Topic: Bitcoin investment can reduce inflation for our country naija (Read 200 times)

If we dey talk about bitcoin and helping inflation, I dey wonder how e dey relate and that investment aspect too na individual e suppose help because say e go make you see something to sustain yourself if e go well oo, so some how individual fit run leave poverty when your investment go well. If naija government go invest on bitcoin say make e for help reduce inflation, how?

If dem want reduce inflation make dem do the right thing by fixing the economy. No be bitcoin carry inflation come and no be im go reduce am. Na bad leadership bring high inflation and na good leadership go reduce am by proper planning wey go increase export, increase GDP, increase external reserve etc .

But from what I am seeing currently there is no young teenage or youth that are not into bitcoin or that have not heard about bitcoin so whether government like to give bitcoin opportunities doesn't counts and makes any changes from how our country should be, I believe say we don dey suffer for past years but wetin make e come show too much now be say na now our eyes dey open.

There are lots of others we country have but people no put eyes that side so them dey enter site they focused on that side dey collect secrete funds wey supposed betterment we country but as no one cap and yan about money dem dey stole from us make be like say we no get anything wey go give us money and or even change our country situation. See make I tell you, Na our leaders dey kill us and if them ready to change we country for good you go see say we country go better pass Dubai counting from other mineral resources wey we get for we country.

I have been seeing similar post but my guy, this country wey you dey talk so na naija o. I don't how you think it but I'm telling you Bitcoin can't end this recession. Naira is falling and the government is doing nothing about it

First of all I will like you to know the meaning of the word BTC and it function.
Bitcoin(BTC): is a decentralized digital asset, that performs it's operations through smart contract and block chain technology.
Function of BTC: it serves as a digital medum of exchange, for buying and selling of goods and services.
Note. Nigeria economy is a currupt economy. and as a matter of fact, I dont see any reason Bitcoin investment can reduce inflation in nigeria.
Nigeria problem is as a result of bad leadership. The leaders only thinks of their pocket and how to enrich their unborn generations.
Nigerias inflation is caused by lack of production. Nigeria is richly endowed with numerous natural resource. Only focus on oil and gas.
      List of Natural resources in Nigeria
Gold, Lead/Zinc, Limestone, Oil/Gas & Salt
Cassiterite, Clay, Dolomite, Marble, Tantalite
Bentonite, Gypsium, Kaolin, Magnesite
Lignite, Uranium,Glass-Sand, Iron-ore, Phosphate, (tine ore), Columbite,  Wolfram, Barite,  Coal, Gemstone, Hydro-carbon, Kaolin, Bitumen,Feldspar, Granite,  Syenite & Tatiun, Marcasite,Butyles
Amethyst, Aqua Marine, Asbestos, Clay, Flosper, Graphite,  Hyanite, Mica, Rock Crystal, Ruby, Sapphire, Sihnite, Superntinite, Topaz & Tourmaline Pyrochinre & Tantalite, Amethyst (Topaz Garnet), Barytex, Barite, Feldspar,   Phosphate   Bitumen,   Columbite,   Talc,  Tourmaline,   Aqua Marine, Silimonite, Talc,Barite, Bauxite, Betonite, Bismuth, Cassiterite, Emeral, Fluoride Marble, Molybdenite, Phrochlore, Tantalite/Columbite, Tin & Wolfram, Flakes,  Potash, Silica Sand
   Soda Ash & Tintomite
 Cotton etc.

This natural resources needs to be looked into for more production . Farming is also another thing because without food we can not survive. Emagine when we import everything including food, how on Earth will inflation not consume us.
Bitcoin: has help many people starting from Bitcoin mining. many people became rich after mining Bitcoin. Today many people receive there btc through online task like bitcointalk. In conclusion Bitcoin investment can't reduce inflation, production reduces inflation. While Bitcoin reduces unemployment in Nigeria and other countries.

