It wasn’t really the devaluation of Naira that saw many Nigerians looking out for alternatives. If that was the case, dollar would have served just fine since inflation on it is only slightly and it’s always a stronger when valued against Naira.

2020 was the year when the pandemic rocked every part of our world where people had assets and couldn’t access them, there were limits to what you can buy and even going to cash in your money was impossible let alone, having to work and earn for daily survival.

This saw people searching for alternatives for investment and finance and that’s how Bitcoin became really popular. It also happened to have been a year for the halving and so, there were a lot of credible activities in just that one year.

People are investing above their limits and this causes them to panic when the market is experiencing some discomfort. Investing isn't supposed to be fast so you can't be think about't investing today and be expecting to be cashing out tomorrow. I won't say people don't understand this but they're just too greedy to care, they want to make money so fast without giving it time to mature and it's not like when they get the money that they'll be able to manage it well to multiply it further instead they burn the whole money and go back to square one to start hustling again. Your Bitcoin accumulation pool shouldn't be extravagant that you go broke because you'll still get to sell your stash prematurely and that's the biggest problem of Bitcoin investors this days.

I don't understand the pigin very well... so I might lose the context when trying to figure out the pigin.

It seems to me that many of us are providing examples in order to attempt to show some parameters in which any of us might be needing to decide and/or to prioritize his investment into bitcoin, to the extent that a guy might have discretionary income that varies, yet still choose some level of aggressiveness in regards to his situation.

I had specifically provided an example of a guy who's income tended to vary between $500 and $2,500 per month and who's expenses tended to vary between $750 and $1,200 per month.  Of course, the details might vary, and also a person's assessment of the situation might vary too, yet if we go through the process of pointing out the various parameters and describing the choices that the guy ended up making, including that he decided that tentatively he was going to invest $70 per week into bitcoin for the first 14 weeks, and then $35 per week for the next 71 weeks, and then he was tentatively planning to return to investing $70 per week into bitcoin after the first 85 weeks.  Even though the matter is not set in stone, he has figured out a tentative plan based on what he expects his current situation to be and also in regards to how he expects his future situation to be.  Surely if some of his details change, he can account for the changes and to adapt within parameters that he finds acceptable.  He likely realizes that he has preferences that he is attempting to express through the system that he has chosen to follow, and his options are not "whatever" since "whatever" would not necessarily help him to reach his objectives and/or to balance whate he believes to be limitations within his circumstances (income/expense and/or other matters).

We could have had also contemplated that the guy was not necessarily new to investing, and maybe he had already spent 5 years or more investing at about a rate of 15% of his income, no accumulation on and maybe he had already accumulated an investment portfolio of $30k or more.. and so then when he starts out his bitcoin investment, maybe he wants to take around $10k from his already existing investment and lump sum invest it in into bitcoin.. or at least he might consider lump sum versus DCA versus buying on dips as three accumulation options that he might have right from the start, and he also might have a situation in which he receives a bonus of anywhere between $500 and $2k a couple times every year, and so then maybe he has some additional options that we might be able to take into account, and surely not everyone is going to decide the same in regards to how to treat those additional individualistic factors.  

We describe some individualistic factors in order to show that the choices might not be all over the place, but they have to attempt to deal within the parameters that are available, to the extent that any of us might be in a position to be able to identify our various factors and then to be able to come up with a plan and to employ it within what we would consider to be acceptable terms to our own situation. So in that regard, even if some of us might be expressing our own preferences within the parameters, hopefully none of are imposing our own preferences onto others... even if some others might agree that we had reached a reasonable balance given the known circumstances that have been outlined through the hypothetical example

I quite agree with the everything you've said. You know there are a lot of members here to try to impose their own dealings and ideas as facts which isn't quite the best approach and I seemed to want to have a say in that.
Everyone is and should be held accountable with their final dealings, they should always recognize that what their capabilities are they need for a stable plan on ground is key to achieving a lot.
There qare quite a lot of good strategies people use in accumulation of Bitcoin and there are the good and best methods, but without doubt people still see this warnings about not buying the only during a dip and all other "do not" but yet there are people sitt doing so , mostly not because of the lack of knowledge but some financial considerable factors too.

