Topic: Adopting Bitcoin as a global payment method. (Read 200 times)

No be for nigeria wey you talk that kind of thing, the government of Nigeria is against banks to embrace Bitcoin or accept Bitcoin as means of payment,I don't know were you obtain this information , adopting bitcoin as a method of payment is still illegal in nigeria and it all this mini business that does that, a big business like marketsquare can not accept Bitcoin as way of payment because they have license and whatever so whoever that accept Bitcoin as means of payment is doing that base on they want to and it will be done illegal not like we expected

CBN e-Naira has no bases or clear objective as far as I am concerned because what they need to put together as a cryptography technology is not really there ans there a no real initiatives in the technology meaning no clear cut future plans together with the digital currency. I feel like it was more of a propaganda from the side of the government to downside any other cryptocurrency majorly adopted by Nigerians at a time. What I was expecting from the e-Naira initiative of the central bank of Nigeria was a Stablecoin like the USDT that can be used in the centralized exchange globally and revenues can be tied to it
 

Literally Bitcoin was created to be decentralized when making transactions and to also reduce the charges that normal banks do charge their customers but currently, Bitcoin is instead chosen to be an asset for value hence people are now preferring to store it (HODL) and leave it to generate profits within a long interval of time. I agree with you that adoption of Bitcoin globally will not be an easy one since government are always interested in everything that is been discovered to also be a partaker. But which ever way the government likes let them fight cryptocurrency but cannot fully succeed in hijacking the system because the aim of creating cryptocurrency is already going towards achieving it's goal.

Despite that majority of people are now using Bitcoin for investment but it didn't stop the digitization of the currency as people and some countries have even started the adoption of Bitcoin to buy and sell things through digital means. Our greatest dream will come to reality will bitcoin has been accepted globally and put an end to inflation.

Bitcoin can only be adopted individually or institutionally but countries individual countries can adopt it too but the thing is that some countries may not like to adopt it for personal reasons, although Bitcoin is growing it relevance and outreach globally but there are people who still see Bitcoin as unrealistic means of payment or transaction respectively, as peer to peer means of tarnsaction and valued asset that bitcoin is, we should not forget that bitcoin transaction fee is also a problem of its own in bitcoin and i think it high time bitcoiners consider this as a major disadvantage because this may hinder people from investing in Bitcoin, just imagine when you are buying something at the rate of $5 and your transaction fee is $2.5, this may prompt you to desist from making use of the system for payment, but I believe with time, things will be modified in the system to reduce this stress caused by high transaction fee due to ordinance.

If Bitcoin is to be used on online purchasing of goods and services, also for various business transactions,that was part of its original  aims , without involvement in various countries money policy it will definitely be adopted.
But coming down to local currency makes it difficult whereby most countries don't want to accept it because they feel it will affect the traditional banking system where most of them have control over their does and don't, they will not be free with the operating system, a lot of illegalities will be adjusted in terms of finance,like we all know, Bitcoin can't be controlled by any entity .

It has actually been a disturbance since bitcoin holders had been experiencing the highily transaction fees and I agree that has also caused a serious hold of users who have just little value of bitcoin in their portfolio not to exercise the practice use of bitcoin for payments within this our locality.
Although we can't say it's totally irrelevant because there're still big values of bitcoin holders and stores that uses it for payments without bothering.
This is definitely not an encouragement to end the use of bitcoin for payments because there'd be an ease to the blockchain during when there'd network congestion free after the rewarding of miners.

For me, e no fit dey possible although e go good I and e go make sense but e no fit dey possible and at times e go fail us or frustrate us in terms of network or low battery and we won do something e important, e go really worry us, na e make e go good even as we go adopt crypto as method of payment, make we also leave fiat as e dey because e dey help us when we get emergency or network downtime, so that even if wetin we won do require small money, we go just fit solve am instead of going through process before the thing fit dey done.

