NAIRA, the Nigeria cryptocurrency that is currently trading 2nd largest in the world by volume of USDT.

50pounds to naira has been called ‘the Nigerian bubble’ as it soared from $2 to over $2000 per coin in a period of less than a month. It took BTC just over 6 months to go from pennies to $5,000 and ETH only 5 hours from pennies to dollars. The Naira has risen to 600% since it began but the value of bitcoin is still rising and will likely surpass Naira soon given their similarities.

1. This is not a cryptocurrency.

For those who do not know about cryptocurrency, it is a digital currency (decentralized currency) which uses cryptographic techniques to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. This Naira stuff is nothing but words and numbers created by hackers, scam artists and fraudsters to lure you into buying their overvalued product called NaiRA (NAIRA). They are promising you that the price will skyrocket soon but it’s all lies from their mouth. You just need to understand one thing: No government in this world will accept cryptocurrency as their official form of legal tender or a medium exchange.

2. Invest in bitcoin and forget about Naira

This is the best advice you will ever get from me. All those who still have a little bit of sanity left in them are already out of NaiRA. The price will surely go down to a few cents in the coming days, if not to zero. And no poor Nigerian will ever be able to afford even a cent buy of this coin. The traders, who are now dumping Naira for bitcoin, were amazed by its performance and were about to buy it when they realized that this product was created by nothing but mere words and numbers. They do not want their money stolen like the way they stole our money with their currency called NaiRA (NAIRA).

3. Who is the creator of Naira?

The creator, who calls himself ‘Dreux Down’ is a Nigerian who has been doing similar scams before with his ‘Cipher Suisse’ and other currencies. He created NaiRA using the same technique to lure Nigerians into buying his overpriced coin. Every time you hear about a scam, check out its creator first before investing in it. While some people don’t care, others just want to be wiser than the others and recognize deceitful conduct before it happens.

4. Is this a Ponzi Scheme?

It is. The Naira (NAIRA) is being used as a platform to generate money from other investors while they promise to pay them a percentage of their profits. The creator, who claims himself as the creator of Bitcoin, is already making millions out of this scam and he surely won’t stop there. It’s not hard to understand what will end up happening when the scam is exposed but it still gives me goosebumps that people could be hoodwinked with such an easy scam.

5. Are there any Nigerian crypto-currency trading exchanges?

No. There are only a few Nigerian crypto-currency exchanges in the world but none that accept Naira as its only currency. This means even if you wanted to sell your NaiRA, you won’t be able to unless you have another cryptocurrency to use as payment.

6. What is the eventual outcome of the whole situation?

It will definitely crash and burn. We have no option than just to hold on to our bitcoin until it’s worth 1000 bucks. The value of Naira will continue its exorbitant rise as more and more people are invested into it for real or not real reasons. A few days ago, the price of Naira rose by millions of dollars in a matter of hours. The creator has no intention of stopping until he gets every penny from us. Eventually, it will crash and burn as all other cryptocurrencies have done.

7. What are my options?

Buy Satoshi and hold on to them until they appreciate in value over time to a point you can cash out to another currency or buy bitcoin (buy Bitcoins).

8. Will Naira crash and burn?

If you have been reading ‘cryptocurrency’ news, you are aware that Ethereum crashed and burned a few days ago. Even Bitcoin is not far from crashing when the ICO bubble bursts. Although we cannot control our fate, it definitely seems that this cryptocurrency is seeing its end.

9. Should I stop trading in Naira?

Yes, stop and never enter it again. If you already have some invested there, take a deep breath and hold on to your coins (in case the price goes up) or sell them immediately (in case the price goes down).

10. Should I stop trading in bitcoin?

No, you should continue trading your bitcoin for other coins as it is one of the most valuable cryptocurrencies in the world.

11. Is this a scam?

Of course it’s a scam! There is no doubt about it. If you were to visit their website and log into your account, you will see that it has been altered from the original by replacing all the text with ‘NAIRA’. There is also a giveaway system where lucky people who enter their wallet address can be rewarded with additional Naira coins but it is clear that they are keeping 90% of all these coins while they dump 10% into the giveaway fund (NAIRA).


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