Bitcoin on high demand Africa nigeria and Malaysia

Oshosondy

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Quote from: Walterhank on December 14, 2020, 02:15:49 AM

I think Malaysia have stable currency compared to the other two.

Fiats are fiats, if you check real actual value and fiat index, you will know fiats are not just unstable, even the so called Malaysia fiat is not stable at all.

Quote from: Walterhank on December 14, 2020, 02:15:49 AM

The other two countries could use bitcoin as their main currency but the problem lies with the implementation.

It is not possible for a country to use bitcoin as their currency, they will still prefer their fiat. But that does not stop bitcoin from progressing because bitcoin is not a country coin but world coin because it is meant to be decentralized. If people from a particular country like, they can hold bitcoin which is better than fiat.

Quote from: Walterhank on December 14, 2020, 02:15:49 AM

In most cases that couldn't be done.

For now it is in all cases, and no case ever like that in a way country will use bitcoin as fiat.

Bholutefe

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In the recent time, Nigerians have been trading and transacting using the Bitcoin, the demand for bitcoin in these countries keeps increasing on a daily basis, it's numerous advantages are enormous and in terms of easy accessibility, speed and cost of transaction had been some of the gearing factors that has activated the diverse usability, bitcoin value in African countries is highly reputable and valuable, the high demand for bitcoin in African countries keeps increasing as the day goes by and there are still other days for its demand.

cryptoboss2020

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Quote from: CryptocurencyKing on December 15, 2020, 11:54:09 AM

One thing you should consider of these countries is the fact that they are developing nations and as such, they are open to new innovations that would better the life of it's citizens though, on an individual bases. I won't talk much on Malaysia as I know little or nothing of them but then, I'm a Nigeria national so, my ideas is going to biased on that bases.
Following the effect of the pandemic especially in these under developed and developing world where the incomes of it's average nationals is basically based on trading (Not the digital one) and the lockdown policies that accompanied the pandemic, most citizens were left with little option than to search for other means to earn a living, a solution which is found in cryptos. It's not entirely based on the nation's currency but the way out with little or no government intervention.

* Well I see but the reason are the inflation of their own currency *

CryptocurencyKing

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One thing you should consider of these countries is the fact that they are developing nations and as such, they are open to new innovations that would better the life of it's citizens though, on an individual bases. I won't talk much on Malaysia as I know little or nothing of them but then, I'm a Nigeria national so, my ideas is going to biased on that bases.
Following the effect of the pandemic especially in these under developed and developing world where the incomes of it's average nationals is basically based on trading (Not the digital one) and the lockdown policies that accompanied the pandemic, most citizens were left with little option than to search for other means to earn a living, a solution which is found in cryptos. It's not entirely based on the nation's currency but the way out with little or no government intervention.

Lordhermes

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According to your topic, yes, the demand for bitcoin is increasing rapidly and are mainly used by those countries in term of holding and making profit or some other stuff. Recently, on Binance highest trading volume for Fiat currencies , USDT/NGN, BTC/NGN has the higher trading volume at the moment showing how the citizen have interest in the usage of bitcoin and her advantage, the demand is pretty high enough.

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Pokapoka124

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It's always a good idea to buy bitcoin whenever you can especially when your own country's currency is not as strong as usd. I think most people see bitcoin as an investment so it's only natural they opt for bitcoin than usdt

Walterhank

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I think Malaysia have stable currency compared to the other two. The other two countries could use bitcoin as their main currency but the problem lies with the implementation. In most cases that couldn't be done.

Yamifoud

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Quote from: btctaipei on November 26, 2020, 05:39:05 PM

we have people sending 2k back home to africa and asia
they want
BTC transaction because it is cheaper than western union and faster than venmo. You don't pay money to convert to USD then convert USD to target currency.

simply put:
most of the time the person receives BTC actually gained instead of lost money due to greedy authorities.

I feel those fees are relatively high when sending fiat money to any country. A choice of Bitcoin makes the transfer easily and it saves cost for fees, and the good thing is that you don't need to spend a lot of time just to send it and even to receive from the bank or to any deposit/receiving agencies.

If the use of Bitcoin permits to my place, I'm also prepared to have this overstable coin USD, and I'll be taking those advantages.
Asian countries are adopting Bitcoin and that it seems preparable for them to have Bitcoin and traditional currency.

btctaipei

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we have people sending 2k back home to africa and asia
they want
BTC transaction because it is cheaper than western union and faster than venmo. You don't pay money to convert to USD then convert USD to target currency.

simply put:
most of the time the person receives BTC actually gained instead of lost money due to greedy authorities.

pixie85

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Quote from: cryptoboss2020 on November 25, 2020, 08:55:29 PM

So instead of Bitcoin if their own currency not so good why they just dont buy stable currency like USDT? AM I MISSING HERE SOME POINT?

Maybe because USDt is a centralized fake coin that's only purpose is to allow people to exit crypto when they cannot or don't want to exit to fiat for some reasons like taxation or a ban in their country, or maybe high inflation and lack of stability in their local currencies.

USDt is not fiat. It's in no way superior to USD or EUR, on the contrary. If you can safely exit to fiat you should choose it over tether.

globalcitizen

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That's expected and shouldn't be surprising. This is because Africa constitute mostly young population of which more than a third of them are Nigerians. And Malaysia is also a highly populated country as well. It is established fact that bitcoin and crypto is more attractive to the young generation than generations before them.

In addition, the currencies of most of those countries are very weak that the only way to save yourself from poverty will be to embrace another mode of storing asset of which bitcoin and crypto fits in.

