Topic: Will Nigerians Marketers Accept Bitcoin if Legalized - page 2. (Read 499 times)

Let's be realistic here,  I don't see this happening soon because of corruption in our governmental system and furthermore, this will be like them lifting all Nigerians out of poverty at once and giving them the freedom that they are dodging. secondly, if legalized I don't see the smooth running of it due to the level of poverty in Nigeria.

we are battling with no constant electricity and stable network here in the country, and if you check in the rural areas how many people are using smartphones there and the ones that have smartphones find it difficult to subscribe, so these are the things or angles we should look at before we think of it.

Take for instance El Salvador,  they made everything easy for their citizens to transact and use Bitcoin, but when it comes to Nigeria You can see that even ordinary POS Machines and ATMs battle with network problems each day.

Legalizing Bitcoin will be good and beneficial to a lot marketers  however, it may not be suitable for our common everyday market traders. Even if they have the knowledge about Bitcoin, they might not still be organized enough to securely safeguard their seed phrase. It takes a well-organized person to do so.

Once government finally talk about regulating bitcoin the adoption will boom early in business like supermarket, hotels, top restaurants and others but with time it will get to the local market. All these will happen because we know will Nigerians who are in support of Bitcoin will prefer to patronise those are accepting bitcoin and no business owner will be happy to lose customers.

My take be say we naija people sabi adapt, even if we no like wetin government bring, gradually we go just accept am and move on. So if our government encourage di use of bitcoin, whereby our public sector begin to de accept am as an alternative means of payment, banks begin de do di exchange, before you know every big and small businesses go follow de accept am. Di start fit to de slow but eventually wey oda small businesses begin join di government to collect am, di remaining business people no go wan carry last, dem join di trend.

Unto say bitcoin na currency wey fit to de appreciate for your hand, dat one na investment wey join di business wey person de do, because las las na to make profit be di koko of business people. You go come surprise say android phones go become pure water, everybody go get am, both buyers and sellers to take run P2P and close transactions.

Even though our governments legalize bitcoin it will never work for our marketers to accept it as payment if we purchase anything, na for naija you go buy something do transfer they will not allow you to go until dey see the credit alert, no be all marketers sef dey collect transfer because no be all our naija parents go school, if their children that is collecting transfer no dey is either you withdraw cash or go another place and buy. Now you are talking about bitcoin you and i know say it will never work because no be everybody can pronounce it sef, you will see some marketers that are holding android phone complaining that they don't have data to check up their phone if they have receive the payment.

You see all this online payment no be everybody dey believe am, even in bitcoin investment is not everyone that believe it, you now buy something and say you want to pay in bitcoin, you go just dey hear different talk from each side. Even the government cannot make it work, they claim they are protecting us to get scam.

Already for Nigeria now there are people who accepts Bitcoin as means of payment, so the legalization of Bitcoin will only be more advantageous to them. Definitely it's a gradual process, people will gradually accept it, Nigerians are very dynamic especially when it has to do with business transactions, provided they will see the money in their account, it's a matter of time and they will adopt to any available means of payment.

Some may initial want to reject but if it turns out they are loosing customers because of their refusal to accept that means of payment they will definitely start to learn the dynamic of thet method of payment and probably adopt it. It will also cream opportunities for others as their will be introduction of conversion platforms and they will possibly bring the education on how to accept that form of payment to everyone. The idea of it been a scam to some people will reduce when they see others accepting and it's working for them, they will just device a means against scammers to protect the market women and all other users. Conclusively, if Bitcoin is legalized it will only take a few time and it will be acceptable by almost everyone Once they know how well to receive money from the platform.

The good thing I like about Nigerians is that we are easy to accept new innovations. It more of we accepting new trends than just innovations, but since you can categorize these innovations as trends, it further correlate them. The marketers will really buy into the Bitcoin technology if it is legalized as a legal tender and inasmuch as they don't experience perpetual failure in it, they could adopt it as their means of transaction.


Nigerians or better put, the marketers only need to be thoroughly taught of the way the technology works. A lot of misunderstanding and misconceptions flying out there about the Cryptocurrency which has naturally reduced their believe system on it. The decentralized system is a simple but unpopular system of transactions which people will definitely love to adopt but need to get use to how it works.

Yes they'll, e no go happen immediately but slowly e go begin happen, people only disagree with government when na their thing dem say make we use but Bitcoin no bi there thing and after alot of people dun dey come their hand to to use Bitcoin, dem go finally accept to collect am. Government been friendly to Bitcoin adoption go make alot of companies begin open for the country and just as we get plenty microfinance banks dem na so we go get those wey dey associated with Bitcoin payment. This companies can be payment processors that make payments in Bitcoin easier, dem fit get their pos machine and share am to market women to dey use accept payment and the cards been shared with the same marketing technique wey Opay dey use. Nigerian dey very innovative so make you no worry about adoption as we go work out way to make am a household accepted payment method by all including market women.


How dis one carry concern market women, shey all dey will be doing is accepting the payment and it can be converted directly to their bank account from the payment processors. One thing you need to understand na say if Nigeria accept Bitcoin, just as centralized exchange dey lead the exchange business na so centralized payment processors go lead this side too. Na only few OGs go dey still use the decentralized way of transacting for Bitcoin. Payment processing companies go come out wey you fit pay with Bitcoin but then exchange am immediately to Naira for their platforms so this women dem fit dey withdraw go their banks. This kind thing already they happen with other countries as Bitcoin can be received and converted to US dollars like ASAP.

