Bitcoin Forum

My fear.

Is not that Nigeria lacking behind?. Hell shouldn't be.  I see lome Africans growing faster and faster when it comes to bitcoin utilization but here in Nigeria reverse is the case.

Bitcoin is the last of their concerns.  The problems in Nigeria and Africa are deeply rooted in their government and exploitation.  Using cryptocurrency will not solve their problems.

Too bad

From statistics, just 11% of the nation knows about bitcoin or cryptocurrency at large

Bitcoin has a more rapid development potential in Africa, and people here are in great need of block chain technology, both in banks, medical care, and employment.

They will come back to bitcoin and crypto. By the way I always wonder why the poor countries dont like to get rich through cryptoland. Something always out of my head.

Bitcoin will still grow in Nigeria,  just that people are not educated about the Bitcoin

I think that the people in countries that experience or have experienced hyperinflation are most likely the people that see the real value of bitcoin and will become early mass adopters.

I don't think most African countries are into crypto and so you shouldn't be surprised to realize only a handful of people from Nigeria are into crypto. I think maybe with time, a lot of them will jump onto the opportunity. Probably, you can be the ambassador over there.

How can we get them educated?

African countries are very active in the crypt world! of course, African countries are very afraid of uncontrolled money and they by all possible means stop the development of the crypto market! Now the International Monetary Bank has started using a crypto system to support three African countries! and this gives us an understanding that the crypto market will come there faster than we think! The very government of Nigeria, as if it would not resist with bitcoin and with the whole crypto system, sooner or later there will be a very active development of the crypto market! in Nigeria, very high inflation, so they need alternative money to save their accumulated capital! In the African countries, terminals for the reception and exchange of crypto coins have become very popular, more and more they are placed all over Africa!

Blockchain technology with bitcoins as  the main focus is not yet understandable among developing countries like nigeria or africa countries. In the future if knowledge is gained from other developed countries and transferred to Nigeria, It will then be adopted by majority. But for now, only few educated elites are into bitcoins in nigeria.

Bitcoin future is great in Nigeria as well.

Adoption of Bitcoin in Nigeria is growing gradually especially in higher institutions where Students carryout research on cryptocurrency and share their result with colleagues and their are online sites in Nigeria that offers direct exchange of Bitcoin for fiat(Naira).
I think that with increase awareness the future of Bitcoin is bright inspite of government negative attitude.

Nigeria has a lot of oil but a lot of the funds go to the wrong sort of people. With bitcoins it would be more transparent so there will be less scams with dodgy oil deals

If they wanted to use crypto then they should try to do something about it for themselves. But I know that there will be people that will introduce it to them and teach them how they can make use for it.

Don't make a generalization on a subject matter you are not conversant with. That comment  is wrong. South Africa and Kenya are the leading countries in Africa when it comes to cryptocurrency. Both countries even have bitcoin ATMs while there is none in Nigeria despite her very large population.

Honestly, I don't see how this will help.


Yah, may be from the tiny enclaves and telegram groups doing the buying and selling. Of course there are also the merchants on localbitcoin sites.


Please, could you mention that institution in Nigeria where this is going on? Are you posting here to increase your post counts and ignorantly misleading readers here for the sake of that? Desist from such unscrupulous act.


Do you have a link to the research site to help authenticate your 11% claim? I believe the percentage is even far less than that.

In Nigeria, Bitcoin adoption was in response to the 2016 financial crisis, which limited international trading due to the insufficiency of foreign currencies. The common factor for Bitcoins in both Nigeria and the USA is the isolation from financial crisis and that it serves as a great medium for exchange during these times.

In Nigeria their economic condition is not good. People are living below standard. I think they have not enough money to invest on bitcoin. Because bitcoins price is too expensive that’s why bitcoin can’t do anything for them.

Bitcoin has great future in Nigeria and in Africa as a whole, you will be surprised when you see the number of Africans who are fully invested in cryptocurrency.

How can we get educated?  Simple we need to teach them I know at first it's hard to but I think those people are intelligent in cryptocurrency they easily catch up the true meaning of bitcoin.

But this article says otherwise:


https://www.ccn.com/nigerian-entrepreneurs-are-choosing-bitcoin-over-the-national-currency/

It was reported that businessman or entrepreneurs opted to choose bitcoin over your local currency. Maybe its a slow process and you  haven't felt the impact yet. I'm sure that in the next couple of years, Nigeria will be in the for front and one of those countries in Africa leading the way.

---

copy pasted from:


https://www.vanguardngr.com/2018/03/truth-bitcoin-nigeria/

Yes it is sad that bitcoin is not flourishing in that way in Nigeria but at least this is a matter of hope that it is banned there like it is in many countries. Nigeria is lagging behind maybe because the government is not a crypto friendly one. But still hope soon they will also be able to keep in pace with the current crypto world.  ::)

I don't think so. Nigeria uses bitcoin as the mode of payment and they created their own regulations.  The Central Bank of Nigeria which should lead the regulatory environment is still understudying the virtual currency. It held a ‘Virtual Currencies as an Emerging Medium of Exchange’ conference earlier this year with various stakeholders in attendance.  For the company, regulation will only enhance better customer relations as it will protect consumers and keep fraudulent operators out of system.

