Topic: Reasons why some Nigerians aren't investing in Bitcoin and the negative impact. (Read 65 times)

I think when you are talking about a topic like this, I will be best to come with facts, bring clear data"s to prove your points. Do not say things based on assumptions or what you noticed from your circle of friends and generalise all Nigerians. Their are good numbers of Nigerians that are investing in Bitcoin but they don't make noise about for the sake of privacy and this is how investing should look like, which you don't need to give people impression.Please try and correct this. Bitcoin does not have any bad reputation, instead it will be better if you say our security agents misunderstand Bitcoin because people still do crime with fiat.

Not only Nigerians but people all over the world.

There is nothing if your money is legit. Having bitcoin and investing in bitcoin has not been seen as crime before in Nigeria. But if a police ask of what you are doing for living, you can find something they can not know but similar/the same/related to your work to tell them. But this is not even the reason some people will not want to invest in bitcoin when bitcoin has already gone noticed all over the world.

There is different between investing in bitcoin and just coming here to make comments because of campaign. I like to tell people the truth and if they like it let them take it or leave. Bitcoin investment is not by force. When I see some people talking something because others are saying, it is wrong. Let the use huge amount to buy bitcoin and see what they are saying can be realistic. Emergency Fund, Short Term investment as for them is trading bullshit. Op I just decided to capture the first paragraph of your thread and it is very simple, it is clear that that you friend is solely depending on the investment and there is no other thing she was doing so has to buy at the dip and sell at the rise above 10% to survive. Your friend is not a Civil Servant and she is not a Businesswoman and so you don't have to blame her for not having any asset.

the issue here is that it is very difficult to see someone that has an income weight that is not much who is ready to invest and the molarity of the people who are likely going to come in contact with are just traders that are looking for easy profit and hence, they would not consider going into bitcoin because bitcoin is less volatile and would not yield them the expected returns they would wish to get by investing or rather trading or an altcoin.

there is a general misconception that bitcoin investment is for the rich and hence the need to focus on some altcoin that supposedly have the ability of getting one rich at a faster pace. it is a get rich quick mentality that has affected some of our people and that is the reason why they focused more on altcoin which also has the tendency of getting them to become poor too fast. investment is for the serious minded that are ready to go about it on the long term, any Nigerian that is investing in crypto is actually investing in bitcoin, the others are not investing but are rather trading on altcoin, that is the difference.

Sorry about that moderator, I have modified it to some Nigerian as I hope that's okay by you? Also I don't understand why the topic was moved to this section of the forum since I thought where I made the post was for Bitcoin related discussion and this part of the forum is for mostly politics but still your judgement is respected moderator.

Your title is misleading- if few of your friends aren't bullish on Bitcoin it does not mean that other "Nigerians" are not into it. You didn't have to generalize everyone with that title of yours. Please modify the title.

All you’ve stated is true and could be a reason why some Nigerians are not currently investing in Bitcoin but then again, there are those who do actually understand the dynamics of Bitcoin, how the profits and losses are, even have the long term approach of Bitcoin and yet are still not investing, So what would you say is the reason why these ones are not?

I was actually hoping to see lack of discretionary income, reliable source or sources of income and lack of back up funds such as the emergency funds, and other float funds, because these are a must if you wish to have a solid portfolio and a smooth Bitcoin accumulation journey without any setbacks. Many Nigerians are living paycheck to paycheck, some even end up spending their salaries or income before they even come and when it comes, they don’t get to make good use of them. So it becomes impossible to set up emergency funds and all the other necessary things before beginning your Bitcoin accumulation process. So this could be a major factor.

I was discussing with a friend, a female that I know has been into cryptocurrency for a long time and since I was new, I wanted to see how she has being investing since she joined and to my suprise, she doesn't own any Bitcoin. I was shocked because in this forum. Bitcoin has always been what we're advice to buy but this long time investor that has being in the market for more than 5 years doesn't own any Bitcoin. What I discovered is that alot of Nigerians are like this my friend, they don't value Bitcoin until Bitcoin starts mooning during the bullrun but by that time, it might already be late to buy.

Why are some people like this as I don't see them talk more about Bitcoin except when they're looking for where to trade. Nigerians are among the highest investors in altcoins and it makes me wonder if it's worth it to invest in altcoins instead of Bitcoin but the answer to that is a capital NO. On my own. I have decided to list out some reason why Nigerians aren't investing in Bitcoin. If I'm wrong, feel free to correct me or add the reason you can think about yourself so we can all learn and take correction as a big family.

Here's are the reason -

1] Lack of understanding about Bitcoin and capital- I think the main reasons why some people aren't investing in Bitcoin is because they haven't understood properly how Bitcoin operates and this confusion is making them to not invest. Also they're not many that can afford to invest in Bitcoin.

2] Lack of understanding on investing - Some people are new to investing because not many of us are usually investing because we usually don't have enough to take care of our needs and when that's done. There's no money left to use in investing therefore many people don't understand how investing works properly.

3] Lack of understanding of the importance of supply of a cryptocurrency - Some that have all the basic needs to invest still don't understand that a supply of a cryptocurrency is very important but they don't consider this and buy Meme cryptocurrency that are having too many supply.

4] Lack of Guidance in cryptocurrency - Most of us discovered this market on our own and weren't guided therefore there's no previous users to guide us on how to invest properly and invest in the best cryptocurrency which is Bitcoin.

5] Follow, Follow mentality - Nigerians like to follow the trend, this has made many of us to invest in projects that are scam and lost alot of money instead of investing in Bitcoin.

6] Quick money mentality - Most people in the market are after quick money and this make them to always look for projects that can give them quick money therefore Bitcoin isn't always on their list.

7] Fear of losing their money - This is general for most people that don't understand how investing works and they fear that Bitcoin is a scam and decide to stay away from investing in it.

8] Bad reputation of Bitcoin - EFCC and the police has made it look like investing in Bitcoin is a crime because of how the harassment of people involve with Bitcoin and the yahoo boys has made it have a bad name in the eyes of Nigerian for those not educated or just ignorant.

9] Durations of investments too long - Alot of Nigerians don't have the patience to wait. They considered the period of holding Bitcoin to be too long so they go for other cryptocurrency that can give them profits fast.

10] Being wrongly informed - I was told altcoins give the most profits and I think many some people also have this beliefs because of how they're all rushing to buy memecoins, mining, buying and participating in altcoins airdrops instead of looking for ways to get money to buy and accumulate Bitcoin.

The negative impact of all this reason is that it's making them to miss out on Bitcoin. What do you think?.