Nigeria needs Bitcoin national reserves - page 2.

AVE5

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Quote from: Marykeller on January 15, 2025, 11:54:35 AM

Na some other government wey go rule Nigeria go fit think having bitcoin as the country national reserve. But at first, a country go first accept something before doing otherwise of implementing it as their national reserve. The past and present government of Nigeria no wan believe in Bitcoin as future assets, talk more of legalizing it in the country before thinking it to serve as national reserve. However, make we see what the future holds for this our country via Bitcoin. Who knows whether Bitcoin can someday be accepted fully by the next government to come, not this one anyway.

You've talked some senses here. And it's not just about a nation bumping into the acceptance of bitcoin for their national reserve just because some other countries are doing so and doing economically wise out of it.
It's about optimism in the realms of economy developments and discovering the ease of manpower by implementing robustic digital formalities such as bitcoin investment which doesn't require the application of human services such that it's exorbitant of empowering humans to do the marketing jobs as the commerical stock markets.
The truth is that Nigerian governments is not acting like we're in the 21 century where technologies has made things possible for humans. Rather they keep holding on the past that's why countries lile the El Salvador government has been aheadof us in the bitcoin race of implanting digital economy infrastructure as bitcoin to expand their resource of national revenues. We're totally lacking behind and the government isn't showing it an improvement in that they should atleast lift the ban of the banks to facilitate the processing of cryptocurrencies.

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Quote from: Eres1 on January 11, 2025, 03:18:13 PM

With Bitcoin on the rise and many European countries having Bitcoin national reserves and even America planning of having the world with the highest Bitcoin reserves in the trump administration knowing the potentials of Bitcoin to the economy of any progressive country

And coming back home to Nigeria with the current state of the of our economy it is right time that our government embrace Bitcoin and start having Bitcoin national reserves in the country just like all progressive nations of the world is doing, it's time that our government stop seeing Bitcoin as something that should be restricted in the country and embrace the future of the financial system of the world which is Bitcoin

Let have your say

I never see any European country get Bitcoin reserve sha, them sha get consideration for am and that news na from group of some government body, no be really the government because having Bitcoin reserve na something wey the country go sit down think before them make am legal and other rules and regulations wey go follow the announcements, e go take a lot of time before we really see Bitcoin reserver for many countries because economy no be something wey you go manipulate anyhow.

For this our own Nigeria, you know say e get some kind life wey oyibo people dy leave wey we still never leave am, we dy far far behind. Let's even say the western people later consider Bitcoin reserve, we go carry years before the thing go happen for here. Everything for our side they carry time before e happen. And again, I think we don't really have to practice everything the western people practice before yiu hear say them don compromised private keys send out the Bitcoin go another wallet.

Marykeller

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Na some other government wey go rule Nigeria go fit think having bitcoin as the country national reserve. But at first, a country go first accept something before doing otherwise of implementing it as their national reserve. The past and present government of Nigeria no wan believe in Bitcoin as future assets, talk more of legalizing it in the country before thinking it to serve as national reserve. However, make we see what the future holds for this our country via Bitcoin. Who knows whether Bitcoin can someday be accepted fully by the next government to come, not this one anyway.

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Quote from: CryptopreneurBrainboss on January 14, 2025, 06:34:52 PM

Quote from: Eres1 on January 11, 2025, 03:18:13 PM

And coming back home to Nigeria with the current state of the of our economy it is right time that our government embrace Bitcoin and start having Bitcoin national reserves in the country just like all progressive nations of the world is doing, it's time that our government stop seeing Bitcoin as something that should be restricted in the country and embrace the future of the financial system of the world which is Bitcoin

Same reserved wey the next adminstration go come in and chop am finish or the current adminstration go mismanage the funds before e even stand well. No be this country wey animal swallows billions of Naira and nothing was done about it. We get better problems and alot of things are needed to put the country in the right order. We can talk more about having a Bitcoin reserve when the corruption level in the country is reduced to the minimum not as it's that public funds are being stolen and mismanaged daily. It just won't work in the country, that's what I believe and it's better we don't do it instead of wasting our time on it.

I think if the administration of this country could have embraced Bitcoin with a centralized strategy, they would have chosen Bitcoin for corruption. In various ways, they are holding on to power by keeping the country's economy and the people of the country in poverty. I am a little embarrassed to keep forward with excessive expectations with the political and economic situation of the country, which mostly favors the elite class.

