Print Page - George Residence becomes first hotel to accept Bitcoin in Nigeria

I can not say companies in Nigeria are dawning to know about Bitcoin, but that this initiation can be the beginning of hotels and many other companies in Nigeria starting to get involved in bitcoins usage as reserves and as a form of payment methods. This hotel located in Lekki, in Lagos State will be the first of its kind to make a decision of moving towards accepting bitcoin as a form of payment and as the hotel's major reserve.

Quote from: https://1stnews.com/george-residence-becomes-first-hotel-to-accept-bitcoin-in-nigeria/

George Residence, a frontline player in the hospitality sector, has announced its decision to adopt Bitcoin as its primary reserve as well as a form of payment.

George Residence is a luxury shortlet which came to the forefront of the Nigerian hospitality industry in 2020. Chief Executive Officer CEO, ‘Yanju George, made the announcement in a statement released to the media. Further, he disclosed that the decision to make Bitcoin their primary reserve asset is to hedge against fiat inflation.

‘‘We have allocated around 50% of our cash reserves to Bitcoin…We hope to increase that as time goes on,’’ he revealed. “Bitcoin is the currency of the future and it is only right that we are strongly positioned so we do not get left behind.

“Bitcoin permits our guests a faster and more secure way to enjoy the comfort we offer. Our residents desire simplicity, and we are excited to be able to offer that to them,” the CEO had stated.

I am thinking this is just the beginning of hotels in Nigeria to beggining to accept Bitcoin as a form of payment, and as a reserved asset.

This is a welcomed development in the history of Nigeria and for the Nigerian people and bitcoin community. It might as well be the center of a new world for the Nigerian crypto enthusiast. This tells how backward the government of Nigeria in its CBN ban had decided to place the nation a while ago. Bitcoin is the future and in order for Nigeria and Nigerians not to be left out in this development, they ought to encourage and promote developments such as these through fair and just policies.

Products and services in that hotel are going to be sort out for and paid for in full using the most convenient means and in that means, the citizen has bought Nigeria and in turn, adds to the Nigerian economy as these goods are readily taxable and so is the hotel. This is a good one.

This is a good step forward, and if this is a chain of hotels then the acceptance will easily reach the common people. Already Nigeria is a country where people are much into cryptocurrency, but many get into the hands of scams. First of all good awareness is a must for the people to differentiate the legit ones and the scam.

However with the increased transaction fee initially the hotel won't receive more payments settled with bitcoin. However the initial step laid will make a change.

Quote from: Vaskiy on April 26, 2021, 07:33:08 PM

Any news of adoption and integration is always good even though the fees at the moment is very high but at least they have considered on adding or accepting bitcoin into their business

which is a good thing and as mentioned that any acceptance news or events is always been considered to be a good stuff. Adoption is on the move and it wouldnt be a surprising thing

if things like these on other countries would happen as well but that would always vary if crypto is really on the positive side on that particular country but if not then expect
on what would be next.

This is a big news, as I haven't yet known about anyajor business in Nigeria accepting cryptocurrency payments or keeping it on their balance sheets as a reserve currency. This would also bring publicity to the hotel as the teeming youthful population of Nigeria have gotten very interested in cryptos in the recent years; Could be the start of the shift of institutional investors within Nigeria.

Quote from: uneng on April 26, 2021, 08:05:28 PM

they will need to convert bitcoin somehow sooner or later, and when the time comes they will need an exchange and will have to use a bank account as well.

They wouldn't need a centralized exchange, the government and Banks blocked themselves from the Bitcoin network, but it can still go on without them. Peer to peer networks facilitate Bitcoin transactions and it cannot be restricted by financial agencies.

Quote from: Upgrade00 on April 26, 2021, 08:26:35 PM

Quote from: uneng on April 26, 2021, 08:05:28 PM

they will need to convert bitcoin somehow sooner or later, and when the time comes they will need an exchange and will have to use a bank account as well.

I am certain, others will follow if they will see the interest of their clients to crypto. Sometimes, it needs one entity to change the usual path of business. They will be remembered to be the one who paved the way for crypto to enter in the payment system in this industry. And later on, we will see other businesses to follow thru and so with the neighboring countries that are not yet open to crypto payment.

