U dey use Bitcoin dey purchase or just investment sake

Franctoshi

hero member

Activity: 1022

Merit: 600

Quote from: MainIbem on October 26, 2024, 12:00:32 AM

Quote from: Bright0515 on October 25, 2024, 04:54:44 PM

How u dey take use ur Bitcoin, I mean why that Bitcoin still dey with you just hold am because u wan save am or u dey still use am buy things.
Many people just dey keep Bitcoin for the sake of say the Bitcoin profit dey rise everyday and them wan keep as investment.
But e go still good for all these business merchants to dey use am do purchase too, sha especially these business merchants wey dey deal with import and export of goods.
E for good make them dey use Bitcoin dey make their purchase abi how una see am.

Bitcoin currently don't turn to digital currency for different use case, some dey use am for transaction while some dey see am as investment purpose. However, if not for government regulations and restrictions for we country, on a normal business men, market traders and normal individuals for dey very interested to use Bitcoin for transaction of their goods and services but currently the major use case of Bitcoin for the majority wey dey secretly use Bitcoin dye to government regulations na for investment purpose (buying and holding for long-term) another area where I see say people for our country they use Bitcoin na for Cryptocurrency casinos like Stake and the rest of em kinds. If only our government fit pipe low on their restrictions and regulations I believe say the use case of Bitcoin for transaction (buying and selling) for no dey scarce as eh dey currently.

I don't really think this would have been that easy to use Bitcoin to run local transaction here even without government restrictions too, if you consider the transaction fees and time of confirmation sometimes , except if you want to do bulk transactions, but rather for investment purpose ( store of value /hedge against inflation) and cross border payment, Bitcoin serves me better if we consider using Bitcoin here in our country.

Considering the difficulties importers face in sourcing dollar to purchase their goods, Bitcoin is their savior, as it's widely known for such.

Nheer

hero member

Activity: 672

Merit: 546

Quote from: knowngunman on October 31, 2024, 06:14:46 AM

First of all, everyone get their reason for having their bitcoin and e no make sense to dictate for people how to make use of their Bitcoin. The issue of buying goods with bitcoin na something of personal choice and the environment also matter. Like this our part of the country now e go dey hard for one to see vendor wey dey accept bitcoin payment for the things wey you need. But as you talk am na so e go make sense because na people wey dey deal with international trade go enjoy am pass and not local trade.

Mind you, buying and selling with bitcoin no means say e go affect the price of what you are buying. In fact, e fit even make the things cost more if na during time wey bitcoin transaction fee dey high like mad because you go calculate join the amount spent on that particular goods.

My advice be say whether you dey use am buy goods or you dey keep am as investment purpose, make you dey sure say na secure wallet you keep am wey no dey compromised. Na when your asset dey secured you go fit decide how to make use of it.

Yeah everyone has different ways of spending their bitcoins while some doesn’t even spend them at all they just own bitcoin for investment purposes and they will hold on to it for a long period so it’s just as you said it everyone has their reasons for owning bitcoin. Using bitcoin to purchase goods can be seen as improper for some people as their aim is to keep accumulating more bitcoins.

There are vendors in the country that one can purchase goods from and they accept bitcoin payments just be say dem no plenty like that. Most important thing as bitcoin adopters is to have a secure wallet where you assets are stored to safeguard them against asset loss or theft so after securing your assets how you spend them naa your own decision and nobody go come question about how you use your bitcoin.

knowngunman

sr. member

Activity: 798

Merit: 364

Quote from: Bright0515 on October 25, 2024, 04:54:44 PM

How u dey take use ur Bitcoin, I mean why that Bitcoin still dey with you just hold am because u wan save am or u dey still use am buy things.
Many people just dey keep Bitcoin for the sake of say the Bitcoin profit dey rise everyday and them wan keep as investment.
But e go still good for all these business merchants to dey use am do purchase too, sha especially these business merchants wey dey deal with import and export of goods.
E for good make them dey use Bitcoin dey make their purchase abi how una see am.

First of all, everyone get their reason for having their bitcoin and e no make sense to dictate for people how to make use of their Bitcoin. The issue of buying goods with bitcoin na something of personal choice and the environment also matter. Like this our part of the country now e go dey hard for one to see vendor wey dey accept bitcoin payment for the things wey you need. But as you talk am na so e go make sense because na people wey dey deal with international trade go enjoy am pass and not local trade.

