The Rise of Dollar is Affecting Nigerians to Buy Bitcoin Right Now.

[Mate2237]

I bought Bitcoin on  p2p and today I bought Bitcoin unit of 0.00098 which is equivalent to $19.18 and in local Fiat currency is about #17k after when I have paid the seller the cash and he left. I checked the BTC unit in Fiat currency (Naira), imo I regret it o. I bought at the present dollar rate to the Fiat currency which is 875 Naira per 1$ x 19.18 = 17,035 and 0.00098 BTC in Naira is 16k. I didn't check it before I bought it because I was very much Happy to buy Bitcoin with the local currency. This is the second time he has sold to me. I was excited but I lost at the moment because of the bear market of Bitcoin the high rate of Dollar with the drastically devaluation of the Nigerian Naira.

But time will come I will not regret. That is the risk in the investment of Bitcoin one has to know before entering. As it is I don't think Nigerians can buy Bitcoin because of the present situation of Dollar rate and the bear market but any how some are still buying.

[mk4]

That is the risk in the investment of Bitcoin one has to know before entering.

It's the risk of buying assets in publicly markets in general. You really can't expect to have perfect buy entries all the time where you'll be in the green immediately — especially for something as volatile as bitcoin and cryptocurrencies.

[Hispo]

Did the merchant charge you 1k Naira over the market value for your Bitcoin purchase? That is what I understand, at least.
I have experience with devaluation of my local currency, so I can tell it is not uncommon for merchants to charge over the market price for goods, I assume they do it to have a threshold while managing local currency (which is losing value), so they can have enough time to re-convert into other assets without losing their capital/earnings from spread.

But it is a little odd, if you ask me, usually these measures are reserved for moments of quite high inflation. I had assumed Nigerian Naira was relatively stable in short terms and not suffering from sharp dumps against the USD.

[avikz]

I don't think it's only Nigeria. A lot of countries are facing the same issue, especially if the trades are going through licensed exchanges. Some countries are obviously facing more 8ssues due to the devaluation of their own currency like Nigeria but more or less it's same for other countries as well.

Despite this odd, I personally think, it's a good time to buy bitcoin if you have long term outlook. Yes, you will have to shell out more money but that will be worth in long term.

[Mpamaegbu]

I bought at the present dollar rate to the Fiat currency which is 875 Naira per 1$ x 19.18 = 17,035 and 0.00098 BTC in Naira is 16k. I didn't check it before I bought it because I was very much Happy to buy Bitcoin with the local currency.

The current exchange rate as I type this on Binance P2P is between N825/$ to N830/$ but you know how sellers are often reluctant to reduce price once they've once sold high. Last week, some of us sold at N860–N870 and I think that was the highest it got. The naira is pushing and regaining strength against the dollar at the moment and I wonder why anyone will still wish it continued to crash or exploit another's navity on that.

As it is I don't think Nigerians can buy Bitcoin because of the present situation of Dollar rate and the bear market but any how some are still buying.

Even when it gets to N1,000/$, there are still people who will buy it. The fiat versus dollar value won't prevent anyone who's serious in buying it from buying when the time is right for them.

[cabron]

USD price is always high compared to our local currency. It's our hedge to hold if you are not going to hold local currency.

This BTC plunge I think is just temporary so just sit back and enjoy because there is just a hiccup going on. You will find it a good decision still, it will come back soon. This is just a brief plunge in the price which can go back up again.

[BlackHatCoiner]

What have you regret? I'm just confused. You're sad because you bought higher than it is now? Lol, welcome to cryptocurrencies. Nobody but few lucky bastards happen to get in at the lowest possible price. Just think that everybody wants the exact same thing as you do.  

Buy low, sell high - DCA like your life depends on it.

[Die_empty]

But time will come I will not regret. That is the risk in the investment of Bitcoin one has to know before entering. As it is I don't think Nigerians can buy Bitcoin because of the present situation of Dollar rate and the bear market but any how some are still buying.

The current situation is why I am also furious anytime I see these so-called crypto traders advertise the bitcoin market as a get -rich-quick scheme. Most of them wouldn't explain to their prospects the risk and patience that is associated with investing in this sector. Nigerians are still buying bitcoin even in this trying times because they believe that bitcoin would still rise unlike the Naira that never recovers after it plunges.

Like you rightly stated OP, you might not be happy now but you would definitely celebrate in future if you keep hodling.    

[Zanab247]

This is the second time he has sold to me. I was excited but I lost at the moment because of the bear market of Bitcoin the high rate of Dollar with the drastically devaluation of the Nigerian Naira.

