Naija Novice Hangout {Newbies introduction & Orientation} Thread.

[Charles-Tim]

$10 worth of Bitcoin was sent to someone in Nigeria without charge at the spend of light via Bitcoin Lightning, network.

Lightning network payment dey very fast, e fit even take less than 1 second, it comes with fee but the fee dey very low. If you check the video again, check the amount sent, it is $10 that was sent, but $10.01 was displayed. That means the fee was included along but very low. $0.01 as fee.

I don read about this lightning network nothing dey enter my head I don watch many YouTube videos too but I never really understand the concepts abeg anybody with useful knowledge make him share with us, this is where the world is driving to now and we all need to be grinded not to be left behind.

Lightning network make use of multisig means of paying.

You and I can open a channel. You fund it with 0.001 BTC, I also will fund it with the same amount 0.001 BTC. Making 0.002 BTC in total.

To open the channel, normal on-chain transaction will be demanded for. To close the channel, also on-chain transaction fee will be demanded for. But lightning network dey useful for small shopping after you don open a channel. Like if the supermarket you dey buy provisions support am, or where you dey cut your hair weekly if they accept ham, you can open a channel with them, or open a channel with some that already open with them, like if you and I dey use the same supermarket, I open channel a with the supermarket, you no need to open channel with them again as you fit connect through me to the supermarket (but maybe the fee will be a bit higher, I do not know, but yet go still low though).

The channel you opened can be closed, you will pay on-chain transaction fee for it and your bitcoin will be back to your on-chain address.

If you dey use Electrum, you fit experiment it with two Electrum wallets, but BlueWallet makes it easier for newbies. To get more technical knowledge about it, Electrum is the best.

[Mpamaegbu]

Welcome 

Una welcome enta campaign wey men dem dey, d thing give me joy as I see say na two Nigerian get the two slots. Our progress for the forum dey give me joy. Everywhere we dey, na so e suppose be. Funny say two of una PM me after una apply and na two of una get the slots.

Lol... You nor sabi sey na the oil wey dey ya head we take style come tap no for dat chat 😆

My broda, I really dey surprised too sey I make d cut. Who I be if nor be Baba God wey make am soft for me. I dey happy too sey anoda correct guy follow me enta. Shout out to Pokapoka! And to all oda compatriots wey dey here I twale for all man. Even the pms wey I don get unto dis matta ehn e show me sey we dey share luv here. One luv my people! Persin wey get Una get something wey pass bubu. Sorry sey I just dey post now, e never reach 30mins wey I enta forum. Offline busyness worry me today nor be small. I thank all of una wella!

[CryptocurencyKing]

Welcome 

Una welcome enta campaign wey men dem dey, d thing give me joy as I see say na two Nigerian get the two slots. Our progress for the forum dey give me joy. Everywhere we dey, na so e suppose be.

Omo, e shock me too say na 2 of my naija brodas, collect 2 slots way pop up but, I no ho like say e shock me shah via say, the kind work way we dey do hear, no be small something.
Them say, pikin way no get plenty cloth, e no dey follow rich men children dey play for sand. That be say, we understand where we come from and we know how e be so, no time to check time. Na steady on the work make we for dey grind las las, make everywhere for burst.
I dey see normally when them collect people for campaign but this one special scatter. Make una chop nnunu, we dey together for the matter. I greet una, hustlers.

[Nathrixxx]

Bitcoin Lightning Network; Discusss

$10 worth of Bitcoin was sent to someone in Nigeria without charge at the spend of light via Bitcoin Lightning, network. I don read about this lightning network nothing dey enter my head I don watch many YouTube videos too but I never really understand the concepts abeg anybody with useful knowledge make him share with us, this is where the world is driving to now and we all need to be grinded not to be left behind. From what TwitterCEO Jack interview some days ago he said all Twitter accounts are linked to the Lightning network nodes and very soon we can add our bitcoin wallet address on our Twitter profile for quick payment.






Video here

In my own little understanding to what lightening network is, I think is about performing a countless transactions between two users with a multi-sig wallet they can both access with their private keys, while all the numerous transactions happened outside the block chain and then record it as a single one.

