Topic: BITCOIN THE NEW CURRENCY EVERYONE SHOULD ADOPT IN NIGERIA (Read 196 times)

Although as of this moment in the world, many countries are begining to see the value and benefit of Bitcoin and crypto at large.
Our prayers is that Nigeria will also adapt to that.

Normally plenty people still dey fear to put their money for bitcoin as na online something and online things na at your own risk. Firstly, I don't think the US will allow their currency used for international trade to be a second option because if you allow Bitcoin to be used for international trade, it means you will be devaluing the dollar for international transactions because people will no longer be using it that much. People will adopt cryptocurrency as an alternative.

For a country like Nigeria, some politicians and high office individuals will see a way to loot, milk even when they accuse them of fraud, they will say they are Bitcoin traders. They will just divert public money into Bitcoin and leave their money in Bitcoin.

And some of these Bitcoin transactions, you can't trace it easily, especially if it was done with intentions of stealing; it's not like local bank transfer. So even tracing money that is being stolen with Bitcoin will be tougher, especially if the banks or the EFCC are yet to have advanced technology to fight this crime.

And that means they might not be able to combat looting through Bitcoin easily, if they are still struggling to battle with naira looting. It's now Bitcoin that they don't understand the complexities.

And it's few countries that allow Bitcoin trading. Even when you meet a client that uses Bitcoin when you are freelancing your skills like web development, you will check ten times before you even agree because it's not yet official. And if anything goes wrong with your money, that's on you.

So for now, what I just wish is that naira gains better value and whatever means you are using to get money legally, it continues to be consistent. And our Bitcoin investment will make profit from it, so if you want to buy something internationally, you can just use your dollars to perform transactions.

You don try to carry your friends along and introduce them to bitcoin. This kind person way dey fear to buy bitcoin na to just leave am make him do him mind. No put pressure on am make he no go say na because of you him invest and now he money don lost. At that point e no go matter weda the fault na from him own careless, na you them go blame.

Bitcoin investment is option and not a mandatory and as e be like this many people still dey fear rot invest in bitcoin because of the way did government dey do and the way things dey in the country. Last week, one of my friend asked me to teach him bitcoin investment and after every him come dey tell me say him dey fear and I come tell am say make him no fear him money no go lost. Lolz today him come dey tell me again say someone don go tempered him phone so him no go invest for now.

Many people still dey fear.

Well what you just said is truth because our politicians are very currupt if bitcon is been made a legal currency in nigeria it will become more easier for them to loot the economy more than what we are seeing now except the government will come up with a means of monitoring all cryto activities in the  country .

Did you think if the government accept Bitcoin in Nigeria our economy will be better than this? Don't even think like that, as in we go suffer pass waiting you dey see, the government never accept Bitcoin and the politicians they steal money the way they like, and if the government start to dey accept Bitcoin what did you think e go happen, even the little amount wey the government dey give before, we won't be able to see anything if they accept Bitcoin because they will find the easy way to steal money as they can, if weren't with the help of our local banks, they won't be able to trace most of them wey dey steal money and you think adoption cryptocurrency will be the best for us.

Our government no come to the public and say Bitcoin is illegal but due to their actions regarding cryptocurrency na why a lot of us believe say Bitcoin dey illegal in Nigeria. In my opinion, I think anything concerning Bitcoin in this country should remain this way because if we begin dey use Bitcoin, e go affect a lot of people, even Naira wey dem dey accept some people dey hardly see am, if we come start to dey use Bitcoin we go too rub each other.

Funny enough, post like this Dey make me realize say, we get a lot of people wey still never understand how these crypto stuff Dey work especially with the case of expecting government to adopt it because that might likely be the last use case because of the transparency it offers on the blockchain Abi you no want make looting fit still Dey possible ?

I understand your excitement and expectations but I’m sorry to say that, the government especially our own country as the major bad eggs wey Dey government ready do everything with their power to make sure it’s not in use but regardless of all, government don all see the potentials of cryptocurrency and na why thrm don already Dey tax am and na really added advantage to the economy if the revenue go Dey use for the right course.

In conclusion, just comot your mind say, government go wan use bitcoin or crypto in general for their government activities except when you enter power 😂

Please am not saying Bitcoin is a legal tender in Nigeria yet I was only looking at the economic impact of what Bitcoin holds for the average person if everyone will engage a deal on Bitcoin , please the language that I used is metaphoric in nature, I don't mean that Bitcoin money to that will be used in trading in our country, off course I know about the restrictions that the government place on Bitcoin but apart from that Bitcoin has a great prospect and economic impact that is beneficial to the Nigerian Economy

To start with, Bitcoin no be new currency, na Cryptocurrency wey done dey exist since 2009 and moreover Bitcoin never dey accepted by our government as legal tender talk more of Bitcoin to dey popular for the whole Nigeria, I fit agree say many people know or done hear about Bitcoin but no be everybody wey understand wetin eh be or how to go about am, if na lie you fit ask the elderly ones like your papa them mate if them get any idea about Bitcoin, majority of them go ask you wetin eh be or go dey confused concerning wetin you dey talk about, many youths self still dey see Bitcoin like one of those ponzi schemes to use get money quick quick. Moreover how many store around your locality wey you fit boldly go buy goods then pay with Bitcoin?  even some mega malls around my area never even begin dey accept am and for the whole Nigeria I think na the only two Bitcoin ATM machines we fit boost of. To make matter worst our government dey give Cryptocurrency exchanges wahala, wey done make some of the top exchanges comot for our country. Bitcoin na better currency no doubt but our government na the key factor wey dey hinder people to use am for businesses and transactions.

