Nigeria is Following Venezuela’s Bitcoin Trend

Blawpaw

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Quote from: lottery248 on February 15, 2017, 07:38:20 AM

Quote from: Blawpaw on February 15, 2017, 07:15:58 AM

Quote from: Xester on February 15, 2017, 06:20:54 AM

Quote from: Kemarit on February 15, 2017, 05:53:39 AM

Venezuela currently stands as one of the countries where Bitcoin has been embraced to a very large extent.

The world should expect a Bitcoin revolution out of the most populous black nation in the world.

A curve that is developing in Nigeria points in the same direction as what is happening in Venezuela, maybe to a lesser extent, though.

Link: http://www.valuewalk.com/2017/02/nigeria-following-venezuelas-bitcoin-trend/

Nigeria is following the footsteps of Venezuela and has started to be engage in bitcoin business. The Central Bank of Nigeria has seen merits on the use of bitcoin and is now conducting a study on it. With it people are encouraged to buy bitcoin since even the central banks itself has appreciated bitcoin. Sooner or later Nigeria and Venezuela will be one of the countries that has more people using bitcoin.

Nigeria is adopting Bitcoin but not in the same way as Venezuela. The two countries are driven into bitcoin by completely different reasons. While Venezuela is driven by an economic crisis followed by aggressive capital control measures implemented by the government in order to seize the people's wealth and to ensure that wealth doesn´t leave the country. In Venezuela, bitcoin acts much as an escape to a terrible and constant devaluation of the national currency while acting as a tool for international transactions as well.
In contrast, what we see in Nigeria is a completely different case. Although the adoption of Bitcoin has been driven mainly by Ponzi schemes and other HYIP schemes and scams, contrary to what happens in Venezuela, the Nigerian government seems to be pretty supportive and shows real interest in Bitcoin.

i think your point often means Venezuela has less fraudulent cases regarding bitcoin? Huh

i know that place is issuing a larger denominations of banknotes like 10000, and they decided to adopt bitcoin.

That's one point of view. But what I really mean is that in Venezuela bitcoin is being adopted under a criminalization law, while in Nigeria its adoption even has the government support.

Blawpaw

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Quote from: ImHash on February 15, 2017, 08:03:13 AM

We don't need more poor countries to swarm in to the network but we need more merchants to trade premium goods for bitcoin, we don't need more mining farms, we need more people running nodes to keep the network decentralized, I have said it many times that bitcoin is in the open for anyone to grab as an opportunity to escape corruption of banking system.

That's a strong point! We seriously need to keep the network decentralized. And today, the biggest threat is the mining conglomerates, so in order to maintain decentralization, we need to have more and more people running nodes. However, that is the only incentive, to keep the network decentralized. IMO, we need to develop a mechanism to reward those running Nodes.

ImHash

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We don't need more poor countries to swarm in to the network but we need more merchants to trade premium goods for bitcoin, we don't need more mining farms, we need more people running nodes to keep the network decentralized, I have said it many times that bitcoin is in the open for anyone to grab as an opportunity to escape corruption of banking system.

TrumpD

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I am not sure about Nigeria adopting bitcoin as an official policy. I read a few weeks ago that the apex bank of Africa’s largest economy warned local financial institutions against doing business in virtual currencies like bitcoin as they “are not legal tender in Nigeria.” Banks who trade and exchange digital currencies do so at their own risk. It also included Ripples, Monero, Litecoin, Dogecoin and Onecoin in its warning.

Harlot

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Well that is a good news to hear, soon if the majority in that country accepts Bitcoin, then for sure some of its neighbouring countries will follow. After that I am pretty sure that the demand will go up. If the demand is higher than we expected we might see Bitcoin higher than 1000$ per coin. But that is my optimistic approach there are many hindrances of that happening.

lottery248

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Quote from: Blawpaw on February 15, 2017, 07:15:58 AM

Quote from: Xester on February 15, 2017, 06:20:54 AM

Quote from: Kemarit on February 15, 2017, 05:53:39 AM

Venezuela currently stands as one of the countries where Bitcoin has been embraced to a very large extent.

The world should expect a Bitcoin revolution out of the most populous black nation in the world.

A curve that is developing in Nigeria points in the same direction as what is happening in Venezuela, maybe to a lesser extent, though.

Link: http://www.valuewalk.com/2017/02/nigeria-following-venezuelas-bitcoin-trend/

Nigeria is following the footsteps of Venezuela and has started to be engage in bitcoin business. The Central Bank of Nigeria has seen merits on the use of bitcoin and is now conducting a study on it. With it people are encouraged to buy bitcoin since even the central banks itself has appreciated bitcoin. Sooner or later Nigeria and Venezuela will be one of the countries that has more people using bitcoin.

Nigeria is adopting Bitcoin but not in the same way as Venezuela. The two countries are driven into bitcoin by completely different reasons. While Venezuela is driven by an economic crisis followed by aggressive capital control measures implemented by the government in order to seize the people's wealth and to ensure that wealth doesn´t leave the country. In Venezuela, bitcoin acts much as an escape to a terrible and constant devaluation of the national currency while acting as a tool for international transactions as well.
In contrast, what we see in Nigeria is a completely different case. Although the adoption of Bitcoin has been driven mainly by Ponzi schemes and other HYIP schemes and scams, contrary to what happens in Venezuela, the Nigerian government seems to be pretty supportive and shows real interest in Bitcoin.

i think your point often means Venezuela has less fraudulent cases regarding bitcoin? Huh

i know that place is issuing a larger denominations of banknotes like 10000, and they decided to adopt bitcoin.