Another thing is that it is the fastest and has no transactions fees, let's take a look at how companies pay workers salaries of over 100 staffs at the same time they all receive their alerts, same as bulk SMS, or let's also make use of sending photos from Android to Android phones using xender, can you compare it with Bluetooth or infrared, with no data or transactions charges, you can do as many as possible within the shortest period of time.

Lastly I think this two articles can be of help in furtherance reading.

https://www.google.com/amp/s/cointelegraph.com/lightning-network-101/what-is-lightning-network-and-how-it-works/amp

https://www.google.com/amp/s/cointelegraph.com/lightning-network-101/what-is-lightning-network-and-how-it-works/amp

[Rath_]

If you dey use Electrum, you fit experiment it with two Electrum wallets, but BlueWallet makes it easier for newbies. To get more technical knowledge about it, Electrum is the best.

Make sure to check out Electrum Lightning Network walkthrough if you decide to give the Lightning Network a try. BlueWallet might be a better idea for a first-time experience since you won't have to worry about stuff like incoming/outgoing liquidity.

[Igebotz]

To open the channel, normal on-chain transaction will be demanded for. To close the channel, also on-chain transaction fee will be demanded for. But lightning network dey useful for small shopping after you don open a channel. Like if the supermarket you dey buy provisions support am, or where you dey cut your hair weekly if they accept ham, you can open a channel with them, or open a channel with some that already open with them, like if you and I dey use the same supermarket, I open channel a with the supermarket, you no need to open channel with them again as you fit connect through me to the supermarket (but maybe the fee will be a bit higher, I do not know, but yet go still low though).

Are you suggesting that if I use the lightning network, I can't pay to a random wallet until both myself and the other person first start a channel? So, in order for his wallet to be connected to our channel, the receiver must be aware that I'm sending over lightning network? Is it feasible to send it without the receiver's permission?

Make sure to check out Electrum Lightning Network walkthrough if you decide to give the Lightning Network a try. BlueWallet might be a better idea for a first-time experience since you won't have to worry about stuff like incoming/outgoing liquidity.

It appears that not all addresses are supported by the lightning network; when I imported my legacy address into my eletrum wallet, I was told that "Lightning is not supported."

[Rath_]

Are you suggesting that if I use the lightning network, I can't pay to a random wallet until both myself and the other person first start a channel?

Both of you need to be able to use Lightning Network in some way. You can open a channel to some large node while the other person can use, for example, BlueWallet which takes care of the channel management for the user. If both of you open a direct channel to each other then you won't have to pay any routing fees. They are negligible in most cases anyway.

So, in order for his wallet to be connected to our channel, the receiver must be aware that I'm sending over lightning network? Is it feasible to send it without the receiver's permission?

Yes, the receiver has to provide you a special Lightning invoice which is unique for every payment. The Lightning Network also supports spontaneous (keysend) payments but they are not that common. Also, both of you need to be online to settle the transaction.

It appears that not all addresses are supported by the lightning network; when I imported my legacy address into my eletrum wallet, I was told that "Lightning is not supported."

Yes, you need a native SegWit (P2WPKH) wallet.

[Charles-Tim]

Nigeria's SEC set up fintech division to understudy crypto investments

Nigeria's securities regulator has set up a fintech division to study crypto investments and products in order to come up with regulations, the head of the country's Securities and Exchange Commission (SEC) said on Thursday.

"We are looking at this market closely to see how we can bring out regulations that will help investors protect their investment in blockchain," SEC Director General Lamido Yuguda told Reuters in a virtual interview in Abuja.

He did not provide a time frame for issuing regulations but said the SEC will step in with regulations once crypto is allowed within the Nigerian banking system. The SEC has sought to regulate crypto on the grounds that they qualify as securities transactions.

Nigeria is one of the biggest markets for crypto trading, but the central bank banned lenders institutions providing direct services through banks in February from transacting or facilitating deals in cryptocurrencies.

Please, can the regulation helps investors protect their funds on blockchain when blockchain is completely not centralized? I hope what the Nigerian SEC meant should be centralized on custodial services operation in Nigeria or the services Nigerians are using like Binance exchange which are centralized services.

