him want make people dey put mouth for official thread of campaign were him dey manage as team dey complain about signature and bounty say e no dey help dem project get enough awareness. Make we just dey do well we go make amm happen. Much respect brainboss

There should be other ways wey campaign manager can do that than to indirectly blacklisting some people. Waitin truly happen be say almost all wey dey that list just left him campaign for better ones, that kind thing come pain ham. We know as the thing be, if better campaign dey wey get better pay, na to leave for it without thinking, na how the forum dey. If campaign manager wan make people to dey comment for Ann thread of a company, the thing be say he suppose include ham for the terms of service. Or make him dey remind people to do ham for campaign thread, that list na rubbish.

I for ansa the questions if to sey I understand dem oh. Una know sey I nor dey fit read oyibo language once I nack enta dis owa house. Too much oyibo yarns nor dey good for my bori, you know wha I mean? 🤔🤔

To get local board no mean say you dey only post for your local language, it is about the relevance of your post to your community (Nigeria). I will advice you not to centralize all on Pigin as there are many things relevant to Nigerians we can also communicate in English, that topic about mining in Nigeria is one of them. Know say I no dey post for any other thing than a way to achieve local board. My campaign no dey couunt local board posts but still sacrificing my time to post here waitin go dey relevant to Nigerians, that is called sacrifice.

Considering I've never really mine Bitcoin, I can't really tell if it's profitable to mine Bitcoin in Nigeria. I've also not seen anything remotely about mining in Nigeria. I don't mean those mining apps on app stores but mining using mining hardwares.

I have not noticed this in Nigeria too, and as populated as we are, we suppose to to be part of the first 10 countries that mine most of bitcoin, I do not know what could be causing this. Maybe because Nigerians just like investing and trading bitcoin, not knowing much about the mining aspect.

[posi]

Ans, 2: Mining altcoin require low cost? Isn't it the same with bitcoin? I no sabi if the two get difference, if altcoin mining materials dey low, then we move to altcoin but the problem be say, we go fit make profit from mining altcoin?

You are right, to mine bitcoin, graphics cards like Nvedia and AMD that can be connected in grid to make up mining rig for bitcoin mining are no more profitable to mine bitcoin, but still possible to mine some altcoins, I am not sure about the strong altcoins like ethereum, litecoin and others in such high categories. For bitcoin mining, ASIC like Bitmain antminer S19 will be needed or any other good new ASIC like the Antimer T17 which is also efficient.

Mining crypto with graphics card go only profitable if to say the crypto nah new coin wey it mining difficulty no increase.
https://whattomine.com/gpus

[ololajulo]

In Nigeria, CBN ban bitcoin, bitcoin is not banned in Nigeria itself. So, anything related to bank trasactions with exchanges and other such crypto organizations is what that was banned. Mining equipment importation into Nigeria should not be a problem. But, this is just my opinion about this.

The last speech by the CBN proves they know nothing about cryptocurrency. Now Nigeria hold the 3rd position with P2P cryptocurrency transaction around the world, which hold support from the top exchange in the world, Binance. I don't believe Central Bank was not force to do it, not all banks are responding to the ban.

[nelson4lov]

Ans, 2: Mining altcoin require low cost? Isn't it the same with bitcoin? I no sabi if the two get difference, if altcoin mining materials dey low, then we move to altcoin but the problem be say, we go fit make profit from mining altcoin?

You are right, to mine bitcoin, graphics cards like Nvedia and AMD that can be connected in grid to make up mining rig for bitcoin mining are no more profitable to mine bitcoin, but still possible to mine some altcoins, I am not sure about the strong altcoins like ethereum, litecoin and others in such high categories. For bitcoin mining, ASIC like Bitmain antminer S19 will be needed or any other good new ASIC like the Antimer T17 which is also efficient.

At the end of the day, regardless of what you're mining or whatever equipment you're using, having adequate or constant electricity will play a huge role in ensuring that you remain a profitable miner. It becomes a problem since constant electricity is something you only see in a few select places in the country. It's also worth considering the amount of power bills that would be incurred in the course of the mining operation. Talking about what to mine, I'm also of the opinion that mining bitcoin now might not be a really good idea especially for an individual miner. smaller altcoins with more rewards and some minor difficulty should do just fine but new projects often focus on POS staking instead of good ol' mining like in the early days.

