How can we make the government know that Bitcoin is not a scam?

[Uhwuchukwu53]

Opay prohibit any cryptocurrency and all virtual currency trading. Any account in violation of this notice will be close

What the banks are after is P2P trading. But I was wondering why commerical banks and other banks were not told to stop registering new customers and start displaying the warning.

Very valid point, i been dey discuss with my friend the other day, and i think this is an attack against fintech firms like Opay, Palmpay, etc, by the central bank on the request of commercial banks. All of us know say fintech firms like Palmpay, Kuda, and others, are really affecting the commercial banks in our country, as many of their customers are now moving to these fintech banks for faster transactions. Now in order to slow them down and scare customers from them, they stopped them from onboarding new customers and to display the message you posted above.

Commercial banks are also used to receive money in p2p transactions, why were they not also stopped from onboarding new customers and why were they not directed to display that message, just as these fintech banks did; it is quite suspicious.

I concur to this facts as it got me thinking why situation like this can occurred even when the commercial bank keeps on receiving from P2P, all what you stated is not far from this this has always been one policy that is difficult to eliminate in our nation the existing firm, organization, company or investor always has strategies of fight any other close substitute that is trying to share the market with them as they tends to monopolized the system and stop any attack or introduction of new system close to what they practice.

They levy all sort of causes just to tarnished the image of others to enable them have dominion over the system I see this part as one of the wrong strategies out government is not ignorance of it as they take parts in playing this role, our government know that crypto is not scam but the allies they has build with this commercial bank and the little tax is making them to fight on their behalf, but be it as it may crypto must find it way and over come mist if this plot or strategy of trying to rubbish them by their opponent.

[sotelorene]

Right now I don't care whatever the Government see or take Bitcoin or crypto as cause I know they are deliberately doing those things they are doing because if they succeed they are going to be gaining alot of which that isn't going to happen and their plans will not work. Government is not ignorant of what crypto is that is to say that Government knows that crypto is not a scam, it doesn't start today and it will not end now so it's going to be pointless and a waste of time and energy to let
the Government know what they already know. Make everybody just mind their business and do their thing, make Government go mumu theirself. I believe say with time them go tire to chase waiting dey no fit catch.

[Su-asa]

My big bosses I have no doubt on what you guys are saying about government knowing Bitcoin/crypto currency, buy my point out is there are some people there that doesn't know what Bitcoin is, they only know that Bitcoin has a decentralize nature because they can't control it. The government knows about Bitcoin and they are fighting against p2p because many people now use Opay palmpay and other MFB for transactions. IMO the government are not fighting only MFB but they are also fighting Bitcoin.

[Mate2237]

But I was wondering why commerical banks and other banks were not told to stop registering new customers and start displaying the warning.

I was also surprised to see that it was only Fintech banks and not the commercial banks so when someone asked I told her that it was a planned work from the commercial banks. Because if only the Central Bank would issue such warning then it should be all the banks and not only Fintech banks.


Therefore in my own understanding commercial banks were the ones initiated this Fintech banks to stop news registration and stopped cryptocurrency transaction because people were not using their (commercial banks) again, so they were losing costumers and their income were getting low. So the best way foe them to do is to collaborate with the Central Bank and stop the Fintech banks on that. Because when those boys make transaction, the banks are getting good return from their levies or other transactions.

[Baki202]

Right now I don't care whatever the Government see or take Bitcoin or crypto as cause I know they are deliberately doing those things they are doing because if they succeed they are going to be gaining alot of which that isn't going to happen and their plans will not work. Government is not ignorant of what crypto is that is to say that Government knows that crypto is not a scam, it doesn't start today and it will not end now so it's going to be pointless and a waste of time and energy to let
the Government know what they already know. Make everybody just mind their business and do their thing, make Government go mumu theirself. I believe say with time them go tire to chase waiting dey no fit catch.

Our government no get better advisers and am sure they are all leading each other blindly because no be today bitcoin done they, na now then come they see bitcoin as threat to our currency other countries they invest our own they give excuse say na them they spoil currency. If them ban the whole p2p na that time them go see problem because the thing go they out of site for them to think them fit regulate am. And waiting our government no understand them ban am them no ban people most do crypto for this country even country like us no fit do anything again talk more of our government so make them rest. Because crypto come to stay for naija. And them go leave am that way.

