Nigeria led global crypto adoption in 2020 - page 2.

wxxyrqa

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Quote from: Swordsoffreedom on February 18, 2021, 10:16:23 PM

Quote from: Poker Player on February 18, 2021, 01:09:40 PM

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Code:

"Recently the Nigerian government banned banks from dealing with Crypto 
Now Bitcoin is selling at a 52% Premium in Nigeria. This is a perfect example of why you cannot ban Bitcoin!

Does that mean that after Nigerian banks banned cryptocurrency, the price of Bitcoin on Nigerian-based exchanges has risen abnormally?
This is an expression of the huge enthusiasm of Nigerians towards Bitcoin, does their government want to suppress this huge enthusiasm of the people! May the government benefit the people of China by doing Bitcoin-based business!

I've seen this tweet a few days ago:

That means they thought Bitcoin has made their fiat currency valueless! Cheesy

How funny is this statement, they can't keep their faith in their won currency then how civil people do! Cheesy

This is hilarious, They started banning cryptocurrencies instead of improving their fiat, because Bitcoin devalues their fiat.

I think that the current situation in Nigeria looks very funny and naive for the Government, they thought that they could stop using cryptocurrency by such decisions. It seems to me that it is better for them to take care of the development of the economy in order to raise the value of the national currency, and not engage in a war with the cryptocurrency. In response to their actions, the opposite effect occurs.

Swordsoffreedom

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Quote from: Poker Player on February 18, 2021, 01:09:40 PM

~

Code:

"Recently the Nigerian government banned banks from dealing with Crypto 
Now Bitcoin is selling at a 52% Premium in Nigeria. This is a perfect example of why you cannot ban Bitcoin!

Does that mean that after Nigerian banks banned cryptocurrency, the price of Bitcoin on Nigerian-based exchanges has risen abnormally?
This is an expression of the huge enthusiasm of Nigerians towards Bitcoin, does their government want to suppress this huge enthusiasm of the people! May the government benefit the people of China by doing Bitcoin-based business!

I've seen this tweet a few days ago:

That means they thought Bitcoin has made their fiat currency valueless! Cheesy

How funny is this statement, they can't keep their faith in their won currency then how civil people do! Cheesy

This is hilarious, They started banning cryptocurrencies instead of improving their fiat, because Bitcoin devalues their fiat.

AliMan

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Quote from: Sterbens on February 18, 2021, 11:28:37 AM

and I want to see how 2021 becomes a big dilemma for Nigeria. will it be the advantage that continues to lead the adoption or will it diminish. reduced not because of the interest of its users, but because of the policy that has caused some users to be forced to stop cryptocurrency transactions. so how long this polemic will continue not to be realized. Nigeria has potential for the future, and is facing serious obstacles.

Those obstacles must be settled down in order for Nigeria to come up their potential. If someone or somebody will stop them, there's a big question that came to my mind right now! That's huge conflict of power and money, because if their country leaders would be able to allow citizens to continue crypto adoption their country will be able to beat poverty. Unfortunately, this country their population also suffered from huge financial problems.

Darker45

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I don't know how wide the margin of error in this survey. However, speaking from among the top countries on the list, I'd say I cannot feel it on the ground. My friends and acquaintances are a mixture of ordinary people on the streets and those who are somehow well-updated on what's new and trending in the world, in fintech in particular. The former have almost zero knowledge of Bitcoin. Many of the latter may be familiar with Bitcoin or crypto. However, those who are familiar comprise only the small minority of the country's population.

I got immersed into crypto when I was an expat. From my personal experience, crypto is more widespread among office-based expats but probably not among those blue-collared workers. Crypto was the most preferable choice for remittance. However, back in my own country, you can very seldom see a business establishment accepting crypto payments. Even banks are somewhat apprehensive even of the word Bitcoin. The mere mention of it might actually get your account frozen.

tippytoes

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Quote from: pugman on February 18, 2021, 06:20:12 PM

I wouldn't say that Nigeria led global adoption for crypto, definitely not. There are more significant factors at play here. The reason why Nigeria even used crypto is because their own currency is dwindling to its own death. They are forced to use crypto in order to survive, at this point. Almost the same goes to Vietnam.

You wanna talk about crypto adaption? Tesla soon potentially accepting crypto would count as crypto adaption. All the 7213 companies who are "impressed" by the current bull run accepting crypto out of nowhere would maybe count as crypto adaption. Nigeria sure is helping towards the overall global widespread but lets be honest; the current state of Nigerian economy with or without crypto is an absolute joke.

Crypto adaption is all based on the impact caused. And tell me how many people talk about Vietnam and Nigerian locals using crypto in contrast to Elon musk's dumb Dogecoin memes on twitter?

