Naija Novice Hangout {Newbies introduction & Orientation} Thread.

[Charles-Tim]

Remember we still have those who send Bitcoin from a centralized exchanges to their wallets with a ridiculous default fees set by the exchange, e.g Remitano and Binance charge $30 per txn, the highest gas fees I have paid on Mycellium wallet is 0.40 cent, I always go for the highest to get my coins within 15 mins. Bitcoin gas is very cheap nowadays.

Some exchanges like HitBTC charges 0.0009 BTC, Binance charges 0.0005 BTC, these are ridiculously high fee unlike the fee required by miners to include transaction into a block. This is the reason I prefer noncustododial means.

For scalping and day trading, centralized exchanges can be a good option for people, for margin trading, traders will not also have option than to use a centralized exchanges. But for those that just want to buy and sell, converting from stable coin to unstable coin like bitcoin and vice versa in short or long term holding, these can still be on noncustododial means of trading using p2p means like your service (Igehhh exchange service) and CryptopreneurBrainboss exchange services to take advantage of the high fee.

This has been the reason I have maintained the fact that it is better for Nigerians not to reveal their identity, because it is not only bank means of exchanging is possible, but some people will like to just exchange bitcoin and other unstable coins to stable coins and vice versa which can easily be done within ourselves on this forum.

People can because of this create new account, so to maintain privacy and trade anonymously, but it would have been better this is done through a reputed account because you and Brainboss can reject newbies as their coin can be on blacklist or tainted, newbie account is not reputed, especially while making deals of no trace with the newbie.

[BIT-BENDER]

I saw that news that the Senate passed the mean that all Banks report to EFCC, Nigerians economy and financial crimes commission, any deposits of money 5 million and above for an individual and 10million above for a group or companies.
All I can say is the country wants to bread a Nation of poverty, I don't understand why the people's thinking are different from those who are in power, omo 5 million is small for any bank to start putting call through to EFCC, the government had tried Crypto ban that one no work now this is their new format.

[uchegod-21]

I saw that news that the Senate passed the mean that all Banks report to EFCC, Nigerians economy and financial crimes commission, any deposits of money 5 million and above for an individual and 10million above for a group or companies.
All I can say is the country wants to bread a Nation of poverty, I don't understand why the people's thinking are different from those who are in power, omo 5 million is small for any bank to start putting call through to EFCC, the government had tried Crypto ban that one no work now this is their new format.

The other day me and Wiwo bin dey yarn this matter here based on say we know we government. Our government too tricky and selfish. See upon this law, you will get another law that will exempt the governors and senators sons from this nonsense. Later dem go twist am say dem no talk say make EFCC arrest and try to confuse us.
The law is for the poor and if no be for technology and Bitcoin, government for smoke us.
Twitter ban, we still use twitter.
Crypto ban we still use Crypto and bank.
This one we go still win.

[Maestro75]

I don't understand why the people's thinking are different from those who are in power, omo 5 million is small for any bank to start putting call through to EFCC, the government had tried Crypto ban that one no work now this is their new format.

Na old law be that na. I no sure say banks deh reason EFCC on that natter again self. Maybe banks go report if na account weh no deh get regular transactions get that type of alert, no be with regular accounts weh deh transact well well on a regular basis like weekly or daily even if na less than 100k weekly self. I get a friend weh deh do over N5 million transaction once in a while and nothing don happen with am say bank report am or EFCC invite am.

[Doan9269]

The country is possibly turning to cabal kind of a clique, imagine after several years of works and strugglings for survival and you later make it to amass wealth financially then comes the government hunting after you except you belong to either of their cabals and we all know what that means, it takes a lot of sacrifice at all cost.

I also come to think about the situation of Abba Kyari case and how he started well that all the agencies, government officials and reasonable citizens were proud of his relentless efforts to humanity and the country at large, then he was given a unique name called "Super Corp Abba Kyari". Now this same man is now an enemy to the country in appreciation to his past patriotism and dedicated service, though am not saying he did not commit those allegated atrocities but it might not be to such an extent, possibly he refused to comply to their directives then resulted to implicating him this far.

