I keep preaching about how useful this initiative can be. Day by day, we have more people leaning towards the direction of Bitcoin and cryptocurrency adoption, more willingness to make transaction for local commodities with it as well.

I think the challenge might be with the fact that BTC is not stable. Some shop owners might think, what if i sell my stuff for 0.002 btc which might be 1million at that point and 30mins later the price drops to 800k. There might be that fear and if that is curbed, Then the market will be huge.

If I am permitted to say a little more on these:

Knowledge:
Everything about life generally begins with a learning phase, so Bitcoin is not an exception. You have to understand the concept behind Bitcoin, how it operates, the trend it's currently at, and how you can swing it to your favour. I will also add that the process of acquiring knowledge about Bitcoin is a continuous one and not a one-time entity. I believe when you have learnt and acquired some Bitcoin with those knowledge, then securing it comes in.

Security:
You have to understand how to secure your wallet by securing your seed phrase and making sure third parties do not gain access. If someone has access to your wallet then you only have you to blame.

Patience:
You have to easily understand that Bitcoin is not MMM or CBEX that will promise you ROI in a few days, weeks, or months. You need to have that patience mindset. Bitcoin accumulation can take years according to your strategy and your target of accumulation.

Discipline:
Developing strategies that will make you consistent in your Bitcoin journey is highly important. It could be DCA or any other strategy, but being disciplined and keeping to that schedule is what will give you that edge in this journey of Bitcoin investment.

The emergence for its use in day to day life is not at optimum yet but With the replies so far, It shows some positives. Some things are actually being bought with it and its true it will actually take sometime for it to be 100% accepted by the general public but great steps so far.


While it is a one of the best asset ever if it can be accumulated, I believe with the growing interest in bitcoin most especially from the youth, it will soon turn these rare cases to consistent occurrences.

Its actually an old scam but come to think about it, For someone to fall for some kind of scams like this, i do believe it has alot with greed honestly, I understand that people can be generous but trust me a large percentage are only after what they can take from you. If he/she is able to achieve or pull out same scheme for 3 persons in a day then multiply by 1 month then baba will definitely be smiling to the bank.  Earning money is hard talk more of the crypto world, Seeing someone ready to do that kind of giveaway should be an automatic red flag.

Welcome to Bitcointalk, you have done the better part of it by arriving with the right mindset. With time you will learn and get acquainted with the idea behind bitcoin and how you can maximize it.

Here is a thread on the most likely terms/phrases you will encounter on your journey and their meaning. I hope you find it useful.
https://bitcointalk.org/index.php?topic=5554820.0

So my naija people, The purpose of this thread na to bring out some specific terms that are re occurring on this forum for enlightenment. Wheather you be newbie or frequent user. You go learn 1 or 2 from this thread.
Bitcointalk forum has been designed to ensure the proper tranfer of knowledge of bitcoin to the general public so while you dy navigate the forum, you go come across some of this terms.

DYOR: Do your own research: This one na mainly advice and e mean say make you first checkmate everything before you put hand, be it buying, trading, holding etc. Make you ensure say you no dy take decision just anyhow or maybe out of watin you just read for few seconds. Try dy grounded first and no allow any rushing. When you do reserch first before you make decision, e go save you alot of "had i known"
If you want understand why your own reseach dy important, see some threads here
https://bitcointalk.org/index.php?topic=5546657.0


P2P: This one means PEER TO PEER: You go see this term mostly for transaction topics, E be like buying or trade by batter. Na just system wy be say them go match you with person wey wn sell the coins you wan buy. So instead of you to buy from exchanges, you fit buy directly from them like how you dy do for market but the thing be say you gats shine you eye well well make them no run you street.
To see the common ways them go wan job you if you no wise see this threads
https://bitcointalk.org/index.php?topic=5551154.0
https://bitcointalk.org/index.php?topic=5551405.0