Why are SEC always want to be the one to regulate crypto assets, are crypto assets stocks, bonds, ETF or any other securities, in my opinion, I see cryptocurrencies, even if not all, but bitcoin as a commodity, not security.

Also, I have never known how there regulation will be beneficial when p2p has been effective after the CBN banned direct cryptocurrency's transactions in Nigeria.

[Igebotz]

Nigeria's SEC set up fintech division to understudy crypto investments

Why are SEC always want to be the one to regulate crypto assets, are crypto assets stocks, bonds, ETF, or any other securities, in my opinion, I see cryptocurrencies, even if not all, but bitcoin as a commodity, not security.

Another bunch of scumbags I read the entire article and find no meaningful vision or intentions for this company; how does their use of bitcoin and other cryptocurrencies damage the Naira? Is Nigeria the only country where Bitcoin is used? Is it true that other countries' currencies are weakening as a result of their use of cryptocurrency? No!! It's just the usual justifications from dishonest government officials who want to keep a tight grip on the poor's money.

The only way they can regulate or monitor cryptocurrency operations, which I understand is extremely difficult, is to debank the banks and legalize bitcoin use.

Yes, the receiver has to provide you a special Lightning invoice which is unique for every payment. The Lightning Network also supports spontaneous (keysend) payments but they are not that common. Also, both of you need to be online to settle the transaction.

This is a significant disadvantage for cold wallet holders because it only supports online wallets. I suppose the Lightning Network is the solution for tiny, fast transactions between buyers and sellers.

[Nathrixxx]

This one heavy me oooo like father like son, they help people recover their lost password on btc and they are performing amazingly, the son said he's off the college sef in a bid to join the team along with his father, he say he love what he is doing, the son study computer science in school and live it practically.

How I wish we all live by what we study in Nigeria, education is not meant to only pass through and have a roughly experience, we work on what we learn in school and make application in the practical world. Don't be surprised they were both on this our Bitcointalk forum.
The headline read thus:
"A father and son who help clients find forgotten crypto passwords estimate billions of dollars worth of lost bitcoin is recoverable"

For Chris and Charlie Brooks, finding lost passwords to cryptocurrency wallets requires figuring out how their clients' minds work — and that effort can help their customers retrieve a slice of what the pair estimates is about $4.7 billion worth of recoverable bitcoin stranded in locked wallets.

"We get a really broad spectrum of clients. We have a client who is an early-stage miner in bitcoin who lost all of his information and he knows he's got some bitcoins somewhere … We get clients who were told in 2017 to buy into the hype-bubble and they bought $1,000 [worth] and they are looking for something to cover the rent," Charlie, a 20-year-old computer programmer who joined his father in running Crypto Asset Recovery based in New Hampshire, told Insider in a video interview. 

"One of our most recent cracks had about $250,000," in a blockchain wallet, said Charlie, who majored in computer science in college. He's put school aside for now to work at the business. "This is something I've always liked. I would follow along with my dad ... Online treasure hunting, it seemed really cool."

Nearly 40% of 1,000 US crypto owners in a recent survey from Cryptovantage said they had lost wallet passwords and, on average, those unable to find their passwords lost $2,134.

To find a sample of lost bitcoin for their analysis, Chris said they turned to a thread on BitcoinTalk, a forum whose creation is credited to bitcoin inventor Satoshi Nakamoto. A thread started in 2011 called "Let's add up the KNOWN lost bitcoins" is filled with posts by people with the amount of bitcoin they lost and how it happened. The Brookses filtered and set parameters on the information, such as excluding losses of less than half of a bitcoin, to make an estimate on the sample population of the bitcoin reported lost.

To find a sample of lost bitcoin for their analysis, Chris said they turned to a thread on BitcoinTalk, a forum whose creation is credited to bitcoin inventor Satoshi Nakamoto. A thread started in 2011 called "Let's add up the KNOWN lost bitcoins" is filled with posts by people with the amount of bitcoin they lost and how it happened. The Brookses filtered and set parameters on the information, such as excluding losses of less than half of a bitcoin, to make an estimate on the sample population of the bitcoin reported lost.

