Topic: Bitcoin no be for everybody inside Nigeria (Read 298 times)

The solution here is get a basic knowledge about your investment choice, just because Mr A said bitcoin is promising and good I'll just jump in investing and then I except a quick profit just because of what I heard. It's obvious when discussing with a friend you'll definitely share an opinion concerning financial matters etc but mere sharing of bitcoin investment idea without knowing how the investment work cannot help,the starting point can easily fall without reaching the target. Expectations is something that will not work 100% with bitcoin cause no one can actually predict rightly, looking at the high transaction fee I believe no one saw that coming but definitely no one can question bitcoin. Bitcoin no be by force and if you trust bitcoin then invest despite any situation, leave wetin person talk about bitcoin cause if na to convince you no go fit. Bitcoin is working for you as an investment choice so why con dey bother for wetin person talk.

This talk just make me remember when JJG dey say fuck crypto, from my opinion, I go conclude say  sef dey mean am say Bitcoin no be shitcoins or altcoins. Many people just don mis understand the methods of Bitcoin na make them no dey try to even invest in to Bitcoin. As long as say you sef get the money to invest Bitcoin na for you. No body wey go see Bitcoin then get the knowledge and money at same time then no invest, unless say the person still get fear and doubt nai go make am no invest at all.

Nigeria na one of these African countries wey de like involved themselves with promising projects and the citizens embraced them. Bitcoin is affected by volatility, make everybody just rest because e no easy for anybody here. Everybody know how bitcoin dey operates for the system, make we just de stay lowkey and observe the necessary movement of the project. I know bitcoin have turned out to be very compulsory and important for those top investors in the market, most of them already know how to trigger good entries and follow up this project.

See bros the matter about Bitcoin not being for everyone, no be for here e start because even for USA and even the El Salvador sef e still get some people wey still dey misunderstand the concept of Bitcoin. The world itself was designed this way because no be every thing nai go work out for everybody and also there must still be some ignorant person no matter how good and effective wey the project or thing be for the area so na just normal thing but the major thing here be say despite the little number of persons wey dey ignorant Bitcoin still dey fly dey go no matter watin sup.

I believe say many people for Nigeria, no understand di difference between Bitcoin and altcoins, for dem mind all of dem na cryptocurrency, so if dem scam dem for one shitcoin, dem go put di blame on Bitcoin, dat na one of di reasons wey I talk say Bitcoin no be for everybody. Some people no go take time to research or ask questions about Bitcoin, dem go think say na Ponzi, or one get rich quick scheme, na so dem go ignorantly put money for one hyped scam project and dem money go vanish, in the end dem go think say every crypto coin na Bitcoin, so person supposed de enlightened, odawise Bitcoin no be for am.

When we talk about Bitcoin and it's adoption for the Nigerian space, we go understand say many people wey dey even here about Bitcoin sef na true the wrongs ways like some of my friends for which day just dey blah about cryptocurrency trading and how people dey make am especially when you trade Bitcoin, all these nonsense na watin him dey vomit without even understanding or knowing what is involved in Bitcoin trading or the cryptocurrency market as a whole base on the aspect of its volatility.

The both are right, Bitcoin is international, no one has it just as no one can control its price movements, people don't listen that's why they don't understand bitcoin properly. The misconceptions of Bitcoin has made the old generation not to understand bitcoin even little. However not only the old people that doesn't understand what Bitcoin is, even some of the youths don't understand it at all, and they are also falling into scam so they still conclude Bitcoin is Ponzi schemes while it's not. Moreover during this halving those who knows what Bitcoin is will starts to buy Bitcoin as some have kept some money and waiting for the Bitcoin halving.

Yes you are right, bitcoin was created for everyone whether old or young, poor or rich and one of it's purpose was to serve as an alternative to the fiat money, which makes it very open to be embraced by everyone for transactions, security, as an asset or whatever purpose. Also it's very understandable why some of those older people don't listen when you tried to explain to them about bitcoin and it's benefits, is ignorance alot of them also have been scammed by several ponzi schemes right from the time of MMM till date so they would want to be involved in bitcoin cause they got no idea about it or how it operates. But I believe that one of the things that would be an eye opener to people is the current halving once people begin to make profits and those who doubt begin to see evidence then they'll be forced to enquire about bitcoin. I also believe that sooner or later more Nigerians the youths especially would begin to embrace bitcoin for different purpose.