Mind you, buying and selling with bitcoin no means say e go affect the price of what you are buying. In fact, e fit even make the things cost more if na during time wey bitcoin transaction fee dey high like mad because you go calculate join the amount spent on that particular goods.

My advice be say whether you dey use am buy goods or you dey keep am as investment purpose, make you dey sure say na secure wallet you keep am wey no dey compromised. Na when your asset dey secured you go fit decide how to make use of it.

CryptopreneurBrainboss

legendary

Activity: 2478

Merit: 4341

eXch.cx - Automatic crypto Swap Exchange.

Quote from: Bright0515 on October 25, 2024, 04:54:44 PM

But e go still good for all these business merchants to dey use am do purchase too, sha especially these business merchants wey dey deal with import and export of goods.
E for good make them dey use Bitcoin dey make their purchase abi how una see am.

When you start your own businesses, you fit they use Bitcoin for your purchases if your dealer gree accept am. Many businessmen no dey like volatility as e fit make them profits but the chances of a loss plenty pass.

Them like stability and this na one thing wey Bitcoin no get. The high fees too and delay in confirmation follow for wetin they make businessmen never they make use of Bitcoin but the most important thing be say, many of them haven't been informed so you no go expect them to do wetin them no know.

How you use your Bitcoin e concern you and nobody, so if you want to hodl or use it for buying of things, that one concern you.

Me I dey do the two but more of hodling especially as were to dey buy things with Bitcoin no too plenty and haven't been verified to be reliable, I no wan lose my money abeg.

Abu-Naim

sr. member

Activity: 588

Merit: 289

Quote from: Bright0515 on October 25, 2024, 04:54:44 PM

How u dey take use ur Bitcoin, I mean why that Bitcoin still dey with you just hold am because u wan save am or u dey still use am buy things.
Many people just dey keep Bitcoin for the sake of say the Bitcoin profit dey rise everyday and them wan keep as investment.
But e go still good for all these business merchants to dey use am do purchase too, sha especially these business merchants wey dey deal with import and export of goods.
E for good make them dey use Bitcoin dey make their purchase abi how una see am.

Depending on how you take understand the principle of Bitcoin, but normally na alternative for us to save money and have financial freedom.

If you just they use Bitcoin to buy things, you are not an investor, you are just among Bitcoin adopters that uses Bitcoin maybe to increase it’s popularity but you are not gaining from it, because you can only gain or benefit from Bitcoin if you hold your coin for long time.

I no talk say to use Bitcoin buy goods no good, but if you consider the kind transaction fee wey you go they use especially if you they buy small goods and make payments regularly. It is better to hold your Bitcoin for long so as to have financial freedom and also prepare against inflation.

Richbased

sr. member

Activity: 420

Merit: 253

Every one has different purposes of what they want to do with their bitcoins but for me i dey hodl some part of my bitcoin for self custodial wallet, then i dey convert some to USDT leave am for exchange while i dey also convert some to Fiats. My reason for hodling is for long term investment benefits, then why i convert to USDT and leave in exchange is if peradventure the exchange rate of our currency increases in the future i can sell at higher rates and make more money then i also convert part of my bitcoins to Fiats just to attend to some primary needs so this is literally my plans about my bitcoins.

SmartCharpa

sr. member

Activity: 602

Merit: 306

Quote from: Bright0515 on October 25, 2024, 04:54:44 PM

How u dey take use ur Bitcoin, I mean why that Bitcoin still dey with you just hold am because u wan save am or u dey still use am buy things.
Many people just dey keep Bitcoin for the sake of say the Bitcoin profit dey rise everyday and them wan keep as investment.
But e go still good for all these business merchants to dey use am do purchase too, sha especially these business merchants wey dey deal with import and export of goods.
E for good make them dey use Bitcoin dey make their purchase abi how una see am.

All these business sellers wey dey buy their products from outside the country fit dey use Bitcoin to purchase their good and you may not know. No be everybody fit dey keep Bitcoin for the means of profit say the prise they rise every day but them hold am for a business purpose, but you know say we cannot use Bitcoin to purchase anything for this country unless the person knows the value, you fit go buy goods now and tell the seller that you wan use Bitcoin for payment, person wey don't know the value might even think that you want to scam am, so Bitcoin as a means of payment can only be useful for business people that sell in and out of the country, the rest of the people hold to make profits.

