Topic: Future of bitcoin in Nigeria - page 8. (Read 952 times)
the future of bitcoin in Nigeria will be great because i believe it will later be largely accepted and legalize just that it may take long period, since there more pressing problems within the country. like insecurity etc.
I do not think Nigeria is lagging behind. I have seen many project startup being launched in Nigeria. Kurecoin, sleekpay etc and the presence of Nigerian on the internet using cryptocurrency is greatly increasing but I am sure you understand Nigeria is a kind of country where many people do the same business. people are scared of exploring new opportunity because they do not want to lose money even though very high unemployment rate have make some people to start exploiting cryptocurrency. Nigerian government through the central bank also have warned so many time that Nigerian should stay away for any cryptocurrency related activities. these scare people away from bitcoin because many Nigeria still think bitcoin is a scheme just like MMM that wreck some people life a year ago.
There is a right time for them to enter in crypto world and patronize bitcoin to help them increase their way of living. Nigeria is a developing country and has also a big community. I believe someday they will engage in cryptocurrency and it will help them to increase the level of their living in terms of financial aspect.
Nigeria will grow in Bitcoin adoption soon, just that the level of education, ict and financial aspect needed is not there, and mostly the scam level in which people use to scam people with little info of making them rich with some money to be contribute has gone out of hands , most especially when mmm raked most people back then in 2016,2017 which had contribute to the level of turn out to support or adopt crypto because many think they are all scam.
I even heard about someone who collected money from people in local areas to invest in Bitcoin last year 2017, and he ran away with huge some of money even when Bitcoin did wonder by moving from 4000+ to 19000+ , which suppose be an avenue to create awareness and more adoption with what he has gained but decide to scam them,
So would those set of people ever believe Bitcoin or cryptocurrency is legit and don't forget that bad news spread faster than good once, these are some of reasons I think Nigerian are still lacking behind .
I even heard about someone who collected money from people in local areas to invest in Bitcoin last year 2017, and he ran away with huge some of money even when Bitcoin did wonder by moving from 4000+ to 19000+ , which suppose be an avenue to create awareness and more adoption with what he has gained but decide to scam them,
So would those set of people ever believe Bitcoin or cryptocurrency is legit and don't forget that bad news spread faster than good once, these are some of reasons I think Nigerian are still lacking behind .
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. .
nairaland business section where I carried out my transactions with trusted agents using an ESCROW.
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. .
Nigeria as the giant of Africa as always acclaimed should stand up to her responsibility and become the first African country to legalized bitcoin and the use of the blockchain technology as their alternative financial institutions and adopt bitcoin as her national secondary currency. But before that they need to deal with the issue of corruption which bitcoin can become a major tool in doing that.
Nigeria does not have a high weight on here, so i do not understand why there are so many people worried about this. We all know that it is a great country with a lot of population, but it is not going to change the way that bitcoin works or how it is being regulated
Nigeria as a country is governed by some set of selfish leaders, exploiting her citizens, I once read a write up wherein the Central bank of Nigeria CBN issued a warning to the public that people buying Cryptocurrencies are gamblers. These people will secretly be buying and trading bitcoin through third party, but will never take out time to educating its people the positive side of bitcoin. Am glad for the social media, it is there for the people of Nigeria to getting information and discern the true enemy of financial freedom.
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.
I don't think so. Nigeria uses bitcoin as the mode of payment and they created their own regulations. The Central Bank of Nigeria which should lead the regulatory environment is still understudying the virtual currency. It held a ‘Virtual Currencies as an Emerging Medium of Exchange’ conference earlier this year with various stakeholders in attendance. For the company, regulation will only enhance better customer relations as it will protect consumers and keep fraudulent operators out of system.
Yes it is sad that bitcoin is not flourishing in that way in Nigeria but at least this is a matter of hope that it is banned there like it is in many countries. Nigeria is lagging behind maybe because the government is not a crypto friendly one. But still hope soon they will also be able to keep in pace with the current crypto world. 
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/
Bitcoin will still grow in Nigeria, just that people are not educated about the Bitcoin
How can we get them educated?
Bitcoin has great future in Nigeria and in Africa as a whole, you will be surprised when you see the number of Africans who are fully invested in cryptocurrency.
In Nigeria their economic condition is not good. People are living below standard. I think they have not enough money to invest on bitcoin. Because bitcoins price is too expensive that’s why bitcoin can’t do anything for them.
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.
African countries (including nigeria) are already aware of the importance of cryptocurrency in their businesses and encourage cross-border trade and payments. In fact there are more than 1000 merchants who receive Bitcoin in South Africa.
Don't make a generalization on a subject matter you are not conversant with. That comment is wrong. South Africa and Kenya are the leading countries in Africa when it comes to cryptocurrency. Both countries even have bitcoin ATMs while there is none in Nigeria despite her very large population.Nigeria has a lot of oil but a lot of the funds go to the wrong sort of people. With bitcoins it would be more transparent so there will be less scams with dodgy oil deals
Honestly, I don't see how this will help.Bitcoin future is great in Nigeria as well.
Yah, may be from the tiny enclaves and telegram groups doing the buying and selling. Of course there are also the merchants on localbitcoin sites.Adoption of Bitcoin in Nigeria is growing gradually especially in higher institutions where Students carryout research on cryptocurrency and share their result with colleagues..
Please, could you mention that institution in Nigeria where this is going on? Are you posting here to increase your post counts and ignorantly misleading readers here for the sake of that? Desist from such unscrupulous act.Too bad
From statistics, just 11% of the nation knows about bitcoin or cryptocurrency at large
Do you have a link to the research site to help authenticate your 11% claim? I believe the percentage is even far less than that. From statistics, just 11% of the nation knows about bitcoin or cryptocurrency at large
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.
If they wanted to use crypto then they should try to do something about it for themselves. But I know that there will be people that will introduce it to them and teach them how they can make use for it.
Nigeria has a lot of oil but a lot of the funds go to the wrong sort of people. With bitcoins it would be more transparent so there will be less scams with dodgy oil deals
Adoption of Bitcoin in Nigeria is growing gradually especially in higher institutions where Students carryout research on cryptocurrency and share their result with colleagues and their are online sites in Nigeria that offers direct exchange of Bitcoin for fiat(Naira).
I think that with increase awareness the future of Bitcoin is bright inspite of government negative attitude.
I think that with increase awareness the future of Bitcoin is bright inspite of government negative attitude.
Jump to: