Topic: The fate of BTC users in Nigeria currently. (Read 169 times)

The figures you quoted about 47% of Nigeria's own crypto asset is agreeable, over 50% of the population of Nigeria are youths and majority of those youths are into crypto, so I'm not surprised about the figures.
So for me the future of Bitcoin in Nigeria is bright because as the day passes by, there are more and more young persons interested in cryptocurrency despite sanctions here and there from authorities of states. The binance Saga was a major hit on crypto in Nigeria, although I already knew that it was a temporary set back, because as at today people hardly even remember what happened then as other exchanges have been utilize and there has been a great perseverance from Nigeria youth on making crypto investments even after that incident.

The thing be say most person no really understand how this tax payment thing really dey implemented for outside Nigeria although am no fan of it but it's necessary as the government have made it be and for other countries all these exchanges are paying taxing so what makes Nigeria different abi na because of the lawless nature of the country? Just like you talk bro, me too will be more convenient and relax doing my Bitcoin and crypto business on exchanges and platform wey dey follow the laws of the government to avoid unnecessary wahala.

So your own advice be say make people stay away from any law abiding exchanges and shift their transactions to exchanges that aren't ready to follow the regulations on their host nation or pay taxes? Wow what an advice, well I will be more safer carrying out my transactions in exchanges that are ready to follow the laws of the country that they are in operations. This way you are sure that you won't wake up to any surprises. You know the peculiarity of our country that the moment you are paying your taxes when due, that our government won't bother you in your lawful business. But you will only have problems with the government, when you refuse to pay your taxes. If those exchanges are paying taxes in other countries, why can't they pay in our country. Recently I just noticed that some the top exchanges I trade with, have started taking taxes for the government. And it's a good development because we are sure that the government won't be making any more regulations that will stop them from making their money through taxes.

The matter be say one day one day, our government go dey receptive to bitcoin. Make the big organizations wey dey borrow them moni just agree say bitcoin dey okay, na so you go see say dem go change mouth and reverse all these their mumu anti-crypto policies.

But before that one happen, all those strong men dem wey dey progressive and dey into crypto, we also dey close to those government pipo need to start one way or another to dey do underground lobbying. Because need to lobby this thing o. E no get two way abt am.

Until dat one happen sha make everyone wey hold crypto dey guided.

you know there is a difference between being involved in crypto and actually holding unto to a crypto or bitcoin in particular. the surge of Nigerians into the crypto space was all that pronounced because of the advent of airdrops and apart from the population of Nigerians that are into airdrops, the rest of the others that are in this ecosystem are either holding some altcoin or meme coin with just a few persons holding unto actual bitcoin.

one factor that has led to not so many numbers of bitcoin investors in our country is purely due to the economic situation that we are all facing that has made it difficult for people to risk the little money they have been able to save via the little business they are doing. when you even put yourself in in thier shoes adn look at the feasibility of buying crypto with our nigerian niara considering the way the exchage rate has gone really bad, you cant help but understand that the population of crypto users is nothing close to the 47% the OP is refering to.

governemnt policies dont play a serious role in the fate of crypto investors in nigeria because regardless of the regulation we have witnessed thus far, it has not stooped the active crypto investors from carrying out thier transactions. the regulation on a much larger consideration are not entirely bad as we look at it if not that the government is not being sincere and intentional regarding the way they go about it and even when they succed it getting crypro exchages to pay tax to them, we cant even see what the tax they are collected is going into.

bitcoin in nigeria is still somehow at the early stage and depending on what the future holds, the regulation might reduce to a point where people get to see the good use of crypto expecially as an edge agaisnt inflation.

According to the last report way I fit fine nah 27% of Nigerian internet users nai they assume say them they into crypto and and no be just bitcoin in particular. 27% of Nigerian Internet users own cryptocurrency – Report

Then from this report eh show say nah only 7% of Nigeria total population they into crypto which is a reasonable and accepted percentage if you ask me too, if we check am well some of the Nigerian way they come into this crypto thing especially now way tap game they popular some of them no own any single crypto, and even the ones way hold just hold some worthless shitcoins if we collect accurate data self person way hold bitcoin for this country fit no reach 4% well.

Data search

You have good point mate , yeah most people in our country have heard about bitcoin, even musician dey use am for their songs most time , but they don't know how it works, only few does like the once here , some know how it works but still don't have due economic hardships and stuff .

But if we carry all this government matter put for head anyhow we might not grow, because as we can see things ain't getting better despite all our complain , that's the reason why we country nah be the country wey Carry adaptation for head pass because we dey easily adopt to hardship, so instead of complaining how hard the country has become,  is better just to just find ways to build yourself financially and mentally.

So like this you wan tell me say 43% of Nigeria citizens they into Bitcoin? This ah no go fit believe. The percentage high well well, i know say more than 50% done hear about Bitcoin and get interest in it but i fit agree say na only less than 20% done really invest in any crypto currency as e be like this. I know how hard the economy be for many people like this so e still get how the adoption be somehow.

Weting our government they do na initial garagara. Once them benefit they go calm down. So my own advice be say as an investor for naija. Make u try avoid any exchange wey dey adhere to all this new taxes wey naija they bill them. And make we focus more on our investment and business rather than weting they happen for the country.

I think that the fate of BTC users in Nigeria currently, following recent enactment of some policies that range from Fuel subsidy removal to Foreign EXCHANGe policy reform to Electricity tARIFF hIKE to Raised monetary policy rate to NEW TAX REFORMs, by the current government, is still looking good, but I beg to differ.

So far, the crypto currency market in this country alone is rising with reports having it that about 47% of Naija citizens own crypto assets and know a great deal about Bitcoin and other coins and initiatives that are in play in the cryptocurrency world.

Despite the Binance saga that unfolded sometimes back, some possible implications can still ensue for BTC users, like the CBN which has so much so made moves to make some cryptocurrencies regulated, thus, these policies that are being made and enacted by the current government may cause more persons to adopt crypto currency for transactions, for income and for savings or for long term investment plans.
Still any economic situations may cause volatilities of the crypto market and this could among the others be an issue for BTC users and investors who don't understand how to read the price movements and stay atuned to current trend and policy information.


What are some ways BTC users  can help their fate and navigate the current Naija uncertain environment with stringent policies being enacted ?
How do BTC users still stay informed about new updates in market developments, about any changes in regulations by CBN, about the trend the  economy is following also?