Naija Novice Hangout {Newbies introduction & Orientation} Thread.

[Maestro75]

             NEW TOPIC

According to 94.1 FM, Nigeria will be carrying out Censor's next year April 2023.
This Censor's was last done in the year 2006, A short and first one will be done in June immediately political representatives/parties are done with them various primaries election.

I go tell you say Census na the last thing weh deh anybody mind now self. Even insecurity no go make the thing succeed if them try am. How them want to execute the thing for north. Who want to die? Even for south east insecurity don deh increase on daily now. Nowhere deh secured for 9ja again and we say we get president? But which station be 94.1 FM. Na Wazobia FM, Rivers? You forget say no be only one station get that dial for the country.

[1713450070]

1713450070

[Charles-Tim]

You dey feel say na because say our banks no dey reliable na him make people dey majority jump into Bitcoin. Abi na because of the opportunity to a financial free life through making money from the industry dey drive Nigerians into the industry.

It is because of rising inflation the news pointed to which is very correct in my opinion. Fiat is inflationary and always getting depreciated by the government, but this fiat depreciation is worse in developing and underdeveloped coumtris and Nigeria is among.

USD is even inflationary, over 7.5% inflation in United States recently and yet naira still keep sinking to United States which US government still always decrease its value, the reason Nigerians that know about this prefer cryptocurrencies like bitcoin as a hedge against naira inflation. Even some Nigerians will consider fiat-pegged cryptocurrencies because naira always depreciate than fiats in developed countries, like USD, Euro and Pound Sterling, but which are also still depreciatimg in price but better than naira.

1 USD in 2012 equals to 158.79 naira
1 USD in 2013 equals to 159.26 naira
1 USD in 2014 equals to 171.71 naira
1 USD in 2015 equals to 197.87 naira
1 USD in 2016 equals to 257.66 naira
1 USD in 2017 equals to 333.71 naira
1 USD in 2018 equals to 361.29 naira
1 USD in 2019 equals to 360.06 naira
1 USD in 2020 equals to 380.25 naira
1 USD in 2021 equals to 403.58 naira
1 USD in 2022 equals to 414.03 naira (presently)


From the news:

One of the main reasons why investors across the globe seek to diversify traditional assets into cryptocurrencies is to counter rising fiat inflation. For example, a selection of United Kingdom investors was surveyed last month, and the majority considered tokens to be safer and more secure than traditional investments such as gold, oil, stocks and real estate.

The value of the naira, the nation’s fiat currency, has fallen by over 209% in the past six years, which stands as one of the key drivers for local investors to eye deflationary assets such as Bitcoin (BTC).

[GiftedMAN]

             NEW TOPIC

According to 94.1 FM, Nigeria will be carrying out Censor's next year April 2023.
This Censor's was last done in the year 2006, A short and first one will be done in June immediately political representatives/parties are done with them various primaries election.

I go tell you say Census na the last thing weh deh anybody mind now self. Even insecurity no go make the thing succeed if them try am. How them want to execute the thing for north. Who want to die? Even for south east insecurity don deh increase on daily now. Nowhere deh secured for 9ja again and we say we get president? But which station be 94.1 FM. Na Wazobia FM, Rivers? You forget say no be only one station get that dial for the country.

Like say them go talk truth about the number of people wey still dey alive wey dem go count e for make sense but the matter be say them wam use the census waka take rig the up coming election, them wam tell us now say Kano state and other northern state get 1billion people for there so if them vote anybody na the person go win. Them no go ever bring better thing come out wey go help solve the insurgency wey dey ground na something wey go benefit their political ambition them wam do.

[uchegod-21]

1 USD in 2012 equals to 158.79 naira
1 USD in 2013 equals to 159.26 naira
1 USD in 2014 equals to 171.71 naira
1 USD in 2015 equals to 197.87 naira
1 USD in 2016 equals to 257.66 naira
1 USD in 2017 equals to 333.71 naira
1 USD in 2018 equals to 361.29 naira
1 USD in 2019 equals to 360.06 naira
1 USD in 2020 equals to 380.25 naira
1 USD in 2021 equals to 403.58 naira
1 USD in 2022 equals to 414.03 naira (presently)

This your chart dey wounjor my heart. E dey make my heart to dey bleed aswear. Upon say USD dey lose value and oyibo weh get am dey complain, sometimes I dey laugh dem, people wey see currency wey stablize still dey complain. If dem be Nigerians na suicide dem go commit na.

But upon the wey naira dey crash, I believe say no be the major thing wey make Nigerianals enter crypto. Afterall many Nigerians no sabi say their money dey depreciate for bank.
The major coco be say boys dey find how to earn a living. Na wetin push some of us enter this place so.