Bitcoin was invented as a method of payment and to eliminate high transaction fees in a transaction.But the whole thing turned around when it's value was discovered that this same bitcoin if it's stored in a wallet for the long term will return huge profits.Adopting Bitcoin as a method of payment has to do with the sender and receiver's personal decision.Bitcoin adoption as a global payment method in Nigeria simply means not all citizens would want to receive their payment in Bitcoin because most people still have the belief that bitcoin is a scam and a space where illicit activities are carried out.Bitcoin is more of investment than method of payment let's just look at the spike in transaction fees left alone it's discouraging.
Op I gat your points but at end run you made more emphasis on CBDCs instead of Bitcoin.CBDCs are still the fiat we use in our day-to-day transaction because they are digitalized doesn't mean that they aren't issued by central banks.

Central Bank digital currency? Won't the government be in control of how transactions are handled? For me all this are just strategies to include the government in crypto transactions as against the decentralized objectives. The government banks are already losing it as most people are considering moving their funds to invest in cryptos so the government are deploying every means to make sure they will have a cut of the cake IMHO

1. There is no clear framework to protect users against fraud right now because transactions on the blockchain are irreversible. At best, we'd just need them educated about the possibility of double spend attacks that are common in a merchant-customer situation.

2. The world dey currently evolve and soon, we fit see banks adopt Bitcoin instead of to try and integrate and adopt their own CBDCs. Why reinvent the wheels when bitcoin already dey? E fit affect the unemployment rate that much but we'll have to see.

Another thing I never see anybody mention yet be say to make transactions with bank cards cost < N100 per transaction but each Bitcoin transaction cost around $1 on average. Imo, this number need to dey lower because no be everybody go fit afford am per transaction.

You try broda.

But Omo any banker wey still no want upgrade him tech skills and digital knowledge, na him do him self. Dem no go use because of few people dey draw plenty people down. If e reach where e reach say dem now get readjustment unto regulation then dem con use through bank and exchange, anybody wey no upgrade, make them sack am   Every body now know say the moving train na cryptocurrency and we know go wait for any body wey dey want pull us back. Na the good of plenty dem dey consider pass the few and that's why the majority dey pull carry more votes.

Bank staff or not unto say dem go lose their jobs for crypto matter no mean, afterall people don dey lose jobs dey come, AI self don take jobs out of more people and life still dey continue. A proper thinking youth or young elder wey never train pikin finish at least suppose try to put their head inside crypto while dem still hold on to their jobs because na the movement wey we dey like this. As we see now say more awareness don enter for crypto space and with this new wave of mining through telegram don increase the knowledge across many people. Some people never go bank since 3 years now and them dey use crypto and do online transaction through bank app, just transfer to pos and collect cash. The bank self no dey too dey make sense for people, people wey dey frequent there more na those wey get paper work to do.

Di subject na about Bitcoin, but di content of discussion come add cbdc, dem two no be di same, Bitcoin na cryptocurrency while cbdc na fiat. Aldo di similarity wey dem get be say di two na digital transactions dem de for.

Bitcoin adoption don increase rapidly and many people don de hodl am now, some businesses don de accept am as payment, but im use as a digital currency to take make payments no be di reason wey many people take hodl am, and dat na one of di reasons wey di adoption never circulate as e suppose to. As Bitcoin na store of value, many holders no de like to spend am until di value increase for dem to sale and make profit. I believe say cbdc wey be fiat digital currency go fit to also boost di chances of businesses to de accept Bitcoin, unto say na digital currency too.

My ability of understanding you and the Op is that the Op is a little knowledge and was speaking on the general theory on potential used of bitcoin for alternative means of payments globally and it's potential to take dominance due to the fact that the banks has been bunches of failures and excuses during when processing transactions.

