Topic: How do we measure crypto adoption within our country. (Read 246 times)

If na centralized exchange them wan use to check am, e dey possible. because centralized exchange like binance dey require nationality for the kyc and e go require you to used a valid ID card to update am. And all the I formation wey dey the ID go enter there system and from there them fit know the state and country wey you from and the hightes crypto adopted state or country.

Survey can be taken as that na one way to use know who get or no get interest for the industry also the local exchange dem in the country can be consulted to get data for analysis and this information will be review which state get the numbers (that's if the exchange dey request for that information when signing up). We no fit use internationally exchanges to determine which state get the highest cryptocurrency adoption but the use of location cryptocurrency related service can give us that information.

We get some crypto platforms wey dey offer services for this country and dem fit give us updates on which states dem dey get the most customers pass but from my own little experience without anything backing it but just observation, I go talk say na Lagos first then followed by port Harcourt. The forum isn't a good source to verify which state has the most cryptocurrency or Bitcoin adoption because for say person dey here no mean say him dun adoption cryptocurrency or Bitcoin and they use am.

E get people self wey dey here and then no even know anything for Bitcoin. There funds dey go exchange direct and them dey exchange to Naira ASAP. Event no be also a good way to monitor as audiences can be bought, some people wey dey attend no know anything about the industry but wan learn so you can't call those people adopters yet beside na state wey get population and dey peaceful go come out go all those events then as some states aren't safe for those types of gathering.

For the rate way pipo take dey join the crypto space for this country, I no go fit measure am because I believe say as day dey brake, nah so pipo self dey join the crypto space.
Like during the cashless policy, many people run enter crypto Bitcoin as the number one of them, and from then I go fit say nah the state way the cashless policy affect pass nai plenty for crypto even if say most of them fit done run comot but as far as say them done register for some exchange wallet like the one way you mentioned I fill say them self still dey inside the crypt space.
But the truth of the matter be say, we no go fit calculate am like that way you dey talk am but we go fit calculate am by country to country, that one nai go dey more easier pass.
As our fellow Nigerian youths no dey joke with positive opportunities, nai make we self nah one of the fastest Bitcoin adopters too, if you settle down read this content well you go no say Nigeria nah one of the richest for the whole Africa, nah so Nigeria too be the most crypto currency user too.

The one wey I know and dey sure of na him be say na  naija na him be the highest adopter of bitcoin users and e don dey like dat for several years now. The adoption wey dey come from naija na him dey make other African countries dey follow d adoption of the currency now. I no know how dem go take measure d exact number of people for each state for naija wey dey into bitcoin as e be now. You fit get your answer online sha, I know say many websites go don do dat analysis don put the data of those people together wey dey use bitcoin pass for the world. As for naija, dat one go hard o, because even exchanges no go fit know dat one, na only country by country data dem get put together.

Op the way I see the whole thing it will be very difficult to have data analysis of everyone that uses crypto in the country because I don't think there is any machine or equipment that can conduct the measurement or research and even if there is one getting all the data from the various exchanges will still not be enough because I believe there are people who operate on decentralized exchanges so getting there data may also be impossible because there is no kyc on decentralized exchanges so perhaps whichever we may reason it, it could still be difficult.

This is nice to discuss here in the local board. Op if you want to member the users of Bitcoin or cryptocurrency at large. And first of all let us use some practical measurements from here. Yes we have 36 States in Nigeria and 774 Local Government Areas in Nigeria and I believed we have representative from all the states but not all the local government areas. Now in my measurement from here, Port Harcourt has the highest population or number in the forum and it will follow by Lagos and Abuja the others will follow then Bayelsa will take last stand. And internationally measurement of Chainalysis on The 2023 Global Crypto Adoption Index: Central & Southern Asia Are Leading the Way in Grassroots Crypto Adoption gives the leading countries of cryptocurrency and not even El Salvador which the Op mentioned. Yes El Salvador fully adopted the use of cryptocurrency and Bitcoin in particular buy the turnout is still very low.