It seems to me that many of us are providing examples in order to attempt to show some parameters in which any of us might be needing to decide and/or to prioritize his investment into bitcoin, to the extent that a guy might have discretionary income that varies, yet still choose some level of aggressiveness in regards to his situation.

I had specifically provided an example of a guy who's income tended to vary between $500 and $2,500 per month and who's expenses tended to vary between $750 and $1,200 per month.  Of course, the details might vary, and also a person's assessment of the situation might vary too, yet if we go through the process of pointing out the various parameters and describing the choices that the guy ended up making, including that he decided that tentatively he was going to invest $70 per week into bitcoin for the first 14 weeks, and then $35 per week for the next 71 weeks, and then he was tentatively planning to return to investing $70 per week into bitcoin after the first 85 weeks.  Even though the matter is not set in stone, he has figured out a tentative plan based on what he expects his current situation to be and also in regards to how he expects his future situation to be.  Surely if some of his details change, he can account for the changes and to adapt within parameters that he finds acceptable.  He likely realizes that he has preferences that he is attempting to express through the system that he has chosen to follow, and his options are not "whatever" since "whatever" would not necessarily help him to reach his objectives and/or to balance whate he believes to be limitations within his circumstances (income/expense and/or other matters).

We could have had also contemplated that the guy was not necessarily new to investing, and maybe he had already spent 5 years or more investing at about a rate of 15% of his income, and maybe he had already accumulated an investment portfolio of $30k or more.. and so then when he starts out his bitcoin investment, maybe he wants to take around $10k from his already existing investment and lump sum invest it in into bitcoin.. or at least he might consider lump sum versus DCA versus buying on dips as three accumulation options that he might have right from the start, and he also might have a situation in which he receives a bonus of anywhere between $500 and $2k a couple times every year, and so then maybe he has some additional options that we might be able to take into account, and surely not everyone is going to decide the same in regards to how to treat those additional individualistic factors.  

We describe some individualistic factors in order to show that the choices might not be all over the place, but they have to attempt to deal within the parameters that are available, to the extent that any of us might be in a position to be able to identify our various factors and then to be able to come up with a plan and to employ it within what we would consider to be acceptable terms to our own situation. So in that regard, even if some of us might be expressing our own preferences within the parameters, hopefully none of are imposing our own preferences onto others... even if some others might agree that we had reached a reasonable balance given the known circumstances that have been outlined through the hypothetical example.


Talking about automatic savings (or automatic buying of BTC) seems to open up considerations of trade-offs between automatic and manual.  For sure, I like the idea of manual in order to be able to attempt to maximize aggressiveness, yet there surely could be cases in which people are steadily busy with a variety of activities and they might not be in a position to make sure that they are doing their weekly buys, so it may well come in handy for them to just set it and forget it so that they can focus on other areas of their life that needs attention while at the same time feeling good that they have already authorized the buying of bitcoin every week.. whether it is $100 per week, $10 per week or some other amount that they feel sufficiently comfortable to establish as a preset weekly amount (or whatever might be the time interval for the BTC buys).


Surely back up funds can have different categories and even be loosely defined by some individuals, and part of the reason that I like to describe and differentiate three kinds of back up funds is in order to be able to show how they differ from each other, especially for someone who might be having to treat back up funds more seriously, especially if the back up funds might be for the purpose of protecting the bitcoin investment for 4-10 years or longer so that the bitcoin is not tapped into at a time that is not completely of the investor's choosing.

1) emergency funds are the last line of defense - so usually they should be at least for 3 months of expenses in local currency and used only for unexpected increases in expenses and/or decreases in income. Should be promptly replaced as soon as possible if used.

2) reserve funds - can be used for any reasons including emergencies, consumption, buying on dips or whatever reason.. optional whether to replace.. and surely the more erratic a person's income versus expense, then the more justification to keep more reserve funds.

3) floating funds tend to be the extra income that is held until monthly expenses are resolved.. once the monthly expenses are resolved, if there are any floating funds remaining, then those would convert into discretionary income that can be used to invest, consume or to add to back up funds (reserve funds and/or emergency funds)

You may well have your own definitions, even though I personally believe that differentiating between the kinds of back up funds is more empowering in regards to helping to establish boundaries and priorities - even though there still could be quite a bit of variety and variance in the ways that guys attempt to balance out how they manage such back up funds.
 