With all these katakata wey we see from our government concerning Bitcoin, you supposed know sae Bitcoin is far from being legal tender in Nigeria.

Our government knows the importance and what its government and citizens stand to gain if they make Bitcoin a legal tender in the country, but them no go fit do am because they want to stand in control of our finances and monitor all their citizens fiat transaction and knows their net worth. You know sae Bitcoin transactions can be done anonymously and our government doesn't like such a thing that they won't know the account holders name and their net worth.

Don't tell us what we already know.... there is absolutely nobody here who doesn't know all the things you listed in your OP and there are other related locked topics on this.

You posted on one of them https://bitcointalksearch.org/topic/--5512104 and still went ahead to open this one. make we try dey help ourselves na

Please don't misquote me out of context and call my post a low quality post , the point I was trying to make in my post is the fact that Bitcoin has penetrated the Nigerian audience and it use has fast gain acceptance. I don't mean that Bitcoin is a physical currency that Nigerian should use in their daily business but I was only making a point that Bitcoin should be used often.

I do not understand why anyone would respond to such a low-quality post, there is already more posts on it than i expected and on the second note, Bitcoin is not a NEW currency and neither is Bitcoin a Currency and lastly Bitcoin like other tradeable assets are determined by market movement, trends and events. we appreaciate new topics and discussion on the board, but if you must create one put a little efforts into it. the better your topics, the faster you grow in rank here.

Bitcoin was introduced in late 2008 and created in early 2009. It is not what can be called new anymore. It is now more than a decade ago when it was created.

Dollar kept depreciating for years. If the price of dollar remain constant, bitcoin will still be around $60000 or less but as the dollar also depreciate in value, it make the price of bitcoin to increase.

No need of dragging Bitcoin towards where it's yet to be, i know for sure that many people are beginning to talk about it, with numbers of  involvement but there hasn't been a solid participation focused on the local markets, even some super market and stores are even yet to take Bitcoin as a prefered means of payment less of local business that are majorly operated by old age people who do not have any short insight about Bitcoin.

When it comes to international transactions, i totally recommend it for most business people who trade on large sums of money. Going to the bank and through different process can just be managed at home and privately without any external interference. Business people are lately targets in the process of taking money to the bank, staying indoors while carrying out such transactions is far better and stressful compared, one thing is to also maintain privacy and not say much out to people concerning all transactions made.

I no sure say Nigeria government go gree accept bitcoin legal tender as legal. Central Republic of Africa been don make bitcoin legal tender for their country but as you know Nigeria government never shake body. Instead na wahala them dey won give people way dey use crypto. I no go call Nigeria say na crypto friendly country even though our people dey use am well well, our government policies no dey favor bitcoin. The government way accuse forex traders and p2p traders say na them dey make naira fall, na the same government you think say go make bitcoin legal tender?

No disrespect, but i totally disagree that bitcoin has fast gained acceptance into the Nigerian market. What are the data's to back this claim. In a country where the government creates restriction on absolutely everything related to cryptocurrency transactions and use how can same gain fast acceptance in same environment. However, this doesn't disregard that fact that many persons in Nigeria are nicodemusly making use of crypto especially bitcoin. Perhaps when the government revises their stand on cryptocurrency in the country then that fast track acceptance in all ramifications would be achieved just as it is in El Salvador where bitcoin is officially a legal tender.

Not entirely so although it's more quite easier to go with in the transactions in a nation where it's officially accepted. Nonetheless, an individual can personally choose to accept bitcoin for the trade in his business internationally even without it been an officially accepted currency in his country.

you're talking about making local transaction with Bitcoin as a norm in Nigeria? Has the level of acceptance gotten to this Extent? We all know that a lot of people are familiar with Bitcoin and that the number of active users is much but to say that businesses have started accepting Bitcoin locally seems to be far from the truth.

For me, as long as regulations doesn't hamper it use globally, thier is no need for it to be accepted locally iether as a replacement to the fiat or anything close to that.

Note that Bitcoin is backed up by the dollar and that it can't become a replacement to the naira so what that means is that if we're considering the acceptance you're talking of, we would be still faced with the exchange rate issue because for you to buy Bitcoin, you first need to buy the USDT which is already too expensive relative to the Naira.

The current state of the market where you have Naira, USDT and Bitcoin all in isolation in some way is actually good and if not that our government are trying to over interfair. these all makes provision for our finacial landscape such that you're not confined to using just a single methord but can make use of iether naira, USDT or Bitcoin depending on the kind of transaction you intend doing.

I no know if you know oh, but na only for El Salvador wey bitcoin be legal tender/official currency, that is enough to tell you that most governments around the world have no interest in making bitcoin a legal tender, and the Nigerian government is inclusive.
E no dey work like that, you can only use a currency as a tool for international trade if the other nations you trade with are willing to accept it, i don't think any country will be willing to accept bitcoin as currency for international trade, except countries that are heavily sanctioned. USD is the official currency for international trade and the world's reserve currency, most of the world trade in the USD and they also build up their dollar reserves that way.

Bitcoin as a crypto currency has fast gain acceptance in the Nigerian market as it's hardly a place you go to that people don't talk about it, as it's use is ever increasing and awareness level is very high that today people now buy sell their business in Bitcoin. This make me to think that Bitcoin should be officially accepted as a currency in Nigeria, here are some important benefits that Bitcoin can offer our Economy
____Bitcoin help ease international transactions
Bitcoin will help bridge the gap when it comes to sending and receiving money between two country as it does not need a meddle man such as banks to send and receive money
____ High value
Bitcoin is not our naira that is always devalued and controlled by market forces in the international market as it's value is not even affected by the united state dollar