[Charles-Tim]

But upon the wey naira dey crash, I believe say no be the major thing wey make Nigerianals enter crypto. Afterall many Nigerians no sabi say their money dey depreciate for bank.

They know. From the simple fact, haven't you heard from old people that transport fee from City A or Town A or Village A to another City A or Town A or Village A that was ₦10 before now cost ₦1500. Nigerians are complaining that what they can use ₦18000 minimum wage to buy in 2018, they can not use ₦33000 minimum wage to buy it this time because of inflation. They are the ones saying the generator they bought with ₦10000 in 2010 can be bought with over ₦30000 now. Nigerian old people are the ones that will say the value of naira is the business you used it to establish because what naira can buy today, it can not buy it tomorrow.

If the old people can not relate this with how bitcoin is deflationary, the young people can and know how bitcoin can help as a hedge against naira inflation. People do not just buy cryptocurrencies in Nigeria, the most reason is because they know if they buy it, that the value will increase and they can sell at higher rate. We can noticed this from the reason we are telling friends to buy and why friends that just know about crypto want to buy coins.

uchegod-21, be earnest, why can you tell a friend to buy Bitcoin. That is the reason others are telling their friends to buy too.

[Pokapoka124]

One funny thing about this Binance verification and BVN be say, both the first person and the second person wey post this thing see am as goodnews and better thing for the crypto community 
E be like our own version of crypto for Africa different o,

I swear and e no end for the forum o. Na for person WhatsApp status (person way no dey forum o) na em I first confirm the joy. E con dey spread awareness say, make people way never been fit run verification before via say, maybe there NIN or means of ID no clear, say make them go use BVN carry dey alright.
I con dey look matter, dey ask myself say, watin dey sup for here? Abi these men forget say, na our privacy we don dey put put like this...

E cast o. I know say, we dey more about the moni, make e just land na em be our own. We forget say, some moni no dey just land, e dey carry wahala dey waka for body and na these kind details dey cast am.

Privacy na for  people wey concern themsef about am. Who no want anonymity na him concern. Obob anybody wey don borrow money from mobile loan apps, do easy-buy or any of those service wey they ask for permission to your contact and media storage before them grant your request no suppose dey talk privacy.

[Maestro75]

1 USD in 2022 equals to 414.03 naira (presently)

But me and you know say no be the real exchange rate for dollar and naira be that as of today. One dollar deh exchange for 590 as of today. Abi una deh exchange una bitcoin for N414?

Obob anybody wey don borrow money from mobile loan apps, do easy-buy or any of those service wey they ask for permission to your contact and media storage before them grant your request no suppose dey talk privacy.

Na better talk you give us here. All of us weh deh scream privacy this and privacy that go don dirty our hands and exposed our personal information anyhow o. This thing hard to maintain.

[Charles-Tim]

But me and you know say no be the real exchange rate for dollar and naira be that as of today. One dollar deh exchange for 590 as of today.

That is parallel market rate or black market which is always higher if compared to CBN rate.

I used CBN rate for it which is the official rate: https://www.cbn.gov.ng/rates/exchratebycurrency.asp

Abi una deh exchange una bitcoin for N414?

Nigerian buyers and sellers on p2p crypto exchanges use parallel rate.

[BIT-BENDER]

I don’t know about you guys but I don’t see the naira getting any value in the coming years, even if power changes hands a lot still needs to be done before we can achieve a stable currency and economy. The naira is dropping very badly every day and the funny part be say our government no even sabi anything to do to salvage the situation and I don’t the the next government go even sabi Wetin to do.

[CryptopreneurBrainboss]

It is because of rising inflation the news pointed to which is very correct in my opinion. Fiat is inflationary and always getting depreciated by the government, but this fiat depreciation is worse in developing and underdeveloped coumtris and Nigeria is among.

I never see anybody wey open mount tell me why e dey into cryptocurency na because of inflation. The majority are in because of the capital gains which is why trading is very popular in the country. Assuming na inflation and people dey look towards alternative then we for get holders as that's the only answer to the inflation debate. Yes inflation na very big issue for the country but na belle people dey find first. Assuming all that matters na the inflation of a thing people for dey ask for better payment in their Jobs to meet up but no the Job self no dey.

Majority of the the individual involved in the space are youths. This guys are those struggling to get a better paying jobs and some no even get jobs wey go fit take care of dem bills, this is the reason we been get a ponzi bubble at some point wey every day new ponzi scheme dey come out. This were means people been dey try get something to give them cash. This same ponzi bubble na him lead to the discovery of Bitcoin. I can tell you for fact, nobody been care of Bitcoin before MMM (2014/2015) come in with other ponzi wey dey use the currency. Na dem come open people eyes. Both has contributed but inflation get lesser impact than the quest for a better life.

