Topic: Will Bitcoin have a chance in Nigeria if?.. (Read 355 times)

No be lie you talk for here. Already Bitcoin is seen as a threat by them and to come totally comot the small one wey dem dey use deceive the youths especially when it comes to election period of ensuring massive job opportunities the moment them enter if them accept am as legal tender go be much of a challenge. Wetin make me feel say these oga dem get say on the matter of Bitcoin nah be say as their businesses dey here, e dey also help contribute to the GDP of the country so I no sure say the president go easily manipulate them. Secondly, since we naira dey drop rapidly, although now e don dey get small head, them fit suggest a pairing, so Bitcoin fit act as buffer but the question we need answers to nah, them go gree let selfishness free dem unto say them no dey use the naira much and do am for those wey no so get access to the president ear?

I wan let you know say the people wey get the  names wey you mention now for our country naija no fit come out  publicly come announce say them wam support Bitcoin investment for our country because them they work with our government hand to hand and them no fit say yes or invest for wetin our government dey against otherwise them go get big issues for their companies. You no lie if Bitcoin becomes legal tender for Nigeria, e go attract so many investors and more employment opportunities go dey too but e go make most of the youths wey get Bitcoin knowledge to shift their dependency on the help of the government which is the major reason why government is against the acceptance of Bitcoin as a legal tender in the country. Make we just dey do our hide and sick kind of Bitcoin usage for the country until things change for better.

The government of Nigeria, are nothing but afraid that bitcoin and cryptocurrencies in general will destroy our central banking system in the country if they give the usage of bitcoin and cryptocurrencies an official green light.
This is why they invented and created e-naira in the first place, which unfortunately, the higher number of people in the country have shunned and refused to make us of.
The government of Nigeria have made several moves to see if they can shift people's attention from bitcoin and cryptocurrencies in general to pay more attention to our local naira, but unfortunately for them, all this move failed, simply because, bitcoin is too unique to be compared to fiat, even a blind man will know the difference without being told.

Right now, the Nigerian government has come to the realization that they can't stop the citizens from getting involved in bitcoin, what I think they are waiting for before they finally give bitcoin an official green light in the country is, for some other countries with better economy than Nigeria to give bitcoin a green light first, most especially USA, we all know say our government dey like to copy things from USA very much.

After El Salvador and the Central African Republic, some countries were predicted to adopt Bitcoin as their legal tender also and our country, the one and only, Nigeria came in 16th. Meaning, there's still a chance, but prophecy and strategy no be the same thing. Them fit predict make government no do anything, no plan anything and nothing go happen. Nigeria's government and businessmen gain from inflation. In fact, that's the only importance of inflation, as the prices of goods increase their profit also increases, making the common man the scapegoat. 

As for Dangote investing in Bitcoin, I don't want to believe someone that rich still lives in the industrial world or has bad advisers. One of the characteristics of wealthy business men is that they are ready to take risks and ready to invest in anything with interest, ready to embrace new things and innovation. So, I'll just believe he has bitcoins but has never publicly announced it before.

Our government no dey friendly with Bitcoin or cryptocurrency at all na y dem go create e Naira in oda to use an fight cryptocurrency, at first dem been dey fight to dey control Bitcoin and cryptocurrency but when dem com see say dem no fit control am say d powered no dey dia hands or even Nigerian user's had dem go do wetin dem feel say go be better alternative.

All dos big oga dem no go gree invest for Bitcoin or crypto or maybe dem dey do am secretly becos if dem come do am openly, the government go fight dem and most of dem na government illegal money dey help dis business so dem no fit put body for wetin government dey fight make e no com be like say dem dey follow fight government, na why all d bank dem and all dis pipo dem com agree to dey use e-naira dan to use crypto. D funny tin be say dis pipo no say if dem adopt crypto e go help we economy well but dem no say e go benefit youths more so because dem dey always fight youths dem no go wan gree, dem go want  make youths still dey depend on dem every time and dey under dia control, and dem know say crypto go benefit dem too so I feel say dem dey into am secretly.

For now no body knows the time,but I think it will have  a chance because of the way the economy is shrinking base on the inflation in other for it to stabilize .
  After the ban pronouncement by CBN in February 2021,then at October 2021 Nigeria set to pass a bill to I know Bitcoin and cryptocurencies .
 
 The reason is that Nigeria's eNaira bearly obtain 0.5 percent adoption rate after its lunch,by December 18 2021 it was reported by the Nigeria Punch Newspaper following an interview with a member house of representative committee on capital market chairman Babangida Ibrahim that the government will pass a law which will know  Bitcoin and cryptocurency as a way to be updated with the world practices, trends and development in capital market, he said  for cryptocurency and other digital money as capital for investment to be known by local securities and exchange commission, and the investment and security Act 2007(Amendment) Bill should be signed, into law.
 
