Topic: Anoda Tin Wey Dey Slow Down Bitcoin Adoption For Naija (Read 196 times)

I follow u agree say ebi some kain skepticism wey dey surround dis bitcoin matter. Asu talk am some kain Ponzi schemes wey don happen before make pipu lose money nd e no easy to tell which one na scam nd which one na legit. But as e dey happen with every new innovation we go need time to understand am well well nd fit make wise decisions. Ebi important say make u do ur own research wella nd make sure say u understand wetin u dey do before u put ur money for anytin whether na bitcoin or any other investment.

This matta wey drop make sense well well, and as dem talk am say "seeing is believin" na for African man Dem make that talk for.

The tin wey the really make people dey fear to put their money for tins like dis na becos of the past schemes dem wey don com clear people money wey Dem entrust into their care without having to see  physical office and at the end no body talk anythin or even government sef no even make investigation to arrest the perpetrators dem. The countri com be lik sometin wey anybody fit do anything run comot and nobody go hold am accountable.

So if we like tins in this direction wey OP talk, tru tru e go really hard for people to wan invest for bitcoin as Dem no dey carry eye see office n management too. But I sure say continuous enlightenment go change some of Dem narrative especially d younger ones ,becos if na only the old men and women den mk we forget am, cos those people hard to confuse for money mata lik dis.

Correct talk, bros. Plenty Nigerians dey fear to put money for digital platform because dem dey reason say if anything happen, dem nor go fit recover their money. But as technology dey advance, e dey make transaction easier and safer. For bitcoin, e dey important make pipo learn about am before dem fit invest their money inside. But if we dey fear to try new things because of lack of physical office, we nor go fit enjoy all the benefits wey new technology dey bring.
Make we encourage ourselves to learn about d different ways wey we fit take protect our money when we dey use digital platforms. If we dey fear to put money inside, we fit start small and learn as we dey go. E no go make sense if we go lose opportunities because of fear.

That's just a mentality that some people have cultivated, and I can say that it's really helping some of them not to fall victim to what their fear is, but I agree with you that it could be a factor in why some people are not yet investing in Bitcoin in Nigeria because they think Bitcoin is just an imaginary asset, like my friend once said that real Bitcoin is only owned by some sort of expert and not by common person. But also, going into Bitcoin and having some misconceptions along the way is better than not even trying to invest at all, unless someone is fully ready to accept whatever result they get from their investment.

You dey correct ooo, d time wey I  start bitcoin, dey come get one of my brother friend wey see me dey press phone, him come ask me Wetin I dey do, I tell am say I dey trade, him come tell me say make I explain give am, as I explain give the guy finish, my guy No believe ooo, actually the guy No really go school, him say e no possible make you dey buy and sell things wey you no dey see, if you see d way d guy come dey advise me, him talk say make I dey careful say dey go carry my money run say all those things na lie, you no fit dey buy and sell things wey you no dey see and you no sabi who you dey sell give and who I dey buy from. I no matter Wetin u tell those kind of people about bitcoin dey no go believe.

Weting you talk about d OPAY matter na true, because our people especially those ones wen no get knowledge about all those online stuffs too de vigilant about this Opay, and their main talk na Them no get any physical office so why will they put their own money their.

If we relate d matter go Bitcoin adoption, some they talk say na ponzi scheme that e go soon cast, but those of us that are knowledgeable about Bitcoin do invest and trust the process.

I don’t know weda dis talk na propaganda or not, but even dem OPay people talk say dem dey licensed under Central Bank of Nigeria. But some people for CBN still dey follow talk say dem no get any license, I just surprise how dem go dey use CBN name lie in na true dis CBN people dey yarn about the matter. Moving d money to your commercial bank na d best you fit do make you avoid losing all your funds if dem crash d way people dey talk about them.


This talk naso as you talk am, na d way you reason am na him e be. Person wey no fit trust dis OPay with their funds, then they can’t trust bitcoin to save their money in. Bitcoin security dey very high and not vulnerable to attack like all these online banks. Some online Ponzi schemes don come even after bitcoin and dem no dey exist now again. But bitcoin still remains and have not being susceptible to scam investment in any way. All we need na correct dissemination of information to the public about bitcoin and tell them how oda cryptocurrencies can’t be dependent on like bitcoin even if they show high ROI in a short time period as a way of luring people into investing in them.

