Goodday Everyone, I want to ask a question on nairaland about crypto and wish to find answers here now hear are the question. what is crypto,what are it uses,what benefit is it to the economy and individual at large and how can one trade crypto etc thanks

it provides 50 million jobs....??

Epstein:
it provides 50 million jobs....??

hahahahaha very runny,but seriously do you have an answer to the question I up there

Epstein:
it provides 50 million jobs....??

Just like saying Bookies or Sport betting provide millions of jobs

Any difference?

fightingdemons:
Goodday Everyone, I want to ask a question on nairaland about crypto and wish to find answers here now hear are the question. what is crypto,what are it uses,what benefit is it to the economy and individual at large and how can one trade crypto etc thanks

A country that knows what is doing can even rely on Crypto to beautify their economy. Huge hard currency that is would even give u more than oil wells and gold reserves.
Was so shocked that the world is going crypto, Buhari was banning Crypto.

You want to start a Crypto currency investment?

Crypto has no benefit to local economy. It only benefit the owner of the trading platform and some lucky speculators (gamblers or trader).

Overall it can pull down a country.

Google: George Soros Vs Bank of England to understand how speculative trading almost bankrupted UK.

fightingdemons:
hahahahaha very runny,but seriously do you have an answer to the question I up there

It is of no benefit to any economy......popular amongst criminals to disguise sources of funds and engage in illicit trades.

It's volatile, unregulated and risky - and certainly not a profession.

Go back 20 years and most criminals dey talk say na 'Forex' dem dey trade!

3rdeyeNigeria:
Crypto has no benefit to local economy. It only benefit the owner of the trading platform and some lucky speculators (gamblers or trader).

Overall it can pull down a country.

Google: George Soros Vs Bank of England to understand how speculative trading almost bankrupted UK.

Good explanation

3rdeyeNigeria:
Crypto has no benefit to local economy. It only benefit the owner of the trading platform and some lucky speculators (gamblers or trader).

Overall it can pull down a country.

Google: George Soros Vs Bank of England to understand how speculative trading almost bankrupted UK.

Why has it not pulled down the US economy and the Dubai economy, there so many African countries that have never banned crypto currency like South Africa, Ghana, Kenya, Egypt, Rwanda, Angola etc these economies are thriving with out problems, Nigeria's problems are largely a very weak economy, weak infrastructure, lopsided federal structure , weak national values, ineptitude on the side of the government.


If you look at the appointments made by Tinubu's government, you will realize why Nigeria will never work even if you ban everything

Epstein:


It is of no benefit to any economy......popular amongst criminals to disguise sources of funds and engage in illicit trades.

It's volatile, unregulated and risky - and certainly not a profession.

Go back 20 years and most criminals dey talk say na 'Forex' dem dey trade!

you lie... aside the investment gains for individuals and cooperations alike,crypto currency have revolutionised the world,through blockchain people makes their living.
Crypto is not the reason Nigeria economy is crumbling,its bad leaders and corruption

Crypto has benefited Nigerian citizens more the government has ever done for them.

I won't go much into detail because from my observation, ignorant people are too much on this platform and because they don't understand crypto, they've resorted to calling it all sort of terrible names.

Stick with your 50k per month jobs, stick with your freelancing job, let crypto Bois and gals stick with their own. In the next 3 years, we shall which group attains financial freedom.

Edit: Ok, since this is on the front page, I will elaborate more.

Aside the speculations, the tech (Blockchain) is the next best revolution after the internet. If you are sleeping, start researching Blockchain and AI: these two will lead the next industrial revolution. If you snooze, you might end up relying on obsolete jobs and careers in the next decade. I won't say more than that.

Now to speculations: to the outsiders, crypto boi and gals are brokies. Lol. A lot is happening now in crypto that you won't hear about until late next year. That's when dumb money (probably you) will come into crypto to fuel the mass hysteria that will lead to the next bubble, just like in 2018 and 2022. What crypto dudes won't share with you is that there's a new trend (not so new) of airdrop. What this means is people have been receiving a bunch of free money (called airdrops) just by using and testing Blockchain protocols. I've seen people get up to $3k for testing Zetachain; $5k on Tia Protocol, $5k for testing Arbitrium chain, this is just a few I will mention. This year alone, there has been a minimum of 10 projects that did airdrop. The average Nigeria doesn't even earn $1k per year. It's why I said many of you are ignorant.