Secondly following the ban of Bitcoin in February 2021,all efforts of rhe Nigeria government to break down cryptocurency activities initially were not effective too which made the adoption getting high, Nigeria also came in discussion with  crypto exchange Binance in September 2022 to make a crypto friendly economic zone that will help crypto and Block -chain business in the country.   

This nah areas wey really need consideration because with the way naira dey drop due to lack of foreign investors wey wan invest in the country, if e come dey accepted, e go boost the morale of not only the foreign but the local investors as well because as at now nothing come out for the naira again and instead nah the poor masses dey suffer as value no dey the moni again. E get were I suggest weda we fit pair Bitcoin usage with the naira as El Salvador do but then again our Govt no dey like beta thing..

Weti you tok na true. If those guys invest in bitcoin even the president sef go accept bitcoin because im sef go think say bitcoin go make di economy good. Do you know dat those people you mentioned have an influence on the federal government and the various state governments because that is where all the big politicians dey hide their stolen money.

So if them accept bitcoin and tell the government the economic benefits of bitcoin my brothers and sisters the government accept bitcoin in sharp. Because their money is there and the capital investors are telling them what will benefit them, they will definitely accept the proposal.

The truth be say we get breathing space. If we nor get breathing space Fintech companies like Patricia,Roqqu, and some other indigenious  crypto companies for nor fit e see the light of the day because the government for don crush Dem.
  Na for here we take make mistake. Me I nor sure say people like Dem Alikoand otedola dey interested for this Bitcoin thing.if to say Dem dey interested Dem for don lobby the government. Dem just be like Dem Buffet. Na old money Dem be.

See eh nothing concern us with the dollar. China currency to dollar na also the way wey our naira dey with dollar but their economy strong wella. Make we still remember say Bitcoin dey very volatile and e nor go too make sense for older generations to put their hard earned money inside am.

Well, one day sha we go reach there.

This na something wey me self don sometimes reason am say, one of the reason why USA government kind of dey helpless in terms of banning bitcoin na due to the fact say, there are many of her citizens wey don invest heavily for bitcoin, and this no be just ordinary citizens, but people of high calibar, people wey fit move and turn the economy of the country due to their kind of influence.

So for me, i believe say if the big people way we get for naija fit begin investing in bitcoin and making it public like those wey dey US dey do, e fit change the narrative wey our nigerian government get towards bitcoin and cryptocurrencies in general.

And to also add, they no need to make the investment personal, they fit use the name of their company invest, the same way wey Elon musk use him Tesla company name invest in bitcoin.

So if I understand clearly, you feel say even if these big men for the business world no rally in support or add am to their portfolio, ordinary individuals fit  push Govt hand? Because I believe say there's power in unity and since people like Gaius wey you mention don embrace am, you think say people like am go fit do something?

You are point and personally I prefer we continue with the status quo because I don't want to hear tax charges and tax increment.

My brother, every prominent businessman and politician knows the potential of bitcoin, don't be surprised that its there that they  politicians hide most of their money. Thereby making it harder to seize and track when they're out of power cos its invisible in the banks. They're not Ignorant to the fact that Bitcoin is the future but I'll tell you something. The reason Bitcoin and crypto in general was banned in Nigeria was because people would be very  much independent of banks and government, remember that most of these politicians have great share in respective banks. Bank revenue became lower as people felt more comfortable keeping their money where they have  more control over what happens to their money as compared to banks which will debit   you anyhow and stress you so much in its operations. The banks experienced low available funds and it affected their returns to the government, so banning Crypto was one major way to make money return to the banks. But I believe it there a turn in government policies on Bitcoin, it'll boost the economy readily.

As for me I would say yes Bitcoin has a strong chance in Nigeria, I believe Nigeria should be amongst the top Bitcoin and crypto-currency enthusiastic country in Africa and also Nigeria should be up there in the world. We have Nigerians who are recognize and has even been main speakers on the Global stage and example is Gaius (AKA Bitcoin chief).

Yes it's no news that the Nigerian government has chosen to be a menace to crypto-currency enthusiast but so far they have tried but still the resolve of Nigerians is still strong and crypto-currency activities has still been going on. I personally believe its impossible to stop Nigerians from Crypto but it would be wise for the Nigerian government to look beyond their hate and see the opportunity crypto-currency can even offer the country.

The inflation and bad economy way Nigeria they face now dey very bad and heart breaking. If you come to think of it, every sector for Nigeria dey horribly affected and the thing dey get worse each day way pass by. The Nigerian govt de fully aware of how the operation of BTC as legal tender go help improve the economy and every other sectors for the common people, but they no send because, the govt way we get na for so-called famous and prominent politicians and the big cats you just mentioned which are inconsiderate, wicked and always want to be at the top of everyone. Na still the same thing way make we no fit refine crude oil in Nigeria.
The big cats and the politicians are not in any way affected by this economic situation and I dey fully convinced that them dey do BTC investment coded. If they leave narrow mind and thinking and accept BTC operation e go really help everyone. I just pray.