There are some guys who are very sloppy and/or general in regards to their management of back up funds, and surely they may well end up more easily getting themselves in trouble, since if we might not be categorizing and/or managing well, we might not realize our mistake  or the level of our mistake(s) until it is too late that we had made a mistake.

Brand new investors and/or even poor people might not necessarily recognize the value of the emergency funds, and they may well end up wanting to put their money to work, and then not realizing that they did not have enough money to cover some future cashflow issues, and surely rich folks might have a variety of emergency resources, even family and/or friends that they could easily get quick cash to cover their mistakes, and poor people may well not have those kinds of resources, and they ONLY have their monthly cashflow so they have to purposefully set aside funds for emergencies and/or even variance in their cashflow so that they do not end up having to sell some of their bitcoin investment at a time that is not of their own choosing.. which truly could keep them working for the rest of their lives, even when if they had managed their cashflow better, then they may have had a chance of getting at some level of fuck you status, meaning an ability to to quit their job and being able to live off of their investment, whether that fuck you status is achieved after 5-10 years or maybe after 20-40 years, and surely there are a lot of folks who never make it to fuck you status, even though bitcoin provides an opportunity that likely ONLY exists for poor people who manage their cashflows well and do not make major mistakes that cause them to have to sell way too much of their bitcoin investment at a time that was not of their choosing and also taking them out of a spot in which they may well may have had been able to enjoy the benefits of compounding value rather than just simple valiue appreciation that had not compounded multiple times upon itself..


Of course there are strategies and techniques that are better than others, just like there are investments that are better than others, such as bitcoin seeming to be amongst the best of investments available if not the best investment available to everyone and anyone... while at the same time surely investing into bitcoin is not guaranteed because there is both execution risk and their is risk with the asset itself.

Surely a lot of normies remain in positions of having fun staying poor forever and ever and ever because they might not either recognize the power of an asset (such as bitcoin) and/or they fail to figure out some ways to attempt to capitalize on the opportunities of bitcoin and to figure out some reasonable approach that is tailored to their own finances and psychology.

Surely over the years (including the last 14 yeas or so, there have been regular guys who have gotten rich as fuck off of bitcoin, and who have achieved wealth statuses that they would not have had imagined to have had been possible from within their own means, and they likely followed some practices of investing into bitcoin within reasonableness and within their means and perhaps some level of aggressiveness within their means without over doing their level of aggressiveness.., .

Of course, if they ended up overdoing their investment into bitcoin in one way or another, then they likely ended up getting wrecked and/or suffering from inferior performance, and also we likely know that there are no guarantees in bitcoin, yet there are likely guarantees to never make it anywhere by either failing to invest in bitcoin or getting distracted into inferior investments and/or inferior strategies and/or techniques.. whether that is getting distracted in keeping money in cash or getting sucked into trading or shitcoins.  There are a variety of ways to get wrecked and to get lead down wrong and/or inferior paths...perhaps even guys who think that they know everything are also vulnerable to screwing up in their approach and/or their application of whatever plan that they might develop.


Thanks.


I have had these arguments with members previously, and surely I believe that there isn't a need to know details of bitcoin's technology prior to getting started investing into it, and one of the most important things to know is your own personal cashflow management and if you have discretionary income.

You can learn various aspects of bitcoin's technology as you go, and surely if you are uncomfortable with the level of your technical knowledge of bitcoin, then you likely would ned to adjust your position size down until you reach a higher level of confidence about your level of knowledge being aligned with your level of investment.

Sure, it can be helpful to understand some of the basics or maybe some of the overview ideas that bitcoin solved the double spend problem and/or that bitcoin becomes difficult to attack in regards to computing power because there are guesses being made and the difficulty of guessing right number adjusts every two weeks to keep the blocks approximately every 10 minutes...and the details might not need to be known, especially in the beginning...and especially in terms of getting started buying $100 per week or $10 per week or whatever amount seems reasonable to the person and within their discretionary income.


Those numbers make little sense to me, except maybe for someone who is quite well to do.

Maybe an example might be helpful?