Seed Phrase: If you don watch movies well well, you go see say when 1 senior man get better money inside ihm house or office, e get 1 lock like that wy be say na only him get the pattern to open am, Na so seed phrase just be. They are usally 12, 18 or 24 words wy you fit use access or recover your wallets where you keep your assets. No forget say if anybody get access to that senior man lock pattern, them fit access am come do anything them want. Same as your seed phrase. If somebody else get am then them fit use your assets do anything, if you loss am then your own don be be that so try dy protect am by any means necessary.
To know how to protect your seed phrase, see some of this threads:
https://bitcointalk.org/index.php?topic=5552830.0
https://bitcointalk.org/index.php?topic=5552729.0
https://bitcointalk.org/index.php?topic=5551875.0


HODL: This one originally mean HOLDING. And e mean say make you continue to dy hold your bitcoin and make you no really sell am. Observe say them spell am as HODL instead of HOLD because of 1 post wey 1 of the earliest bitcointalk users been make that mistake. So now them dn convert am to "Hold on for Deal Life" and e still mean same thing which is continue to hold your bitcoin
See the link to the original post here; https://bitcointalk.org/index.php?topic=375643.0


Wallet: Just like your regular wallet where you keep your personal money, I.D cards etc. A wallet is a tool that helps you to store, send and receive cryptocurrencies like Bitcoin eg Trust wallet, Meta Mask

Exchange: Exchange are usually confused most times with Wallets, The thing about seed phrase be say them dy give you platfrom to fit buy or trade your Bitcoin or any other coins.
See this:   https://bitcointalk.org/index.php?topic=5551444.0


Moderator (MOD): Moderator for this forum na people wey dy help organize each section of forum to ensure say topics dy for their right position mae people fit easly find them. If moderators no dy them different post go just scatter everywhere. If you mess up self them fit Ban or suspend you if you go againts the rules of the forum.

FOMO: The full meaning na "Fear of Missing Out" This na exactly your outcome or when you never do proper reearch and you just want invest. Na that fear say if you no rush do things you no go fit meet up or you go miss out on good chance.

Merit:This one be like token of appreciation if you make better post wy fit help people for the forum

Make i hold on for this point
Other people una fit add more make people learn

I would say adopting Bitcoin isn’t directly proportional to the behavior of our banks. People with real knowledge of Bitcoin will still use it anyway.
I think the biggest winners in the laxity of our commercial banks have to be Fintechs. Fintech has invested so much in Tech that Opay will even warn you of banks having network issues before making transfers and they make these things look so easy.

Speaking sometime ago with a banker friend, I understood that these banks initially didn't appreciate their tech guys. They used them to the brim and tried to pay them peanuts as per the normal Nigerian settings and now massive resignations hit them every month.

Those that aren't moving to Fintechs are on the japa route or are landing comfortable jobs with overseas companies that still pay them better while they work from home, as tech is in full demand across almost every field now.
They’re beginning to make adjustments now.

This will help in solving the related P2P scams, as we have been seeing the reoccurrence lately.
One more thing that will help strengthen this process is when supposed scam merchants are called out either by giving them a bad rating, comment, or reporting them as scams. That way, the AI bot can pick that up and help narrow down serious merchants.
By the time the scam merchants have spent months without trading, they will be forced to do better if, by chance, given another opportunity. It is a welcomed development, as I believe they must have had a whole lot of complaints.
Nevertheless, Its advisable to see remain vigilant with your dealings.

I believe it is very important for this distinct difference to be set out because if you look at the amount of meme coins and shitcoins that comes out daily are way very alarming.
They might have been coined out of similar ideas but the goals which makes bitcoin different  from any other has earlier been stated right from its launch.
Most are only after you investing and they swoop away your income. When bitcoin and crypto are used interchangeably, it can truly mislead newbies.


