Nigeria tries to ban crypto trading

[notimp]

https://www.dw.com/en/nigeria-cracks-down-on-cryptocurrencies/av-56569955

So the second biggest market in terms of daily transaction volume for BTC behind the US dries up, and the BTC price curve does that:

Two options:

1. All traders laugh about Nigerias enforcement attempts.
2. BTC as a currency equivalent is so far outstripped by speculation, that no one even cares about the second biggest market in terms of trade volume breaking away.

Fun.

 

[The Real Jdbye]

There is no way Nigeria is a bigger market than China.

 

[seany1990]

Now if only the rest of world did the same so I could buy a GPU at some point within this decade

 

[notimp]

There is no way Nigeria is a bigger market than China.

https://qz.com/africa/1947769/nigeria-is-the-second-largest-bitcoin-market-after-the-us/

In trading volume. As in people using the thing for anything else other than putting it on a virtual shelf and looking at it (and telling their neighbors how valuable it is). Or for large 'one of' movements of value.

edit: Also, BTC mining in China is not very decentralized:
https://www.forbes.com/sites/rogerh...ining-centralization-of-bitcoin-and-ethereum/
edit: See also: https://www.bloomberg.com/news/arti...k-operations-are-controlled-by-five-companies

edit2: More easily digestible information. Nigeria has a young population with a high smartphone proliferation, and because of lets call it 'the state not investing in ifrastructure development', the adoption of digital payment solutions is high. (Think: No local bank, but many people interested in 'online banking'.) The countries currency is devaluing. The average Nigerian cant easily buy USD - so if you earn income, what do you do with your money, if you know - that it will be worth less tomorrow? Install an app. Make your business partners install an app. (Not paying taxes, not disclosing income, ...)


edit: Article to the video:
https://www.dw.com/en/nigerias-cryptocurrency-crackdown-causes-confusion/a-56547374


edit: On the chinese market situation:
https://www.investopedia.com/tech/what-role-did-china-play-bitcoins-decline/


edit: *Bwahahahaha*

Some Nigerian cryptocurrency users aren’t happy about the directive and have said they plan to continue using cryptocurrencies by using methods that are harder to detect and stop.

Moving to 'peer-to-peer'
Some users think they can get around them by not using centralized exchanges.

Ehm, yeah - good luck.

https://www.coindesk.com/bitcoin-cant-be-stopped-nigerians-look-to-p2p-exchanges-after-crypto-ban
--



edit: Just quickly looked at the comparative values on coindance (tradevolume in local currency), and the Nigerian Neira there accounts for about 10% of total trading volume.
https://coin.dance/volume/localbitcoins

Fun.

 

[The Real Jdbye]

edit2: More easily digestible information. Nigeria has a young population with a high smartphone proliferation, and because of lets call it 'the state not investing in ifrastructure development', the adoption of digital payment solutions is high. (Think: No local bank, but many people interested in 'online banking'.) The countries currency is devaluing. The average Nigerian cant easily buy USD - so if you earn income, what do you do with your money, if you know - that it will be worth less tomorrow? Install an app. Make your business partners install an app. (Not paying taxes, not disclosing income, ...)

That.. actually makes a lot of sense.

 

[notimp]

That.. actually makes a lot of sense.

Still trying to wrap my head around - how at the same time this can be correct:
https://news.bitcoin.com/50-billion-cryptocurrency-left-china-trade-wars/

Thats after the ban was already in place.

So probably transfer into other regions, but not cashed out (transfered into any local currency, as registered by big exchanges).

edit: Holy mother of jebus!

Of that in chinese yuan:

src:
https://data.bitcoinity.org/markets/volume/all/CNY?c=e&t=a

see also:
https://medium.com/blue-poles/what-...ll-us-about-the-chinese-currency-ccc8a3bdfef5

 

[Julie_Pilgrim]

Now if only the rest of world did the same so I could buy a GPU at some point within this decade

Decade? That's pretty optimistic