[Charles-Tim]

The last speech by the CBN proves they know nothing about cryptocurrency.

With what I have read about all what CBN has been saying about cryptocurrencies, from the first to the last words, non are correct, that is why I even make some comments that CBN are full of false information. Cryptocurrencies used in money laundering, is fiat notore used than cryptocurrencies. Cryptocurrencies used in terrorism financing, are Boko Haram using cryptocurrencies? I doubt that because fiats are used, I believe some people thinking to be good are sponsoring Boko Haram with fiat. Also cryptocurrencies transactions are anonymous, that is what CBN presedent said that make me conclude that this man is either not exposed or just passionately hate cryptocurrencies as banks from developing countries do.

Talking about what to mine, I'm also of the opinion that mining bitcoin now might not be a really good idea especially for an individual miner. smaller altcoins with more rewards and some minor difficulty should do just fine but new projects often focus on POS staking instead of good ol' mining like in the early days.

Not that mining bitcoin is not profitable, but require more powerful miners to do. To go cheaper, it is better to mine with altcoins with graphics cards that altcoins can be mined with. But, with good and cheap electricity and capability to buy powerful ASICs needed, you can also mine Bitcoin profitably in Nigeria, provided electricity is constant and cheap.

I do not know of altcoin, but I know some sites that can easily help in calculating bitcoin profit for ease which I think can be helpful

https://www.buybitcoinworldwide.com/mining/calculator/

https://www.cryptocompare.com/mining/calculator/btc?HashingPower=40&HashingUnit=TH%2Fs&PowerConsumption=1500&CostPerkWh=0.12&MiningPoolFee=1

[CryptocurencyKing]

The thing be say, everybody know say this talk from CBN on crypto na mare fabrication, plenty jaguda way them just carry come gboza for news but the bad part be say, no body fit do anything about am. Na watin dey pain me pass be that. People way get mouth to talk go just dey act like mumu. Even when them talk cef, them no go back am up with action. Them go just arranged something for mouth con gboza for ground make e no be like say them keep quite but in the real sense, na just to soften people mind. Make niggas no con burn there house if any gbege or karta-karta happen.
Nothing come out this country again. Country way no dey research before them do anything. Na just to survive we dey.

[Charles-Tim]

Blockchain Sleuthing Firm Calls Nigeria ‘Focal Point’ for Africa’s Crypto Scams

I think you will like to read this

Israel-based blockchain analysis firm Whitestream has released a report uncovering four recent crypto scams originating in Lagos, Nigeria, going on to claim that “it seems that Lagos is a central focal point in Africa for investor scams of this kind.” Bitcoin and crypto use has been booming in Nigeria, but the dark side is the rise of scams. Whitestream’s report speculates that Nigeria’s Central Bank recently doubled down on cryptocurrency restrictions partly due to the rise of such scams. Whitestream, which serves large institutions such as Israeli Ministry of Defense and global cybersecurity firm VERINT, discovered the scams on the social media platform Instagram. The Instagram accounts are designed to look like they’re from America or Europe, but Whitestream was able to track down that they actually originated from Nigeria.

The scams, which target new crypto users, look very close to other widespread cryptocurrency scams. The scammers ask users to send bitcoin (BTC, -6.24%) directly to them, promising profits, but instead run away with the money. Facebook did not return a request for comment by press time.

'Fake reality'
The Whitestream report highlights Instagram photos featuring a fake broker living a luxurious lifestyle from her lavish crypto earnings. The scammers draw in victims over chat, convincing them to send bitcoin, which the scammers will supposedly invest, promising high returns. But instead of investing the bitcoin as promised, they cash out.

They then typically transfer the bitcoin to the Binance exchange to convert it into fiat currency, Whitestream’s analysis determined. The scammer used a virtual private network (VPN), which allows people to pick an IP address, to make it look like they were from the U.S. But through deeper investigation, including analyzing the Bitcoin blockchain for transactions and detecting the mobile device that was used, Whitestream found the scam originated in Nigeria. Whitestream tracked down four similar Instagram scams in the fourth quarter of 2020. “It may be the same entity that is running all of these scams at the same time,” the report adds.

Waiting you guys think about this?