Government know say no be scam and them self no wan ban am again because they know say na investment matter, invest and you get your profits abeg how that one take be problem to the government wey other matter they to concentrate on. Our government self know waiting they stake so them go watch every decision wey them they make towards crypto because people do already establish for the thing so waiting government come want from people again.

[Franctoshi]

IMO, people who believe that Bitcoin is a scam are the people that can easily be scammed if a scammer sees them. Some government advisers are not well-educated about Bitcoin and cryptocurrencies. That's why they tell the government in power that Bitcoin is a scam, because no one controls it and the government also fails to do their own research before making their own conclusions to restrict or ban any bank account that deals with crypto currency transactions.

Now my question is: how can we make these governments know that Bitcoin is not a scam?

Government advisers might even know what Bitcoin is all about more than you do, They're educated and some have read Bitcoin white paper,  Government knows that Bitcoin isn't a scam but are fighting Bitcoin because they can't control it and cautious about if they give people free hands to use crypto it my affect the strength of the local fiat which is why they're doing everything to try to fustrate people that is into Bitcoin and crypto transactions.

[uchegod-21]

Also all the government of every country know say bitcoin no be scam. Even many of the government people know about bitcoin and dem do also invest in bitcoin too. But wetin dem dey try do na to balance the bitcoin with the reality of their economy. Na em make every country have their own different rules about cryptocurrency wey dem dey carry monitor and regulate cryptocurrency.

See, no matter say we wey dey here like bitcoin and cryptocurrency, even if I become the president of Nigeria today, I no go quick give cryptocurrency free hands. Country like Nigeria wey the currency and economy no strong need better crypto laws that will boost the economy. Many loopholes dey for bitcoin and cryptocurrency. Na to approach it small small...

[bestcandy]

Years back, most of us believed that Bitcoin was a scam project because of the kind of information we got from unknown people that don't understand Bitcoin and the world called cryptocurrency either. But today we are all bitcoiners/bitcoinists. However, one reason why many people believed that Bitcoin was a scam project those days might be because technology wasn't advanced then. Let's check during the year 2009, there wasn't a smart cellphone that's smart like the ones we have these days. People in those days did not do their own research and many people only depended on the radical news or the newspapers 📰🗞️. And then the amount to buy a cellphone was high and a lot of youths then couldn't afford it.

But today, we have more smartphones and laptops, PCs and these have made things easier for everyone to do their own research whenever they come across things from ads on the internet or elsewhere. But I still wonder why many people these present days still put their knowledge of what people say about something (mostly when it's Bitcoin, crypto-related things). Most people make things difficult for themselves because they easily believe in what other people say, and they make their own conclusions without consulting their own research.

IMO, people who believe that Bitcoin is a scam are the people that can easily be scammed if a scammer sees them. Some government advisers are not well-educated about Bitcoin and cryptocurrencies. That's why they tell the government in power that Bitcoin is a scam, because no one controls it and the government also fails to do their own research before making their own conclusions to restrict or ban any bank account that deals with crypto currency transactions.

Now my question is: how can we make these governments know that Bitcoin is not a scam?

In my own opinion I believe that our government already know that Bitcoin is a not a scam but in Nigeria we play politics in everything even in a real life business especially when it involve something that create positive impact to the masses.
One of the major reason why our government is not promoting Bitcoin is because most of our government officials don't have the interest of the people at heart, they want their supporters to remain poor so that they will always be loyal to them, they knew that Bitcoin had the potential of changing the lives of the people for good and as such if the people are financially independent they will oppose some of their corrupt practices.

[Odogwu-Blockchain]

Firstly, the rulers of this country is far more older than crypto and Blockchain technology as a whole, crypto started 2009 and this government is really far more backward and understand nothing about how it works and the problems it's solving.

Secondly, the Nigerian government always want to control the citizens in every of our banking and payment systems for their own benefits but crypto working principles refuse to give them that edge to take control of our spending. The statement "Be your own bank" mostly used by crypto wallets already is fighting against Bank which is owned by government, so what's their gain when we are in charge of our own bank not theirs, what do you expect them to do, to stop it and uses the word "scam" as an excuse and reasons for stopping.

They already know it's never a scam thing but no way for them to control the citizen's funds in crypto, no way.

[kentrolla]

You can only make those understand that Bitcoin is not scam only if they already thinks Bitcoin as scam but how will you try and make someone understand who knows Bitcoin is not scam but still they call it as scam since they don't want to lose control over the finances.On the other hand bankers and banks will be vanished as people will not prefer bank hence they will not let it happen.

