Topic: Some important factors that promoted bitcoin use in Nigeria. (Read 178 times)

They can't be traced how, Bitcoin isn't untraceable expect you use a mixer to increase the difficulty to trace the Bitcoin to your address. If advance hackers that stole coins from exchange can be tracked who are the Nigerian politicians that they can't be traced. Physical money is more efficient for money laundry or stealing of money than any electronic money including Bitcoin. First and last point make sense for this your topic but the second one no to get better weight because although the government been target accounts but the number small for it to make others to start converting their money to BTC.

The main reason Nigerians full for this industry na because of Inflation and profit seeking. We dey find money mainly na why many Nigerians full here and also to secure our wealths for those wey get am as Naira just dey depreciate.


Nigerians no dey use ear hear where money dey and dem no go try luck. Blogging was playing, Nigerian enter am. YouTube start and the youths enter am. Content creation (Skit makers, tiktokers and so on) we no dey take ear hear say money dey this thing and we no go try to hustle for our own luck to make the money. People wey dey Bitcoin for the money plenty pass people wey dey a for the technology and although if the government were less strict on Bitcoin in the country from the beginning we for dun get better adoption pass as we dey but the monetary benefits of Bitcoin go always dey ahead for this country for factors wey dey promote Bitcoin.

The points highlighted really expressed some of the major factors that has helped promote BTC in our country.
Among others not mentioned is the case of unemployment which has made some of us cry out for help to our friends who upon revelation expose us to BTC and how to gain out of investing in it. 

Besides the fact that some neferous activities are being perpetuated like money laundering using BTC, the most distinct use will be for completing payment transactions across borders. Besides forex that has helped in this aspect, BTC or cryptocurrency in general has done more than enable a smooth payment system and with reasonably lower fees than a traditional fiat bank would offer.

The above stated were all events that happened in Nigeria in recent times they got so many people especially the youths going into the business of cryptocurrency because they at that point sorted an alternative way off investment and earnings without hitches from financial institutions made available to them and they found out that cryptocurrency gave them an endless opportunity which doesn't only pay them but is flexible and suit their various needs with payment systems online.

Me sef na after that time wey dem ban crypto naim me I com start to dey do crypto sef because you know as e dey b for Naija, na wetin you say make we no do we dey usually try to see why you no want make we do am.

The area of inflation is hundred percent, one other reason is the rate  of charges our demostic bank apply to customers and hardship to get once money when in need  and the issue of naira scarcity,  buying your own currency with your money are factor also. The stress in our domestic bank is devastating and many can't endure it most time you get disappointed on the process involved to access your money couple with CBN withdrawal limit.

Inflation is also the reason why people prefer to use bitcoin,  and due to the fall of naira people prefer to use bitcoin as store of value in which they save money in Bitcoin. The depreciation of the naira currency has really help bitcoin in gaining more recognition and because of the problem bitcoin is helping people in this difficult time of inflation and the rest, people see good reason why their is a need for bitcoin to be accepted. Just with the value bitcoin has it is enough for it to be promoted.

There are many factors that promoted bitcoin use in Nigeria, which is bitcoin values, Nigeria currency is very weak that it can not be compared to the US dollar talk more of bitcoin, so people that understand bitcoin know that if you buy bitcoin with our currency here and store it no matter the depreciation, the value will still be better than the naira, another fact is the trend, some people like something that is trending, they don't want to be left behind, the always want to be fronters of a particular new system.

The most important factor is that, as soon as many Nigerian's got the information about Bitcoin most of them took a strong decision that instead to abandon their money in the bank without yielding interest and indirectly enriching the bank, they decide to pull off the money and invest it in bitcoin since they understated that it a good store of value, the security and safe custody in the system also attracted more individual adoption of bitcoin

Poor economy and lack of financial trust and freedom are part of what the people have deemed fit to source for an alternative to the government controlled financial economy or system, after many have realized about bitcoin, they can't hold it anymore than to embrace it adoption because of the various opportunities it offers to them and they would love to see happened to their financial economy all time.