Before we go talk about bit coin having a chance in Nigeria let us look at the awareness that is being created about this coin. For instance how many people all over the country know about bit coin, have they been informed about the advantages of using bit coin and the disadvantages of using it as well because these are the things that needs to be looked out for before one can make comparison if it should be used on not.

All over the country, a low population of people are aware of this bit coin and just as a saying that "a tree cannot make a forest" we will see that the few people that knows about bit coin cannot take decisions on behalf of the country.

There should be a massive awareness and sensitization that should be created on the use of bit coin so as to convince the larger population to be in unism towards implementing the use of bit coin that's the only step to guarantee a unanimous support from every sector of government and it's citizens.

I reason go that area too. E get one kind politics naija dey like play. I remember during the COVID-19 pandemic when e come reach say our top ogas no fit travel outside for treatment, the thing come choke, dem go dey reason to fix the hospitals for the contri so e for fit meet abroad standards but if say such no happen, nothing for come out. And nah the same thing you point out for here. Dangote nah businessman and every businessman go like take advantage of anything wey go bring am profit but this one e never look BTC investment nah unto say the naira no dey affect am that much.
 E dey worry me say something as essential as Bitcoin dey neglected by we government all because e no go give them chance to loot money. Maybe nah to continue to keep the poor  masses in perpetual suffering nai be their plan but I believe say God pass them.

The thing be say those men dey get free pass for the country as dem no dey like us but dey their own world. I no go surprise if those men get some kind privileges wey we no get and the economy dey favor them like how politicians dey theif money carry invest for dangote business steady and giving the man more finances to adventure into other business because the cash are there to spare. Dem no go gree accept Bitcoin because Bitcoin go expose all the illegal things wey dem dey do as Bitcoin na open source currency and e go hard or cost dem more to hide things from the public eye but with Naira dem fit dey do their illegal things underground without any attack since most government people follow dem dey chop the benefits of this illegal acts. Obviously if dem been dey push the agenda for Bitcoin adoption just like other big companies outside dey do, we for fit get more acceptance from the government but the thing no go favor dem so dem no go push am.


This naira depreciation fit no dey affect this men like dat because if to say e dey over worry dem, dem for dun dey find solution but this man get business outside Nigeria wey dey give them dollars and most of their business dey more profitable outside than Nigeria. Even dangote dun talk say him go dey sell fuel to outsiders and na there him go dey make him profits pass than Nigeria so everything dey favor dem. If no be wetin wey no dey favor dem, dem for dun suggest better solution since they have more knowledge in those areas of business but dem just mute they enjoy life for the country.

Bross da ur line "our Govt don run out of idea" na summary bottom line about this mata. But my expantiate small.
1st our govt put on cryptocurrency (BTC) on restrictions bcos na decentralized currency way dem no go fit in control of and dem know how biased dem dey run the economy policies via inflation and deflations aimed to enrich dem selves more & more with the touch of fear make our naira no go dey total valueless as e already dey depreciate on basis so.
The country dey always long on how dem want take penalize the common man and how the common man go work hardly den earn penny (change) bt BTC decentralization statusco purge dem.

See... B4 u pray orask  for 4giveness, den u go don cleanse and make up ur mind 4rm a most sincerity. So wetin the president want make prayer do 4 us way him no fit do am coro-coro?

Talking about Dangote being 6th richest man in the world if him invested 5% of him wealth on BTC, I doubt bcos u failed to consider if me self invested 5% of my wealth as then!
People self way invest such wealth as then no dey da rate yet
Meanwhile... Diz ur big cats no fit agitate 4 the lift of the restriction bcos dem want make us feel like dem no dey into BTC investment sector cus want want dey laws abiding but deep inside na them invest pass for there and our govts dem dey hide there loots there with the goal of making profits so dem just want set people eyes off the balls of BTC abi u neva hear say na over $56.7 billions 9ja don spend on BTC over the years til date?
Who boasten da rate? U tink say na me and u? Of cuz na the so Big Cats.

 Wetin make me reason this mata like dis nah say as our economy dey go where e no know, if we Govt give like beta permit e fit attract more local and foreign investors as @amphenomenom point out. Also as I note earlier, e go also help strengthen the naira, becos we fit dey look am, naira fit enta #1500 to a dollar. I for no believe say e go enta #1000 but as the country dey only depend on crude oil for economic growth, I feel say BTC acceptance by the government go go a long way too, that's if them no allow greed cloud judgement.