Quote from: Upgrade00 on April 26, 2021, 08:26:35 PM

Quote from: uneng on April 26, 2021, 08:05:28 PM

they will need to convert bitcoin somehow sooner or later, and when the time comes they will need an exchange and will have to use a bank account as well.

But isn't the p2p transaction the same than using an exchange from the bank perspective? The bank will be accepting money coming from a bitcoin transaction, like the exchanges do.
For an example: you sell me bitcoin and I pay you with fiat (through a bank account). As long as the bank doesn't ask for the money's source it's probably fine, but then if they want to know the origin they will know it's from a btc trade, and unless both parts involved on the trade lie, it will be considered forbidden by the country's rules anyway, no?

Quote from: Charles-Tim on April 26, 2021, 07:16:32 PM

Quote from: https://1stnews.com/george-residence-becomes-first-hotel-to-accept-bitcoin-in-nigeria/

“Bitcoin permits our guests a faster and more secure way to enjoy the comfort we offer. Our residents desire simplicity, and we are excited to be able to offer that to them,” the CEO had stated.

I'm not sure about the current situation when it comes to traditional means of payment in Nigeria but is it really that bad ^{[slow, insecure, and complex]}?
^{- Having said that, I did enjoy reading the above line.}

Quote from: Vaskiy on April 26, 2021, 07:33:08 PM

However with the increased transaction fee initially the hotel won't receive more payments settled with bitcoin.

The downward slope has already begun :)
^{- link (https://mempool.space/)}

Quote from: uneng on April 26, 2021, 08:05:28 PM

How is the hotel going to adopt bitcoin if banks there aren't allowed to deal with crypto currency?

In addition to Upgrade00's post, in that article, it also mentioned that they've partner with a "brokerage firm ^{[Coinvest Africa]}".

Quote from: uneng on April 26, 2021, 08:05:28 PM

How is the hotel going to adopt bitcoin if banks there aren't allowed to deal with crypto currency? Even the hotel holding 50% of their reserves in btc, they will need to convert bitcoin somehow sooner or later, and when the time comes they will need an exchange and will have to use a bank account as well. Or Nigeria government's position towards bitcoin is changing very fast or this hotel is going to have issues with the law.

Maybe they are going for a different route in terms of cashing out their bitcoin, it's still free to trade bitcoin in Nigeria so I think that they will still be able to use their bitcoins there. I say that we shouldn't worry about it because they wouldn't do this thing if they know that they are going to not get something good out of it.

This is another good news along with some other mostly online shops that have been said to Accept Bitcoin as a means of payment.
With the engagement in Bitcoin trading by the Nigeria people I believe sooner or later, the government might have to have a rethink of that policy. From this Post (https://tehlex.com/blog/2019/02/09/10-shopping-outlets-in-nigeria-that-accept-bitcoin-as-a-means-of-payment/) All this 10 online stores claims they accept Bitcoin as payment in Nigeria too and if this is the case, the adoption is on its way regardless

1 SHOPNOW.ng
2 KONGA.com
3 JUMIA
4 SLIPMART
5 SIMPLEPAY
6 MINKU DESIGN
7 REGALFLOWERS.com.ng
8 NERVE
9 KAVWIN NIGERIA LIMITED
10 CLOUDSMS

I've noticed that hotels which accept Bitcoin around the world tend to be luxurious, and I can see that this one is also like that. I don't understand why this is the case and I don't really like it because it's not like Bitcoin is largely used by rich people who can afford those hotels. Why don't places that offer affordable accommodation accept Bitcoin? Or is it because they're not ready to risk with hodling some money in BTC, whereas luxurious ones can? And also, if a place accepts BTC, it doesn't mean people will definitely use this opportunity.

Quote from: uneng on April 28, 2021, 05:46:22 AM

For an example: you sell me bitcoin and I pay you with fiat (through a bank account). As long as the bank doesn't ask for the money's source it's probably fine, but then if they want to know the origin they will know it's from a btc trade, and unless both parts involved on the trade lie, it will be considered forbidden by the country's rules anyway, no?

They do not have to lie, as I said in my previous reply, the government and other agencies banned themselves from the Bitcoin network, but did not ban Bitcoin, this means it is not illegal to use peer to peer platforms and one would not have to lie about the source of their wealth (although it's only requested in high profile case).

