Topic: How does bitcoin benefit the common people. (Read 166 times)

You see dat side wey I reason so, dat's just how Bitcoin benefits d common man. Satoshi reason how things dey go come know say if him no interval dis government people go kill the common man finished, make we leave the currency aspect of Bitcoin focus on the investment aspect small. If no be Bitcoin wey open way for people to fit dey invest from anywhere without having to pass through all those hard steps to be accredited as an investor, plenty people no for fit dey see food chop from online investment. All this elite man dem dey get first hand information on which stock or shares go do well pass come buy am but the common man no dey get anybody wey go show dem way and when we dey buy na wey this first elite investors dey sell and cashout for our head but Bitcoin come change everything, even to trade now you no need brokers again, you fit do direct trading for decentralized exchange all because of Bitcoin introducing the industry to us.


Na when we enter the currency aspect, we go see say the common man no need to pass through all the banks wahala wey dem go always favour the elite men dem over us. Now you fit dey your house dey run oyinbo transaction without waiting on an approval from any bank wey go take more than 1-3 working days. Bitcoin dun make am the common man fit dey enjoy all those privilege wey na only elite people dey enjoy before and while e dey do all this one, the transaction come still decentralized on top wey mean say your transaction wouldn't be reversed just as bank transaction dey reversed. The main reason the government hate Bitcoin na because say dem dun see am say the cryptocurrency no be for dem but for the common man.

Bitcoin has helped a lot of Nigerian investors in terms of self employment and they have being benefiting from it, those p2p traders in exchanges are benefiting from bitcoin. The decentralized nature of bitcoin and its volatile nature makes it more unique than any investment, because of the high profit one can make based on the size of his investment during the bull run.

OP, there is no country on earth that will allow bitcoin to replace their tradition currency because fiat is a backed up by the government. Bitcoin was created to be an alternative currency to fiat and not for it to get rid of fiat currency. You will need fiat to buy bitcoin and vice-versa. Those that are being paid in bitcoin will need to convert their coins to fiat before it can be spent.

Bitcoin can improve the economy, if Nigeria becomes a bitcoin friendly country, where miners can mine bitcoin freely to generate cash for themselves and pay taxes to the government. Exchanges can be taxed and, also government can allow banks to trade bitcoin so that it will increase the adoption rate by citizens. Since it is an hedge to inflation, due to the steady devaluation of Naira, many inestors will prefer to save their income in bitcoin and they will sell when it is bull run to make profit.

 BTC was created to eliminate delay in transaction and to reduce unemployment to those that will adopt it genuinely without allow people to regret of using BTC or holding BTC in their wallets like what some people are going through in our country in the hands of the force men, and once they discovered coins in your wallet and they will start asking you to bribe them with big money or they will take you to their office where they will charge you millions or you go to prison because, BTC was ban from the central bank of Nigeria, and that is the offense the force men will quote to weak your spirit to frustrate your efforts.

 BTC can benefit common people through international transaction without allow you to go through what others are going through in fiat transaction because, it does not charge any extra fees for network or anything compared to fiat they will charge you extra money for bad network or good network before you can be able to transact in international trip in the airport or seaport. BTC is not regulate by any government or political influence which is another way it can benefit a common people, and nobody can freeze your BTC like the way government used to freeze some people account for some issues.

No. OP is not relating it to economy just as I stated before, he is relating it to individual and fiat.

Bitcoin and cryptocurrencies can add to the economy. It is Nigeria government that do not understand how it supposed to be.  I expected our government to have targeted crypto exchanges, other centralized crypto platforms and individual to start paying tax. Binance, Bybit and other exchanges are only making profit from Nigerians but the government do not make profit from them. They can even enforce all these exchanges and centralized services to have offices in Nigeria and employ Nigerians. Instead of the CBN to put light into this, it put more darkness when Nigerians continue to adopt bitcoin and other cryptocurrencies.

Indirectly, bitcoin and other cryptocurrencies will add to the economy. Example is if I invested $1000 in bitcoin and it increyase to $10000, my spending will increase. If the spending of people increase, that means more production. It is left for Nigerians government to look for ways that they will export than importing. If not bitcoin, there will not be anything called Bitcointalk, even if what we contribute on this forum is negligible, it is still part of increasing production as we earn money to spend more. It is not only this forum, I pointed to this because there are many ways that Nigerians are earning with bitcoin and cryptocurrencies in general, which will lead to increasing production in the country.