Since the bear market is about to give way to bull market to reign for those that invested in Bitcoin to have a huge amount of money to earn from their investments. I don't think you lost yet, because cryptocurrency price will surely rise higher in a way you will be happy that you make use of the opportunity to buy and hold for the bull market. Since the Nigerian government are doing everything possible within their power to stop the depreciation of Naira to Dollar that is affecting international traders in the country so that they will be able to achieve more profits from their foreign investments before the end of the year

[Mate2237]

The current exchange rate as I type this on Binance P2P is between N825/$ to N830/$...

Comrade as I saw your comment, I went to Binance and check where to see the exchange rate button but I didn't see it, I even tried to navigate the app to find it and I couldn't see it, so please can you tell me where to get it so I will use it to know the exchange rate before buying it next time.

DCA like your life depends on it.

I am a new investor I have bought only two times, that means my life don't depends on it. I do other works for a living.

[Fivestar4everMVP]

But time will come I will not regret. That is the risk in the investment of Bitcoin one has to know before entering. As it is I don't think Nigerians can buy Bitcoin because of the present situation of Dollar rate and the bear market but any how some are still buying.

That is not a big difference mate, #17k and #16k  are almost the same, it is an absolutely normal thing most especially when you are buying bitcoin in a bear season, there will always be a slight difference in the worth of bitcoins you will receive from the price or amount of money you paid, and also do not forget the times when you buy Bitcoin and upon receiving it, you discover its worth is higher than what you paid, so it is so normal, and if you are buying the bitcoin to hold it for long term, an experience such as this shouldn't really bother you in my opinion.

And also, if you are buying dollar, I will recommend you buy dollar from remitano, and maybe from there, you can also convert to Bitcoin, dollar is currently selling for 820 naira on Remitano,though it's not stable, goes up and down most times.

[aoluain]

I don't think it's only Nigeria. A lot of countries are facing the same issue, especially if the trades are going through licensed exchanges. Some countries are obviously facing more 8ssues due to the devaluation of their own currency like Nigeria but more or less it's same for other countries as well.

Despite this odd, I personally think, it's a good time to buy bitcoin if you have long term outlook. Yes, you will have to shell out more money but that will be worth in long term.

Yes, because Bitcoin is widely priced in $'s anyone buying is at the mercy of the markets.

I was delighted to hear that the OP has stated:

But time will come I will not regret

We are getting nearer the halving and the run up to it so the clock is ticking on discounted
Bitcoin pricing.

[348Judah]

the bear market of Bitcoin the high rate of Dollar with the drastically devaluation of the Nigerian Naira

I disagree with this, bitcoin fall is not the occasion to the rising up of the USD and then the fall of your country currency, let's consider even before the introduction of bitcoin that dollar has always been rising against your local currency, what need to be put in place is the Nigerian run of economy system that appreciates USD against it naira currency, you must be less dependent on international economics for the survival of yours before you can now start creating your own local system of running your economy from within without being dependent.

[The Cryptovator]

Bro, if you compare Bitcoin price with your local currency then won't be perfect when you will calculate again with the dollar. P2P price depends on the seller, he will make some profits, especially those resellers. If you are worried about volatility, then nothing can do about it. The price won't be the same after you buy. It would higher or down as well. That's how cryptocurrency act always. Right now the whole market is crashed. So if you think you lost then it's wrong. The price will be fine again when Bitcoin pumps a bit.

[Mpamaegbu]

The current exchange rate as I type this on Binance P2P is between N825/$ to N830/$...

Comrade as I saw your comment, I went to Binance and check where to see the exchange rate button but I didn't see it

Go to the Binance homepage and look for P2P. Click on P2P and it will open up a tab as shown in that picture below. BTW, I use the Binance app in case your setting looks different from mine. If you use the web version, look for "More" or just go around it until you find P2P.

DCA like your life depends on it.

I am a new investor I have bought only two times, that means my life don't depends on it. I do other works for a living.

Oh no! You misunderstood BlackHatCoiner on that. What he meant in our local parlance was "buy am like sey tomorrow nor dey." By the way, DCA means Dollar Cost Averaging. Using that method will mean that you buy in bits whenever there's a reduction in price to keep increasing the quantity you've.

[8rch7]

That is the risk in the investment of Bitcoin one has to know before entering.