[uchegod-21]

uchegod-21, be earnest, why can you tell a friend to buy Bitcoin. That is the reason others are telling their friends to buy too.

Why I go tell a friend to buy btc na make him male money. When btc dey low you buy, when e high you sell.

Inflation and depreciation of naira dey o and it is real, I no dey doubt you, but e no be the major reason people dey join bitcoin motor.  Even people wey buy for dip, when e rise, dem dey sell back to fiat and still save the money go fiat and use the gain. So, no be inflation make people dey like bitcion, na hunger wey dey land.

You no know say plenty people for Nigeria wey get permanent job wey dey pay them 500k and above no too dey send Bitcoin? Dem feel say dem balance well, na people wey no get steady job dey greedie for trading and the rest of them.

I don’t know about you guys but I don’t see the naira getting any value in the coming years, even if power changes hands a lot still needs to be done before we can achieve a stable currency and economy.

You too make sense my oga. Na the same gospel I dey preach give people but dem no wan believe. Weda power change hand or not, dollar go reach N1k and continue to dey go high, na so dem create and design this country.

[Charles-Tim]

I think I have to quote the news again and bold some words

One of the main reasons why investors across the globe seek to diversify traditional assets into cryptocurrencies is to counter rising fiat inflation. For example, a selection of United Kingdom investors was surveyed last month, and the majority considered tokens to be safer and more secure than traditional investments such as gold, oil, stocks and real estate.

The value of the naira, the nation’s fiat currency, has fallen by over 209% in the past six years, which stands as one of the key drivers for local investors to eye deflationary assets such as Bitcoin (BTC).

I never see anybody wey open mount tell me why e dey into cryptocurency na because of inflation. The majority are in because of the capital gains which is why trading is very popular in the country.

No one is disputing that and you are right about it. But they buy, sell, take profit. It is practically within cryptocurrencies unless they want to spend or use the money for other businesses, not mostly likely they save naira (where inflation reason comes in). Like buy bitcoin, make profit, sell bitcoin to buy a stable coin like USDT, yet, all within cryptocurrencies. Nigerians still see fiat like US dollar to be a hedge against naira inflation. Many people in countries like US, EU and UK see holding stable coins to be pointless, but otherwise is the case in Africa.

To be earnest, how many among us here prefer naira to cryptocurrencies? I guess no one. Why? Not because of naira inflation? People prefer cryptocurrencies to naira because they know naira is highly inflationary.

If inflation is never part of, assuming naira is a deflationary currencies (although which is not possible), which Nigerians will go for bitcoin if they see naira profitable?

Why I go tell a friend to buy btc na make him male money. When btc dey low you buy, when e high you sell.

Will you advice your friend to convert to naira or a stable coin like USDT or Dai after making profit from investment or trading? Remember USDT, Dai and other stable coins pegged with fiat are part of cryptocurrencies. I should have used cryptocurrency instead of bitcoin in that question. Nigerian crypto traders and holders see naira to be highly inflationary and consider it for spending.

[CryptopreneurBrainboss]

To be earnest, how many among us here prefer naira to cryptocurrencies? I guess no one. Why? Not because of naira inflation? People prefer cryptocurrencies to naira because they know naira is highly inflationary.

If inflation is never part of, assuming naira is a deflationary currencies (although which is not possible), which Nigerians will go for bitcoin if they see naira profitable?

How many Nigerian do you know just buy Usdt and hold. If na inflation we dey fight, the solution for just be to dey buy Usdt to secure our wealth but that's not the major problem. The problem is getting financial assistance in regards to getting more income, which is why people dey risk their life savings just to buy cryptocurrency and the worst part they buy into projects that are been hype and shitcoin.

The volumes come from buying Bitcoin, go all statistics wey dun come out. Nigerians buy and trade Bitcoin not buy and hold Usdt or any other stablecoin. Na when the profit comes first na when people begin dey reason stablecoin. Infact majority takes it back to Naira like instantly (go peer2peer market na) transacting ongoing daily as people need this profits to keep life going.

Don't also forget we have banks and other third party services that offers options to store your money in dollars but non of this get the kind interest wey Bitcoin and the whole cryptocurency market they attract. This only supposed make you reason say no be all about inflation something (although I no dey doubt say e follow)

[Maestro75]

That is parallel market rate or black market which is always higher if compared to CBN rate.

I used CBN rate for it which is the official rate: https://www.cbn.gov.ng/rates/exchratebycurrency.asp

The CBN rate weh person no fit buy at, that one na rate? We deh talk of what is real no be one political talk and deceit. Banks plaster that rate for their banking halls but them no deh sell at that rate, na wetin we go call that one, no be wayo be that? CBN deh use am deh deceive outsiders so them go believe say our naira carry small weight. Even Emefiele no go exchange his own dollar at that rate self.

