Topic: Future of bitcoin in Nigeria - page 4. (Read 952 times)
i think the governments of Nigeria should start considerating the importance of giving their people knowledge about cryptocurrency in general and bitcoin in particular. Because, the number of Nigerian people that used bitcoin or even just knowing about crypto and bitcoin is very low.But as of this moment there citizen can benifit in bitcoin so it is a good thing if it started with individuals and soon the country itself will benifit with bitcoin.
Nigeria, as a small country, will certainly contribute to the development of BTC if it can fully support the development of BTC.
With the third world got involved already in bitcoin and accepting blockchain transaction in their country, i expect that this will proliferate even further as year goes by. There will be a shift of economic progress from being low to average up to high if they continue to adapt the said technology.
The use of bitcoin Nigeria exploded in 2016 because of 2 factors; the financial crisis (recession) which led to the scarcity of the dollar for foreign exchange and the the price of ponzi schemes(started with MMM). Considering the the events which led to the mass adoption of btc in Nigeria are 2 periods in the history of the country that Nigerians will like the forgot its not hard to see why a lot of Nigerians still have their doubts about btc. This not withstanding I think the number of Nigerians involve in cryptocurrency has skyrocketed the past years though the % of people using btc is still very small. But I don't think Nigeria is lagging behind considering its the second biggest country in Africa interm of adoption
From the little I have known Nigeria, some folks I know take part in cryptocurrency related activities as many of them knows the benefits of the blockchain technology but the government are fighting the use of bitcoin in the country and this isn't encouraging for the citizens as the government isn't stable and employments are not been provided for the citizens. The future of bitcoin is certain as many organizations are embracing it, they use it for payment of goods and services, etc.
It's not really true that the government of Nigeria is fighting the use of bitcoin. This is fallacious and an obvious public misleading. Yes, there was a warning issued by the Central Bank of Nigeria in 2016. At the same time it also warned its citizens against investing in MMM. Beyond all that there hasn't been any legislation banning the use of bitcoin in Nigeria. Quote
So, bitcoins future is certain to grow in nigeria.
You are absolutely right on this one. 
Too bad
From statistics, just 11% of the nation knows about bitcoin or cryptocurrency at large
From statistics, just 11% of the nation knows about bitcoin or cryptocurrency at large
Theres no need to rush and never compare nigeria ro africa because thats bigger country and more advanced than nigeria..you must be thankful because you come to learn crypto than your countrymen so what you must do is continue supporting crypto and specially bitcoin.never lose hope and keep spreading the word of crypto community to attract more and more Nigerian investors
They have more hands to deal with now. The government needs to take immediate steps to overcome the state of their country. This is really a bad thing for the people in Nigeria who work for Bitcoin, the government and the banks will be very scared Bitcoin it brought a great impact for them.
My fear.
Is not that Nigeria lacking behind?. Hell shouldn't be. I see lome Africans growing faster and faster when it comes to bitcoin utilization but here in Nigeria reverse is the case.
I think the governments of Nigeria should start considerating the importance of giving their people knowledge about cryptocurrency in general and bitcoin in particular. Because, the number of Nigerian people that used bitcoin or even just knowing about crypto and bitcoin is very low. And i think thats the matters that need to be solved quickly. Is not that Nigeria lacking behind?. Hell shouldn't be. I see lome Africans growing faster and faster when it comes to bitcoin utilization but here in Nigeria reverse is the case.
You can help your country grow in bitcoin activity faster if you have the trouble yourself, to educate the public about bitcoin and its benefits. I think the government just wants to protect their people. In my country, Crypto trading is prohibited in all forms but I am still working. They can not stop us.
From the little I have known Nigeria, some folks I know take part in cryptocurrency related activities as many of them knows the benefits of the blockchain technology but the government are fighting the use of bitcoin in the country and this isn't encouraging for the citizens as the government isn't stable and employments are not been provided for the citizens. The future of bitcoin is certain as many organizations are embracing it, they use it for payment of goods and services, etc. So, bitcoins future is certain to grow in nigeria
Bitcoin will still grow in Nigeria, just that people are not educated about the Bitcoin
How can we get them educated?
By inviting them or helping them like we used to help each other on this forum , not by forcing , but giving them specific advice and the do's and dont's on bitcoin , and by sharing ideas about how to use and what is bitcoin , and positively those nigerian people will learn.
in nigeria, the main problem is the low level of economic society and the level of human resources are weak so as to cause a variety of complex problems. and the majority of the population does not understand the development of technology so it is very difficult if bitcoin will be applied. because it requires a better human resource improvement.
Bitcoin must have priority in poverty alleviation because it is one of those issues. If Nigerians do a great job with bitcoin, the future of bitcoin in Nigeria will be bright as they can use bitcoin as a replacement for payment in their stores or stores in their country. Bitcoin is a great help in a country if they just handle it and use it seriously.
I've heard from the news that Nigeria is considering using bitcoin as their currency, or at least the citizens are more interested in using it because their currency, the naira, has worse inflation than bitcoin.
You truly deserve an award for this funny post. How do I get that across to you. DHL or UPS? How do you mean inflationary more than Bitcoin. Come on dude, the volatility of Bitcoin has no comparison with any currency or metals even from the time of the biblical King Solomon till date.You are absolutely correct on this, I had never come across any shop where bitcoin is being accepted as a mode of payment for goods and services anywhere in Nigeria, however as far as buying and selling bitcoin is concerned I used this popular forum nairaland business section where I carried out my transactions with trusted agents using an ESCROW.
Not so bad in terms of growth of the crypto ecosystem in NIgeria. I know a couple of projects that are from Nigeria and successful conducted ICOs(Kora Network, Kurecoin coin (exchange). They are doing further development now, hopefully more will follow.
Bitcoin is the last of their concerns. The problems in Nigeria and Africa are deeply rooted in their government and exploitation. Using cryptocurrency will not solve their problems.
Well if time will comes that the country stated earlier will have a good political aspect, bitcoin must be there priority in able to eradicate poverty because it is one of there problem. But as of this moment there citizen can benifit in bitcoin so it is a good thing if it started with individuals and soon the country itself will benifit with bitcoin.
If the Nigerian people will have a great work in bitcoin then the future of bitcoin in Nigeria will be bright because they can use bitcoin as an alternative for payment like in a shop or store in their country. Bitcoin has a lot of opportunities to offer to the people who want to grab opportunity. Bitcoin is a huge help in a country if they will just treat and use it seriously.
From my very point of view, Nigerians generally are cyberphobia, anything that is associated with cyber is tagged fraud, so is the case of bitcoin and crypto in Nigeria, so far bitcoin and cryptocurrency is internet or cyber related it will be had for Nigerian people to accept
By the way this is a very interesting topic. I never knew, but I read the news here. Renders Nigerian bitcoin-markets set new records on the volume of operations - for a week the volume was 1 950 000 000 Nigerian Naira. According to cryptocompare, the trading pair "naira-bitcoin" became the 23rd in the world in terms of the volume of transactions among national currencies. In the last 24 hours, 101.45 bitcoins were sold. The trading pair "naira-bitcoin" is about 0.03% of the world trade in the first crypto currency. In terms of growth, the Nigerian bitcoin market is overtaken only by China, which grew by 1500% in 2017.
For the poor people of the third world, this is a good chance to get out of poverty. I think they will grab this chance with all hands and together create crypto-future in their country.
For the poor people of the third world, this is a good chance to get out of poverty. I think they will grab this chance with all hands and together create crypto-future in their country.
I think wherever or in any country bitcoin has a good future in line with technological developments. for in Nigeria itself it may be necessary to educate its people to recognize bitcoin
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