Getting you right, it's true that bitcoin investors who are not so boomed of holding hugely on their digital assets who also deals on processing bigger transactions during means of payments are the once enjoying the flexibility this use of bitcoin for payments due to the fact that they don't regret the excessive transaction fees comparing to little Investors like I'm.
It's hard for me to proceed with it and do also the little traders in who're willing to accept bitcoin means for payments are also comforting profits and looses still referring to the transaction fees.
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Bitcoin is not alternative to the already existing payment medium but rather a complement to it in some context.  Even though we understand the limitations that's popular with the fiat and general banking systems, let's not forget that we still need them for simple and straight forward transactions. Considering bitcoins worth, using it to buy simple stuff like recharge card or subscribing your phone isn't possible at the moment unless you convert into back to fiat. For it help in easing international transportation, it could serve as a substitute to the fiat and general banking system in that context but when we bring it back to using it for local transaction, it becomes a disadvantage to Bitcoin.

CBDC is still going to be regulated by the government and that makes it totally centralized and not different from the general banking system. The concept is just to create a digital currency that's going to be regulated by the government as a replacement to Bitcoin that's 💯 decentralized. So as to shift people's attention from Bitcoin to it but you know that for the case of Nigeria, it only get popular at the time it newly came out but no one is talking about it at the moment and the society is living comfortably without it as though it never existed. With the use of Opay and and all these micro finance we have at our fingertips, CBDC had to possibility of gaining popularity over the banking and mobile banking systems not to talk of the being a threat yo Bitcoin or the crypto ecosystem in general.

this is not just peculiar to Bitcoin but affects even the banking systems. As long as the financial sector is concerned, cases of theft, hacks  and fraid is always going to be part of the system. It's only left for the user to decide to be safety conscious and be intentional about putting the necessary safety measures in places to ensure that his funds are safe.
if what you're trying to say is that Bitcoin adoption will increase the rate of unemployment, the you're being one sided here. Even now that Bitcoin hasn't gotten an open acceptance by our country, do you know the number of People that are currently making a living through the system? If you allow any technology that's coming up at the moment to take your job from you, it only goes to show that you're not ready to be responsible for your job security. Fin tech came in and it's almost as though all Nigeria have shifted into the use of fin tech but band are still functional till date. The worls is global and accommodates everyone that's innovative enough to move with the trend in the technological sector.

Bitcoin was designed for P2P transfer itself and it can be used but if we can use Bitcoin to buy product or make payment for our daily use? A big no as it has become irrelevant for payments for daily usable or utilities due to sky high transaction charges and we need to accept the fact that Bitcoin is only used for huge transaction not the smaller ones else it will eat up the transfer amount as charges.

I think this thread is about bitcoin and not about CBDCs. CBDCs are nothing more than fiat. They are centralized and completely controlled by the government. Many people do not make use if eNaira when they see it as fiat and nothing more. I still prefer to make use of those Microfinance banks and Fintech for frequent transactions because I only have little amount of money in my bank accounts.

That was one of the main reason of creating bitcoin but and you can see it in the bitcoin whitepaper and stated it there clearly that bitcoin is created to buy or pay things online as P2p but that option of creating bitcoin has be truncated. And adopting bitcoin as the global payment method and accepted by governments in the world will not be easy because government is fighting any cryptocurrency company that dealing with privacy. But to some extent bitcoin is already using by many companies in the global arena. So you can send money to someone in another country through bitcoin with less charge.

As it is said bitcoin was to buy things online but base on the store of value and the profit in it, many have engaged in investment and leaving the side of the paying things digitally. So now everyone is involved in investment to maximize profit. Once bitcoin has been approved for global payment method then the world inflation will reduce because dollar will not control the prices of goods and services again.

Due to some unfavourable banking experience some persons are embracing crypto currencies like Bitcoin as a alternative payment method, Bitcoin is becoming a payment method beyond just Trading and hodling it,  broker services like Octa has already increased its volumity.
 With the launch of some central bank digital currency in countries like Brazil, India,China and even Nigeria are among a few of this countries. While some other countries are still looking into a possibility of launching theirs, these central bank digital currencies will change the whole concept of global financing as more users and accurate, reliable and effective digital banking experience Wil be seen worldwide.

I won't leave out the challenges facing this system, which includes

1. The users must be protected from online fraud cyber theft, which can lead to loosing his or her digital assets.

2. It might add to the recent employment rate we have, as many bankers and bank staffs will loose their jobs.

Am open for correction and more explanation,