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Topic: What are the benefits of bitcoin to my country (Nigeria) economy?. - page 3. (Read 5485 times)

arpon11

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Quote from: CryptopreneurBrainboss on August 02, 2019, 02:17:33 AM

Please before you contribute to this thread, do understand Bitcoin and blockchain are two different things don't mistake the benefits of one to the other. Bitcoin needs a blockchain to function but the blockchain don't need bitcoin (no disrespect). Try to stay on topic so i can get some key points to strengthen my debate if there'll be a need for one in the near future as the awareness of the technology is increasing rapidly (yearly) in the country. Considering bitcoin is just another currency, what can it offer that my local currency can't to improve the economy of the nation? Already done some research and understood the benefits of blockchain to a country's economy but I'm yet to understand that of bitcoin. Enlighten me please.

Naira lost it really value when Nigeria economic went into recession within 2015 and ending of last year and it just recovering and as such Nigeria needs a financial system that do not depend on dollars. As far as naira is page against dollars it is difficult for the economy to recover fully as it has happened to many African countries. Bitcoins is decentralized and Nigeria be the largest and the most popular Africa countries can adopt bitcoin into her financial system and if that is done their can embark on mining the remaining Bitcoin which will bring undepend on oil for sometime.
Before the corrupt politicians know and learned anything about it, good Nigeria that know about this technology and Bitcoin will be able to restore the country on the part of prosperity.

Muffinmanlet

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If you want low fees I think you rather should go with bitcoin cash.

audaciousbeing

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Quote from: CryptopreneurBrainboss on August 02, 2019, 02:17:33 AM

In my opinion, in other to have a good starting point for argument it is essential to understand how blockchain can benefit any economy before then trying to localise the issue to specifics of the country. In today's economy especially in Africa, the secrecy that surrounds the award of contracts and workings of government is something that have made corruption festers beyond imaginations and has cripple the economy and the country as a whole to an appalling point. So, if the only thing blockchain can bring is about the transparency, then 50% of problem have been solved and that is a great benefit that can happen to any country of the world irrespective of location, ethnic or developmental strides.

Kakmakr

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I have done some contract work in Nigeria before and I know you have a vibrant micro economy. So, you need a payment method that are quick and cheap and something that can protect the value of your wealth from the devaluation of your local currency. I know some people use M-Pesa, but there are risks involved by using centralized payment methods that can be shutdown by the local government. Roll Eyes

Bank charges and access to Bank accounts might also be too expensive for some people, so having your own Bank on your phone with Bitcoin, might be the best alternative. If people can spend money on phone calls and data, then they can use that to transfer money from one person to the other.

You might have to find some way for them to do this via smaller shops Free Wifi or using the Lightning Network to reduce the tx fees even further, if they cannot afford the data cost. Huh

OnceTwiceThird

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Nigeria become best and great country with accepted bitcoin, you can less time for transaction using bitcoin as payment and more benefit take by investor or seller using bitcoin.

Bitcoin Seller

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Quote from: Herros on August 02, 2019, 08:37:54 PM

The benefits are safer problems such as corruption of state money. Bitcoin is a virtual currency that is stored virtually with encryption protection. So Bitcoin is not physical in shape and does not require special storage places like wallets, safes, and such. In order to access Bitcoin, a user can simply use the wallet and private key code that needs to be stored properly.

Bitcoin can help Nigeria to become a powerful (economically) country on the African continent. Many famous politicians from Nigeria support BTC and prove that its acceptance will give them nothing but great benefits. Soon, many countries will make crypto deals, and it becomes profitable even for the country to have this cryptocurrency and use it on the global market.

Periodik

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Quote from: CryptopreneurBrainboss on August 06, 2019, 03:25:05 AM

Quote from: Periodik on August 05, 2019, 10:42:16 PM

In general, I have to say that Bitcoin is not here, and by design, to help any country to gain progress in their economy.
<...>
In terms of remittance, of less or even zero tax transactions, of fast dealings, and so on.

Thanks for the input, so in other worlds bitcoin technically, wasn't created to benefit any country's economy instead it was created to benefit (best interest of) the common man i.e citizens of a nation who welcomes the currency. If that's so then why is the community engaging in promoting bitcoin as some economy savior and pushing for the government (which this currency wouldn't benefit) to recognize it as a world currency.

