Bitcoin Forum
June 03, 2024, 04:10:13 PM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: « 1 2 [3]  All
  Print  
Author Topic: The good side of banning btc in Nigeria  (Read 519 times)
AakZaki
Legendary
*
Offline Offline

Activity: 2338
Merit: 1076


zknodes.org


View Profile WWW
March 02, 2021, 09:56:07 PM
 #41

Rather than a ban, regulation is always the good choice. As of now Nigeria holds large volume of bitcoin transactions on different services. Nigeria is much affected by the socio-economic pollitical corruption and terrorism. Just now got a news of 317 girls from a school has been kidnapped on gun point by terrorist. Week ago similar incident have taken place with teachers and no information till date. Right now it is more to think of the social problems than the economic development.
the main problem besides the economy is the social problem that exists in the country. Many cases of crimes that continue to occur, acts of terrorism and other criminal cases. Actually, the Nigerian state is the one who will be the oil, but the people of Nigeria are still living in poverty due to rampant corruption and treatment of authoritarian regimes. Nigeria has abundant natural resources but is still trapped in poverty.
hatshepsut93
Legendary
*
Offline Offline

Activity: 2996
Merit: 2148


View Profile
March 02, 2021, 10:18:18 PM
 #42

I don't know much about Nigeria, but I think it's safe to assume that these benefits are far smaller than the harm. Lots of people have lost access to liquidity, this is never a good thing. P2P trading can be very dangerous, there can be scammers, thiefs, robberies, even murder. Centralized exchanges are far from perfect, but they allow people to buy and sell crypto with less risks. Bonus points if it's a non-KYC exchange, that still exist in smaller countries.
BuNga_cute
Full Member
***
Offline Offline

Activity: 1736
Merit: 116



View Profile
March 02, 2021, 10:28:42 PM
 #43

I agree that sometimes the good side will show more if something bad happens first. Because with the Nigerian government banning Bitcoin,
making many people in Nigeria who are not familiar with Bitcoin will be more curious about Bitcoin. Hopefully the Bitcoin banning in Nigeria won't
last long, because I believe the government is doing this because it wants to make regulations first. So I hope the crypto community in Nigeria
will be given patience to face this, because something good sometimes comes too late.

███████ ███████        R O L L B I T               CRYPTO'S MOST INNOVATIVE CASINO               [ PLAY NOW ]        ███████ ███████
//     WHITEPAPER     //          R L B          //     RLB LOTTERY     //
███████ ███████      |       Twitter       |        ►   S P O R T S B O O K   |   [ N E W ]  C L A N S   ◄        |      Discord      |      ███████ ███████
Call me Fada
Member
**
Offline Offline

Activity: 131
Merit: 29


View Profile
March 03, 2021, 06:39:41 PM
 #44

I sincerely agree with you on this but to some extent I also disagree a little. For me the government of Nigeria knows exactly what they're doing. Economically the present government has failed her people and now rubbing it on bitcion. It's of no sense saying bitcion is devaluing the naira currency. Well according to the OP they actually helped bitcion to be known across Nigeria and Africa.
Lizzie_Girl
Full Member
***
Offline Offline

Activity: 332
Merit: 103


View Profile
March 03, 2021, 06:45:38 PM
 #45

I do feel this can not be the best idea. Bitcoin was made so people can be free without borders & government intervention. The government cannot truly do much to stop anyone from using bitcoin.
Disabling the internet is about the same odds as with bitcoin and that has never happened. It will be interesting to see what happens next in countries like Nigeria.
posi
Hero Member
*****
Offline Offline

Activity: 2254
Merit: 579


Leading Crypto Sports Betting & Casino Platform


View Profile
March 03, 2021, 07:19:57 PM
 #46

I sincerely agree with you on this but to some extent I also disagree a little. For me the government of Nigeria knows exactly what they're doing. Economically the present government has failed her people and now rubbing it on bitcion. It's of no sense saying bitcion is devaluing the naira currency. Well according to the OP they actually helped bitcion to be known across Nigeria and Africa.
The OP has mentioned the positive effect of the Nigeria CBN ban on Bitcoin but I never a statement or news where the CBN governor said anything about Bitcoin to devalue Naira except when he said Bitcoin has no place in their financial institution and his ban on Bitcoin is for the benefit of all Nigerians which we know it a lie cause their ban was just for their political ambition.
In meantime, I believe the ban will be remove but they may try to regulate Bitcoin though.

