What Is Cryptocurrency? Why Did Nigeria Ban Bitcoin? Should You Invest In Crypto?

I feel like everybody should understand so as you guys know that the young government burns cryptocurrencies just like that as no notice nothing they didn’t even give people a grace period they just banned it like that too they said that it’s a reiteration of an earlier policy from 2017.

You know what i’m getting ahead of myself first of all what exactly is cryptocurrency and why is this such a big deal and such a big news for nigerian stock traders and investors well as you guys know if you’re planning on making money or you’re planning on being wealthy you have to invest money you don’t just keep your money in the bank you definitely have to save you have to have money in the bank but just putting the money in the bank doesn’t necessarily make you wealthy you have to make your money work for you some people will go into real estate they own so many homes and their homes are making money for them some people have companies and companies are making money for them some people have products and it’s making money for them some people are into stocks and they’re making dividends they’re they’re selling their stocks they are making money it’s the same with crypto currencies it’s another way of investing i should also say that all these types of investments come with risk every single investment comes with risk so for a lot of people that are not familiar with stocks they don’t want to get into stock just because they don’t fully understand it and they feel like um it’s a huge risk and the same goes with cryptocurrencies a lot of people see it as a get rich quick scheme as a scam and just because they don’t understand it they are quick to write it off or to dismiss it i am actually of the opinion that people should be more open-minded and get to understand something it doesn’t mean that they have to get into it or do it but at least they should understand what it is so that they can participate in conversations when people are talking about cryptocurrencies now me talking about cryptocurrencies doesn’t mean that i’m saying people should get rich quick by any means that’s really no that’s not what i’m saying and this doesn’t mean that i’m endorsing cryptocurrencies i just want people to know what it is and then you can decide whether you want to get involved or not that’s totally your own decision so what is cryptocurrency well simply put cryptocurrencies are what’s known as decentralized finance and what this means is that no government controls crypto and no government the time means it’s worth and that is something that a lot of governments are not happy with to put it in layman’s time the government has no control over how much you make with crypto in a sense it is pure currency because it’s been controlled by the holders of the currency now recently cryptocurrencies have exploded like as in everyone is talking about it seriously especially a lot of young people even us we’ve been talking about it here you know for good reasons if you had invested earlier enough you probably made a lot of money by now so some of you that are watching me that you’ve invested in cryptocurrencies years ago many of you are now millionaires so don’t forget your girl so whether it’s due to government interference or billionaires like elon musk the owner of tesla promoting this you know the man just bought 1.5 billion dollars what of cryptocurrency as in all we know is crypto is quickly becoming a very big staple i only wish that someone had told me about this sooner you know i could have been a millennial by now just imagine your girl balling in money let’s go back to when this whole thing started bitcoin started in 2009 as of 2010 one bitcoin was three cents but the following year february 2011.

One bitcoin that was bought for three cents was what 96 cents and then in the same year june of 2011 one bitcoin became 17.77 do you see the trend now keep in mind that like any other investment cryptocurrencies and stocks especially they’re very volatile so they go up they go down sometimes they go up sometimes they go down and then sometimes they just keep going keep going keep going up like what we are experiencing right now with cryptocurrencies so in the same year what that was 17 it dropped down to 3.