I am taking the pessimist route because that is sadly the situation we are all living in.

I think sometimes graphs are not giving all the factors of their consideration here. As they only based on specific number of respondents, you can't tell if they got the overall sentiments of the citizens of each country. So we don't know how many people they got the info from vs the total population of that country. But maybe, just treat this as just one reference but not the absolute sentiments around the globe, because that is highly unlikely.

And another stat company can do the same profiling but different number of persons involved or different factors in play, and they can come up with totally different bar graphs here.

pugman

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dogs are cute.

I wouldn't say that Nigeria led global adoption for crypto, definitely not. There are more significant factors at play here. The reason why Nigeria even used crypto is because their own currency is dwindling to its own death. They are forced to use crypto in order to survive, at this point. Almost the same goes to Vietnam.

You wanna talk about crypto adaption? Tesla soon potentially accepting crypto would count as crypto adaption. All the 7213 companies who are "impressed" by the current bull run accepting crypto out of nowhere would maybe count as crypto adaption. Nigeria sure is helping towards the overall global widespread but lets be honest; the current state of Nigerian economy with or without crypto is an absolute joke.

Crypto adaption is all based on the impact caused. And tell me how many people talk about Vietnam and Nigerian locals using crypto in contrast to Elon musk's dumb Dogecoin memes on twitter?

I am taking the pessimist route because that is sadly the situation we are all living in.

Dragonfund

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Nigerians are hard working citizens outside and inside the country. They work so hard to make sure they be among those involved in what's helping outside people within in and outside her nation.
Her leadership is the only major problems we have face fro the past decades and the youuth are becoming wiser and smarter in doing anything to displace them from high positions of the government despite their efforts to make the youth feel intimidated and harassment.
The last time central bank tried to strengthen it Naira by eliminating financial institutions from aiding withdrawals and deposit to cryptocurrency exchange but today Naira has deprecated back to where it started as if the never did anything.

Poker Player

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LOL. So the Government got so worried that they decided to ban it. I think they shot themselves in the foot here. See the result:

https://twitter.com/i/web/status/1362396299929284610

"Recently the Nigerian government banned banks from dealing with Crypto

Now Bitcoin is selling at a 52% Premium in Nigeria. This is a perfect example of why you cannot ban Bitcoin!

"

Haunebu

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This isn't surprising at all. Nigerians have openly expressed their appreciation for BTC and other popular cryptocurrencies on many occasions.

I observed that countries which have severe economic issues usually tend to depend more on cryptocurrencies. Examples include Nigeria, Venezuela etc. This does make sense considering the anonymous and digital nature of cryptocurrencies.

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Quote from: Sterbens on February 18, 2021, 11:28:37 AM

and I want to see how 2021 becomes a big dilemma for Nigeria. will it be the advantage that continues to lead the adoption or will it diminish. reduced not because of the interest of its users, but because of the policy that has caused some users to be forced to stop cryptocurrency transactions. so how long this polemic will continue not to be realized. Nigeria has potential for the future, and is facing serious obstacles.

I guessing that the statistic will drop against Nigerian. Of course you don't expect to put heavy something on what has no good foundation and expect it to stand. As far the Nigerian government started frozen cryptocurrency related accounts, investors will run off to diverse means to survive in same crypto business or its kind. Therefore, if the channels are no longer traceable, no accurate records will show up because the government also can not account for the finance previously generated from such means.

The records may now change into the area of Nigeria as highest P2P user.

Sterbens

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and I want to see how 2021 becomes a big dilemma for Nigeria. will it be the advantage that continues to lead the adoption or will it diminish. reduced not because of the interest of its users, but because of the policy that has caused some users to be forced to stop cryptocurrency transactions. so how long this polemic will continue not to be realized. Nigeria has potential for the future, and is facing serious obstacles.

Charles-Tim

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Nigeria led in crypto adoption in 2020 according to the information revealed by Statista,

Quote from: https://www.statista.com/chart/18345/crypto-currency-adoption/

Reliance on remittances and the prevalence of peer-to-peer phone payments have led to a steep rise of cryptocurrency use in Africa's largest economy. Out of 74 countries in the Statista Global Consumer Survey, Nigerians were the most likely to say they used or owned cryptocurrency.

Almost a third of Nigerians said this applied to them. The high cost of sending money across borders the conventional way has caused many to turn to local cryptocurrency exchanges catering to overseas workers and their families, according to Bitcoin.com. Nigerians also often use their phones to send money to each other or to pay in shops. Recently, businesses in the country have been adding crypto plugins to their phone payment options, adding another way in which Nigerians can use cryptocurrency in their everyday lives.

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