Fall in Naira and crypto growth in Nigeria

[She shining]

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?

[1714697528]

1714697528

[Charles-Tim]

Cryptocurrency adoption in our country has been increasing over the years due to our unemployment rate and inflation rate.

Unemployment is not the reason for increase in bitcoin and other cryptocurrencies adoption in Nigeria. If more people can buy, maybe the adoption would have been greater than this if inflation continues the way it is. The main reason for the increase in crypto adoption is the continuous declination in naira value and because some Nigerians see bitcoin as an investment.

I know that one's opportunity can be another's threat. Is the continuous fall beneficial to crypto traders or its just a trap?

It dopends on the coins that you have. If you have a shitcoin and it become a dead coin or its value do not rise, that means there is no difference, or having your money on the coin may make the value of your money to decrease. If it is coin a like bitcoin which is a hedge against inflation, you have nothing to be worried about when its price is still undervalued as of now.

Does the benefit from the market compensate for the cost of living?

The advise is that you should get a business, or have a means of earning. Investment should not be what to be used to determine cost of living.

[CryptopreneurBrainboss]

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.

Both the unemployment rate and the inflation rate are both contributing to the adoption of Bitcoin in the country, the unemployment rate dey make the youths pick interest in the industry as they find ways to make a living for demselfs. The unemployment rate they make the youths go into trading and investing to use survive but also the inflation rate they contributions as people wey get money dey find means to protect their wealth against the deflation of the Naira. Inflation rate na number one reason why unemployment fit be two with other reasons like the increase in international business, Remittance payments and so on.

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?

It can't be a trap unless you dey trade directly with Naira but we know say immediately the Naira stars to dey fall, e no dey stop and looking at the country there's no movement of a policy been introduced to strength the Naira. Even if the naira stop to dey fall, you can still make your profits from crypto trading so it can't be a trap, you shouldn't be trading Bitcoin against the naira but other currency and also cryptocurrency. When you wan trade your profits to naira you get double profits due to the Naira depreciating and your profits now been worth more then when naira stabilize you still get your normal profit from trading Bitcoin or other cryptocurency but only do this if you have the knowledge on trading.

Trading should be your side hustle, as a trader nobi everytime wey you go dey benefit from the market. You supposed get other hustle wey go dey pay you steady income like salary job and na dat one you supposed to dey use for your cost of living.

[CryptSafe]

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?

Of a truth the rise in cryptocurrency adoption is someworth associated with the fact that people are looking for other alternative means of survival. Bitcoin as seen as an investment could be taken as a such alternative means because one can trade on it on daily basis to generate  revenue or profit for themselves and in other words, they can buy and hold for a very long term so as to rake in profit when the price goes up as it meets their profit target.

I do not think the continuous fall in naira can be or stand to be a trap to crypto traders. Naira fall has nothing to do with crypto trading but rather the policies enacted by the government to strengthen the economy of the nation to help give  strong base for the naira to regain its value. Just as  CryptopreneurBrainboss has opined, it can only be a trap when one decides to trade crypto directly with the naira against the CBN policies but as a sharp trader you are, you need not worry as it is in your own advantage because you trade in bitcoin not nair and convert to usdt for those who cares and off to the p2p market you go to finalize your sales.

[Charles-Tim]

It might not be a major reason , doesn't mean it should be ruled out. Unemployment doesn't necessarily mean No job, it can be a situation where one performs a job he or she is overqualified for. The need to earn more as a side hustle brings about investment, which in turn Bitcoin.

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. You can see how many people can invest in ponzi schemes, even in developed countries which has nothing to do with employment. Ponzi scheme is not good but I just used it as an example. Anywhere there is money and people see that if they invest, they will make money, people will invest in such a thing. That is bitcoin and some other cryptocurrencies for you. As long as Nigerians heard about something like that, many people among them are involved is something like that already which has nothing to do with employment or unemployment.

As for trading, I wish there are many traders among us up to 5000 people and let us do a survey about people that are making it from crypto trading, you will be disappointed with the result.

In countries like United States, you can not compare them with Nigeria if the nominal value of the money they have in cryptocurrencies is compared with Nigeria, they have many ways they earn from cryptocurrencies, some people among them launch new coins and tokens, they have employments pertaining to cryptocurrencies et cetera. Is that related to unemployment?

As long as people see job and opportunity in something, employment or not, they are going there. Nigerians are numerous. In a numerous nation, you know how this can be.