41 and then it started picking up again later one bitcoin was worth hundreds of dollars in march of last year 2021 bitcoin was what five thousand three hundred and sixty dollars now to cut a long story short one bitcoin so today that we’re shooting this video is what forty four thousand dollars a man somebody did you hear that one bitcoin forty four thousand dollars for that fyi maybe somebody is watching me today and the lord is telling you to buy me some bitcoin over the voice of that your girl would like to own some bitcoins you know so i’m not like nigerian government i’m not an enemy of progress i’m not a hater so you can definitely buy me bitcoin i’ll be very happy so now one bitcoin this thing that started as three cents i know that it is now what 44 000 us dollars so imagine if someone bought 100 when it was three dollars in 2011 maybe they spent like 341 dollars on it when it was 3.41 multiply 100 by 44 000 now that is 4.4 million dollars that is the kind of money that you cannot get just by leaving your money in the bank and i’ve talked about this in one of my videos and this is why on platform like paxful that is one of the platforms where you can trade bitcoins nigeria is the second largest bitcoin market on that platform after the u.s ahead of china even you know whenever nigerians know that there’s money in something they jump on it full force you know and can you blame them now keep in mind that nigerians are not the only ones that have made huge amount of money through cryptocurrencies you guys can read this article on eric fineman he was 12 years old in 2011 when he bought 1 000 bitcoins today at the age of 21 his bitcoin is what 4.8 million dollars you can also read this new york article of demand that made 25 million dollars from bitcoin and then my favorite one is the man that invested his entire family savings on ethereum that’s another cryptocurrency and he made 13 million dollars anyway now back to the story so the nigerian government said that they are burning cryptocurrencies for a number of reasons for some concerns the top on their list is that the indian government is saying that cryptocurrencies are being used to fund terrorism so okay we’ll come back to that but i just think it’s funny that the government is trying to paint this as if they are doing this for our favor as if they are actually trying to fight terrorism i’m sorry in indian government but if you actually wanted to fight terrorism you know where the terrorists are you could go to zambia forest or you could go after the herdsmen that are killing people i’m not sure how burning cryptocurrency is what is going to end terrorism but hey what do i know so the government said that they are worried that bitcoin is being used for illegal purposes they said because it cannot be traced and it’s incredibly secure and also because they cannot regulate it underline that word they cannot regulate it they said anybody that uses it values anonymity obscurity and concealment i’m like okay so the last time i checked those things are not always bad you know it seems to me that their problem is more with the fact that they don’t have control over cryptocurrencies so they cannot extort it out of their citizens like they can with naira you know the government of each country likes to control their money but when it comes to cryptocurrencies no government can control it because it’s not limited to any country it is recognized worldwide now they also said that due to the fact that cryptocurrencies are largely speculative anonymous and untraceable nigerian government said cryptocurrencies are being used for money laundry terrorism financing and other criminal activities now before i go on let me just say that all those things that the government said cryptocurrencies are being used for are actually being done at the moment with paper money regular money and they didn’t burn money because people are using it to fund terrorism or to launder money so just keep that in mind the other interesting thing is since cryptocurrencies are untraceable how do they know that they are being used to fund terrorism and i would love if they can explain that to be fair there have been reports of countries like north korea stealing cryptocurrencies to fund their military projects as well as some jihadist terrorists soliciting for cryptos on social media as a matter of fact when people found out that the jihadists were trying to get into crypto some years ago the u.

