Topic: The confidentiality of having Bitcoin (Read 218 times)

In my opinion, the free circulation of fiat currency in cash is very important for bitcoin holders.  If bitcoin is not legal tender in the country, then the question arises - how to exchange bitcoin for fiat money? 

One of the most popular options is the direct exchange of cryptocurrency for cash fiat currency.  However, how to carry out this exchange, in a situation where the circulation of cash currency in the country is limited? 

Also a popular exchange option is one in which the client transfers bitcoins to the exchange office, and the exchange office deposits cash into the client's personal bank account (via an ATM). 

However, this also requires the free circulation of currency in the country.

There are multiple ways to cash out Bitcoin, whether you choose to exchange your Bitcoin for your local currency through an exchange, or use peer-to-peer sites. I've come across apps like LocalBitcoin that offer the same concept. However, it's crucial to ensure that you're dealing with a reputable seller for safety reasons.

If Bitcoin isn't accepted in any local exchange in your country, then you can seek out an online exchange instead. In my case, my country has not yet legalized Bitcoin as an official asset. Therefore, I always sell my Bitcoin to a reputable buyer whom I know in person, and this method has worked well every time, I never had a problem with it cause I trust the person I'm dealing with and I've known him for years already.

First thing, I understand situation you're describing. It's unfortunate that so many people are experiencing financial crisis due to the scarcity of fiat money in your country.

I think, it's definitely worth considering alternative currencies like Bitcoin, especially given its decentralized nature and the control it gives individuals over their own assets. Secondly, interesting to see how El Salvador has already embraced Bitcoin and is reaping the benefits of its adoption.

So, could be a viable solution for other developing countries facing similar financial crises. However, it's important to also consider the potential risks and challenges that may arise with the adoption of cryptocurrency and weigh them against the benefits.

The move to go cashless in an underdeveloped or developing country isn't such an encouraged one. This is because, the facilities to safely run this operation are not in place and majority of the citizens lives below the minimum wage and are barely seeing themselves through there daily needs.

Government through its agencies in the central banks and the commercial banks has hampered the freedom one would have gotten from enjoying there investment which tells badly of them. I take it that, the issues to this isn't limited to payment of ransom amongst other reasons for which they might have centred there restriction but, it as well resolves around them financial institutions trying to make profit from customers deposits.

Bitcoin is good because it is decentralized, the government will have a hard time controlling its system.  But in a practical day to day transaction, we still need cash or a bank to process our payment.  Yes, there are some online stores that accept Bitcoin but it hardly covers our daily basic needs.

The idea of freedom of transaction is great if and only if the currency we use is accepted by all merchants.  In the situation @OP stated, as long as Bitcoin is not recognized as mode of payment by the country, no matter how great Bitcoin features has, it will never help the country or the citizen of the country to ease out the negative effect of the cash limits the government implement. Worst if the country decided to become hostile to BTC and implement harsh regulation on using Bitcoin, then it cannot help on the situation at all.

It's gonna take years for a country like Nigeria to accept Bitcoin, despite her citizen's enormous contributions and topping the chart in Africa, the government of the known still isn't welcoming the idea as it's been dominated by the youth and they are afraid of what the youth capacity if they give them free hands.

And talking about the money scarcity, it's only for their selfish interest. Most importantly, they made the naira so scarce because of the just concluded election and that's it.

I'm also a Nigerian citizen and for the past month now it has been thug of war holding cash to buy necessary things for your consumption, I'm grateful to have bitcoin as an investment but bringing bitcoin to this is a lot contradicting because now bitcoin can't be used instead of cash to procure anything you need unless you sell and convert to cash which is not accessible to the public.

When a government prevents you from withdrawing money and wants to get rid of the circulation of public cash, it indicates that something is wrong. The government is in financial trouble, and the "cashless" campaign is only a ruse to preserve its sterling reputation. Before making a country cashless, there are numerous things to put into practice. But Bitcoin is also ideal for us to conduct cashless transactions. Of course, because Bitcoin is decentralized, no one can stop us from using or withdrawing it. There is a lesson on the value of bitcoin for us.

Your security is prioritized, but it is very risky and one mistake on your end can have serious consequences.

It is a hasty shallow solution you have suggested for an elaborate problem. Adoption of bitcoin will not suddenly solve the financial crisis some countries are facing. Many factors put together result in a host of financial crisis, and until those factors are individually dealt with and addressed, there will always be a recurrence of financial crisis. Bitcoin adoption can be a part of the solution, but it is not the whole solution to that problem.

The thing is what is the difference when the transaction due to the limitation is covered with the same fee once a person is to withdraw their savings to cash after they convert Bitcoin or any form of online transfers since it still undergo with the processing of the bank and thus the same limitations and charges is applied.

I understand as long as our fund stays in Bitcoin government won't be able to control them but as the stated concern when we are about to use or convert BTC to fiat and withdraw it to use for local purchases, I believe there is no difference.  So it is more likely those who wanted to escape or avoid limitations should do online transactions with Bitcoin and the same issue arises about local merchants that accept Bitcoin as a mode of online payment is somehow scarce.

