Topic: Bitcoin is Good but it cannot replace our Naira (Read 305 times)

Well, matter like this na wetin I don reason tey tey, I believe na something wey most of us here don join discuss about fort the main bitcoin discussion board, bitcoin na good alternative currency we fit stand by the side for whenever any body need am, but say e replace fiat completely for our society, that one no fit work for the now, not even in the next 30 years to 50 years..

And one way we go take believe this be say, though things expensive Nigeria now, but e get things wey still cheap pass the worth of 1 satoshi, if I decide to buy something of 100 naira for instance, I won con pay with Bitcoin, e no make sense at all say I send 10 naira worth of bitcoin, come spend like 2000 naira, or even more on transaction fees for the transaction confirmation on the blockchain, e no make sense at all, this na one of the reasons why me know say bitcoin no fit replace fiat completely, e go fit just act as alternative for when person won big buy something wey worth 10s of millions of naira, for that kind business, person fit pay with Bitcoin to avoid bank charges and bank account limitations.

Make we take for instance before and after we get this new naira circulation issue for the country many traders especially for market say dem nor dey accept bank transfer because of scam wet people dey do with am, and no be every body get bank account, so make we relate this one to Bitcoin for we country, e go hard well well for Bitcoin because scam sef don dey for Bitcoin transfer wey go actually reflect for your wallet.
So my point na be say comparing the time it take for one transaction to be validated which is an average of ten minute, e nor go easy for market, Bitcoin cannot fully replace naira note

Even if the government agrees and decided that BTC becomes our new money... Alot of citizens would still be against it.
Many Nigerians find paper money easy to acquire and keep than BTC. There's the risk of keeping it safe  and securing it In wallets and many other factors hindering the replacement apart from the government. So let's face it, Bitcoin can't replace naira ( maybe not now, not sure of what the future bestows though). Although, instead of going far to replacing daily purchases, Bitcoin should be seen as an asset and an alternative currency as that is what it actually is.

The more important things be say our governments never fit accept am, nah only us way see the light inside am nai dey fit know how we dey take make good use of am, but e go get how this economy go bad reach even if you get 1btc self the price of things for our country go make am be like say e no worth anything because of the bad economy, I know no wether you dey get my point! And again BTC no go fit replace naira anyday no matter how the economy go bad it can be possible because the government have to accept it First before it can try to be replaced but it can't be possible at all, Bitcoin get en own purpose and naira self get en own purpose.

Em no get as person wey be a Nigerian wey go begin to the reason sae bitcoin go fit be a substitute give naira, after knowing fully well sae our governments no d in support of bitcoin, many people never understand wetin bitcoin be, and some still d take bitcoin as Ponzi scheme

That one na certain. I believe sae such a thing go happen one day. When em happen many Nigerians go d happy sae the government of the day later accept bitcoin for em citizenry to use as another means if payment after so many years. I just d anticipate for such a day to come by as quickly as possible. Maybe em go fit happen for Tinubu government or the next upcoming government. Time will tell sha

Just like the scenerio here. Bitcoin na like alternative to payment system . Even for country wey don legalize am , them no still throwaway their own fiat currency. E go still dey dere for person wey want use am. As we experience during 2020 for COVID-19 and this last Naira design for January, February, March, na very good alternative for men wey sabi wetin dey. The thing make sense for P2P. Imagine person get cash willing to receive btc from you back then, omo your mind go happy no be small. So nobody dey talk say btc go come replace local currency but na to give people choice of privacy.

Where Bitcoin wan from take replace Naira? The best wey fit happen with Bitcoin is for people and businesses to dey use am as payment option, I mean together  with other ways of payment.

The thing dey surprise me when people only put plenty attention for Bitcoin as a currency without paying attention to wetin we fit achieve through the technology wey dey behind am wey be Blockchain. For instance,  the technology done prove to be very effective in security,  medicine and other areas. If we fit put eye take study and research how we go take apply the technology wey dey behind Bitcoin for our institution,  I believe say e go help us wella.

Bro... You no need doubt because e don already happen. Bitcoin don replace de national currency of El Salvador and no be new thing, na mata wey don reach like 2 years now. From wetin we dey read for media, as dem take adopt Bitcoin as legal tender e come help put the country on de spotlight and small small e com dey attract foreign investors into de country.

LN no too dey hard like dat, na one of de best thing wey happen to de bitcoin protocol and e dey easy to use and very fast. Even if e go take time small, we hope say e go enta naija very soon and e go help many businesses for de country. De main barrier na our government but from their body language as we dey see am dem don dey give crypto greenlight small small.

One of the major set back for Bitcoin adoption in general such as the lack of internet services in most places in Nigeria and also the lack of the Bitcoin technical know-how that will allow for easy of access to Bitcoin,  is Bitcoin will indeed not and can not replace Nigeria naira and if anything close to that bitcoin can only plays the alternative role.

So Bitcoin is a decentralized alternative currency to the naira and there is no doubt that the government will continue to fight against Bitcoin since most Bitcoin transactions are in taxable and at that the government will constantly push against the usage of Bitcoin.

Fiat currency for every country na dem identity be dat, diafo I doubt say bitcoin go fit to replace any fiat currency for anywhere in di world, including Nigeria. Na alternative e go be for every fiat currency, based on say im de decentralized. Even if we adopt di usage of bitcoin for Nigeria, and you wan buy small items for shops, di high transaction fees na real gbege. And di lightening network sef, na anoda wahala to understand.

I just de hear say dem get bitcoin ATM, dat one for really make sense if dem get am plenty for Nigeria, e go help and encourage people to de use bitcoin for payments.

I don't think BTC can replace Naira in our country Naija because there are some villages in the country who don't know what BTC is all about, and if you find yourself in such community or area, it will be difficult for you to convince them to release the goods for you to transfer BTC for the exchange of the goods. One thing i believe that, it will soon happen in our country Naija, is legal tender which I know that our government is seriously working to ensure people start accepting BTC and crypto in their different businesses in the land soon.

I believe say change dey constant. If to say person tell me say time go come when I go buy orange from aboki and e collect transfer, I for nor believe. The tin I dey try talk be say, time go come wey the govt of the day go accept Bitcoin as a form of payment to take support the existing fiat, but how soon, naim I no know. Many people dey sceptic about using Bitcoin unto say e no get infrastructure but I feel that na sentiment.

Some economic experts feel say Bitcoin no suppose be somtim wey contry go use as legal tender and say nah those wey their economy dey shake fit adopt am, and the way I see am, naija follow. At present, the naira to a dollar is #865 for black market and I sure say e go go up.

Bitcoin no go fit substitute our naira or come close because we get a long way to go. First, our government neva really take a good standing on crypto mata. Secondly, we lack de necessary infrastructures to support de use of Bitcoin. Apart from P2P, no oda way to use Bitcoin for our country. If you go developed countries like china, for instance dem get their own Chinese Yen wey be the number one currency and de most accepted medium of payment for goods and services but u still no need to enter big shopping mall before u fit use Bitcoin or any other crypto currencies. You buy small tin for street Bitcoin POS dey to carry out de transactions, abi na Bitcoin ATM machine wey de scattered everywhere?

Coming back home... As we big finish na only one Bitcoin ATM machine wey we get and I no no weda e dey work. Lightning Network nkur?... I no no weda e don enta Nigeria abi e dey trek de come for road. So wit dis points of mine..  I can beat my chest and say Bitcoin no fit substitute de naira currency.

The Nigeria we grow up and know is no more. The one we have now is artificial. Irony is displaying everything president comes to the country as a leader. I don stop one of my businesses because there is no money to collect in di bank and dis cashless policy e don crashed many businesses in kwantry. POS business is not like before again because many retails stores owners who were patronizing this POS bots are now using their personal POS for their business transactions so customers also take their cards to the retail shops and do the direct travel. Bitcoin just came to the monetary system so it will not just over take the Fiat Currency like that. Fiat has been in the system for a long time so people cannot just leave Fiat to bitcoin the matter. Bitcoin might take over Fiat only on the new generation.

Country way way dey devalue dia own currency make e no bring economic growth 4 d nation & make d pipo no benefit from am, dem no go gree give Bitcoin chances to com in na. No b say Bitcoin no beta pass our naira oh bt dis wicked leaders dey c d Bitcoin and other cryptocurrencies as intanationa trading currencies ay be say e gt d potentials to give u more dan r amount u gt 4 ur wallet. Naira no dey grow 4 bank bt Bitcoin fit grow 4 wallet.

