Topic: Bitcoin after dem approve ahn and info about a scam (Read 115 times)

In my estimation, I think it would be an anomaly if "masses" like you said all adopt bitcoin. However, if 60% of the masses accept bitcoin then it is a win for Nigeria. And I guess you know that since the majority of Nigeria's population, the masses comprises of youth, I will state that our "the masses" masses problem isn't really a case of skepticism, rather, it is a case of "brokeism". There's no money to even test the waters.

All transactions exists on a public ledger that be viewed by any Tom, Dick, and Harry with the right understanding of how to access it.


Absolutely nothing will happen to the naira. Maybe its value will increase as there will be less dependence on the USD.


No. Bitcoin would be another e-Naira project if it becomes controlled by the CBN(central bank of Nigeria) or the NSE( Nigeria stock exchange). I do not think this would ever happen.

Nigerians are not even accepting the new digital Naira, how do you expect the same country to accept bitcoin?  Up till today, I am shocked that we could exchange (BANK/DIGITAL) NAIRA FOR NAIRA (CASH) in Nigeria like P2P TRADING . In my opinion, Nigeria is not ready for bitcoin acceptance as a legal tender because so many people will get rich and poor very quickly. People in NIGERIA KEEP RAW CASH IN THEIR HOUSES. The current #500, #200 and #1000 notes NAIRA swap in Nigeria is a proof to this claim. Maybe we should Restructure our system again. We are good in that. Lol. One Love!

The aftermath will be handled when bitcoin is approved in the country. And those who are skeptical about local banks are not because of the banks but because the cutting rate and the stress to get back their money. But there is no stress on bitcoin withdrawal, and there is no queue in bitcoin. So when the time comes the orientation will be given to them with the government policy, you will notice that everything will be moving smoothly. With cryptocurrency, politicians will still embezzle without caught. That one is even more easier for them because there is no central processing Unit to detect the the transaction flow by the backs unless the politician uses through centralized bank transactions. But if he uses p2p then there is no trace.

Chairman thank you for the alert, this one suppose be topic on e own, as more people for see am well although you inputting it here is also great, I never encounter them for my side but how i go take know na, I never go to buy new phone recently as my phone still strong and e dey deliver. Sha I pity victims because the way the country dey now na awoof dey hurry man to participate since e go fit commot small burden for we head. Anyways I hope your uncle get justice when this people are caught as if them continue the same surely one-day dem go enter one chances demselves.


As for topic, I think we no need stress ourselves, when that time come things go work out itself, plenty people go accept am immediately government dun make am legal and better enlightenment dun begin happen. Na lack of enlightenment of the people make eNaira no sell but you see Bitcoin, no worries na people go begin do the enlightenment for the government.

For politicians mata, dem no go get easy way unless them use privacy coins or use mixers but assuming dem use Bitcoin as e dey, we go fit dey observe wetin they enter and commot their wallet if we sabi their addresses, blockchain na public eye and can be easily audited unless cash wey dey traceless. Nothing go happen to price of goods and Naira go still dey, we just dey accept new payment method so no much effect unless the government start dey invest in Bitcoin itself by buying. I believe dem go just put am under illegal tender so na CBN go over see that area.

The price of goods would not be determined by bitcoin but bitcoin will actually help us in some ways like bringing more foreign investors, Tourist, long lasting crypto and Web 3 companies.
OP, thanks for the other info but those who fell for it only because of greed. [/list]

I believe say na mostly people between the age of 15-45 nai go show concern for bitcoin if government give go ahead say make bitcoin be legal tender. Just carry for mind say market women no go collect bitcoin for your hand if you won buy foodstuff, who dey sell garri for market dey reject normal bank transfer na come bitcoin. If government want make e work, them go need do better sensitization for rural areas and still do commercial for tv way go explain how to create bitcoin wallet, and send and receive bitcoin. 
Nigeria dey catch politician way tiff money before, them dey tiff money with fiat since nothing dey happen no be bitcoin go make them escape the law. How many times we don hear say politicians dey get warehouse full of cash, I see videos during Covid where one politician house catch fire when people finally off the fire…na different currency note them dey see for the house.

E no go affect price of goods and services because na import we dey import everything from abroad so na dollar we dey exchange with. No expect things to dey cheaper or more expensive because of bitcoin.