Wait Bitcoin and naira pair dey exist? Me be nor know oo.

It is existing on exchanges like Binance, but on all other exchanges that I have used, I saw nothing like that, unless you go for their CexP2P.

Of a truth the rise in cryptocurrency adoption is someworth associated with the fact that people are looking for other alternative means of survival. Bitcoin as seen as an investment could be taken as a such alternative means because one can trade on it on daily basis to generate  revenue or profit for themselves and in other words, they can buy and hold for a very long term so as to rake in profit when the price goes up as it meets their profit target.

In countries that have high employment rate, trading is common there as well.

In 2022, South Africa, Djibouti, West Bank and Gaza, Eswatini and Republic of Congo top the lists of countries with highest unemployment rate, non of the countries are found on this top lists of crypto adoption index of 2023.

Is umemployment the reason crypto is well adopted in United States, Vietnam, Ukraine and China?

The reasons I see more for the adoption are devaluation of naira and crypto means of investment. There are developed countries with high employment rate that well adopted cryptocurrencies.

[Timmzzy]

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?

In my own opinion, i like am as 1 dollar na 1K for naira, back in time i remember when i been dey tell many of my folks make them keep their money for USDT, i believe many listened to me and many didn't which e no concern me, like this me na trader i be so e really dey better for my own side of view if u ask me.

[CryptSafe]

Of a truth the rise in cryptocurrency adoption is someworth associated with the fact that people are looking for other alternative means of survival. Bitcoin as seen as an investment could be taken as a such alternative means because one can trade on it on daily basis to generate  revenue or profit for themselves and in other words, they can buy and hold for a very long term so as to rake in profit when the price goes up as it meets their profit target.

In countries that have high employment rate, trading is common there as well.

In 2022, South Africa, Djibouti, West Bank and Gaza, Eswatini and Republic of Congo top the lists of countries with highest unemployment rate, non of the countries are found on this top lists of crypto adoption index of 2023.

Is umemployment the reason crypto is well adopted in United States, Vietnam, Ukraine and China?

The reasons I see more for the adoption are devaluation of naira and crypto means of investment. There are developed countries with high employment rate that well adopted cryptocurrencies.

Devaluation of Naira is a key major factor for the adoption of Bitcoin here in Nigeria except for the fact that Nigerians are that versatile and always want to be on the know of new innovative ideas to always be in the mainstream.

The developed countries with booming economic situation are far fetched from unemployment and are open to innovations hence their adoption of Bitcoin and alternative means of investment so they could get profit from their holdings. They otherwise see Bitcoin as a means of measurement and store of assets value.

[sokani]

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?

I think high inflation and unemployment rate dey also contribute to nigerians bracing cryptocurrency with both hands. Just as Brainboss talk the reason be say many people dey look for source of livelihood and other ways to protect their wealth. People dey do crypto trading, some dey buy and hold Bitcoin long term while some dey invest in stablecoins.

No be news again say our naira no get value where the dollar dey and some people dey use am as investment opportunity. As at february, I don sell USDT at N745. So imagine I want invest in dollars during this period, come buy 50 million worth of USDT at this price, I go receive about $67,114 USDT. As I dey make this post dollar now, one dollar is N1075, so if I want offload my portfolio sell all my USDT, I go sell am at N72,147,550. That's a profit of N22,147,550 naira within this short time.

[Mr.suevie]

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?

From my own view of things in the country, I go talk say this rate of unemployment sef dey follow cause this massive adoption in the crypto industry because as the day dey break na so different people dey find different alternative wey go fit put food for their belle and I believe say this sef dey cause the massive influx of Nigerians into the crypto space looking for different opportunity that they can utilize there .

As of today the major reason to why people dey actually hold and use Bitcoin sef na base on the principle say e go fit generate profit for them if them hold for long and Nigerians too no exception for this idea as I believe say this too na one of the reasons for the massive adoption in the country plus the fact about wonderful experience people actually got from airdrop and big and temporary pumps from some of the rapidly grow altcoins in the crypto space.

[Charles-Tim]

In my own opinion, i like am as 1 dollar na 1K for naira, back in time i remember when i been dey tell many of my folks make them keep their money for USDT, i believe many listened to me and many didn't which e no concern me, like this me na trader i be so e really dey better for my own side of view if u ask me.

