Will Nigeria Come Late to the Bitcoin Party?

Wenbing

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Quote from: maxreish on February 18, 2021, 03:08:11 AM

A great percentage on Nigeria using cryptocurrency is reasonable enough to catch the eyes of their government. It's being popular on their country, now I doubt how those crypto enthusiast will gonna do after their government ban cryptocurrency trading.

We are very creative in Nigeria, the government dont want banks to benefits from the dividend of crypto through the use of bank medium, the very cost effective solution is the P2P.

With the P2P solution, you could buy coins ans sell coin in Nigeria. We have many crypto exchange that have systems to ensure that the solution work seamlessly.

Quote from: adzino on February 18, 2021, 03:01:10 PM

Was this a sudden ban? I have heard people saying that their bank accounts were closed because they were associated with crypto currency trading. Even those who traded months ago had their accounts closed. Are they freezing all the funds? Or they giving some clause which will allow you move your funds or enable your accounts again?
Any particular reason why they but a ban on crypto currencies? Feels weird to see how some countries are still opposing bitcoin while others are becoming more bitcoin friendly.
Probably they will once again allow users to trade once they have a better framework and be able to regulate crypto currencies properly.

Quote from: Oshosondy on February 17, 2021, 02:48:29 PM

It is not possible because Nigerians still make use of bitcoin. There are many active p2p market that Nigerians have moved to now which is better than bank transactions.

How will they cash their profit if its illegal to use?

I believe one of the reasons why the government ban crypto trading in Nigeria and is also freezing people's accounts is due to the role btc played during the #EndSars nationwide protest. Donation was launched by Jack Dorsey via his twitter handle, the donation was to be made in btc to support the protesters.

It seems is a political revenge.

[moderator's note: consecutive posts merged]

Renampun

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Quote from: Wenbing on February 17, 2021, 12:54:03 PM

...

I don't really follow developments news about crypto in Nigeria...
I feel that the countries that are not friendly to Bitcoin are the only countries that have a high crime rate. I saw on a topic that Nigeria is the second country with Bitcoin transactions in the world. don't know what caused that to happen. *whether trading in arms or another

adzino

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Was this a sudden ban? I have heard people saying that their bank accounts were closed because they were associated with crypto currency trading. Even those who traded months ago had their accounts closed. Are they freezing all the funds? Or they giving some clause which will allow you move your funds or enable your accounts again?
Any particular reason why they but a ban on crypto currencies? Feels weird to see how some countries are still opposing bitcoin while others are becoming more bitcoin friendly.
Probably they will once again allow users to trade once they have a better framework and be able to regulate crypto currencies properly.

Quote from: Oshosondy on February 17, 2021, 02:48:29 PM

It is not possible because Nigerians still make use of bitcoin. There are many active p2p market that Nigerians have moved to now which is better than bank transactions.

How will they cash their profit if its illegal to use?

Wenbing

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Quote from: Twentyonepaylots on February 17, 2021, 06:06:24 PM

What the country lacks in technological hardware, is compensated with the knowledge of the people in that country regarding technology. Seriously, Nigerians are very good with technology and coding, and oftentimes the skills are put to bad use courtesy of scamming and online theft, but imagine if the countrymen will be given the chance to prove themselves, they may even become pioneers of technology

This is exactly what i am talking about, i see the ill happening in Nigeria to be a reaction to bad leadership and governance. The youth should be given a chance to prove their ingenuity and ablity to solve problems.

DarkIT

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Quote from: Wenbing on February 17, 2021, 12:54:03 PM

Have you ever seen a developing country lead a technological revolution? I have not seen it happen; they always take the back seat of every revolution.

But, there is something special about Nigeria; it is a country that has what it takes to lead the cryptocurrency revolution.
You may be asking how I know this. The answer is very simple. The youth population are very active when it comes to entrepreneurship and digital activities.

Here are three examples;

1.   They used Twitter, Reditt and other social media to mobilise resourses and people during the #EndSars protest.
2.   The is country leading the Crypto transaction in Africa is Nigeria by Google trends ranking.
3.   We have some digital entrepreneurs in the crypto space with interesting innovations.
Well, as Elon Musk said that “he was late to the bitcoin party”, but we have seen that he was not late to the party, if Tesla invested $1.5bn at $38K/btc into btc and it current price is above $50k/btc, do we call that lateness or first mover benefit?

With the way the Nigeria government is regulating crypto transaction, will the country be late to the btc exciting and rewarding party?

May be the Nigeria youth population ranked second nexy to that of India.Now the resolution was happening in the country with such youth population. If this two country used the youth population in correct manner. Both of this country will reached the developed country status.

semobo

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Quote from: Wenbing on February 17, 2021, 12:54:03 PM

With the way the Nigeria government is regulating crypto transaction, will the country be late to the btc exciting and rewarding party?

Nigeria isn't regulating the crypto transactions with the recent news their central bank announced the banning of bank accounts which involved with any crypto purchases and trades which means they are restricting the growth of their youth for no reason.