Bitcoin was created for everyone but not everyone will actually use it. Especially in Nigeria,  no matter how you try explaining to some persons usually old persons they will never give heed to what ever you are saying. They refer Bitcoin to one of those get money quick schemes that are scam projects, but little did they know that Bitcoin is unlike every other digital asset or projects that have exited online. If only some persons could sit down and read carefully the white paper and know the real Intent of Satoshi towards the project at first, they'll know that Bitcoin is an authentic project. However the government is also one of the reason why some citizens are not into Bitcoin holding or Investment. Take for example the actions of the Nigerian government toward binance and cryptocurrency, that has been the cause of the devaluation of the Nigerian naira, how true is this? When we have more of importation than exportation, and yet they are not looking into that direction but to put the blame on cryptocurrency, those citizens without the proper Information of what cryptocurrency entails will always believe and follow that of the president and leaders above them.

The first roadblock or bottleneck to the this kind of technological advancement like Bitcoin is seemingly because most Nigerians are not exposed to the world technological advancements across the world. Nigeria being a developing country that have faced a long time Socio-economic growth inhibitions, that has reduced the awareness and intuitive level of the people which has beclouded the acceptability and behavior of average Nigerians over the Bitcoin technology,completely.


This still boils down to the assertions I made above regarding the behavior of people against the adoption of Bitcoin technology. Since many people do not understand how the system works and have not exposed to the intricacies of the decentralized system, the community have therefore, not accepted the crypto technology and by extension, given it a bad notion and interpretation of mediocrity.


Ordinarily, the increasing cost of transaction fees have generally discouraged many people who would adopt the use of the bitcoin technology. For a nation like Nigeria, where the larger part of business ventures are Micro, Small and Medium Enterprises, the transaction fee is a huge hindrance and discouragement to such businesses that my like to test the advantage of the bitcoin technology including the Peer-to-peer community.


Well, Nigeria has a growing economy as IMF has forecasted 3.3% growth rate for Nigeria economy in 2024 which has positioned Nigeria as one of the top 10 countries with growing economies over the world. Aside from the issues with accessibility to basic amenities, including access to a fast internet connection etc, I won't agree with the opinion that we are too poor to invest in Bitcoin,  as a matter of fact one can try to invest in Bitcoin through the DCA approach, where you invest with the little funds you have and watch the system grow it over time. In fact, in a country like Nigeria where average citizens find it difficult to trust even the banking system, cryptocurrencies are another alternative to the citizens.


I can attest to the fact that many young people around us have feared bitcoin for one and many other things but the most prominent of them is the volatility of the cryptocurrencies. Earlier today, A friend of mine wrote in his status, never to trade in Crypto again, since he met his misfortune, most of which are caused by poor decision making and lack of solid knowledge. The Reciept of the screenshot is below:


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Many young people make not so good decisions because of their Lack of in depth knowledge of the cryptocurrencies and the decentralized system and will end up investing or trading a whole lots of money with much expectations but little strategies to a successful financial life.

There are some reasons why BTC cannot be for everybody in Nigeria: first, You must know how to read and write before you can use BTC to do anything you want to use it for in the country, and you need to write your seed phrase out which is not something you can ask someone to help you write them out for you.

Secondly, BTC is a decentralized currency, which is not control by the government, and the government doesn't have the power to control the pumping and dumping of BTC, and it will make many people not to have interest on BTC in the country.

Thirdly, if you are scam in your BTC, government cannot help you to recover your BTC back like the way they use to help people to recover their money from scammers in the country which will be another reason some people will not have interest on BTC.

Besides the point say Bitcoin no be for poor people, the statement no dey entirely fair because poor people get class self. You no go fit compare rural area poor versus urban area poor person.

