Gm! Another day to take a sip of wisdom from Bitcoin. DO NOT TRUST, VERIFY! #bitcoin #stacksats #nostr #gm

Hoping to be a Bitcoiner soon… View quoted note →

Someone should tell the government that Bitcoin is the freedom people around the world are enjoying, and Nigeria shouldn’t be any different. It’s our tool to fight corruption, which is probably what they’re afraid of. Since learning about Bitcoin, I’ve never regretted it, and I’ll keep spreading the word to as many people as possible. Bitcoin isn’t something that should just be explained—it needs to be experienced.

Satoshi Nakamoto created Bitcoin to help the world, but he did it anonymously, and no one knows what he looks like. Over the years, the Bitcoin project has grown a lot, with many people from around the world contributing to keep it going. Bitcoin has become even more powerful, and it's becoming a tool we can use to fight corruption. #bitcoin #btc #nostr

It's funny that some Nigerians know what Bitcoin (BTC) is but don’t understand sats. A friend was having trouble withdrawing his BTC because his balance wasn’t enough to cover the transaction fee. When I met him, he was worried because he needed the money for school expenses. I suggested he use the Lightning Network since the fees there are lower. He didn’t know about it, so I explained how it works. I was able to help him withdraw his small BTC balance and trade it on Bitnob. This made me realize there are probably many others facing the same issue, and I’m now thinking of ways to help them from afar.

While looking for ways to earn sats online by completing tasks, I found a platform called microlancer. It's similar to a freelancing platform, where people post jobs for freelancers willing to work for sats. During my research, I found a job where the poster asked for someone to create a LinkedIn account, verify it with their own ID, and then send the login details to the poster, this actually shows the completion of the task. This seemed like a scam to me! Why would anyone ask for an account verified with my personal ID and then expect me to hand over the login? No way! Many tasks on the platform seem sketchy, or maybe I’m just misunderstanding them.

Can e-Naira accounts be blocked? For what reasons? Yes, e-Naira accounts can be blocked. Since the e-Naira is managed by the Central Bank of Nigeria (CBN), they have the power to block accounts for different reasons, such as: - If the account owner is involved in illegal activities like fraud or money laundering. - If the user breaks CBN rules or regulations. - If there is a security risk, like hacking, the account may be blocked temporarily to protect it from unauthorized access or loss of money.

Are there exchanges to buy e-Naira? You cannot buy e-Naira on exchanges like Bitcoin or other cryptocurrencies. The e-Naira is a digital version of the Naira, issued and controlled by the Central Bank of Nigeria. To get e-Naira, you simply need to download the official e-Naira wallet from the App Store or Play Store, and convert your regular Naira into e-Naira from your bank account or through approved e-Naira agents.

Did the government use incentives to promote the adoption of e-Naira? The Nigerian government has used different incentives, like removing transaction fees, and has thought about using the e-Naira to pay people through their social welfare programs. They have also run public awareness campaigns. These efforts are part of the strategy that has helped more people start using the e-Naira over the years.

Is e-Naira convertible to Naira? Yes, it can be converted to Naira at a 1:1 exchange rate. Users can convert their e-Naira to cash by transferring funds between their wallet and their local bank accounts or through e-Naira approved agents around their vicinity.

Is e-Naira been used for online transaction or in physical shops? Yes, the main reason for creating the e-Naira is to make both in-store and online payments easier. Although people have been slow to start using it, the government is working to get more shops and people to use the e-Naira for daily payments.

Looking back on my 5-year journey studying Computer Science at the polytechnic. I have much more on my mind to share, but I'll just mention a few: As I look back on my five years at the polytechnic, I feel a mix of pride, memories, and a strong sense of achievement. It was a time of personal growth, academic challenges, great friendships, and many lessons that went beyond the classroom. I want to take this chance to thank God for allowing me to be one of the chosen. I'm grateful to my parents for their guidance and support in helping me get an education. I also want to thank my supporters, @Street Cyber and @Flix. These two helped me with both financial support and academic advice. They also worked hard to help me succeed in the bitcoin space today. I can't thank you enough, and I want you to know that I truly appreciate everything you've done for me.

How does e-Naira compare to paying with bitcoin? e-Naira is a digital currency that can only be used for transactions by people and businesses in Nigeria. It is controlled and managed by the Central Bank of Nigeria (CBN), This means it operates under the control of a central authority. Bitcoin, on the other hand, is a decentralized currency that can be used worldwide.

How do people access e-Naira? The main way to use e-Naira is through the official e-Naira wallet created by the Central Bank of Nigeria, which you can download from the Play Store or App Store. There are two types of wallets: one for individuals and one for businesses. Users should pick the one that suits them best. Once the wallet is set up, they can start sending and receiving payments with it. #cbdc

Have been able to provide answers base on my own understanding to some of the questions here and will be answering others too. View quoted note →

A poor boy with an iPhone from Nigeria 🇳🇬 says GOOD MORNING WORLD! #nostr #gm

Is the issuance amount of e-Naira known? Yes, the issuance amount is been known and managed by its Regulators (Central Bank of Nigeria), and it isn’t public available to users in real time. The total amount of e-Naira in circulation always fluctuate and we only get to know the total number of issuance in periodical release statements from CBN that provides understanding of the total value of e-Naira in circulation. #cbdc

How transparent is the e-Naira? e-Naira transactions are not very transparent because the public cannot access the transaction data. Only regulators and the government can see it, possibly to protect users' privacy. #cbdc

Which companies are developing e-Naira? The Central Bank of Nigeria partnered with Bitt, a global financial company, to help bring the e-Naira technology to life. How much privacy does e-Naira have? Its operation is similar to the usual process of sending Naira from one bank app to another. As far as I know, e-Naira's privacy is very different from digital currencies like Bitcoin. The security in e-Naira mainly comes from KYC (Know Your Customer) requirements, encryption to protect user information, and it follows Nigeria's laws and regulations.

What tech stack does e-Naira use? The e-Naira, like other digital currencies, was created to improve security, privacy, and transparency for its users. The exact technology used to develop the e-Naira isn't fully known, but research suggests that common tools like Distributed Ledger Technology (DLT) and Hyperledger Fabric are likely part of it. DLT helps ensure transparency, security, and that data cannot be changed, and it supports the two-tiered system the Central Bank of Nigeria (CBN) uses. Hyperledger Fabric, on the other hand, is a blockchain system designed for businesses and organizations. #cbdc