Oroplata
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Activity: 57
Merit: 10
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August 28, 2017, 12:28:31 PM |
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I found out on google that there are several bitcoin exchanger in Nigeria. These crypto currency exchangers will never be in operation, if there is no approval by Nigerian government. I hope they are still in operation until now. Therefore bitcoin in Nigeria is accepted by government. Maybe it is not accepted in any store as a form of payment.
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Ekanenf
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August 28, 2017, 12:43:51 PM |
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Why it is that Bitcoin is not accepted in our country (Nigeria)?
It is either of this two, maybe because was banned by your Government for some reason, or maybe because bitcoin is not popular in your country. But as long as you know that sites where you could earn bitcoin, means you could earn bitcoin even though bitcoin was banned in your country and so on. But if you mean by not "accepted" is when you are using it on buying things, it is because your Government is not declaring bitcoin as your currency. |
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hachiman13
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August 28, 2017, 12:57:51 PM |
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As a fellow 3rd world country guy, i feel bad for you. Bitcoin would really help people out of poverty if just given the opportunity to be accessed but i guess your government is to be blamed for that.
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Cyberczar
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Merit: 100
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August 28, 2017, 01:00:46 PM |
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From what I've read, bitcoin is not banned in Nigeria. However, Nigerian banks are not permitted to deal with bitcoins. Now that's a different matter and should not stop you from working with, or earning bitcoins since it is internet driven. All you need is work with exchanges ànd your personal wallet. Cheers.
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Crypto and blockchain writing service
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iram1011
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August 28, 2017, 01:19:49 PM |
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Why it is that Bitcoin is not accepted in our country (Nigeria)?
It is either of this two, maybe because was banned by your Government for some reason, or maybe because bitcoin is not popular in your country. But as long as you know that sites where you could earn bitcoin, means you could earn bitcoin even though bitcoin was banned in your country and so on. But if you mean by not "accepted" is when you are using it on buying things, it is because your Government is not declaring bitcoin as your currency. It is not banned in Nigeria. I don't understand why OP felt so. Government of Nigeria only have banned banks transactions in Bitcoin or any other cryptocurrency. Which is rare a case for any bank in any country. Instead the Deputy Director on Banking and Payments System has himself said that Central bank cannot control or regulate bitcoin. Central bank cannot control or regulate blockchain. Just the same way no one is going to control or regulate the Internet. We don’t own it. Bitcoin is very much legal in Nigeria. There is utility issue as still not many vendors accept Bitcoin. But so is the case with many countries. |
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grermezter
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August 28, 2017, 01:23:28 PM |
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Why it is that Bitcoin is not accepted in our country (Nigeria)?
Just like my country, Bitcoin is not used to make day to day purchases by the problem is redeemable because you can convert your bitcoins to fiat and use it for your day to day transactions. I have friends in Nigeria and thats how they do it there as well. There aren't any law against bitcoins in Nigeria as far as i know. Its just that people don't know about it. |
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BillyBobZorton
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August 28, 2017, 01:28:58 PM |
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Why it is that Bitcoin is not accepted in our country (Nigeria)?
WHat do you mean by not accepted? Is it not accepted by the merchants or has been blocked by the government? If it is about the merchants, then chill! That is not available in most of the countries so the people are using it as an investment asset instead of purchasing currency. However, if it is by the government, then you have to understand that your government don't want their people to stand financially. Even in my country, the legal status of bitcoin is not clear. The government never issued any notice to the users nor legalized it. So I am mainly using it as a trading tool and as an investment asset. Whatever I cash out through out the years, I always include it in to my tax filing just to be safe. The countries that have bad policies about bitcoin are inviting people to get their wealth in bitcoin and move it into another country that has more friendlier policies about it. For example if in your country the tax process is nothing but hell when it comes to bitcoin, and you risk getting your bank account frozen forever as soon as you get your coins sold and into your bank account, people will just move their BTC to another country and their country will lose all these potential taxes, so it's on every country's benefit to be friendly to bitcoin users when thy try to sell them, instead of making the process a mess and losing all that revenue. |
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Oceat
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August 28, 2017, 02:06:58 PM |
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It seems that the bank of your country is being cautious about of those scams and money laundering scheme which is being exploited by the criminals and terrorists. They are aware that most of the people in your country will be having a great risk of losing their money because of the digital currencies. But you don't have to be worried because not really the whole country is banning bitcoin, some of the city in your country is still accepting bitcoin and want it to be legalized. I'm sure you will gonna find a way on how to it, to be able to use bitcoin again.  |
3996
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carlfebz2
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August 28, 2017, 02:21:05 PM |
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Why it is that Bitcoin is not accepted in our country (Nigeria)?