Go back to my earlier example. My hypothetical guy had variance in his income and expenses, yet I also mentioned that many times his income was $1,500 per month and his expenses were $950.   So that means he ONLY has $550 left for all of his discretionary income for each month, which I thought was more than a decent income, especially if we might be hypothesizing someone who might be somewhat relateable to folks in Nigeria.. even though sure, this guy might have a higher income than what is typically expected.. but still he ONLY has right around 36.7% total for all of his discretionary income that is left after he accounts for his expenses.

I figure that most people are going to want to have some fun, consumption, entertainment each month, and so in my hypothetical  I had the guy investing into bitcoin and/or adding to his emergency funds with a total of about $70 per week which would be about $303 per month (on average there are 4.33 weeks per month). . .and coincidentally that is about 20% of his total income.. which would only leave him 16% for other discretionary matters.  I will admit that maybe I am not being realistic in terms of attempting to outline some consistency, since surely even my guy with the considerable amounts of variance in his income between $500 and $2,500, he likely is going to need to save some of his extra money for the various months that his income might go below his expenses.  I am still having trouble imagining your scenario in which you seem to believe that there might be very many guys who have 50% expenses and 50% discretionary income in which 20% of that is available to put into emergency funds.. and surely once an emergency fund is built up to 3 months of expenses are you anticipating continuing to put more money into it, such as going into reserve funds?   I am not opposed to any of those ideas, yet I have not tended to find typical cases that tend to have so much discretionary income.. .. especially people who tend to be poor or claim that they ONLY have something like $300 to $500 per month in income and in my scenario I was already presuming much higher income, but I was also presuming much higher expenses too.

Perhaps many guys in your local are able to relate to your described percentages based on potentially sharing expenses with family, so perhaps the expenses do not end up being as high of an amount in terms of percentages based on shared costs of expenses of food and lodging and some other shared expenses, perhaps?

About a week ago Tungbulu invited me to participate in this thread, and I don't mind, even though I understand that some local's might prefer to keep threads to locals so that the topics might remain accessible and even communicated in local language, which I don't necessarily understand very well.

Back in 2016, the Central Bank (CNN) and the Nigeria Deposit Insurance Commission decided to look deep into Bitcoin after the whole MMM Ponzi scheme mess. Fast forward to January 2017, the Nigerian SEC strictly warned everyone that they weren’t backing any companies or groups dealing with cryptocurrencies. They made it clear that if you got into crypto, you were on your own when it came to any losses.

Then in February 2021, the central bank stepped in and told banks and financial institutions to immediately stop supporting cryptocurrency transactions, citing worries about money laundering and funding terrorism. A lot of people in Nigeria dealing with crypto found their bank accounts frozen, too.

Come May 2022, the Nigerian SEC rolled out new rules for how to issue and manage digital assets. They laid out how financial institutions should handle these assets. Plus, they set a hefty requirement of 500 million Naira (about $362,500) for crypto exchanges wanting to get a virtual asset service provider (VASP) license.

In May 2023, the SEC put out some regulations for digital assets, signaling they were trying to find a balance between completely banning crypto and having no rules at all. By December, they lifted the ban on banks managing accounts for crypto service providers. The central bank noted that global trends showed it was time to start regulating VASPs, which includes crypto.

Moving on to January 2024, the central bank shared some initial guidelines for banks looking to open cryptocurrency accounts, but they still can’t trade or hold these assets themselves. The guidelines are pretty strict on anti-money laundering (AML) and know your customer (KYC) rules, and banks need to set what they call “prudent” transaction limits and can’t allow cash withdrawals from crypto accounts.

Finally, in 2025, President Tinubu signed the new Investments and Securities Act (ISA) 2024 into law, which tossed out the previous Investments and Securities Act from 2007. This new act officially recognizes cryptocurrencies and other virtual assets as securities for the first time, meaning any business dealing with digital assets now has to register with the SEC and follow their rules. It’s a big step towards cracking down on fraud in the digital world and building trust.

I believe say we all know Wetin JAKPA mean. For those way no know Jakpa is a slang popularly used to describe leaving the country for a better life.
I respect anyone who believes in building our country Nigeria also I no Dey judge anyone who wants to leave Nigeria in search of a greener pasture because we all get different views and wetin we want our lives to be like, even some people in the western world like America, Uk also Jakpa some because of they don’t like some narrative being pushed in the school, so just want a slow and calm environment for their kids and family.

