Nigerian E-commerce Can Grow with Cryptocurrency Payments

[Uhochi]

Nigeria's online shopping market is getting bigger, and using cryptocurrency payments can help it grow even more. By accepting cryptocurrencies like Bitcoin, Nigerian online businesses can make more sales.


1. With cryptocurrency payments, Nigerian online businesses can sell to people in other countries, easily and safely. This means they can reach a global customer base, without worrying about borders or currency exchange.

2. Cryptocurrency payments are fast, secure, and protected from fraud. Transactions are processed quickly, and businesses can receive payments without worrying about chargebacks or fraud.

3. Payment fees are lower with cryptocurrencies, saving businesses money. This means they can keep prices low, attract more customers, and increase their profit margins.

4. By accepting cryptocurrencies, Nigerian online businesses can show they are modern, innovative, and customer-focused. This can help them attract customers who want to use digital payments, and stand out from competitors who don't offer this option.

5. Many Nigerians are already using cryptocurrencies, and online businesses can benefit from this trend by accepting crypto payments. This can help them attract new customers, increase sales, and stay ahead of the competition.

6. Accepting cryptocurrency payments is easier than you think. Businesses can use payment gateways like BitPay, Coinbase Commerce, or others to start accepting crypto payments quickly and easily.


By using cryptocurrency payments, Nigerian online shopping can grow, become more secure, attract more customers, and increase sales. It's a win-win for businesses and customers alike!

What do you think?

[Die_empty]

1. With cryptocurrency payments, Nigerian online businesses can sell to people in other countries, easily and safely. This means they can reach a global customer base, without worrying about borders or currency exchange.

You are correct that accepting cryptocurrencies might help the business get global patronage but fiat also offers the same services. With fiat online payment platforms, businesses can receive funds from anywhere in the world. Businesses that accept cryptocurrencies will attract crypto users and also help invade unfavorable financial restrictions put in place by the government.

2. Cryptocurrency payments are fast, secure, and protected from fraud. Transactions are processed quickly, and businesses can receive payments without worrying about chargebacks or fraud.

Using crypto payment services doesn't guarantee protection from fraud. There is a need to be cautious while engaging in crypto transactions because fraudsters also target the sector.

3. Payment fees are lower with cryptocurrencies, saving businesses money. This means they can keep prices low, attract more customers, and increase their profit margins.

Cheap transaction fees used to be one of the features I always used to market Bitcoin but we the recent attack by ordinary inscriptions and runes, transaction fees are no longer cheap.

4. By accepting cryptocurrencies, Nigerian online businesses can show they are modern, innovative, and customer-focused. This can help them attract customers who want to use digital payments, and stand out from competitors who don't offer this option.

Nigeria still face some problems that will impede the smooth use of crypto in business. Unstable internet connections and poor power supply is a major problem. Businesses will have to spend money to access alternative power sources..

5. Many Nigerians are already using cryptocurrencies, and online businesses can benefit from this trend by accepting crypto payments. This can help them attract new customers, increase sales, and stay ahead of the competition.

Many Nigerians are using cryptocurrencies but what is the government's position on the currency? The government has consistently made wicked policies to frustrate citizens and crypto-related businesses. Without government support, the crypto industry will not grow as it is meant to.

6. Accepting cryptocurrency payments is easier than you think. Businesses can use payment gateways like BitPay, Coinbase Commerce, or others to start accepting crypto payments quickly and easily.

Do businesses really need exchanges or third parties to accept crypto payments? They can use diverse decentralized means because the government is currently attacking exchanges in Nigeria.

As I was responding to this thread I began to suspect that it was generated by AI. I had to check with a checker and discovered that it was 100% AI-written content. I might also be wrong since I used only one provider.

[X-ray]

the only complication here is probably law and regulation, some countries are so hell bent on not accepting other form of currency and just try to limit their own currency as legal tender.

I don't know whether nigeria allows cryptocurrency transaction but if they do then I guess there gonna be no problem.

if i'm being honest though, if you really eager to pay using crypto you can always use cryptocurrency debit card where it gonna deduct money straight out of your crypto wallet, but having the idea of direct payment using crypto does sounds interesting.
I see that stablecoin is the most fitting to be used for this purpose, low volatility and also being available through many blockchains, so if one blockchain got high gas fee, we can act accordingly by switching over to the other blockchain.
but I guess we're too early for to see these big companies accepting direct crypto payment method until there's clear regulation about it.

[DarkState]

Only accepting cryptocurrency as payment is not enough to grow commerce market. I think that in order to grow e-commerce platforms, user convenience must be considered. First, let's see how popular cryptocurrency is in Nigeria. If it is very popular and users are very interested in using it, then it can be added to the payment system. Also, I think product variation is an important factor in growing an e-commerce platform. If all the required products are available online, then it will help the e-commerce market grow. I mean, just one thing should not be depended on.

[o48o]

Nigeria's online shopping market is getting bigger, and using cryptocurrency payments can help it grow even more. By accepting cryptocurrencies like Bitcoin, Nigerian online businesses can make more sales.