The banks no longer directly mediate transactions involving cryptocurrencies, so platforms like LUNO, cannot initiate Bank deposits to their platforms or confirm payment to user's accounts.

Is banning bitcoin was lifted in Nigeria? Feel to correct me if I'm wrong but this is was I thought when there is a rumor of banning bitcoin there.

If that is true, that is a good step. Bitcoin will more useful now and there are many business companies that start using it for payment methods. It's obvious that bitcoin now is for those big transactions like the payment on this luxurious hotel, and for micropayments will I guess not good like you are selling a piece of hamburger which is the fee is almost equal to your payment.

Thank you for share, that's good news though.

A start of bitcoin adoption. When people started to know that one particular hotel are now accepting crypto payments, this will make other businesses in Nigeria to follow this type of payments.

However,

Quote from: ReiMomo on April 28, 2021, 08:57:09 PM

Is banning bitcoin was lifted in Nigeria? Feel to correct me if I'm wrong but this is was I thought when there is a rumor of banning bitcoin there.

According here (https://techcabal.com/2021/03/02/due-to-recent-events-is-remitano-p2p-the-remedy-for-nigerians-to-buy-bitcoin-in-nigeria/), Bitcoin was still banned in Nigeria I wonder how hoteks manage to accept such btc payments where in fact, the buying and selling of bitcoin is still prohibited on their country.

Quote from: kryptqnick on April 28, 2021, 02:21:25 PM

You answered your question in my opinion, they have more money compared to small businesses. Not to mention that luxury hotels will look more luxurious if they are going to accept bitcoin and other cryptocurrency as a mode of payment. People are going to use it definitely which means that adoption is going to get bigger.

Quote from: kryptqnick on April 28, 2021, 02:21:25 PM

It isn't that odd, most people who actually have Bitcoin are those that are pretty rich, and those that would even willingly spend Bitcoin towards hotels and the like would also be the rich. There's only the minority out there that would actually spend Bitcoin on paying or buying for some stuff, I myself rarely do it. Plus, I don't think small businesses could handle the volatility of the coin, and probably even see implementing such a system towards their hotel a waste of money (no matter how small or big it is).

You will not know the hotel owners will keep their Bitcoin as reserved asset or will exchange it to fiat. You will never know. They can move their Bitcoin from first wallets to other wallets. They can hold, sell their Bitcoin.

The news is good and a positive adoption for Bitcoin. It will help your Nigerians know more about Bitcoin. More people will try to search and learn about Bitcoin. They might become new Bitcoiners.

As a payment method, even this case is for hotel, I think the Lightning network should be considered as the better payment method. Faster, cheaper and I think it will be for the future too. Bitcoin will have higher price and any satoshi losses for transaction fee will be stupid. It can be hundred or thousand of dollars someday.

This is great a development, especially at this time in Nigeria. At least it will douse tension of the uncertainty around Bitcoin and cryptocurrencies in the country. However, the nag there will be the unreliability of Bitcoin at this time to process th transactions at fast rate on relatively moderate fees. I think it will be better to have other cryptos payment methods like the USDT options because of low transaction fees. USDT delivers like the speed of light. The USDT TRC coin, especially.

Quote from: Ararbermas on April 29, 2021, 10:36:45 AM

Yes for sure, because once someone started it, soon more will adopt the same thing.. Its like what's is trending or popular wherein ppl always going crazy to have what thing its.. Indeed bitcoin is very useful nowadays because of its features and etc.. So definitely more ppl in Nigeria will adopt it also no doubts.

Its always good to see that anyone that start accepting the bitcoin just gives a more comfortable option for the users to pay. Also, this creates a news in a the market and if any big local brand adopts it then others also start o look into it and might even follow at the end.

Surprising! From banning the bitcoin completely to accepting it for the commercial use, Nigeria has pulled out some strings lately. Thats good news for the nigerian people if commercialisation is taking place in the form of bitcoin. This will eventually help the government understand that bitcoin is not going anywhere whether they accept its existence or not.

With the time, this was but obvious that Nigeria will also come to an arrangement where they will have to accept the bitcoin itself. Moreover, we have example of India too, where they literally changed the bill two to three times and now its almost certain that they will have legal status for the same.