Let us take it with its face value. The Bitcoin community is promoting Bitcoin because we believe in it as the best form of currency in the world. It represents freedom to us. It is not inflationary. It has proven to be fully independent from the movements of the prices of stocks, foreign currencies, GDP and GNP, gold, etc. But I guess we are not promoting it as a country's economic savior. We are promoting it as the best payment method for the people.

However, if the government is open enough to adopt the use of Bitcoin then it will have to regulate its use in order for Bitcoin transactions to be fully legal and therefore appropriately taxed. So in a way they are benefiting from it but certainly not as a savior of their economy.

andriarto

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Quote from: Periodik on August 05, 2019, 10:42:16 PM

Quote from: CryptopreneurBrainboss on August 02, 2019, 02:17:33 AM

In general, I have to say that Bitcoin is not here, and by design, to help any country to gain progress in their economy. Economy is to be improved by way of increasing domestic and national product. As to how, it would be the country's role and responsibility. Bitcoin is going to contribute to a country's citizens, however. In terms of remittance, of less or even zero tax transactions, of fast dealings, and so on. It would also help your country's people to counter the inflationary design of fiat currency. But if you think that Bitcoin will really uplift your country's situation, I doubt it.

indeed the most dominant one with bitcoin can be to turn off inflation as it does with fiat currencies. especially when applied today, where not many countries have legalized it, so that it has many opportunities to prosper the people of that country

South Park

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Quote from: CryptopreneurBrainboss on August 06, 2019, 03:25:05 AM

Quote from: Periodik on August 05, 2019, 10:42:16 PM

The reason why some are pushing bitcoin as some sort of economic saviour is because all of the currencies around the world are fiat, or in other words those currencies have value only because the governments say they do, but governments have been abusing their power to print as much currency as they want and this has created economic crises in countries like Venezuela and Zimbabwe and it is likely many other countries will follow on their footsteps, but bitcoin was created with the opposite intent no one can create more bitcoin than the hard limit imposed by satoshi and it is unlikely this will be changed in the future, so this offers protection to those in countries suffering hyperinflation.

CryptopreneurBrainboss

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Quote from: Periodik on August 05, 2019, 10:42:16 PM

Periodik

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Quote from: CryptopreneurBrainboss on August 02, 2019, 02:17:33 AM

Seeker#9

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Bitcoin can provide financial individually but not a whole nstion or its economy. Many individuals from Venezuela and other south american nations are using bitcoin to cope with the rising inflation and economic hardships in their countries. I believe Nigeria is much better than these countries in south america but bitcoin can still provide benefits to its people that needs financial assistance.

stompix

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Quote from: Lucius on August 05, 2019, 04:45:21 AM

Quote from: stompix on August 04, 2019, 03:52:09 PM

That is worse than Soviet Propaganda!
30% of Nigerians use bitcoins regularly? What the hell does he mean by regularly?
Nigeria has a population of 200 million, 30% means 60 f millions!

It's probably an exaggeration, but maybe it is about 30% of adult populations (18+) who use Bitcoin daily. I try to find data about population by age, and half of country should be adults, where less then 3 % are older then 65 years, and around 50% is younger or close to 14 years. So this is country with very big percentage of young population.

I know that even 30% of 100 million is big number, maybe it is just half of that number or even less - but I do not doubt that people in Nigeria use and will use Bitcoin in future. Africa is very often mentioned as next big market for everything, they can not always stay behind the rest of the world.

Nope, that number won't fly either.
400k daily transactions in the chain, each person doing a transaction a day means 12 million people who use bitcoin once a month. In the whole world!
And we know that bitcoin is booming in Iran, Venezuela and South Africa /s, so we would have to cut the number to 3 million. If we say that they use regularly, so once a week not a month, we have to cut the number to 750 000.
And this while still excluding the US, EU and the rest of the world:P.

