It is high time that companies in Nigeria start to decide between continuing to hold and receive payments in the local fiat currency Naira or sorting for alternatives such as Bitcoin and seeing that the Nigeria Naira is on a steady decline against the United States dollar (USD), that recently saw Naira exchanging at the rate of $1/#998 per USD, which is almost a thousand naira ($1/#1000).
I don't know if this hotel happens to be the first of its kind to accept Bitcoin, but seems they are the first to officially make headlines or hit the media in Nigeria.
Topic: George Residence becomes first hotel to accept Bitcoin in Nigeria (Read 444 times)
September 22, 2023, 12:28:20 PM
September 22, 2023, 11:15:23 AM
It’s nice to see business owner take initiative to add bitcoin as a payment method in their business. I’m excited about this development in Lagos, there has been a lot of criticism on members claiming to adopt bitcoin payment in their business, most of which are Nigerians. This move by this Nigerian hotel shows the level bitcoin holds in the country and how open minded Nigerians are. This is just one among many others we are yet to discover.
The owner probably knows about bitcoin and thinks that it's probably a good idea to add bitcoin as a payment option, pretty significant move but in a country like Nigeria, I think that it's much better if they can influence other businesses to do this to really make a difference. I am all for bitcoin being used for commerce and stuff but I don't really see it as the best solution because if you've been in bitcoin or crypto space for a while now, you really don't like spending bitcoin instead you want to accumulate more, it's like you are paying stocks to buy snacks or stay in a hotel.Most likely this is the case, and we also know that Nigerian is one country that is really on top as far as crypto goes, not just bitcoin. So maybe we shouldn't be surprised at all with this news.
Or it could set another precedence as well when hotels are going to accept bitcoin as payment. I remember back years ago when there is a supposedly airline companies that accepts bitcoin as well. So maybe in luxury travel, perhaps in the future bitcoin is going to be big in this sector.
What I think is that more people and businesses will get to accept BTC for payments more, after the halving activity has been initiated and implemented as expected, next year.
BTC has assured its customers of being durable, valuable and reliable to some extent than altcoins or even our local fiat can prove to be.
It's a welcomed development.
September 22, 2023, 10:34:07 AM
I am thinking this is just the beginning of hotels in Nigeria to beggining to accept Bitcoin as a form of payment, and as a reserved asset.
This is a good news coming from Nigeria. This country holds great potential for Bitcoin adoption because of its highly youthful population. The country also has technological infrastructure such as internet connections which will aid the easy use of Bitcoin. The number of mobile phone usage is also high and a large junk of the population is educated. The government has tried to stop the popularity of Bitcoin by restricting banks from transacting in cryptocurrencies but the youthful population has kept embracing the currency. The constant fall of the nation's currency and the resultant inflation have made people turn to Bitcoin as a hedge against inflation. I hope more companies will follow suit.
But Nigeria wants to ban Bitcoin, doesn't it?
The Nigerian government doesn't have any plan to ban Bitcoin currently. The Central Bank of Nigeria only prohibited banks from engaging in crypto transactions. The country has a high number of Bitcoiners.
September 22, 2023, 08:06:03 AM
It’s nice to see business owner take initiative to add bitcoin as a payment method in their business. I’m excited about this development in Lagos, there has been a lot of criticism on members claiming to adopt bitcoin payment in their business, most of which are Nigerians. This move by this Nigerian hotel shows the level bitcoin holds in the country and how open minded Nigerians are. This is just one among many others we are yet to discover.
The owner probably knows about bitcoin and thinks that it's probably a good idea to add bitcoin as a payment option, pretty significant move but in a country like Nigeria, I think that it's much better if they can influence other businesses to do this to really make a difference. I am all for bitcoin being used for commerce and stuff but I don't really see it as the best solution because if you've been in bitcoin or crypto space for a while now, you really don't like spending bitcoin instead you want to accumulate more, it's like you are paying stocks to buy snacks or stay in a hotel.Most likely this is the case, and we also know that Nigerian is one country that is really on top as far as crypto goes, not just bitcoin. So maybe we shouldn't be surprised at all with this news.