Quote from: HajiBagi on October 29, 2024, 03:05:58 PM

Nothing dey do us we Nigerians from bitcoin is that many of us think that na scam, some people are still in our country that don't even believe in bank till now because they prefer seeing their money than having in the bank and be seeing numbers as their money and all those things na illiterate, so for the idea of using bitcoin in business is not bad but it will difficult for some people to accept it.

You're right, I also know many people who prefer to dey see their money, rather than, saving it in their bank account, though they have a bank account but that stress to carry their ATM card to POS and charge them, na big problem, so it is better to keep save their money at home and use it anytime dey want. Even though they accept to use Bitcoin as payment for this country a lot of people will think say it will loose value before they trade am.

Fiasem20

member

Activity: 322

Merit: 70

Bitcoin is a digital currency used as a payment method online to eliminate the picture of a third party in a transaction and Satoshi Nakomoto also made us to understand that the reason why Bitcoin was created is to prevent double spending.It wasn't written on Bitcoin whitepaper that Bitcoin is an investment vehicle and for the fact that it wasn't written doesn't stop anyone from investing on Bitcoin.Currently, Bitcoin is more of an investment vehicle than a payment method because of it's value and worth unlike the early stage of Bitcoin when it was worthless,it was used more as a payment method then than an investment vehicle.During the early stage of Bitcoin a man famously known as Laszlo Hanyecz used 10,000 bitcoins to purchase two pizzas could you imagine,then Bitcoin was worthless,today 10,000 bitcoins it's worth billions.
Using Bitcoin to purchase goods could be a threat to those whose governments aren't Bitcoin friendly, Nigeria to be precise.In a country where the government hasn't embraced Bitcoin as a legal asset for daily transaction is no big deal because Bitcoin can be converted to fiat that is generally accepted as a legal tender.I prefer investing on Bitcoin than using it to purchase goods.

HajiBagi

sr. member

Activity: 714

Merit: 347

Quote from: rimoeee on October 26, 2024, 05:30:52 AM

The use of Bitcoin for purchase is not common in Nigeria because of the government regulations that has been put in place. Apart from the government regulations, most people are also ignorant to the use of Bitcoin, local traders for example will not accept bitcoin as a method of payment. Therefore most people use it for investment and saving purposes instead of using it for daily transactions and business purposes.

E go good if people dey accept bitcoin but no be for country like Nigeria wey no dey support cryptocurrency, people dey wey go like collect bitcoin when you buy something from them but it will be person wey know much about bitcoin and he wants to collect it because no be everybody wey dey do business go like collect bitcoin still want go change am to fiat again, it will be very difficult for some people to collect bitcoin from you because some that are illiterate will be thinking you are about to scam them, so it will be good if you transfer the money through bank account.

Nothing dey do us we Nigerians from bitcoin is that many of us think that na scam, some people are still in our country that don't even believe in bank till now because they prefer seeing their money than having in the bank and be seeing numbers as their money and all those things na illiterate, so for the idea of using bitcoin in business is not bad but it will difficult for some people to accept it.

Dzwaafu11

sr. member

Activity: 728

Merit: 354

Quote from: Bright0515 on October 25, 2024, 04:54:44 PM

How u dey take use ur Bitcoin, I mean why that Bitcoin still dey with you just hold am because u wan save am or u dey still use am buy things.
Many people just dey keep Bitcoin for the sake of say the Bitcoin profit dey rise everyday and them wan keep as investment.
But e go still good for all these business merchants to dey use am do purchase too, sha especially these business merchants wey dey deal with import and export of goods.
E for good make them dey use Bitcoin dey make their purchase abi how una see am.

Your idea is good, but the thing is that not everyone is ready for this transaction. Many people have already seen bitcoin as a means of investment; they are not thinking about this statement you made. Although it all depends on what everyone wants to use bitcoin for, some cannot accept or even use bitcoin to purchase something because they are not ready for that; they can only use it as a means of investment,

while some people can do both, so it all depends on what they wish to do with it. But initially, bitcoin was created for this type of transaction, which is buying and selling, to be easy for us, but we all take it as an opportunity to invest our money.

Sonia_123

member

Activity: 158

Merit: 21

Quote from: Bright0515 on October 25, 2024, 04:54:44 PM

How u dey take use ur Bitcoin, I mean why that Bitcoin still dey with you just hold am because u wan save am or u dey still use am buy things.
Many people just dey keep Bitcoin for the sake of say the Bitcoin profit dey rise everyday and them wan keep as investment.
But e go still good for all these business merchants to dey use am do purchase too, sha especially these business merchants wey dey deal with import and export of goods.
E for good make them dey use Bitcoin dey make their purchase abi how una see am.