The Brookses narrowed it all down to 72 posts that described the loss of at least half of a bitcoin. They determined that 14% are potentially recoverable cases and that from their own work in recovering wallets for clients, they can decrypt about 35% of passwords. That led to their conclusion that about 2.45% of lost bitcoin is retrievable. With a range between 68,110 and 92,855 bitcoins, that would make up to $4.7 billion in bitcoin recoverable based on the asset's price of about $50,372 on Friday.

Good guesses

"We get as good a list of passwords as we can from a client and then we put our heads together and spend some time extrapolating the way that they make their passwords and try to get in their mind when they are actually creating a password," said Charlie. "That's the most helpful thing, just seeing their practice," he said. "That's the cornerstone of our business, essentially."

The duo will run "hundreds of millions or billions of variations" of password patterns and test those against the encrypted version of the wallet, said Chris.

"If you don't have a very good [password]  guess, there are more possible passwords than there are atoms in the universe, and I'm not being facetious when I say that," Chris said.

The Brookses said decrypting times vary but occasionally can take as little as five seconds. That happened with a client whose list of nine potential passwords contained the correct one. Charlie said they worked for roughly a month and a half with the client who turned out to have about $250,000 in his wallet.

Security measures they take include having clients sign a contract stating they are the owner of the blockchain wallet being worked on. The two get paid on a sliding scale. Starting with wallets containing between zero and 10 bitcoins, or an equivalent value, the team will earn a 20% commission. There's no charge to clients if they can't recover any funds.

Chris said a number of their clients live in countries where people are largely unbanked.

"They may have a wallet with a couple of hundreds of dollars in it and that is their life savings. If they lose the password to it, they have no access to it anymore," said Chris. "In some sense, it can be a heartbreaking piece of the business … we do crack some of [the wallets]. It's a balancing act to be helpful without going too fast down a rabbit hole."
https://www.businessinsider.com/locked-crypto-wallet-password-recovery-cryptocurrency-chris-charlie-brooks-btc-2021-9?amp

[Rruchi man]

How I wish we all live by what we study in Nigeria, education is not meant to only pass through and have a roughly experience, we work on what we learn in school and make application in the practical world. Don't be surprised they were both on this our Bitcointalk forum.
The headline read thus:
"A father and son who help clients find forgotten crypto passwords estimate billions of dollars worth of lost bitcoin is recoverable"

It is really a nice and Lucrative niche of business that they have carved out for themselves, i'm really impressed at it and e dey very satisfying to know say wetin person dey do dey sweet am for body and the name they have given it "treasure hunting online", shows they really love their job.

I think a lot of persons worldwide and Naija will be very interested in trying to get back the amount of bitcoins they have lost due to something even if it means giving a percentage to someone for the help.

Do they take international clients? Any idea how person go fit reach them?

[CryptopreneurBrainboss]

Our joy don cut short as one of our broda wey dey accept for bestchange don get ban for plagiarism wey e comit years back. Make una send una prayer give @Mpamaegbu because dis one na real village people mata. Also make una dey try come interval for una people problem. Make we no jusyydey dey divided. Na only when we dey together we go fit go far oh  I remember when dey ban one person like dat for Russia board, e people come put mouth for her matta and den self she never become d Snr women she be now for forum.

I dey bring dis mata up as Incase Mpamaegbu wan appeal e go need our support. If you look d mata self you go see say na mistakes because no be user wey no dey put source link for e mata dem. Also as una dey post make una dey crosscheck oh to make sure everything dey in order. E no make sense say you go surfer build ur account finish, village people go just reason your mata one day den because of mistake you do, dem go just rubbish all your efforts, e no make say at all.

Anyways ma people how una Sunday dey go like dis, hope say una go go church oh. I dey hungry but I never Sabi within I wan chop, belle just tight for nothing meanwhile food dey hungry me lol.

