Future of bitcoin in Nigeria

[cmaxwell]

nigeria economy does not kick against bitcoin and this has given it a open ground for it to flourish. bitcoin is actually helping alot of people most especially the youths most which does not have jobs. so i see bitcoin soaring high in such an economy.

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[anume123]

Bitcoin is the last of their concerns.  The problems in Nigeria and Africa are deeply rooted in their government and exploitation. 

You nailed it!! Africa has serious issues in terms of governance. Well, some few countries are exceptions though!

Using cryptocurrency will not solve their problems.

I don't agree with this one. You know one thing that citizens need in am era of corrupt and incompetent governance? That's financial freedom and i really believe Bitcoin and sister cryptos can help provide that very much.

Crypto currency is a huge help to unemployed people as well as poor people and they can make money here in the forum depending on how you personally raise your own using cryptocurrency.

[binhvo1505]

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.

I think the government just wants to protect their people. You do not worry. In my country, the Crypto transaction is prohibited in all forms but I am still working now. I was not arrested or fined by the police.
They can not stop us. Because the Crypto market is anonymous and our information is secure.

[Tmcrypto]

For countries like this, they are not concerned about bitcoins at the moment. They have far greater on hands to deal with right now. First of all, their system is weak. The governments needs to take immediate steps to fix their country's condition. Secondly, a handful of people are aware of this crypto market.

[jess04]

This is really a bad thing for the people in Nigeria who works for Bitcoin, it is usual for every country that wanted to have more time to think about accepting or approving Bitcoin especially those democratic countries, government & banks will be very afraid with Bitcoin because it brings a great impact for them. Maybe after a year Nigerian Government will be more informed and knowledgeable with the advantages that Bitcoin brings to the nation.

[rudox]

Nigerian government  is not even talking about bitcoin or blockchain technology. It is always like this in every other aspect of development. When the other government are looking for solutions to social issues Nigeria will be busy fighting themselves through nepotism.

[Goodnuel]

The citizens of Nigeria are embracing bitcoin and other crypto currencies. One of the major issue in Nigeria and many African countries is the lack of bitcoin and blockchain awareness. But gradually, they will get there.

[badaovodich]

The main reason is in the fact that young people and even the elders of this huge African country now realize that blockchain is not just a technology but a movement that can change their destiny. So Bitcoin will become the king of the coins.

[delphic]

 By the way this is a very interesting topic. I never knew, but I read the news here. Renders Nigerian bitcoin-markets set new records on the volume of operations - for a week the volume was 1 950 000 000 Nigerian Naira. According to cryptocompare, the trading pair "naira-bitcoin" became the 23rd in the world in terms of the volume of transactions among national currencies. In the last 24 hours, 101.45 bitcoins were sold. The trading pair "naira-bitcoin" is about 0.03% of the world trade in the first crypto currency. In terms of growth, the Nigerian bitcoin market is overtaken only by China, which grew by 1500% in 2017.
 For the poor people of the third world, this is a good chance to get out of poverty. I think they will grab this chance with all hands and together create crypto-future in their country.

[emmyxpress19]

From my very point of view, Nigerians generally are cyberphobia, anything that is associated with cyber is tagged fraud, so is the case of bitcoin and crypto in Nigeria, so far bitcoin and cryptocurrency is internet or cyber related it will be had for Nigerian people to accept

[DoublerHunter]

If the Nigerian people will have a great work in bitcoin then the future of bitcoin in Nigeria will be bright because they can use bitcoin as an alternative for payment like in a shop or store in their country. Bitcoin has a lot of opportunities to offer to the people who want to grab opportunity. Bitcoin is a huge help in a country if they will just treat and use it seriously.

[Kittygalore]

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.

Well if time will comes that the country stated earlier will have a good political aspect, bitcoin must be there priority in able to eradicate poverty because it is one of there problem. But as of this moment there citizen can benifit in bitcoin so it is a good thing if it started with individuals and soon the country itself will benifit with bitcoin.

[suzanogbomo]

Not so bad in terms of growth of the crypto ecosystem in NIgeria. I know a couple of projects that are from Nigeria and successful conducted ICOs(Kora Network, Kurecoin coin (exchange). They are doing further development now, hopefully more will follow.

[Mpamaegbu]

I've heard from the news that Nigeria is considering using bitcoin as their currency, or at least the citizens are more interested in using it because their currency, the naira, has worse inflation than bitcoin.

You truly deserve an award for this funny post. How do I get that across to you. DHL or UPS? How do you mean inflationary more than Bitcoin. Come on dude, the volatility of Bitcoin has no comparison with any currency or metals even from the time of the biblical King Solomon till date.

You are absolutely correct on this, I had never come across any shop where bitcoin is being accepted as a mode of payment for goods and services anywhere in Nigeria, however as far as buying and selling bitcoin is concerned I used this popular forum nairaland business section where I carried out my transactions with  trusted agents using an ESCROW.

gabbie, you could put out the link to that thread on Seun's nairaland site? I like to know about it because I know he placed an outright ban on speculative businesses such as Forex Trading and cryptocurrency.

Mpamaegbu, this is the thread link http://www.nairaland.com/3190496/currency-e-currency-market-deals  where I do trade my btc to fiat whenever I needed some cash I had the opportunity of trading with these guys, Sirambassador, Ibraheem001 others are ladyf and modath they are very trusted and reputable on that thread however I always recommends using an escrow because of a lot of scammers are there too, a lot of btc is traded on daily basis and one of the largest buyers are found in that forum in Nigeria.

Thanks my guy for the heads up.

[beivleveinsomeone]

Bitcoin must have priority in poverty alleviation because it is one of those issues. If Nigerians do a great job with bitcoin, the future of bitcoin in Nigeria will be bright as they can use bitcoin as a replacement for payment in their stores or stores in their country. Bitcoin is a great help in a country if they just handle it and use it seriously.

[yurekaa]

in nigeria, the main problem is the low level of economic society and the level of human resources are weak so as to cause a variety of complex problems. and the majority of the population does not understand the development of technology so it is very difficult if bitcoin will be applied. because it requires a better human resource improvement.

[Hans17]

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

How can we get them educated?

By inviting them or helping them like we used to help each other on this forum , not by forcing , but giving them specific advice and the do's and dont's on bitcoin , and by sharing ideas about how to use and what is bitcoin , and positively those nigerian people will learn.

[Davido1174]

From the little I have known Nigeria, some folks I know take part in cryptocurrency related activities as many of them knows the benefits of the blockchain technology but the government are fighting the use of bitcoin in the country and this isn't encouraging for the citizens as the government isn't stable and employments are not been provided for the citizens. The future of bitcoin is certain as many organizations are embracing it, they use it for payment of goods and services, etc. So, bitcoins future is certain to grow in nigeria

[lissandra3612]

You can help your country grow in bitcoin activity faster if you have the trouble yourself, to educate the public about bitcoin and its benefits. I think the government just wants to protect their people. In my country, Crypto trading is prohibited in all forms but I am still working. They can not stop us.

[135cc]

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.

I think the governments of Nigeria should start considerating the importance of giving their people knowledge about cryptocurrency in general and bitcoin in particular. Because, the number of Nigerian people that used bitcoin or even just knowing about crypto and bitcoin is very low. And i think thats the matters that need to be solved quickly.