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Author Topic: Future of bitcoin in Nigeria  (Read 584 times)
Olayinka225
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July 10, 2018, 03:22:07 PM
 #1

My fear.

Is not that Nigeria lacking behind?. Hell shouldn't be.  I see lome Africans growing faster and faster when it comes to bitcoin utilization but here in Nigeria reverse is the case.
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celtic99
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July 10, 2018, 03:24:25 PM
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Bitcoin is the last of their concerns.  The problems in Nigeria and Africa are deeply rooted in their government and exploitation.  Using cryptocurrency will not solve their problems.
Olayinka225
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July 10, 2018, 03:34:09 PM
 #3

Too bad

From statistics, just 11% of the nation knows about bitcoin or cryptocurrency at large
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July 10, 2018, 03:48:48 PM
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Bitcoin has a more rapid development potential in Africa, and people here are in great need of block chain technology, both in banks, medical care, and employment.
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July 10, 2018, 03:55:40 PM
 #5

They will come back to bitcoin and crypto. By the way I always wonder why the poor countries dont like to get rich through cryptoland. Something always out of my head.

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July 10, 2018, 03:58:57 PM
 #6

Bitcoin will still grow in Nigeria,  just that people are not educated about the Bitcoin
knien
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July 10, 2018, 04:01:15 PM
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I think that the people in countries that experience or have experienced hyperinflation are most likely the people that see the real value of bitcoin and will become early mass adopters.

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July 10, 2018, 04:29:37 PM
 #8

I don't think most African countries are into crypto and so you shouldn't be surprised to realize only a handful of people from Nigeria are into crypto. I think maybe with time, a lot of them will jump onto the opportunity. Probably, you can be the ambassador over there.

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Olayinka225
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July 10, 2018, 04:50:32 PM
 #9

Bitcoin will still grow in Nigeria,  just that people are not educated about the Bitcoin

How can we get them educated?
andreevaviktoriy77
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July 10, 2018, 04:53:26 PM
 #10

African countries are very active in the crypt world! of course, African countries are very afraid of uncontrolled money and they by all possible means stop the development of the crypto market! Now the International Monetary Bank has started using a crypto system to support three African countries! and this gives us an understanding that the crypto market will come there faster than we think! The very government of Nigeria, as if it would not resist with bitcoin and with the whole crypto system, sooner or later there will be a very active development of the crypto market! in Nigeria, very high inflation, so they need alternative money to save their accumulated capital! In the African countries, terminals for the reception and exchange of crypto coins have become very popular, more and more they are placed all over Africa!
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July 10, 2018, 04:59:41 PM
 #11

Blockchain technology with bitcoins as  the main focus is not yet understandable among developing countries like nigeria or africa countries. In the future if knowledge is gained from other developed countries and transferred to Nigeria, It will then be adopted by majority. But for now, only few educated elites are into bitcoins in nigeria.

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July 10, 2018, 05:03:23 PM
 #12

Bitcoin future is great in Nigeria as well.
StarKay
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July 10, 2018, 05:11:59 PM
 #13

Adoption of Bitcoin in Nigeria is growing gradually especially in higher institutions where Students carryout research on cryptocurrency and share their result with colleagues and their are online sites in Nigeria that offers direct exchange of Bitcoin for fiat(Naira).
I think that with increase awareness the future of Bitcoin is bright inspite of government negative attitude.
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July 10, 2018, 05:53:06 PM
 #14

Nigeria has a lot of oil but a lot of the funds go to the wrong sort of people. With bitcoins it would be more transparent so there will be less scams with dodgy oil deals
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July 10, 2018, 06:01:02 PM
 #15

My fear.

Is not that Nigeria lacking behind?. Hell shouldn't be.  I see lome Africans growing faster and faster when it comes to bitcoin utilization but here in Nigeria reverse is the case.

If they wanted to use crypto then they should try to do something about it for themselves. But I know that there will be people that will introduce it to them and teach them how they can make use for it.

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Mpamaegbu
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July 10, 2018, 06:18:19 PM
 #16

African countries (including nigeria) are already aware of the importance of cryptocurrency in their businesses and encourage cross-border trade and payments. In fact there are more than 1000 merchants who receive Bitcoin in South Africa.
Don't make a generalization on a subject matter you are not conversant with. That comment  is wrong. South Africa and Kenya are the leading countries in Africa when it comes to cryptocurrency. Both countries even have bitcoin ATMs while there is none in Nigeria despite her very large population.

Nigeria has a lot of oil but a lot of the funds go to the wrong sort of people. With bitcoins it would be more transparent so there will be less scams with dodgy oil deals
Honestly, I don't see how this will help.


Bitcoin future is great in Nigeria as well.
Yah, may be from the tiny enclaves and telegram groups doing the buying and selling. Of course there are also the merchants on localbitcoin sites.


Adoption of Bitcoin in Nigeria is growing gradually especially in higher institutions where Students carryout research on cryptocurrency and share their result with colleagues..
Please, could you mention that institution in Nigeria where this is going on? Are you posting here to increase your post counts and ignorantly misleading readers here for the sake of that? Desist from such unscrupulous act.


Too bad

From statistics, just 11% of the nation knows about bitcoin or cryptocurrency at large
Do you have a link to the research site to help authenticate your 11% claim? I believe the percentage is even far less than that.

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July 10, 2018, 06:25:05 PM
 #17

In Nigeria, Bitcoin adoption was in response to the 2016 financial crisis, which limited international trading due to the insufficiency of foreign currencies. The common factor for Bitcoins in both Nigeria and the USA is the isolation from financial crisis and that it serves as a great medium for exchange during these times.
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July 11, 2018, 07:19:31 PM
 #18

In Nigeria their economic condition is not good. People are living below standard. I think they have not enough money to invest on bitcoin. Because bitcoins price is too expensive that’s why bitcoin can’t do anything for them.
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July 11, 2018, 08:24:01 PM
 #19

Bitcoin has great future in Nigeria and in Africa as a whole, you will be surprised when you see the number of Africans who are fully invested in cryptocurrency.

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July 11, 2018, 08:41:02 PM
 #20

Bitcoin will still grow in Nigeria,  just that people are not educated about the Bitcoin

How can we get them educated?
How can we get educated?  Simple we need to teach them I know at first it's hard to but I think those people are intelligent in cryptocurrency they easily catch up the true meaning of bitcoin.
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