Nigeria stands out as one of the top countries gaining more from bitcoin despite the volatility of our national currency (NGN). Our high adoption rate of bitcoin has helped us to benefit from Bitcoin price surges. As Bitcoin's value dips globally, hodlers in Nigeria leverage their NGN to purchase or Hodl Bitcoin, translating to greater gains when the price surges. Despite regulatory challenges and government restrictions on crypto transactions within the traditional banking system, peer-to-peer (P2P) trading platforms remain highly active, allowing Nigerians to continue benefiting from Bitcoin price fluctuations.

They do say money is not everything, but right now everything needs money!

Looking back, Bitcoin adoption in Nigeria was slow at first because, as Nigerians, we like to take our time to understand any investment before jumping in. But by 2017, Bitcoin started gaining attention, even though the Central Bank of Nigeria told banks to stay away from it. However, we citizens didn’t stop using it. The Nigerian government then claimed that Bitcoin was being used for money laundering, and for this and other reasons, they banned it for the first time. This caused exchanges like Binance to remove the naira from their platforms, throwing Nigerian investors into confusion. But as always, we found a way around it.

After a while, the ban was lifted, but not long after, another issue came up. The government blamed Bitcoin for the naira losing its value, which honestly doesn’t make sense to me. As of now, many popular exchanges have stopped supporting NGN trading and even paused NGN P2P trading. Thankfully, some other exchanges stepped in to help.

HODLing feels like...

Me in 2017: I can’t wait to cash out when Bitcoin hits $10k!

Me in 2024: $100k is nothing. I’ll wait for $1M.

#hodl #bitcoin

Gm!

Another day to take a sip of wisdom from Bitcoin.

DO NOT TRUST, VERIFY!

#bitcoin #stacksats #nostr #gm

Hoping to be a Bitcoiner soon…

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Someone should tell the government that Bitcoin is the freedom people around the world are enjoying, and Nigeria shouldn’t be any different. It’s our tool to fight corruption, which is probably what they’re afraid of. Since learning about Bitcoin, I’ve never regretted it, and I’ll keep spreading the word to as many people as possible. Bitcoin isn’t something that should just be explained—it needs to be experienced.

Satoshi Nakamoto created Bitcoin to help the world, but he did it anonymously, and no one knows what he looks like. Over the years, the Bitcoin project has grown a lot, with many people from around the world contributing to keep it going. Bitcoin has become even more powerful, and it's becoming a tool we can use to fight corruption.

#bitcoin #btc #nostr

It's funny that some Nigerians know what Bitcoin (BTC) is but don’t understand sats. A friend was having trouble withdrawing his BTC because his balance wasn’t enough to cover the transaction fee. When I met him, he was worried because he needed the money for school expenses. I suggested he use the Lightning Network since the fees there are lower. He didn’t know about it, so I explained how it works. I was able to help him withdraw his small BTC balance and trade it on Bitnob. This made me realize there are probably many others facing the same issue, and I’m now thinking of ways to help them from afar.

While looking for ways to earn sats online by completing tasks, I found a platform called microlancer. It's similar to a freelancing platform, where people post jobs for freelancers willing to work for sats. During my research, I found a job where the poster asked for someone to create a LinkedIn account, verify it with their own ID, and then send the login details to the poster, this actually shows the completion of the task. This seemed like a scam to me! Why would anyone ask for an account verified with my personal ID and then expect me to hand over the login? No way! Many tasks on the platform seem sketchy, or maybe I’m just misunderstanding them.

Can e-Naira accounts be blocked? For what reasons?

Yes, e-Naira accounts can be blocked. Since the e-Naira is managed by the Central Bank of Nigeria (CBN), they have the power to block accounts for different reasons, such as:

- If the account owner is involved in illegal activities like fraud or money laundering.

- If the user breaks CBN rules or regulations.

- If there is a security risk, like hacking, the account may be blocked temporarily to protect it from unauthorized access or loss of money.

Are there exchanges to buy e-Naira?

You cannot buy e-Naira on exchanges like Bitcoin or other cryptocurrencies. The e-Naira is a digital version of the Naira, issued and controlled by the Central Bank of Nigeria. To get e-Naira, you simply need to download the official e-Naira wallet from the App Store or Play Store, and convert your regular Naira into e-Naira from your bank account or through approved e-Naira agents.

Did the government use incentives to promote the adoption of e-Naira?

The Nigerian government has used different incentives, like removing transaction fees, and has thought about using the e-Naira to pay people through their social welfare programs. They have also run public awareness campaigns. These efforts are part of the strategy that has helped more people start using the e-Naira over the years.

Is e-Naira convertible to Naira?

Yes, it can be converted to Naira at a 1:1 exchange rate. Users can convert their e-Naira to cash by transferring funds between their wallet and their local bank accounts or through e-Naira approved agents around their vicinity.

Is e-Naira been used for online transaction or in physical shops?

Yes, the main reason for creating the e-Naira is to make both in-store and online payments easier. Although people have been slow to start using it, the government is working to get more shops and people to use the e-Naira for daily payments.

Looking back on my 5-year journey studying Computer Science at the polytechnic.

I have much more on my mind to share, but I'll just mention a few:

As I look back on my five years at the polytechnic, I feel a mix of pride, memories, and a strong sense of achievement. It was a time of personal growth, academic challenges, great friendships, and many lessons that went beyond the classroom.

I want to take this chance to thank God for allowing me to be one of the chosen. I'm grateful to my parents for their guidance and support in helping me get an education. I also want to thank my supporters, nostr:npub1h5cmp8kys9dkzysv4wha3wuzruadalhtj82zyznscsx6fkw2efysje0yp0 and nostr:npub1vxz5ja46rffch8076xcalx6zu4mqy7gwjd2vtxy3heanwy7mvd7qqq78px. These two helped me with both financial support and academic advice. They also worked hard to help me succeed in the bitcoin space today. I can't thank you enough, and I want you to know that I truly appreciate everything you've done for me.

How does e-Naira compare to paying with bitcoin?

e-Naira is a digital currency that can only be used for transactions by people and businesses in Nigeria. It is controlled and managed by the Central Bank of Nigeria (CBN), This means it operates under the control of a central authority. Bitcoin, on the other hand, is a decentralized currency that can be used worldwide.

How do people access e-Naira?

The main way to use e-Naira is through the official e-Naira wallet created by the Central Bank of Nigeria, which you can download from the Play Store or App Store. There are two types of wallets: one for individuals and one for businesses. Users should pick the one that suits them best. Once the wallet is set up, they can start sending and receiving payments with it.

#cbdc

Have been able to provide answers base on my own understanding to some of the questions here and will be answering others too.

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A poor boy with an iPhone from Nigeria 🇳🇬 says GOOD MORNING WORLD!

#nostr #gm