Neah, it's total bs, from a service who claims to have 100k users but is ranked as the 350k most visited website. Grin

SvonioneFromMangoCoinz

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For poor countries in Africa, I think cryptocurrency will be the place that makes the GDP of African people increase quite a lot.
Bitcoin is a deflationary mechanism and a long-term investment in it will be a great thing. Your money will rise every year like investment in real estate.
If Nigerians realize this opportunity, their country will soon improve.

dat.ho12492

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Quote from: Indrawan77 on August 05, 2019, 12:30:08 AM

Quote from: Lucius on August 04, 2019, 08:52:34 AM

CryptopreneurBrainboss, we all post some opinions, and they are of course different, which is quite normal. But what interests me is Bitcoin in any way help you in your life, do you live better or similar as before?

Probably Bitcoin cannot help one country as a whole, but it can help individuals who can then change things around for the better. I look for some info about cryptocurrency in Nigeria and I see you have few crypto exchanges in country, Nairaex seems to be most popular.

I do agree with this, btc is not created to help country to solve poverty problem, but it can help the individual to have a better life, it can be used as investment that not affected by inflation, it can created more job opportunities, less poor people will lead to a stronger country's economic foundation, there are only little things that bitcoin could do for the country but it could help the citizen a lot

Exactly, bitcoin creates more jobs then creates more opportunities to achieve super profits, and only those who can take advantage of this opportunity, they will change their lives, breaking their tough economy. Talking about news that bitcoin can help a country, it's just rumors, dreams, a country's economy cannot rely solely on bitcoin to change, bitcoin is not a safe area, the government is an important platform in the process of improving the economy, their plans will lead to this process, bitcoin is just a small factor

Lucius

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Quote from: CryptopreneurBrainboss on August 04, 2019, 10:17:44 AM

I see some point in your statement, so the focus should be helping individuals have a better life with investing in bitcoin then it will reflect on the economy as a whole right?.

Let's say my opinion goes in that direction, changes always start at the lowest level and it spreads in all directions. For example you know about bitcoin, it help you in life, and you learn others about how to use it - they also see some positive changes in their lives and transfer that knowledge further.

However, it all depends on the attitude of the government to allow or not allow people to become more financially stable, because we have visible examples of China and India where the authorities openly oppose to decentralized financial system.

Quote from: stompix on August 04, 2019, 03:52:09 PM

That is worse than Soviet Propaganda!

30% of Nigerians use bitcoins regularly? What the hell does he mean by regularly?
Nigeria has a population of 200 million, 30% means 60 f millions!

Indrawan77

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Quote from: Lucius on August 04, 2019, 08:52:34 AM

BitHodler

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Quote from: dothebeats on August 04, 2019, 09:12:44 AM

Perhaps bitcoin is overrated when it terms to such issues due to what happened in Venezuela--though that in itself proved to be false due to other factors affecting transactions within the country.

It's so unfortunate that news outlets contribute to the narrative of Bitcoin being a safe haven currency in these countries, while in reality it's rarely being used as such because most people just can't afford it.

I get it that there might be a very small number of people actually using it as they claim, but the average few dollar per day earner there can't participate in a fee bidding war where the highest bidder gets its transactions included in a block.

If that wasn't enough, most of these people don't have a consistent internet connection that would allow them to use it whenever they want. They need and use physical money, mainly us dollars because it works at all times.

sandra_x

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Benin City, a City in the southern parts Nigeria, ranked 3rd globally among cities with the highest number of google search(https://cointelegraph.com/news/these-are-the-cities-googling-bitcoin-as-interest-hits-17-month-high?fbclid=IwAR3LM18Ih1JPbMtAJrxutxwZBZFbTwXlWejldVFHl0xnVHKl6GvYzmc6WEA)
That is an indication of the level of interest. However,much of these are for speculative investments and not really for practical uses such as supporting local businesses, ecommerce and cross-boarder payments.
If there are no/little practical use in commerce, then bitcoin in Nigeria is not doing anything exceptional or different from local currencies

stfN2128

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To be honest i don't really know something about the economic situation in nigeria. I don't think that bitcoin will be used widely as a currency in the near future. Its still a store of value for me, maybe ongoing development in the future will change this.
The big PRO on bitcoin for me is still the fact, that it's not controlled by any gov. It cannot be produced unlimited as they do it with currencies, backed by nothing. You already know how much bitcoin will exist in 10 or 20 years.