Nigeria as a country is governed by some set of selfish leaders, exploiting her citizens, I once read a write up wherein the Central bank of Nigeria CBN issued a warning to the public that people buying Cryptocurrencies are gamblers. These people will secretly be buying and trading bitcoin through third party, but will never take out time to educating its people the positive side of bitcoin. Am glad for the social media, it is there for the people of Nigeria to getting information and discern the true enemy of financial freedom.  

Nigeria does not have a high weight on here, so i do not understand why there are so many people worried about this. We all know that it is a great country with a lot of population, but it is not going to change the way that bitcoin works or how it is being regulated

Nigeria as the giant of Africa as always acclaimed should stand up to her responsibility and become the first African country to legalized bitcoin and the use of the blockchain technology as their alternative financial institutions and adopt bitcoin as her national secondary currency. But before that they need to deal with the issue of corruption which bitcoin can become a major tool in doing that.

Btcnaivie, your moniker says it all. Why proudly display a high level of naivety on a subject you know nothing about? How can you say that Nigeria makes use of bitcoin as a mode of payment? Payment at what shops or for what services? Can you name any? Please, I am a Nigerian and would like to know of any shop in Nigeria that accepts bitcoin for payment. Of course, there are none.

Also, I would like to know a place where I can buy or sell my Bitcoin from any of you here saying bitcoin exists in Nigeria (not on the localbitcoin site). I mean a group on telegram or WhatsApp. I will be waiting. .

You are absolutely correct on this, I had never come across any shop where bitcoin is being accepted as a mode of payment for goods and services anywhere in Nigeria, however as far as buying and selling bitcoin is concerned I used this popular forum
nairaland business section where I carried out my transactions with  trusted agents using an ESCROW.

Nigeria will grow in Bitcoin adoption soon, just that the level of education, ict and financial aspect needed is not there, and mostly the scam level in which people use to scam people with little info of making them rich with some money to be contribute has gone out of hands , most especially when mmm raked most people back then in 2016,2017 which had contribute to the level of turn out to support or adopt crypto because many think they are all scam.

I even heard about someone who collected money from people in local areas to invest in Bitcoin last year 2017, and he ran away with huge some of money even when Bitcoin did wonder by moving from 4000+ to 19000+ , which suppose be an avenue to create awareness and more adoption with what he has gained but decide to scam them,
So would those set of people ever believe Bitcoin or cryptocurrency is legit and don't forget that bad news spread faster than good once, these are some of reasons I think Nigerian are still lacking behind .

There is a right time for them to enter in crypto world and patronize bitcoin to help them increase their way of living. Nigeria is a developing country and has also a big community. I believe someday they will engage in cryptocurrency and it will help them to increase the level of their living in terms of financial aspect.

I do not think Nigeria is lagging behind. I have seen many project startup being launched in Nigeria. Kurecoin, sleekpay etc and the presence of Nigerian on the internet using cryptocurrency is greatly increasing but I am sure you understand Nigeria is a kind of country where many people do the same business. people are scared of exploring new opportunity because they do not want to lose money even though very high unemployment rate have make some people to start exploiting cryptocurrency. Nigerian government through the central bank also have warned so many time that Nigerian should stay away for any cryptocurrency related activities. these scare people away from bitcoin because many Nigeria still think bitcoin is a scheme just like MMM that wreck some people life a year ago.

Nigerian prince is buying in bulk. You send first I heard.

Nigeria can also grow faster with bitcoin. Anything is possible man, no need to fear or panic. In the united state people are banned from using bitcoin or trading of any crypto as such. But in Nigeria there is no such thing. Its just a matter of time for the good new about bitcoin to grow.

Bitcoin has been popular in Nigeria but the government is not putting an eye to it at all which is making some in investing on it, i saw a time when the government warned its citizens from investing in cryptocurrency because they dont know more about it themselves. 

I don't think that they have time to develop crypto currencies on your country because a lot of the government there is not doing their work, i know cause lot of issues are passing on my Facebook wall every time i see news in Nigeria i'ts only says on specially the corrupts governments and so on so forth.

the problem of africa maybe deeply rooted in their government but one thing that is certain is that the world is moving towards a monoeconomy, so africa will have no choice than to catch up.

Nigerian is already advanced in the use of this technology called blockchain, we have the highest participants of crypto currency in African because of population, what we need now is the support of the government..

As for me, I see more good things out of it then the bad ones...
Suppose that is really a good decision with their economy.

The popularity of crypto currency is rapidly increasing. It has reached the continent of Africa but most of the country due their political problems and problems in their economy cannot fully benefit from the market of crypto currency. Although if used properly the crypto currency can actually solve a lot of problems.

gabbie, you could put out the link to that thread on Seun's nairaland site? I like to know about it because I know he placed an outright ban on speculative businesses such as Forex Trading and cryptocurrency.