As for fiat, it is one of the ways people are scammed by the government. The government created a currency from nothing it is backed with and they are manipulating it. They are manipulating naira by devaluing it over time. If Nigerians are embracing bitcoin and other cryptocurrencies like stable coins as a hedge against inflation, I do not see nothing better than that. Only what crypto enthusiasts will see useful about naira is to convert your coin to fiat and spend it immediately. Nigerians on this forum will be crypto enthusiasts because naira does not worth holding.

I like people to read insightfully, and if I were you I would surely have known this is the summary of part of what the OP states. It mustn't also be a direct word, a figurative expression would do, that's what I did. Or you didn't see where solving financial problems, inflation-free (as if one can't lose in it as well), finance control and "self-financial control is what the world population needs?" Only a few are needed to form an economy...lol.

As for the last one, it's the worst for the economy and part of what is affecting Nigeria's FX. Most Diasporans use it now and their repatriation is not being recorded in the country's FX economy.

Bitcoin is qualified for many appraisals but people exaggerating things is what I don't like. Bitcoin is an asset just like any other asset, it has its earning and losing seasons, and it can never take the place of fiat and banks and cannot add to any economy due to its privacy and decentralized nature.

I did not see anywhere OP included anything like this on the OP.

Your explanation is excellent but I do not think that OP is that baised about what he posted about bitcoin except mentioning that bitcoin can give financial freedom which is not completely true. What he supposed to also include is that people should make research before involving themselves in anything related to bitcoin for them not to be disappointed during bear market, although all-time-high is promising.

Bitcoin is just an alternative and only the people that knows about it are going for it while some people can leave their money in fiat and depreciate in value over time, but which is not advisable.

Bitcoin needs fiat because without the inferior (fiat), there will not be the superior (bitcoin). If people do not see their wealth growing in bitcoin as they are estimating it with fiat, how will they invest in bitcoin? They might not invest.

You're overbearing in this writeup and I must tell you that you should rather be natural, unbiased and more economically inclined than to be ascribing value with an iota of overrating things.

Bitcoin is an asset and the most value derived from it without bias are; 1. Decentralization, 2. Efficient and indiscriminate cross-border payment and 3. Somewhat private (not total). I don't see anything serious other than these, and even in the country's economy, it can't help but might help private and personal investors when the price appreciates.

However, among these three undeniable benefits above, I appreciate numbers 1 & 2 so much as they remove the power of the central system and the payment solution cheating attributed to the developed countries over the developing and underdeveloped ones among others.

But will Bitcoin save the economy and the commoners? Heck No. Only the investors will benefit and all commoners can't, and even the rich will still gain better from it (become richer than the commoners).

Also note that Bitcoin is not created to carry everybody along as you insinuated but the interested ones that could learn more about it and adopt it wisely, everyone can't. It doesn't provide complete security or financial freedom and can never replace traditional banking or be the viable problem-solving attributes you ascribed to it. And as a matter of fact, Bitcoin needs fiats and not the other way around. If not, how many times have you spent bitcoin for bitcoin for products and services? Or do you think any reasonable government will make a decentralized system to dominate the economy in place of fiat and banks? Think twice!

We should try to be thorough in our digests.

Yes, that's true what you said, but it can only be possible when a user uses a non-custodial wallet where he owns the private key to his fund (i.e BTC), because without that such user is only exposed to Bitcoin but has no control over his finance, which in the other way round, it's always advisable people hodl their BTC in a safe and secured wallet (i.e Electrum, Trezor). However, one way the common man benefit from Bitcoin is that when he invest in Bitcoin he stands to gains more profit over time than an investment made in traditional banks, which is the major reason why it is a good asset for long-term investment.

The creation of Bitcoin was centered on carrying everyone along in terms of giving both the common person and interested individuals greater control over their finances, Bitcoin gives the common people power to be in full charge of their wealth by providing security, financial freedom, and decentralization where no entity or institution has the power to control anyone in the system, many people longs for the replacement of our usual traditional banking system, because of their inability to solve monetary problems, this is where bitcoin plays a major role by providing the common man with an inflation-free digital opportunity, self financial control is what the world population needs, and I think Bitcoin is the answer to this effect.