The take home is; as an someone investing into bitcoin, even while you can term all unforeseen expenses and emergency, you should be able to different what is the main emergency funds relatable to bitcoin investment, and the unforeseen billings that can now be classified or covered by float funds.  
Lets say you open up your WhatsApp now and your junior siblings bills you for something very random, while that is also an unforeseen circumstance, it should be able to be sorted by float funds and not affect the main emergency funds you are keeping down. Keeping them discreet is key

Dumping his girlfriend is understandable.
The main question is how do you expect someone to trek over 7km crossing third mainland to work? Where will he trek from and where will he stop??
Also the food part, what can he eat for 500 if no fab or digestive biscuit.
I know you want to give advise and willing to help but you also need to take some time out to think it through.


This is well taken. Many points has also been raised as regards to the food part. I believe that is a start point.

Recently, I was having a conversation with someone I’ll call a very good friend of mine or better still, a brother. This was about how to better our lives and move towards the pathway of financial independence. The conversation was mostly about diversifying our income, which led me to chip in on the importance of investing in digital currency, especially Bitcoin and its long-term accumulation. He has always been interested in Bitcoin, and he’s also been considering tech as a path.
When I spoke to him about Bitcoin accumulation, he almost naturally saw it as a task that’s easier said than done, even though he’s genuinely interested. That led him to open up and ask me if I had any positive advice I could share with him.

So here’s the thing
He’s on a budget of ₦250,000 monthly salary and is honestly tired of the way things are going, especially with the current state of the country's economy. He’s been actively looking out for other opportunities, including venturing into tech.

Now let’s break down his reality:
His transportation in a city like Lagos costs about ₦2,000 daily, which sums up to ₦60,000 monthly.
A plate of food costs ₦2,500 per meal, and he eats two square meals a day. That’s ₦5,000 daily, amounting to ₦150,000 monthly.
Just these two expenses alone are roughly ₦200,000 and more.

He also has a girlfriend, not like he spends heavily, but now and then, he has to do one or two things. Let’s not even talk about data, utilities, or other random needs.
During that conversation, it hit me this is the current situation of a lot of people in Nigeria. You’ll be surprised how many people genuinely want to learn about Bitcoin and tap into the opportunities it brings, but their financial situation limits them greatly.

Me, that wanted to advise him, I ran out of what to say because I honestly saw a very difficult scenario. And realistically, he can’t quit his job to focus on Bitcoin or tech.

Still, I gave him a few things to keep at heart if he’s truly interested in the Bitcoin and crypto space:

• Bitcoin is not a get rich quick scheme.

• If he ever wants to go into trading, he must be ready to learn and be consistent over time without expecting profit for some time.

• He can start applying the DCA strategy to accumulate Bitcoin gradually, but he must stay consistent.

• He shouldn’t go fully into crypto unless he has emergency savings that can sustain him when unexpected issues arise.

He should still look into tech, especially since he’s already considering it.[/li][/list]

And I also made it clear that everything I shared was just opinion not financial advice But his main concern, and why I’m bringing this here is:
With his current earnings,

If he wants to apply DCA, how much realistically can he break out monthly?
What do you think he can do differently when considering the world of crypto?
I’ve also introduced this forum to him so he can read and do his own research. I strongly believe many people have been in similar situations, and that similar solutions may have already been shared.

I've always seen us trailing behind Russia for a long time now and its really good to see us top that chart.
I believe the new merit sources has been a morale boost due to their activities, but i wouldn't just limit it to that.

If you observe very well, you will understand that in recent times there has been more interesting thread on the local board thereby leading to more interesting interactions and replies, and advise. When people see these reasonable thread, there is a natural urge to contribute the best to know. Even moderation has been top notch because i've seen many locked threads.

I believe we can own the spot now because normally naija spirit na spirit of ruggedness and we no dy ever carry last.
 

Lols, No be joke o bross, E actually dy possible na if the pops na man wy sabi. Just imagine say your own son inlaw say e wn give you like 3 BTC as bride price, shay you no go take am ni??


Its good to hear that, To open the minds of so many persons to that things like this can actually happen and not just trading or holding.

