Topic: Bringing this Back: Nigerians Are Using Bitcoin to Bypass Trade Hurdles (Read 51 times)
February 24, 2023, 01:26:00 PM
One of the many advantages of bitcoin over the fiat currency system is the fact that smooth inter boarder transactions could be done swiftly without the hassle of converting local fiat to other currencies. Although I have bought something from china using cryptocurrency but I don’t see the it been a big deal since china is involved in large business transactions. My curiosity also which makes me doubt the authenticity of this news is that China has a very strong ban against bitcoin and cryptocurrency at large. So a big business like this done without bitcoin been the chain of payment might raises eyebrows
February 24, 2023, 11:05:33 AM
I have no doubt about it as this was one of the major functions of bitcoin. Doing this has saved him some stress, third party and much transaction fee. This he has done would steer o more business opportunities with others companies that are ready to receive bitcoin for payment of goods and services. As we all know China is a major producing nation so the competition there is very high and the demand for market is someworth low so any one available to buy their goods is free to as long as you have the funds available be it bitcoin or other Crypto currencies available they are ready to deal just to discard the old goods in their warehouse so that new ones can be stored or kept there. I believe gradually, manufacturing and producing organizations would start looking to accepting bitcoin for their products.
February 24, 2023, 08:56:24 AM
Quote
Nigerians Are Using Bitcoin to Bypass Trade Hurdles With China. Chukwuemeka Ezike sends thousands of dollars' worth of bitcoin a month in order to trade with Chinese exporting companies. In return, he receives spare auto parts, construction equipment, and juices for a family business his father started more than 30 years ago.
https://www.google.com/amp/s/www.coindesk.com/tech/2020/08/13/nigerians-are-using-bitcoin-to-bypass-trade-hurdles-with-china/%3foutputType=amp
https://www.google.com/amp/s/www.coindesk.com/tech/2020/08/13/nigerians-are-using-bitcoin-to-bypass-trade-hurdles-with-china/%3foutputType=amp
I am bringing this back because aside from reading this on the internet and from hearing from "them say", I don't know anyone who does importation, whether mini or in large quantities from China that pays with Bitcoin. Is this just a hype or has anyone of you paid for goods in China using Bitcoin here? If you have how did you do it? Help a brother out.
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