Topic: How our country go fit benefit if we legalize Bitcoin? (Read 245 times)

Normally e get as you wan run am wey be say somthing go just good like dat, e go get one small side wey be say e no too good for am like dat but d tin go be say if d good side beta pass d bad side and d bad side na somthing wey we fit control, den dat no go be too much mata wey be say we no go fit handle for we country and very importantly, i wan correct one impression, dat na be say no be d bitcoin be d problem, na d people wey dey wan use am go be d problem becaus if you look bitcoin on em own enh you go see say em no get wahal, na pipo na dey wan use am do bad tin, em jusst dey like tool, na wetin u use am do go determine d effect for you r side and how pipo go com take c am. if you use am well, dem go c am as good tin but if u use am wrongly e go com be like say na bad tin and na d same tin wey b say e dey help pipo grow since so na to advice country pipo make dem use am well make alll of us for fit benefit from am if dem com say dem wan finally legaize am.

Another tin u need know b say no be bticoin go bring foreign investment, e go mostly promote d ease of foreign transactons but if e happen say we no get the environment to promote foreign investments, demgo still no com even with the legalization of bitcoin just like we c with biannace dem almost comot finfis because d environmet no favour dem, but dat wan dey government hand sha.

I aslo no tink say Bitcoin fit better our country, Bitcoin no fit find job for our youths wey no get job oo, in dis our country wey we dey if the government announce am say make everybody dey invest with bitcoin na dat time you go understand say people fit turn it from decentralization to Centralized oo, cos physically you go dey see say na P2P, you no go aware say dey get intermediary wey dey invisible, if government announce am and it become tender, na only rich people e go favor oo, cos dey go still dey run things the way dem dey run am with fiat currency nd the poors go dey suffer the consequences.

if government make bitcoin legal tender my country people go suffer, infact the suffer wey dem go suffer if bitcoin is being tender go pass the one wey dem dey suffer now, hunger go bcom more popular, prices of commodities go go higher, everything go dey hard to purchase, the commoners will be lamenting the serious inflation nd government go dey jubilate, I believe say bitcoin fit change a lot of people's lives, but if dey make am legal tender in our country dey go misuse nd abuse am, nd dey go cheat people cos no be everybody understand what bitcoin mean talk less of how dem dey spend am.

Bitcoin is legal in Nigeria but I think you wanted to say if it is a "legal tender," as what we see in El Salvador. Well, it will make no difference if I must say because no one is restricting Bitcoin in Nigeria, and even if the government is trying it, the regulatory restriction is very weak to the point that the citizens and residents of Nigeria are freely transacting with Bitcoin as easily as possible. I wonder what would be different if the country made it as a legal tender, other than for the government to decide whether they want to have some investment in Bitcoin or they want to have Bitcoin as the national reserve (which I do not think is feasible in Nigeria).

Notwithstanding, if that happens, it's the government that will own that money and not the citizens. And as we know, the government money is not our money and it doesn't even benefit us directly if not for some little infrastructure we enjoy. Even their social intervention is fake. Regardless, Bitcoin will not make the Nigerian government rich suddenly if they adopt it because Bitcoin is no longer inexpensive, so I wonder how much Nigeria would make from it even if the government is lucky to buy it at $50,000. If they buy about $100m worth of it, maybe it will become $200m in 10 years. Will that fix the economy for that long years?

The fixing of the economy comes within, and it has to do with good government policies that will benefit all. Purchasing Bitcoin alone is an investment, and in a country like Nigeria, who knows if the government will not embezzle the profits, and even the capital?

If the angle you're coming from is that total acceptance of Bitcoin will cause our people steal public funds through it, then it's good you should know that it's already happening now.

For me, it's not necessary to have a full scale adoption of Bitcoin like what El Salvador is doing and what the US plans to do after the election. As long as those that have the knowledge of Bitcoin can use it the right way and it solves the problem it's meant to solve, then full scale or no full scale adoption wouldn't matter.

As it stands, we're actually enjoying all the benefits that comes with Bitcoin regardless of the few regulations we've seen. If p2p transactions can just be allowed to flow seamlessly without any form of restrictions, that's going to be good enough and it's not necessary to look out for any other benefit. We can't talk about mining because of our poor power system and so that's even out of the plan.

If u go ask me for my own opinion Bitcoin already dey legal though government Neva announce am generally but as it stance for naija u no go talk say u be Bitcoin investor then them arrest u.
For me I no feel say Bitcoin fit make this our country better oo, how Bitcoin wan take create employment, how Bitcoin wan take make economy better.

See this hungry wey everyone dey cry if them legalize Bitcoin naija go take advantage take make things hard for common man. The economy go hard more, corruption as u mention go even dey legalized, Bitcoin go become threat to the naira currency too so sometimes the government know wetin them dey do.

Donald Trump for him reign as American president sight this Bitcoin and crypto currencies as something wey fit spoil their economy and bring corruption that's why him no support am forget say now him dey use Bitcoin as him major instrument for campaign him just dey seek the attention of the youths there is a possibility say him fit ban Bitcoin if him enter as president again. https://www.google.com/amp/s/www.bbc.com/news/business-57392734.amp

Though Bitcoin too fit still help some people to live the kind life when Dem want at their early age.

