Topic: The Total Amount Nigerians Have Spent in Bitcoin. (Read 276 times)

Nothing comot for wetting you talk. I been dey reason this matter say our currency dey depreciate when I see for news say $1 don reach1000 naira. I just laughed say definitely the crypto currency wey naija no wan adopt say by fire by force Dem go accept am.

No body go gree make him money dey fall for local bank where as ustd or Bitcoin dey. E come remind me of a thread wey Dem been post before>>https://bitcointalksearch.org/topic/m.62714216

So I come dey talk say people we don rank up for this forum no go dey affected. because dey receive payment in dollar/Bitcoin. And I dey happy because very soon Nigeran go get no choice Dan to accept crypto currency as a medium of transaction or payment.

And many people don dey ask say how Dem fit comot there money from bank come put am for crypto wallet.😀😀

In P2P trading volume using PPP in the methodology. Nigeria is always ranked above United States. But buying and selling with credit cards and other gateways are not allowed in Nigeria. It is strictly P2P in Nigeria. United States allow other means of buying and selling bitcoin and other cryptocurrencies. In Chainanalysis report of 2022, Nigeria was ranked 17th in P2P, but far higher than United States. Not a surprise this year as well and Nigeria is ranked the first.

https://www.chainalysis.com/blog/2021-global-crypto-adoption-index/
https://www.chainalysis.com/blog/2022-global-crypto-adoption-index/
https://www.chainalysis.com/blog/2023-global-crypto-adoption-index/

In crypto adoption, Nigeria was ranked the second in 2023. Click on the third link above to see the lists of the countries. In P2P, Nigeria is the ranked first:


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The $56.7 billion is no joke, but this is not only Bitcoin transactions, it's the general crypto-related transactions that they could track. The figure was derived from a Chainalysis article and I read it from Punchng which also referenced the same. I was never surprised since Nigerians are more crypto-friendly than the world presumes. That is why we always fight back with our headstrong when CBN plays their anti-crypto gimmicks and prevents banks from dealing with crypto users. It's always a matter of time before even the Nigerian banks overlook the directive of the apex bank to look away when they clearly know a transaction crypto-related. As you can see today, there are many registered crypto-related businesses that are helping people with their day-to-day crypto trading. This is beyond any CBN since if Nigerians are determined, nothing can stop us.

Regardless of the high record, I still believe that the record is based on what Chainalysis could track, there would be much more. As we all know, there are many cryptocurrencies with a huge layer of anonymity, and mixers are there as well, so Chainalysis may not know the actual value as I believe it would be way more than $56.7 billion recorded for the country. However, it's a welcome development as $56.7 billion is no joke, it represents a year-on-year growth with 9% growth between July 2022 – June 2023. I expect more would be recorded over time as people are waiting for the halving period to pump crypto big time.

Nonetheless, despite that this is a welcome development, have we ever thought of the effect on the Nigerian economy as well? Truly, people are finding ways to beat inflation, but the situation of the country equally needs our support, we need more FX now to save the economy, prevent further scarcity and control inflation since it's mainly FX scarcity induced.

Imagine if $56.7 billion had been accounted for the country's economy, it would have helped so well. My greatest fear is the Nigerians in the diaspora, they prefer to use crypto to send money home due to the ease, convenience and low fee, but this never gets recorded for the nation's FX economy this time we are desperate in need of it, which is a point of worry even as we adopt and appreciate cryptocurrency.

I pray make God answer your pray make the government allow full involvement in cryptocurrency, despite the blockage we still spend around billions of dollars. If government would have know how the bitcoin will change life of Nigerian if they make it legal but they will not because they don't want our freedom. But patient is good, a day will come when dey will not have option rather to legalised Bitcoin.

I understand your point mate. I never mentioned figure as well to show the amount transacted and if you note, you will also see were I said after the ban meaning I was making emphasis on the statistics of  of Nigeria Bitcoin transaction before banks were ban to carry out Bitcoin transaction.

Nevertheless, the transaction for Bitcoin on p2p platforms drastically increased after the ban to say that Nigerians majorly opted for p2p trade reasons being the fact that there is a ban on banks for doing p2p transactions. Although there are no statistically proven fact on the daily p2p transaction volume and all we are talking about here are just mere assumptions.

Mate note that I didn't mentioned a figure in my statement and if you understand me clearly I mentioned in the statement how low the probability of 100% accurate my statement is but be sure that I am 80% write in that statement.

And again note that the increase in the number of daily crypto/bitcoin transaction happened after the ban and Nigerians Bitcoin lovers were forced to adopt the P2P method for trading,  although that result also is not proven based on statistics so just take it a near fact statement and do a further search on the subject matter to get more accurate information.

Of a truth Nigeria should be amongst the first ten countries with bitcoin transaction before the ban. That figure given above may likely not be accurate to start with as  I strongly believe that the last statistics was of the view that Nigeria is the number 1 in Africa to have a high volume of bitcoin transaction on daily basis.

Naija are always in forefront wen e come to technologies like dis, dem no dey carry last and na why dem say Naija people too dey brilliant. The unraveling technology of bitcoin don turn something wey everybody (upcoming youths) for naija dey talk about and wan join and make am a source of income instead wey dem go dey depend on the government to provide dem with job.

