Fall in Naira and crypto growth in Nigeria

[Cryptomultiplier]

...Is the continuous fall beneficial to crypto traders or its just a trap?
Personally what are your thoughts on this?
Does the benefit from the market compensate for the cost of living?

For me, the use of cryptocurrency by many in the country contributed to the inflation we experience for some time now and unless crypto is being regulated and accepted in the country, I would see it as a way out for many persons without jobs, because it creates a plain level field for those employed and earning up the minimum wage as much as it does to the crypto traders and investors who earn from it.

It may seem like a trap to many but it really isn't no matter the scare, because the government has failed to accept it, but in all reality, it has more than helped the micro and macro economy of the country, in that the poverty rate is only as high for those living in the rural areas without the benefits of technology or the internet as compared to those in the urban cities who have nothing else to depend on but have access to the means and technology.

[Cryptoprincess101]

Cryptocurrency adoption in our country has been increasing over the years due to our unemployment rate and inflation rate. I believe currently holders of coins before Tinubu's rule has experienced a great deal of profit with Naira falling in relation to Dollar.
I know that one's opportunity can be another's threat. Is the continuous fall beneficial to crypto traders or its just a trap?
Personally what are your thoughts on this?
Does the benefit from the market compensate for the cost of living?

For me, I go say make dollar increase make naira fall because even if naira increase and dollar fall, wetin go still happen for this country go still happen, beside the introduction of crypto don make people gain employment and don make dem no dey reason to do bad thing just to earn a living and e dey very beneficial if dollar increase because of the gain wey dey dey am and we fit dey use that gain dey save self, and our leaders dem know say to be a partaker of crypto make sense, na e mk some of dem dey hide dey do am even as dem dey talk say dem go banned us from using crypto and na them know wetin we dem dey play. And my prayer be say mk dollar just increase because see this country anything wey don high don high.

Already no be new thing again say our government to want way wey go liberate the poor masses in the society that is why when they find any thing wey the youth wan de involve to counter unemployment and poverty, before you know Dem go either ban that thing or them go regulate am in a way wen e go still affect the masses.

All of them know say crypto dey legit and as e be so if our youths get into crypto currency Dem go see am say dis people don dey self employed and nothing wey Dem go dey find for the hand of government that is why Dem just always want make everything dey work under their watch and control but wetin me I know be say no matter how Dem fight people wey dey into crypto, Dem no go fit fight every body because some of us don dey grounded for the system wey be say no how wey Dem go fit conquer Dem. Dey already know the truth but Dem dey afraid of say people achieve better things without their help, Dem just want platforms wey dem go bring den dey claim all the whole glory.

Wetin me I know be say so far say Dem ban Binance wey be say naim be the leading exchange platform for Nigerians but yet people still find other means to continue with exchange of crypto and Fiat, I see so nothing Dem go fit do to stop the operation of cryptocurrency for the country, the awareness don dey spread small small so na only time will tell wen Dem go dey wit no choice na to approve adoption of cryptocurrencies.

Anyway, just like you talk naim be the koko like instead wey naira go appreciate wen we know dey feel the impact for the country, e better say e dey devaluate so that those of us wey dey earn in dollars go enjoy small abeg.

[DubemIfedigbo001]

If a country has high population like Nigeria and the government give a favorable environment for bitcoin and other crypto adoption, many Nigerians will be involved in crypto adoption generally.

The government know fully well that the adoption will be massive and that would mean prosperity for the people. They're only afraid that when the people are very comfortable and no longer hungry like they've kept them, it might mean an end most of their political ambitions. They fully know the benefits of crypto relating activities thriving the country and how it will give financial power to the people. They're afraid of people wielding such power knowing fully well they thrive from the victimization of these people.

There are various economic advantage of giving crypto a favorable environment in the country like  

Attraction of Funds

Wherever big exchanges are, they will draw in other crypto projects and businesses. This leads to a huge influx of funds to the local economy, in hundreds of billions of dollars (USD), from all over the world. Crypto investments are borderless. Good ICOs are invested in by people from all over the world.

Attraction of Talent

Crypto businesses are lead by the sharpest minds on the planet. They are early adopters and developers of technology and financial industry. They push the envelope forward. Clear and favorable regulations on how ICOs are accepted by governments, listing on exchanges, and competitive personal tax policies are key to attracting these talents.

Local Job Creation

Crypto businesses are well funded. In 2017, crypto businesses raised $5.7 billion USD from ICOs, bigger than VC investments in the same year. In Jan of 2018 alone, crypto businesses already raised more than $2 billion USD, and the trend is accelerating. These businesses must hire people to grow their teams, creating job opportunities in the local community.

Tax Revenue for Governments

Unlike startups in other industries, cryptocurrency startups are often profitable from the beginning. Some are extremely profitable (see later). These profits generate significant tax revenue for the government, often in hundreds of millions of USD for each business.

Industry Growth

In addition to the direct tangible benefits, there are significant intangible and long term benefits, which we believe, far outweigh the immediately quantifiable ones mentioned above.

With more crypto business booming in one area, they will build a local culture that is crypto friendly and crypto advanced. This is similar to the startup culture in San Francisco, financial culture in New York, etc. With this culture built, it will help to shape the local economy, to be a world leading one. Early adopters could realize trillions of dollars in benefits compared to late adopters.

https://www.linkedin.com/pulse/benefits-crypto-part-1-countries-changpeng-zhao?utm_source=share&utm_medium=member_android&utm_campaign=share_via

[Olatundespo]

Cryptocurrency adoption in our country has been increasing over the years due to our unemployment rate and inflation rate. I believe currently holders of coins before Tinubu's rule has experienced a great deal of profit with Naira falling in relation to Dollar.
I know that one's opportunity can be another's threat. Is the continuous fall beneficial to crypto traders or its just a trap?

Inflation problem is currently a major problem not only in Nigeria but also in many countries around the world. In this scenario, our youth is interested in cryptocurrency especially Bitcoin. Now the halving season is going on so the price of Bitcoin is going down a bit which I think brings a huge opportunity for investors. This is just an opportunity for Bitcoin investors to buy at rock bottom prices. Your given trap title is not correct at all.

Personally what are your thoughts on this?
Does the benefit from the market compensate for the cost of living?

Investing in Bitcoin for the long term can help brighten your future prospects and make you more profitable. Not compensation here can be a result of your better decision making.