1. With cryptocurrency payments, Nigerian online businesses can sell to people in other countries, easily and safely. This means they can reach a global customer base, without worrying about borders or currency exchange.
2. Cryptocurrency payments are fast, secure, and protected from fraud. Transactions are processed quickly, and businesses can receive payments without worrying about chargebacks or fraud.
-cut-
What do you think?

I don't get these arguments:

1. How come Nigerian online businesses can't sell to other countries safely, by using other forms of existing online payments?

2. What do you mean by protected from fraud? Word scam is pretty much the first word that comes to mind if you ask any no coiner, and even the cryptocurrency holders admits that most problematic parts in this scene are fraudsters and scammers. So what's the fraud crypto is protecting us from? Blockchain is immutable and transfers irreversable, so it has been a perfect tool for scamming. Only recently because of KYCs and new laws it has become more difficult way to cash out stolen money.

Other points like cheap fees are a good point, but complexity of crypto taxation is (i guess) the main reason it's not worth the hassle in most regions. That's not the fault of crypto, but reality in many areas.

[AmoreJaz]

Only accepting cryptocurrency as payment is not enough to grow commerce market. I think that in order to grow e-commerce platforms, user convenience must be considered. First, let's see how popular cryptocurrency is in Nigeria. If it is very popular and users are very interested in using it, then it can be added to the payment system. Also, I think product variation is an important factor in growing an e-commerce platform. If all the required products are available online, then it will help the e-commerce market grow. I mean, just one thing should not be depended on.

Accepting crypto in e-commerce may contribute on its growth but one should not take this action as the sole contributor of its developments. Crypto is just like accepting fiat payments. So if the e-commerce won't be patronized by its people, it won't grow as it should be. The growth of this sector is not about payment method only, it is how the people are utilizing it in their everyday life. Without massive usage of this industry, it won't generate the revenue it needs for it to be considered growing.

[Coyster]

Are you talking about cryptocurrency payments or bitcoin payments, it does not mean the same thing and it is better if you keep it at bitcoin and USDT/stablecoin payments. It is a very good idea for Nigerians businesses to implement bitcoin and USDT payments, but remember that our government is somewhat hostile to cryptocurrencies.

3. Payment fees are lower with cryptocurrencies, saving businesses money. This means they can keep prices low, attract more customers, and increase their profit margins.

Bitcoin transaction fees isn't always low, and sometimes it can be extremely high, and that is very discouraging to prospective customers.

[Cryptohygenic]

Basically upholding bitcoin for universal values of transactions is what it is made for whether an online or offline trading. It has its own blockchain which enables multiple transactions in an algorithm of Peer To Peer regionally unlimited.
So for a vendor to be internationally connected with their peak of businesses, accepting bitcoin for payments would give it lot of those benefits.

[Stablexcoin]

Would you mind moving this topic to the Nigerian local board I think it is the best place that was specifically given to the Nigerian community to discuss. Please do it immmediately

[DiMarxist]

Op if I were you, I would have moved this thread to local board and you might have gotten what you wanted. Foe Nigeria dropshipping or online marketing to use bitcoin is not a problem but everyone is trying to avoid government problem. Because the government right now is targeting those who are using cryptocurrency and if they see anyone they ban the local account.
And another issue is that the transaction fee for bitcoin is too high and $1 is equal to 1,530 naira in Nigeria currency which is a very big amount that an average Nigeria does not have a day. And buyers are not ready to pay that fee.

[uneng]

By using cryptocurrency payments, Nigerian online shopping can grow, become more secure, attract more customers, and increase sales. It's a win-win for businesses and customers alike!

What do you think?

In a globalized world like the one we live nowadays, every measures to increase accessibility through technology is valid, including regards payment methodologies such as cryptocurrencies. Its indeed a win-win situation for every parties involved on this process. Even for those who are afraid of high volatility encountered when dealing with crypto, there is still an alternative which is to adopt stable coins on their virtual shopping transactions.

It's much more worthful than using local fiat currencies which are eaten by inflation in a continuous and frequent basis. However, it's not enough for us on this forum to think it's a good idea. It's your countrymen who have to think it's a good idea, since your concern is directly related to your country, Nigeria.

Open the discussion in your local community of crypto enthusiasts and among your groups of friends and relatives. Encourage the adoption and tell them how benefical it could be if they used cryptocurrencies for E-commerce payments.

[SilverCryptoBullet]

E-commerce is a very broad industry and you can make payments on e-commerce ecosystem without cryptocurrency. There are many e-wallets to serve e-commerce platforms for digital transactions.

Cryptocurrencies and blockchains can help e-commerce platforms to integrate more payment methods for their platforms and bring more options as well as convenience to users.

Enhance security is one of things that blockchains and cryptocurrencies can contribute to e-commerce but we have to know that altcoin blockchains and cryptocurrency bridges have security weakness and are vulnerable to hacks too.