Taking opportunities where others want you to fail

When things go wrong, sometimes you gotta think a little deeper and find some positive ways to turn the situation around for yourself. I gotta say, since our government cut us off from trading on Binance, I haven’t sold any of my Bitcoin. I mean I started my Bitcoin journey on Binance and got so comfortable there that I never felt the need to check out other exchanges. Honestly, I have a story about the impact of our government's move and what it meant for Binance users. Since that big change, I haven’t sold any of my Bitcoin, which is weird for me. A while back, I tried to see if I could adapt to other exchanges, but their layouts just didn’t click with me like Binance did. It was frustrating, so instead of panicking, I decided to just hold onto my Bitcoin since the market's been looking pretty good lately. Because of this whole situation, I find myself holding and even accumulating more Bitcoin than I ever thought I would. It has also taught me to be more responsible with my spending, since I’m not unloading my assets like I used to. It's actually more rewarding to stack up and watch my profits grow than to sell off at the current rising prices, especially with a big bull run potentially around the corner.

It's important you know that CEX  is not a right place to hold you bitcoin, take the initiative now to move your asset to a non-custodial wallet like electrum where you will have full control and responsible for your wallet as you will be the only holder and owner of your keys. Unlike the CEX platforms you have no possession of any keys and when it's not your keys it's definitely not your asset. Centralized exchanges are mainly good for trading after which you have to move your coins to your wallet, don't be a victim learn from FTX saga. I think this post will be suited in Bitcoin Discussion board or Beginners and Help board and not in the gambling discussion board.

This is not related to gambling discussion. You are not selling but hope you are not leaving your coins on exchanges? Have your coins on noncustodial wallet which should be what you suppose to be doing. If it is Binance that your government banned, there are other good exchanges like Binance that you can use.

With few replies from this thread, it for to my attention that the topic was not supposed to be here in the gambling board and sincerely I did not intend dropping this post here but in my local board Nigeria (Naija) at https://bitcointalk.org/index.php?board=275.0. Please I ask for the chances to move it over there because they are best to relate with the contexts of the thread. We are primarily here to learn and speculates the existence of Bitcoin. Thank you all!

It can also be in beginners and help board but if you move it to Nigeria local board, that is not also bad because English is allowed. But it is better you post your topic on the right board next time. This thread does not have anything to do with gambling, you supposed not to post it on gambling discussion board at all. Do as you want, just move it to one of the appropriate boards it should be.

Move this topic to the suitable board because this topic doesn't belong to gambling discussion board. If you don't know how to move it then check out the image below and then you'll be able to move this thread to the desired board easily. Go to the bottom of the page and you'll see that option of move topic. You can move it to Bitcoin discussion board, or Trading discussion board, or any other suitable board.

Are you saying you started buying and holding your bitcoin in Binance exchange? There have been several articles admonishing people not to use CEX for storing their funds, it seems you are not yet convince on this importance of using the wallet you control. Binance is good for buying your bitcoin but it is not advised to use it and every other CEX out there for storage of your funds. If anything happens, you may lose your funds. If the action of your government, like ban on some exchanges, is helping you not to sell your bitcoin, it may sound nice but I do not see that as something worth celebrating because you did not buy to hold out of your believe and trust in bitcoin, you are just being compelled by the situation you find yourself in. If you are not convinced to hold, it is just a matter of time before you sell your bitcoin.

I know your feelings, OP. It is very difficult to leave your comfort zone. But it is extremely important to do this. We must move on so that our study does not stand still. There are other exchanges that, from the first try, may differ significantly in convenience from the one you are used to. Nevertheless, they exist, and you should try to use them. As for saving Bitcoin from a temporary delay in your trading, then you probably yourself have realized some of the advantages of holding, especially in these current times. Try to leave some without spending or exchanging; after a while, you will enjoy the amount that you have quite easily accumulated.