[Charles-Tim]

Crypto ban we still use Crypto and bank.

CBN even said Nigerians can use cryptocurrencies when they knew most citizens do not know what the ban was meant for. CBN can not do beyond CBN.

Now this same man is now an enemy to the country in appreciation to his past patriotism and dedicated service

He was first linked to a fraudster by US FBI or so while investigating the fraudster. Are you saying police can't be corrupt or not? I am not saying he is corrupt but to avoid this kind of thing to happen, we must be very careful.

[Maestro75]

The country is possibly turning to cabal kind of a clique

No be say it is gradually turning to cabal something. Na cabal deh always rule this country from way back, no be today e deh happen.

I also come to think about the situation of Abba Kyari case and how he started well that all the agencies, government officials and reasonable citizens were proud of his relentless efforts to humanity and the country at large, then he was given a unique name called "Super Corp Abba Kyari".

Na pretender Abba Kyari be. He acted like he was a good person until breeze come expose his bombom. There are so many others like him. No begin see his case like say na witch hurting as you deh say enemy of the state there. Anybody weh do bad must face the music. Let him face his case.

Una go don get that Hushpuppi recent case with the latest $400,000 yahoo runs weh him do from prison. That boy na real thief.

[Marykeller]

  Banks to report deposits of more than N5m to EFCC

The economic financial crimes commission is a fraud institution. They ignore politicians who steal millions and billions of naira everyday right under their noses. They are only functional when it comes to the masses. The new bill states bank will reports any individual account that deposit more than N5m and N10m for corporate accounts. After so many years the same issues Baba Fela protested against in his time are still happening today. This bill is going to affect individual businesses, I normally use online banks for my large deposits and withdrawals, I have a debit card issued to me by the bank. Traditional commercial banks charge more and perform less, this new bill makes me trust them less. Bitcoin is the alternative to traditional banks, you can save your money in Usdt or bitcoin. But how do we convert our bitcoin to fiat without raising red flags?

I never see or hear wey this our present senators pass bill of wetin go benefit the masses. Wey we be sae there are so many pressing matters wey dey go pass bill on, na receiving 5million or above na me be their problem. This don show us sae, Nigeria politicians has no better intention about us. Involving EFCC means that they wan categorically cage every Nigeria citizen as poor person. Every Nigerian should a live a low-class life, wey be sae, they can easily different the rich from the poor.
I keep saying it, this present government na them be the worst government ever. All of them dey smoke weed, na why dem dey reason bullshit

[uchegod-21]

I never see or hear wey this our present senators pass bill of wetin go benefit the masses.

The masses no be their interest ofcourse, dem dey present bill wey go affect them positively, bills wey go recycle dem for office for ever. Dem go pass bill wey concern elections, bills wey go elongate their stay in office, bills wey go increase their immunity and bills wey go encourage third tenor. Bills wey go assign police men give them. But when e reach common man, them go make bills wey go stop everyone from using generator. Make dem kwuntinue, the days of reckoning dey by the corner.

[Anguwa]

I saw that news that the Senate passed the mean that all Banks report to EFCC, Nigerians economy and financial crimes commission, any deposits of money 5 million and above for an individual and 10million above for a group or companies.
All I can say is the country wants to bread a Nation of poverty, I don't understand why the people's thinking are different from those who are in power, omo 5 million is small for any bank to start putting call through to EFCC, the government had tried Crypto ban that one no work now this is their new format.

Everything about this Nija na cruse, just imagine the ban of cryptocurrency whey they been proposed, but as e no work, now them fucus on banks to give limits to the money transaction, not knowing that the EFCC wey them they talk self na criminals on their own, because almost everything wey they happen them too get their own issue, but let's see as e go turn out.

