Bitcoin Forum

Nigeria led in crypto adoption in 2020 according to the information revealed by Statista,


https://i.imgur.com/6herJOK.png

and I want to see how 2021 becomes a big dilemma for Nigeria. will it be the advantage that continues to lead the adoption or will it diminish. reduced not because of the interest of its users, but because of the policy that has caused some users to be forced to stop cryptocurrency transactions. so how long this polemic will continue not to be realized. Nigeria has potential for the future, and is facing serious obstacles.

I guessing that the statistic will drop against Nigerian. Of course you don't expect to put heavy something on what has no good foundation and expect it to stand. As far the Nigerian government started frozen cryptocurrency related accounts, investors will run off to diverse means to survive in same crypto business or its kind. Therefore, if the channels are no longer traceable, no accurate records will show up because the government also can not account for the finance previously generated from such means.

The records may now change into the area of Nigeria as highest P2P user.

This isn't surprising at all. Nigerians have openly expressed their appreciation for BTC and other popular cryptocurrencies on many occasions.

I observed that countries which have severe economic issues usually tend to depend more on cryptocurrencies. Examples include Nigeria, Venezuela etc. This does make sense considering the anonymous and digital nature of cryptocurrencies.

LOL. So the Government got so worried that they decided to ban it. I think they shot themselves in the foot here. See the result:

https://twitter.com/i/web/status/1362396299929284610

"Recently the Nigerian government banned banks from dealing with Crypto

Now Bitcoin is selling at a 52% Premium in Nigeria. This is a perfect example of why you cannot ban Bitcoin!

https://i.postimg.cc/8zX4vDjb/selling-premium-countries.jpg (https://postimages.org/)"

Nigerians are hard working citizens outside and inside the country. They work so hard to make sure they be among those involved in what's helping outside people within in and outside her nation.
Her leadership is the only major problems we have face fro the past decades and the youuth are becoming wiser and smarter in doing anything to displace them from high positions of the government despite their efforts to make the youth feel intimidated and harassment.
The last time central bank tried to strengthen it Naira by eliminating financial institutions from aiding withdrawals and deposit to cryptocurrency exchange but today Naira has deprecated back to where it started as if the never did anything.

I wouldn't say that Nigeria led global adoption for crypto, definitely not. There are more significant factors at play here. The reason why Nigeria even used crypto is because their own currency is dwindling to its own death. They are forced to use crypto in order to survive, at this point. Almost the same goes to Vietnam.

You wanna talk about crypto adaption? Tesla soon potentially accepting crypto would count as crypto adaption. All the 7213 companies who are "impressed" by the current bull run accepting crypto out of nowhere would maybe count as crypto adaption. Nigeria sure is helping towards the overall global widespread but lets be honest; the current state of Nigerian economy with or without crypto is an absolute joke.

Crypto adaption is all based on the impact caused. And tell me how many people talk about Vietnam and Nigerian locals using crypto in contrast to Elon musk's dumb Dogecoin memes on twitter?

I am taking the pessimist route because that is sadly the situation we are all living in.

I think sometimes graphs are not giving all the factors of their consideration here. As they only based on specific number of respondents, you can't tell if they got the overall sentiments of the citizens of each country. So we don't know how many people they got the info from vs the total population of that country. But maybe, just treat this as just one reference but not the absolute sentiments around the globe, because that is highly unlikely.

And another stat company can do the same profiling but different number of persons involved or different factors in play, and they can come up with totally different bar graphs here.

I don't know how wide the margin of error in this survey. However, speaking from among the top countries on the list, I'd say I cannot feel it on the ground. My friends and acquaintances are a mixture of ordinary people on the streets and those who are somehow well-updated on what's new and trending in the world, in fintech in particular. The former have almost zero knowledge of Bitcoin. Many of the latter may be familiar with Bitcoin or crypto. However, those who are familiar comprise only the small minority of the country's population.

I got immersed into crypto when I was an expat. From my personal experience, crypto is more widespread among office-based expats but probably not among those blue-collared workers. Crypto was the most preferable choice for remittance. However, back in my own country, you can very seldom see a business establishment accepting crypto payments. Even banks are somewhat apprehensive even of the word Bitcoin. The mere mention of it might actually get your account frozen.

Those obstacles must be settled down in order for Nigeria to come up their potential. If someone or somebody will stop them, there's a big question that came to my mind right now! That's  huge conflict of power and money, because if their country leaders would be able to allow citizens to continue crypto adoption their country will be able to beat poverty. Unfortunately, this country their population also suffered from huge financial problems.

Does that mean that after Nigerian banks banned cryptocurrency, the price of Bitcoin on Nigerian-based exchanges has risen abnormally?
This is an expression of the huge enthusiasm of Nigerians towards Bitcoin, does their government want to suppress this huge enthusiasm of the people! May the government benefit the people of China by doing Bitcoin-based business!