One thing with all dis kind technology be say you fit operate am and use am anywhere you dey, no be something wey you need to go face person to serve as intermediary help you run  am for you. Dis news show say ginger dey body say we no wan go back for dis bitcoin matter, I just hope say dem go legalize the use so dat more people go dey use am.

I bin see this news last week and I dey very impressed. In fact the one of the best ways to take even verify am na to check the P2P wey Nigerians dey do for the various exchanges like , Remitano, Binance, Kucoin and others. When. You check am you go see  evidence say Nigerians nor dey play with this Bitcoin thing o. Men dey run millions of crypto P2P.

One day sha, the restrictions placed on crypto and Bitcoin by the Federal Government will be lifted. Na them the world go Sabi why Dem talk say, "Naija nor dey carry last".

Truth no de hide, so make I join di chorus say "naija no de carry last". For dis bitcoin matter, na so e suppose be for our side, because as we de hold or trade di coin, di probability say we go de earn from am de high, if we follow di technicalities wey de inside. Dis na enof reason for di amount wey Nigerians, de spend on bitcoin to increase reach like dat, e even fit pass am as some members don talk sef. With our economic situation wey naira de devalue everyday, people wey know wetin de, go de look for alternative currency wey go guarantee stability of dem money. And which beta currency wey no get boundaries and wey you fit take de earn money wey pass bitcoin? I believe say di number of Nigerians wey de use bitcoin, go de increase daily, despite di CBN restriction on banks to de facilitate crypto matters.

Normally na good news be this, on how say the government no want make we engage with bitcoin but yet our people no gree. Na that our stubborn head dey help us for this country.
Like this now, na so the awareness go continue to dey spread. $56.7 billion dollars no be child's money be that oh. That na like some small countries their national budget oh, nai  a small number of Nigerians don transact reach so. Imagine say this government restrictions no come dey Omo, e for be close to a trillion we for dey talk about so.
Considering say our country money value don drop, we go see more people way go dey save their money for BTC going forward.

Nigeria is the Top 1 ranking in terms of P2P trading volume and Rank 2 in terms of Bitcoin adoption ahead of the United States, we only lost that position to Indian recently.

https://www.chainalysis.com/blog/2023-global-crypto-adoption-index/

I can say this figure pass like this na only the one were dey know dey dey talk, Nigerian na better country anything were go bring money or opportunity you go see our Naija done pass Many country because we know dey carry last for anything, if our government just agree make we dey you Bitcoin for the country many people know go suffer again like that, because everything go dey go smoothly, anything where dey say make we stop dey use am for Naija, dey go get another were to get access to it , we are very talented and one day our government go allowed make we use Bitcoin and the country go dey top.

Dat one good , my prayer be say, as we dey accept am, make we grow our knowledge about the thing. Knowledge na power as Dem talk am, so make everyone of us dey increase for this knowledge so that everywhere go stew Weller.

I really like the way, we Nigerians don put hand well well for this Bitcoin matter. If no be so, the country for get how e take dey. Our youths no dey sit down again for any reason not to even mention the government self. I know say this one na just the beginning self, nija wey I know, once Bitcoin don cast Wella, we top all other countries for the whole world we dey use Bitcoin. Abeg make we throwaway salute for we country, we too much.

Nigeria has always proven to take the lead when it has to do with anything online-related, and most especially Bitcoin in particular, which I'm not surprised seeing how much said to have been spent over the years on Bitcoin alone (i.e buying, selling and trading). As this shows that our country is indeed playing a major role in the use of Bitcoin, which we all on this forum are a witness to such wonderful privilege invested by Satoshi Nakamoto many years ago.
However, the high depreciating rate of our Naira currency is one reason that have made many look for an alternative means to save/invest their finance, which Bitcoin happens to be the answer and solution to it, and the reason why we rank number 1 on the table shown by coingesko.

Link: https://www.coingecko.com/research/publications/top-15-countries-most-curious-about-cryptocurrency

This is an estimated amount,  and without date and timeframe for the collection of the stats,  this may not be near accurate,  but for the fact that, the figure is significant enough shows have positively involved Nigerians are in Bitcoin transaction.

I think there was a time,  Nigeria surpass US in amount of transactions volumes,  I don't know if that remains the same up till now.

I de very sure say this value na just estimated value based on either centralized exchanges or through p2p because I de expect say d value suppose high pass like this.

Nevertheless, na good news say we Nigerians de involve in Bitcoin more than almost all other Africans countries. I know say with the rate of unemployment increasing daily, so many Nigerian youths that are yet to join will soon join because we are all in need of financial freedom and ways to get money since our currency value de always go down, it is better we invest in Bitcoin to avoid lost of value of our assets.

It is wonderful to see this, because even as CBN restricted banks from dealing on cryptocurrency, people didn't bother about the challenge that they will face in using crypto. I am impressed with the figure, and I know that it will keep increasing because our currency is depreciating, due to poor economy and inflation. As more people are getting worried about the way the Naria depreciates every day, it gives them reason to think of an alternative way to save their funds, and this is where bitcoin will be the only option. Gradually, the youth will know this secrete and bitcoin adoption will increase.

As per say e no dey too legal we still get this amout if e con dey  we go

 Don burst am. We still dey go for higher figure as more people Don  dey

sabi am o and dem still dey hold na few transaction be that sef
.
And I still believe sey dem no fit cout the figures accurately e fit pass dat amount