IMHO, I think that was a positive development in Nigeria crypto space lately Because in the previous information Nigeria's Central Bank is very vocal and against the proliferation of Bitcoin and other cryptocurrencies so I'm wondering how the George Residences will manage those Bitcoin payments when they cant exchange them to the Nigerian local currency through banks, anyway the P2P or other private means of exchange are still possible in Nigeria but I don't think it can handle a large transaction without any banks involved. It is a complicated problem that needs to be resolved.

This will be a good move for the quick adoption of bitcoin in Nigeria because, Nigeria is a country that loves copying from themselves when it comes to startegy that will help promote their business. The hotel will have more customers and this will make other hotels emulate them, when the news is all over the city, because the location of the hotel is in the most developed place in Lagos state and it is in a lucrative area.

Quote from: uneng on April 26, 2021, 08:05:28 PM

I don't think that accepting bitcoin as an alternative payment method will be going against the law in Nigeria, because bitcoin is not illegal in Nigeria but CBN restricted banks from cryptocurrency transactions. This means that it is only banks but individual and businesses can use bitcoin.

Quote from: uneng on April 26, 2021, 08:05:28 PM

when the time comes they will need an exchange and will have to use a bank account as well

This something simple, there are p2p traders in Nigeria on exchanges and, the merchant will send the funds through is own bank account to the hotel account, and there will be no cause for alarm.

Quote from: Sim_card on September 21, 2023, 11:57:39 AM

This will be a good move for the quick adoption of bitcoin in Nigeria because

Nigerians already have adopted the use of bitcoin, it's legal to use bitcoin but the government aren't ready to allow the banks to use it or leaders accept it adoption as a legal tender, but they are quite aware a number of citizens are using it, this was part of the reasons why they introduced enaira, which turns a failure because it wasn't cryptocurrency, but just a digital fiat version, more than half of the Nigerian youths have heard about bitcoin and are interested in learning how to make use of this digital currency.

Quote from: Charles-Tim on April 26, 2021, 07:16:32 PM

I am thinking this is just the beginning of hotels in Nigeria to beggining to accept Bitcoin as a form of payment, and as a reserved asset.

I think that too. Once it starts it is only a matter of time before it takes up the pace and more companies will be joining them. It only takes one person to start the trend and people will follow for sure. But my question is, how much longer will this trend stay, and how people will react to this? I know that not everyone can become successful by investing in Bitcoin. What if those who made the first move end up being unsuccessful?

People who were against it will be laughing. I know it is a positive thing right now but what if, just what if? Makes me curious. Everything has two sides so it will be fun to see the final outcome.

Quote from: Dunamisx on September 21, 2023, 03:49:11 PM

It’s a great move that could further strengthen the slow but steady adoption of bitcoin all over but I don’t know about bitcoin being legal in Nigeria just yet. Saw this memo that was posted in another thread stating how bitcoin is still very much prohibited by the government. Unless there’s a recent memo that contradicts this, bitcoin usage doesn’t seem to be totally legal.
The government is clearly not ready to allow and actively discourages financial institutions from facilitating the use of bitcoin and like you noted, are likely aware of loads of people who still use bitcoin.

Quote from: Hatchy on September 18, 2023, 06:03:46 AM

https://www.talkimg.com/images/2023/09/18/6Y0rv.png

Quote from: Iroh on September 21, 2023, 07:01:05 PM

Quote from: Dunamisx on September 21, 2023, 03:49:11 PM

Snipped

Quote from: Hatchy on September 18, 2023, 06:03:46 AM

https://www.talkimg.com/images/2023/09/18/6Y0rv.png

This image you provided was from two years ago, you have to understand the dynamics surrounding their decision at the time. It was an after effect of the EndSars protest, which was a nation wide movement to stop police brutality and other societal ills, bitcoin was used as a means of funding when other traditional channels were blocked. I believe this made the government weary of bitcoin back then. Now, the attitude of the Nigerian government towards bitcoin has since changed, the laws regarding bitcoin transactions here are flexible and since the government has not found a way to regulate bitcoin transactions, they just choose to ignore it.