*** Another Add (timestamp: 12:10pm): What you ignoramuses don't also understand is that the typical crypto guy is not broke (in the long run). Linea (a crypto company) is currently doing a campaign. More than 500k people worldwide are engaging and I'm 100% certain more than 20k Nigerians are among. By the end of the campaign, one person would have spent $200 for gas payments and shit to test their Blockchain. How many of you fuols can literally set #300k on fire to bet on a life changing outcome? How many of you have the balls to engage, with no explicit agreement that Linea will reward campaign participants? Today is 22nd of Feb, 2024. If or when Linea do their airdrop, I will come back to update how much an average participant got. ***

Airdrop aside, we've seen many token pull 10-100x since Jan 2023. I can count 20 tokens like that off hand. There's a crypto project that's coming mainstream soon called World Coin, founded by by Sam Altman (founder of OpenAI , ChatGPT): that coin moved from $2 to $8 this year along. Mind you, I already told you the mass hysteria is happening late next year. That means for the next 1.5 years, crypto boi and gals (those you qualify as inconsequential, broke, gamblers, unserious) will hunt and earn airdrops and flip alt coins for 10-1000x (even more - depending on individual skill sets).

By 2026, a lot of them will japa to enjoy life (not to become wage slaves), many of them will start businesses - they will inject fuel into our economy, build houses, buys cars, enjoy the goodies of life) while you the serious ones will still be dragging with your low pay jobs.

I'm sorry if my writing offends anyone. But the truth has to be said.

The thing is many of you just go through life like zombies without an iota of idea where the world is heading. The universe has handed all you need to excel in life on a platter but many of you are still snoozing. It's why you see content creators buy cars and you term them as yahoo, forgetting content is the crude oil of the new age.

PS: don't quote me to ask for how to start crypto and shit. I don't have the time. The internet is there for you to use. And most importantly, everything I wrote here is not financial advice.

Shout out to my kings and queens on CTNG. You guys are killing it and are making the Nation proud. 2025 - Joy is coming!!!

New Add: this year, Blackrock got their Bitcoin ETF approved. I see some ignoramus saying crypto has no intrinsic value. Mumus. I guess you know better than Blackrock - a wealth manager with more than $10 trillion AUM. Lmaooooo.

Gold ETF was approved in 2004, Bitcoin ETF got approved in 2024. Lol. I can't wait for Jan 2026.

Deogratiasfx:


A country that knows what is doing can even rely on Crypto to beautify their economy. Huge hard currency that is would even give u more than oil wells and gold reserves.
Was so shocked that the world is going crypto, Buhari was banning Crypto.

Oga, rest! Stop comparing cryptocurrency to oil well. That one na big insult. Listen, what makes something useful is the value it brings to the table. Oil is used to drive almost all the engines known to man. That's why oil wells are invaluable all over the world.

What intrinsic value does cryptocurrency bring to the table? FYI, cryptocurrency is just an asset class that was proposed by Satoshi Nakamoto to replace fiat currency during the economic meltdown of 2008. Dude rolled out bitcoin implementation plan and went incommunicado afterwards. Today, developers are forking BTC up and down.

That shit wants to replace fiat currency without government's backing. People are free to dream on, but the biggest losers are those the shit will become worthless in their wallets when all the hype is gone.

fightingdemons:
Goodday Everyone, I want to ask a question on nairaland about crypto and wish to find answers here now hear are the question. what is crypto,what are it uses,what benefit is it to the economy and individual at large and how can one trade crypto etc thanks

Forex income
Job opportunity
Increase purchasing power

Severally used it to exchange my naira to different currencies without stressing Nigerian banks nor BDC

I use my naira to pay for USDT/ETH/BTC from traders on exchanges selling in Naira, when received, I sell them to traders buying in Kenyan shillings and British Pounds, having them pay into my Kenyan and UK bank account, I also use it to remit funds back to Nigeria from these 2 countries.....so no pressure on Nigerian banks

Our govt don missed road

3rdeyeNigeria:
Crypto has no benefit to local economy. It only benefit the owner of the trading platform and some lucky speculators (gamblers or trader).

Overall it can pull down a country.

Google: George Soros Vs Bank of England to understand how speculative trading almost bankrupted UK.

can you explain further and is this going into crypto a good idea

mrvitalis:
Forex income Job opportunity Increase purchasing power

Thankyou

SoNature:


Oga, rest! Stop comparing cryptocurrency to oil well. That one na big insult. Listen, what makes something useful is the value it brings to the table. Oil is used to drive almost all the engines known to man. That's why oil wells are invaluable all over the world.

What intrinsic value does cryptocurrency bring to the table? FYI, cryptocurrency is just an asset class that was proposed by Satoshi Nakamoto to replace fiat currency during the economic meltdown of 2008. Dude rolled out bitcoin implementation plan and went incommunicado afterwards. Today, developers are forking BTC up and down.

