Topic: Could bitcoin help Nigeria falling economy (Read 134 times)

No be when a country accept the usage of something, no be when dem go d talk about the complete usage of am?As em d so, Nigeria never openly legalize bitcoin, talk more of accepting it as a national currency. Make our government legalize am first, and we don use am for year's, we go now begin reason whether em go d essential to use as national currency or not.

As you don ask the question already as a newbie wey you be, the answer to question na big no. Bitcoin no way connect to a country's  economy. Wetin the boost a country's economy na when the use more of their locally made product than depending more on imported goods. Since we depend more on imported goods than exporting ours to the outside world or even try to d use more of our locally made product, how you think sae our economy go grow?

Na when we go begin to learn on how to start to d use or produce more of our locally product, na when our economy go begin grow. As for bitcoin, em no for once help a country economy.

I do not think that would be possible for Bitcoin to help our economy.  The economy has long been on a decay years before Bitcoin was invented as a result of bad governance. Our leaders are really not ready to go beyond their horizons to settle the economic challenges of our nation. Corruption has eaten deep into the system that it is now normalised.  It is a  "you chop I chop" thing for any government that comes into power.

As you have said pertaining to Bitcoin being accepted as a national currency, Bitcoin as we all know is a digital currency and most people also see it as a store of value so therefore just like one of the replies I read here said that most Nigerians would opt for Bitcoin as a store of value to avoid a loss or devaluation on their assets. They would do this to protect their own interests and investment not until the economy is stable and it would be of good advantage for them because if Bitcoin price increases they have profit to earn as well.

The problem Nigeria has with her economy is that the system is not functioning normal to boost production which lies on the policies formulated by the powers that be. The production sectors is in a camatose making the nation over dependent on imports than exporting her own produce. All these put together affects the economy negatively and as a matter of fact, it results to currency devaluation and economic inflation.
So therefore, the fact that Bitcoin could help Nigeria current situation is a "fallacy of misconceptions."

It will not help.

What is affecting Nigeria is their dependency on importations.

We import than we export. We import than we supposed to be producing and add more value to our GDP. Bitcoin is an asset and can not solve any problem regarding bad governance.

You dey welcome. You na correct newbie u bi. U no bi alt-act because as I just see ur writing method nai I just know sae u are olodo for di forum, and one thing I go advise you be say make dey read Oda people their posts and comments, and obey di laws of the local board and the general boards and try to post quality posts so go dey go up small small. And make you no do copy and paste work (plagiarism) for here because na straight banning be dat one. Please always ask your mentor anything you no Know and also ask for here for more knowledge. Make u dey read more dan posting.

And di question u asked, if Nigeria adopt bitcoin as a legal tender in the country, e go help the economy, because the devaluation of the naira sef go reduce and bitcoin be sae nobody go fit devalue am Instead im go devalue dollar. Naija economy go good because many people go use bitcoin dey do transaction of buying and selling of goods and services, and people like us will not sense local currency again unless we want to buy something that very important with Fiat Currency. Bitcoin go help naira because bitcoin is a decentralized currency for internet. And when plenty people abandon the use of naira to bitcoin naira will just have value.

Our failing country’s economy no be bitcoin or any other cryptocurrency wahala, na the corruption way don sink deep into our government system na ‘em don make people Dey turn eye commot for the things way them fit do to make life better for themselves and family, dey target to join politics and no be for good or to save the people but so, them fit thief there own kwa.
These na the people way don dey under the redder dey hope say e go better before the corruption con corrupt there mind.
Na watin dey make our economy dey bad be that. If not, with the whole resources way we get for the Naira, both natural and human, omo we for number in a good way for the world.
For the now, na small better with plenty bad them just sabi us for and we really need to change am.

Since you ask am ask question make I give you answer base on how me I feel. Bitcoin nah currency way be say eh don they popular reach where almost everything now we fit carry am buy, seal deal and others. But Me i still see bitcoin as something way lacks some things way go make am one full country currency, I mean to scrab out Nigeria naira come they use Bitcoin for our everyday buy and sell even for our local market. Bitcoin no go fit perform that kiind duty, I talk like diz bcuz of the things way they required for us to fit survive buying and selling something 4 we countri, Bitcoin go need network 4 person to fit pay the other person, eh go also dy limited to things way we fit also buy with am since fee sometimes fit cost pass watin person wan buy, another tin nah no be everybody fit use am, as no be everybody (I dy refer 2 diz our market old women them) for the countri fit operate phone way get internet accesss, diz ones and others too. 
 
Another thing too be say, even if Bitcoin succeed provide solution 4 all the things way i don mention for up then come dy accepted to be our currency, me i see am say eh fit even worsten the economy pass as eh already they, b4 the people way they power go learn how to country and set policy way go help am things go don worst pass as eh already they. 
 
And Op, another thing way u suppose know be say no be currency they help country economy, but nah how good the economy they fit help boast the currency value up small. so no be currency be our economy problem nah lack of working policy they worry us.

OP I see you are a newbie here. It is nice you initiated a topic of discussion unlike back then when we came on board, it took us a little time before we could start creating a thread to start a topic or commenting and looking at the numerous things we need to learn and getting knowledge about here but notwithstanding, learning is a gradual process which one needs to undergo before perfection. But however, what you have asked here is very much important though.

Nigerian  government I think would not buy into the idea of making Bitcoin a national currency but I believe it would be accepted as an alternative in the sense that it could serve as an alternative means of payment between customers, businesses, and others as a digital currency and would be raking in revenue from transactions involving bitcoin payments and deals. Nigeria's government so far has been of the opinion of making her national currency more strengthened and valuable so therefore anything that would alter her course would be strongly opposed. Have you not heard of the news of the Bureau de Change calling on the federal government to ban Binance that has nothing to do with our currency devaluation?

The economy of a nation does not really depends on its currency but on what policies they have put in place to strengthen the economic and bilateral trading relationship with other foreign nations. What does a country have to offer to the world in terms of production and export? Being a consuming nation adds no value to her economy and currency so therefore  even if bitcoin is accepted as an alternative currency, it has no effect on the economy instead  her citizens would opt for it as a store of value to do away with her currency devaluation and economic inflation.

You for still make your post interesting by telling us wetin you think about your question and how you take think say bitcoin go do miracle. The Nigerian economic challenges no concern bitcoin, na the government no want do the right thing but only interested in playing games with people life. Only fix electricity self you go see say the economy go begin grow because manufacturing go begin start up and importation go reduce which will make the craze and scarcity of dollar to reduce and the value of naira go improve.

If Nigeria where to accept bitcoin as its national currency would this help our country's current economy and how