In order to bring overall order to the state, there should be a policy or proper guideline from the lowest level of the government to bring the naira to a strong position. Where inflation is constantly increasing and the country's money is being smuggled to other countries and the country's administration is spending a busy time printing new money to further reduce the value of the country.

Cryptohygenic

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Quote from: Eres1 on January 11, 2025, 03:18:13 PM

With Bitcoin on the rise and many European countries having Bitcoin national reserves and even America planning of having the world with the highest Bitcoin reserves in the trump administration knowing the potentials of Bitcoin to the economy of any progressive country

And coming back home to Nigeria with the current state of the of our economy it is right time that our government embrace Bitcoin and start having Bitcoin national reserves in the country just like all progressive nations of the world is doing, it's time that our government stop seeing Bitcoin as something that should be restricted in the country and embrace the future of the financial system of the world which is Bitcoin

Let have your say

Na really good ideal if our country ventures on diz bitcoin reserve for our nation oh. Make we just see am say we govt dey diversify the national resourceful revenue on bitcoin incline say make we too benefit as others dey do but e no really easy like that oh.
Befor all these other countries come adopt bitcoin for their economy reserve, dem really don set measures and also invest on their economy experts like to go into the future and see wetin dey happen now and wetin fit happen tomorrow for the economy World and then present them wetin dem see.
For our govt alone to still ban the public fund facilities in relationship to bitcoin mean say our govt dey back back like no be wetin those European, American and some of the African countries way want embark to adopt bitcoin dey see way we govt dey see. Out people here dey too contented with our natural resources revenues such as the mineral resources otherwise, as dem dey like imitate the Us dem for also don dey take good moves towards am.
So like now e no be just to do folo folo as others dey do otherwise the economy system go crumble oh. Bitcoin good bitcoin good na just for people way understand am especially when u dey economy oriented so u no end up reverting say bitcoin dey cause the countries reserve harm. The system really need to be balanced and equip after analytical hovering.

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Quote from: Eres1 on January 11, 2025, 03:18:13 PM

And coming back home to Nigeria with the current state of the of our economy it is right time that our government embrace Bitcoin and start having Bitcoin national reserves in the country just like all progressive nations of the world is doing, it's time that our government stop seeing Bitcoin as something that should be restricted in the country and embrace the future of the financial system of the world which is Bitcoin

Same reserved wey the next adminstration go come in and chop am finish or the current adminstration go mismanage the funds before e even stand well. No be this country wey animal swallows billions of Naira and nothing was done about it. We get better problems and alot of things are needed to put the country in the right order. We can talk more about having a Bitcoin reserve when the corruption level in the country is reduced to the minimum not as it's that public funds are being stolen and mismanaged daily. It just won't work in the country, that's what I believe and it's better we don't do it instead of wasting our time on it.

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Quote from: HajiBagi on January 14, 2025, 02:58:52 PM

Quote from: BIT-BENDER on January 11, 2025, 05:15:26 PM

Do you understand how transparent Bitcoin is and how corrupt Nigeria government is? I highly doubt that right now Nigeria will have a national reserve. Nigerian government are so corrupt that government can steal money from any where or area of the country and many of this embezzlement goes without trace but with Bitcoin you can to a good extent track the funds in the reserve. Nigeria having a national Bitcoin reserve would be great but I don't think we are there yet to have one.

Nigeria is corrupt and that is the reason why when other countries are thinking of doing something better we shouldn't think about Nigeria doing the same thing, Our government will never allow anything that can stop them from stealing public funds, Nigeria is a big country where if they allow some things the country will be better than this now, Nigeria will never accept Bitcoin that is why when I see people are talking about good Nigeria will be when the country accept Bitcoin will be.

Anything stopping the government from stealing public will never be accepted in Nigeria which is why you can see until now the Country has not progressed, I think sometimes we should consider how to earn better than thinking of what our government is doing and anything concerning cryptocurrency Nigeria government will not accept because they know some challenges that they are going to face.

You are absolutely right because as long as this country is concerned our government don't really want to take their ear hear anything about cryptocurrency or Bitcoin in this country.Talk Les of embracing it, already is obvious that our government don't like anything cryptocurrency in this country. so for me talking about how they would going to accept it, is just a waste of time because they are always against it right from time. They don't want to accept anything that would stop them from making their money.