You like how dollar to naira is now over ₦1000 because you told your friend to invest in USDT or because you just like how the price is increasing? Know that if we have a stable economy with little or almost no inflation, that means as naira will not that be devalued or not devalued, there will not be persistent rise in the price of goods and services and it will also just be like now but in a way that Nigerians will have more believe in naira than what is happening. Stable economy would have been better.

[Agbamoni]

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?

I think high inflation and unemployment rate dey also contribute to nigerians bracing cryptocurrency with both hands. Just as Brainboss talk the reason be say many people dey look for source of livelihood and other ways to protect their wealth. People dey do crypto trading, some dey buy and hold Bitcoin long term while some dey invest in stablecoins.

No be news again say our naira no get value where the dollar dey and some people dey use am as investment opportunity. As at february, I don sell USDT at N745. So imagine I want invest in dollars during this period, come buy 50 million worth of USDT at this price, I go receive about $67,114 USDT. As I dey make this post dollar now, one dollar is N1075, so if I want offload my portfolio sell all my USDT, I go sell am at N72,147,550. That's a profit of N22,147,550 naira within this short time.

This thing wey you talk na true me i remeber when i sell dollar for 530 now see the price. My question be say as dollar they N1075 now you feel say e go up pass this amount? and for people they see dollar as store of value or wealth i wan know if nah good time to buy dollar now then expect am to increase again?

Seriously if dollar increase pass like this e no go too make sense o because ill naira go they loose more value compared to other countries.

[Y3shot]

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?

Cryptocurrency has really be of good benefit to the young people even before when the economy has not gotten bad to this, and even now that the unemployment rate is still increasing Cryptocurrency is playing a vital role when it comes to financial help. In countries whereby their currency is depreciating constantly like that of naija I think those who save in bitcoin will really benefit because their  is no need to have savings with a currency that has no value in this hard time of the economy.  Bitcoin came at the right time when people will so much be in need for financial help.

[Charles-Tim]

My question be say as dollar they N1075 now you feel say e go up pass this amount?

Yes

and for people they see dollar as store of value or wealth i wan know if nah good time to buy dollar now then expect am to increase again?

Dollar is not a store of value, it is also a depreciating asset, but just that naira is depreciating far more than dollar is the reason many people among us think that it is a store of value. But the amount of goods and services that $100 can buy or pay for in the past 10 years, the same $100 can not pay for it as of today.

Bitcoin is undervalued right now and it is an appreciative asset, store of value and a hedge against inflation in long term and it would be the best for now when its price is still low.

Seriously if dollar increase pass like this e no go too make sense o because ill naira go they loose more value compared to other countries.

Since naira was created in 1973, has the value gone up before against dollar? I mean after some period of time. That has not happened before. Expect naira to continue falling until the government allow CBN or make CBN to appreciate the price of naira.

[Ever-young]

In my own opinion, i like am as 1 dollar na 1K for naira, back in time i remember when i been dey tell many of my folks make them keep their money for USDT, i believe many listened to me and many didn't which e no concern me, like this me na trader i be so e really dey better for my own side of view if u ask me.

Well eh fit appear say we they earn for dollar they at advantage base on say the price way eh be now when we convert to our local currency way be naira eh go favour us, but the thing be say those people way their salary nah for local currency how eh go be for them.

Make we no too greedy this dollar something way they climb like this they affect all of us for one way or the other because the price of things they increase for price day by day and this our high dollar exchange no go solve am, nah when you exchange $100 for N100,000 you carry am enter market  nah that time we go know Watin really they happen for the country.

As I check today the dollar exchange rate self don touch N1100 to $1 which really no look good if we no take time nah 1500 we fit they see before the end of the year and things go hard pass the way eh be for this our country I just they pity our grandma and grandpa them way they for village they do their selling because some of them fit close of market as them fit no cope with the situation, if we they reason about our own advantage make we also they include others way no they earn like us.

[Amphenomenon]

Cryptocurrency adoption in our country has been increasing over the years due to our unemployment rate and inflation rate.