ChainAnalysis does a very great job ay doing the adoption analysis according to country and usage all the necessary data is there, and Nigeria is doing a very great job being among the top 20, and doing such analysis is pretty much easy since the transaction volume is one of the data used just has you said.  And Nigerians are doing well in adopting. They will be tracking IPs to be sure of the information they are given out and make sure there is accuracy, even with ChainAnalysis if you check exchanges you will see the volumes yourself.
True that it can be measured individually because you actually need Facts to have a say and that can only be done with the use of data, what the OP is trying to say is to tell you that Nigerians are pulling strings in investing in Bitcoin and some fellows have share ChainAnalysis with us you should visit the site and the wonders and every important information you want to see about is there. And true that Bitcoin is still in between in Nigeria it is not legal and it is not illegal but people are still accepting it, you can compare the numbers of people that have invested then and now.

Me I no think so. If them say make everybody stop to dey use non costudial wallet or decentralized exchange otherwise known as DEX, na there I go know truly the country wey get the highest crypto adoption. Because most people dey use 1 CEX account dey do multiple transaction because dey want to be anonymous. For example 5 to 6 people fit get electron wallet or trust wallet, and Dem no want reveal their identity through kyc, dem fit tdey transfer there coin from DEX to CEX and binance go count all those transaction as 1 person. If not our country wey you see so for even pass El salvador wey you dey talk. Or get close to them for adoption.



For me I no see reason to dey measure highest state or country. That one na the work of the CEX. Wetting really dey important na to use Bitcoin information become successful but planning how to invest for future porpos. Bitcoin don dip small from $44k to $41.1 na avenue to still accumulate because e go still go up again. So take the advantage and leave wetting you dey think because that one no go add anything to you, just to only know about am.

Like I said before your curiosity no go add anything to your life, rather invest an be productive.

Op,  e go dey hard to get the statistic wey go show which state for Naija get the high crypto adoption because no be everybody wey dey interact with Bitcoin naim we know for Naija. Secondly, no Naija person wey get a local CEX exchange that will give us the information of verified users in the CEX exchange, to be used to determine the state with the  highest number of Bitcoin adoption

@Dailyscript
You can read the crypto adoption methodology used by analytic companies, like Chainanalysis annual report. An example is the link I posted along on this post. See below.

There are many of them, although not from Nigeria. Here is 2023 crypto adoption index 2023 by Chainanalysis. Nigeria is the second:

https://www.chainalysis.com/blog/2023-global-crypto-adoption-index/

even though we never get an official statement regarding the adoption of crypto in the country, the frequency of it use and the popularity it has attained in the midst of most youth goes to show it acceptance in the country.

What is remaining is just for a youthful person to hold key political position and push for it t be accepted officially. Almost all Nigeria youth get one or two crypto asset and na just say we no want tell ourselves the truth if not we already know say nija tender gidigba for crypto matter.

If na individually we wan assess am, Nigeria dey among the top countries with the highest adoption of the Bitcoin technology. In fact, if we go list out top 5 countries wey dey quickly adopt the Bitcoin and wey don already adopt the Bitcoin by population, Nigeria fit carry number 1 sef for Africa because of our huge population and how rapid it is spreading through to the nooks and crannies of the country is superb for a comment. Within communities, and cities in the country.

Before now, the only way you can hear about Bitcoin is in school campuses from students that come from the other geopolitical zones, especially the south but will rarely hear about it from an indigenous person of the state unless of course you can't take out an handful of them that already have exposure. But now, Bitcoin is in the lips of almost all the young people and indigenes of the state.

If na government, na where we still dey lag behind be that because our central government never gree untop that adoption of Bitcoin up till now. My thoughts were as we transition in government from the Buhari administration to Tinubu's administration, we would experience a little change in the adoption of Bitcoin but up till this moment we never get better response regarding this.

I sha believe say, we never also gather enough muscles to show the government reasons why the adoption of the Bitcoin technology will reduce our over dependency in the forex or at least create another path for the government.