What ever reason you want to travel it is important to choose a country that is made for you, I no fit talk about other factors but as a person way Dey into cryptocurrency it is better you consider or factor in countries way no get cryptocurrency tax before making your decision.

Here are countries way no get cryptocurrency tax
Germany
Belarus
El Salvador
Portugal
Singapore
Malaysia
Malta
Cayman Islands
Puerto Rico
Switzerland
Georgia

https://koinly.io/blog/crypto-tax-free-countries/

Some few more still Dey but this 11 countries go good for you to study on.

If you’ve been watching a lot of our comedy skits lately  from the likes of Sabinus, De-General, or even some influencers, then you must have seen plenty of ads for different apps and platforms to trade your Bitcoin with.
In fact, there are so many now, and one thing they all seem to say is that they are “fast and reliable.”

So my question is, which of these platforms have you actually tried or come across, and how was the experience? Because most of the top exchanges and wallets I know like Binance, Bybit, Luno, etc.  are not Nigerian-owned.
Are the Nigerian ones really fast and reliable like they claim?

This is also a way to support and patronize our own local Nigerian market.
And if you’ve had any bad experiences with some, please feel free to highlight them too, so others can be watchful.

Any crypto company you see that is owned by any Nigerian person, please don't trade on them until you do your findings. Recently, the Nigerian Security exchange commission revise the process of opening exchange in Nigeria and if all of them want to follow that rules, none of them will be operating in Nigeria because the money to pay for application fee, processing free and other charges, you will be spending roughly $80k, that's a lot of money if converted to Naira, shared capital of ₦500m, that's a very huge amount of money.

If most of those companies have this amount to pay as legal fees, they will not be functioning in Nigeria unless there is backing from venture capitals and investors from outside. This condition are very bad but at the same time, it helps protect the people because how is it going to sound if everyone want to launch and exchange, it will bring alot of scams acquisition, it's not like it might, it will bring it and some people might not have any their money back.

Thank you for this, I have read through, they were useful links indeed.

Thanks for your valuable advice.

Maybe the merit criteria were not very necessary. But I am just trying to value his (borrower's) account. I will definitely consider it and make corrections if necessary.

Another thing to clarify is that my service is interest free. So when you return the money within the specified time, you will have to pay the same amount. If the time is exceeded, the mentioned penalty will have to be calculated. Because, I want to spread the service to more people.

I invite everyone to comment and contribute to the necessary corrections.

I almost fall victim to phishing attack some time ago when i wanted to register on an app i was introduced to, what made me not to fall was when they requested for my Facebook login details or my email login details, i was like why an app of its own would require login details of another app. They even send mails with phishing links but what i have done is that some of the apps that i used my email address to register, i set up an anti-phishing code such that when i receive a mail it must include the anti-phishing code before i will take the mail seriously especially if it is a mail that comes from the centralized exchange i normally use.

One method of hacking they do commonly used these days is "phishing" .
Now phishing is a kind of hacking whereby the replicate already made apps that are popularly used, and sometimes unpopular apps are also used too , they also do fake emails too pretending to be people they're not , especially people close to you.
So when users try use this phished app the hacker gets hold of all the necessary information the need when the user inputs those information.
I've only falled for this kind of method once, when a friend of mine enlightened me on the situation.

Phishing hacks can come through so many ways, like email scams, duplicating applications softwares.e.t.c.
One of the many ways to prevent this is by insttalling anti-viruses and anti-malware soft ware because it helps as a counter force on phishing attacks.
nd also check every email carefully because when doing phishing attempts it's always easier for a hacker to make mistakes.

i also do not support the idea of 30% people should choose a percentage that seems appropriate for them.
, someone who earns more than I do is required to invest 30% , no problem. But I earn lower you can't also expect 30% from me too. You should do whatever amount you feel seems right.

Have you ever been debited when the transaction is not successfully or have similar issues in your bank before?

It is then you will know that the banking system in our country home is dead.
They find it very easy to debit and deduct unnecessary charges,but start the process of refund and see how they will keep turning you around as if you are  begging them money.
 

It is quite unfortunate that even our money in the bank is not safe as so many people have suffered lost of the money in their bank account been cleared without their bank giving them a proper answer of what happened to their money.

Without making enough noise, your money will just go.


SO BAD.