Topic: Bitcoin no be for everybody inside Nigeria - page 2. (Read 302 times)

Bitcoin is not for everyone in Nigeria, thats true, but the major reason for its creation was to capture more than half of the world's population, so many factor has made it impossible for many Nigerians to adopt Bitcoin, people see lack of fund as the major discouraging factor, but I will say that lack of orientation and misinformation is a major setback on bitcoin adoption in Nigeria, in Nigeria many people see bitcoin as a scam because, they lack proper information and fail to investigate legitimately, some people need this information but because of unavailability of internet service, absence of smartphone and lack of bitcoiners face to face orientation to the novice, has made it impossible for the interested Nigerian populace to get the right information about this digital asset, so to me, Nigeria has different challenging factors, unlike the west.

Am not objecting the truth that bitcoin is not for everyone, although is meant for all  shaa.

The one I wan address nah wer  you talk say bitcoin no be for the poor, bro I disagree . Bitcoin is for both the poor and rich as long as you have gained interest to adopt am. You must not start buying in big amount, you fit the buy small small as your money reach you go just de buy de go, e go dey accumulate for you before you know it, you don get plenty amount of bitcoin for wallet. Oyibo man call am DCA.

And too, nothing like high transaction fee rate anything. The fees banks for Naija dey cut cut from our account u fit use am compare bitcoin transaction fees?  Bitcoin nobody dey cut any fee except you wan do transfer from wallet to another wallet or
different  exchange, but bank weda u do transfer or not dem d cut cut fees from ur account. Make I just gbaa break here for dis matta.

I reason with everything wey you talk, na true say di matter no de peculiar to Nigeria only, but if you check am well you go gree say for some places like developed countries na matter of choice mainly, weda person wan adopt bitcoin or not. But inside developing or underdeveloped countries, no be mainly matter of choice, but na di lack of di means to run bitcoin things be di main reason why dem no too embrace am.

I Also agree totally say many people de see bitcoin, mainly as an investment cryptocurrency, and dis mindset no let dem understand say di primary purpose for di coin na as a means of payment, wey guarantee privacy where two people fit do P2P transaction with decentralized digital currency. Normally if people hear about bitcoin, dem go immediately liken am to forex trading, undermining di original purpose of di cryptocurrency. Di adoption of bitcoin de increase everyday, despite di reasons wey I don mention, although if no be for those reasons, di adoption for don go far, because dis new generation know di benefits of bitcoin and dem no want to de limited by local fiat.

E no get any country wey everybody dey use Bitcoin, this matter no dey peculiar to Nigeria at all, some people go use am, other people will not. Nigerians no dey too spend Bitcoin because merchants wey dey accept am no too plenty, so if you wan spend you go convert am to Naira, another reason why Nigerians no dey too spend Bitcoin na because dem see am as only investment, no be only Nigerians dey guilty of this anyway, them dey reason say why them go spend coin wey the price fit appreciate.

Bitcoin adoption choke for Naija oh, i think we are number one in Africa, plenty youths for Nigeria don adopt Bitcoin and the adoption go dey increase dey go, even if we dey use am mainly to dey invest and wait make the price appreciate. I believe say when our government set clear regulatory framework for crypto, we go see as plenty businesses go begin adopt crypto and e go even dey easy for Nigerians to spend Bitcoin in stores and other areas.

If you do not want much knowledge about it and you want to use it, download Wallet of Satoshi or Muun wallet. If you want to use a noncustodial for it, you can use Electrum.

https://www.techopedia.com/definition/33248/bitcoin-lightning-network
A Beginner's guideline to Bitcoin Lightning Network
Electrum Lightning Network walkthrough
The Lightning Network FAQ

https://raspiblitz.org/
https://medium.com/@jadmubaslat/bitcoin-lightning-network-node-easy-setup-tutorial-for-windows-desktop-users-a-how-to-guide-9937b5a8a669

Two of the link does not have images again, but they are the best articles on lightning network. Likely you will understand it if you read it very well. Or you can get the link to fix the broken images:

Fixing broken images on other's post?

Na this two reasons be the major reason i think some people no wan adopt bitcoin. The risk wey dey fit too much for them to handle and also the complexity no be here ooo, some things de wey dem go tell you e go con be like film to you and just like you say illiterate plenty for the country so no blame dem as dem no wan involve for bitcoin matter because even to secure their assets fit be problem and privacy and security na im be the major thing wey bitcoiners suppose understand pass so dem no go loose their money.

Also no be everybody get the mind to keep bitcoin became of the volatile nature of it, dem go prefer to keep their money for commercial banks make dem no wake up see say their money de reduce. All this needs proper understanding of bitcoin and if anyone decides not to adopt it then it’s fine, no be by force na dem de miss out.

Bitcoin isn't made for everyone, talk more of all Nigerians. In everything that exists, there must be people that will criticize it and that is why we are humans. OP, you shoulod better talk for yourself and forget about how many people will invest in bitcoin, because a time will come that bitcoin investors will be seen as the richest in the country. The adoption of bitcoin in Nigeria wouldn't change bitcoin from having its potential or have any effect on the price. All what you stated are true but we still have Nigerians that offer p2p services in exchanges. Na e make, if you won help the adoption of bitcoin to grow, you need to change that orientation from people wey you know head, say bitcoin na the future gold.