Nigerian young populations are doing absolutely well and very active in the cryptocurrency ecosystem than youths in most other jurisdiction.

dothebeats

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Most people right now would take their chances with bitcoin and hoping to make it big like others did rather than transfer their assets over to USDT which is basically a tool similar to that of the USD. If people on these countries have the capacity to trade and risk their assets, why not risk it in something that can bring them more on the table rather than something that will remain stagnant over time? They are, for the most part, checking on the profitability and investment asset of these crypto rather than its ability to hold their money's value for them. Also, you can't take out your USDT elsewhere and use it as a form of payment of some sort, as it's only tradable in between exchanges, or if you're lucky you can use it to a very select few merchants that dares to bear the risk.

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Quote from: cryptoboss2020 on November 25, 2020, 08:55:29 PM

So instead of Bitcoin if their own currency not so good why they just dont buy stable currency like USDT? AM I MISSING HERE SOME POINT?

USDT has a reference to the US, and so many might avoid it altogether. Moreover, given the shady nature of how USDT is "backed up" by USD and/or some other assets, it could explode anytime and thus using it is risky. Not to mention that you're not going to profit in any case because the price will either be stable or will go down. Bitcoin, on the other hand, involves a chance of increasing the amount of money one has because the price is going up (well, not right now, but it has been going up lately). Plus, I think people choose to use whatever others in their region adopted and are willing to exchange for goods and services, so Bitcoin adoption leads to more Bitcoin adoption there. Finally, Bitcoin is the most popular and reputable cryptocurrency, so I don't think it's weird that this is the one that usually gets adopted.

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Quote from: cryptoboss2020 on November 25, 2020, 08:55:29 PM

So instead of Bitcoin if their own currency not so good why they just dont buy stable currency like USDT? AM I MISSING HERE SOME POINT?

You should ask yourself first why they don't simply switch to USD, not a cryptocurrency but simply the US dollar.
And you know one of the reasons? Because most people in poor countries have zero reserves to even think of buying something that will keep their value, their entire monthly earnings are spent on essentials.

Quote from: Lorence.xD on November 25, 2020, 10:24:20 PM

I think that in Africa the reason that it is popular is because it is more expensive to use their currency to buy necessities, and the equivalent of bitcoin in those countries are higher, if I am right, the price of bitcoin is relative to dollar in some African countries too.

I doubt you though really good when you've said that, the price of bitcoin is relative to the dollar everywhere, as it's a way of measuring its value, bitcoin can be valued in USD even if you're in Europe, and no the whole point of bitcoin being cheaper to buy necessities is again wrong., do you imagine people earning 200-300$ a month spending 1.5$ (this is the cost of a low priority tx right now) on each payment they make to buy food? Be real!

Quote from: Fesatmas on November 26, 2020, 11:38:34 AM

countries either Africa or Malaysia do not want to be left behind to own bitcoin.

Africa is not a country!

BrewMaster

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simply because bitcoin is a currency but tether (USDT) is not.

USDT is a tool created only for traders to be able to secure their altcoin trading profits whenever the altcoin market is having a bloodbath. which is a pretty common thing in that market.
for everyone else it is a centralized altcoin that is very risky to own. the government has already shut down many centralized companies like this.

Fesatmas

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Quote from: cryptoboss2020 on November 25, 2020, 08:55:29 PM

So instead of Bitcoin if their own currency not so good why they just dont buy stable currency like USDT? AM I MISSING HERE SOME POINT?

this is because bitcoin has a high selling power, besides the supply is not much, countries either Africa or Malaysia do not want to be left behind to own bitcoin.
keep in mind that currently bitcoin is not only a digital asset, but is used as an economic force.
therefore it is good enough for both countries to increase their demand for bitcoin.v

Arkann

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Quote from: cryptoboss2020 on November 25, 2020, 08:55:29 PM

So instead of Bitcoin if their own currency not so good why they just dont buy stable currency like USDT? AM I MISSING HERE SOME POINT?

As if the dollar has the power to enable Africans to overcome poverty. The dollar is also being eaten up by high inflation activity. The fact is that investments in cryptocurrency give more chances not only to preserve their savings, but also to increase their capital.

Kupid002

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Quote from: cryptoboss2020 on November 25, 2020, 08:55:29 PM

So instead of Bitcoin if their own currency not so good why they just dont buy stable currency like USDT? AM I MISSING HERE SOME POINT?

You are saying just exchange their money to USD instead of using their money to invest in crypto currency such as bitcoin . The adoption increase in that country because of the problem of their own currency and why they should support other countries Currency without recieving anything in return? They choose crypto currency as investment not to for storing currencylike what you want them to do for buying USDT.

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Quote from: cryptoboss2020 on November 25, 2020, 08:55:29 PM

So instead of Bitcoin if their own currency not so good why they just dont buy stable currency like USDT? AM I MISSING HERE SOME POINT?

Most people in those countries have a trust in bitcoin as a digital currency compared to the others digital curencies I believed majority of these people has gotten some insight about bitcoin and the ranges of values obtained from hodling and using is quite numerous compared with PayPal and the rest.
USDT is not a currency that can be obtain easily and does not have online feature like bitcoin were a hodler can have an easy access to it and possibly to do online transaction, Zimbabwean had resorted to the use of bitcoin as an alternative to USDT having been subjected to harsh economy inflation due to sanctions imposed on them by foreign countries.

Prince Malik

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This is because its very hard to get usd in africa and the bitcoin is much easier for african people
I mean if there is some places or sites when you can purchase some stuff with usd or bitcoin for sure people will choise bitcoin

Topic: Bitcoin on high demand Africa nigeria and Malaysia (Read 333 times)