[CryptopreneurBrainboss]

IMO, people who believe that Bitcoin is a scam are the people that can easily be scammed if a scammer sees them. Some government advisers are not well-educated about Bitcoin and cryptocurrencies. That's why they tell the government in power that Bitcoin is a scam, because no one controls it and the government also fails to do their own research before making their own conclusions to restrict or ban any bank account that deals with crypto currency transactions.

You no go blame them, everything that came before Bitcoin that's been operated without a physical location has turned out to be scam in the country so people go normally think say others wey dey come now to claim legitimacy can also become a scam later. You wan start from ponzi scheme to take forex  scheme too wey dem dun use show our people shege for this country. Real estate wahala to and other online scams dun do people something so anytime wey dem see anything wey get to do with online, they'll always be doubtful but it's your duty to enlighten people when we come across them. Smartphones dun full everybody but my brothers and sisters, nobi everybody wey sabi use the phone wey dey their hand and some people are just used to believing what's publicly being said about things trending.

Now my question is: how can we make these governments know that Bitcoin is not a scam?

They know but calling Bitcoin a scam or not giving it attention is the best way to kill it based on their own thoughts although all those ones just dey make Bitcoin more popular and strong for the country. Dem know say dem no go fit contain/control Bitcoin so dem no want give greenlight to anything wey go take dem out of charge. The government wan dey dictate wetin go happen and wey no go happen especially for finances matters since na money wey dey control the world so dem know wetin dem dey do but make we no dey fear, time go come dem go tire as dem go see say dem no fit hold Bitcoin back anymore and by then Bitcoin go dun gain better ground to sell well for the country.

[Cityhunter34]

The government already know say Bitcoin no be scam, na them know wetin dem dey do, dem just dey vex as e be say Bitcoin no fit get to their reach and them no fit control am, because they won dey in control of it, e just dey pain them as e be say Bitcoin dey put food for most people table, they just want mk we just dey suffer, dey create more violence and make corruption just dey increase, which is very very bad. So them no know the game wey them dey play and I thank God say the founder already know wetin go happen na e make e make mk e no dey under any human control and I happy as e dey like that self.

My brother you are very correct na just this thing wey you talk like this na him dey pain our government as be say them know no how them go take dey control Bitcoin because them already no say Bitcoin no be scam but e just dey pain them say Bitcoin dey put food our table, although them know even remember say if no be say Bitcoin dey wey youths dey talk hold body say violence for don to much for this country, Bitcoin awareness don make us we no dey think of bad thing again.

[Kliss]

To make the government understand say Bitcoin no be scam, e fit help to educate them well about how Bitcoin and cryptocurrency work. Back in the day, many people think say Bitcoin na scam because of the info wey dem hear from people wey no sabi about Bitcoin and cryptocurrency. But as we don dey learn more, we don see say Bitcoin get value. Technology don advance well well since then, and people fit do better research now with the internet and all. People for those days bin dey believe wetin dem hear from news and newspapers without really understanding Bitcoin. Now, with better technology and more access to information, we fit help educate others, including the government, about the benefits and legitimacy of Bitcoin. Nowadays we get plenty smartphones and laptops wey don make am easy for everybody to research things when dem see for internet or anywhere. E dey surprising say some people still dey believe wetin others talk, especially when e concern Bitcoin and crypto. Many people dey make things hard for themselves because dem dey quick to believe wetin others talk without doing their own research. E dey important make everybody take time do their personal research before dem draw conclusions.

To help the government understand say Bitcoin no be scam, e fit help to educate them well about how Bitcoin and cryptocurrency work. Some advisers no sabi well about Bitcoin and crypto, so dem fit dey give wrong info to the government. E dey important make the government do their own research before dem decide to restrict or ban anything wey concern cryptocurrency. By educating them on the benefits and legitimacy of Bitcoin, we fit help change their perspective.

[Zigabel]

IMO, people who believe that Bitcoin is a scam are the people that can easily be scammed if a scammer sees them. Some government advisers are not well-educated about Bitcoin and cryptocurrencies. That's why they tell the government in power that Bitcoin is a scam, because no one controls it and the government also fails to do their own research before making their own conclusions to restrict or ban any bank account that deals with crypto currency transactions.

Now my question is: how can we make these governments know that Bitcoin is not a scam?