The reason why I think say e go hard for majority of Nigerians to adopt BTC na firstly, because government never accept am and those wey be fear fear , dey try protect themselves from getting involved in cryptocurrency because even government fit vex for you if them see your wallet with crypto currency.
Also, the internet adaptation never reach some sides like that wey be say, if person even get interest to invest in BTC or cryptocurrency, them go need to dey stay area wey get better network and get like three sim cards or buy mifi and light must try dey the area to charge phone and other devices.

Actually talking about class and Bitcoin ni no really think say an actually say Bitcoin no be for poor people because e get people wey been dey poor and Bitcoin don help their life now dem no dey like before again but if we com dey reason say Bitcoin no be for poor people dat means dose pipo for never fit make am Tru Bitcoin because dem go dey wait to get rich before them go fit run Bitcoin matter. So personally i think Bitcoin na for everybody but the matter go be say we go approach am differently, if you know say you no too hold your side and you wan dey run Bitcoin matter you go just make sure say you run am strictly on investment and no be to dey use an as a way of payment wey go come make you go dey pay transaction fee everytime for every of your transactions but then if you dey do am bade on investment na only once dem u go dey need to withdraw am den pay all those fees dem.

If you just dey do Bitcoin ad u dey use am dey pay for goods and services you gats know wetin dey involved based on the transaction fees except say you want make you dey spend plenty of your money ontop fees because e no go funny but if you get another way of payment e dey more advice able Dan to use Bitcoin maybe except say na d only means.

Normally na true say Bitcoin no be for everybody, although to get idea of Bitcoin dey good o because e go help person in many ways, like for example if u dey wer dem dey talk about Bitcoin, e no go look strange to you, e no be like say wetin be Bitcoin etc, e go even make u self to contribute ur own ideas but to say Bitcoin na for everybody na lie, because no be everybody head dey sabi carry something, e get some people wey we get wey be say if u like teach them from now till tomorrow, nothing go enter their brain, dos kind of people no dey waste their time go school, na skill dos kind of people dey do so if u say because say advantage dey for Bitcoin say mk u force the person to join or invest, u are just wasting ur time because u no go see any improvement but e no mean say as Bitcoin no be for everybody say e no good make person get the idea, na lie o, even if u no fit join but at least e good mk person dey inform.

Me I go disagree with you on this matter oh. bitcoin na for all. If dem no fit use am for one side dem fit use am foe another side. Like there are two major ways bitcoin can be used. Investment and Trading. Are you telling me dat the illiterate can not buy bitcoin and keep it in their wallet by the help of the educated ones? Yes they can. Unless the person is not ready to invest in. And di only thing they can not do is the trading. I understand what you dey try to say but all can participate in the bitcoin technology because it is simple to understand.

The only problem they will dace is the issue of internet wahala. We all know and see what happened in the cashless policy period. Fiat Bank accounts are easy to operate compare to bitcoin wallet. So the mass adoption of Bitcoin will affect the Small Medium Enterprises (SME). For the Lighting Network matter, me sef I never know how to use and I never try am sef. And for the Transaction fee wey be sae na one of the major wahala wey go burst out. Dat one go cause gbege and im go cause inflation for di food price well because di seller go like to cover their fees by increasing price again.

Bitcoin Investment no need plenty money, one can buy small small to acquire more so everyone can involved in it. Though the uneducated people feel intimidated but as for me, if they are really ready to do that they can because I did not see any big deal there. And for the risk, we have to check those countries wey don adopt bitcoin and know how dem dey do am. For di terms, as time goes they will understand them in due time.
Bitcoin na for every one if money is for everyone likewise bitcoin and just for them to understand and use it.

You can not invest in something if you do not have a clear understanding of what you are going into. Do not buy the dip because someone asked you to do that. Before you adopt Bitcoin and invest in it you must understand how it works deeply so that when there is a drop in Bitcoin price you will see it as part of its nature. Also, when buying Bitcoin don't go all in so that it will not affect your living. You can use the DCA strategy to buy Bitcoin because DCA's strategy helps reduce volatility.