Nigerian buyers and sellers on p2p crypto exchanges use parallel rate.

And that is the real price. Na the market deh decide price and no bi one written figure somewhere.

[BIT-BENDER]

I sabi say no one go take naira over crypto-Currency except the person is the ignorant about the former, also as Nigerians e Dey our default settings to try to make profits from any where we can, so I no think say holding stable coin na option to many, but some go still seem am as an alternative though, but as a hunter we Dey always try to double am, no doubt Stable coin like USDT is very much preferable in terms of saving and not getting affected my the very unpredictable economy, the opportunity to invest in a Crypto is very inviting.

[uchegod-21]

, no doubt Stable coin like USDT is very much preferable in terms of saving and not getting affected my the very unpredictable economy, the opportunity to invest in a Crypto is very inviting.

Stable coins good to save because of the unpredictable economy. But one thing dey confuse me. The way dem dey carry cast USDT for this forum based on say na centralized coin. Dem dey talk like say you fit wake up tomorrow you no see USDT again but I no just understand the whole thing. Na because of the general hatred dem get for other coins wey no be bitcoin abi e get particular problem wey USDT get or USDT don get problem before since dem create am?

[Charles-Tim]

But one thing dey confuse me. The way dem dey carry cast USDT for this forum based on say na centralized coin. Dem dey talk like say you fit wake up tomorrow you no see USDT again but I no just understand the whole thing. Na because of the general hatred dem get for other coins wey no be bitcoin abi e get particular problem wey USDT get or USDT don get problem before since dem create am?

USDT can be freezed on noncustododial wallet, it's a centralized coin that does not worth going for. Best to go for DAI which you can have its full control on noncustododial wallet unlike many others.

[UPDATED] PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets

[Marykeller]

            NEW TOPIC

According to 94.1 FM, Nigeria will be carrying out Censor's next year April 2023.
This Censor's was last done in the year 2006, A short and first one will be done in June immediately political representatives/parties are done with them various primaries election.

I go tell you say Census na the last thing weh deh anybody mind now self. Even insecurity no go make the thing succeed if them try am. How them want to execute the thing for north. Who want to die? Even for south east insecurity don deh increase on daily now. Nowhere deh secured for 9ja again and we say we get president? But which station be 94.1 FM. Na Wazobia FM, Rivers? You forget say no be only one station get that dial for the country.

You don forget sae, this government d forget the most relevant thing d do wetin no matter. No be as they take block 72 millions lines last month because of NIN. As dey don talk am sae Census go happen by that time, believe me not em go by then. My aunty wey d work for Census board don yarn me about Census wey go happen for 2023 since last year sef. Hearing it from radio station na legit news wey go happen

[Rruchi man]

            NEW TOPIC

According to 94.1 FM, Nigeria will be carrying out Censor's next year April 2023.
This Censor's was last done in the year 2006, A short and first one will be done in June immediately political representatives/parties are done with them various primaries election.

A head count will be beneficial in piloting the affairs of this country for the next decade, good thing it is slated for next year (2023), same year when new government go enter power.

If the figures are taken correctly, nor be say dem engineer am make e favour some side, e fit influence the way dem they share money for this country to the various state because some side need allocation pass some other side.
I hope say e go dey credible.

[CryptopreneurBrainboss]

Stable coins good to save because of the unpredictable economy. But one thing dey confuse me. The way dem dey carry cast USDT for this forum based on say na centralized coin. Dem dey talk like say you fit wake up tomorrow you no see USDT again but I no just understand the whole thing. Na because of the general hatred dem get for other coins wey no be bitcoin abi e get particular problem wey USDT get or USDT don get problem before since dem create am?

My brother usdt no be better stablecoin oh forget say e dey popular and major exchange dey accept am (if I no dey mistake self, belike na the first stablecoin wey come out). USDT get better liquidity that's why it's best for trading but when it comes for holding, na DAI as Charles talk. We get other better alternative as dem decentralized wella but na liquidity dey make people no use dem. No be the one you go get $100 for stablecoin but because of lack of liquidity, you no go get better value when converting. BUSD na the brother to USDT  dat one even worst pass as na Binance demselves dey control am.

Usdt get plenty court cases and questionable behavior. Infact rumors come out ones say their stablecoin just dey like USD, say e no get actual backing and na so so printing dem just dey print am. As for the censor matta, I believe say e dun reach time to recount but my question na say, why next year wey election dey. Dem for do am this year so we no get get divided attention next year and choose better government.