Government no be small body for any where for the world, d government of any country dey at advantage of getting any information wey dem want over all the citizens because na dem get power for hand, so to dey talk say government advisers no dey educated about cryptocurrency na something wey me I no go agree with you because I know say all those men e no go cost dem anything to say dem wan go into research to know more about wetin crypto be, infact I feel say dem don even do d research reach were dem don discover say na somtin wey dem no go fit control, So na y dem just say na scam based on say na something wey dia power no go fit reach control.

If to say na something wey dem go fit control from d government, dem for don adopt am den start to dey control am so dat e go dey benefit dem directly but as dem see say dem no fit, e com be like say to dem na bad thing as dem no get power reach dat side,s o dem no go fit benefit from am well. All those advisers dem go don do research or even pay pipo wey go run d research for dem so dat them go fit understand wetin d crypto mata be, so no be lack of education or information dey cause am, na d fact say dem don even dey informed about am and see say dem no fit do anything dem just wan leave com tag am like say bad bad tin.

[Sonia_123]

You don't need to force or tell the government to accept that Bitcoin is no scam, before you even have idea of Bitcoin,they are aware of it ,they understand it better than you do and are also bitcoiners ,they will lecture you on Bitcoin, the problem is that, Bitcoin can't be controlled or owned by the government because of it decentralized nature , security control, inflation control and the P2P nature and other qualities of Bitcoin. They want to control your financial transactions ,but not possible for them.
 Imagine what our currency and the country has to pass through in their hand such as devaluation of the currency, excessive taxations, inflations and others , you know our government now ,they don't want the common man to survive or grow, is as if our lives are in their hands, being held to ransom because they want to control the citizens lives to pinery while they are being exalted, for the fact that it is P2P system Bitcoin is operating,it would be difficult for the Nigerian government to accept it . With the present economy situation,they are pretending as if they don't know what is wrong, and what they have to do, instead chasing shadows, it's unfortunate that this are the kind of leaders we now have in Nigeria.

[AVE5]

Also all the government of every country know say bitcoin no be scam. Even many of the government people know about bitcoin and dem do also invest in bitcoin too. But wetin dem dey try do na to balance the bitcoin with the reality of their economy. Na em make every country have their own different rules about cryptocurrency wey dem dey carry monitor and regulate cryptocurrency.

See, no matter say we wey dey here like bitcoin and cryptocurrency, even if I become the president of Nigeria today, I no go quick give cryptocurrency free hands. Country like Nigeria wey the currency and economy no strong need better crypto laws that will boost the economy. Many loopholes dey for bitcoin and cryptocurrency. Na to approach it small small...

That's a cool one. The government actually know the reality phenomenons of crypto currencies and there had been countries which is far ahead Nigerian in both developments and economy infrastructures which are even a role model to Nigeria which had adopted a free and fair utilizations of cryptocurrencies in their societies but due to our own governing system, we need the to be able to balance the process so that it doesn't result to a worsen condition for us.
Let's understand what it means to give such a decentralized system that being must influentialy dominated like bitcoin given the 100% chances to excel while the government hasn't set a template for such project. Of course it could be something to blame the government in time if it results negative beyond what it thought it was

[Hopila]

In my own opinion, I think Launching educational campaigns can go a long way,to inform government officials and legislators about how Bitcoin works, its role in the financial system, and the safeguards in place to prevent fraud and scams.

I think by engaging in this activity, the government can be more informed about Bitcoin and its legitimacy, potentially leading to more favorable regulations and policies for the cryptocurrency.

[Cryptomultiplier]

...
Now my question is: how can we make these governments know that Bitcoin is not a scam?

The government we even talk about, are individuals like me and you, who want to make more money and be said to be financially free and want to live a better life that isn't controlled by anyone else's opinion or policies.

It is when they come together in their chamber of meeting to discuss and see how they can also profit from crypto currency and Bitcoin as a future currency of value and a hedge against inflation that is already crippling the economy both in micro and macro units, that they feign ignorance for the existence of Bitcoin.
Even as they already went ahead to create the CBDC initiative, all that is left and that is being done is the use of the SEC to ensure that exchanges offering crypto currency services in the country are taxed and regulated.

The government is aware Bitcoin isn't a scam because Bitcoin as a currency has allowed itself to be authentic in it's delivery of value and even opting to be centralized in many instances as well as with the ETF approval.