[BIT-BENDER]

This comes as a shock to me and am filled with sadness getting to know about the news of his ban. @mpamaegbu was a quality nigerian on the forum, who went about to give out his knowledge to the forum to the best of his knowledge, and I think we should uphold the spirit of support towards him in any little way we can, I think the next step for him is to appeal, and his contributions to the forum is loud and even non-nigerians can testify to this, so let all pledge our support to a compatriot at this time.
Further more as @cryptoprenurbrainboss has urged let always becareful especially now that we are beginning to get recognition.

[Nathrixxx]

Our joy don cut short as one of our broda wey dey accept for bestchange don get ban for plagiarism wey e comit years back. Make una send una prayer give @Mpamaegbu because dis one na real village people mata. Also make una dey try come interval for una people problem. Make we no jusyydey dey divided. Na only when we dey together we go fit go far oh  I remember when dey ban one person like dat for Russia board, e people come put mouth for her matta and den self she never become d Snr women she be now for forum.

I dey bring dis mata up as Incase Mpamaegbu wan appeal e go need our support. If you look d mata self you go see say na mistakes because no be user wey no dey put source link for e mata dem. Also as una dey post make una dey crosscheck oh to make sure everything dey in order. E no make sense say you go surfer build ur account finish, village people go just reason your mata one day den because of mistake you do, dem go just rubbish all your efforts, e no make say at all.

Anyways ma people how una Sunday dey go like dis, hope say una go go church oh. I dey hungry but I never Sabi within I wan chop, belle just tight for nothing meanwhile food dey hungry me lol.

This is disheartening, after several years of committed efforts and contributions to the forum and getting ban as a reward, this serve a lesson to us to always take heed in whatsoever thing we do because there are things we do secretly and we can never get away with, it is termed "Hunting Shadow" for the sake of those attending service today, let's put in prayer that God should rebuke the devourer for our sake whose main work is to look for loopholes to set our downfall, and may the spirit of plagiarism be cut off in it entirety.

I also pray for a reconsideration on his ban for a second chance, he should never give up, let him try appeal and we will all join the movement and mobilize on top the matter as una dey carry us along on the thread.

[Igebotz]

He has to appeal, although I was thinking mods saw more plagiarism might the reason for the ban, but he has to appeal for this to know why. I do not want to mention names, but he should know that if that only post is the only one known to be plagiarism, many reputed members will support him which are not Nigerians. Please, tell him to accept the fault as he did yesterday in the appeal, indicate the link in the appeal post and ask for pardon and let us see how it goes. We will be expecting his appeal post very soon.

The matter shocked me self na last night I see am I think the matter been don cover for reputation but as another busybody person come carry come Meta I still dey feel say na oga theymos carry the matter because him been dey very active der dis past days i no want point finger but una see that maga wey hm name be like( where we dey buy medicine) make una dey careful with am na two-phase sword him be him just dey bump the threads anyhow dey talk rubbish.

Abeg make una tell am to appeal as edey hot now wey people mind still dey make we know the real matter worse come to worse na 2 years sig ban but make him prove to the forum how useful he was ( providing links to important helpful topics) that's the proper way to appeal, the mistake has been done now the forum want to hear what they will miss if the account remains banned, from the cases I study the people wey theymos pardon na most people wey get active loan thread except Lovemay but she been provide her scam bursting links to prove a point...but God dey. We lost a fighter.

Wetin CB talk dey game oo make we try observe our previous doings, post when you dey newbies and now nofit be the same ooo make una comot anyone you nodey sure of ooo after all the forum nodey pay for how many posts you get... If possible comot all your newbies days no law dey against it. Lauda do plenty.

[Smartvirus]

Omo, forum no get joy and I know. At least I don dey here for 2years con sabi say, e no get how e qan be way be say, something no fit skip person via the plenty post way person dey make. Imagine person dey make over 2-3000 post, even with sleep eye cef, something fit fly you easily and you no go know. That na to say, make we dey extra careful for watin we dey do hear. If your hand dey one thing or the other way be say, e no too sure for the forum I go beg you say, make you carry clear eye dey handle am.