s went after them and the u.s did not ban cryptocurrencies in america they didn’t ban it they went after terrorists so i also like to acknowledge upfront that definitely there are not just risk in it but people can definitely use it to scam other people just like they can scam other people with money so the government’s complaining about fraud is definitely legitimate i mean people commit fraud even with the regular currencies with regular money so but i don’t think that banning it is the solution because it’s not just happening in nigeria there are other countries too where people are committing fraud when it comes to bitcoin and their government is not banning it like the us is not banning bitcoin because of fraud also nigeria is not the only country to ban cryptocurrencies please keep that in mind india did the same thing nepal and iran they’ve all banned crypto tolerances also some countries like denmark are considering it so clearly it’s not just a nigerian thing but keep in mind that when india decided to ban it they gave their people a week’s notice so people were able to sell or just withdraw their cryptos before the government banned it but the way the nigerian government did it they didn’t give people any time to withdraw their cryptos or to sell they just banned it so the way the nigerian community they’re literally holding people’s money so there are a few valid complaints when it comes to cryptocurrencies not everything is great first of all i’ve told you that it goes up and down it’s volatile but from the side of the government one of the reasons is that they cannot regulate it so they cannot properly tax it they cannot track it or create a system for it but that’s actually why it’s attractive for so many people because it’s the money that you own and it has the potential of making you thousands if not millions of dollars in short term without the government interfering without you paying taxes on it without you keeping it in the bank think of it like this if you invested money into the us dollars or british pounds and then you make some good money if everyone who uses that currency is consistently spending large amounts and it keeps inflating but you’re only going to see that increase on the country-wide basis however with crypto you’re investing in a currency that is known around the entire world so it’s not limited to the us so instead of just one country influencing the currency your chances of success are significantly higher because everyone with internet access is contributing to the value of cryptocurrencies it’s not a perfect analogy but hopefully that gives you an idea of why it’s becoming so popular right now bear in mind that crypto is a very broad market right now a lot of people are focusing mainly on bitcoin bitcoin it’s just a type of cryptocurrency so there are several other cryptocurrencies out there that are helping people become independently wealthy and successful we won’t get into that today if you want to know more about other types of cryptocurrencies we’ll put a link in the description below where you can read about other types of cryptocurrencies because if we should start talking about that we’ll be here all day today i know that this is a lot and quite confusing for some people especially how new and volatile cryptocurrencies can be it’s a lot of information to keep track of on one hand i can see why nigerian officials don’t want to deal with it so however when you consider the vast issues that we have in nigeria from corruption government officials stealing money overpaid lawmakers hurts men killing people every day kidnappers armed robbers boko haram when you consider all these issues that we’re dealing with in nigeria you can’t help but wonder why is nigeria focused on burning cryptocurrencies right now some people are saying that maybe because a lot of young people are becoming rich from cryptocurrencies and they cannot control them i mean you refuse to create jobs the unemployment rate keeps going up and now you don’t want young people to invest in cryptocurrencies i i keep wondering whether they prefer for young people to be doing yahoo business i don’t know or they just want everybody to trade stock i’m not sure but i think one of the biggest problem is that they don’t understand crypto and they could have just asked because young people would be happy to educate them about it so let me know what you guys think is actually going on on why they’re actually banning do you believe the government when they say they are banning it because of money laundry and funding terrorism do you believe the nigerian government and if you don’t why do you think that the government is banning cryptocurrencies one last question do you think that the government should be able to control every single currency or not because some people actually like that that the government is controlling the money that they are spending they like that order some people are excited that there’s a new currency that the government doesn’t get to control where do you stand do you think that the government should be able to control all forms of currencies so that’s all we have today about cryptocurrencies let me know what you guys think about nigeria burning cryptocurrencies you guys know i don’t know much guess what i’m just keeping it real all right y’all it’s been real and i’m keeping it off in here don’t forget to follow me on facebook twitter and instagram and if you get to subscribe to my youtube channel please show that you do that and share this video if you’ve enjoyed it until next time i’ll see you earlier peace out [Music] it’s so funny that i have people here who are delaney in crypto and then they i know you heard that the government bandit in nigeria what was your reaction thomas when you had the young government ban cryptocurrencies so keeping it as short as i possibly can two big reasons that i think it was a massive mistake because number one they’ve solidified that they don’t trust their people and their they took away an entire form of financial freedom and on top of that all these people that were going to earn money through crypto whether it was ethereum or bitcoin or what have you now they no longer have that money to regurgitate and throw back into nigeria’s economy so they not only got rid of financial freedom for them but they most likely set back their economy by who knows how much considering that you’ve been the nigerian economy yeah because the people would have spent the money in a year right i mean sure at some point you know you don’t know how many people would have been cashing out like within this amount of time but no matter what now you’ll never know it would still affect in the garden economy if people yeah do you think the u.s would buy on crypto no because at the end of the day the majority of the people that are using crypto as an actual form of currency and actually using it to spend the majority of them are in the u.s so it actually helps stimulate the economy so at this rate i could see maybe individual states having issues with it but as a as a country as a nationwide hole i sincerely doubt it yeah i think people like elon musk will sue the u.s the u.

s finds it yeah right i mean they could have just given people like a grace period you know in nigeria and like hey cash out or withdraw your bitcoins countries like the us starting to regulate it more just so that in some way they’re also benefiting off of it but i think they’d have an actual revolt on their hands if they outright banned it like they did in the other countries how do you think the u.s would regulate it i think that they would just kind of start to have a sort of mandate on maybe like tax it yes something that in some way they’re making i think they would get people to pay taxes who else has bitcoin in here just thomas everybody else but i’ve been nice to thomas like hey in the next two three years so he can like take us all out or buy us houses or something thank you thomas no boy really would you buy house houses

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