Topic: Bitcoin adoption can grow faster if it is used more as digital cash for payment (Read 107 times)

Many people today, including myself have grown tired of the normal fiat we use for daily expenses and transactions because it has been devalued twice and still has no good value as compared to Bitcoin which is a globally known currency and has value almost as gold and has good potential of making an investor a millionaire in no time with nothing more than a good plan, eyes and attention on the market and a source of funding no matter how little.

For now, for Bitcoin to be accepted for payments legally, it has to work with our local Fiat banks or should I say the CBN of our country so as there would be a balance in the economy and in the administrative offices as a whole.

Even though the knowledge and skill to trade and transact with Bitcoin is more rampant in our society today, the government would have to finally agree first before it can be used openly without police and financial agencies hassling either the business owner or the individual who is caught trading P2p or using it to make payments for goods or services rendered and received.

And I wanted to mention that everytime the government of any nation tries to come up with the so-called idea of fighting the bitcoin (which I still don't really see that happening), they end up making the technology more popular and adopted by thousands more people. It is like you mentioned, no government can truly fight the entire existence of the blockchain technology because that's really something that has come to stay. They can only fight the part that suits their interests, like fighting the centralized exchanges in Nigeria or other ways of it. I have come to the realization that whenever the government tries to fight the bitcoin, there is almost always a thing of an interest to the particular government.

You are absolutely right and that will just make Bitcoin to grow more faster, no doubt.. most people really join into crypto especially Bitcoin is because of the high value, not that they are really depending on it but they invest for a long term is because of the future incase if inflation still increases, so that they won't be stranded or go bankrupt.
So they want to prepare themselves, so adoption of Bitcoin can't make it to grow faster, as it can only make some people to back down due to stress if there is a network downtime and can even cause more havoc in our society by the government.

Bitcoin adoption in Naija na something wey we know say dey grow faster no doubt about that one.Satoshi created Bitcoin as a method of payment wey third parties no dey for the transaction and early adopters con figure out say na dis same Bitcoin if we hold am for long term e go give us huge profit returns dem con gat adopt am as an investment pass the method of payment.
Both method of payment and investment dey contribute to the adoption of Bitcoin just that we humans when we don find out say something dey give us more returns pass the other we go just put the other one for corner no be say na greed oh but na our nature.

If you search for countries that have the most investors of Bitcoin, you will notice that Nigeria is amonge the country that is recognized to have majority of citizens with crypto knowledge and investors.

So, if you are referring to only Nigeria base on this your title, "Re: Bitcoin adoption can grow faster if it is used more as digital cash for payment"  Then I think you are wrong because the country has a significant number of people who are investors of Bitcoin or other altcoins, while those who doesn't also have money to invest are engaged with different airdrops to earn free crypto.

Despite the fact that Bitcoin is not a legal tender in  Nigeria, I am aware that adoption and wide spread of Bitcoin knowledge in the country is quite astonishing and even better than so many other countries. I even read on this frum that there used to be a Bitcoin ATM in one of the states but it's no more.

We have seen the good side of BTC adoption, that is bringing progress to those that adopted it for their people to use grow their businesses and it has made many people to introduce it as payment which many customers prefer BTC payment than Centralized currency.

Like El Salvador which is the first country that made BTC legal tender in their country, it has brought so many foreign investors into the country  for their people to use BTC to buy any kind of goods and services they want to buy and pay with BTC, which their people are very comfortable with decentralized transactions.

I don't think Nigeria government can be friendly with cryptocurrency, because some of the leaders we have in the country, don't want to understand cryptocurrency than to make it unfriendly to Nigeria people, but those that understand cryptocurrency in the country will continue to use it to accumulate profits to make progress in the country.