Another thing be say, the kind fia way don carry us for the forum eh, e don take rapper wrap us for head way be say, we no sabi say, when knotry man dey for wahala, na we kwa dey the wahala and as e be so, we no fit join body to say make we elp am commot for katakata. I know say we kontry hard and person especially family person no go like lose en account fir person way e no too know but, try clean your house and then maintain better standing so, you fit dey put mouth make our canda for strong wella because, we need ourselves.

This matter as e be so eh, e too pain me and I hope say, Mpamaegbu no go live am to end like this, make e come talk something something if you see way or get watin you go talk way go help am, try put body. Una weldone.

[Rruchi man]

Our joy don cut short as one of our broda wey dey accept for bestchange don get ban for plagiarism wey e comit years back. Make una send una prayer give @Mpamaegbu because dis one na real village people mata.

Omo guy, i dey follow the thread since oooo, nor be chyse matter. I pray make God help am tidy this matter ooo, because nor be small situation be this. Hopefully by God's grace, his appeal will pull through with our support.

Anyways ma people how una Sunday dey go like dis, hope say una go go church oh. I dey hungry but I never Sabi within I wan chop, belle just tight for nothing meanwhile food dey hungry me lol.

Chop the normal Nigerian Sunday afternoon food (Rice). Carry one fowl leg decorate am for the top, then use one cold hollandia take press am down.

[nelson4lov]

This comes as a shock to me and am filled with sadness getting to know about the news of his ban. @mpamaegbu was a quality nigerian on the forum, who went about to give out his knowledge to the forum to the best of his knowledge, and I think we should uphold the spirit of support towards him in any little way we can, I think the next step for him is to appeal, and his contributions to the forum is loud and even non-nigerians can testify to this, so let all pledge our support to a compatriot at this time.
Further more as @cryptoprenurbrainboss has urged let always becareful especially now that we are beginning to get recognition.

That's the thing with the forum. One has to be very careful about these things. I don make few mistakes in the past and learnt the hard way. The thing we should know that majority of all of our posts are scraped within seconds and achieved so there's really no way to escape it. Best bet is to just jejely watch well before taking any move to avoid mistakes.

I just feel bad for MP because this was supposed to be the time for him to finally enjoy with other big boys in bestchange and just when it's about to start, this happened. I really hope he can get back 100% and still retain his spot at bestchange.

In other news, what are Y'all busy with? Una dey busy dey collect NFTs up and down to resell? Which trends are you guys on board ma?

- NFTs
- DeFi
- IDOs, etc.

Please share!

[Rath_]

I suppose the Lightning Network is the solution for tiny, fast transactions between buyers and sellers.

That's exactly what it was designed for - instantaneous micro-payments. You don't need to lock up a large amount of coins on the Lightning Network unless you want to earn money off payment routing (which is not as easy as it may sound).

[Dragonfund]

Una good morning from here my people!!! E don teh weh I dun dy hear of bitcointalk since 2018 when I been dy do some shit airdrop and luckily, I landed here not knowing how important this forum is, I do this forum strong things and e do me back, the mod no dy play at all, one second you misbehave, your account go just enter automatic ban, though no be perma ban as i no scam or plagirise but the way i been dy post get low quality.
I been dy 300 level wen I join this forum posting shit when I was looking for how to get small small legit $$ to survive with the harsh situation of campus, things been no balance at all weh even make me join bounties, sometimes we go see better bush meat and sometimes e go end up as scam and we dy always move on.  
School situation been no allow me to look the good part of the forum because I been dy try to graduate with first-class but during corona, two members come advice me to avoid making post weh i no get idea on, I come create this account strictly with no unnecessary proof of Authentication and I come gather liver create a thread and that was how I began to see the beauty of this forum, e fun die and the unending learning make me like am due to the collective experience and knowledge weh everybody they share for here.
Last month on the 10th of August, I completed my undergraduate after spending 6 years in Federal Uni due to unnecessary internal strikes and Asuu with 2.1 Chemical engineering and I'm now active with this account, the interaction and the feedback dy improve me every day.

I see you CryptopreneurBrainboss, my mentor, you dy inspire me say we no d carry last.
Charles-Tim I greet.
igehhh i dun dy follow you since.
CryptocurencyKing  
Smartvirus and every other active naija users for this forum, I hail all of una.