[Soldierswitlittlefaith]

Is mining profitable in Nigeria

Bitcoin mining has been profitable since the creation of bitcoin in 2009, the difficulty of mining has been increasing while mining reward is decreasing. But the bitcoin valuation in bitcoin price makes it still profitable to mine bitcoin. I know about bitcoin mining in countries like China, USA, Russia and some other countries, but I have no much idea about bitcoin mining in Nigeria. These are my questions:

1. Is it profitable to mine bitcoin in Nigeria?
2. Or, it will be better to mine altcoins instead?
3. Are their selling places for mining hardwares in Nigeria, like ASICs?
4. As CNB banned bitcoin, is it possible to import miners into Nigeira?
5. What are the factors making mining not possible in Nigeria to be amount the countries competing most miners are located?

I still want to ask some more questions, in mining, there must be constant electricity, cold weather will also help, but we all know Nigeria is hot, which means we need more access to electricity and cheap electricity. Normally, electricity is not good in Nigeria, a country of over 200 million population estimate generating very low electricity. I am think if it is possible to make use of solar to mine in Nigeria, maintenance of solar is not easy while solar itself is costly.

Will mining with solar profitable?

Not a must to answer all the questions, you can just answer the ones you are quite sure about.

@Oshosond, mining in countries like Nigeria should be profitable but, might pose severe challenges due to unstable power supply except for possible use of solar panel.

secondly, the hot weather condition through out the year must be put into consideration.

***Right now, i think the major concern/help to NIgerian in these forum should be  focus of foriegn conuntries towards installations of more ATM & issueing of prepaid card which can work effectively independent of the infeference of these financial agencies in in NIgeria!*****

NOTE : pls, i'm sorry for my other brother who had earlier contributed to this thread in pidgin english. i can read the pidgin english unfortunately, i'm unable to write in response to some of these comment(s) in a pidgin english.

Thanks
Soldierwitlittlefaith

[CryptopreneurBrainboss]

***Right now, i think the major concern/help to NIgerian in these forum should be  focus of foriegn conuntries towards installations of more ATM & issueing of prepaid card which can work effectively independent of the infeference of these financial agencies in in NIgeria!*****

We no reason am brotherly, no mata how u when write, whether na for oyibo man language or our own, you no get shaking and we gat ur back. I think you don talk better something here. Make I tell una something, so I go filling station go buy fuel play play my ATM card loss.

This one come make me go back, I spend nothing less then 4hours just to get card wey be say if this crypto firms get sense dey for done bring am come nigerian and na just order something we don recieve instead to go waste all our day for bank wey we no dey even reason except when the coins dem wey go Naira.

No be play oh, we need this ATM asap, assuming we get just one self for my ares I no for even dey near my bank again.

[Charles-Tim]

No be play oh, we need this ATM asap, assuming we get just one self for my ares I no for even dey near my bank again.

About the issue of crypto ATM in Nigeria, that is now a big issue as the only one we have which I believe might not be fully functional this time around all because of the CBN ban on crypto assets. I just went through Coinatmradar not quite long to know how many Crypto ATM China has, unfortunately China do not have any crypto ATM, this is definitely as a result of crypto ban by People's Bank of China. This leaves me not positive about this at all than to first expect CBN to legalize back financial institutions to be able to transact through Nigerian banks. Meself go wish if Naija get plenty ATMs.

[nelson4lov]

~Snipped
NOTE : pls, i'm sorry for my other brother who had earlier contributed to this thread in pidgin english. i can read the pidgin english unfortunately, i'm unable to write in response to some of these comment(s) in a pidgin english.

Thanks

Haha. No reason am bro. The two accepted forms of community here na either pidgin or oyibo language. Coz no be everybody dey used to typing in pidgin so we allow for more community coverage and carry everybody along. Your case even better because you even dey understand typed pidgin so na big plus be that.  Communication is key in any community. So whether na pidgin or English, we dey with you.

~~
This leaves me not positive about this at all than to first expect CBN to legalize back financial institutions to be able to transact through Nigerian banks. Meself go wish if Naija get plenty ATMs.

So the TLDR be say, we fit no get crypto ATMs if CBN ban still dey active?

[Charles-Tim]

So the TLDR be say, we fit no get crypto ATMs if CBN ban still dey active?

Yes exactly what I am talking about. The one we even have now will not be functional as it ought to be. But with the look of what is going on in the country, Nigerian SEC are in support but trying to convince CBN, also are learned people like the vice president in support of crypto assets in Nigeria, so let us expect the ban to be lifted.