To be frank with you there is no extra gain as when there bitcoin is legalized in Nigeria. One thing you need to know is that there is a difference between been legal tender and legalizing it. Government currently haven’t said it is illegal at the moment they only placed restrictions for is exchange so in some ways it is not illegal. Although when they started freezing people’s bank account for trading was when it seems to be declear illegal. So as for now it is not declared as such.

It they put it as Legal tender though it will only increase the adoption rate and nothing special. People will say they can hold it in reserve and I will say government do not like to hold anything in reserve which there is no central authority on that, so it wouldn’t have much impact economically as we put it to be, it will just be step ahead and good news to its enthusiasts because more adoption results into more demand

Inasmuch as Bitcoin is not a legal tender for we country, eh no mean say eh dey illegal, as it's acceptable as a means of payment by people using p2p by fellow Nigerian. But one thing I go like to point out be say legalizing Bitcoin alone as a legal tender for a country alone, no dey bring growth, as for a country to grow, its government needs to put in place certain things which such as electricity, good roads, and industry. However, one benefit of a general acceptance of Bitcoin is that it will bring a wider adoption of it, and increase the spread of knowledge.

Before Bitcoin came, there have been the existence of money laundering, so Bitcoin is not the caused or neither to be blamed, but rather the people who uses such medium to launder money, because even fiats, gold and natural resources have also all been used to launder money.

My boss you don talk well, na the country wey we find ourselves be this, just as you rightfully said, anything wey get advantage go also get disadvantage, but base on say our government dy mostly kick against cryptocurrency generally, so Dem go mostly focus on the negative aspect of it without even talking of the good side and how e dy beneficial to we country.

Secondly, as our government dy so, we know say for them to be in power, then wan be in control of everything, but Bitcoin existence in our society remove that power of control from their hands due to it privacy, so I believe say na one of the major reason them dy always kick against Bitcoin and cryptocurrency, under the disguise of say them dy use am launder money, something wey dy even happen with our fiat currency on a daily basis, so in essence of all this is that, na because our government no fit be in control of how Bitcoin and cryptocurrency dy work, that's why them no wan see the good side of it and how e dy take helps and improve our lives and economy.

Everything get good and bad sides but when the good better pass the bad, you suppose just do the thing as you no fit stop something from having a bad side. Make we look at some of the disadvantages wey you talk, Money laundering no be wetin we suppose dey tie to only use of Bitcoin (when it gets adopted) because fiats na the highest medium of exchange wey dey involved in money laughing as cash is more untraceable than Bitcoin. If you see cash, you no fit talk where e dey come from but Bitcoin can be traced when there's no mixing involved. So the problem of money laundering no be wetin we fit solve as even the most sophisticated countries are guilty of money laundering.

Inequality how? Dem hodl you make you no dey digitally conscious. Nigerians dey adapt quick nobi here we dey when dem bring POS, debit cards, Phone etc and we all adapt. If dem make Bitcoin our legal tender we go still adapt. No be national anthem them dey change everyday and we dey adapt so. If e go make the country better make dem bring am and we go adapt but the truth of the matters be say just adopting Bitcoin isn't going to solve our problems. Our problems big pass Bitcoin as e dey in our roots and beliefs. We need more of education so we get more enlighten and fight the corruption from wetin wey dey the country.

Supporting cryptocurrency and legality of cryptocurrency no be di same thing, our government no ban am but dem no give am di needful support wey im need. If Bitcoin and other cryptocurrencies de illegal for Nigeria, Nigerians no go fit to trade am and exchanges no go get any business for di country, so crypto de legal for Nigeria. But for support matter our country no too give enabling environment for cryptocurrency to operate for di country.

 As CBN restrict banks from facilitating crypto matter make many Nigerians to feel say cryptocurrency de illegal for di country, also dis recent issues wey di government de get with exchanges na anoda way of not supporting cryptocurrency usage. As dis reputable exchanges don restrict naira p2p for dem platforms, how e take stop naira devaluation? Di country no too de crypto friendly but dem no ban am. As for money laundering, e don de happen before di creation of Bitcoin, so no be only through cryptocurrency criminals de take launder money.

Inequality based of individual financial achievements can never be overlooked because those being recognized of higher earnings are being also overtaxed in contributions to the economy development.

We have always been experiencing money laundering and assorted corruptions with the fiat (#) and it has made no good impact to the society or economy growth so, if Bitcoin is legalized, I don't don't see anyway it can extend the corruptions of today so then, it would be better While the corruption persists while legalized Bitcoin in the country but it could perform better than the naira in the sense that it would benefit every individuals practicing its utilizations and the governments at large to the surge of economy developments.

Knowing quite well that corruption can never be overdue and you have more positive outlines on how Bitcoin can impact us, so why then should the negative impacts that the society has already be dwelling on be considered at the deliberate of legalizing Bitcoin in our country?