I'm hearing out that Bitcoin is already gaining popularity on Nigeria knowing that it is also the place on where TBC become famous too and I have heard that they are switching on bitcoin too but I didn't know that government do prohibit or discourage on your place I didn't heard such news as of now. If that's the case then government don't really like to accept or adopt a decentralized thing. |
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fossilized
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August 28, 2017, 02:51:23 PM |
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There is a difference between non-involvement vs negative regulation against bitcoin. Think most, if not all, governments take the non-involvement route as they do see value of bitcoin for the country or even their personal wealth. Don't think nigeria is any different, in fact there are fintech start-ups that are doing well in africa.
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tinhyeumaunang
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August 28, 2017, 03:02:13 PM |
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Why it is that Bitcoin is not accepted in our country (Nigeria)?
They have some own views and laws.. They may think that bitcoin will adversely affect their economies. Or cause other bad things. |
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trecore4
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August 29, 2017, 07:54:00 AM |
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There are many countries which do not accept the bitcoin as legal entity and that might depend on the Nigerian government. You should consult to CA or accounting authority within your county who will explain you everything in the terms of legality.
People here might just give you reasons, it's because of this, its because of that and some might just speculate the situation but you will not find realistic answer because it is too specific to your county and we don't know the exact situation over there.
You go can to legal people and discus with them whether bitcoin is allowed or not or if yes then why and if no then also why. You should know everything.
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cyberChevan
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Activity: 91
Merit: 10
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August 29, 2017, 08:09:59 AM |
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Why it is that Bitcoin is not accepted in our country (Nigeria)?
Usually, the reason why some countries don't accep bitcoin is the issue of illegal transactions. And of course they prefer the banks because they can regulate it and the issue with the taxes I guess. |
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franco123
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August 29, 2017, 08:52:39 AM |
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There are a lot of reasons why a government of a specific country would not accept or support Bitcoin to be used and transacted by their people especially in their country. First of all, this is because they want to secure their banking system by allowing the people in their country, or even foreigners in their country, to only use the real currency they are using. This is because in basic economics, if the real currency or money circulates in the country, the healthier the economy for the country will be. Hope this explains why but still, it is good also for a country to be open into other investment instrument like Bitcoin.
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Adbitco
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August 29, 2017, 09:09:49 AM |
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To the best of my knowledge there hasn't been any country in the world which has made bitcoin illegal by law. I'm not sure what's Nigerian government's take on bitcoin but I assume if it's not positive it's not negative either. As far as the popularity of bitcoin or it's adoption by the public in general or acceptance by the businesses, merchants etc is concerned it's something which though growing but at a slow rate everywhere all over the world and it's natural for bitcoin to grow at this rate because it's still new. We will have to wait a few years more before bitcoin become global and mainstream.
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Remainder
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August 29, 2017, 10:16:05 AM |
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Just continue earning bitcoin and save it because when bitcoin will be accepted in your country I'm sure that you're be a wealthy man on your country or you can also used it outside your county.
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Schuyler
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August 29, 2017, 11:08:12 AM |
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Unless a government thinks that a digital currency like bitcoin could be a cause of problems to its citizens or could be used in money laundering activities, they wouldn’t act on making it illegal. The most that they can do is regulate and set rules and policies on how it is supposed to be used, with proper identification from its users and a bitcoins exchangers that have enough funds and transparency to run such a service.
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teamcryptonator
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August 29, 2017, 11:52:02 AM |
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Why it is that Bitcoin is not accepted in our country (Nigeria)?
They have some own views and laws.. They may think that bitcoin will adversely affect their economies. Or cause other bad things. Most country on the world are worry about Bitcoin will help people in their country avoid taxes fee or helping criminals to easily launder money in future, so that is reason they feel hesitating when decided accept Bitcoin or not. |
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orions.belt19
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August 29, 2017, 11:54:56 AM |
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Im sorry about that mate. You country just banned Bitcoin recently (January 2017). I don't know why. Maybe just they see Bitcoin is a threat to your country's banking system. But there's still hope mate. I heard that government is working on possibility of adopting the technology. They already submitted the report and it's still on going. https://en.m.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory. So cheer up. Perhaps they chose to ban it because they saw bitcoin or cryptocurrency more of as threat than an opportunity. This could be a security measure, or way for them to keep control. Maybe its problematic because they could not regulate it and trace it, they must be scared that it could be used for illegal purposes. Some authorities choose to just dismiss these kinds of things insteading of addressing it. Hope this changes in the future and that your government would one day choose to be open for bitcoin and crypto. |
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erickkyut
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August 29, 2017, 11:56:50 AM |
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There are really some countries that does not accept Bitcoin. But I know a lot of Nigerian people who use Bitcoin. This is the first time I've heard that your country discourage the people to use it because I thought that it is widely used in your country. Maybe the Nigerian government is afraid of the risks that Bitcoin has. Let just hope that it will be accepted in your country in the near future.
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