Most market men / women are not technological inclined. They see anything done online as scam especially when it comes to money, they believe in only physical money but this is from ignorance and skepticism. But you can't blame them because some of them have been a victim of online scam

One thing wey I think say we for consider na exposure. No be everybody wey dey exposed to modern innovation and technology for we country. You see some people if you like talk to them from January to December about something wey them no fit adapt to or say them never too see people  around them dey talk about am or use am my brother no worry just forget am because you go talk tire nothing go come out and this experience na with mostly elderly people for the country wey dey exhibit that attitude just as @cryptoprenuerbrainboss talk say some of them na as a result of the experience wey them get from some Ponzi scheme in the past naim dey make Dem dey fear and lock up like this wey make them no dey give in for anything wey dey related to such financial technology except na young guy wey dey into tech or a little exposed to innovations.

I believe say bitcoin adoption no go be mata for Naija youths because me I know say Dem get sense and them know what's up about technological innovation and so therefore go quickly adapt to am but just be say no be all of them get asses to funds. Wey Dem fit take run the parol like to buy smart phone, computer and even to subscribe to network na war but I believe say with time things go stew very well.

I believe say na fear dey make some people no dey wam save money for some of this online banks like Opay, if you check well the Matter been don come out say our federal government go soon shut down the services of this online banks but the online banks still go on air go inform their customers say that news na fake and government no fit shut dem down because dem get all the requirements wey dem ask dem to get.Relating dis matter now to the adoption of Bitcoin in naija, I go fit assure you say no be because Bitcoin na something wey people dey do online dey fear people na because of the way wey our government dom paint the name Bitcoin black in the minds and faces of people, if you watch well, most of the online banks na young people be their major customer same thing with Bitcoin investor for naija here so once dem understand say Bitcoin no be bad thing or scam believe me even mama and papa dem go like invest.

Other physical investment wey people invest no crash and some of them self dey registered under our government but nothing don happen since dem carry people money run but I never hear say another person carry person Bitcoin investment run unless person wey dem scam unto say the person lose-guard with em security informations or enter places wey em no supposed enter.The only reason wey I think say dey really affect Bitcoin adoption in our country naija na because our government no want make all of us dey in control of our funds since dem no get access to monitor all our investments.

The two things wey you dey compare dey different my brother, OPAY dey centralized, whilst Bitcoin dey decentralized.

Mind you say na lack of knowledge they make people talk something like this about OPAY, if you get issues via your commercial bank and you go bank go complain, abeg no be form you go fill, dem go come tell your how many working days dem go take resolve your issue, you go come go house.

OPAY don make things easy for people, yet dem no want am, if you get any issues with OPAY, you go just enter for your app go lay complaint, if e dey necessary customer support go give you form online make you fill, and dem go still tell you how many working days dem go take solve your issue. If you call dem for phone dem go still answer you and provide solution to your problems, so abeg tell me how e take dey different from commercial banks. Naija people seem to forget say OPAY dey registered under the CBN and they are a licensed company, so dem no fit loseguard your money. Bitcoin dey different from the two of them because on how you lose am ehn, e don be for you oh, hardly any remedy dey.

First of all no blame them, many people suffer something from ponzi schemes era wey finish people savings and na since dem people begin lose trust for anything wey be online and no get physical location. No forget plenty people still dey see Bitcoin as ponzi scheme or anything wey no get physical shops as ponzi so e go hard for them to trust am and you no lie na one of the reasons e go hard us to adopt Bitcoin without the approval of the government he dat. Since government no give Bitcoin a go ahead, people go still dey see am as the ponzi wey dem been dun label am before.

Also na the price volatility dey fear people too, for the fact say you fit get 1 million today and when next you check your account, na 100k dey there dey fear people pass say you fit turn your 100k to 1M anytime wey bull market dey. People still get the mentality say Bitcoin need people to they come into the industry like downline for the price to continue to go up. Them think say na dat kind business wey need new users so they old users can sell to the new ones like pump and dump schemes, people still dey think say na so Bitcoin be.

Many misunderstanding dey contribute and you no go blame people because Nigerians dun see shege for this online businesses hands. Governments just adopting Bitcoin no go do, alot of enlightenment needs to be dun before our older people go begin dey believe in Bitcoin, youths sha no get problem.

Na beta reasoning be this. One point wey I fit include be say, make we reason the generational difference. Millennials and Gen z no fit get this kind trust issue. Our oldies always need special convincing before them fit even sit-down listen to watin you wan show them, and na if them Sabi you or like you enough to express yourself.
I bin don get one kind issue with OPAY too. Transactions show failed but I get debit. After we com try to reach out to them on their Whatsapp group and with patience wey we practice, they reverse the funds. The oldies wey dey close to me wen this thing bin happen, gat learn from my experience and I sit-down educate them Wella.
I wonder when my Bitcoin knowledge go grow reach the level when I go begin teach others. Na oldies I go teach pass o.