Backing Up Your Seed Phrase Is Key
Backing up your seed phrase is one of the very first things you should take care of the moment you begin your crypto journey or have anything to do with wallets.
This small mistake or simply being careless has caused a lot of people to lose valuable digital assets, I'm talking about large volumes of assets.

I personally know someone close to me who was affected. He created a new wallet just to do some transactions and keep it separate from his main account so incase any malicious attempt it wouldn't get to the main wallet as he didn't really trust the third party. Somehow, he forgot to back it up and few days later his phone was stolen while trying to get a bus. I almost scolded him a bit (well, let me just say I actually did because it felt quite unreasonable and careless not to have backed up the seed phrase with his level of knowledge). But then again, I reminded myself that no one really plans to forget or plans for their gadget to get stolen.
That’s why I strongly recommend backing it up immediately

When it comes to Bitcoin transactions in Nigeria, judging from the Bitcointalk forum and my personal discussions with some Bitcoin savvy individuals, I’ve always noticed that if it's not about holding, then it’s either trading or staking. Most of the P2P posts here including those warning us about scams seem to be related to trading, from what I can tell at the moment.
Given the nature of Nigerian society, many people might not be tech-savvy enough to become traders or get into staking, which narrows down the option to f simply want to hold.
I believe we can all agree that the ultimate goal has always been to make Bitcoin a legal tender.

Now, I don’t want to limit the usefulness of Bitcoin, so I’d like to ask; have you had more real-life problem-solving situations where you had to make transactions with Bitcoin? For instance, have you ever used it to purchase land, pay a bride price, or buy a new car?

This question aims to open more people’s eyes to the endless opportunities that can come from investing in Bitcoin and crypto at large.

Sometimes enh, e dy do me to flog people. Because come to think of it.
If somebody sabi how to double BTC in minutes, no be for the person to just dy double am dy go? You no go even see am outside talk more of casting the update.
If person come complain this kind scam for me, honestly i go look am less. E just mean say the person just dy too naive and greedy because it only takes greed to want to get double of the money you didn't work for in minutes.

This is one of the most important lessons this generation has learnt so far. Ensuring they do not depend on a once in a month payment plan. Diversifying and ensuring they money comes in from as many streams as possible.


A lot of comments here has attested to that very fact that Joblessness has played a major role in crypto involvement.  It just seems the Nigerian government doesn't really send you most times, they will keep admitting more and its not like they are not aware of the fact that they haven't provided jobs for you.

Looking at this from another angle, I certainly agree with you.
People that sold their bitcoin has been criticized enough even though we can see the green light they missed. It doesn't just necessarily mean they didn't think it through or didn't have anything to do at that point. It all boiled than to accessing their options and probably making one of the key decisions of their life. Its just like few years from now a different generation mocking us for sticky with bitcoin while there is something different which they know.

Thank you for Reopening this thread.
Kindly see the links to my post below.

1. Link to Post: https://bitcointalk.org/index.php?topic=5550333.msg65589485#msg65589485
Board: Naija Local Board
Description: Topic
User: Slimzeee

2. Link to Post: https://bitcointalk.org/index.php?topic=5548522.msg65541303#msg65541303
Board: Economics
Description: Topic
User: Slimzeee

3. Link to Post: https://bitcointalk.org/index.php?topic=5547355.msg65503696#msg65503696
Board: Naija Local Board
Description: Topic
User: Slimzeee

4. Link to Post: https://bitcointalk.org/index.php?topic=5547013.msg65492055#msg65492055
Board: Main Board
Description: Topic
User: Slimzeee

5. Link to Post: https://bitcointalk.org/index.php?topic=5545858.msg65452829#msg65452829
Board: Naija Local Board
Description: Topic
User: Slimzeee

Great contributions:
Setting up legal structures for smooth transfer of digital assets; Noted



It really takes guts becos realistically, doing that at a very young age or even mid-age will look like you are already planning your own downfall.
If you even inform your family you are already setting up a will at age 35 or so, they will believe there's something you are not talking about.
Nevertheless it is advisable to have it at the back of our mind and do the needful