This is not the only reason and I don't think it's the main reason why Cryptocurrency adoption is increasing in Nigeria, I see it that, the increase in the adoption rate of cryptocurrency in Nigeria has come from the fact cryptocurrency as been a way for alot of people all over the world to liberate from financial struggles aside from the other benefits with it not withstanding that alot have suffered from scammed or failed projects all over the world including Nigeria.
I will stick to this my claim reason is that before the economy collapse to this stage the adoption rate of crypto has been increasing and in fact if the economy becomes more better people will have more money to invest in cryptocurrency and this will increase our adoption rate more.
Though the best cryptocurrency to invest in is Bitcoin since there is surety for profit in the long run but Nigerians as also invested on altcoins and shitcoins especially in 2021 and we know what happen to most of them, so I guess this is among the reason most Nigerians has stick to bitcoin for investment.

I know that one's opportunity can be another's threat. Is the continuous fall beneficial to crypto traders or its just a trap?

There is no trap here, we all know that the economy is not getting much better for the time being and no sudden change in our economy that will give it a positive growth at the time being because when it's time for a positive growth it won't be sudden.

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

Yes it compensate alot from this because those earning from a currency being favored by the depreciation of our local currency are actually being able to make up in some ways (if not alot ) from all these economic crisis that has caused hike in price in everything because someone earning in Naira is at the lost in regards to the Economy while those earning in dollars, Euro and any other favorable currency are able to compensate better now (especially when the two are still being paid same amount they earned before the economy became worst).

[Frankolala]

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?

From what I observed in bitcoin and the people that I know are into bitcoin, are investing in bitcoin to make profit, because most of them believe that bitcoin investment is something that will change their lives after they sell in the bull run. Profit is the first thing in their mind, this is why you see that even the ones that don't know about trading will want to trade. They go extra miles to learn trading by all means so that they can make profit from the fluctuation of the price.

Secondly, is depreciation of Naira, though I have seen people who prefer to keep dollar than bitcoin because they don't have trust for bitcoin yet and all the time, they exchange their dollar to Naira when they want to spend. Unemployment has made Nigerian youths to be ready to do something that will make them be dependent on themselves to safeguard their future, and most of these youths who has the knowledge of bitcoin are buying and hodling with the little money that have to invest for the future.

[Gozie51]

Is the continuous fall beneficial to crypto traders or its just a trap?

E suppose to benefit crypto traders because dem dey earn with either usdt, dollar and not naira so dem go still dey okay pass people wey dey rely only on naira.

Me I no think say na any trap. So far government never really do anything productive wey go make exchange rate reduce. There is nothing for now wey dey push am down, so even if them make announcement say naira go improve, that one na just for mouth because e go still go back to where e dey and even fall more. Nigeria need to go into production first before things go begin work.

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

No it doesn't. The rate of increase of goods and services no equate the difference wey the fall in naira dey experience because every commodity rises so if you have profit of a dollar to Naira then you have to also share it between every thing you need and want to buy daily and transport too . Although those who earn in dollars  dey still enjoy better Dan people wey still dey government work and government no even increase deir salary.

[Mayor of ogba]

Cryptocurrency adoption in our country has been increasing over the years due to our unemployment rate and inflation rate.

The depreciation of the Naira triggered the massive adoption of cryptocurrency in Nigeria. Mostly everyone in Nigeria is looking for a safer way of earning dollars so that they can be able to overcome the high standard of living in Nigeria. Imagine seeing the exchange rate of one dollar to Naira at 1175 Naira, you will want to adopt Bitcoin as a hedge or as an investment that will help you overcome the inflation in Nigeria.

I know that one's opportunity can be another's threat. Is the continuous fall beneficial to crypto traders or is it just a trap?

It is no threat because the continuous fall of the Naira is a result of Nigeria's bad economy until a good policy is deployed by our government or CBN that will help the Naira to gain against the dollar if not Naira will keep on falling.

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

Yes, the benefit from the crypto market will help you overcome the inflation in Nigeria because your 10,000 Naira will be 10,000 Naira or above any time you want to convert some of your Bitcoin to fiat.

[Promocodeudo]

This situation is beneficial to only crypto and dollar holders alone, how does this benefit the common man in the locality, this decline of our naira has made life so unbearable to the citizens of this great country, but sincerely our government made it to be so, where we're they when we the country is heading to this lane, they are very selfish to the extent that the citizens are never a priority to them, the poor decisions of the Government has crippled the nation economy, most of us here wouldn't understand what's going on because we can still afford few things and some of us have this digital currency in our possession, Nigeria currency is bleeding, it needs treatment and fast recovery. We need prayer at the moment and God's intervention if not the dwindling economy will continue.

[Ever-young]

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.