[Igebotz]

Everything about this Nija na cruse, just imagine the ban of cryptocurrency whey they been proposed, but as e no work, now them fucus on banks to give limits to the money transaction, not knowing that the EFCC wey them they talk self na criminals on their own, because almost everything wey they happen them too get their own issue, but let's see as e go turn out.

If you have any doubts, try making any bank transactions and entering any crypto related words to see how the bank will automatically freeze your account and blacklist your BVN, or try buying crypto with your ATM card to see how the bank has already cut off their services on any crypto related websites, and if you try more than three times, your ATM will be blocked and your account will be frozen.

Make no body lose guard with banks or ignore CBN restrictions all this na to reduce the level of money laundering for we country, everything wey get Cons also get Pros

[Charles-Tim]

If you have any doubts, try making any bank transactions and entering any crypto related words to see how the bank will automatically freeze your account and blacklist your BVN, or try buying crypto with your ATM card to see how the bank has already cut off their services on any crypto related websites, and if you try more than three times, your ATM will be blocked and your account will be frozen.

I wonder how Nigerians are still able to use centralized exchanges that even helped CBN to freeze some Nigerians exchange accounts and people here saying CBN failed to successfully ban cryptocurrencies.

[Igebotz]

If you have any doubts, try making any bank transactions and entering any crypto related words to see how the bank will automatically freeze your account and blacklist your BVN, or try buying crypto with your ATM card to see how the bank has already cut off their services on any crypto related websites, and if you try more than three times, your ATM will be blocked and your account will be frozen.

I wonder how Nigerians are still able to use centralized exchanges that even helped CBN to freeze some Nigerians exchange account and people here saying our government failed to successfully ban cryptocurrencies.

Do you think the CBN had anything to do with the recent Nigerian and Binance incident? most Nigerians use it for peer-to-peer services and staking coins, I believe the majority of the accounts were p2p defaulters and accounts linked to reported or blacklisted wallet addresses, but Binance did not indicate which government order they were acting on but they did mention government in one of their response I read

[Charles-Tim]

Do you think the CBN had anything to do with the recent Nigerian and Binance incident? most Nigerians use it for peer-to-peer services and staking coins, I believe the majority of the accounts were p2p defaulters and accounts linked to reported or blacklisted wallet addresses, but Binance did not indicate which government order they were acting on but they did mention government in one of their response I read

If CBN, EFCC or any other Nigerians governmental organization was not mentioned, even if it is not Nigerian governmental organization that was responsible for the freezing of Nigerian exchange account on Binance, that does not mean Nigerian governmental organization like CBN or EFCC can not request from Binance (or any other custododial crypto exchange Nigerians are using) to immediately freeze some Nigerian accounts. Although, Binance did not disclosed the government of the country responsible for it but it is suspicious it would be CBN or EFCC which we know have be tackling crypto illegal activities in Nigeria since CBN ban.

Just implying that so far Nigerians are still able to access custodial crypto exchanges, which makes that to be evident enough for people to know that bitcoin and other cryptocurrencies are implicitly banned in Nigeria and only by CBN. If cryptocurrencies are totally banned, Nigerians will have no alternative than to go for decentralized exchanges and direct p2p means of exchange.

[Wiwo]

Do you think the CBN had anything to do with the recent Nigerian and Binance incident? most Nigerians use it for peer-to-peer services and staking coins, I believe the majority of the accounts were p2p defaulters and accounts linked to reported or blacklisted wallet addresses, but Binance did not indicate which government order they were acting on but they did mention government in one of their response I read

If CBN, EFCC or any other Nigerians governmental organization was not mentioned, even if it is not Nigerian governmental organization that was responsible for the freezing of Nigerian exchange account on Binance, that does not mean Nigerian governmental organization like CBN or EFCC can not request from Binance (or any other custododial crypto exchange Nigerians are using) to immediately freeze some Nigerian accounts. Although, Binance did not disclosed the government of the country responsible for it but it is suspicious it would be CBN or EFCC which we know have be tackling crypto illegal activities in Nigeria since CBN ban. I understood you though, you are perfectly correct.

