Bitcoin Forum

Many people done move from normal bank transactions to dey use Bitcoin for their daily transactions. Omoh people done tire to here say their transfer fail but debit no fail, POS dey read declined but account done debit, another one bank app no login them done tire for these complains and nah wetin dey cause dis shift, people done talk say e better to send BTC than to sit down dey wait for failed bank transactions, we go notice say a number of all these small business done dey prefer BTC use because e knw dey limited or controlled by too much factors as we understand say BTC itself nah financial freedom e dey preach.

So wetin dey unah mind unah feel say Nigerians dey actually join this trend?

Say u self done personally dey use BTC for daily financial waka? Make we here from your experience.

POS transaction failed, account debited and not credited. All these are still happening to us because even if we all have our money in bitcoin, we still spend naira for 99.99% or more on what we are paying for. Although, the one that I know that is well solved are the centralized services to be holding your money for you, bitcoin is existing for that purpose also. You can hold it yourself.

E go really make sense say most business owners for we society go adopt crypto as legal tender. E for really make sense but we know say no be actually the case today, like for my side, before you even see who dey accept crypto as payment, e go hard, especially those wey dey offer physical service and goods or day to day services. Imagine if the woman wey dey sell Akara for junction dey collect crypto as payment, or all these POS dey fit exchange crypto for cash directly lol. Na the stage we dey hope to reach for we country and I know say na only time e go take before we reach am.

when you look at countries that have even adopted bitcoin more than us here, there banking system is working better than ours with rare cases of failed transaction than what we are used to in this part of the world. even without the kind of bank drama we have here they still see the need to have full control of their finance which is the main reason why they opt for bitcoin as a far better alternative to the centralized banking system that is under the watch of the government.

for us here, i still think we have not reached that level of using bitcoin for day to day purchases because literally 90% or above of the transaction we do is through the banking system with the use of the fiat.

Even if you have all the bitcoins in the world, you still need fiat for other transactions. For 9ja wey we dy so, crypto no dy acceptable by all infact na just few fractions of the countries total population know of crypto as a whole and only few self knows of bitcoin. If you go market na fiat you go use pay and not bitcoin because mama wey dy sell fish no even know wetin bitcoin because in the first place. E even long self, some of them no get bank account na bitcoin them go come sabi. E go really Tay well well for our people to understand and fully adopt this as a means of payment for goods and services.

I like the idea of yours but the situation we are in now is that government has no legalized the use of cryptocurrency that's why in our country today some people still see it as a scam, which is why it is very difficult to even open up to explain it to some few people. Bank account is a serious challenge because there are people in this country who does not believe in banking system and most of these people are our local traders. So if they cannot believe with the bank account how can we trade with Bitcoin assuming the government as help the matter by legalizing it, the stress will reduce because bitcoin will not be new the people again.

I never really use BTC for any daily financial transactions because I believe say for this Naija, the regions and the location where the use of BTC dey rampant dey very few and na just a close nit of persons know about am sef.

I also think say to even dey free dey use BTC for daily financial transactions na security risk in itself, because of how the country be and no body know how greedy em fellow man be until e hear say BTC dey your account.  Dem fit kidnap you, or thief your device or hack your device sef just to get hold of that BTC wey Dem know say dey valued in this period.

Lastly, the use of BTC fit only dey age restricted to Gen Z wey understand online hustle wella. The oldies no send all dis BTC matter, na only few of them wey dey well financially educated go understand the use case and application of BTC as good store of value and a great hedge against the rising inflation and cost of living for the country.

It's actually not as easy as it sounds. People on this part of the world are not fully accustomed to bitcoin and thus you don't expect them to transact very often with it. I can boldly say if not for the last chaos caused by a change in Naira notes, people would still have not been very familiar with online banking and transfers.

Bitcoin still has a long way to go before payments with it will become normal averagely across the whole world. It's being used already but not maximally.

This will take some time. Crypto is not yet fully legalized in Nigeria, it is still regulated. It will take some time for crypto holders to get full freedom to use crypto, when we can be completely free legally, then we may see the use of crypto increase significantly.

Fiat is still at the top of the list of people's preferences for daily purchases, this is not going to change anytime soon. We have been accustomed to the banking system for centuries, which is not likely to change anytime soon. If crypto is legally allowed to trade freely in Nigeria, the use of crypto will definitely start to increase. Right now, only a group is using Bitcoin and encouraging people.

In Nigeria presently no one can make use of bitcoin regular as fiat, businesses might experience a great loss if they decide to see bitcoin as the only currency available firstly in terms of value bitcoin price is not stable and for a business to grow definitely an unstable price range is not needed. Complaining about poor service provided by the bank is actually right, the stress that comes with poor network etc seems wrong besides bank should work on the whole money network issue meanwhile transacting bitcoin always might be risky for instance the rate of scammers are alarming.

No matter the collapse of Nigeria financial system, there is nothing we can do about it, Bitcoin do not come to chase bank away but implement a payment system where you exchange without third party. It won't be easy to start using Bitcoin as a daily expenses and that Nigeria is also not supporting crypto to be interconnecting with bank.

There is no way that can be done, we've said it may times that only LN could be used such way.

Crypto will not be free from regulation, what matters is free from restriction and since the government has no restriction on the use of Cryptocurrency it is legal and acceptable for any business to use as payment option.

The idea of moving totally to Bitcoin in everyday use cannot work, no way can Bitcoin replace fiat, flow and exchange of money moves in fiat, workers are paid in fiat, companies pay through fiat, government pay civil servants through fiat, those in the market sells and receive through fiat, use of Bitcoin will only work for important transactions not for daily transaction.

Most times saving money in a bank can be heart breaking, due to the uncertainties associated with the operation of the bank and government policy.
Saving money in Bitcoin as a store of value can be more reliable and less stress, because transaction in Bitcoin as a cryptocurrency does not require a third party neither is there any official protocol you have to follow.

The use of Bitcoin for daily expenditure and transaction could have been good and reliable, because it's less stressful to access and no government policy or regulations. But can not be possible because the use of Bitcoin for daily expenditure will devalue or render the traditional or local currency useless.
The use of Bitcoin for daily expenditure can not be possible due to the fact that the government will not have control over it and it may affect the economy in such a way that might not be favourable to the government.

Like them say for local parlance " no be today wey ynash don dey for back". No be today wey people don dey hate banking challenge especially the bank queue, delay transaction and attention. Now, Dem solve matter small with POS yet, some people bank self with POS na like cat and mouse with network. But crypto sweet more with bank app. Just sell btc or Usdt, collect pepper with your bank account (app) begin chop your money from your app asap, pay as you go. Chop bush meat and do transfer. To touch cash na maybe you want to give old people money wey no get account. Life easy with digital currency.


If you are not, you are on a long thing.

Omor this one na easier said than done oooh, you want make government tell you say you wan devalue their naira, normally e go make sense if bitcoin fit works as legal tender for naija but until e happen small businesses no go fit adopt the strategy, even if federal government talk tomorrow now say bitcoin na legal tender for naija na mainly big businesses like all these major hotels them go dey use am, u see how hard it was during cashless policy that year when people self been no gree dey collect transfer, how you think say those regular day to day shop owners go gree accept bitcoin as payment? Them no go gree, e go really take time before this dream to become reality for Nigeria and if you really want push am then na to start to dey accept bitcoin first for your own business make effort start from you.