..Stake.com..   ▄████████████████████████████████████▄
   ██ ▄▄▄▄▄▄▄▄▄▄            ▄▄▄▄▄▄▄▄▄▄ ██  ▄████▄
   ██ ▀▀▀▀▀▀▀▀▀▀ ██████████ ▀▀▀▀▀▀▀▀▀▀ ██  ██████
   ██ ██████████ ██      ██ ██████████ ██   ▀██▀
   ██ ██      ██ ██████  ██ ██      ██ ██    ██
   ██ ██████  ██ █████  ███ ██████  ██ ████▄ ██
   ██ █████  ███ ████  ████ █████  ███ ████████
   ██ ████  ████ ██████████ ████  ████ ████▀
   ██ ██████████ ▄▄▄▄▄▄▄▄▄▄ ██████████ ██
   ██            ▀▀▀▀▀▀▀▀▀▀            ██ 
   ▀█████████▀ ▄████████████▄ ▀█████████▀
  ▄▄▄▄▄▄▄▄▄▄▄▄███  ██  ██  ███▄▄▄▄▄▄▄▄▄▄▄▄
 ██████████████████████████████████████████
▄▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄
█  ▄▀▄             █▀▀█▀▄▄
█  █▀█             █  ▐  ▐▌
█       ▄██▄       █  ▌  █
█     ▄██████▄     █  ▌ ▐▌
█    ██████████    █ ▐  █
█   ▐██████████▌   █ ▐ ▐▌
█    ▀▀██████▀▀    █ ▌ █
█     ▄▄▄██▄▄▄     █ ▌▐▌
█                  █▐ █
█                  █▐▐▌
█                  █▐█
▀▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▀█
▄▄█████████▄▄
▄██▀▀▀▀█████▀▀▀▀██▄
▄█▀       ▐█▌       ▀█▄
██         ▐█▌         ██
████▄     ▄█████▄     ▄████
████████▄███████████▄████████
███▀    █████████████    ▀███
██       ███████████       ██
▀█▄       █████████       ▄█▀
▀█▄    ▄██▀▀▀▀▀▀▀██▄  ▄▄▄█▀
▀███████         ███████▀
▀█████▄       ▄█████▀
▀▀▀███▄▄▄███▀▀▀
..PLAY NOW..
Smartvirus
Legendary
*
Offline Offline

Activity: 1456
Merit: 1127


View Profile
March 03, 2021, 07:39:15 PM
 #47

except when he said Bitcoin has no place in their financial institution and his ban on Bitcoin is for the benefit of all Nigerians which we know it a lie cause their ban was just for their political ambition.
In meantime, I believe the ban will be remove but they may try to regulate Bitcoin though.
Exactly. The word all is right where my trouble with these politicians often start from because, should a decision that would carry the benefit of the masses at heart, the representatives of the masses would have been dully consulted instead, the reverse is what we get. A one man decision coined to imply a public beneficial end. Nigeria is so f**ked up and there is little that can be done to that effect and that's a big problem.

Well, like the Nigerian slogan goes, 'we move'. They are at liberty to do as they which with there rules and regulations but, all they've got to know is that, with decentralization, we move! And there is absolutely nothing that can be done about it.
There ban on Bitcoin and cryptos only answers a cry for more publicity and encourage cyrpto enthusiast to search for other ways of utilizing the opportunities avail in the crypto market.
GeorgeJohn
Hero Member
*****
Online Online

Activity: 1470
Merit: 711


Instant cryptocurrency exchange with own reserves!


View Profile
March 03, 2021, 08:10:47 PM
 #48

The OP's title drew my blood as I wondered what the good side to banning Bitcoin in Nigeria could be until I opened the thread and discovered the sarcasm. You see, why it's never good to judge a book by it's cover. Always read the content. Yah, since the ban many more P2P outlets have opened up in Nigeria and crypto trading is going on as if nothing amiss even happened. The CBN's pronouncement is to no effect. In fact, the CBN is likely to recount and retrace its step as the country's Vice President Yemi Osinbajo today (Friday 26, 21) condemned the ban on cryptocurrency in the country by the CBN and called for regulation instead three weeks after the ban was made public. What a shame of a country.