According to binance response to the ban of some accounts on the exchange, their stated clearly that it was just a usual routine global operation on the exchange and those affected are those with cases of money laundering and associated with fraud, no be only 9ja accounts Binance block so I no see EFCC or CBN hand for this one directly but I know say an collaboration within agencies involve. So waiten two of una talk an the correct thing.

[Charles-Tim]

According to binance response to the ban of some accounts on the exchange, their stated clearly that it was just a usual routine global operation on the exchange and those affected are those with cases of money laundering and associated with fraud, no be only 9ja accounts Binance block so I no see EFCC or CBN hand for this one directly but I know say an collaboration within agencies involve. So waiten two of una talk an the correct thing.

Although, I did not know about any citizens of any other countries to be affected, but likely it could be. I have just dig deeper to find out that you are right, with what CZ said, we can say the Nigerian accounts were restricted because of international law enforcement.

A Letter From Our CEO To Nigerians: Our Commitment To User Protection

[BIT-BENDER]

I am lost here, it's really hard for Dem to tag anyone guilty of money laundering offense, from what I believe, some of those accounts may have been wrongfully accused, I don't know for a certain, but what's clear is that many of that platforms users especially those from Nigerians has had their coins ceased and they don't even know when it would be  released.

This is the major reason why e no bam make person they keep him coin for a long time on Exchanges, many of them are fast going centralized.

[Wiwo]

According to binance response to the ban of some accounts on the exchange, their stated clearly that it was just a usual routine global operation on the exchange and those affected are those with cases of money laundering and associated with fraud, no be only 9ja accounts Binance block so I no see EFCC or CBN hand for this one directly but I know say an collaboration within agencies involve. So waiten two of una talk an the correct thing.

Although, I did not know about any citizens of any other countries to be affected, but likely it could be. I have just dig deeper to find out that you are right, with what CZ said, we can say the Nigerian accounts were restricted because of international law enforcement.

A Letter From Our CEO To Nigerians: Our Commitment To User Protection

Boss thank you for that dig up some time e dey lazy me to share those kind news link but I make sure say I read and analyze the news before I put out source information to prompt professor like you into research to dig out evidence and further theories to support the discussion, na as I read the link you share I even know say CZ address 9ja users of the exchange but I been done read their anti money laundering law and cooperation with law enforcements across the globe. E go make sense make person no leave huge amount for centralized exchange. Na Y I dey avoid Binance be that.

[Charles-Tim]

This is the major reason why e no bam make person they keep him coin for a long time on Exchanges, many of them are fast going centralized.

Even the best advice is to never use centralized exchanges because they have the private keys of the addresses given to their customers, that means it is never customers coin on blockchain, it is the owner of the centralize exchange that has the coin on blockchain and they are the ones that have the full control, not the customers. I wonder what will happen to people that are not having any illegal dealings but their account freezed because one of their transactions is linked to a fraudster address or exchange account.

We have options like https://localcryptos.com/, https://hodlhodl.com/, https://bisq.network/ and some other reputed decentralized exchanges, or better still using direct p2p which is common within our people in Nigeria. But some people prefer convenience and low cost over privacy and having full control which ought not to be.

Only people I know would find it difficult are scalpers and days traders, but any inactive coins should not be left on exchanges but be moved to a reputed noncustododial wallet, preferably open source hardware wallet.

I put out source information to prompt professor like you into research to dig out evidence and further theories to support the discussion

Thanks for the compliment Wiwo. Although, we are all learning and exposing ourselves here to vital information about bitcoin and other cryptocurrencies regarding Nigeria.

I appreciate that.

[Oluwa-btc]

Depreciated and outdated old fool's, their day of reckoning is coming.
Look now next year election dey come and Efcc dey monitor all accounts in Nigeria, the same politicians and Senate weh pass bill to ban Crypto Currency stuff for we 9ja na them go use am pass.
Them go use BTC well well ehhh next year, I swear.
The matter weak me and it irks me to see no improvement,we all in this together... Hopefully we'll get outa this sit together.