Topic: Future of bitcoin in Nigeria - page 7. (Read 952 times)
Bitcoin is just gradually penetrating into the Nigerian market of course the CBN had warned the citizens of the dangers associated using cryptocurrencies however the youths had started adopted trading of crypos as an alternative source of earning income without any interference from any government agencies I hope with time more people will be involved in cryptos as it awareness increases with the aid of social media.
I think that the future of bitcoin in Nigeria is the same as in Europe, America, and Asia. In fact, the whole of Africa remains a colony of the "old world", and what happens in Africa is regulated by Europe.
The third world so called can take a big advantages by adopting BTC as official currency don't you think?
Because it's like having a global exposure instead a local country situation.
And beside that, you can make a good call for the people that cannot afford a bank account in my point of view
Because it's like having a global exposure instead a local country situation.
And beside that, you can make a good call for the people that cannot afford a bank account in my point of view
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.
Well talking about Nigeria utilizing bitcoin, Nigerians are always afraid to invest in online deals or commodities. And the only few that invest are the one making it big. Also Nigeria government not helping matter because most of the them in power sees bitcoin as scam and also warn the public not to participate.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.
Like i read last year online, last year bull market pulled many of them into cryptocurrency. So i think with time when they see improvements and high rise of d crypto market, they will start using it.
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.
I can't agree with that. Most of their problems are about their financial status and Bitcoin is directly relevant to that issue...
yes you are very correct and it is going to be very difficult to predict the future of bitcoin in nigeria.Though government policies are not against bitcoin, but it acceptability is very low, and the reasons been that there is no bitcoin publicity.
Nigeria government through the CBN have policy for digital currencies. if you have been following the CBN during the time of MMM ponzi scheme you will know this. in fact they warned several time that people should stay away specifically from cryptocurrency and ponzi scheme but I am very sure if they ban cryptocurrency it cant be effective because Nigeria lack measure to regulated an internet related activities. beside the government is facing alot of problem right now (security, economy crisis etc) but by the time they discover Nigerian are making large furtune from crypto they may be looking for way to stop them 
.
Though Nigeria is lacking behind from the touch of bitcoin right now, but it can be hoped that very soon the country will make progress with bitcoin.
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.
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.
But this article says otherwise:
In Nigeria, Bitcoin adoption was in response to the 2016 financial crisis, which limited international trading due to the insufficiency of foreign currencies. The common factor for Bitcoins in both Nigeria and the USA is the isolation from financial crisis and that it serves as a great medium for exchange during these times.
copy pasted from:
Quote
In Nigeria, Bitcoin adoption was in response to the 2016 financial crisis, which limited international trading due to the insufficiency of foreign currencies. The common factor for Bitcoins in both Nigeria and the USA is the isolation from financial crisis and that it serves as a great medium for exchange during these times.
https://www.vanguardngr.com/2018/03/truth-bitcoin-nigeria/Too bad
From statistics, just 11% of the nation knows about bitcoin or cryptocurrency at large
yes you are very correct and it is going to be very difficult to predict the future of bitcoin in nigeria.Though government policies are not against bitcoin, but it acceptability is very low, and the reasons been that there is no bitcoin publicity. The awareness about bitcoin and how it works are shallow hence potential investors are prone to scam. From statistics, just 11% of the nation knows about bitcoin or cryptocurrency at large
it is going to be very difficult to predict the future of bitcoin in nigeria.Though government policies are not against bitcoin, but it acceptability is very low, and the reasons been that there is no bitcoin publicity. The awareness about bitcoin and how it works are shallow hence potential investors are prone to scam. And if this is not remedy on time it may affect the future of bitcoin in a negetive way.
As long as the Nigerian government will not implement ban and declare bitcoin prohibited in their jurisdiction, just like any other country bitcoin will grow there.
I'm lack of knowledge about the current economic stand of their country regarding bitcoin but that's it, if they will let bitcoin come to their country it will be a life changer for some crypto folks there.
I'm lack of knowledge about the current economic stand of their country regarding bitcoin but that's it, if they will let bitcoin come to their country it will be a life changer for some crypto folks there.
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.
The popularity of crypto currency is rapidly increasing. It has reached the continent of Africa but most of the country due their political problems and problems in their economy cannot fully benefit from the market of crypto currency. Although if used properly the crypto currency can actually solve a lot of problems.
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.
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.
As for me, I see more good things out of it then the bad ones...
Suppose that is really a good decision with their economy.
Nigerian is already advanced in the use of this technology called blockchain, we have the highest participants of crypto currency in African because of population, what we need now is the support of the government..
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.
the problem of africa maybe deeply rooted in their government but one thing that is certain is that the world is moving towards a monoeconomy, so africa will have no choice than to catch up. 
I don't think that they have time to develop crypto currencies on your country because a lot of the government there is not doing their work, i know cause lot of issues are passing on my Facebook wall every time i see news in Nigeria i'ts only says on specially the corrupts governments and so on so forth.
Bitcoin has been popular in Nigeria but the government is not putting an eye to it at all which is making some in investing on it, i saw a time when the government warned its citizens from investing in cryptocurrency because they dont know more about it themselves.
Nigeria can also grow faster with bitcoin. Anything is possible man, no need to fear or panic. In the united state people are banned from using bitcoin or trading of any crypto as such. But in Nigeria there is no such thing. Its just a matter of time for the good new about bitcoin to grow.
I don't think so. Nigeria uses bitcoin as the mode of payment and they created their own regulations.
Btcnaivie, your moniker says it all. Why proudly display a high level of naivety on a subject you know nothing about? How can you say that Nigeria makes use of bitcoin as a mode of payment? Payment at what shops or for what services? Can you name any? Please, I am a Nigerian and would like to know of any shop in Nigeria that accepts bitcoin for payment. Of course, there are none.Also, I would like to know a place where I can buy or sell my Bitcoin from any of you here saying bitcoin exists in Nigeria (not on the localbitcoin site). I mean a group on telegram or WhatsApp. I will be waiting. .
Nigerian prince is buying in bulk. You send first I heard.
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