That shit wants to replace fiat currency without government's backing. People are free to dream on, but the biggest losers are those the shit will become worthless in their wallets when all the hype is gone.

the moment the price of oil goes down, Nigeria will start pooing and peeing on the body. Thank God internet never forgets. In 100 yrs, your grand children will read this and appreciate my posts. Keep hoping for oil. A day will come where no one cares about it again.

Deogratiasfx:


the moment the price of oil goes down, Nigeria will start pooing and peeing on the body. Thank God internet never forgets. In 100 yrs, your grand children will read this and appreciate my posts. Keep hoping for oil. A day will come where no one cares about it again.

Nobody is hoping for anything. I am just saying that you should stop comparing the two. It's like comparing God with the devil. Cryptocurrency has no Intrinsic value.

Deogratiasfx:


A country that knows what is doing can even rely on Crypto to beautify their economy. Huge hard currency that is would even give u more than oil wells and gold reserves.
Was so shocked that the world is going crypto, Buhari was banning Crypto.

thanks for the piece but explain in clear terms sir how it can benefit the Nigeria economy I think that is what the poster wanted to hear

SoNature:


Nobody is hoping for anything. I am just saying that you should stop comparing the two. It's like comparing God with the devil. Cryptocurrency has no Intrinsic value.

It doesn't have intrinsic value, yes but people, organizations and countries are making it Big time from it.
Oil may have value now but in 100 yrs, I guarantee u none will care about ur oil wells again. Enjoy it while it lasts

ozo13:
thanks for the piece but explain in clear terms sir how it can benefit the Nigeria economy I think that is what the poster wanted to hear

Do u know what it means to an economy that brings in proceeds from Crypto and forex? Bringing in hard currency.

market stabilization actions are needed yes, but Banning crypto could push the ecosystem underground, making it harder to regulate and potentially exacerbating financial instability. A balanced approach, where crypto is regulated and integrated into the financial system with proper oversight, is a better choice.

This would allow FG harness its benefits while mitigating its risks. Benefits like having
1) alternative financial system,
2) potentially increases financial inclusion,
3)transparency of transactions,
4) better supply and demand management

Direct inflation control measures that will Strengthen the economic fundamentals

here are monetary policy proposals for Nigeria involving crypto and blockchain, targeting inflation control without stifling growth:

- Manufacturing Zones: Establish special economic zones with incentives for manufacturers, including tax breaks and infrastructure support to spur industrial growth.

- Crypto-Backed Agricultural Lending: Launch a blockchain-enabled platform for issuing crypto-backed loans to farmers at below-market interest rates. This encourages agricultural productivity, a sector crucial for growth and inflation control, by providing much-needed capital. The use of crypto ensures ease of distribution and repayment, while blockchain technology ensures transparency and tracking of fund usage.

- Blockchain-Managed Supply Chain Financing: Implement a supply chain financing system using blockchain to provide liquidity to small and medium-sized enterprises (SMEs). By using a stablecoin pegged to the Naira, businesses can transact and receive financing with more stability, reducing the pressure on forex demand, a key contributor to inflation.


- Tourism Development Strategy: Develop historical and cultural sites, invest in tourist infrastructure, and market aggressively to international tourists to boost foreign exchange earnings.

Transaction Ledgers. A public ledger recording all transactions to ensure transparency.
It can have Privacy settings to balance transparency with confidentiality through diversification and increased productivity.

Digital Infrastructure Bonds: Issue blockchain-based bonds to fund digital infrastructure projects, attracting global crypto investors and ensuring transparent use of funds.

Deogratiasfx:


Do u know what it means to an economy that brings in proceeds from Crypto and forex? Bringing in hard currency.

I don't know nah boss and that is the reason I said you should explain sir.thanks and I noticed the person above me try to explain the benefits

ozo13:
I don't know nah boss and that is the reason I said you should explain sir.thanks and I noticed the person above me try to explain the benefits

Oil has so much value and one can dispute that. One thing we should also know is that, not every developed country has oil, fold or these mineral resources.
How do u think they make their money? Serious innovations going on now would mean that in 100yrs no one would care about oil again. So what becomes of countries like Nigeria?

🤭

May Allah Subhanna Wataala help us in Nigeria.

Nigeria need urgent help!

Because Na Where Person Dey Work, Na Only There, Him Dey See Him Own Food Take Chop.

fightingdemons:
Goodday Everyone, I want to ask a question on nairaland about crypto and wish to find answers here now hear are the question. what is crypto,what are it uses,what benefit is it to the economy and individual at large and how can one trade crypto etc thanks

Created new account to come and discredit crypto lol