Or it could set another precedence as well when hotels are going to accept bitcoin as payment. I remember back years ago when there is a supposedly airline companies that accepts bitcoin as well. So maybe in luxury travel, perhaps in the future bitcoin is going to be big in this sector.
September 22, 2023, 05:00:21 AM
Nijerya'daki şirketlerin Bitcoin hakkında bilgi sahibi olduklarını söyleyemem, ancak bu başlangıç, otellerin ve Nijerya'daki diğer birçok şirketin bitcoin kullanımına rezerv ve bir ödeme yöntemi olarak dahil olmaya başlamasının başlangıcı olabilir. Lagos Eyaleti'ndeki Lekki'de bulunan bu otel, bitcoin'i bir ödeme şekli ve otelin ana rezervi olarak kabul etmeye doğru ilerlemeye karar veren türünün ilk örneği olacak.
I think it should come to Turkey too, there are not many places in Turkey, especially in Istanbul, that accept this.
Konaklama sektöründe ön saflarda yer alan bir oyuncu olan George Residence, Bitcoin'i bir ödeme şeklinin yanı sıra birincil rezervi olarak benimseme kararını açıkladı. George Residence, 2020 yılında Nijerya konaklama endüstrisinin ön saflarına çıkan lüks bir şorttur. İcra Kurulu Başkanı CEO, 'Yanju George, medyaya yaptığı açıklamada açıklamayı yaptı. Ayrıca, Bitcoin'i birincil rezerv varlığı haline getirme kararının fiat enflasyonuna karşı korunmak olduğunu açıkladı. "Kasa rezervlerimizin yaklaşık %50'sini Bitcoin'e ayırdık...Zaman geçtikçe bunu artırmayı umuyoruz," dedi. “Bitcoin geleceğin para birimidir ve geride kalmamak için güçlü bir şekilde konumlanmamız doğru. "Bitcoin, misafirlerimize sunduğumuz konforun tadını çıkarmaları için daha hızlı ve daha güvenli bir yol sağlar. CEO, "Mülkinlerimiz sadelik istiyor ve bunu onlara sunabildiğimiz için heyecanlıyız" dedi.
Bunun Nijerya'daki otellerin Bitcoin'i bir ödeme şekli ve ayrılmış bir varlık olarak kabul etmeye başlamasının sadece başlangıcı olduğunu düşünüyorum. [/alıntı]I think it should come to Turkey too, there are not many places in Turkey, especially in Istanbul, that accept this.
September 22, 2023, 04:55:04 AM
It’s nice to see business owner take initiative to add bitcoin as a payment method in their business. I’m excited about this development in Lagos, there has been a lot of criticism on members claiming to adopt bitcoin payment in their business, most of which are Nigerians. This move by this Nigerian hotel shows the level bitcoin holds in the country and how open minded Nigerians are. This is just one among many others we are yet to discover.
The owner probably knows about bitcoin and thinks that it's probably a good idea to add bitcoin as a payment option, pretty significant move but in a country like Nigeria, I think that it's much better if they can influence other businesses to do this to really make a difference. I am all for bitcoin being used for commerce and stuff but I don't really see it as the best solution because if you've been in bitcoin or crypto space for a while now, you really don't like spending bitcoin instead you want to accumulate more, it's like you are paying stocks to buy snacks or stay in a hotel. 
September 22, 2023, 04:51:15 AM
Nigeria is making waves again, right? You know what this is? This is a strategic counterattack on global financial elites and their "stable" systems. George Residence is a pioneering Nigerian hotel. By adopting Bitcoin, its attacking banking cartels and suggesting that our fiat-based economic system is broken. More Nigerian firms following suit will be a serious rebellion against the established order. You're right: this is just the beginning, and the old world conspirators may not like it. Nigeria may inspire the globe to ask, "Why not Bitcoin?"