Who c beta tin & e no welcom am dey eida blind or e dey ignorant 2 good tins.

I go give una my businez update in concerning my strategy on hw I want posses d masses 2 trade wit me on Bitcoin & if una folo my awareness, dem gradually we dey nock dis wicked papa razy govts out our decision making 2wards Bitcoin.

Summary: Bitcoin gt value and productive pass our Naira & dis govt gt foresight reason an finish na y dem give Bitcoin bandry 4 dis contry by brodas & 6stars, if d govt no want change 4 gud, make we change d govt. Go 4th & trade wit Bitcoin wit pride.

My senior oga, this one for work oh but the people wey dy inside this contri dy like things to happen sharp sharp even the transfer of our naira dy delay and people dy para say them no see am wen dem do transfer con be Bitcoin, something wey many people no know about and how e dy work...hehe..if nah wetin you wan use pay for wetin you buy that means nah wahala you buy join, as long as many people no know pin about Bitcoin e no go work.
So for me I go say I disagree.

Yeah these were possible to you especially  that of paying online and I believe  your friend who accepted cryptocurrency for transaction was a close one else transacting physically with bitcoin  with a stranger considering  its restrictions in the country isn't a nice one and I had to check back to see the date on op and it seems the post was made during the financial crisis era in the country and believe  me boss,  cryptocurrency wasn't helping issues in our local community as it wouldn't be possible to buy corn of 500 naira from a corn seller and expect to pay in cryptocurrency or bitcoin and let's just imagine it was possible to buy the 500 naira corn and then you want to make a transfer of 500 naira in btc considering  the fact that transaction fee wouldn't be anything less than $1 and you'll agree with me that paying a transaction that's way more  than what you're buying isn't a nice idea when I simply trade my coin to fiat and make a local bank transfer if accepted.

Cryptocurrency is good but I think everything get limit and cryptocurrency isn't exempted from this.
I agree with op that bitcoin  wouldn't replace naira which I believe wasn't  intended to do so but I think they can both easily compliment each other to achieve some incredible results and heights.

I agree with you, bitcoin is the best alternative to the naira and no one is pushing Bitcoin to be a replacement for the naira because that will never happen, and just as you said I could still remember the last time we did a financial deal, I suggested you send me naira but you opted to send coin rather and the process was fast for the both of us,  but I haven't used Bitcoin to make payments online before and I don't even have any Bitcoin virtual card that I can use for that purpose, can you suggest anyone for me?

I will love to try it out paying bills or other online transactions using Bitcoin directly could be a big relief since one will not need to go through the stress of changing the Bitcoin to naira before being able to spend it.

I like the fact that this topic was brought back to life by Mate2237, na topics like this wey I dey expect we to dey discuss here. Topics wey revolves around bitcoin and still no need too much cracking of brain for we to dey fit dey discuss on the topics. As dis topic dey so you no fit call am offtopic as e get to do about bitcoin and wen people talk you go understand how dem see Bitcoin. Although the topics get other discussion wey dun die but make we concentrate on the topic instead of the thread itself. As mate dum talk, Bitcoin wasn't made to replace any fiats as many people dey talk. Satoshi just talk say instead of we to dey use only the fiats dem say make wey use an alternative way better pass cash but two of dem supposed dey move together. E just dey like if you no wan use Taxi you go use bot but you go still get to ur destination.

Our government no like Bitcoin, dem never come out talk am but everything wey dem dey do so just dey show say dem no like bitcoin. All the bodies of the government follow for this one so we expecting them to pass a bill that favors bitcoin go be very hard thing to do. Our government wey like control, dem dun talk say make we link our banks to social media self and dun do all the verification wey we get for this world from Bank (BVN) to Phone to NIN. Na this same people wey we dey expect make dem embrace a currency wey dem no go fit hold your money wan you talk rubbish about them for internet. Nigeria government like control and accepting bitcoin go commot dat power for their hand so e no fit replace naira unless something miraculous happen.

Bitcoin was not meant to replace naira but was created to support naira and Nigeria Government e no understand the matter so dem no wan accept di fact. One thing we think sae would happen in di country was, the new government go change many things for we country but the matter dey worse day by day. Di new government can not fix anything instead im dey suffer di masses di more. If no bitcoin, many youths have stated another #Endsars protest again. And as I said, bitcoin e no go replace any currency but im dey help the youth well well.