As long as the Nigerian government will not implement ban and declare bitcoin prohibited in their jurisdiction, just like any other country bitcoin will grow there.
I'm lack of knowledge about the current economic stand of their country regarding bitcoin but that's it, if they will let bitcoin come to their country it will be a life changer for some crypto folks there.

it is going to be very difficult to predict the future of bitcoin in nigeria.Though government policies are not against bitcoin, but it acceptability is very low, and the reasons been that there is no bitcoin publicity. The awareness about bitcoin and how it works are shallow hence potential investors are prone to scam. And if this is not remedy on time it may affect the future of bitcoin in a negetive way.

yes you are very correct and it is going to be very difficult to predict the future of bitcoin in nigeria.Though government policies are not against bitcoin, but it acceptability is very low, and the reasons been that there is no bitcoin publicity. The awareness about bitcoin and how it works are shallow hence potential investors are prone to scam.

I do not know where CCN get that information from. before people will choose bitcoin over local currency, bitcoin must have been dominant in making payment in such country. what we do here in Nigeria is to convert the bitcoin back to fiat using some local exchangers. no offline online store will accept bitcoin as a mode of payment here in Nigeria. reason why there has been growing interest in crypto is as a result of very high unemployment rate which forces so many Nigerian into alternative way of earning a living and ever since the incident of MMM scam, so many nigerian have since see crypto as an alternative way of earning a living

Though Nigeria is lacking behind from the touch of bitcoin right now, but it can be hoped that very soon the country will make progress with bitcoin.

Nigeria government through the CBN have policy for digital currencies. if you have been following the CBN during the time of MMM ponzi scheme you will know this. in fact they warned several time that people should stay away specifically from cryptocurrency and ponzi scheme but I am very sure if they ban cryptocurrency it cant be effective because Nigeria lack measure to regulated an internet related activities. beside the government is facing alot of problem right now (security, economy crisis etc) but by the time they discover Nigerian are making large furtune from crypto they may be looking for way to stop them ;D.  

I can't agree with that. Most of their problems are about their financial status and Bitcoin is directly relevant to that issue...

Well talking about Nigeria utilizing bitcoin, Nigerians are always afraid to invest in online deals or commodities. And the only few that invest are the one making it big. Also Nigeria government not helping matter because most of the them in power sees bitcoin as scam and also warn the public not to participate.

Like i read last year online, last year bull market pulled many of them into cryptocurrency. So i think with time when they see improvements and high rise of d crypto market, they will start using it.

The third world so called can take a big advantages by adopting BTC as official currency don't you think?

Because it's like having a global exposure instead a local country situation.
And beside that, you can make a good call for the people that cannot afford a bank account in my point of view

I think that the future of bitcoin in Nigeria is the same as in Europe, America, and Asia. In fact, the whole of Africa remains a colony of the "old world", and what happens in Africa is regulated by Europe.

Bitcoin is just gradually penetrating into the Nigerian market of course the CBN had warned the citizens of the dangers associated using cryptocurrencies however the youths had started adopted trading of crypos  as an alternative source of earning income without any interference from any government agencies I hope with time more people will be involved in cryptos as it awareness  increases with the aid of social media.

I can imagine people have different worries in Nigeria than crypto, but I know there are some people people dealing with cryptocurrencies and I'm sure their number will grow in time

I hope bitcoin can grow in every country. But in Nigeria, it will be more difficult because of the education...

I think most of the people in Nigeria don't know anything about the Bitcoin in real time, how it works and what does it mean for them. They need to involve Bitcoin in their society.

Nigeria’s impact on the cryptocurrency market is not as big as we think.
So we don't have to worry too much about it.

Bitcoin will not solve all the financial problems of the state. It is not a wonderful remedy for everything. The country needs the involvement of state and local authorities in solving these problems. Unfortunately, in most African countries it's a huge problem with this.

Bitcoin is working with the level of understanding which leads to open people eyes they are some thing's we called digital money, which most Nigeria and other western Africa don't know about. Because we are now in new era of technology, which requires more information to be informed good people of Nigeria.

Knowing is different from using and exploring  and until that happens, there is really no benefit to get from that on a large scale only individuals who have the zeal to go beyond the status quo would push themselves to know how to make the economic aspect of their lives better. Currently, I don't see Nigeria focused on that area as the only thing that could force some actions would be if something drastic happen that challenge the source of revenue to finance activities and the source is narrowed down to the use of bitcoin, nothing is happening. I have read about several statements, groups, meet-ups and conferences happenings but all of these are just fore the creation of awareness as nothing solid has been announced in that part of the world.

For countries like South-Africa, I believe they are the leader of technology in Africa and closest to the West which makes it a little bit easier for them to adapt to changes and be on also be on the forefront. They wont have any problem in adopting and researching.

The future of bitcoin in Nigeria, is only take effect on serious and minded person that commit his/her self towards the industry, base on time and financial level operation required. Hence, bitcoin has no particular country base, is a universal currency that helps the world economy.