Meanwhile... Again and again, Bitcoin has never been an illegal in the country rather it is not a legal tender by which even the government sectors could accept it for alternative means of payments but individuals are accessible to use it without the governments intervening for illegal utilities of it amongst individuals.

The benefits can be too many to mention. Legalization of bitcoin in Nigeria will make the information spread faster and bitcoin more popular, attracting more investors. I also know that a benefit of exposure to the information concerning bitcoin was a contributing factor to my improved my knowledge on my financial education. If more Nigerians get to know about bitcoin and understand self-cost today, it will increase the level of consciousness that Nigerians have concerning their financial situation and online security.

Not allowing the banks to directly be involved in crypto transactions? Yes.
Not allowing Nigerians to get involved in crypto transactions that are not P2P? No.
Not allowing Nigerians to get involved in P2P transactions in connection with the crypto traders bank account? Yes. Evidence from when they banned fintechs from registering new users because of such allegation. But this is foolishness because it is impossible. They are all deceiving ourselves.

Yes. Money laundering is inevitable with fiat (naira).

Yes. To tax crypto exchanges and other crypto platforms would have been better. We still only heard of Kucoin. But as some exchanges naira P2P were not removed, do you not think bribery could not be involved. They know the right thing to do, but corruption will not let them do it.

Why you dey follow government dey give bitcoin charge of money laundering when me and you know say like this for we country money laundering dey go on 24hrs within those rich politicians and banks wey nobody fit talk. As long as na currency money laundering most involve because human like illicit activities too much.

Bitcoin go help the government for task  if them go fit regulate the exchanges them wey go like operate for Nigeria the right way wey e no go affect trades and exchange owners too even with them the government. Na only the negative side our government dey see take hold for hand. I just happy say if government like make them dey sleep individuals don already dey benefit from bitcoin like this.

As long as we can still trade on the apps and some other crypto exchanges and also as long as the government still not declared it as illegal, it is still legal.

Neither did the government against crypto. Because of their harsh regulations, you can not just conclude that they make cryptocurrencies illegal.

This is not disadvantage of legalizing Bitcoin because this would be sorted in the governmemt regulations without legalizing or regulations money laundry will be much possible,  though I doubt if legalizing Bitcoin would really have a disadvantage though just a little Bitcoin & Crypto regulations will make evetrything better in Nigeria.

This is not a disadvantage far from that Bitcoin investment is open for all, you can buy as little as you can afford with time buying more, which is the DCA strategy many of us are using even all over the world. Bitcoin just like our fiat doesn`t require you to be technically savvy to accumulate or invest in it rather all you need to know is how to protect & secure your funds especially understanding not your key not your coin which is not technical and using good wallet like Bluewallet which is User friendly

edited to add this

Somehow Yes Government still support it because if they are against it they would have totally banned it in Nigeria, our local exchanges/vendors are not scared of creating Ads/Banners publicly is a proof for us to see, the only issue is that CBN places restriction of crypto activity with banks, hope you get it now?

Why you dey worry yourself about the disadvantages instead of to put your mind for the good things wey fit happen for us if them make bitcoin legal tender for our country. E no get any bad thing wey happen if them legalize bitcoin wey no dey already happen now wey them never reach that side. Make I put am another way, if them legalize bitcoin, e no go make bad things them increase rather e go help reduce am. Na now when them never legalize am people dey use am do plenty things because plenty nkoro dey wey people take dey hide things from government and the authorities.

When they make bitcoin legal for Nija, e go do all the good things them wey you talk especially for the area of giving our government more money through taxes wey them go dey collect untop cryptocurrency. Make we no forget say plenty businesses go open untop cryptocurrency and people no  go fear make government no freze their accounts as them be do before.

Bitcoin and other cryptocurrencies are not illegal in Nigeria. At least we are still trading them. The government went tough on naira to crypto P2P trading platforms but yet we are still trading cryptocurrencies. The government were very hash but we are still trading cryptocurrencies.

About foreign investors. Nigeria government and their officials are enough to discourage foreign investors. This is not about cryptocurrencies only but generally. You can see how they dealt with exchanges that provided crypto products and services to Nigerians. You can also see what Dangote which is not even a foreign investor is facing in his own country. There are many other ones that foreign investors would be discouraged.

Greetings my fellow country people, I just wan talk about this issue because na one of the questions wey I dun dey ask my sef , I dun dey reason am tey tey .
Although people the talk positively about am , them dey say e go bring about development and all that .
But wetin dey bother me naa how we go fit take avoid the negative aspects, because normally anything wey get advantage follow get disadvantage and plus this our country wey b like this so wey be say people and corruption be like 5&6 .
If we legalize this thing e fit help us oo , e fit help us well well, e fit bring about foreign investments e fit create jobs for people..
E fit stimulate our economic growth. The list plenty but make we Sha talk of the disadvantage wey e fit cos l, ike
Money laundering,
Inequality : Bitcoin fit the benefit people wey they technically savvy, people wey get money to invest and Nigeria wey I know all of this fit still resolve to corruption..
So my country people how una see this matter?