31/01/2018
After going through the article on which senate deliberated concerning Bitcoin and other Cryptocurrencies, this is my submission below
A national assembly that cannot spot out the difference between Ponzi schemes and the technology behind Cryptocurrencies Pitching Bitcoin with scams like MMM is utterly pathetic. Sorry if I hurt your feelings about the said MMM but my stand on MMM being scam will not change until someone puts forward a superior argument. Sadly that discussion won't be allowed here as this space is strictly for Cryptocurrencies alone. Back to the crux of the matter.
Bitcoin runs on the technology that will undoubtedly change the world. It's a revolutionary technology sweeping through nations and the effects are unstoppable
Now, I really I'm not gonna delve into the supremacy of Blockchain technology over other forms of record keeping as we all know the immutable nature of the blockchain ledger which Bitcoin transactions are registered on. Cryptocurrencies run and foster decentralization which of course will win over Centralization.
Now after the hulla balloo and the mumbo jumbo the senate engaged in yesterday this is what I have to say
1. The National Assembly of Nigeria or even the Congress of the United States can't stop the proliferation of Blockchain otherwise they would have shut down the internet a long time ago. It's become even a necessary evil for them as most of their activities and even their economy runs virtually on the power of the internet. Now if the internet can't be shut down, then the blockchain revolution can't also be toppled.
Now we must also look at the other side of the Coin Nothing much to say about what they cant really do.
What can the Nigeria government do?
They can freeze accounts of those who goes against legislations of those indulging in such activities
They can ban her citizens from participating in ICOs just like the People's Republic of China and the United States have barred her citizens from indulging in such activities
When transacting in Cryptocurrencies and receiving or sending money through your bank accounts, ensure you don't tag the transaction ad crypto
This can of course be challenged through the judiciary but you can save yourself this brouhaha by being discreet as much as you can should a legislation be promulgated against Cryptocurrency Meanwhile there's not any law globally barring anyone from trading in any exchange, so if you're barred from the exclusive privileges of participating in any ICO, simply wait for the coin to be listed on an exchange and then you buy.
To crown my advocacy in preparation for any unforeseen regulation or ban of Crypto by the government in the near tomorrow, I always advise Crypto traders and investors to *have a strategy of profit diversification.*
If an investment of $100 produce $10,000 in a long term duration. Taking 50-70% of the profit to invest in a physical project or investment is a very good idea. Like farming, building, landed property or anything related that can keep giving back continuous income.
My opinion anyway....