So now people need to start a new digital protests to bring back the usage of crypto currencies?

milani

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Quote from: Mistafreeze on February 17, 2021, 03:46:55 PM

Quote from: Wenbing on February 17, 2021, 12:54:03 PM

Have you ever seen a developing country lead a technological revolution? I have not seen it happen; they always take the back seat of every revolution.

But, there is something special about Nigeria; it is a country that has what it takes to lead the cryptocurrency revolution.
You may be asking how I know this. The answer is very simple. The youth population are very active when it comes to entrepreneurship and digital activities.

Here are three examples;

1.   They used Twitter, Reditt and other social media to mobilise resourses and people during the #EndSars protest.
2.   The is country leading the Crypto transaction in Africa is Nigeria by Google trends ranking.
3.   We have some digital entrepreneurs in the crypto space with interesting innovations.
Well, as Elon Musk said that “he was late to the bitcoin party”, but we have seen that he was not late to the party, if Tesla invested $1.5bn at $38K/btc into btc and it current price is above $50k/btc, do we call that lateness or first mover benefit?

With the way the Nigeria government is regulating crypto transaction, will the country be late to the btc exciting and rewarding party?

Just buying and selling or holding Bitcoin will not lead Nigeria to Bitcoin party. It should be pioneer to accept btc as digital currency. More and more local businesses must start accepting btc.

In the conditions the government not so long ago made for the crypto community in Nigeria it would be hard for different businesses to accept Bitcon, and not only for businesses. But of course that would be a good incentive. In my opinion this situation will change in Nigeria after some time. It will not be forever.

uneng

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Quote from: Yogee on February 18, 2021, 08:46:18 AM

Quote from: Oshosondy on February 17, 2021, 02:48:29 PM

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When the central bank of Nigeria banned bitcoin, did you see any drop of bitcoin price? It is not possible because Nigerians still make use of bitcoin. There are many active p2p market that Nigerians have moved to now which is better than bank transactions. Better thank bank trasacrions because no charges by bank but p2p directly. If you think Nigerians are not buying bitcoin, you are not thinking about it rightly or someone is deceiving.

This is what I was hoping Nigerians would do to keep the pressure to their Government to step in and slap the CBN. It's hypocritical of them to allow exchanges like Binance to operate but takes a back seat if banks would ban crypto users' account.

Perhaps Nigerians can follow what the Indians did by taking this case to the court.

Since they keep P2P transactions they can continue dealing with bitcoin even if it becomes banned in Nigeria. Although there is always some risk, especially in that country, where the police authorities are abusive, corrupt and extortionist.

I heard a story days ago about a nigerian citizen who had his house invaded by police forces who were searching for fiat (bribery) in order to not punish the citizen, however this citizen didn't commit any crime apparently. Nevertheless, the police didn't find much money there, because most of his savings were safely stored in bitcoin, so they had to go away with pennies. After the incident, the man was very grateful for having bitcoin, as his loss would be much higher if all his money were in fiat. That is good nigerians are using bitcoin also to protect themselves against abusive state agents behavior. And with such levels of corruption in a country the less you need authorities' help, the better, so I'm not sure if it would be a good idea to take cases involving bitcoin to the court.

Bitstar_coin

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Quote from: Yogee on February 18, 2021, 08:46:18 AM

Quote from: Oshosondy on February 17, 2021, 02:48:29 PM

.....
When the central bank of Nigeria banned bitcoin, did you see any drop of bitcoin price? It is not possible because Nigerians still make use of bitcoin. There are many active p2p market that Nigerians have moved to now which is better than bank transactions. Better thank bank trasacrions because no charges by bank but p2p directly. If you think Nigerians are not buying bitcoin, you are not thinking about it rightly or someone is deceiving.

This is what I was hoping Nigerians would do to keep the pressure to their Government to step in and slap the CBN. It's hypocritical of them to allow exchanges like Binance to operate but takes a back seat if banks would ban crypto users' account.

Perhaps Nigerians can follow what the Indians did by taking this case to the court.

The government will not step in to slap CBN because they are together in this misguided action, already many government from different countries did not open ban the use of crypto neither did they support it, but now the Nigerian government have openly ban crypto to the notice of all who are engage in it,
With this recent action, I think they will definitely be on the sidelines while others progress with new technology.

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Quote from: GeorgeJohn on February 17, 2021, 02:14:52 PM

What is happening to Nigeria kind of leadership is lack of understanding of cryptocurrency network, because the country called Nigeria is not first country that indulged in cryptocurrency and is not second or neither third country into crypto,many countries has been practicing cryptocurrency transactions couple with their fiat currency and no issues, it's Nigeria central bank that's emphasising on crypto while others countries who are using bitcoin like USA and ASIA, cryptocurrency has is not be affecting their Fiat currency, in summary everything in Nigerian is all about seriousness, the way I seen their reaction towards crypto.