I noticed only two Nigerians commented under the thread to Vice president speech about crypto assets, but it will be good to take a look at it as it encourages Nigeria to remain positive for bitcoin and other crypto assets to be legalized by CBN.

Nigeria’s vice president, Yemi Osinbajo speech at economic summit on Friday
https://bitcointalk.org/index.php?topic=5320552.msg56452813#msg56452813

[Soldierswitlittlefaith]

***Right now, i think the major concern/help to NIgerian in these forum should be  focus of foriegn conuntries towards installations of more ATM & issueing of prepaid card which can work effectively independent of the infeference of these financial agencies in in NIgeria!*****

We no reason am brotherly, no mata how u when write, whether na for oyibo man language or our own, you no get shaking and we gat ur back. I think you don talk better something here. Make I tell una something, so I go filling station go buy fuel play play my ATM card loss.

This one come make me go back, I spend nothing less then 4hours just to get card wey be say if this crypto firms get sense dey for done bring am come nigerian and na just order something we don recieve instead to go waste all our day for bank wey we no dey even reason except when the coins dem wey go Naira.

No be play oh, we need this ATM asap, assuming we get just one self for my ares I no for even dey near my bank again.

"....This one come make me go back, I spend nothing less then 4hours just to get card wey be say if this crypto firms get sense dey for done bring am come nigerian and na just order something we don recieve instead to go waste all our day for bank wey we no dey even reason except when the coins....."


@CryptopreneurBrainboss, hello #CryptopreneurBrainboss, i'm happy that you've finally contributed to this aspect of the discussion.

well, in the past years there have been several attempt by some foreign countries to provide Bct prepaid card specifically to most countries in Africa (nigeria,ghana...) to be precise but, this has not yield any positive result due to one or more challenges.

Now such project will be top priority of most prepaid card provider's in europe. before that, i think, there are some shortcut to bypass the current restrictions. Keep you posted!

Thanks
Soldierwitlittlefaith

[Smartvirus]

The truth be say, 'suffer don dey engraved on the name Nigeria and Nigerians'. Our government don put am to all there agencies and companies say, them gat stretch the life line finish for our body at every given chance. E con be like say, e get some kind advantage way them dey derive from stressing citizens. Who knows, maybe na to reduce our lifespan cef! Lol...

I bin dey talk with one of my soldier friend some days ago way just come in form the northern part of the country, the guy dey complain on how eh, to enjoy life just dey strange to ram. E say to suffer looked normal more than when you dey faji. Say if e faji small cef, na that time e dey feel like say, e dey suffer because, e don too dey used to suffering.
Suffer na the future way our government don plan for us, na just for us to use our own hand dey change am by doing things way no dey bonded by boundaries. Na why i just get joy for crypto and forum.

[nelson4lov]

So the TLDR be say, we fit no get crypto ATMs if CBN ban still dey active?

~~
I noticed only two Nigerians commented under the thread to Vice president speech about crypto assets, but it will be good to take a look at it as it encourages Nigeria to remain positive for bitcoin and other crypto assets to be legalized by CBN.
~Snipped

Charles, I don't know about you or the opinion of others about the issue of regulating cryptocurrencies in Nigeria. I no just badu the idea. Wetin I dey try talk be say, we all got into crypto because of the the financial freedom along with privacy that was promised. Accepting to be regulated will make it look much more like traditional financial service providers like banks. Coz CBN go define limits, rules and even punish defaulters wey go against their regulations. Na why I just dey talk say e no too fresh. Well anyhow e be, we go still survive.

[Charles-Tim]

Charles, I don't know about you or the opinion of others about the issue of regulating cryptocurrencies in Nigeria. I no just badu the idea. Wetin I dey try talk be say, we all got into crypto because of the the financial freedom along with privacy that was promised. Accepting to be regulated will make it look much more like traditional financial service providers like banks. Coz CBN go define limits, rules and even punish defaulters wey go against their regulations. Na why I just dey talk say e no too fresh. Well anyhow e be, we go still survive.

There is no better option than to regulate cryptocurrencies in Nigeria, else if not regulated, it will remain banned. Rugulating it does not mean we will not have the freedom you are implying, we can still make use of our wallet for such for privacy, also p2p can not be stopped because it is beyond the reach of any government to stop the use of p2p. All needed is to have the full ways to have the privacy we want, irrespective of the country we are, we can still privately make use of cryptocurrencies.

