Topic: What are the benefits of bitcoin to my country (Nigeria) economy?. (Read 5485 times)

The benefits of bitcoin in our country is to have an income and give us hope in the future to have a big profit like million because only in bitcoin have a chance to be a millionaire someday. Inly bitcoin can give profit to those  have no work because in here theres no discrimination as  long as you know how to follow instructions about here.

Technology in general is a force multiplier, thats your advantage to do what is done by other means but with less steps, less cost and greater efficiency and speed and with greater ease.   I will still argue Bitcoin needs to keep developing in order to justify growth and interest ahead of any other competition from across the finance spectrum but Nigeria can certainly register a gain from greater involvement with Bitcoin.  
I spotted this chart the other day and I see many countries on there but I think all countries and every nation and their people can benefit from cryptocurrency but certainly a person without any access to banking should see a benefit from being involved in the world economy through crypto so long as its easy and convenient with low costs to them.    
  The point is to add a tool into the pockets of the common people, which helps to mobilise the citizens productivity better.    They can advertise more widely and produce in a digital economy not just locally but across the world via a simple point of access.    Banking can be far slower to achieve such a thing and require far more cost because it its load is not distributed but firmly planted in costs to setup centrally in that area, requiring staff and special attention.  Bitcoin is a product available to every person on the planet and for no initial cost, only the desire to be involved.  
   
 Why would any country deny themselves a good working product and the abilities it can give their population to be better productive in a faster moving world economy, I hope no country would want to deny the advantages people might gain and produce from their own initiative.   It will certainly benefit their local economy to have a higher percentage of work and commerce available across the country.

Full-time traders should register on the respective tax organization, otherwise, their benefits are limited to their circle-family, friends, etc. Day trading is not a job, it is like a daily volatile business and they stare at the screen for making the same profit with the long term traders. Advantages of the trading crypto markets can make things easier for the trader himself, third world countries usually follow the path of the other countries and Nigeria is not a limitation. All nations deserve to benefit from the crypto ecosystem, the purpose of the decentralization matter in this point. The different viewpoints are changing the outcome of the authorized officials.

Hmm, I am still trying to think of how it can create wealth in Nigeria generally, but still can't link it. I know that bitcoin will reward those that are keeping it as store of value in their country but that will be limited to their citizens and how many of their citizens are even in cryptocurrency, and the ones there, how much money do they really invest in cryptocurrency for it to make them wealth.

Wealth is not the problem of that country to the best of my knowledge, because they are wealthy, they have much of mineral resources and they have lost of gift of nature that God has given them, but they are not creating wealth out of it, they have little or no factories that could help them developed these things and market them internationally to create employment, and the oil and gas they rely on is the main source of their corruption.

Oh...... and wealth creation

1 Bitcoin now is worth about $10,000 and that's worth around 3.6 million in the Nigerian currency. An average person in Nigeria earns around $82 a month and most times this is not enough for them to take care of themselves and family and there are even people there that earns below that; low salary earners in the country are being paid 10,000 Naira which is around $28. So, how do you expect people that are earning that less to be investing in Bitcoin? And worst of it all, some dumb people here are saying that Bitcoin will make them rich.

Tell me, how is that going to happen? So Bitcoin is now a magical currency that makes people turn rich overnight? Even rich people invest money in Bitcoin and ends up losing it, not to talk of people that has nothing. The only people that will have interest in bitcoin in Nigeria is only the rich people. The average person and less wouldn't have interest there because they are still struggling to survive. So to the OP, the only benefit Bitcoin can offer to your country Nigeria is the same benefit that it offers to other people using it elsewhere and that is fast and cheap transactions and nothing more. Unless you're lucky to invest when there is a bull run and then you can make a profit from it and become rich. But it's not always like that for everyone, it is all about luck.

The benefits of Bitcoin are huge and supposed to be in countries like the nation. Bitcoin can be utilized to make a profit by trading. In many countries such as the Asian part, Bitcoin is very popular.

And the benefits of Bitcoin that I've experienced are the advantages of trading crypto coins. So I now also do not become idle anymore because it already has a job like crypto coin trading.

Yes thats right, especially since the problem of the world economy at the moment is that the unemployment rate is very high in many developing country. if bitcoin is free to use, the business will grow rapidly, many jobs will begin to open, of course it will make more and more job choices and grow the microeconomic community.

Yes, bitcoin is a currency. The essence of bitcoin creation is to make a digital P2P currency that will cross border lines all over the world. And because of its usage, there are many opportunities open for every people. Many jobs were created because of bitcoin industry. Fortunately, many people become interested in investing bitcoin because of its development. That is why it is a helpful tool to become a successful not just by individual but by country.

Well that is a concern. I haven't tried it myself nor donated to those Youtubers.


Increase employment? I think the only time it will affect employment is if these new companies are receiving their funding from abroad via bitcoin. Same for freelancers.

I definitely agree with the "inflation busting". Put some savings in crypto and leave them there, definitely beats the interest rate of banks over time.

Cryptocurrency do have some benefits, and the main thing is the easy transaction – it makes transaction cheap, fast and easy by eliminating the middleman which can be banks etc. As long as the two parties involved in the transactions knows each other then there is nothing for them to worry about. So, mainly what it’s about is transaction – making transfer fees to be cheap, compared to what you will be paying for bank transfers, writing checks and the rest of them, Bitcoin is very cheap cheap compared to all that.