Another reason is Naira devaluation, they never intend or expected to see the poor performance of the naira currency in the parallel market under the financial economy circumstance to be this worst as it keep depreciating over time, no any economicwl or financial activities that had been put in place to help the people.

No employment, inflation in price and market commodities, extortions from banks and other centralized institutions, high transaction fee, delay in crossboarder transactions and high cost, poor governance, increase poverty rate, all these and many more constitute why the massive adoption of bitcoin has been considered by the people.

In addition to the double exchange rates, there were restrictions placed by government on access to forex for international transactions.  This practically forced people to start looking for alternative way of sending money across borders and Bitcoin was the perfect choice.

Like you said, blocking people's account due to protest opened people's eyes to the level of control the government have on the citizens, so people started looking for a way to escape such crackdowns in the future of which Bitcoin and cryptocurrency stood out as a favorite choice.

Finally, unemployment is a huge reason why Nigerians are more into Bitcoin as a way of self help since government failed to provide jobs for the teaming youths.

Inflation has been one of the reasons for the adoption of bitcoin and other cryptocurrencies in Nigeria which is the first reason stated as the exchange rate in the OP, but the second main reason cryptocurrencies is well adopted in Nigeria is that people see it as an investment. If you invest in bitcoin, that the price will increase and you will make money from it.

Although, more people may know about cryptocurrencies during EndSARs, but I will not state it as one of the reasons. Before EndSARs, CBN has known that the adoption is increasing already and they use EndSARs to make many people to be silent and not against them (the CBN) after they banned cryptocurrencies. Without EndSARs, inflation and bitcoin as an investment means has been the reasons for the adoption. Although, there are other reasons but which I do not think are worth mentioning.

Your points are valid OP, and I think their should be more reasons why bitcoin has progressed in Nigeria so far and been the country with the most adoption of the currency. Like you said, there is always a scenario that leads to other scenarios that are happening today in the world. When there is discomfort in the use of something, there is always another provision that people will immediately switch to in order to be enjoying that comfort and that is the case of bitcoin today. Bitcoins aim is clear and very transparent but because of its decentralized nature, it has become difficult for the government to legalize it. As we hope for its legalisation in the future, we continue to support bitcoin in our own way so that more people will adopt its use.

There's no doubt that Nigeria is among the leading Bitcoin holders globally and this is a result of some challenges faced by citizens from a poor banking system to some misguided actions by the government and the central bank that had affected the citizens negatively thereby forcing them to look out for alternative means of transaction and bitcoin become the right man for the job.

Here is a list of events that made people tilt seriously into the use of cryptocurrency most especially Bitcoin in Nigeria.
   

1.    The exchange rate:   
the devaluation of the naira to other currencies is one of the major factors that led most Nigerians to sort out alternative means that will preserve the value of the money they earn since the value of the naira keeps decreasing, it became necessary to look out for a means to invest the naira into bitcoin or other cryptocurrency rather than leaving it in banks that are subject to government regulations.

2.     When people's accounts were blocked during the End Sars protest.   
So many people's accounts were frozen because they were publicly seen supporting the end Sars protest and this led to most people converting their naira into bitcoin and other valuable crypto asset thereby increasing the number of users in the country.

Even most politicians are now converting all their stolen funds into crypto assets so that they can't be traced, while this is an abuse of the whole brain behind the essence Of Bitcoin, it has also helped in increasing the number of bitcoin holders in the country.

3.     The high number of Nigerian youth involved in tech:  with the number of youth going into the tech space is increasing by the day, there's no doubt that most of them are active Bitcoin holders and understand the functionality of the blockchain technology and this also has increased the number of active bitcoin holders and users in the country.

Other factors have contributed positively to the feet we've attained in the crypto industry and from observation, it's always that when there is a challenge, people will look for an alternative and that's when the importance of Bitcoin becomes meaningful to them.

In the same way that the outbreak of COVID-19 made Zoom a must-use app for most companies, I am certain that a global event will also happen that will favor Bitcoin adoption globally.