Like now, we using cryptocurrencies not need help to buy or sell irrespective of ban or no ban as p2p is difficult to deal with by governments, but we just need cryptocurrencies to be accepted in Nigeria for other reasons, like the boom in crypto ATM companies in Nigeria, while we will still find many ways around to have the privacy we want.

[CryptocurencyKing]

<>

Las-las eh, no where way there regulation reach. Highest na to place order on banks with threat and fee sanctions if not, nothing them fit do. The worst thing them for do na to make p2p transactions dey impossible and as them no fit do am, nothing them wan do or talk way go really make significant impact on this our joli joli currency.
Chaiii, if i no been dey into bitcoin or make i say crypto, e for really pain me! Crypto sweet, na the only thing way fit Nigerian government be this, something way there small muscle no fit carry. Abeg make them go gem. Them no go enter class learn book, na to dey control people way learn them sabi.
 
All the greedy men and women just join body decide say na politic them wan join because, them don hear and know say, na play them they play for there. The one them play when them small no do them, na advance and wicked play them don grow reach now. It's well, we go survive them finish.

[Josefjix]

<...>

About the issue of electricity which is very important for miners to have access to cheap and constant electricity. In Nigeria, most regions do not have access to constant electricity, but there are some areas with constant electricity. I remembered the time I spent in Katsina, although not all areas have electricity, but there was a local government called Batagarawa where almost all tertiary institutions are located, they gave access to 23 hours electricity in a day or more. Also the Katsina town itself have constant electricity, in the GRA, if electricity is poor, there will still be 12 hours electricity in a day, but oftenly having access to more than 23 hours electricity. I chatted with our of our Nigerians that told me of 23 hours electricity in his area too. Although, in my area, electricity is very poor.

What comes to my mind is that, there are places there are constant electricity in Nigeria but few. But, the issue is to know if the electricity is cheap or not. But, there are two types of payment in Nigeria, the prepaid and the post paid. Using post paid, Electricity company in my state do not check Metre at all, thy calculate it based on how big companies and houses are, people can take advantage of this to mine Bitcoin or other crypto assets in Nigeria.

I am not sure about postpaid, it might not be cheap, but users have to calculate this on their own because the bills differ from state to state. I noticed we in my town paid less in electricity than people is another town. Because of this, it will be good for the person that want to mine bitcoin or any other crypto asset in Nigeria to calculate this on his own.

First by checking the watt the miners will consume
Also the watt others like cooling machines will consume during hot weather
Checking also the bitcoin paid by mining pool for the hashes generated for the miners he want to buy.

All thes will be used to calculate if mining is profitable in his area of location in Nigeria. Mining profitability will really differ from area to area.

About the issue if miners, I do not also think ordering from countries like China should be a barrier, but having retailers selling miners here in the Country will make them cheaper, getting it from abroad is not bad after the profitability calculation is made and positive.

The issues about poor electricity no be lie, some things dey very stable and commendable when you're using some parts of North as  case studies in Nigeria. Spent few days in a town in North not long a go. To tell you the truth of mining or any thing of such to happen in Nigeria, the person go actually prefer North to any other part of the country but there is something wey no dey well for North like insecurities and banditry and you know say na people wey dey do all these kind work wey get better thing na him dem dey target.

Nigeria no be country for mining except the miner get another means to generate him personal electricity and security. That go even too dey expensive to maintain. Untill when government need make him improve electricity supply and availability of security personnels, a lot of things go still dey pass us by.

[CryptopreneurBrainboss]

Nigeria no be country for mining except the miner get another means to generate him personal electricity and security. That go even too dey expensive to maintain. Untill when government need make him improve electricity supply and availability of security personnels, a lot of things go still dey pass us by.

Any miner dey dis country self I doubt, me don reason am tayahh if by God grace I mistakenly get my hands on mining equipment e don be for all miners for oyibo oh. The electric something no go be problem, we go go illegal although for this side na indigene something nobody go reason you. Where problem fit dey na to learn am but we go still run am, abi no be just computer pressing something lol.

Wetin be bitcoin problem self, e no wan fall small make we use our useless naira wey dey bank buy, e dey pain me ehh. Now e dey $50k plus. E no dey even carry e brothers along well, e just dey show dem small small love no major rubbers.

Assuming the love been much Ethereum for don blow go far na, anyways other get any coins una eye set for make person do small waka for the coin head see if I fit buy small.