Countries like Nigeria should adapt Bitcoin and crypto because of their economic crisis. Its hard to even live a normal life in Nigeria so they should think of implementation of crypto widely.

I think Bitcoin and crypto will grow well in the African market, especially in Nigeria. more than 1000 traders there receive bitcoin transactions.

geographically, Africa will be a market for bitcoin and crypto, because Africa needs an alternative when their national currency weak. and cryptocurrency is the solution for them.

so, I think that bitcoin in nigeria will also has good development like other south African countries in Ghana, kenya, and zimbabwe.

Bitcoin is the last of their concerns.  The problems in Nigeria and Africa are deeply rooted in their government and exploitation.  Using cryptocurrency will not solve their problems.

Your words are very bad, because no country is poor. perhaps the nigeria's consideration of bitcoin has not yet reached a bright spot, meaning Nigeria has not been able to give a solution of the existing deficiencies dibitcoin so it can make people unsafe to use Bitcoin and other crypto.
I'm sure that when someday nigeria has got a solution to control Bitcoin, then a  people of nigeria can smile in using Bitcoin.

I am glad that as the years goes by, the involvement of crypto currencies to the different countries are keep on spreading, especially the use of Bitcoin. I am really glad, when I read this topic that there has been a good future awaiting on Bitcoin in this country. Nigeria will become one of those countries that make a good bonds to the Bitcoin.

Future of bitcoin in Nigeria will be more interesting, hopefully government in Nigeria wiill adopt bitcoin in thier country and apply some technology of bitcoin in terms of different transaction.

Bitcoin is only really popular in Asia and Europe and America. Currently, in Africa, most people are unaware of the appearance of Bitcoin and cryptocurrency. Maybe Africa is a backward continent when they do not regularly use the internet

Do not worry! now a lot of countries, politicians, people put a stick in the wheels of the development of the crypto market! I think that in the next 5 years there will be legalization of bitcoins in the whole world! with each passing day more and more people begin to use and study bitcoin and the entire crypto market system! In my opinion all African countries need faster development of the crypto market in their region! This allows you to save and increase your money, from very fast inflation!

Mpamaegbu, this is the thread link http://www.nairaland.com/3190496/currency-e-currency-market-deals  where I do trade my btc to fiat whenever I needed some cash I had the opportunity of trading with these guys, Sirambassador, Ibraheem001 others are ladyf and modath they are very trusted and reputable on that thread however I always recommends using an escrow because of a lot of scammers are there too, a lot of btc is traded on daily basis and one of the largest buyers are found in that forum in Nigeria.

With how they adopt bitcoin and crypto might have a great chance to lift their economy if they will fully understand the concept of this chain, it can help them developed and become competitive inside global market using this system, though it's still too early to assess that they will embrace this new innovations but I'm also looking forward that they will make a good decisions and study deeper the adoptions of this new alternative currency.

Nigeria is very supportive of BTC. If possible, I think BTC can change the economic crisis in their country, and BTC can solve the problem of inflation.

Actually btc is growing very fast also btc have good value in the world many investors are investing here based on this In Africa btc is doing their operations which is really good for them also Nigeria have taken good decisions for accepting this because they can develop their economy also many people will be benefited.

I don't know what's going around on that country but i'll make sure that in south African countries they are into blockchain and accepting payments via Bitcoin. It's pretty clear that there are some Crypto Enthausiasts. Looking
forward on their government to adopt the blockchain.

I think maybe with time, many of them will jump to the odds. Maybe you can be an ambassador there.
I do not think most African countries are crypto so you should not be surprised to realize only a handful of people from Nigeria are crypto.

What i don't like about Nigeria and some African country they are harrasing the ICO, They will get money from the invetors and dump the market and that's very bad situation. I hope the government will have an issue for this

Certainly Nigeria will definately recognise cryptocurrency, last year the CBN recognised cryptocurrency as a viable alternative to money.but no policy on it yet.

The problems of Nigeria and Africa , they all revolve around the government. Under such circumstances, it's hard for a decentralized system like bitcoin to grow there.All we can do is hope for the best.

You nailed it!! Africa has serious issues in terms of governance. Well, some few countries are exceptions though!

I don't agree with this one. You know one thing that citizens need in am era of corrupt and incompetent governance? That's financial freedom and i really believe Bitcoin and sister cryptos can help provide that very much.

The Prince would be proud :D

Jokes aside, I'm very happy that you guys are interested in the technology. The only thing that I'd be worry is the crime rate. If the financial crisis develops i'm pretty sure the society will divide into smart people who managed to secure their money in electronic currencies, gold, foreign currencies, and the rest that will think only about the ways of stealing that for themselves, to make a living. If the country falls into chaos, how do you think the police (who doesn't even know much about cryptos) will pursue those who manage to steal it at gunpoint?

