The surge in Crypto space beginning with the known BTC though many claimed that it is not the first cryptocurrency but to me it is the most popular took the world by surprise. Many did not believe the new way of making some money and investment that came through the cryptography space. When BTC came to the space back in 2018 I was just graduating from high school so I knew nothing about it. May that got the news earlier and didn't take some steps to embrace the invention came to regret their actions later on. From my varied studies I came to understand that BTC was as low as 1 dollar that someone who have the good idea would have made a massive improvement in his life. When I came to know about crypto a little I was already done with university studies that was in 2015/2016 as ponzi schemes came into the sigh. As at then I was ready to invest into the space but I had no one to guide me through saving my keys and all that. I got some volume of BTC as we speak I can't trace how I saved my keys. All I have down to retrace the app I used have proven abortive so I just have to cope.
Cryptocurrency was just making a new wave in my country as people could freely send money using P2P and putting the narration. Coming to the previous bull run there was a serious ban on crypto trading in my country Nigeria, infact the government went as far as freezing everyones account who is found trading crypto currency. Trust our smart youths, they went ahead to discover other means of helping themselves. Now exchanges developed the P2P mechanism that registered members of their community who has passed through the Know Your Customer system can trade with each other. One thing lead to the other, just last year after the elections in my country the government came out to say that crypto trading is generally accepted and began to lift bans on accounts which brought much relief to many except me.
I told most of my friends not to be carried away because the government was up to something. Just months into their resolution the music have changed. The Federal Government of Nigeria placed a ban on Binance and sanctioned them with some billions fine that Binance have contributed immensely to the poor performance of Naira to Dollar, this sounds so ridiculous because our economy have gone so bad that an average person finds it difficult to eat 3 times a day. Someone said in a skit, that last year someone converted $3,000 and it gave him 1 million naira just last year so he put it into fixed deposit, coming into this year, he got 1.1 million with 100 thousand naira as his profit then he went to convert it back to dollars and it gave him $750.....this sounds funny but it's real. Our naira experienced massive bull run before the bull run.
Just yesterday binance went ahead to say she will depeg naira USDT trade and that anyone that has naira should covert it to another coin or fear Lossing it. This is not going down well with me at all. I got more angry with the whole thing when I saw a twit calling on the Central Bank to block other exchanges trading naira to dollar in the country and the writer went ahead to mention all the exchanges including the ones I don't even know.
If the government should go ahead to block other exchanges trading Naira in this country, it will not shake me so much because for a while I went ahead to learn other ways I can trade my crypto's. It will affect me if they temper so much with the network.
For affecting the crypto market, few days ago I was just meditating, I said to myself that as if the move by the Nigerian government brought about a rise of most coins starting from the BTC to ETH and others. This may be funny but it looks true, had it been is USA or China that made this move, ahhh, the market would have been bleeding so much by now but truth be told, nothing changed to the negative rather it has been from one green candle to the other to the point that BTC got to her ATH before the Bitcoin halving and still maintains a good resistance.
For the way forward, everyone should just get more wisdom on this space. DYOR, I said this because most people here I see don't go out to source for more knowledge on how the space works. Nigeria governments pronouncement is not a dead sentence, as we no gree for anybody, we move regardless.
Thank you for stopping by my blog. This is my entry to the hive learners contest week 104 edition 2 and will also serve as my entry to the #marchinleo monthly prompt on Crypto News and Cryptocurrencies Around the World Exchanges. Do check the announcements for more details