In the aspect of legalizing or adopting Bitcoin as a legal tender to fight inflation, I think it is a bit difficult for Nigerian to fight inflation or recession with Bitcoin, even though Nigeria government allows Bitcoin to scale through in their country, it wouldn't still solve their enormous economic defects, the major problem of Nigeria is lack of production to meet up with their domestic consumption, Nigeria virtually imports everything needed by its citizens and this keeps weakening the naira, most of this countries compel them to exchange dollar for transactions, the only commodity Nigeria has in large quantity is crude, this crude is exported to other countries by a means called direct sells and direct purchase system, a situation where Nigeria use their crude to get all petroleum product directly from the country or firms that they exported the crude to, taxes are involved, my question is, why is it difficult for the government to repair or even privatize the refineries as the case may be,  in this kind of economy bitcoin will only serve as a means of transaction and store of wealth for individual but when it comes to solving the problem of inflation or recession, is very big No for bitcoin here.

Do you know that our domestic and foreign debts are higher than our foreign reserves, what do you think, despite how convoluted our internal and external economic woes are, we can start from somewhere to make it right.

Sarcastic statement right do you ever think that 9ja government will make bitcoin or other cryptocurrencies to become legal?

Do you think the government ever consider or even give of thought to cryptcucrency being an escape from economic problem that os facing the country?

What are your mechanism or statistics that made you think that,  adopting cryptocurrency as this time will give the country an immediate relief from it current economic crisis and what are the possible measures you think that will achieve,  I think,  solving Nigeria's problems,  goes beyond just cryptocurrency adoption because the problem of Nigeria is not money,  but the problem is how to utilize the money for the common goal of all.

My gee wake up, you they for country wey be say to find money start business no be play, country wey be say 70% of the masses no fit just buy one btc commot mind for am then sleep peacefully. For you to think say investing in bitcoin go balance the situation of the counry, then e be like say na silver spoon dem carry born you.


No forget say the goverment na ojoro people full am e they sweet me well say the trust way we get for them they the lowest level since my papa thier time.

I don't think that bitcoin is capable of doing that and it is only the government of a country that can reduce inflation and shape the economy. Bitcoin is just a currency and not an economy changer,the only thing that bitcoin can do is to help individuals survive the high rate of inflation when you use bitcoin as a store of value to keep your funds from depreciation. Nigeria government is sick in terms of having a solution on how to tackle inflation and how to stable the economy,due to the high level of corruption and greed in the system. Nigeria needs to fix up our refinery so that they can start working,instead of taking our crude out to refine.

Inflation, bad economy or whatever we are using to refer to the high rate of poor standard of living and bad economy in Nigeria, these question is similar to this (the below link) and both would have the same replies.

Could bitcoin help Nigeria falling economy

If your meant to say allowing the use of Cryptocorrency in Nigeria will help to reduce unemployment rate, I will agree but I disagree on the aspects you mentioned how crypto will help to stop inflation in the country, but actually if I may ask how would crypto stop inflation in a country? I just want to no, no offense. The awareness of Cryptocorrency in Nigeria can only reduce the actual rate of unemployment in the country but cannot help eradicate the inflation, in times of Price inflation on commodities, whenever a price gose higher In Nigeria it can hardly come back to the normal level, so to work on that there should be a provision to implement price enforcement agency to help regulate and monitor price of commodities and penalize those that go against it, that's the only way to regulate that aspects.

If you check very well most of our currency doesn't have value again such as 5, 10, and 20 naira, you can hardly find something that's worth the amount because of price inflation.

Truth be told my friend, legalizing BTC in 9ja no go fit save our country from recession (i.e fall in the value of our currency) but rather if you invest in BTC or Dollar, it can save you and your investment  from recession (i.e preventing your investment from losing value due to the fall in the value of our Naira currency). Because there are several factors that make a country go into recession, such as when a nation rely more on import than they export, which Bitcoin is in no way a remedy to that, and as such, legalizing it will only create mass adoption, and sometimes a slight pump in price, but not saving you from recession.

Our country nigeria is suffering for economic inflation / recession and since this current president resume office in villa the course of commodities is going up everyday, so I dey say for we to buried this inflation forever, is for our government to legalized the use of cryptocurrency so that people will invest with bitcoin and also trade with bitcoin. But I dey see say if we want to balance this our country naija we have to invest for bitcoin. I wan make other people put mouth for this matter because the suffering is much and course of food's are high, let us give bitcoin chance and check weather if we invest with bitcoin things will normalize