I dont think that there is much people worried about the situation of bitcoin in nigeria, because it is worthless for bitcoin and it's community, i do not even think that they modify something

Do not worry too much colleague. Nigeria will catch up soon- it is just a matter of time,you know? However, you can help your country grow up in bitcoin operations faster if you take the trouble upon yourself, to educate the general public about bitcoin and its benefits. Just make cryptos publicised and get several of your countrymen on board, your country will grow in love with bitcoin.

nigeria economy does not kick against bitcoin and this has given it a open ground for it to flourish. bitcoin is actually helping alot of people most especially the youths most which does not have jobs. so i see bitcoin soaring high in such an economy.

Crypto currency is a huge help to unemployed people as well as poor people and they can make money here in the forum depending on how you personally raise your own using cryptocurrency.

I think the government just wants to protect their people. You do not worry. In my country, the Crypto transaction is prohibited in all forms but I am still working now. I was not arrested or fined by the police.
They can not stop us. Because the Crypto market is anonymous and our information is secure.

For countries like this, they are not concerned about bitcoins at the moment. They have far greater on hands to deal with right now. First of all, their system is weak. The governments needs to take immediate steps to fix their country's condition. Secondly, a handful of people are aware of this crypto market.

This is really a bad thing for the people in Nigeria who works for Bitcoin, it is usual for every country that wanted to have more time to think about accepting or approving Bitcoin especially those democratic countries, government & banks will be very afraid with Bitcoin because it brings a great impact for them. Maybe after a year Nigerian Government will be more informed and knowledgeable with the advantages that Bitcoin brings to the nation.

Nigerian government  is not even talking about bitcoin or blockchain technology. It is always like this in every other aspect of development. When the other government are looking for solutions to social issues Nigeria will be busy fighting themselves through nepotism.

The citizens of Nigeria are embracing bitcoin and other crypto currencies. One of the major issue in Nigeria and many African countries is the lack of bitcoin and blockchain awareness. But gradually, they will get there.

The main reason is in the fact that young people and even the elders of this huge African country now realize that blockchain is not just a technology but a movement that can change their destiny. So Bitcoin will become the king of the coins.

 By the way this is a very interesting topic. I never knew, but I read the news here. Renders Nigerian bitcoin-markets set new records on the volume of operations - for a week the volume was 1 950 000 000 Nigerian Naira. According to cryptocompare, the trading pair "naira-bitcoin" became the 23rd in the world in terms of the volume of transactions among national currencies. In the last 24 hours, 101.45 bitcoins were sold. The trading pair "naira-bitcoin" is about 0.03% of the world trade in the first crypto currency. In terms of growth, the Nigerian bitcoin market is overtaken only by China, which grew by 1500% in 2017.
 For the poor people of the third world, this is a good chance to get out of poverty. I think they will grab this chance with all hands and together create crypto-future in their country.

From my very point of view, Nigerians generally are cyberphobia, anything that is associated with cyber is tagged fraud, so is the case of bitcoin and crypto in Nigeria, so far bitcoin and cryptocurrency is internet or cyber related it will be had for Nigerian people to accept

If the Nigerian people will have a great work in bitcoin then the future of bitcoin in Nigeria will be bright because they can use bitcoin as an alternative for payment like in a shop or store in their country. Bitcoin has a lot of opportunities to offer to the people who want to grab opportunity. Bitcoin is a huge help in a country if they will just treat and use it seriously.

Well if time will comes that the country stated earlier will have a good political aspect, bitcoin must be there priority in able to eradicate poverty because it is one of there problem. But as of this moment there citizen can benifit in bitcoin so it is a good thing if it started with individuals and soon the country itself will benifit with bitcoin.

Not so bad in terms of growth of the crypto ecosystem in NIgeria. I know a couple of projects that are from Nigeria and successful conducted ICOs(Kora Network, Kurecoin coin (exchange). They are doing further development now, hopefully more will follow.

You truly deserve an award for this funny post. How do I get that across to you. DHL or UPS? How do you mean inflationary more than Bitcoin. Come on dude, the volatility of Bitcoin has no comparison with any currency or metals even from the time of the biblical King Solomon till date.


Thanks my guy for the heads up.

Bitcoin must have priority in poverty alleviation because it is one of those issues. If Nigerians do a great job with bitcoin, the future of bitcoin in Nigeria will be bright as they can use bitcoin as a replacement for payment in their stores or stores in their country. Bitcoin is a great help in a country if they just handle it and use it seriously.

in nigeria, the main problem is the low level of economic society and the level of human resources are weak so as to cause a variety of complex problems. and the majority of the population does not understand the development of technology so it is very difficult if bitcoin will be applied. because it requires a better human resource improvement.

By inviting them or helping them like we used to help each other on this forum , not by forcing , but giving them specific advice and the do's and dont's on bitcoin , and by sharing ideas about how to use and what is bitcoin , and positively those nigerian people will learn.

