Topic: Btc fit to replace USD as the currency to take make international payments (Read 124 times)

Na di idea be dat say make people get currency wey dem no go de worry about how dem wan take exchange an to anoda currency. Di decentralization of bitcoin, go gradually de eliminate di services of bureau de change, di coin no get any centralized identity, na to comot from one Wallet enter anoda wallet. Di only thing wey de hold bitcoin, be say di adoption never reach everywhere finish, if in di nearest future majority of people come get bitcoin wallets, no matter anywhere in di world wey you do business, na to by pass currency exchangers and make direct payments. At least by dat time people go fit to make choice weda dem wan use cryptocurrency or fiat currency to take make international payments.

If it's within the context of what you said and it's inside Nigeria alone, then it's very valid, and as a matter of fact, Bitcoin has started the replacement already. However, it would be a misconception and also misleading to give all the credit to Bitcoin as many other coins and tokens are being used for the same purpose.

This is especially for the fact that they have cheaper fees and faster transaction speed compared to Bitcoin. The world is fast-changing, and so are investments, banking and payments, the revolution is here and will help the masses in acceptability (no discrimination as we are equal before crypto), speed and fee, and reduce the dominance of fiat currencies and banks in the industry. It didn't just start now for those of us who have been living on the internet for long, and just like myself, I've been depending on cross-border payments for over 20 years, I feel the benefits, it's just a new and relieving experience now. Before, many countries and companies would discriminate against my country on the payment system I could use, for this, I was forced to be using bank wire for my transactions, and you know what that means. My money would be delayed for about 2-5 days before receiving it, especially when correspondent banks are involved. While the payment fee could be between $35-$59. This payment fee alone could sustain me in Nigeria for over a week, so Bitcoin and other cryptocurrencies are saviours in all ways you could think of it.

But the Nigerian government and the economy are feeling the heat now as many people have turned to cryptocurrency as their viable payment gateway. They send their money from wherever they are and exchange it through fiat which would not be accounted for in the economy. This is fast and convenient and makes more sense for the payers and the payees. It is also more secure as nobody in the country would know that any international transaction occurred, not to mention tracing it to any party. They would only see it as a local transaction that involves sending and receiving money between people of the country.

However, as this is a good development, it could also be hurting the economy as Nigeria is in dire need of Forex to save the economy.

There is more advantage in using the said USD than Bitcoin in the aspect of international and standard means of payment. One major factor that over rules the idea is the rate of Bitcoin volatility, the rate of fluctuations in the price does not make it fit for such purposes despite all the advantages you listed above

OP, I like this your topic but make you also understand say bitcoin just come and no be every country bitcoin dey legalized. What if the country wey you won buy goods from no dey accept bitcoin his you won do am. Make you also know say even though bitcoin dey legalized for the country no be everybody go like to accept bitcoin because bitcoin na alternative payment method wey be say na by choice to accept am or not.

Also you talk say if you won make international payment say you go need to buy dollar before you go fit use am for payment. Na the same thing with bit coin too, people wey no get bitcoin for their wallet and won use am make payment need to go exchange to cover their fiat to bitcoin before payment go take place.

Dollar na the world power currency and for now na him go still remain the best for international payment because he get power and dey centralized and it is also accepted world wide by every merchant anywhere you go, because of say e don dey exist since and any currency wey one take over dollar must be from the government if not e no go easy. Make you no forget say because of bitcoin potential many investors go prefer to use am as an investment rather than for payment wey be the main purpose wey make Satoshi create am.

This is already happening there are many online merchants that are accepting Bitcoin as a medium of exchange and it's growing rapidly. Yes the benefits of using Bitcoin outweigh that of USD but there are people who still they use USD and them dey enjoy am so this thing na all about individual preference I don't think Bitcoin would completely take over but Bitcoin go reach a stage where it being an option go become very rampant.

Bitcoin is indeed the best option for international payments rather than USD but there are some factors that would hinder this for happening early aside the disadvantage you gave about bitcoin being still new i.e it has not been totally adopted, is :
Volatility: Traders do enjoy this nature of Bitcoin but currency use as Global form of payment should be more stable.
The government: We know that most top countries are not in support of Bitcoin especially the US government simply because they can't control it and would prefer something they can control. Though this can be added to the adoption factor you mentioned as an disadvantage.

Aside all these factors, bitcoin may currently not become the global international payment means but it is moving towards that end as more people adopt it, even some forex brokers accept bitcoin while some business owners may accept to be paid in bitcoin.
In the long run bitcoin may become a global payments currency though it may not be the only global currency more like an alternative, like how though the global currency used for payment is USD but bitcoin can be use as an alternative if both parties agrees to it.

This one nor go happen. E dey too risky because government go lose their power and control over the people. Which country one allow am happen.and also how Dem go take balance the volatility wey dey in the use of Bitcoin?

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Na only for utopian society wey this one fit happen. For Naija. Never. You suppose Sabi say e get pipo wey dey benefit from this use of dollar. Dem go fight am.

E go good make you still list the disadvantages of the use of Bitcoin for the country so that we go get a balanced view of am.

United states dollars, na im be di recognized and preferred currency to take make payments for international transactions. Anywhere for dis world na di currency dem de take de evalueate  dem local currency, example, inside Nigeria, na dollar we de take know di present value of naira. As Chinese economy take de strong reach, na dollars our importers de take make foreign exchange payments for dem instead of yen. Dollar na one country centralized fiat currency, and di whole world recognize am as di currency wey dem de take make payments for international transactions, so what about bitcoin wey de decentralized, and no country get autonomy over am. E de beta say dem suppose de use bitcoin wey de decentralized, for forex payments, instead of dollar wey de centralized. Bellow I go list some advantages wey i feel say bitcoin, get pass dollars for international payments matter.

1. Bureau de change: this system go totally phase out, because you no need to convert your money to dollars before you go fit to make international payments, na just to transfer bitcoin, directly from your wallet to your customers abroad.

2. Convenience: if you go for marina, for Lagos island, you go see as hundreds of people de queue, something's de fight for line because dem wan  buy dollar. Bitcoin go eliminate di stress of fighting to buy dollars.

3. Banks as intermediaries: no need for dat one again, na to just run direct bitcoin p2p or through exchanges.

4. Multipurpose: as you de use bitcoin to make international payments, even wen you travel go another country, you no need to exchange bitcoin to dem local fiat to take purchase commodities, na to de spend bitcoin de go.

5. No barrier: bitcoin no get any centralized authority wey de control am , unlike dollar wey be USA private property.

Aldo di disadvantages wey follow bitcoin be say people and countries never adopt am finish and im still de new, compared to dollars wey don stand the test of time. Me I de hopeful say one day  bitcoin adoption go reach every corner of di world and based on say im de decentralized, im go be di best option for foreign exchange international transaction payments. How una see am?