Another option against the backdrop of cryptocurrency barriers in Nigeria is that some governments of the left do not like crypto presence in the country. I saw two sides sitting on the chair trying to change the direction of the Nigerian economy. We really hope how the Binance Nigeria platform can be accepted by all parties. In addition, the central bank is very anti crypto, they are afraid that their country will experience large-scale money laundering. that is the core problem that has been an obstacle to the legality of cryptocurrency there.

lifeforcepools

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Nigeria can become a promising platform for cryptocurrencies. Now the main thing is not to miss the opportunity.

kryptqnick

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The Nigerian people are clearly not late to the party from what I've read because it's indeed one of the leading countries in terms of Bitcoin adoption and usage. As for the Central Bank being against trading, there's no wonder that they are. After all, the market possesses a threat to them, so they're trying to fight it. But is the bank's statement enough for a proper ban of cryptos in Nigeria? I think a law is required, whereas a bank can just spread FUD and made non-binding guidelines. However, I might be wrong because I don't know how things work in Nigeria. In any case, I hope the people will be able to continue using cryptos and will fight such unfavorable regulations.

Yogee

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Quote from: Oshosondy on February 17, 2021, 02:48:29 PM

.....
When the central bank of Nigeria banned bitcoin, did you see any drop of bitcoin price? It is not possible because Nigerians still make use of bitcoin. There are many active p2p market that Nigerians have moved to now which is better than bank transactions. Better thank bank trasacrions because no charges by bank but p2p directly. If you think Nigerians are not buying bitcoin, you are not thinking about it rightly or someone is deceiving.

This is what I was hoping Nigerians would do to keep the pressure to their Government to step in and slap the CBN. It's hypocritical of them to allow exchanges like Binance to operate but takes a back seat if banks would ban crypto users' account.

Perhaps Nigerians can follow what the Indians did by taking this case to the court.

dansus021

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My country is still development but well Bitcoin Hype already happen from 2017 even before that

but simple answer for nigeria "Better late than Never" Cheesy

Becky666

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Quote from: Wenbing on February 17, 2021, 12:54:03 PM

With the way the Nigeria government is regulating crypto transaction, will the country be late to the btc exciting and rewarding party?

The country maybe late to this cryptocurrency party becasue of the ways things do happened in the country. Our leaders don't always want to be left behind in terms of sharing formulas: what happened to the BANNED was the lack of sharing formula that wasn't beneficial to the head rather to those Crypto-Holders, therefore was the BANNED activation. Don't worry about the current happenings bro, things will be normal soon when their selfish interest is be serve. Believe me that Nigeria will lead again the crypto-community.

DapanasFruit

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Nigeria could indeed be the leading African country that can make it in the blockchain and cryptocurrency revolution...and it is very unfortunate that this potential is not being recognized by those in the government, and they instead focus on things they fear that might happen because of cryptocurrency. I am suggesting that people in Nigeria into cryptocurrency should open a dialogue with the government so that things can be threshed out and a win-win solution can be found and approved. Perhaps they should have someone who has a good reputation and influence to be their bridge in explaining their sides to the government.

OscarDavidson

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I think it's only a matter of time when every country will accept digital currencies and develops a proper regulation system. Nigeria is not an exception as well. I believe that the current generation will launch a process of different countries joining this Bitcoin party Cheesy

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A cryptocurrency is a useful tool that can make easier our everyday life so its popularization is unavoidable. All we need to do is just wait for the moment when we'll wake in the morning and going to pay our taxes with cryptocurrency. This day is near.

maxreish

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Millineals actually are very active in new technologies. And they also has a better understanding about cryptocurrency than the other middle age people. While Nigeria is one of the countries that has a good response about cryptocurrency, lately their Senate is having a talk about cryptocurrency ban;

Quote from: dw.com

Nigeria — the world's second-largest Bitcoin market after the United States — has banned the trading of cryptocurrencies. It's triggered anger among Nigerians who see cryptos as a safe haven in a battered economy

A great percentage on Nigeria using cryptocurrency is reasonable enough to catch the eyes of their government. It's being popular on their country, now I doubt how those crypto enthusiast will gonna do after their government ban cryptocurrency trading.

davis196

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Nigeria is the one of the crypto leaders in Africa because:
1.It has the biggest population in Africa.
2.It is a little bit more developed than other African countries(excluding South Africa).
Having lots of young people means that a big part of those young people will be interested in IT and technology.That doesn't mean that the country is a leader in some kind of revolution.
Nigerian online scams have become notorious during the last decades.Does that mean that Nigeria is a leader in the "online scam" revolution?
The government/central bank of Nigeria aren't crypto friendly,so I don't think that Nigeria is capable of leading any "crypto revolution" or tech revolution at all.

Red Pie

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Along with Nigeria, I think that Generation Z will be a lot and countries with a high young population density are not late for the bitcoin party. Bitcoin will always continue to give opportunities. 2021 is going better than in previous years. I want it to continue like this. The Nigerian government should also be positive about Bitcoin.

Topic: Will Nigeria Come Late to the Bitcoin Party? (Read 268 times)