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.

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.

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.

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

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.

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.  

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.