Hahaha...who tells you that Bitcoin is no longer profitable to the HODLers? They are sure to gain from the HODLing activities, it all depends on the price they strike the coin and how they can maximise their investment through the right speculation and fast decision-making to know the time to invest and divest. Also, those who are true HODLers do not have anything to worry about as far as Bitcoin is concerned since they are not so particular about the immediate money but the future money. And as Bitcoin is, I do not think it will fail in that regard in the farther future. But don't forget, regulations and many more were bitting when Bitcoin crossed $20,000, and $30,000 and moved to above $70,000 from last year till now, so how is the regulation bitting?

Regulation and Bitcoin appreciation don't relate, and even in those countries that ban crypto, their citizen and residents are still exploring some means to participate in Bitcoin investment, even though more countries have not banned it yet, still, the level of adoption is what it is, why can't more adopt it even as billions of people still have access to it lawfully, so there is more to it. The decentralised nature of Bitcoin is even enough to disregard the government's regulations if that should be the case as people may use their coins actively without the knowledge of the government if they want. For me, that's not a good excuse, but that of the high fee is a very good one. Nevertheless, people may still use other cryptocurrencies, except that they will avoid Bitcoin for some obvious reasons which are its cons.

Well, you are right that if more merchants are accepting Bitcoin, it could be a reason for more people to adopt it. But still, there are two important factors to look at in this regard, and they are the Merchant and the Customers, so it is not about the merchant alone. Even if the merchant allows it, are the customers willing to pay through Bitcoin? I personally doubt that because Bitcoin has a problem of its own and one of them is the fee I mentioned earlier. Bitcoin fees could be insanely high, which is coupled with the dollar rate.

Okay, let's just assume that the average transaction fee is $1, which is about N1,450 equivalent to NGN. Don't forget this is a local transaction. Wouldn't you prefer to use Kuda or OPay which would make the transaction possible for free, or one of the commercial banks that will complete your transition with about N50 or less than going for Bitcoin? This is discouragement on its own.

Of course, you are right, who no like better thing? And that will be the easiest way to convince people about cryptocurrency and beside we are in 21st century, where children want to know or be part of everything they see adult doing, no body wants to left behind. And you right, about people who are investors cause of the high rate of cryptocurrency, if not they won't be interested but if Bitcoin is used for cash payment, it would some people to be more happy and it also makes some people to be more consistent and reliable when it comes to bitcoin.

Bitcoin have gone beyond the level of adoption as it is now 14yrs+ that bitcoin was lunched and its adoption have increased rapidly. People have being given the opportunity to buy bitcoin from ETFs which has also increased the popularity and adoption of bitcoin compared to when bitcoin ETF was not launched. What I think that will increase the adoption of bitcoin the more is not only by using it as a means of payment but also to enlighten those people that don't know about bitcoin potentials, so that they can also adopt bitcoin and increase the number of bitcoiners. It is impossible for a small scale business to use bitcoin for payment or accept bitcoin for payment because of the transaction fee which is not encouraging when BRC-20 token are congesting the blockchain.

Oh yea this is what I wanted to say but just realised I didn't make it clearer like yours.

See people never realise say dis p2p shut down on foreign exchange by our government nor go fit stop us, we nor go ignore the stress from moving from one exchange to another but truth still remain say we go still survive, adoption go still raise, one easy proof be say how many be reason say them go fit moved on from Binance if nor be this p2p issues, in the end we go always dey move

If we look into the Nigerian government issue well, e no be crypto dem dey against perse at least for now. Wetin dem dey do na on P2P transactions against naira, so whether na btc oo , tether oo , Ethereum oo etc, dem deactivate such transactions from exchange wey be the platform for bulk selling or exchange of dollar and dem erroneously believe say e dey make Naira fall but dem no sabi wetin make dollar dey fall na because the demand for dollar dey high from every corner. Although e dey affect people wey dey easily move to and fro exchange but other means still dey to transact on P2P.