From the little I have known Nigeria, some folks I know take part in cryptocurrency related activities as many of them knows the benefits of the blockchain technology but the government are fighting the use of bitcoin in the country and this isn't encouraging for the citizens as the government isn't stable and employments are not been provided for the citizens. The future of bitcoin is certain as many organizations are embracing it, they use it for payment of goods and services, etc. So, bitcoins future is certain to grow in nigeria

You can help your country grow in bitcoin activity faster if you have the trouble yourself, to educate the public about bitcoin and its benefits. I think the government just wants to protect their people. In my country, Crypto trading is prohibited in all forms but I am still working. They can not stop us.

I think the governments of Nigeria should start considerating the importance of giving their people knowledge about cryptocurrency in general and bitcoin in particular. Because, the number of Nigerian people that used bitcoin or even just knowing about crypto and bitcoin is very low. And i think thats the matters that need to be solved quickly.

They have more hands to deal with now. The government needs to take immediate steps to overcome the state of their country. This is really a bad thing for the people in Nigeria who work for Bitcoin, the government and the banks will be very scared Bitcoin it brought a great impact for them.

Theres no need to rush and never compare nigeria ro africa because thats bigger country and more advanced than nigeria..you must be thankful because you come to learn crypto than your countrymen so what you must do is continue supporting crypto and specially bitcoin.never lose hope and keep spreading the word of crypto community to attract more and more Nigerian investors

It's not really true that the government of Nigeria is fighting the use of bitcoin. This is fallacious and an obvious public misleading. Yes, there was a warning issued by the Central Bank of Nigeria in 2016. At the same time it also warned its citizens against investing in MMM. Beyond all that there hasn't been any legislation banning the use of bitcoin in Nigeria.


You are absolutely right on this one.

The use of bitcoin Nigeria exploded in 2016 because of 2  factors; the financial crisis (recession) which led to the scarcity of the dollar for foreign exchange and the the price of ponzi schemes(started with MMM). Considering the the events which led to the mass adoption of btc in Nigeria are 2 periods in the history of the country that Nigerians will like the forgot its not hard to see why a lot of Nigerians still have their doubts about btc. This not withstanding I think the number of Nigerians involve in cryptocurrency has skyrocketed the past years though the %  of people using btc is still very small. But I don't think Nigeria is lagging behind considering its the second biggest country in Africa  interm of adoption

With the third world got involved already in bitcoin and accepting blockchain transaction in their country, i expect that this will proliferate even further as year goes by. There will be a shift of economic progress from being low to average up to high if they continue to adapt the said technology.

Nigeria, as a small country, will certainly contribute to the development of BTC if it can fully support the development of BTC.

i think the governments of Nigeria should start considerating the importance of giving their people knowledge about cryptocurrency in general and bitcoin in particular. Because, the number of Nigerian people that used bitcoin or even just knowing about crypto and bitcoin is very low.But as of this moment there citizen can benifit in bitcoin so it is a good thing if it started with individuals and soon the country itself will benifit with bitcoin.

According to the cryptocompare, the "naira-bitcoin" trading pair became the 23rd in the world for trading volumes among national currencies. The "naira-bitcoin" trading band is about 0.03% of world trade in the first electronic currency. For the poor of the Third World, this is a good opportunity to escape poverty. If Nigerians do a great job with bitcoin, the future of bitcoin in Nigeria will be bright as they can use bitcoin as a replacement for payment in their stores or stores in their country. Bitcoin is a great help in a country if they just handle it and use it seriously.

Bitcoin and crypto in Nigeria If Nigerians do a great job with bitcoin, the future of bitcoin in Nigeria will be bright as they can use bitcoin as a replacement for payment in the store or store. in their country. Bitcoin is a great help in a country if they just handle it and use it seriously.

When I were young, I already know Nigeria, some folks I know engage in electronic money related activities because many of them know the benefits of blockchain technology but the government is fighting using bitcoin in the country and This is not recommended for people because the government is unstable and jobs are not provided to citizens. So, the future bitcoin will definitely grow in Nigeria

If that happends in nigeria thats good news why?  It will help tha population economy in nigeria some people think that nigeria
Is a over populated and poor country but if bitcoin will be legal in nigeria it will help there country a lot.

Barely, few people in Nigeria know what bitcoin is, i once ask my friend to invest in bitcoin what he told me shocked me, that i want to lure him into yahoo yahoo

Well I think Nigeria has a future in cryptocurrency because recently a team from Nigeria successfully raised good amount of money from an ICO through bountyhive to launch an exchange called kurex.The exchange will bring more people from that country to start thinking cryto.But the rate of cyber crime in Nigeria is a major threat to cryptocurrency growth in that country.

Future of bitcoin is very bright. The beginning of everything is always despise by many people. Is not only in Nigeria that is facing problems with bitcoin utilization. Most people have not understood and realized the importance of it.

I don't think Nigeria is too far behind in bitcoin and blockchain technology at large. I've watched a couple of videos about some ICOs and I've seen few Nigerians demonstrating some good knowledge about bitcoin and cryptocurrencies. I found out that there are third party companies that allow you to change your local currency into bitcoin and get to trade with your bitcoin.

in countries such as Nigeria when recession is high the btc may be very valuable to be used as it can open much more opportunities and expand the economy.