The increase in the dollar is not only influencing Nigerians to buy bitcoins at this time, but other countries are also facing the same problem, but Nigeria is now making massive bitcoin purchases, maybe you are too focused on the Nigerian state, actually this is a risk that we will definitely accept , I think everyone who is involved in crypto currency certainly knows all the risks they will face, but we don't need to be afraid that if we have more money we should use that money to buy bitcoin and hold it for a long time, because asset prices crypto depends on supply and demand, because when crypto assets are popular and there is a lot of demand, the price will go up, and vice versa, if supply is high while demand is low then the price will go down, so take the best opportunity to be able to profit in the future.

It's the risk of buying assets in publicly markets in general. You really can't expect to have perfect buy entries all the time where you'll be in the green immediately — especially for something as volatile as bitcoin and cryptocurrencies.

[Agbe]

That is the risk in the investment of Bitcoin one has to know before entering.

The increase in the dollar is not only influencing Nigerians to buy bitcoins at this time, but other countries are also facing the same problem, but Nigeria is now making massive bitcoin purchases, maybe you are too focused on the Nigerian state, actually this is a risk that we will definitely accept , I think everyone who is involved in crypto currency certainly knows all the risks they will face, but we don't need to be afraid that if we have more money we should use that money to buy bitcoin and hold it for a long time, because asset prices crypto depends on supply and demand, because when crypto assets are popular and there is a lot of demand, the price will go up, and vice versa, if supply is high while demand is low then the price will go down, so take the best opportunity to be able to profit in the future.

It's the risk of buying assets in publicly markets in general. You really can't expect to have perfect buy entries all the time where you'll be in the green immediately — especially for something as volatile as bitcoin and cryptocurrencies.

Comrade, I didn't see any comments from you, you only quoted other people comment and left. What are you trying to say. Please can you edit your comment so that people will understand what you are trying to say. Thanks. OP, the rise of Dollar with the Fiat is not only in Nigeria but all over the world. But even as that, committed Bitcoiners will still buy it. So there is no excuse. If you are using p2p you can discuss with person to reduce the price for you.

[Wind_FURY]

I bought Bitcoin on  p2p and today I bought Bitcoin unit of 0.00098 which is equivalent to $19.18 and in local Fiat currency is about #17k after when I have paid the seller the cash and he left. I checked the BTC unit in Fiat currency (Naira), imo I regret it o. I bought at the present dollar rate to the Fiat currency which is 875 Naira per 1$ x 19.18 = 17,035 and 0.00098 BTC in Naira is 16k. I didn't check it before I bought it because I was very much Happy to buy Bitcoin with the local currency. This is the second time he has sold to me. I was excited but I lost at the moment because of the bear market of Bitcoin the high rate of Dollar with the drastically devaluation of the Nigerian Naira.

But time will come I will not regret. That is the risk in the investment of Bitcoin one has to know before entering. As it is I don't think Nigerians can buy Bitcoin because of the present situation of Dollar rate and the bear market but any how some are still buying.

That's not entirely because of "the rising Dollar", it's simply that the market is sometimes ineffcient, and it sometimes present arbitrage opportunities like that. Tomorrow if you check the conversion again, a trader might have already taken advantage of that opportunity and made the market more efficient again. That's very normal for smaller markets.

[Henrobakkara]

The current exchange rate as I type this on Binance P2P is between N825/$ to N830/$...

Comrade as I saw your comment, I went to Binance and check where to see the exchange rate button but I didn't see it

Go to the Binance homepage and look for P2P. Click on P2P and it will open up a tab as shown in that picture below. BTW, I use the Binance app in case your setting looks different from mine. If you use the web version, look for "More" or just go around it until you find P2P.

DCA like your life depends on it.

I am a new investor I have bought only two times, that means my life don't depends on it. I do other works for a living.

Oh no! You misunderstood BlackHatCoiner on that. What he meant in our local parlance was "buy am like sey tomorrow nor dey." By the way, DCA means Dollar Cost Averaging. Using that method will mean that you buy in bits whenever there's a reduction in price to keep increasing the quantity you've.

You can find it like that and with regards to OPs concern about the difference in his BTC buy price, even inside the P2P channel, you will still have differences in offers between merchants and that is normal, however, it is your choice to buy from whomever with regards to other factors.

When OP says

after when I have paid the seller the cash and he left.

does this mean he traded with the seller in person

[yazher]

To be honest, it's not that bad because you can still get back the original price from your investment, all you need to do is wait. After all, is not that high anyway. You should be thankful since you had your experience with that little amount of money where others has to lose big before they realized their mistakes. You're not alone with this kind of experience and it is upon you to wait or buy more but this time make it right so that you won't gonna regret your decision and stay in the amount where you won't have any problem when it loses.