E depend on every individual wetin him wan use Bitcoin do,whether na for investment or purchasing anything wey u wan take am do .

TO INVEST ; To invest no be bad thing,and so any body wey think say e better for am to put him money inside Bitcoin no be bad tin because him know why him wan invest,you na to get more money anytime wey Bitcoin dey go up ,so that him tomorrow go good .
The reason why people they invest for life na make them no lack and for the future of their families .

TO PURCHASE; To purchase na him be part of the reason wey make them do Bitcoin so that e go easy for people wey the do business or wey wan buy something online,no be sey we go dey use only cash take they buy anything wey we want ,we go fit dey anywhere for the world buy anything,for anytime with Bitcoin and we go get am, but to buy market with Bitcoin also na if the person wey you dey buy the market from sef dey into Bitcoin na him e go easy for you,if no you go change am to the type of currency we your business partner they use.

Brainiac01

member

Activity: 117

Merit: 4

Weting anbodi wan use bitcoin do na him own gbalaba because bitcoin they easy to use when person one buy something and many people wey get money they use am too store their value. As for me, i no get anything wey i wan really they purchase online wey ah go need bitcoin sha. Even for the gamble wey ah they do, i no dey deposit bitcoin because of the transaction fee cost. Anyway the only thing wey i know say i get with bitcoin na my investment. Even if the investment na small small money ah they out iniside bitcoin i just believe say e better pass person wey no they put anything. Weting ah done learn for the forum be say, e no they about weting we get now for bitcoin (like the value of our bitcoin) but by weting e go be for future. E better say i get hope on something in the future than say ah they live to please and satisfy myself now. E no go make sense say after everything we done learn for here we come regret later why we no invest for bitcoin.

Churchillvv

member

Activity: 66

Merit: 5

Eloncoin.org - Mars, here we come!

How ever I use my bitcoin doesn't really matter, what matters the most to me is having bitcoin first.

If you have your bitcoin and the need arises to use it for the payment of goods and services, i wouldn't hesitate to use it perhaps bitcoin is a form of money, a currency that has its value and it's used for both investments sake hence I hold my bitcoin for a long term profit purpose and also have some left in my exchange wallet for the for use purposes.

Bitcoin is a global payment method and that purpose I always use it for.

Stable090

sr. member

Activity: 770

Merit: 445

Quote from: Bright0515 on October 25, 2024, 04:54:44 PM

How u dey take use ur Bitcoin, I mean why that Bitcoin still dey with you just hold am because u wan save am or u dey still use am buy things.
Many people just dey keep Bitcoin for the sake of say the Bitcoin profit dey rise everyday and them wan keep as investment.

Plenty people na just for the sake of investment na him dem Dey buy bitcoin, they just want to make money from bitcoin, and Dey no really wan use am buy anything. But even people wey get plans to Dey spend am no fit do so, because we see drama wey government Dey act with people about bitcoin. You go just Dey, d central bank go direct banks make dem block any account wey don Dey linked to crypto transaction before. Every government go just come with there stupid policy, so even people wey get business Dey fair to accept bitcoin, because Dey no want Wetin go later affect there business.

Pokapoka124

hero member

Activity: 1148

Merit: 555

Quote from: Bright0515 on October 25, 2024, 04:54:44 PM

How u dey take use ur Bitcoin, I mean why that Bitcoin still dey with you just hold am because u wan save am or u dey still use am buy things.
Many people just dey keep Bitcoin for the sake of say the Bitcoin profit dey rise everyday and them wan keep as investment.
But e go still good for all these business merchants to dey use am do purchase too, sha especially these business merchants wey dey deal with import and export of goods.
E for good make them dey use Bitcoin dey make their purchase abi how una see am.

For me na for the two reasons. I come to know bitcoin as investment na as person eye dey open for the bitcoin ecosystem nai I come take know say e nor bad to use bitcoin as payment method. E be like our own duty to the bitcoin community, the way Lazlo and the rest take contribute to bitcoin development. Na why I dey use bitcoin pay for things online but you know say nor be every site dey accept crypto as payment. I never use bitcoin pay for physical shop before but I go like try am, I just hope say the fees nor go dey high that time.