September 21, 2023, 09:15:35 PM
No Wonder according to data from the Chainalysis The 2023 Global Crypto Adoption Index: Central & Southern Asia Are Leading the Way in Grassroots Crypto Adoption - https://www.chainalysis.com/blog/2023-global-crypto-adoption-index/
Nigeria is among The 2023 Global Crypto Adoption Index Top 20
Number 2 in Index meaning crypto must be popular out there and one or two merchant might started accept Crypto especially the bitcoin
Nigeria is among The 2023 Global Crypto Adoption Index Top 20
Number 2 in Index meaning crypto must be popular out there and one or two merchant might started accept Crypto especially the bitcoin
September 21, 2023, 06:57:25 PM
It’s nice to see business owner take initiative to add bitcoin as a payment method in their business. I’m excited about this development in Lagos, there has been a lot of criticism on members claiming to adopt bitcoin payment in their business, most of which are Nigerians. This move by this Nigerian hotel shows the level bitcoin holds in the country and how open minded Nigerians are. This is just one among many others we are yet to discover.
September 21, 2023, 06:44:43 PM
It is always nice to see innovation like this, but if there are not people supporting this, then it is all for nothing. I saw many businesses starting to accept Bitcoin as a payment option and then after a few months, the same business only accept Fiat currencies again.
The reason for this is that people are seeing Bitcoin as a commodity and they rather want to use it an investment option and they do not want to spend it.
Agreed, many firms have begun to accept bitcoin into their business. Soon this used to get stopped as they don't find much people using the service. Most people find this to be an investment rather than a currency/transaction source. The reason for which Satoshi innovated bitcoin is different, but here something good had happened in the form of investment.The reason for this is that people are seeing Bitcoin as a commodity and they rather want to use it an investment option and they do not want to spend it.
People of Nigeria are much used to cryptocurrency. It is possible to see bitcoin usage on different parts of the country. Already several firms from Nigeria accepting bitcoin into business were posted on our forum, and I remember one particular fuel station accepting bitcoin. The same is being done by the employees interest through his employer.
September 21, 2023, 02:50:58 PM
This will be a good move for the quick adoption of Bitcoin in Nigeria because
September 21, 2023, 02:35:55 PM
It is always nice to see innovation like this, but if there are not people supporting this, then it is all for nothing. I saw many businesses starting to accept Bitcoin as a payment option and then after a few months, the same business only accept Fiat currencies again.
The reason for this is that people are seeing Bitcoin as a commodity and they rather want to use it an investment option and they do not want to spend it.
The reason for this is that people are seeing Bitcoin as a commodity and they rather want to use it an investment option and they do not want to spend it.
September 21, 2023, 02:30:06 PM
Snipped
It’s a great move that could further strengthen the slow but steady adoption of bitcoin all over but I don’t know about bitcoin being legal in Nigeria just yet. Saw this memo that was posted in another thread stating how bitcoin is still very much prohibited by the government. Unless there’s a recent memo that contradicts this, bitcoin usage doesn’t seem to be totally legal.
The government is clearly not ready to allow and actively discourages financial institutions from facilitating the use of bitcoin and like you noted, are likely aware of loads of people who still use bitcoin.
September 21, 2023, 02:01:05 PM
Nigerians already have adopted the use of bitcoin, it's legal to use bitcoin but the government aren't ready to allow the banks to use it or leaders accept it adoption as a legal tender, but they are quite aware a number of citizens are using it, this was part of the reasons why they introduced enaira, which turns a failure because it wasn't cryptocurrency, but just a digital fiat version, more than half of the Nigerian youths have heard about bitcoin and are interested in learning how to make use of this digital currency.
It’s a great move that could further strengthen the slow but steady adoption of bitcoin all over but I don’t know about bitcoin being legal in Nigeria just yet. Saw this memo that was posted in another thread stating how bitcoin is still very much prohibited by the government. Unless there’s a recent memo that contradicts this, bitcoin usage doesn’t seem to be totally legal.
