Topic: What are the benefits of bitcoin to my country (Nigeria) economy?. - page 2. (Read 5459 times)

Remittance, if u wanna send money to relatives out of the country it would be cheaper with btc due to lower fees.

There are so many benefit of bitcoin to our dear country nigeria. one is job creation, we all know the situation of job scarcity in this country, but as many youth get to know about crypto especially bitcoin, we all grab it as a full time job and we are doing well in it. Secondly it create inter relationship between nigerian and other country people.

Already the nation economy is in a precarious state no disrespect but it's fact. It's not hard explaining why bitcoin would play a better role in your nation that your currency it already doing.
We all know that corruption is ravaging the Nigerian economy although the nation is enriched with natural resources. Bitcoin can be a hard not to crack for corrupt politicians and any scheme the come up with would be detected all thanks to the blockchain technology bitcoin is performing on with your local currency can't

Are you forgetting bitcoin gets it's price value from it been tradable? From past history other political issue had affected the price of bitcoin through FUDs so that of my country won't be different. Sure it won't affect the price of bitcoin globally but it'll affect that of the local exchanges. Bitcoin might be decentralized but that doesn't mean it's immune to political issue since emotions is still playing a major role in the price value.

Bitcoin has different trading value all-round the goble. Zimbabwe crisis is affecting the price over there, Korea value is different for that of the US. Even now the price of bitcoin (locally) gets affected (positively or negatively) by each government decision in regards to the trading value of the US dollars.

The growth of the society, if they adapted the capabilities of bitcoin, it's possible to boost the growth of your society/community and through it will continuously develop its technology.

Maybe in politics? We know that Bitcoin is decentralized so it can't be affected when there's an economic problem or political issues in your country. We also know that the more users of Bitcoin, it will instantly grow and all of us will benefit in this growth. But before that, knowledge is the key to make it all possible. There are so many ignorants and they think that BTC was for wrongdoings.

Your local currency is fiat and bitcoin is digital. Therefore, there is high tendency for bitcoin to fluctuate and give a positive growth in your wallet that can better your life as a person, your family and community if you want to help. It will further make you not to be dependent on your country for job when you are able to set a business up for yourself from money got from bitcoin either in trading or holding. You can be an employer from there, meaning you are helping the economy.

Bitcoin is not a magician, Nigeria problem is greater than bitcoin.  I have known Nigeria too well for you to tell me that the problem of Nigeria is their economy, the problem of Nigeria is never their economy, the economy is great but the problem is the level of corruption that is going on in the country and that is what needs to be tackled first.

For you to tackle the corruption, there has to be something done about their leader which should start from their electoral system, which will bring me to the right question that the op would have asked, the right question you would have asked is How blockchain can benefit Nigeria which is what is really needed, first is that it can make their election system very transparent and take away all these rigging and selection of bad leaders into the office.

I think, there is one thing that Bitcoin can help in the economy of your country.  It can attract investors once your country opened up to cryptocurrency.  I mean, if the  Nigeria become an open city to cryptocurrency especially Bitcoin, it can attract lots of company that take advantage of Bitcoin market.  Several crypto related company will definitely open a business in your country such as exchanges and other establishment.  This way it can help by providing jobs to  your citizen and taxes to the government.

If i knew it all I won't have asked this question and you don't have to be a Nigerian to contribute to the discussion. Economy has the same meaning anypart of the world you come from. Don't think any nation have accepted bitcoin legally as you suggest if it's accepted in my country. The question has to do with the benefits, what are the benefits other countries are recieving that we can tap into. So far only few user have given me something to think about other are just posting generic spam say bitcoin will benefit the country if we accept it bla bla bla. Conclusion bitcoin is just like every other currencies accepting it doesn't automatically mean your economy will improve. So I guess what we should be promoting is the blockchain technology and not bitcoin.

Point of correction, as of 2019, the estimated population of Nigeria is over 200.96 million, ranking 7th in the world

you should be the one to know that because you are living on that country but for us that are not living on nigeria we cant really give accurate answers  . you should first ask yourself if bitcoin is fully allowed and legal on your country  , if yes then does the merchants or stores their already suports this payment method ? if yes then you can answer your question on your own  .  bitcoin is beneficial and can bring alot of benefits to a certain country that accepts it  .

I’m not sure about the situation in the Nigerian economy, but I know for sure that it would only give a significant effect when a lot of people are using it. Preventing the crisis with developing so much fiat for use, and the government acknowledging the use of Bitcoin.

Assuming that people start using in Nigeria, there would be a benefit in the integrity of Bitcoin Blockchain, and mostly the cryptocurrency space would increase in users. I'm just worried about how people are going to worry about the confirmation time of it, but it certainly will help people who don't have banks to receive money, and they can start their own business.

Remember that Nigeria is a country with population of about two millions people and among this population 75% of this total population are unemployed. You will agree with me that few numbers of people in Nigeria who invested in bitcoin for some years ago  have offer themselves job opportunity and therefore improve the nation economy by reducing unemployment.

All these people that will tell you that Bitcoin will help the economy of a developing country, they all just don't know what they are saying. If Bitcoin can help the economy of a developing country, then why not the economy. Of a well developed country as well? Jokes. Bitcoin doesn't help you, it is not a free money and you have to work for it. If you can't buy and invest in Bitcoin then there is no way its going to help you and that's it. The only way bitcoin helps is that it makes your transactions fast and easy.