Quote from: Sim_card on September 21, 2023, 11:57:39 AM

This will be a good move for the quick adoption of Bitcoin in Nigeria because

This is great positive feedback for the residents of Nigeria. The Georgian residents accepted Bitcoin as payment. In Nigeria, bitcoin has already been declared legal; yes, there are some restrictions by banks, but similar restrictions do not matter in every country. Anyway, this is another step to take in Nigeria towards bitcoin adoption. Nigeria has made an excellent move toward Bitcoin adoption. Nigeria is the most Bitcoin-loving country in the world, and millions of people are connected to Bitcoin in some way. And I think that's the point of view that is unique in bringing about Bitcoin adoption.

Quote from: Kakmakr on September 21, 2023, 07:35:55 PM

It is always nice to see innovation like this, but if there are not people supporting this, then it is all for nothing. I saw many businesses starting to accept Bitcoin as a payment option and then after a few months, the same business only accept Fiat currencies again.

The reason for this is that people are seeing Bitcoin as a commodity and they rather want to use it an investment option and they do not want to spend it. :P

Agreed, many firms have begun to accept bitcoin into their business. Soon this used to get stopped as they don't find much people using the service. Most people find this to be an investment rather than a currency/transaction source. The reason for which Satoshi innovated bitcoin is different, but here something good had happened in the form of investment.

People of Nigeria are much used to cryptocurrency. It is possible to see bitcoin usage on different parts of the country. Already several firms from Nigeria accepting bitcoin into business were posted on our forum, and I remember one particular fuel station accepting bitcoin. The same is being done by the employees interest through his employer.

No Wonder according to data from the Chainalysis The 2023 Global Crypto Adoption Index: Central & Southern Asia Are Leading the Way in Grassroots Crypto Adoption - https://www.chainalysis.com/blog/2023-global-crypto-adoption-index/

Nigeria is among The 2023 Global Crypto Adoption Index Top 20
https://www.talkimg.com/images/2023/09/22/6eIo5.md.jpeg (https://www.talkimg.com/image/6eIo5)

Number 2 in Index meaning crypto must be popular out there and one or two merchant might started accept Crypto especially the bitcoin

Nigeria is making waves again, right? You know what this is? This is a strategic counterattack on global financial elites and their "stable" systems. George Residence is a pioneering Nigerian hotel. By adopting Bitcoin, its attacking banking cartels and suggesting that our fiat-based economic system is broken. More Nigerian firms following suit will be a serious rebellion against the established order. You're right: this is just the beginning, and the old world conspirators may not like it. Nigeria may inspire the globe to ask, "Why not Bitcoin?"

Quote from: SatoPrincess on September 21, 2023, 11:57:25 PM

It’s nice to see business owner take initiative to add bitcoin as a payment method in their business. I’m excited about this development in Lagos, there has been a lot of criticism on members claiming to adopt bitcoin payment in their business, most of which are Nigerians. This move by this Nigerian hotel shows the level bitcoin holds in the country and how open minded Nigerians are. This is just one among many others we are yet to discover.

The owner probably knows about bitcoin and thinks that it's probably a good idea to add bitcoin as a payment option, pretty significant move but in a country like Nigeria, I think that it's much better if they can influence other businesses to do this to really make a difference. I am all for bitcoin being used for commerce and stuff but I don't really see it as the best solution because if you've been in bitcoin or crypto space for a while now, you really don't like spending bitcoin instead you want to accumulate more, it's like you are paying stocks to buy snacks or stay in a hotel.

Quote from: Charles-Tim on April 26, 2021, 07:16:32 PM

Nijerya'daki şirketlerin Bitcoin hakkında bilgi sahibi olduklarını söyleyemem, ancak bu başlangıç, otellerin ve Nijerya'daki diğer birçok şirketin bitcoin kullanımına rezerv ve bir ödeme yöntemi olarak dahil olmaya başlamasının başlangıcı olabilir. Lagos Eyaleti'ndeki Lekki'de bulunan bu otel, bitcoin'i bir ödeme şekli ve otelin ana rezervi olarak kabul etmeye doğru ilerlemeye karar veren türünün ilk örneği olacak.

