The Nigerian economy is too big and btc is too unstable - the Federal government would not be keen on such an idea and might take steps to hinder such a plan. They refuse to allow anyone to exchange their national currency with an entity that is outside of the purview of the Nigerian legal system, for them to completely relinquish control of all currency decisions would be a huge step in another direction.
OP doesn't seem to understand the nature of the Nigerian economy - it is very much based upon private commerce but licensing and government oversight plays a role. Even if you got the businesses on side they push them into operating outside of the law.
OP may as well ask what would happen if America traded in btc instead of dollars...
Topic: What if Nigeria suddenly demanded that all the export would be done in btc? - page 2. (Read 2608 times)
October 18, 2014, 03:17:25 AM
October 17, 2014, 10:32:27 PM
I guess the lead could be taken by a small country. Then as international practices become established, others could follow.
October 17, 2014, 06:44:31 PM
If, at this point in time, a government like Nigeria decided to only sell its resources for Bitcoin.
What would the implications be for the Trade in Nigeria and for Bitcoin?
What would the implications be for the Trade in Nigeria and for Bitcoin?
the market cap for bitcoin presently is not at a level to be able to handle a country the size of Nigeria. Notwithstanding, how is your internet infrastructure for areas outside of major cities? You know cryptocurrencies are all internet based right. Physical cash will be with the world forever, just look at how thing go when a blackout occurs and people are unable to get funds from ATMs or credit/debit cards.
A complete blackout puts everyone on the same level, but to have no net while atms, debit, credit, and wires can still operate will just highlight why you can't have all of your money in any one currency.
Another point is that since the dollar is still the world reserve currency, all that would happen is, people would buy bitcoin to buy the resources then would sell the bitcoin for the resources then the selling country would have a bunch of bitcoin that they cannot spend because what they need is not priced in bitcoin so they end up selling the bitcoin
October 17, 2014, 11:32:18 AM
Its good for btc world , but you know and we know about magic of nigeria 
Too much internet scam come from that country.
Some internet scams, and the fourth largest exporter of oil in the world. Too much internet scam come from that country.
Nigeria is not the hub of internet scam, some people even pretend to be a Nigerian just to scam people
Nigerian Economy Overtakes South Africa’s on Rebased GDP.
http://www.bloomberg.com/news/2014-04-06/nigerian-economy-overtakes-south-africa-s-on-rebased-gdp.html
October 17, 2014, 11:26:42 AM
Its good for btc world , but you know and we know about magic of nigeria
Too much internet scam come from that country.
Some internet scams, and the fourth largest exporter of oil in the world. Too much internet scam come from that country.
October 17, 2014, 11:21:16 AM
Its good for btc world , but you know and we know about magic of nigeria
Too much internet scam come from that country.
And their Gov will not approved that , maybe only personal transaction from some individual merchant.
And its more save use $ than btc for now.
too much risk for a country who dare to accept BTC for their export payment.
Too much internet scam come from that country.
And their Gov will not approved that , maybe only personal transaction from some individual merchant.
And its more save use $ than btc for now.
too much risk for a country who dare to accept BTC for their export payment.
October 17, 2014, 09:42:26 AM
You just made an assumption about a scenario one day may happen. But it can't be over night.
October 16, 2014, 11:15:29 PM
if it is to be applied in Nigeria, the infrastructure must be equipped, among others, a stable internet connection, if there is damage to the backup power should exist to make the internet to stay connected, bitcoin can not be separated from the internet, so that nigeria should prepare power reserves in quantities large enough, then that must be ensured that the entire people of nigeria are already familiar with the Internet, it depends on the socialization of the government, hopefully this can be quickly realized in nigeria ... 
October 16, 2014, 04:49:40 PM
If, at this point in time, a government like Nigeria decided to only sell its resources for Bitcoin.
What would the implications be for the Trade in Nigeria and for Bitcoin?
What would the implications be for the Trade in Nigeria and for Bitcoin?
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