Maybe when your friends ask you, you can tell them that. At least with Bitcoin they will be able to send money to their friends and family abroad without the help of banks.

the presence of bitcoin certainly makes new jobs such as trade, mining and sending money from country to other countries easily and at low cost. bitcoin is also called digital gold so many people invest their money into bitcoin.

So a lot of pros here have answered some of your questions.
Congratulations to this too.


Now this happens when you get sick of just doing it by yourself and cannot share with anyone. I feel you there.
It is like, you needed someone to share it with and what will be the best option. Yes! Your country.
This will be our part now.
I remember one guy having a statement in this forum that Hodlers are for lazy people.
No. There is a lot we can do and one of the best is trying to make sense to people on how bitcoin work and also the blockchain.
Let us all admit it. One country might have 10 percent only of its population that is really using bitcoin. Or it might be lower than that.

Well, you might be the key for helping your own countrymen.

Most Africans have been sceptical about Bitcoin, blockchain and cryptocurrencies for sometime now and this has been perpetuated by the possibilities that virtual currencies can be manipulated towards crime, tax evasion and money laundering. However, as more information is beginning to filter through African communities as well as the availability of testimonial enlightenment being administered by those who dared to try cryptocurrencies to their peers, more people are increasingly embracing cryptocurrencies.
In Nigeria, I know for a fact that the institutional abuse of the volatile Naira assisted the rise of bitcoin as Nigerians are trying to preserve the value of their wealth and earnings.

According to the research carried out in August 2018 by Localbitcoin,  Nigeria came first in Africa in terms of bitcoin trade and $258 million dollars worth of BTC was transacted in 2018 alone by Nigeria. This means that BTC is already working in Nigeria and it is filling a certain role that the Naira is failing to do.


 1. Remittances
Bitcoin can also be useful for remittances in African countries like Nigeria that are constantly facing currency and forex challenges. According to the World Bank, remittances to sub-Saharan Africa grew from $37.8 billion in 2017 to around $39.2 billion in 2018 and $39.6 billion in 2019. Again, Nigeria topped African recipients with $22.3 billion in 2017. You can clearly tell that this is one area that BTC is disrupting and will continue to do so.

2. Sub- Sahara Africa has a large number of unbanked people.
The World Bank estimates that Sub-Saharan Africa has around 350 million unbanked adults, and cryptocurrencies like BTC can fill this gap to move in to fill in the gap as they can move money across communities and borders with ease. In Nigeria, you will find that in some areas Muslim communities shy away from banking institutions where existing financial products on offer might not compatible with the principles of Islamic finance. These gaps can be Plugged by BTC.

3. Most economies in Africa are highly informal and that includes Nigeria.
The International Labour Organization (ILO) estimates that more than 85.8% of all employment in Sub-Saharan Africa is in the informal sector. It is therefore easy to see that this is one of the factors that have influenced the adoption and embracing BTC as young startups that are tech-savvy move to align themselves with the world's pace.

4. Stability
Nigeria has had a long history of military coups and corruption and this has largely affected the Naira. If one was to do a study in Africa you would see that Nigeria is not the only victim of doggy politics affecting the economy as the financial stability of economies in Africa is an oasis enjoyed by a few countries. Currencies have been known to lose value in a whiff and people’s savings wiped in the wink of an eye. Bitcoin offers a stable option as it is international and is not tied to any company, government or geographical location.
 
5. High literacy rates
Nigeria is one of the most learned countries in Africa, in fact, there is a running joke for years in Africa that says if you throw a stone in random in Lagos there is a 50% chance that you will hit a graduate. So it's easy for Nigerians to adopt BTC and they can use that literacy to earn for themselves trading and innovating new services and products around BTC.

However, there are several hurdles and roadblocks that BTC faces in Nigeria and Africa as a whole. Such roadblocks include; power issues (Nigeria suffers from incessant power cuts), Internet Connectivity issues, Internal conflicts (Boko Haram etc.), Low-income levels etc

if in my opinion the benefit of bitcoin in countries is that it can help the economy of its citizens and the country as well because the more citizens who use bitcoin, the more taxes from bitcoin get by the state. the problem is that there have been a number of developed countries after legalizing bitcoin

Honestly, Nigeria needs to liberate themselves from the use of dollars against Naira, it is really destroying their economy without them knowing, to me, dollar is just like a curse to them and because of dollar, many people has successfully been able to steal so much money from their country into the America.

I learnt that there was a time that they needed to actually get that liberation and the current president wanted to partner with china for them to use their Yuan against Naira instead of dollar since majority of their product including services is from china, but their parliament did not approve it and I guess it is because majority of them are sitting on so much dollars that they have used to steal their currency, I think Nigeria really needs to implement bitcoin more than any other country.

Bitcoin is not something you need a high tech for, I mean of course having a great internet connection and having a good stable computer and mobile phone would mean the worlds but even if you are in a place where internet connection sucks and you do not have a high end phone, you can still send and receive money via sms in bitcoin.

Not just bitcoin, there are other coins much faster with lower fee's that you can use as well via sms and that way someone may have bitcoin whenever they want in any country they want as long as they are capable of sending a message or receiving one.

All you have to do after that is find a place that has internet connection and open an account on any exchange you want and suddenly you have money. So, it is not as easy and good to use as in lets say New York for example but it is still quite possible to change your life.