Most marketers will accept bitcoin once it is legalize in Nigeria. However there will be some challenges, I still believe that the market women that sells most of the food stuffs we in our local markets will not accept bitcoin because of their literacy level. I see bitcoin being accepted in big establishments and a more organized sector than the street retailing shops. A pure water seller in the street of port Harcout will not accept bitcoin because they don't have smart phones and they most of them don't know what bitcoin is all about. Once it is legalized, those people that will accept bitcoin will make it open for the public to know they accept bitcoin. For example when you go to filling station to get fuel, you will see something like ''we accept bitcoin or pay with bitcoin''. Then gradually it will spread with time.

Even with government restrictions, bitcoin and other cryptocurrency is still making waves across the country. So imagine if the restrictions are lifted, private sectors and business owners will continue invest heavily on bitcoin. As we speak right now, there is hardly a young man in Nigeria that is not into crypto, either buying to hold or trading.

People way go dey interested in bitcoin, no be POS people oh, or road sided traders. Bitcoin na decentralised digital currency, no be something way government go begin wan tax person, that eye way u dey see bitcoin, no be so e be. Cryptocurrency dey different from fiat, so anybody way wan use am, already know watin crypto dey all about.

Yes they will accept. at least %70. According to analysis of Nigeria illiteracy at least illetracy rate is now 31 percent at 2022 link ==> https://businessday.ng/news/article/nigerias-illiteracy-rate-is-now-31-says-fg/


During the time of new Naira note adoption, I discovered that Nigerian marketers are very intelligent, and whatever they do, they do on porpose. And that made me come into conclusion that if Bitcoin is given a chance there will be mass adoption by the market people. One of the factor that affect marketers not to accept any new medium of exchange is scam. Market men and women are always tagged "local market women and uneducated" and people take advantage of there ignorance. Buy always defrauding them, which now made them skeptical about payment issue.

Before anything spread across the country, market men and women will always be affected negatively. When the new Naira note was trending, scammers duplicated the new note and started making use of it in the market. before many people knew they were scammed of the hard earn money. In Mobile transfer many were given fake alert and so on. So this made many of them decide no to accept any online transactions.

When there was naira scarcity, dey adopted online transactions,  making use of POS machines. almost all of them in the market. so I started asking myself, is this not local market woman & man that are accepting online payment? So I concluded that when there is no other alternative, people must learn to adapt to a new way of life. So I concluded that illitracy was not there problem but fear of scam. Even if it's illitracy, the chances might be %70 %30.

So with this little knowledge of mine, I Believe if Bitcoin is legalized, there will be mass adoption in the market sector.

If Bitcoin is finally legalized as legal tender, for sure there will be people who will accept it and there will also be others who will prefer fiats to Bitcoin, and you can't force them, as it it their business and they have the right to decide what medium of payment they feel suitable for them.

Those who prefer fiat, fiat should be given, while those who prefer to buy/sell with BTC, so should BTC be given to them, it's shouldn't be a force, since its everybody's right to choose a choice of payment. Moreover, if Bitcoin finally gets legalized, so will the knowledge about it spread rapidly also, and as such it's not a matter anyone should worry about for now, as I'm sure it will always be accompanied by favorable policies.

You just can't blame these people for believing everything to be a scam, as the environment they found themselves thought them the hard way

Nigeria is a very dynamic country that welcomes innovations that make life easier. Take the case of conversion of generators to LPG powered system, electric powered vehicles that is popular in Bornu state and even the cashless policy that succeeded mostly in the northern part of the country where people least expected.

What is holding Bitcoin from booming more than it is Nigeria is government disenchantment. Many people are still scared that their accounts and businesses will be attacked by government if they do business in Bitcoin. The moment government gives a go ahead to Bitcoin, you will see it spread like fire in Nigeria. It will become a new trend and you know Nigeria like trends.

I am optimistic that the future of Bitcoin in Nigeria is bright, the awareness is there... just the government political will and approval is remaining. 

Have been wondering if Nigeria government makes bitcoin legalized, and if he does, will our marketers/traders accept bitcoin as exchange for buying of goods. Me I know naija very well, if government talk A we the citizens fit do B, na normal thing for naija. So we have been talking about bitcoin and the government gave deaf ear, but if government finally legalize bitcoin will our marketers accept bitcoin?
From my paspective our marketers will not accept bitcoin as there currency.

• just like what have been saying we live in a digital dispensation and bitcoin has also contributed to our technology world today. And most of our marketers are not well educated about bitcoin, before owning bitcoin the person must have a knowledge about bitcoin, secondly bitcoin has to do with phones and Internet, traders in market will say they don't have android phones. And those business women will tell you straight to your face that they need fiat, some will tell you say them no go school. Just like wetin I talk when government talk A citizens go do B. I even remember last time wey our former president change the old currency and when I took the new naira note to the market, most traders rejected the money that the money looks fake and they will not accept the new naira note.
• scam: most traders for naija don decide say anything associated with phone and transfer na scam. Even some pos point no dey accept transfer, talkless of bitcoin.
• even if government legalize bitcoin that does not mean government will not take taxes, marketers are entitled to pay their tax. Of course government will not accept bitcoin as there tax payment. Marketers pay taxes with fiat currency and not with bitcoin, so traders will say they cannot receive bitcoin as there payment and pay fiat to the government.
• even pos systems does not accept bitcoin, most of our local traders doesn't have bank accounts, and when tranfering fiat currency we make use of the pos machine but how will it work if the pos machine doesn't have bitcoin or other cryptocurreny.
• bitcoin payment has no refunds, when the coin has been mistakenly transfer to another address then it is gone.