I feel many will accept bitcoin because they will be able to trade freely with it. Right now many people actually have its knowledge but the lingering fear that the government could seize the funds in the Banks of the investors just like February 2021 is what scares them away. More so there few people today that only believe in government oriented stuffs so government approval will reduce that fear and many will definitely invest.
Reason why most people are scared of banks is because they don’t sometimes have access to their funds whenever they want. The unnecessary charges at the end of the month and also many more but with bitcoin coming to correct most of these flaws like the easier cross border transactions.
Sadly this is still a big challenge that even bitcoin network is hard to solve. Just like the fiat system bitcoin can only be traced when it passes through a centralized system.
It wouldn’t affect the naira and price of goods that much but international trading currency like the dollar will be affected because many people will rather trade with bitcoin than going through the hassle of converting naira to dollars. This could affect the demand of dollar
SEC will be the body that would try to regulate it but they can’t regulate bitcoin because it is decentralized. The only things that would be regulated are the centralized exchanges and many people will also find a way to trade on DEX

It's nice you were able to ask questions on some points you seem not to fully understand rather than assuming you knew, falling astray, and ending up losing your funds. So here is an answer to some of the questions you just asked below.

Those who know about Bitcoin will keep accepting it, the truth of the fact is that majority of the people who still sees Bitcoin as scam today is simply because they have no clue how it works, because if eventually it's legalize today, I'm sure there will more enlightenment to those who have no clue how it works, and as such increase it's adoption.

Yes, for sure it will be a large means for politicians to embezzle funds if they want to, but that shouldn't mean the reason why we wouldn't want to take part into the new era of monetary transaction.

The price of Naira or goods is not tied to Bitcoin, so I see no reason why an acceptance of Bitcoin will have any influence on it, unless only if traders would will just want to use that as an excuse to high prices of goods, just as we saw in the case of P.O.S agents few months ago during the new Naira note redesigned policy.

As a legalized digital currency of a country, I'm sure if Bitcoin is fully accepted, then it will be under the control of the Central bank to regulate any centralized exchange that might be integrated for the use of buying, selling and trading Bitcoin, since we all know that the government not it's central banks can not have control over Bitcoin.


So I hope I was able to make some sense?
So if there is anyone who will like to add or subtract to what I just said, you are highly welcome.

There is no youth today in Nigeria that doesn't know what is called "Bitcoin" and if i am not mistakenly, people have been using bitcoin underway for transactions in Nigeria except that bank now set a restriction on not to transact an associate our details with cryptocurrency.

There is no way such would happened without banks questioning where such amount of money being transferred to and for what reason. And even if is possible there are some exchange addresses that could be track, such as Binance, if there were heavy funds transferred to binance btc deposit address such address can be reveal to binance for audits and to verify identity of the owner which might likely expose the politicians.


Everything remains normal, rather btc will ease and reduces stress while making payments and those who wishes to accept bitcoin may starts accepting in their local shops and business centers. Naira remains our Native currency.

There will be no external body or agencies that will regulates bitcoin in Nigeria since its decentralized currency and not even the government of Nigeria will control bitcoin. So this has been the main issues that is why Government have refused to legalized bitcoin and makes it a legal tender.

Thank yo for sharing, I believe we have our fingers crossed if there is anything similar that may come up anything or whenever. We should be very careful with some offer and bonuses.

Today this thoughts flashed my mind .How would the people react when Bitcoin is accepted by the country. I realised that even approval of Bitcoin shouldn't be our only concern but also the aftermath. Like
1. How many of the masses will accept bitcoin? since some people today are skeptical about banks not to mention a digital currency.
2. Would politician's not have an easier way in embezzling  funds without been caught?
3. What will happen to naira as well as the prices of goods?
4. Would Bitcoin be under the CBN(central bank of Nigeria) or the NSE( Nigeria stock exchange) or would a new regulatory body be created?

So am curious on your thoughts on Bitcoin in Nigeria, if or when approved.


P.S  not related, but felt like I should let the house know.There are certain group of people acting like agents of Techno selling phones for #40000 with promise that you would be provided power banks, Solar umbrella ( which I never knew existed), bags , tables and chairs. Their focus are mainly on business men and women stating that their reasons for the promo is because they are trying to advertise their product called wikoo(Yes wikoo not wiko which I couldn't find online and the product is mehhh). To cut the story short they are scams,my uncle and some others in my area fell victims.
But I think their bank account was shared. One of their name is ojo using Stanbic Ibtc bank. Can they be tracked with this? because I know someone that even bought 3 (#120000). It happened in Edo state, so don't know if they have been to other States or are going to other States, so thought I should share it.