I've seen this tweet a few days ago:
https://i.imgur.com/v7Y07x6.png

That means they thought Bitcoin has made their fiat currency valueless!  :D
How funny is this statement, they can't keep their faith in their won currency then how civil people do!  :D
This is hilarious, They started banning cryptocurrencies instead of improving their fiat, because Bitcoin devalues their fiat.

I think that the current situation in Nigeria looks very funny and naive for the Government, they thought that they could stop using cryptocurrency by such decisions. It seems to me that it is better for them to take care of the development of the economy in order to raise the value of the national currency, and not engage in a war with the cryptocurrency. In response to their actions, the opposite effect occurs.

I created a thread on the bitcoin discussion forum about how the impact of Nigerian governement regulation of crypto trading would affect the youth.
The digital alertness of the youth is a thing that its government should be proud of. Instead of exploring ways to harness in building her economy, it is busy looking for ways to hinder it.

Here is the link to the thread with the title; "Will Nigeria go late to the crypt party?"
https://bitcointalk.org/index.php?topic=5317994.msg56373699#msg56373699

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What i will advise CBN to do is to invest their reserve (which is mainly from oil) in bitcoin just as Elon Musk did to Tesla. When you say, you don't want the value of your national currency and reserve to depreciate, you look for ways to preserve and grow the one you have.

what would happen if countries invest in btc like the way they are investing in gold?

[moderator's note: consecutive posts merged]

When their is a need, their will be a research. Nigerian had huge number of people who is youngest in age.So most of them are educated and may be a unemployed guys. For that reason the youth population get into crypto works for sure.Because every one need money to survive.

I am not sure if they appreciate Bitcoins or not and I am honestly not much knowledgeable about Nigerian financial status but from what I could find in my research, Bitcoins are banned in Nigeria.

Source: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

If Bitcoins are banned there how are they on top of the chart baffles me. Maybe the increasing interest towards crypto forced the government to ban crypto there? I could not think of any other reason why they would ban Bitcoins when it being the most popular in their country.

I also found a very interesting article regarding bitcoins in Nigeria: https://cointelegraph.com/news/bitcoin-selling-at-36-premium-in-nigeria

If any Nigerian users are here they can easily buy Bitcoin from some decentralized exchange or maybe some seller online and sell them to locals at 36% premium. Wow!

I am not sure that the adoption of cryptocurrency in Nigeria is going so well because of the fact that they are doing well. It seems to me that if we compare countries with an increasing level of use of cryptocurrencies and their economic and social conditions, we can come to very interesting conclusions - the worse the country, the better it adopts in cryptocurrencies. I think this is a bad reputation for this tool and this is not a reason for pride but a reason for excitement.

Are the CBN in charge of bitcoin related regulation? No. Security Exchange Commission are in charge of that. After Nigeria CBN banned crypto companies from using banks for crypto related transactions, SEC of Nigeria put to media that the ongoing regulation which they were planning before is suspended. CBN only ban the use of bank to deal with cryptocurrencies, they do not have the power to ban cryptocurrencies generally.

The statistics is according to 2020, not 2021. CBN banned bitcoin on February 5, 2021, not 2020. Also know that bitcoin still skyrocketed when CNB banned the use through banks transactions, but the use of cryptocurrencies in Nigeria never decrease, which is a sign that the Nigeria youths are not backing off but just started with p2p. That is why the local bitcoin price increase above 30% in Nigeria.

I dont suppose that will be the case, as in reduction in the interests of users. The Nigeria government policy as long as it has not pronounce a total ban but just a restriction to financial institutions, I believe the crypto adoption in Nigeria will continue to grow as many people where already use to P2P trading and that aspect or sector in crypto trading will just see a surge in trader traffic since this seems to be like the major form of transacting between traders now.

With the current situation in Nigeria, the youths have fund a way around the hard economic problems that the days governments have not been able to resolve to a long while now, Unemployment and the youths and come to understand that cryptocurrency trading is a way out of that and they have been able to do that very well to a large extent including being the leading crypto trading economy last year and tom me, I believe no government policy will deter them from what they have found as a means to financial freedom.

I want to see how positive that effect will be in that country in the near future.

I am also surprised that our country is 3rd considering that there are a lot of people that still don't know what Bitcoin is and cryptocurrency as a whole. I guess that is because of the application that we use that even though they are not directly using Bitcoin, they can see it as a mode of payment. That is the case that I see from my friends and some people that I talk to when they hear me talk about Bitcoin.

The young people can't be stop, I am not young anymore (already breached 30+) and I can't say that I am with them, but I support this new Z generation a lot, those zoomers are really bringing the world to its knees with their collective understanding of the world, back in the day individualism was the keyword and baby boomers raised many people to save themselves first, and how one person could be great but those generations that was raised to be great individuals realized that no matter how great you are, if your surrounding is not great that means you failed, so they raised Z generation with the ideas of "do not ask if your neighbor have too much, ask if they have enough" and that is why we are seeing crypto not being stopped in Nigeria, nor in anywhere else, these people will make sure that they make the world a lot better place very soon, the older they get, the better the world will be.

