Bitcoin Forum

I believe this is a great news for Nigerians and Bitcoin as well. Recently, Jamaica did thesame and If this keeps going on with so many other countries, I am sure we will start seeing huge light.

For more; http://www.hmcryptogear.com/2017/08/central-bank-of-nigeria-endorses-bitcoin.html

Jamaica - http://www.hmcryptogear.com/2017/08/the-central-bank-of-jamaica-seeks-to-build-cryptocurrency-awareness.html

This is great news! In fact, central banks of different countries should start on doing the same. Introducing Bitcoin is healthy for the economy of the countrt because it is a mean of investment that would circulate the money of the country around. And with the central bank themselves endorsing will entice investors that the Bitcoin has huge potential to spike up in the future making them more aggresive of Buying and investing into it. In my country, it is still to be introduced to the people as a whole because are still not familiar with it.

I for one believe that too much recognition would not give us returns on our investment in the long run. If the supply exceeds the demand... you know the rest.

With 21 million coins in circulation at the end. Do you really think supply can exceed demand? Even if it does for instance, and it gets accepted globally for regular use, do you think the value would be the same compared to what we have now? Probably a satoshi then might even be worth something. Just an analogy anyway as no one can predict the future but from your claim,  I see no reason why adoption should pose threat for bitcoin on the long run.

16.4 in circulation as of now. However it will reach 21 million soon (or someday) as you rightly point out. But you are also discounting the fact that there are others snapping at its heels. So over time I have a feeling that it may loose its sheen but that will be sometime away (Hopefully not in my lifetime  :P).

Great news for Bitcoin! This will further increase the demand for bitcoin, therefore causing the price to pump. These countries are doing a great decision both for their financial aspects as a nation as well as for the people in general. I hope this national decision made by their leaders will help improve their economies.

This is another fake news. The Central Bank of Nigeria (CBN) has neither endorsed nor legalized Bitcoin or any other crypto-currency. They have issued a warning against using the Blockchain technology and crypto-currencies. Mr Musa Itopa Jimoh, although an employee of the Central Bank of Nigeria is a crypto-coin enthusiast. And his words represent his personal vies and not that of the CBN.

A further read on the link would have solved this mis-information. Its is not an endorsement rather its an expression of opinion by a top functionary of the Central Bank which was credited to him. The same way other central banks governors will equally express an opinion on the current matter but this does not inteprete to adoption because a lot of process as well as discussions will have to be done before this can be implemented even at the low level.

This will increase the demand for bitcoin and it will rise in price. Perhaps it will push other countries to do the same. And that would be a great idea.

Great news for Nigerian. This will boast economic development for Nigeria.

Thank's it is happen somehow it can helps those where at the Nigeria's living, people with interest at BTC in Nigiria this could be a really good opportunity with them.

This is the first time that I hear this kind of good news. As far as I thought most of the bank are afraid of bitcoin.
I'm hoping that this will be the start of banks to accept bitcoin.

The supply is fixed.
And recognition means more demand.

So there is no way that your scenario unfolds in this situation.

Back to the title, is pure clickbait.

.

There is no word about endorsing BTC and actually no word about BTC at all.
They talked about the blockchain.

Same for the Jamaica article.

Not a single mention of bitcoin but about cryptocurrency and technology.
It could mean anything, including a government controlled currency.

of course) they have no economy in the country! ;D ;D

Wow.. I'm surprised.. Finally.. This great news

Central Banks are usually careful in endorsing Bitcoin and cryptocurrency because they don't want to sound like promoting a business or they are having some self-vested interest on it plus if something wrong can happen they don't want to be blamed. One of the role of a central bank is to warn people to be cautious with any financial tool or deal.  As discussed above, this news is not completely true but I think that Nigeria is actually allowing Bitcoin transactions to flourish within the country as it can be of big help to a developing economy.

I hope this causes a landslide in acceptence of bitcoin.

No matter what country it is, it is a country on the list that is in favor of bitcoin, which is great!

This is wonderful news for the community. This hopefully increases demand. With the crisis in Zimbabwe that saw bitcoin trade at prices more than 20% higher than global prices. We can see whether its bad or good news, the bitcoin prices goes higher. Bitcoin surely deserves all the recognition it can get. I'm just hoping that recognition doesn't attract more organized scams like the 419 scams. But hey, we already have enough of those. That won't be anything new.

This is good many countries are now supporting bitcoin sooner the legality issues of bitcoin will also be resolve. I guess some countries already realize the impact bitcoin can make to the financial status of many people it is proven that many were able to improves their lives by doing trading and holding bitcoin which in return helps the country's economy to grow also.

Did a little background checking of the news and have found out a recent interview or news report (https://guardian.ng/news/cbn-laments-drop-in-financial-inclusion-growth/) with Musa Itopa Jimoh on September 15, 2017 and it looks like they are encouraging Bitcoin and other cryptocurrency because of their country's problem with their poor economic situation and many financial institution shutting down because of the rise of insurgency. At least that is how I viewed their situation.

Read the news again, as I said it just a few posts higher...
There is absolutely NO mention about bitcoin in those articles, just about digitization and the blockchain technology.


As in the above articles, even in yours there is not a single mention of BTC. Do a ctrl+f check on the article for bitcoin , 0 results.
They are just eager to create a state own crypto that they can control, that is their aim, the only way to prevent people exchanging their coins and notes for more stable currencies like the euro and dollar.
Once everyone has their funds in a centralized system you won't be able to "escape" and so they will achieve total control over the exchange rate which is plummeting.
Every dictator wet dream, control of everything.

Nigerian government has just started an initiative to research about blockchain technology and issuing crypto currency.There is nothing news about adopting bitcoin.I think that OP is much excited on reading the news that he has come to the conclusion that nigeria has endorsed bitcoin.But nigeria is suffering from financial crisis.So in future,it may adopt bitcoin.

It would have been a good news but for now I do not think central bank of Nigeria have approve cryptocurrency in any way. They  are still doing their investigation.

sounds much better they are still in the process of searching for much better ways and as I read some post above there's no mention yet about adopting bitcoin maybe they are some influence that may take place and they will endorse it but not for now so we just needed to check it out whether they will agree of using crypto currency in the future.

Sounds great but i think the work is under investigation.so lets hope for the best

hmm..Have you ever heard of a country that doesn't have an economy? how do they trade? how do they survive? why do they have a currrency? if they don't have an economy?

Too many good news for bitcoin, ATM machine in Taiwan, bitcoin value almost reach $8000 now, China starting to accept ICO's and now endorsement from other countries. It seems bitcoin is now heading a brighter future and sooner it's legality issue will be resolve. I can't wait for the day that bitcoin will become the main currency of the world.

LOL I was too surprised how they announced a bank has legalized Bitcoin, but from your post I have understood and realized its a fake news similar to Amazon.

Great news keep coming. A lot of awareness lately, so the trend of BTC is easy to predict.

I think it is a great opportunity to bitcoin and it will not only introduce to Nigeria but also to other country so that it will known around the other country and by this bitcoin will getting stable.

such news I think more and more will appear on the network as this is a normal trend

This is a good news for the bitcoin industry, being legalized and countries taking toll to recognize the existence of blockchain technology. This can be replicated by other countries as well. However btc popularity will increase demand and with that the supply should be sufficient for a long term sustainability. I hope btc will live long.

Great to hear that. Almost banks in any country often afraid cryptocurrency so they often try to make Bitcoin, the best cryptocurrency at the moment, be banned in their country. But this bank is different, they support Bitcoin, maybe Bitcoin will be legalized in Nigeria soon and it'll help the economy in this country develop very quickly.