This people you’re using as a reference belong to a certain age group and are more keen to technological developments, this is a small group of individuals when compared to the nation’s population.  The commercial banks are far from perfect, but they have been able to build trust with the people. Even though most p2p traders  prefer to use online banks for faster transactions, they still use their commercial bank account for savings. The market women do not have the technical know-how to manage all this.

I also share in your reasoning that ignorance is one of the key factors hindering bitcoin adoption in Nigeria. The other thing is the inclination to traditional monetary policies, average Nigerians do not believe in anything that lacks government control. They believe everything done through the internet is a scam and this hasn’t helped the bitcoin situation, coupled the fact that bitcoin is ROI they see it bin taken down sooner or later. Even this Opay story by OP have seen many individuals that also don’t trust it before it was licensed by NDIC. Even if bitcoin is to come to Nigeria Today without it under government regulation there are some that will still avoid it.

Look at the case of centralized exchanges, many people still use it and save funds there because they just want to have someone to blame when something goes wrong. They don’t want to take responsibility of things by themselves or are scared of trying out new things, such is the case of this woman

you day correct well well, dem no go fit bitcoin unless an strong condescension nai go make di peson believe sae Bitcoin na gud thing. Den one thing also understand from op be sae, na our duty 2 also tell dis market piple about bitcoin. Dat one na di orientation and di awareness we fit give dem. Na very big barrier bi dat. In my locality na only me be di bitcoin user unless I go 1 township before I go fit see 2 or 4 pesens who day use bitcoin. So di p2p is not possible  4 my area for now. There was a day, a woman asked weti bi bitcoin bcos she see am 4 my banner. Den explain  to her and she was satisfied and thanked  me. So if we he di opportunity we should tell dem.

People that are converting from naira to bitcoin or other crypto, to naira from bitcoin or other crypto are mostly using those online banks. Many of the commercial banks do not only fail us with slow transaction time with customers not seeing their money in time, they also try to cheat some customers who hat no say. Click on the links below:

N63,000 Deducted From Union Bank Account Didn’t Get to Its Destination
Union Bank Debited Customer Who Wanted to Withdraw N20,000, But He Got Nothing

Banks are generally centralized. There are some failed transactions that some customers may later forget after not able to threating the bank with lawsuit. If we can see this, definitely what I am implying is possible.

The banks are not even this thread discussion, the discussion is about what lessen bitcoin adoption which is ignorance. If the person is not ignorant, she would have thought of moving the money from the online bank account to her commercial bank account if she is afraid of online banks. Online banks brings conveniences to crypto users in Nigeria.

The woman no dey wrong to reason like that, e dey risky to use bank way no get physical office, true true if e happen who you won hold responsible, early this year kuda been get small issue with withdrawal for some days, the way people start to panic until kuda come resolve the problem. Some people still dey look bitcoin like mmm or all this online investment. Na based on bad experience way people don get na make do anything way be strictly online. But if them fit understand how bitcoin dey work many go like am pass the opay and even traditional banks. The problem with bitcoin adoption for the country na digital illiteracy.

It is indirectly related to bitcoin adoption and I think too that lack of knowledge is just one of the reasons some people do not buy bitcoin. Someone that believe in commercial bank and not able to have little amount of money on an online bank can not have the knowledge and mind to hold bitcoin on a noncustodial wallet.

Dis thing happen to me yesterday. I go buy some food items from my customer. When I wan pay using OPAY because we don already establish say OPAY dey fast for transactions. If d money go, e go and if the money nor go, e nor go. This one na one of the reasons wey make us like to dey use. Back to my tori, I ask the mama whether she get OPAY account, she say no. I ask am why she talk say, OPAY nor get physical office so if anything happen to her money, she nor go know where to go or who to hold. I just simply tell am say, she nor need leave money there for a long time na as the money enter she move am immediately go her commercial bank account.

This one nor be the first time wey I dey hear we naija pipo make this statement - from both young to old people. As i sidon dey reason everithin wetin just come my mind be say these set of pipo wey dey wait for physical office nor go fit get mind invest in bitcoin at all o. And, e come dey obvious say dis one na one of the barriers wey dey slow down bitcoin adoption in Nigeria.

How una see d matta? I get am correctly abi una get another point of view wey I fit reason am from?