Really the news is everywhere but as a second in command he won't have allows Central bank of Nigeria  CBN Governor to to make such announcement via cryptocurrency, crypto is now backsliding in Nigeria because of such announcement while vice president is not in support of restricting banks to transact with cryptocurrency to extends trying to ban bank accounts that transact with crypto.

▄▄███████
▄███████████████▄
▄███████████████████▄
▄██████████▄██████████▄
▄██████████▄████████████▄
█████████████████████████
████████▄████████████████
█████████████████████████
▀███████████████████████▀
▀████████▐████████████▀
▀██████▐████████████▀
▀██████████████▀
███████▀▀
 
 INSTANT 
██████████████████████
████████▀░░░░▀████████
█████▀░▄█▀▀█▄░▀█████
██████░▄▀░░░░▀▄░██████
██████░█░░░░░░█░██████
██████▄░▀▄▄▄▄▀░▄██████
████▀░░░░░░░░░░░░▀████
███░░▄▄▄▄▄▄▄▄▄▄▄▄░░███
██▌░▐█░░░░░░░░░░█▌░▐██
██░░░█░░░░▄▄░░░░█░░░██
███▄░█▌░░▀██▀░░▐█░▄███
██████▌░░░░░░░░▐██████
██████████████████████
 
  NO KYC  OWN LIQUIDITY RESERVES  
 BTC 
 
 ETH 
 
 LTC 
 DOGE 
 
 TRX  
 
 BNB  
 TRC20 
 
 ERC20 
 
 BEP20 
 
   SWAP NOW   
Mpamaegbu
Legendary
*
Offline Offline

Activity: 2716
Merit: 1221


Once a man, twice a child!


View Profile
March 04, 2021, 02:09:16 AM
 #49

Snip>

Really the news is everywhere but as a second in command he won't have allows Central bank of Nigeria  CBN Governor to to make such announcement via cryptocurrency, crypto is now backsliding in Nigeria because of such announcement while vice president is not in support of restricting banks to transact with cryptocurrency to extends trying to ban bank accounts that transact with crypto.
The worrisome thing, to be honest, about Vice President Yemi Osibanjo is that dude is only looking out for his own good and belle. He doesn't want to rock the inept Buhari led APC government that he's a part of even when they are in the obvious wrong. For instance, what stopped him as a professor of law from speaking out immediately that ban was announced by the moronic CBN. It took him three whole weeks to find his tongue. That doesn't sound brave, does it? These are some of the things you don't find in the western democracies — cowardice.

.BEST..CHANGE.███████████████
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
███████████████
..BUY/ SELL CRYPTO..
cyriljundos
Member
**
Offline Offline

Activity: 432
Merit: 10

Bitfresh - iGaming with 90s UI


View Profile
March 04, 2021, 08:41:20 AM
 #50

for me Nigeria government should bring back bitcoin to their country, many Nigerian traders has been angry about what happen, banning bitcoin and digital coins may affect them also, i read news about banning crypto currency specially bitcoin, dis advantage of it is many traders will lose source of income in terms of trading bitcoin.

wack slacker
Full Member
***
Offline Offline

Activity: 966
Merit: 102


View Profile
March 04, 2021, 02:41:25 PM
 #51

Americans have always tried to control the economy of another country by giving suggestions or forcing other nations to submit to their will. The Nigerian people have their own choices and the government respects the people's choices. Bitcoin and crypto are becoming the currencies that keep this country running and no one is complaining about it.
Jating
Hero Member
*****
Offline Offline

Activity: 2954
Merit: 813


View Profile
March 05, 2021, 08:40:53 AM
 #52

A ban in Nigeria is definitely bad news. Any ban is bad.

I think you didn't get the OP's point here. Yes, I would tend to agree that a widespread ban is bad, but they can literally stop bitcoin? Many will go underground and bitcoin will continue to flourish in Nigeria and definitely this will attract more attention and who knows, even with the ban, it can get more traction not just from Nigeria, but from the whole African continent. Which is huge to begin with and they can take advantage of using or having bitcoin as we all know that bitcoin has been tested as a hedge against bad governance.
Pages: « 1 2 [3]  All
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!