It also creates easier international trade and another thing is that it gives you individual ownership, you don’t need the bank to be doing everything for you, you now do everything without the help of banks or any financial institutions. Lastly, Security is another good side of cryptocurrency, they are very secured, though some people will argue about this that banks are more safe, but cryptos are the best in security.

When a Nigerian needs all these benefits then he needs to adopt bitcoins and this way bitcoin can help any country. Because, only the individuals build a nation and its economy. When bitcoin is useful at the most least element then why not at a whole level?

If you work with Lightning then it's viable, but if you just stick to the main-chain then it might become a bit too expensive, mainly when you sell low value (few dollar range) items. I have seen it myself where someone accumulated plenty of smaller payments, then sent everything in one transaction to an exchange without understanding why the transaction hasn't got a confirmation after nearly a whole day of waiting.

It's about time for people to stop complaining and start shifting over to Lightning so that they can have instant and near free transactions. Admittedly, it would be more of a useful option if exchanges started to accept Lightning deposits, but that's only a matter of time in the end.

right, that is a direct benefit, which with program bounty, will make the Nigerian community have activities that can make money. with the money they can use, so that the wheels of the country's economy rotate

As someone also living in a developing country, I think the main benefit would be gaining capital. Bitcoin is just a currency like a dollar but I think it's still easier to send compared to traditional money transfer. For example many Youtubers I watch now have btc and eth as an option for donation in addition to Paypal and Patreon. It's possible to make a small business selling digital goods and just have them paid for in btc or other crypto. Money goes straight to your wallet, less hassle with the bank and remittance centers.

I think another one is it provides an alternative for the unbanked. I don't know about the banks there in Nigeria but banks often have a minimum maintaining balance that can still be too high for those living near the poverty line. With bitcoins and a trusted local exchange, anyone with a decent android phone would be able to save money.

Hey
Not just Nigeria I feel Bitcoins can actually work to strengthen every country's economy .
These are some points I feel might actually benefit them :-

1. It is very essential to have a currency which is globally controlled by individual investors and not just by the people of your country , this way if your country is in a time of crisis you could really use it's help.

2. Bitcoins could prove to be a powerful tool for people individually, they actually give us freedom , freedom to do anything with our money therefore I feel people can come forward and decrease the oppression if God forbids they are in any.

There are x number of cases .. list goes on ..

I have actually been invited to Nigeria to lecture their on entrepreneurship and I thought them on a topic on importation also being the fact that I know much about import, then when it was time to discuss things that are actually limiting them from importation, especially mini import, and some of them mentioned the challenges of not being able to make payment to some of these United State companies because of the ban PayPal placed on them.

I wonder why PayPal will ban them, now you can see one of the economic value of bitcoin payment now, these has automatically broken that bondage that PayPal put them, now people can make payment without all these barriers of PayPal or even their government on their transactions.

Well, I was expecting this from the moment I saw your questions and posted here.
Everybody is shouting bitcoin is great, bitcoin that, crypto this but when it comes to showing one simple example of a mass effect (not a guy earning satoshi in his basement at 20 cents/h)...silence.

And although bitcoin might be able to affect one country's economy in a perfect scenario, as I previously posted, it's still is insignificant when you compare it with a hundred billion economy.
Taking Venezuela for example, wow, the enormous growth in bitcoin trading, 500 BTC a week...seriously?
3 Walmarts superstores in the US have recorded higher sales than that each!

People have to understand that no matter how enthusiasts you are, we're still at the beginning, no matter how much people talk about it, actual mass adoption and mass usage hasn't started yet. And, for most of us, that's a pretty damn good thing.

And, talking about the bolded part.
Most really don't care about it,  and saying great, such, moon, wow is the sure way to make a two-liner in 10 seconds and avoid getting into trouble into a sea of shitty posts.


Doesn't this mean that a country is losing money in this scenario?  


5 seconds
http://letmegooglethat.com/?q=Inflation+in+Nigeria

Just think of it this way. If the crypto market is successful in your country in terms of your citizens earning then new money is coming in from your country. The effect is it will improve both micro and macroeconomics depending on how much are your citizens are earning with Bitcoin or any other cryptocurrencies. Aside from that if there is a huge demand for cryptos in your country it will attract a lot of crypto related businesses and also blockchain related businesses from ICOs being promoted locally and to blockchain companies hiring new employees all of which will try to improve your economy.

You said quite a lot of interesting stuff there but this area picked my interest. Bitcoin has provided  employment for some of our people here in Nigeria outside the government's purview. Many people now indulge in local exchange of Bitcoin as trading via telegram groups. This interest has further taken some to other online trading activities like Forex Trading. Youth now stay at home and earn a living for themselves.

You're not actually (totally) correct here. Bangladesh beats Nigeria on that to the first position. Though I must confess that Nigeria made the "Prince with dead rich uncle (dad) Inheritance" kind of Scam popular.

Can't say that bitcoin can directly improve economy of your country. Why? How? Of course it can't, curious how currency that's so unstable can improve country's economy but there is another important factor too. For example Georgia offered great opportunities to Bitfury to open it's one of the most largest bitcoin mining datacenter in Georgia. What was aim? Aim was to show Georgia on map as a country who tries to develop and currently it's 3rd country as I remember in bitcoin mining network. When others see that there are opportunities in this country to start technological business, especially when country enjoys it and tries to give you all possibilities to run business, it leads to an increased number of investors, increased number of innovative things produced here and etc.