To say the Nigerian unfriendliness dey affect crypto adoption or growth, I know think so despite say Nigeria na top dealers in crypto, it only stopped P2P business on naira. So people wey still get crypto like bitcoin, Ethereum, BnB, etc are still doing their normal transaction without any hitches. If you want buy btc or sell you do all that without issue. When China dey against crypto mining around 2017, wey btc dey around $1k - 2k, it didn't affect bitcoin and now see where price dey.

You really captured the meaning of this thread, more people hodl Bitcoin because it is a valuable asset, not because they have the intentions of using it for payments of goods and services, that is why someone can hodl Bitcoin for years and never spend it to purchase items in the market. This is why I believe that unless people changes their mindsets and begins to use Bitcoin as a medium of payments, it will predominantly be for investment, meanwhile it is using it as a digital cash to buy and sell that I believe will increase the adoption.

Government do not need to approve bitcoin as digital cash before you can spend it. It can be spent pseudonymously. As I have a friend abroad, we can easily sent bitcoin to ourselves instead of wire transfer. Bitcoin transaction is still very cheap than wire transfer and also it is faster.

The mempool has been less congested since many days ago. With 12 sat/vbyte right now, I can send 1 input and 2 outputs with just $1.15. That is very cheap for some people.

In just less than one and a half decade, bitcoin marketcap is over $1 trillion and many people have become rich from it. We do not need the government to make it a digital cash before we can spend it.

Nigerian government unfriendliness towards crypto P2P transactions, not crypto transactions. Bitcoin and other cryptocurrencies are still legal in Nigeria and you can make use of other means that the government do not against. I am just making something clear, not that I am implying that the government are right in what they are doing against P2P transactions.

The Nigerian government are against centralized crypto P2P transactions, they are not directly after centralized exchanges.

The Nigeria government unfriendliness to cryptocurrencies doesn't affect crypto transactions, they are only fighting against centralise exchanges which shows how blinded they are by greed and ignorant.

People have various views of bitcoin which include as a means of payment, a store of value, an edge against inflation and others, which they can backup with prove base past occurrence but all these are just still part of  Bitcoin. They're still increasing Bitcoin adoption.

The matter of government doesn't really affect Bitcoiners for using bitcoin as a means of payment instead it's the scalability issue which became worst after Ordinals though Mempool is not really congested as at now and we can also use the Lightening network for a lower fee for small transactions.

This is not really true, its rather base on individual preference, here In Nigeria the government is not really in support of cryptocurrencies and Bitcoin base on how they're acting but if  two Nigerians can come to an agreement to use it as a means of payment then it can be used.

There have thread on our LB were members post about going to shops were bitcoin are accepted for payment

Maybe true but it all depends on the country to accept it as a means for payment before it can be used which is quite impossible currently. Meanwhile a lot of Bitcoin users are into Bitcoin because of the value, inflation has not decreased for some years it has been a concern to countries globally and the only to be safe is to have a store of value. Many have seen that Bitcoin never decreases in value as time goes by rather it gains more value so there is high adoption of Bitcoin enthusiast because of the store of value. I am convinced that if the price of bitcoin increases to 100k there will be more adopters in the system.

Satoshi Nakamoto, created Bitcoin, as a decentralized digital currency, to serve as p2p transactions between two parties, where there will be no third party interferences. Meaning that there will be no bank intermediaries in the transaction process, giving the payer and receiver of Bitcoin, freedom and privacy.

Bitcoin is a store of value and this realization has made most people that hodl it to be for investment purposes only, as long as they hodl it, the value will keep increasing. I believe that this is one of the reasons why it is no longer profitable for the holders to spend it as payments. The matter of government bans and strict regulations have also made Bitcoin not to be used as digital cash, also the network congestions that we something experience when the mempool is congested is discouragement because of the high fees.

If more business people are willing to collect payments in Bitcoin, and more Bitcoin holders are willing to pay with Bitcoin, then the adoption will grow very fast. But these reasons that I mentioned are some of the disadvantages to the adoption as a digital cash for payments. An example is the Nigerian government's unfriendliness towards crypto transactions. What are your thoughts?