The government is clearly not ready to allow and actively discourages financial institutions from facilitating the use of bitcoin and like you noted, are likely aware of loads of people who still use bitcoin.
September 21, 2023, 12:30:42 PM
I am thinking this is just the beginning of hotels in Nigeria to beggining to accept Bitcoin as a form of payment, and as a reserved asset.
I think that too. Once it starts it is only a matter of time before it takes up the pace and more companies will be joining them. It only takes one person to start the trend and people will follow for sure. But my question is, how much longer will this trend stay, and how people will react to this? I know that not everyone can become successful by investing in Bitcoin. What if those who made the first move end up being unsuccessful? People who were against it will be laughing. I know it is a positive thing right now but what if, just what if? Makes me curious. Everything has two sides so it will be fun to see the final outcome.
September 21, 2023, 10:49:11 AM
This will be a good move for the quick adoption of bitcoin in Nigeria because
Nigerians already have adopted the use of bitcoin, it's legal to use bitcoin but the government aren't ready to allow the banks to use it or leaders accept it adoption as a legal tender, but they are quite aware a number of citizens are using it, this was part of the reasons why they introduced enaira, which turns a failure because it wasn't cryptocurrency, but just a digital fiat version, more than half of the Nigerian youths have heard about bitcoin and are interested in learning how to make use of this digital currency.
September 21, 2023, 06:57:39 AM
This will be a good move for the quick adoption of bitcoin in Nigeria because, Nigeria is a country that loves copying from themselves when it comes to startegy that will help promote their business. The hotel will have more customers and this will make other hotels emulate them, when the news is all over the city, because the location of the hotel is in the most developed place in Lagos state and it is in a lucrative area.
How is the hotel going to adopt bitcoin if banks there aren't allowed to deal with crypto currency? Even the hotel holding 50% of their reserves in btc, they will need to convert bitcoin somehow sooner or later.
I don't think that accepting bitcoin as an alternative payment method will be going against the law in Nigeria, because bitcoin is not illegal in Nigeria but CBN restricted banks from cryptocurrency transactions. This means that it is only banks but individual and businesses can use bitcoin.when the time comes they will need an exchange and will have to use a bank account as well
This something simple, there are p2p traders in Nigeria on exchanges and, the merchant will send the funds through is own bank account to the hotel account, and there will be no cause for alarm. 
April 29, 2021, 12:07:26 PM
The Central Bank of Nigeria placed a ban on Bitcoin and other Crytocurrency in the country. But despite that, the citizen still buys and sells Bitcoin through P2P.
Is good that George Residence now accept Bitcoin as a means of payment. With this new development, other companies will also adopt the procedure of accepting Bitcoin as a means of paying. And that will leave the government with no other option than to legalize Bitcoin in the country.
Is good that George Residence now accept Bitcoin as a means of payment. With this new development, other companies will also adopt the procedure of accepting Bitcoin as a means of paying. And that will leave the government with no other option than to legalize Bitcoin in the country.
April 29, 2021, 11:57:47 AM
IMHO, I think that was a positive development in Nigeria crypto space lately Because in the previous information Nigeria's Central Bank is very vocal and against the proliferation of Bitcoin and other cryptocurrencies so I'm wondering how the George Residences will manage those Bitcoin payments when they cant exchange them to the Nigerian local currency through banks, anyway the P2P or other private means of exchange are still possible in Nigeria but I don't think it can handle a large transaction without any banks involved. It is a complicated problem that needs to be resolved.
April 29, 2021, 10:58:41 AM
This news motivates everyone to own bitcoin so that they can use it to buy something or use bitcoin as a means of payment such as hotel rentals. I am sure that in the future there will definitely be other companies that will use bitcoin as a payment method, this will help the price of bitcoin to be more expensive in the future, investors will make a big party for their success in investing in bitcoin.
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