Yes, true. too many of their oil funds go in the hands of the wrong people. maybe in the presence of cryptocurrency will help the african economy. positive value for cryptocurrency.

African countries are currently hit by bitcoin, including in Nigeria, I think at this time we have to support any decision on the community itself, even though only a few understand about bitcoin, hopefully in the future we will all that year

Education is really important! education is key, for kids who go to school maybe integrate it  somehow into there studies, have night time studies for adults, just find a way to get people involved and maybe more people will be interested in crypto and blockchain.

Those people need to prioritize bitcoin in able to lessen the poverty because we all know, Nigeria is part of Africa and Africa is one of the poor place in the world. With bitcoin they can help unemployed citizen, the government just need to provide those people a tool for it. Or maybe the government itself can involved itself in bitcoin so that they can help in boosting there economy.

It is easy to say but actually hard to do. how can they prioritize bitcoin if they dont have a device to access it? You know mate nigeria and other related cities in the africa are known to be poor , they dont even have an internet coverage or electricity on their country .

so overall i think the future of bitcoin in negeria will not be bright as on what we see on other developing countries .

Not only on nigeria but also to any other poorer countries   that bitcoin may seem impossible to be recognized .

African countries are lagging behind in technology as a whole and not the blockchain technology in particular. Most of the holders of crypto only use them for trading on exchanges and no real usage of their coins

Maybe the government of Nigeria needs time to study it first before taking some action, Nigeria has a very huge potential in crypto, i'm sure people of Nigeria come up with a solution about crypto, it's a matter of time I think.

Despite the criptocurrency are popular all over the world ,but in Nigeria it seem very new to them.

In my opinion in the countries of Africa it is saving pool too accept and use bitcoin faster than everybody in the world because it would be a great improvement of their economic system.

You know, Nigeria has issued warnings against some of its former digital currency, including Bitcoin. I think that in Nigeria bitcoin as well as other digital coins such as: Bitcoin, Ripples, Monero, Litecoin, dogecoin, Onecoin, is not legal, so any bank or organization makes such virtual transactions may be at risk.

In my opinion, Nigerians are very interested in bitcoins and other coding currencies. Many people now understand that bitcoin is not a Ponzi scheme like MMM, and a large number of Nigerians subscribe to the platform of the digital money market every day. Hence, i think in the near future, bitcoin will probably flourish in Nigeria and be accepted by the government for legitimacy

In my opinion bitcoin will definitely grow in Nigeria and have a bright future because bitcoin will help the economic life of its users ...

In my opinion bitcoin has great future in Nigeria and in Africa as a whole, you will be surprised when you see the number of Africans who are fully invested in cryptocurrency.Nigeria economic condition is not development but they fluently use bitcoin. ;)

It could be good there are a lot of people who have money there

for the future no one can know all the countries prohibit or inaugurate in my country crypto currency can not legitimately like a currency that can to conduct transactions

I can say that Nigerians are not lacking behind in the knowledge of the concept of Bitcoin at all. Though those that are fully aware of the technology are not much but they are well grounded. I see good things springing forth from Nigeria regards to Cryptocurrency as a whole.

most of the nations are don't know how to used crypto but at the time every county fall in crypto for sure.so that Nigeria too.
but if you wants to understand rightly then your have must educated. that's the main problem in Nigeria I think.

I think in the country nigeria or africa currently not fully know this kind of technology there I see there are still some tribal groups and people who still do not understand the computer at all.

I've heard from the news that Nigeria is considering using bitcoin as their currency, or at least the citizens are more interested in using it because their currency, the naira, has worse inflation than bitcoin.

not in Nigeria only, there are many countries that same with Nigeria, that country still don't know how to use bitcoin, and the people on it is not believing in bitcoin and don't want to use bitcoin because they think that bitcoin is a big scam, so I think they should know bitcoin deeper than before to know what is the benefit of bitcoin and anything else

what about the case? which I know that nigeria country has received bitcoin including other countries in Africa have received bitcoin, even many altcoin projects are realized there. but if indeed the nigeria country remains behind with the progress of other countries in Africa. it's probably because bitcoin users in nigeria are still a bit compared to existing bitcoin users

Individuals in Nigeria have the knowledge about cryptocurrency and they're seriously investing in Bitcoin, But there are no infrastructures like good, cheap and constant electricity and internet services  to enable them  participate in blockchain related activities like minning.

Bitcoin has a great future in Nigeria  considering the population of the youth and educational level of the citizens.

Zimbabwe is one African country that has shown serious promise when it comes to bitcoin adoption, i seriously hope Nigeria learns from them and stop trying to prevent hbitcoiner citizens from accepting bitcoin. Nigeria is truly an amazing country and i believe bitcoin will thrive very well there.

I think bitcoin have a bright future in Nigeria. Nigeria rank number 23 in the trading of bitcoin according to estimate gathered from various source by the end of 2017 Nigeria traded about u$55 million per week through bitcoin.. With some if this fact I strongly believe in it future.