Your Bitcoin journey through the whole government and Binance drama is crazy. Props to you for not freaking out and sticking with your Bitcoins. Holding on seems like the move, especially with the values going up. Can't wait for that big bull run and you'll be riding high with all those gains! Keep doing your thing in the crypto world

Mate, I suggest for you to move your holdings into a wallet instead of an exchange. If you are accumulated a lot of bitcoin and you are planning on holding for quite some time then you should definitely not keep your bitcoin into your exchange let alone a centralized one. A lot of things can go wrong. While I know Binance is a trusted and reliable exchange, anything can still happen. They have access to your holdings and can freeze your account based on their standards. If they get hack, you will also be on the shorter end of the stick.

OP, changes is constant, and we need to accept every change in our lives so that we can move on with live to achieve our goal. Binance have delisted Naira from their exchange does not mean that is the end of the world in your crypto transactions. There are other exchanges that might be comfortable with, it is just that you are reluctant to try them out, because you were disappointed with the one you tried. If it is cool with you to leave your coins and not to make your usual trade, then that will also benefit you This is because the price of bitcoin is currently pumping, and you will make good profit by next year. But if you must carry out your normal transactions, then you don't have any choice than to use a new exchange.

I don't think that is a benefit, you're actually in danger because your government is trying to restrict Bitcoin and it might ended up to ban Bitcoin. Since they know you're a Bitcoin holder, they might already own your Bitcoin information and they can do anything if they want. Moving to another centralized exchange won't solve the problem except no KYC P2P or DEX.

You words are contradictory. You said they are already in problem and you later said they can use no KYC P2P or DEX. Government can not restrict bitcoin, they can only ban the centralized exchanges and nothing more than that. If they ban the centralized exchanges, people will go back to the decentralized exchanges. I think what Nigeria government is about is not banning cryptocurrencies but to tackle what is causing devaluation of naira more than the rate their central bank set it.

The enemy you refer to isn't just the government, but also the exchanges that may want to claim any coins that's left on them, mostly if the government gets to ban the exchange from the country. As it stands, I don't think the government will ban Binance, but am certain they will be fined huge amounts of money if they intend to continue operating in the country. A wallet to HoDL any BTC or cryptocurrency investment is always the best advice, mostly one that is offline and does not connect to a wallet. This government may live in denial and be uncomfortable with the thoughts of how much BTC has done to save lives rather than cause the inflation of prices and food items in the market, but they won't admit it until another government comes into power and approves the use of BTC for transaction and payments.

Good realization on your end. But one thing that I have noticed is that you've been accumulating through Binance. I know that it's comfortable and easy to do with it there when you can quickly buy anytime as you wish if you've got money. But if it's possible that you can withdraw your Bitcoins there to your wallet, it's much better. The fees for a transaction there might vary but it's best to hold it if you can than keeping and leaving it there. Well, keep it up and do your own thing as you keep yourself in accumulation.

I don't think this post should be in the legal board, you should move it to exchange. The ban is a big blow but there are other reputable exchanges you can trade your assets aside Binance. I get it that you're already used to Binance and the idea of switching to an entirely new CEX may not be pleasing, but you've got no other choice. There are other good exchanges with simple UI, high trading volumes that supports crypto to fiat transactions you can settle for.

Just curious why you've never tried selling it via P2P or DEXs though. It can also help you with trying to buy and accumulate more if you want to after all, which is a positive thing as well. I'd say this is a pretty good opportunity to learn how as well as to know how to store coins outside of CEXs regardless of their "flexibility" as you described it. You can take your time learning it since it seems like you're still planning to hold anyway, and it's always the better option to learn an alternative, especially in your case where your main platform is already out of your hands. Also, this would probably be better in Bitcoin Discussion.

Storing bitcoins is a good solution, but I prefer to trade coins in order to monitor the work of exchanges and understand how to quickly sell coins if necessary. I prefer not to use exchanges with the KUS procedure and use the exchanges from this list. https://web.archive.org/web/20231108171939/https://bitcointalk.org/index.php?topic=5461917.0 I like MEXC, but be careful not to make transactions over $1000.