Changes happen in the world everyday and the birth of cryptocurrency has happened for a longtime now which started with BTC. Unfortunately, a lot of people were finding it hard to believe that there will ever be anything like digital currency and that’s why so many people didn’t buy BTC then. I also read that there was a man who sold all of his BTCs at some point and someone even used as much as 25BTC to buy pizza. Well, it isnt his fault because he didn’t know how great BTC will turn out to be and even cryptocurrency in general.
I would not like to say that Africans or Nigerians are backward in everything but I feel we take things too slow and that’s why a lot of people did not really take investing in cryptocurrency seriously back then.
What’s the government stance on cryptocurrency?
There was a time when cryptocurrency was illegal in my country and if any trading application like Binance is found on your phone, you may get arrested or bullied. The police did a lot of crazy things then. It was believed that anyone who is into cryptocurrency is a scammer but things have changed. Cryptocurrency is now legal in the country but some people still do not see it as a reasonable means of payment.
Presently, Nigeria is having a case with Binance which has caused Binance to halt every Naira transaction in the country. I wouldn’t blame them because I wonder why Nigeria will want Binance to pay a fine of $10b. Don’t you think that’s a lot of money? Aside from the fact that Binance is popular and mostly used in the world, it is Nigerians best trading platform and a lot of us are used to it but imagine now that we won’t be able to use it again. It means I’d have to start using other options like Bybit, Kucoin and all. It’s not favorable to me because I prefer Binance.
How is this policy affecting me?
The policy is crazy and unfavorable. If I decide to sell my crypto to retail traders now, they’d want to buy at a cheaper rate but on Binance, I sell at the exact rate and I withdraw successfully. I just hope I’m able to cope with the fact that we no longer have Binance here.
To be very honest with you all, I just have to keep pushing. I don’t have a reasonable online job and most of the money I make comes from cryptocurrency so no matter how unfavorable the situation of things may be, I just have to keep pushing and also making sure that I am able to make profit.
Things are becoming expensive and harder everyday so I am not ready to give up on cryptocurrency just because of some crazy situations. I’d rather go hard than to go home.
Also, I feel Nigerians can maybe plead with the government or Binance should plead with our government so they can bring it back. This is also affecting Binary traders and so many other people so we need to find solution to this.