Is too bad that Africa countries are lacking behind in the digital technology advancement in the world that is changing the world financial system and Nigeria as the giant of Africa as it being proclaimed is overwhelmed with high rate of corruption and bad governance and at that are not able to tap into the revolution that the blockchain technology and bitcoin has brought to the financial and economic institution of the world.

It is not that African are larging behind when it comes to crypto but any new invention was always coming to African last. I guess this is d reason for larging but with time.... It will surely move

In my opinion, Nigeria like some other countries are still young to so many technology and it naturally would make the government hesitant when such entirely new ideas like crypto creeps in. They probably need time to study the technology.

In my own perspective, Nigeria is neither a developed nor developing country. But if Bitcoin spread round Nigeria, bitcoin could change Nigeria for better. So if bitcoin could do that, then bitcoin future in Nigeria will be good.

for nigeria, i think the problem with bitcoin is the lack of adequate publicity of the coin, there is no proper awareness, but the future is bright for bitcoin here in nigeria, much need to be done, but nigerians are skeptical about investing their funds into what they really dont have an indepth knowledge of, but with time the acceptance of bitcoin will be high.

I have not really heard much about the government doing much to promote or hamper the growth of cryptos in Nigeria, only a few projects taking roots here and there, but certainly a good start.

There is need of more highlights on this... Though many more people have heard about bitcoin but does not really understanding How to buy, invest and secure it, some people even don't know the purpose, so we need the help of government in other to standardized the root of bitcoin in nigeria

In countries like these where the governments are doing little to help their people bitcoin and its platform technology will be seen as the currency but it may be difficult to implement it there now because of the infrastructure related obstacles.

The future of bitcoin looks great in the world as a whole and not just in Nigeria. As education and civilization goes up, people will understand how bitcoin works and the general adaptation will be great all over the world.

Yes I share the same thought with you, I believe it is as a result of bad governance but we are doing it under ground and we are coming out like a mighty wind and there will be no stopping us. Because crypto has come to stay, even in Nigeria.

 the level at which bitcoin is trending in Nigeria can in no way be compared with other African countries. bitcoin is really helping in the growth of the economy of the country Nigeria. i see crypto currency recording a huge success in Nigeria come the nearest future.

In my opinion, it's not a matter of backwardness, but because there could not be many Nigerians who don't know of high-value crypto currencies like Bitcoin. And the task for people who understand is to introduce bitcoin to them, the wider community.

Yes!!
According to statistics, Nigerian people know Bitcoin as well as electronic money too little!
Only a few percent of the population knows that, so development is very difficult !!!

Bitcoin will really grow in Nigeria with time but for now they are engaged in oil business and some other things.

In my humble opinion Africa and need to improve and step forward in Bitcoin and cryptocurrencies as well as blockchain integration into economy, because it can improve the economy above Europe even.

Nigeria is one of large country that actively uses bitcoin in Africa, from various data collected that Nigeria is the second largest country of bitcoin users after South Africa, and I hope Nigeria will soon legalize bitcoin.

This the last topic i expected to see in this forum but i do not think NIgerians are ready for what is going on in the world at large not many persons are aware of what bitcoin is and what it does but i hope they know about it quick enough

In countries such as Nigeria in the high economic recession, btc can be very valuable to be used as it can open up more opportunities and expand the economy.

We all know that Nigeria is a big country with a lot of population, but that won't change the way bitcoin works, but it's good to increase the number of adoptions on Bitcoin, so I don't understand why there are so many people are worried about this.

The future of bitcoin is very bright not in nigeria but all over the world there is no any doubt that nigeria is a very big country with lot of population thats why the future of bitcoin is bright their i think may be people are aware of bitcoin or not thats the question because if the people is aware about bitcoin than the future is too bright.

I think the future of bitcoin in Negeria is very bright, actually not only in Nigeria but in other countries in my opinion bitcoin will also develop rapidly and have a bright future. We must open up more insight so that we can also improve our economy so that we can earn extra income. Maybe bitcoin is very suitable for use in various countries.

The future of the bitcoin is very hopeful in Nigeria and very soon (as soon as the economy of that nation rallies) I am positive that the number of entrants into the crypto currency sphere would more than double. only the privileged few that have access to the internet and financial wherewithal that have invested in the bitcoin investment at the moment.

Though government policies are not against bitcoin, but it acceptability is very low, and the reasons been that there is no bitcoin publicity. The awareness about bitcoin and how it works are shallow hence potential investors are prone to scam. And if this is not remedy on time it may affect the future of bitcoin in a negetive way.

Although some people still not aware by the power of bitcoin, but im pretty sure that in Nigeria, the future of bitcoin will be bright. But, we still just can hope it, since all the authorities regarding to the bitcoin is the government's decision.

many Nigeria are involved in Bitcoin especially the elites. Nigerian government refuse to legally adopt Bitcoin because they are not sure what the future holds for Bitcoin. many of our politicians that are suppose to make legal  are investing on it individually. let wait and see what will happen in future when the economy of Nigeria is stable.