Dzwaafu11

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Quote from: Eres1 on January 11, 2025, 03:18:13 PM

And coming back home to Nigeria with the current state of the of our economy it is right time that our government embrace Bitcoin and start having Bitcoin national reserves in the country just like all progressive nations of the world is doing, it's time that our government stop seeing Bitcoin as something that should be restricted in the country and embrace the future of the financial system of the world which is Bitcoin

Before you bring this kind of discussion, did you think of how corrupt your government is? Other countries are ready to change their country's economy for good, and seriously considering the current state of Nigeria's economy and how the government is treating the economy, they won’t even think of doing it, because many of them will not get access to the government funds again, so they won’t be able to steal the money as they want again.

Furthermore, looking at the Nigerian government, they are not after the future; all they know is their own pocket. They don’t have anything to do with whether the country should be better; even if they are out of the office or not, they don’t care, so the Nigerian government will not think of this. Obviously, they only care about themselves; they don’t care about the citizens.

HajiBagi

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Quote from: BIT-BENDER on January 11, 2025, 05:15:26 PM

Do you understand how transparent Bitcoin is and how corrupt Nigeria government is? I highly doubt that right now Nigeria will have a national reserve. Nigerian government are so corrupt that government can steal money from any where or area of the country and many of this embezzlement goes without trace but with Bitcoin you can to a good extent track the funds in the reserve. Nigeria having a national Bitcoin reserve would be great but I don't think we are there yet to have one.

Nigeria is corrupt and that is the reason why when other countries are thinking of doing something better we shouldn't think about Nigeria doing the same thing, Our government will never allow anything that can stop them from stealing public funds, Nigeria is a big country where if they allow some things the country will be better than this now, Nigeria will never accept Bitcoin that is why when I see people are talking about good Nigeria will be when the country accept Bitcoin will be.

Anything stopping the government from stealing public will never be accepted in Nigeria which is why you can see until now the Country has not progressed, I think sometimes we should consider how to earn better than thinking of what our government is doing and anything concerning cryptocurrency Nigeria government will not accept because they know some challenges that they are going to face.

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Quote from: Hewlet on January 13, 2025, 09:54:27 AM

Quote from: ? on January 13, 2025, 07:29:58 AM

This is not something that is not doable, after all El Salvador is using crypto as a legal tender since 2021. However, leaders in this parts are unexplainably selfish. And strategically positioned to make sure Nigerians don't raise their heads. So anything that seems good that will raise the citizens out of penuary will not be considered, or welcomed.

nothing no de doable for us as a nation but the issue be say looking at the way we take de, if we start to de reason using bitcoin as our reserve when most our systems de corrupts, e no go hard them to come out in years to come tell you say them sell the country holdings at a loss and say na the reason for another borrowing be that. before we go fit reason to de use bitcoin as our reserve, the rate of adoption of bitcoin in Nigeria go pass this extent and we need to get clear plan as to how we wan take de accumulate am and how strong we de in terms of leaving in standing for the long run.

even though using bitcoin as our reserve is a good development, but at the moment, wee have more pressing challenges to talk about and there are policies that the government should be working towards that will benefit the poor people that are resident in the country. because of the extent of hardship we are facing, there ought to be a state of emergency in the economic sector because things are just betting worse by the day, na when we don fish the basic challenges when don choke us for neck like the issue of unemployment, lack of job opportunity, our refineries not working which has always resulted in fuel scarcity and also the issue of the huge amount of money that our government officials are receiving. when we don address those issues finish na then we fit de reason to look at keying into bitcoin investment if not e go shook you say going into using bitcoin as our reserve at this time go still hard up join for the numerous problems when we de face at hand.

Seriously, our matter for this country plenty, but e sha bee like matter wey go easy to solve but because of selfish reasons as we call know, them no go gree make we go that route.

But then, make we continue dey look Bitcoin, dey learn and earn as much as we can so that when time go reach, we go don ready for the matter.

But for now make we still dey adopt, dey embrace the crypto world with arms wide open.

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Quote from: Y3shot on January 14, 2025, 02:51:38 AM

Their are two things that needs to be involve for this idea to work out well, firstly I don't think the people that are in power have really understand bitcoin or know what bitcoin is all about. In other countries where they have bitcoin as reserves is because the leaders understands what it is all about and how profitable it will be in the future.