Quote from: https://1stnews.com/george-residence-becomes-first-hotel-to-accept-bitcoin-in-nigeria/

Konaklama sektöründe ön saflarda yer alan bir oyuncu olan George Residence, Bitcoin'i bir ödeme şeklinin yanı sıra birincil rezervi olarak benimseme kararını açıkladı. George Residence, 2020 yılında Nijerya konaklama endüstrisinin ön saflarına çıkan lüks bir şorttur. İcra Kurulu Başkanı CEO, 'Yanju George, medyaya yaptığı açıklamada açıklamayı yaptı. Ayrıca, Bitcoin'i birincil rezerv varlığı haline getirme kararının fiat enflasyonuna karşı korunmak olduğunu açıkladı. "Kasa rezervlerimizin yaklaşık %50'sini Bitcoin'e ayırdık...Zaman geçtikçe bunu artırmayı umuyoruz," dedi. “Bitcoin geleceğin para birimidir ve geride kalmamak için güçlü bir şekilde konumlanmamız doğru. "Bitcoin, misafirlerimize sunduğumuz konforun tadını çıkarmaları için daha hızlı ve daha güvenli bir yol sağlar. CEO, "Mülkinlerimiz sadelik istiyor ve bunu onlara sunabildiğimiz için heyecanlıyız" dedi.

Bunun Nijerya'daki otellerin Bitcoin'i bir ödeme şekli ve ayrılmış bir varlık olarak kabul etmeye başlamasının sadece başlangıcı olduğunu düşünüyorum. [/alıntı]

I think it should come to Turkey too, there are not many places in Turkey, especially in Istanbul, that accept this.

Quote from: Latviand on September 22, 2023, 09:55:04 AM

Quote from: SatoPrincess on September 21, 2023, 11:57:25 PM

Most likely this is the case, and we also know that Nigerian is one country that is really on top as far as crypto goes, not just bitcoin. So maybe we shouldn't be surprised at all with this news.

Or it could set another precedence as well when hotels are going to accept bitcoin as payment. I remember back years ago when there is a supposedly airline companies that accepts bitcoin as well. So maybe in luxury travel, perhaps in the future bitcoin is going to be big in this sector.

Quote from: Charles-Tim on April 26, 2021, 07:16:32 PM

I am thinking this is just the beginning of hotels in Nigeria to beggining to accept Bitcoin as a form of payment, and as a reserved asset.

This is a good news coming from Nigeria. This country holds great potential for Bitcoin adoption because of its highly youthful population. The country also has technological infrastructure such as internet connections which will aid the easy use of Bitcoin. The number of mobile phone usage is also high and a large junk of the population is educated. The government has tried to stop the popularity of Bitcoin by restricting banks from transacting in cryptocurrencies but the youthful population has kept embracing the currency. The constant fall of the nation's currency and the resultant inflation have made people turn to Bitcoin as a hedge against inflation. I hope more companies will follow suit.

Quote from: hector3115 on April 29, 2021, 03:37:44 PM

But Nigeria wants to ban Bitcoin, doesn't it?

The Nigerian government doesn't have any plan to ban Bitcoin currently. The Central Bank of Nigeria only prohibited banks from engaging in crypto transactions. The country has a high number of Bitcoiners.

Quote from: Jating on September 22, 2023, 01:06:03 PM

Quote from: Latviand on September 22, 2023, 09:55:04 AM

Quote from: SatoPrincess on September 21, 2023, 11:57:25 PM

We definitely will see more businesses accept BTC for payment real soon because of the awareness of BTC in this country already. The hotel accepting this would lead other to follow suit as others keenly watch how the government and regulators would react to this news from the George Residence hotel.
What I think is that more people and businesses will get to accept BTC for payments more, after the halving activity has been initiated and implemented as expected, next year.
BTC has assured its customers of being durable, valuable and reliable to some extent than altcoins or even our local fiat can prove to be.
It's a welcomed development.

It is high time that companies in Nigeria start to decide between continuing to hold and receive payments in the local fiat currency Naira or sorting for alternatives such as Bitcoin and seeing that the Nigeria Naira is on a steady decline against the United States dollar (USD), that recently saw Naira exchanging at the rate of $1/#998 per USD, which is almost a thousand naira ($1/#1000).
I don't know if this hotel happens to be the first of its kind to accept Bitcoin, but seems they are the first to officially make headlines or hit the media in Nigeria.

Bitcoin Forum

Bitcoin => Bitcoin Discussion => Topic started by: Charles-Tim on April 26, 2021, 07:16:32 PM