@Charles-Tim, please can you enlightening me more on the Lightening Network, how to use it or refer me to a thread that we teach me on how to use LN and the most easy noncustodial wallet for PC

My brother man! You don see gold, silver or bronze in physical form before? See bitcoin in that form too. How many people for Nigeria today you don see wey accept gold as a means of exchange despite say them legalized am and to be used as a legal tender, companies don't accept it, businesses don't accept it as well but it's making news everyday like never before. This is to tell you that no matter how something is cherish, it wouldn't be acceptable everywhere, na the koko be that.

Bitcoin adoption will not increase more than the way it is because Central Bank of Nigeria discourage individuals, companies, public and private organization from using it, it is not ban but it is not legalize as well and this is the reason why people are avoiding it, banks are discourage from having anything that has to do with bitcoin. If CBN say no, nobody can say yes, we all love bitcoin but we can't do more than the current situation.

However, despite the draw back of bitcoin adoption, p2p is one the biggest adoption in Nigeria, even if today bitcoin is been legalized, no other adoption will beat the p2p that people are doing, even some companies are doing it despite the no status of the central bank. People are doing gigs accept bitcoin and sell through p2p, even the tech guys that do remote work now accept bitcoin and sell through p2p and they are free from the big tax they have to pay the governments in the state and outside the state. P2P remain the mainstream of bitcoin adoption in Nigeria.


Make I tell you something, some companies accept bitcoin as an alternative for payment, but don't make it public until you ask them, some of them even have Binance Pay to recieve any form crypto you want to send them, it is pretty fast and they sell through P2P without any delay.

If you are sending Bitcoin from an exchange wallet to external address, the fee are usually large but wallet to wallet are just fractions but I understand dollar is very nutritional to us, a cent shouldn't be the reason why people are discourage using bitcoin.

No be only naija get low patronage when it comes to Lightening Network, the network self just dy mature dy come, plenty people never begin they use am worldwide.


Bro, make I tell you something today, forget say Nigerians poor. Money dy where money, no dy talk say Nigerians poor and make I add am for you, for this Nigeria, people dy plenty wey get Bitcoin but the fear of insecurity no go let them say them get bitcoin which is better, people get money for bitcoin but wouldn't tell you. Most of our celebrity do bitcoin and crypto and them like am, even the poor self wan do am, just say him never get the means.

Risk na normal thing, anything for this life wey no get risk, na scam you dy enter so.

People that know the importance of bitcoin and know how secure it can be if protected, such people will not hesitate to buy and hold bitcoin at the appropriate time like this because most people are holding bitcoin mostly for investment. Bitcoin can not be for everyone becuase some people are ignorant and do not know about bitcoin. Some people will always be critics. Some people will not have money to buy bitcoin. There are some other reasons some people will not buy or may not be able to buy bitcoin at all.

All of them do not have to accept bitcoin before you can hold it. Nigerians, other Africans and other people that hold bitcoin is mostly because of their inflationary local currency which depreciates often over time. Some other people see it as an investment and they hold it.

Bitcoin transaction is not that high most of the time. If you understand how transaction inputs and outputs work, you will not see bitcoin transaction fee to be costly if you transaction is not having many inputs. The cost depends on how congested the mempool is.

If you think the transaction fee is too high, you can go for bitcoin lightning network.

If you can not run your own lightning node, go for easy to understand ones like wallet of Satoshi, Muun wallet...

Many exchanges have integrated lightning network already as well.

In anything that anyone wants to invest on, the person should make research about it, else he may invest at the wrong time and lose. The person may even invest on an unprofitable asset or business if no research about it.

Many people de hear about bitcoin everyday for inside Nigeria and some of dem de try know wetin im de all about.  Especially di youth dem de de inquisitive to know about am, because na money matter im be. In dis regard, many theories de fly up and down, like if you wan hammer fast na bitcoin you go adopt, in di nearest future cryptocurrency go take over fiat, and  some na just di swag of say decentralized digital currency be di reigning thing. All dis reasons and many odas de attract people to bitcoin, but di question be say na everybody go fit to use am? For me di answer na no, because some factors de wey go make everybody to no fit use am for Nigeria. I go outline some of di reasons wey I feel say bitcoin no be for everybody, in di paragraph bellow.

1: Mass adoption, as e be say many public and private companies, even very small businesses never de accept am, e no go easy for people to get di interest of bitcoin.

2: High transaction fees, if you buy small item for shop wey de collect bitcoin, di high transaction fees, na big discouragement.

3: Low adoption of lightening network, as LN wey fit reduce bitcoin transaction fees no de popular and e de somehow complex to understand.

4: Poverty, we get plenty poor people for Nigeria, because of unemployment, mismanagements of our resources and corruption. Dis one go make many people to no fit do bitcoin investment, wey go require person to put money inside and de wait wen e go appreciate. Even if dem get di interest dem no get enof money to invest.

5; Risk, because of di volatility of bitcoin, many people go de discouraged to do bitcoin trading, because probability say dem fit loose dem money de there. Instead dem go prefer to go into real estate where dem de sure say dem asset go de appreciate de go. I believe say dat na why real estate de boom for our people.


6: Complexity, bitcoin terminologies and technicalities plenty, and as we get plenty illiterates for Nigeria, a lot of these category of people no go send bitcoin trading. Na mainly enlightened people go fit to trade bitcoin.

So di koko be say many things wey concern bitcoin, no be for poor people. Di high transaction fees, di investment and trading. Dat na why I reason say di matter no be for everybody inside Nigeria. Person go de enlightened and get or create oda source of income, to be able to stand gidigba, say im de do bitcoin business. So how una see am?