Egii Nna

full member

Activity: 448

Merit: 202

Quote from: Bright0515 on October 25, 2024, 04:54:44 PM

How u dey take use ur Bitcoin, I mean why that Bitcoin still dey with you just hold am because u wan save am or u dey still use am buy things.
Many people just dey keep Bitcoin for the sake of say the Bitcoin profit dey rise everyday and them wan keep as investment.
But e go still good for all these business merchants to dey use am do purchase too, sha especially these business merchants wey dey deal with import and export of goods.
E for good make them dey use Bitcoin dey make their purchase abi how una see am.

There are some other businesses that accept payment in bitcoin, but mostly this company render online services. So even if it is a good idea you need to know that is not every country that adopt bitcoin, so you still need to consider that, but maybe in the future the narration might change.

Moreover there are many side effects of using bitcoin as I means of payment. Like the transaction fees, it might be higher if the network is been congested, and it will also draw the attention of all those scammers and hackers to fraud people their money.

Furthermore is will also increase the rapid adoption of bitcoin to many people, even tho We know that bitcoin is already popular, there are still some that didn’t know how it works, so they will adapt to it as soon as possible.

GiftedMAN

hero member

Activity: 1008

Merit: 622

Watch&Pray.

Quote from: Bright0515 on October 25, 2024, 04:54:44 PM

E for good make them dey use Bitcoin dey make their purchase abi how una see am.

E no bad to use Bitcoin wey you get take make payment if you dey buy something from person wey love Bitcoin and wey dey accept am but wetin be the problem nah be say how many people for our naija dey accept payment of goods and services using Bitcoin? Make we no go lie e dey hard to see people wey go accept direct payments using Bitcoin even if them dey accept them go dey look face make you no go put them for problem because our naija government dey against Bitcoin users dis one no be hidden matter.

Wetin I dey do nah to hold my Bitcoin once the price increase most times I go sell am via p2p then use Fiat buy wetin I wam buy since nah wetin my country men dey mostly use for payment of goods and services.

Salahmu

hero member

Activity: 588

Merit: 466

Hire Bitcointalk Camp. Manager @ r7promotions.com

Quote from: Bright0515 on October 25, 2024, 04:54:44 PM

How u dey take use ur Bitcoin, I mean why that Bitcoin still dey with you just hold am because u wan save am or u dey still use am buy things.

I no get any other thing to do with my Bitcoin apart from investment and I see no reason why I go even consider to use am purchase anything when I go fit use ordinary money take pay for anything I buy, one thing way we supposed to come to a conclusion be say even if Nigeria get high rate of crypto enthusiast but e no go fit they common for everybody to they use Bitcoin run their matter, however I go fit beat my chest say everybody way they here they only invest on Bitcoin for holding or so that them go trade am but nobody here they use their Bitcoin to buy stuff, I believe say the reason why you ask this question is because of the main purpose of Bitcoin
Way be a means of payment but I can see say because of the things way people go achieve from am them prefer to hold am than using it the way e supposed be.

Mpamaegbu

legendary

Activity: 2716

Merit: 1225

Once a man, twice a child!

Quote from: Bright0515 on October 25, 2024, 04:54:44 PM

E for good make them dey use Bitcoin dey make their purchase abi how una see am.

It's now more or less of using stablecoins to purchase things because of the skusku wey dey fly for Bitcoin head from time to time. Sometimes sef na d delays and all dat wey fit subject merchants to receive less than wetin dem supposed get as price dey always make people avoid using it. Even me wey dey yarn so, I nor think sey I fit rememba d last time wey I do straight P2P transactions wit Bitcoin. I dey change am to stable first.

As per Naija level, e nor dey easy to find stores wey dey accept Bitcoin. Maybe na as government policy neva favour d use of Bitcoin and the entire cryptocurrency for we country na im make people dey hide use am. So, we nor dey too see dem.

nelson4lov

hero member

Activity: 2212

Merit: 805

Top Crypto Casino

I dey all for using Bitcoin to pay for products and services but e dey important to know say for where we from, $0.25 to as high as $10 for tx fee no dey favorable for us. E even dey worse for people wey dey do high frequency transactions because e no go take time before the cost of transactions go pass the gain wey man fit make on those transactions. So until we fit scale the Bitcoin tech to get super cheap tx fees across the board, e go serve mainly as an investment vehicle not just to me but to a lot of people. But e go change once more utility come on board.

Topic: U dey use Bitcoin dey purchase or just investment sake (Read 287 times)