Nigeria government doesn't not care about bitcoin and what ever you do they don't want to know because they feel they have other things, and look at how other countries are crypto friendly even to their citizen but the government are not making any serious advances to even make things better and am happy that they are not making it legal because the moment they make it legal the tax will be high I know they want to make money just like other countries charging 20-30% intrest which is bad.

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The state at which the country is right now, I don't think they have gotten to the stage of having bitcoin reserve.

There are other things the country really needs to work on first and it these things are not being done it will be impossible to achieve a reserve in bitcoin.

The my won't even make a foreign reserve because there is a lot of set bad and in a country were things hardly work it is going to be very difficult to just , start making bitcoin there foreign reserve currency that will be later in the future and not the nearest future but a very long future and they should just continue with there dollar so they don't bother bitcoiners with police's since there attention will not be coming there.

Y3shot

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Their are two things that needs to be involve for this idea to work out well, firstly I don't think the people that are in power have really understand bitcoin or know what bitcoin is all about. In other countries where they have bitcoin as reserves is because the leaders understands what it is all about and how profitable it will be in the future.

The state at which the country is right now, I don't think they have gotten to the stage of having bitcoin reserve.

There are other things the country really needs to work on first and it these things are not being done it will be impossible to achieve a reserve in bitcoin.

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Hahaha...any country may try to earn from Bitcoin but not for a huge economic purpose and must be serious and accountable. However, if there's any country that needs Bitcoin as a reserve, that's not Nigeria, we are poor in handling and managing anything and I wonder what the state of the nation will look like when Bitcoin tumbles during the bearish season and the government needs to dip its hands in the reserve as usual. I pity what that will do to the nation that can't sustain itself despite the overwhelming borrowing.

Notwithstanding, the idea is good and strategic for any serious country, especially at a time when Bitcoin was very cheap. However, Nigeria will not be able to manage Bitcoin effectively, this is beyond just buying and keeping as we know.

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You sure say you know wetting you dey talk? Because our country right now no even wan take ear hear anything cryptocurrency or Bitcoin because of how transparent e dey, talk more of them to make am a federal reserved asset. E be like somebody don even bring up this topic before. Even if our country go make Bitcoin a federal reserve, I no sure say na anytime soon. Them go need to embrace am well before them go fit make am a federal reserve asset. The thing be say our country too corrupt, and them see Bitcoin investment as something wey be say them no fit manipulate am to their favour naim dey cause am. Just like them dey do money laundry and nobody go know, for Bitcoin you no fit do am like that because any large amount you buy Dem ho fit track am down even for exchange.

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Quote from: Coyster on January 13, 2025, 01:44:11 PM

Quote from: Eres1 on January 11, 2025, 03:18:13 PM

With Bitcoin on the rise and many European countries having Bitcoin national reserves

Which European countries you dey talk about, hope you understand say because country dey hodl bitcoins wey dey seize from criminals, e no mean say dem dey hodl bitcoin as a strategic reserve. For example, the United States don dey hodl bitcoins wey dem seize from people and institutions, but na now wey dem dey talk about a bitcoin reserve because of the new president.

If i go dey honest, bitcoin reserve no be Naija problem right now, we get different things wey dey worry our country right now, and if we solve some of that, then we can talk of things like this.

Na the point be this. I just dey try remember countries wey he dey talk say they don get bitcoin reserves already. Even powerful nations na now wey they still dey reason open a bitcoin reserve. Naija no be that kind country wey go invest in bitcoin reserves.

The whole world still dey wait make US take the lead. Even Russia just dey propose am first.

Naija economy never strong to invest on wetin they no sure say the value no go crash when they need to use the fund for other things.

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Quote from: Eres1 on January 11, 2025, 03:18:13 PM

With Bitcoin on the rise and many European countries having Bitcoin national reserves and even America planning of having the world with the highest Bitcoin reserves in the trump administration knowing the potentials of Bitcoin to the economy of any progressive country

And coming back home to Nigeria with the current state of the of our economy it is right time that our government embrace Bitcoin and start having Bitcoin national reserves in the country just like all progressive nations of the world is doing, it's time that our government stop seeing Bitcoin as something that should be restricted in the country and embrace the future of the financial system of the world which is Bitcoin

Let have your say

At first, OP I still had yet to see a European country that has Bitcoin as a national reserve, as for Nigeria, I doubt if the federal government would agree to that because it would mean no business as usual for them, no looting, no embezzlement as the whole process would be transparent for them to steal from. So for now, the idea of making Bitcoin a national reserve is off the plans as none of them even the lawmakers singing the Bitcoin song at the national house would be bought to kick against it. Nigeria's problem is far bigger than the bitcoin reserve, even the process would prevent the bitcoin national reserve from passing any readings at the national assembly.