Bitcoin was not created for the rich but for everyone in the world, and if you do not believe in Bitcoin you will not be forced to adopt it. Poor people are the ones who study Bitcoin and know its fundamentals deeply because they lack enough money to invest in Bitcoin, and they will not want to waste their little money on investing at the wrong time. Poor people study Bitcoin to the extent of understanding its volatility part so when there is a little drop in Bitcoin price they will not be dismayed to sell at a low price. Most rich people don't even know anything about Bitcoin because they have enough money to invest in anything that will bring money, they will look for a poor guy who is sound on Bitcoin to give them advice on the time to invest in Bitcoin. You see rich people making a huge profit from Bitcoin investments because they hold their Bitcoin for a longer time, even when it drops in the price they are not too border because they have other means of making money.

Let me add to what you said. The past governments have also contributed to the factor. Because of the lack of knowledge and interest to understand how the technology operates, due to government's disinterest to adopt alternatives, even the government has unfortunately gone against it's adoption. Since the government system has been infected already, they find it difficult to adopt new ideas. Hence their decision to ban cryptocurrencies in the country.

But the truth be say, the enlightenment level of Nigerians on the Bitcoin is very high and it keeps increasing day by day amongst the young demographics in Nigeria.

On whether Bitcoin is for everyone or not. Bitcoin is for everyone. It's a decentralized market that is controlled by everybody and nobody. It is a market that's open to anyone who's interested to join. Just make a decision this minute, and the next minute, you're a Bitcoiner. But you must learn the ropes and understand how it works as you continue to up your game, gradually.

I agree with you, Bitcoin na for everybody, if you just get interest on it you can invest and start getting money on it,you know go differentiate poor and the rich person, say na only person were rich na him fit run Bitcoin, i no agree with am, because poor person fit dey get little money dey use am buy Bitcoin dey keep, later on you go just see the money done plenty for him Bitcoin investment, and if him get luck Bitcoin go just rise and him get a lot of profit because is volatile, anything were person dey do for this life risk involved.  No be because you no get enough income you no risk, this live now na money we dey use dey get money. So no say because poor people don't have money then the rich people no go fit invest money in Bitcoin.

Some wetin you talk no too go well like that sha but some part correct, wetin I go like make you understand be say bitcoin no be for only rich people why because today we fit buy 5,000 naira or to any amount wey we wan buy without any restrictions, you fit buy from Binance and withdraw am with just only $1 plus for the fee matta so at this point any person fit do with bitcoin. Even though you still transfer am go another wallet during withdrawal you fit transfer go another place with just $0.8 ( 30 sat/bit) which I know say e still dey affordable for any Nigerian to involved themselves without any restriction.

Although I no fit talk of other exchange wey you fit trade and withdraw am out but I only dey sure with binance exchange, believe me or not every Nigerians fit afford to buy bitcoin but what I can't guaranteed is about the security aspect because them need to know more about security to secure their wallet very well, so I go only say person wey no go school go find am hard to cope with the whole concept as it requires person to be academically sound to be able to operate in the industries (Cryptospace) otherwise anyone can own a bitcoin.

Na you dey overthink the whole thing, bitcoin is actually for everybody that has interest in utilizing it. Person fit use Bitcoin for many things, dem no make Bitcoin for only investment, if you reason am wey bitcoin was invented as a currency and na dat one be the main thing wey Bitcoin be. Everybody can use a currency, e no mata if you get plenty money or not, you small money fit dey for Bitcoin and you dey use am dey buy wetin you wan buy. For the investments side too, investing in Bitcoin no mean say you go go carry all the money wey you get for life put inside Bitcoin. The least $1 investment you fit put am for Bitcoin. Bitcoin na decentralized money and no get discrimination for anybody irrespective of your social class. People just need enlightenment and education and dem go sabi the benefits if using bitcoin.


If you no know, bitcoin was actually made for the poor masses, Satoshi dun see how the government dey control everything with their centralization and him cum reasons say him need to help people by liberating them from under the control of the government na why him create bitcoin make e be the currency of the people controlled by the people. All those many things wey you dey talk about go sort demselfs out when the time is right. Make we no dey worry ourselves much because immediately adoption kicks in for Nigeria make we leave the rest as we go run the package like say na we get Bitcoin. See as we dey hot with all the hostile environment for bitcoiners for the country, now reason am say we get very friendly governments, how the mata for be.