On my own little efforts, I dey try engage my new state government on the introduction of the Bitcoin education into our school curriculum, and that na the scope wey I been think say e go work since we no come out direct say we want make the state government adopt Bitcoin for any public use yet. Reason why I think am like this na him be say, I want make the new government start to they familiarize with the Bitcoin or better still have an understanding of the Bitcoin without mixing it up with the wrong and negative public perception on it.

I also want them to look at the proposal as another mark of achievement for their new administration, so before they become frustrated with the whole system of government, which is likely to happen at some point, we have scaled through with the proposal.

Hence, my efforts to meet with the SSG (Secretary to the State Government), Niger State of Nigeria through my delegation on Tuesday.

OP you need to understand that Bitcoin is so broad and cannot be measured by just ordinary mere inter state assessment and besides Bitcoin is a global digital asset and not like our local currency that we use among ourselves and moreover Bitcoin has not been adopted yet in our country so trying to check the activities of individuals that are hodling Bitcoin or that are involved in Bitcoin related activities may not really be ascertained.

There are some ways by which ChainAnalysis use in getting the adoption rate of bitcoin and cryptocurrency as whole for almost every countries and regions in the world, this may be done by analysing the Transaction volume, Transaction type including trading, remittance and others,  Exchanges and Defi and others. This information are gotten either from tracking IPs, search engine and website scraping, Kyc and others.
here is ChainAnalysis review of Nigeria crypto and bitcoin adoption https://www.chainalysis.com/blog/africa-cryptocurrency-adoption/

OP, this na better one, as e no bad as e be, Nigeria follow for countries wey dey top the chat for countries with highest crypto adoption rate. The method wey u just  talk say dem dey use measure countries with the most crypto enthusiasts fit be or fit no be how dey use measure am because no be every body dey use same exchange and no be every body go like use this Cex dem cos many people don feel like say to pass kyc their go entails to release ones private information and thus Cex dem no dey well trusted to handle privacy.

The problem be say e go dey hard to check state with the highest adoption of Bitcoin for this country, except na dem go take their hand see am like needful to come arrange the details but we fit just assume say na the state wey dey highly exposed for the digital world. Like this our Lagos state and Abuja side. This na base on my own perspective.

Op if you ask me I go say you don already carry your mouth answer the question wey you carry come oo, because like this na from centralized exchange naim dem take dey measure the adoption of cryptocurrency for each country or nation. So like this now, the data wey the exchange dey get naim dem dey take package these country adoption rate. But wattin dey shock me pass na be say that information wey  dem give there fit nor dey correct,l. Because na only for exchange Dem fit extract data, how about some person wey dey use nor wallet wey nor require any personal information, and na only dem wey register the wallet naim know their password.

I believe say many of those foreigners dey use normal segwit wallet so for Dem to get their details, to publish am go dey very hard. Anyway before making deposit for most wallet apps, some apps nor dey allow direct buying of crypto unless say dem use exchange take buy am, then try to send am go their wallet.

I still leave the floor very open for our superiors them, abeg make una shock mouth.

I greet una my people. As e be like this, i know say we they aware of the global adoption of bitcoin and other cryptocurrencies trend and Nigeria no they excluded as we get a lot of crypto enthusiast for here. I say make i bring this topic come here. Generally e get how dey take dey measure country wey get the highest cryptocurrency adopters and one way wey i know nah true all this big big exchanges like binance wey require kyc to use the platform. So as we they put our ID to verify our account nah so the record they enter their database. Currently the country wey get the highest crypto adoption nah El salvador as dey done make am legal tender since 2021. Now make we bring am down within our country. We get 36 states and capitals and each of these state get various crypto adopters full everywhere, nah which method wey we fit employ to measure the number of cryptocurrency adopters for each states or specific region. We fit use transaction data, events, or those crypto apps for our country use measure am?

Make we try reason am. Ah they curious nah why i bring up this topic make we deliberate on.