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Quote from: Eres1 on January 11, 2025, 03:18:13 PM

With Bitcoin on the rise and many European countries having Bitcoin national reserves and even America planning of having the world with the highest Bitcoin reserves in the trump administration knowing the potentials of Bitcoin to the economy of any progressive country

And coming back home to Nigeria with the current state of the of our economy it is right time that our government embrace Bitcoin and start having Bitcoin national reserves in the country just like all progressive nations of the world is doing, it's time that our government stop seeing Bitcoin as something that should be restricted in the country and embrace the future of the financial system of the world which is Bitcoin

Let have your say

Doing this now is more like adding another problem to the existing problems in the country. Nigerian leaders that have failed to manage it's natural resources and assets properly cannot handle adding Bitcoin to it and I'll tell you why:
They cannot handle the transparency associated with Bitcoin which would prevent them from laundering money secretly and secondly, if they do it, they would've given Bitcoin and entire cryptocurrency a free hand in the country and most people would prefer having their funds in Bitcoin rather than the bank, so the banks would records a big setback and protest politically against that.

Nigeria has lots of problems that needs urgent attention and solving. Bitcoin as a reserve fund now is the least solution to our economic issues.

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Quote from: Eres1 on January 11, 2025, 03:18:13 PM

With Bitcoin on the rise and many European countries having Bitcoin national reserves

Which European countries you dey talk about, hope you understand say because country dey hodl bitcoins wey dey seize from criminals, e no mean say dem dey hodl bitcoin as a strategic reserve. For example, the United States don dey hodl bitcoins wey dem seize from people and institutions, but na now wey dem dey talk about a bitcoin reserve because of the new president.

If i go dey honest, bitcoin reserve no be Naija problem right now, we get different things wey dey worry our country right now, and if we solve some of that, then we can talk of things like this.

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Quote from: Eres1 on January 11, 2025, 03:18:13 PM

With Bitcoin on the rise and many European countries having Bitcoin national reserves and even America planning of having the world with the highest Bitcoin reserves in the trump administration knowing the potentials of Bitcoin to the economy of any progressive country

And coming back home to Nigeria with the current state of the of our economy it is right time that our government embrace Bitcoin and start having Bitcoin national reserves in the country just like all progressive nations of the world is doing, it's time that our government stop seeing Bitcoin as something that should be restricted in the country and embrace the future of the financial system of the world which is Bitcoin

Let have your say

Your plan is really commendable but it is unrealistic. Because it is almost impossible for a corrupt government like Nigeria to recognize Bitcoin as a national reserve. If the government of a country is always focused on embezzling the money of the common people, then how do you expect that government to take steps for the welfare of the country? These corrupt governments will never think about the development of the country.

Yes, if we plan a Bitcoin national reserve, then we will first have to look for an honest leader, which may not be possible even if we search the whole of Nigeria. However, if we can make an honest leader who has knowledge about crypto the head of the government, then maybe we can have a Bitcoin national reserve for the welfare of the people. It is a matter of time that a transparent asset like Bitcoin is positive in such a corrupt country.

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Quote from: Eres1 on January 11, 2025, 03:18:13 PM

With Bitcoin on the rise and many European countries having Bitcoin national reserves and even America planning of having the world with the highest Bitcoin reserves in the trump administration knowing the potentials of Bitcoin to the economy of any progressive country

And coming back home to Nigeria with the current state of the of our economy it is right time that our government embrace Bitcoin and start having Bitcoin national reserves in the country just like all progressive nations of the world is doing, it's time that our government stop seeing Bitcoin as something that should be restricted in the country and embrace the future of the financial system of the world which is Bitcoin

Let have your say

You're actually right in your write-up as Nigerian government is yet to embrace Bitcoin in the country but is still skeptical about it and is even trying to frustrates it use in the country, we still have a long time to go in realizing this your dream because our leaders are not fore sited enough to see these opportunities that Bitcoin holds for the country especially in our economy that is not doing very well currently

With the current government that we have currently in the country I don't see that dream coming to reality about Nigeria having a Bitcoin national reserves because there is no vision and clear cut plan on the way forward

Topic: Nigeria needs Bitcoin national reserves - page 2. (Read 546 times)