Blawpaw

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Quote from: Xester on February 15, 2017, 06:20:54 AM

Quote from: Kemarit on February 15, 2017, 05:53:39 AM

Venezuela currently stands as one of the countries where Bitcoin has been embraced to a very large extent.

The world should expect a Bitcoin revolution out of the most populous black nation in the world.

A curve that is developing in Nigeria points in the same direction as what is happening in Venezuela, maybe to a lesser extent, though.

Link: http://www.valuewalk.com/2017/02/nigeria-following-venezuelas-bitcoin-trend/

Nigeria is following the footsteps of Venezuela and has started to be engage in bitcoin business. The Central Bank of Nigeria has seen merits on the use of bitcoin and is now conducting a study on it. With it people are encouraged to buy bitcoin since even the central banks itself has appreciated bitcoin. Sooner or later Nigeria and Venezuela will be one of the countries that has more people using bitcoin.

Nigeria is adopting Bitcoin but not in the same way as Venezuela. The two countries are driven into bitcoin by completely different reasons. While Venezuela is driven by an economic crisis followed by aggressive capital control measures implemented by the government in order to seize the people's wealth and to ensure that wealth doesn´t leave the country. In Venezuela, bitcoin acts much as an escape to a terrible and constant devaluation of the national currency while acting as a tool for international transactions as well.
In contrast, what we see in Nigeria is a completely different case. Although the adoption of Bitcoin has been driven mainly by Ponzi schemes and other HYIP schemes and scams, contrary to what happens in Venezuela, the Nigerian government seems to be pretty supportive and shows real interest in Bitcoin.

romero121

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As its the initial stage of bitcoin adoption into the country can expect more scams and ponzi emerging within the country, because people already in an economic crisis will always get interested towards something that helps to regain the hope of development. Already an MLM from Nigeria which at one point became a scam has now started to attract the people describing that it pays in bitcoin.

Xester

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Quote from: Kemarit on February 15, 2017, 05:53:39 AM

Venezuela currently stands as one of the countries where Bitcoin has been embraced to a very large extent.

The world should expect a Bitcoin revolution out of the most populous black nation in the world.

A curve that is developing in Nigeria points in the same direction as what is happening in Venezuela, maybe to a lesser extent, though.

Link: http://www.valuewalk.com/2017/02/nigeria-following-venezuelas-bitcoin-trend/

Nigeria is following the footsteps of Venezuela and has started to be engage in bitcoin business. The Central Bank of Nigeria has seen merits on the use of bitcoin and is now conducting a study on it. With it people are encouraged to buy bitcoin since even the central banks itself has appreciated bitcoin. Sooner or later Nigeria and Venezuela will be one of the countries that has more people using bitcoin.

iram3130

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Quote from: darklus123 on February 15, 2017, 06:02:28 AM

It could be a big boom to nigerian economy. I can't imagine how much it would take them to improve their importation and exportation through bitcoin. 500NGN to $1 is just crazy in my opinion. Too low value, however if they could use the digital currency. (eg They imported products use bitcoin as a medium to purchase and vise versa.

People of countries like those are taking advantage of Bitcoin for their value and anonymity features. I have heard more cases of cheating and fraud from countries like Nigeria than a boom to economy. Undecided

darklus123

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It could be a big boom to nigerian economy. I can't imagine how much it would take them to improve their importation and exportation through bitcoin. 500NGN to $1 is just crazy in my opinion. Too low value, however if they could use the digital currency. (eg They imported products use bitcoin as a medium to purchase and vise versa.

olubams

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Quote from: Kemarit on February 15, 2017, 05:53:39 AM

Venezuela currently stands as one of the countries where Bitcoin has been embraced to a very large extent.

The world should expect a Bitcoin revolution out of the most populous black nation in the world.

A curve that is developing in Nigeria points in the same direction as what is happening in Venezuela, maybe to a lesser extent, though.

Link: http://www.valuewalk.com/2017/02/nigeria-following-venezuelas-bitcoin-trend/

Having read what is posted in that link of yours, I beg to disagree that because of the inflation being faced, then the way out is definitely the adoption of bitcoin, according to the article. In that same article, you only make reference to Venezuela without saying out rightly that they are using it over there and it has help arrest the country's inflation trend. To me, this article is not informative enough to actually say this is the way to go...

Kemarit

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Venezuela currently stands as one of the countries where Bitcoin has been embraced to a very large extent.

The world should expect a Bitcoin revolution out of the most populous black nation in the world.

A curve that is developing in Nigeria points in the same direction as what is happening in Venezuela, maybe to a lesser extent, though.

Link: http://www.valuewalk.com/2017/02/nigeria-following-venezuelas-bitcoin-trend/

Topic: Nigeria is Following Venezuela’s Bitcoin Trend (Read 504 times)