Topic: Some possible cause of the low rate adoption of cryptocurrency in Nigeria. (Read 78 times)

Sorry for the waste of time. I am wondering how you did not know that Nigeria is one of the countries that crypto is having increasing adoption and highly ranked among other countries. Sorry if you see me to be hash about this.

Check this Chainanlysis report:

The 2022 Global Crypto Adoption Index: Emerging Markets Lead in Grassroots Adoption, China Remains Active Despite Ban, and Crypto Fundamentals Appear Healthy


Nigeria ranked 11th.

Check this:

Global number of online users 2022, by country

Nigeria ranked 10th.

You do not have to mine before you are contributing to the adoption, although mining can help too. If you are investing, trading and using crypto for one thing or the other which makes it more valuable, you are helping in the increasing adoption.

Do not let this discourage you, I see you going higher.

Lol no I didn't @cryptopreneurbrainboss it took me 3 days to complete my research on this topic, I obviously don't see any reason why I should copy a post from somewhere and don't add a link. You can check for yourself if it's an original post.

My guy I hope say you no copy this article from online, if you do so then add link before forum police reason your matter. For me ehh na poverty be the number one cause of low adoption. The high rate of poverty for the country the affect the adoption rate both positively and negatively. E dey affect am positively wey be say na youths dey mostly benefit as because of poverty boys dun dey find alternative source of income so dem dey go into crypto investment or trading and since dem need Bitcoin and other cryptocurency to do this e they increase the awareness and youths come dey accept am.

E dey affect am negatively wey be say na the elderly ones dey surfer am pass. How person wey never chop go come dey reason one magical online something wey dem dey call cryptocurrency. Infact this poverty mentality they make dem think say cryptocurency na dem ponzi scheme category dem dey. First man dey reason how him and his family go chop and after him dun do dat one, time self no go dey again to dey reason online investment dem. You dey see white ehh, dem no get problem so dey get all the free time to explore online investment and experiment with Bitcoin and even though dem lose, they get a good system wey go take care of them but here na all man for himself so why dem go risk am. Nigerians too dey poor and e dey affect all our reasonings.

The first cause of low bitcoin adoption in Nigeria is poverty, person wey never get money wey him go use buy food chop, how u expect make him take invest in bitcoin? The poverty level for dis county dey high, Most of the people wey dey work for dis county, d amount wey dem dey make no dey even do them feed self, I sabi plenty people wey get interest for bitcoin but they don get money wey dem go use invest.

Second one na illiteracy just as you said, most people wey dey rural area’s never even hear about bitcoin before and even d once wey dey urban area’s, some of them just dey hear about bitcoin, but dem no know Wetin bitcoin really dey about, na y dem no really get interest be that. most people believe say if dem put money for bitcoin, their money fit lost any moment.

      in Nigeria, crypto currency like the BTC Bitcoin is gradually gaining popularity amongst it's population as a whole. but still, there are some possible challenges we Nigerians face that hinders the widespread adoption and limits our contribution to the world of cryptocurrency. if these challenges are not attended to, it will continue to exist as major reasons why the adoption rate of cryptocurrency is slow in Nigeria. As we all know, not everyone in Nigeria is aware of the advantages of using cryptocurrencies but most people see it as a major means of scamming or looting them of their money.
here are some possible reasons why cryptocurrency adoption is slow in Nigeria and how they can possibly be resolved.

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##firstly, the rate of illiteracy in Nigeria has seize to reduce regarding crypto currency. people who have little or no interest in cryptocurrency has continue to spread the wrong idea of crypto amongst their peers.they see cryptocurrency as a risk investment platform.currently, many individuals are still  unaware of the benefits, risks and proper usage of digital currencies. by promoting educational initiatives, conducting awareness campaigns, going for crypto outreaches and also collaborating with some educational institutions, I solely believe that Nigerians could be provided with enough knowledge and skills necessary to safely engage in cryptocurrency activities.

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##secondly, a significant challenge faced is the lack of clear regulations surrounding cryptocurrencies in Nigeria. the lack of specific rules or guidelines has created doubts amongst individuals, businesses, financial institutions who are interested in adopting the crypto ecosystem. this ambiguity has slowed down the rate of innovation, investment and adoption of cryptocurrency.In February 2021, the Central Bank of Nigeria (CBN) issued a circular instructing banks to close all account associated with cryptocurrency transactions. This decision caused some uncertainty and challenges for individuals and businesses involved in the crypto ecosystem.
but by Establishing open lines of communication and collaboration between the crypto community and necessary government agencies and financial institutions, the government can take their time, to see how crypto can benefit our economy.

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##Another key obstacle is the need for large secured crypto infrastructure in Nigeria including the availability of reliable cryptocurrency exchanges, secure wallets, and efficient payment gateways such as the Binance, luno, Quidax, yellow card, bundle exchange. with the innovation and the development of these user-friendly platforms and the expansion of crypto-related services across the country, they can help enhance accessibility and reduce the rate of insecurity and fear of using crypto currency in Nigeria.

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##The of High cost of  Electricity today has also stand as a major obstacle to miners and cryptocurrency users in Nigeria. mining cryptocurrency, requires a significant amount of electricity but in Nigeria, we struggle with unreliable power infrastructure of 3-4hours a day and frequent blackouts. this makes the whole idea of mining even more complicated in Nigeria. miners often fall back to alternatives such a generators, solar energy systems which significantly has a high cost of maintenance and purchasing power.this burden placed on miners hampers their competitiveness, reducing the growth of the industry within the country. I don't really know if the government is working in anyway to see that Nigeria be listed among the countries having stable electricity in the world. it's would be of great help, if the Nigerian government and relevant stakeholders addresses the issue of electricity and create an environment that supports and nurtures the cryptocurrency mining sector in Nigeria.

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##lastly, in Nigeria the issue of high internet cost has created a barrier, to the wide spread adoption of cryptocurrency users. there is a limited amount of service providers here in Nigeria who can provide a reliable and stable internet service at low cost.The high data costs and their impact on financial inclusion pose challenges for both individual users and businesses operating in the crypto space. these problem can result from limited internet infrastructures, lack of maintenance and update to their services.

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don't you think that if these problem can be resolved, Nigeria can then unlock it's full potential of cryptocurrencies and increase the economic growth of the country? what other problem do you think is responsible for the slow rate of cryptocurrency adoption in Nigeria?