The country is riddled with people well versed in the internet knowledge, so it doesnt come as a surprise that they are leading the world towards crypto adoption. What they lack in economic stability, they make up for in terms of brains, that's why contrary to what the media says, they are one of the most progressive countries in this planet, and I hope to see more from them in the future.

Excellent by the Nigerian bitcoiner community for their perseverance and that they have not bowed their heads to the power of their rulers to ban bitcoin.
If the solution to their economic problems is bitcoin and cryptocurrencies, why take away the right to choose their best resource?
Nigerians are using their best tool in these times of crisis. Like any of us, we use bitcoin and crypto to help fix our economy.

Bro! Bitcoin in Nigeria is at $76K! That is just amazing! As far as I know, banks banned bitcoin in that country but that means that there are some transactions happening. How about third-party exchanges? If that is the price of bitcoin there, how could they sell it? Where are they selling it?

That means Bitcoin in Nigeria is trading at a premium of around 35%. I expected either one of the two scenarios, when the government imposed banking ban on Bitcoin trading. Now the mainstream exchanges are no longer functioning in Nigeria and therefore most of the Bitcoin inflow/outflow from the foreign nations have stopped. The trading is mostly being done through the P2P platforms, and this means that it is confined to the users within Nigeria. From the range in prices, it is clear that within Nigeria, there is a severe shortage in supply for Bitcoins. For the international players, selling their coins to Nigerians in return for NGN is not very easy. For that, they need to have a bank account within Nigeria as well.

That Nigerian senator is an ignoramus of the real situation at hand. He isn't in the know of the real issue why the CBN took that action from the presidency of banning crypto. The thing is that the last #endsars demonstration left the government seriously wounded and in patches as it couldn't control the sources of funding for the demonstrators. Even after seizing their bank accounts the Buhari led administration couldn't still put a finger on those it accused of leading the demonstration as skeletal financial transactions were found through their bank accounts. So, the government thought they got funding through Bitcoin as monies didn't move in and out as expected through their bank accounts. It's not true that Bitcoin devalued the Naira. The Nigeria fiat (Naira) has been on devalued mode years before now.

That is just bad. I think a lot of players from other countries would get on in this to earn better profits. Selling bitcoin in there would be so profitable and yet the government banned accepting it but I guess it is for the better and I don't think it would be reaching that certain price if the government of Nigeria continues to accept it.

Can they access exchanges outside their country? I mean they could still do some transactions not directly with the bank but with some other e-wallets or online wallets.

In all nations of the world there are people who have zero clues about how tech works. You might think USA is a highly developed and one of the biggest countries in the world right? When they called google to congress they asked the person "is my phone following me" and google dude literally said "not by default but if you give certain apps the rights it might" and that old congress guy kept asking "this is a simple yes or no question, is it following me???", like how the fuck would google ceo would know if it follows you or not, sure if you give geo-location follow rights it will follow you but if you do not, it won't.

And this happened in the most known country in the world, in nations like nigeria and many like ours we have politicians who do not even care about the situation, they just ask their friends what they will vote and vote the same, we have parties all voting for the same thing and there is no need for researching anything.

Honestly, you got the scenario well captured. I was really shocktalized myself when China went ahead and banned Bitcoin in 2017. China of all countries? And at the time it had most miners in the world and exchanges were setting up there. Binance had to move out there because of the ban at a time it was just starting up. It was really a messy time for the crypto community. But look at the situation today and how Bitcoin has faired. A lot of people would think that the rest of the world have learnt its lessons not to go the China way. Sadly, politicians don't learn simple lessons.

At first when I came into cryptocurrency in the year 2018, I didn't find it quite easy to navigate between real projects and shoitcoins. It was hell then as we were experiencing the longest and worst near markwt then and I ask myself if was the only Nigerian dude in this space until I joined some certain crypto Telegram groups.
I was amazed by the numbers of Nigerians I have come across in and out of this forum and they are dominating when it comes to money ;D ;D Yes, we don't carry last when money is involved, that's what keep the spirit of Nigerians since we are so messed up by bad and greedy leaders.
The number of p2p transactions done by Nigerians alone in 2020 is a game changer in this industry.

If you look in a positive frame the countries struggling from weak economic situation people will look to hedge their savings in cryptocurrencies rather than trusting the banks and these governments will not like that and it might be the reason Nigeria started banning bank accounts of users who are trading bitcoin and these are not positive news but what these government does not understand is that you cannot ban bitcoin trading altogether as people will always find a way to overcome restrictions.

I think the govt of Nigeria needs to wake up and join the moving train. It is very obvious that crypto has come to stay and there is nothing any govt càn do about it. Today, in the USA crypto is one of the engine room that is solving the high employment rate over there right now. It has create lot of opportunities for the young ones. When we are talking about the Africa countries not Nigeria alone, but whole of Africa.  We will see that they have done more harm to the young ones who are the major key players in crypto. It has reduced the number of youths on the street looking for jobs. Since the govt can not control it, they want to ban it.