In the end, we need more local merchants to accept Bitcoin if we wanted to capitalize on the freedom of transaction but still, the issue of the legality of accepting Bitcoin is another concern.

There is no restrictions indulging in an online banking, account transfer or even webpayment.
you are free to make transfer of any amount, with a limitation of NGN 5m single account deposit (Savings account) and about NGN 50M in a corporate account or a company account. So one can still involved in buying bitcoin using p2p.

A cashless society is a controlled society. I think your country is used as a preliminary test for the coming global changes. I'm a huge BTC fan but going cashless is just another step to total government control. Of course they will say it's all for your own good, money carry bacteria and viruses

If you can do a P2P and after which the said money is domiciled your Bank account, then you can easily use your credit card for your transactions, don't forget this is an economy that is heavily dependent on fiat money, so the need to be incharge of your money by having Bitcoin cannot be overemphasized, because going cashless will in due time enhance the penetration of Bitcoin to those local markets.

The cashless policy, which I see as a policy forced upon Nigerians, is forced on its citizens because they are not ready, and I don't think the country is set to ever be ready for such without any proper preparation to rattle all the challenges the cashless policy will bring. I don't see in any way where this cashless policy reduces any of your aforementioned crimes, kidnappings, corruption, and insecurities. That might have been their public reason for the cashless policy, but its unofficial reason was the redesigning of the old note into a new one in order not to reach some certain politicians, who they believe hold huge amounts of the old currency and it's preventing it from circulation, which they all planned to use during the past election, which to some point does help in reducing vote buying.


El Salvador's government took a great step by making Bitcoin a legal tender, which is a great achievement for the Bitcoin community in general.

The adoption of Bitcoin by the control government, which is the opposition party to the government, is titled to be a mandate upon its people. It's not all situations that I believe Bitcoin being introduced can solve. Even without the Nigerian public accepting Bitcoin as a legal tender, I still believe based on past statistics that Nigeria has the highest number of Bitcoin adopters, more than El Salvador. I really don't view Bitcoin as something that can solve any country's economic crisis by just adopting it. Bitcoin doesn't perform magic. 

I am wondering in a country where cash withdrawal is limited, how can you encash Bitcoin?  Even in a P2P situation, you need to use banks for the money transfer if you are going to sell your BTC to other people.  Face-to-face Bitcoin exchange is somehow dangerous since it also has the risk of carrying cash.  You don't know who you are dealing with and the possibility of dealing with bad guy is also there.  Aside from that Bitcoin acceptance in the local market is also scarce.  There are rarely establishments that accept Bitcoin and if there are merchants, isn't this merchant also affected by the cash limit implementation? So if they accept BTC as a mode of payment, then where can they get the money to replenish their stocks if their Bank withdrawal is also limited?

I believe Bitcoin won't help in a case where the government limits its constituents of cash withdrawal unless Bitcoin already penetrated the local market and is used by all available local merchants.  But in case there are only a handful of merchants that accept Bitcoin, it will be hard to use as the solution to the problem.  I think the best solution is to change the leaders of the country, abolish the cash limit law or persuade the authority to accept Bitcoin as the mode of payment if not legal tender (but I think in a corrupt government, it is impossible).  If the authority is persuaded to implement Bitcoin as mode of payment, people can use Bitcoin as an alternative to cash legally, and can be accepted in any store.  then the problem with the cash withdrawal limit might be lightened if not solved totally.

Very recently in my country, there has been an upsurge in scarcity of fiat money, The world is evolving and so also every spheres of life keeps advancing. It is no longer a novelle thing that carrying cash has its limitations and does harm than good, examining the current finding made by the Nigerian government.
 This is the more reason the Nigerian government presently adopts the Cashless policy which is aimed at reducing the issues of kidnapping, corruption and insecurities in the country.  A lot of people can barely withdraw their money, the banks are not ready to give you money in large sum, people go as far as buying the countries currency notes, this situation has made a lot of people go into untold financial crisis, because a large chunk of the population are heavy dependent on fiat money.
Even the banking system are not prepared for the cashless policy this I understand by the series of network failures and lost of money by bank customers through electronic cash transactions.

This whole situation reminds me of the beauty Bitcoin has brought, a decentralised currency that makes your financial life self-controlling,
 government innuendos doesn't affect it in any way, because at all times, your in control of your asset.  Cryptocurrency  as a financial digital currency has made a huge impact in the present world. Bitcoin the most popular coin which has made numerous individual in attaining their financial goals. Cases of excessive control by the centralized financial systems has made number of persons loose their faith in their financial institution as the safety of their finances is not guaranteed.
In the case of BTC, the security of ones investment is prioritized because your details is confidential to oneself alone. It's like owning your own future without external interference, and I suggest that some of the financial crisis most of these developing countries are facing can be resolved through their adoption of bitcoin in their country just as El Salvador did and are having a positive impact of it on their economy.