Future of bitcoin in Nigeria

[Kemarit]

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.

But this article says otherwise:

Nigerian Entrepreneurs are Choosing Bitcoin Over the National Currency

A growing number of businessmen in Nigeria are opting for handling their business using the digital currency instead of the Naira. The country’s national currency seems to be more volatile than Bitcoin, at times.

As cryptocurrencies fight for relevance around the world, Nigerian citizens are starting to use Bitcoin as an alternative to their own currency, the Nigerian Naira. If you take a quick look at the Naira on TradingView, you’ll quickly see how the currency has been losing its value consistently over the past 5 years.

https://www.ccn.com/nigerian-entrepreneurs-are-choosing-bitcoin-over-the-national-currency/

It was reported that businessman or entrepreneurs opted to choose bitcoin over your local currency. Maybe its a slow process and you  haven't felt the impact yet. I'm sure that in the next couple of years, Nigeria will be in the for front and one of those countries in Africa leading the way.

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.

copy pasted from:

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.

https://www.vanguardngr.com/2018/03/truth-bitcoin-nigeria/

[rileyhill]

Yes it is sad that bitcoin is not flourishing in that way in Nigeria but at least this is a matter of hope that it is banned there like it is in many countries. Nigeria is lagging behind maybe because the government is not a crypto friendly one. But still hope soon they will also be able to keep in pace with the current crypto world. 

[Btcnaivie]

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 don't think so. Nigeria uses bitcoin as the mode of payment and they created their own regulations.  The Central Bank of Nigeria which should lead the regulatory environment is still understudying the virtual currency. It held a ‘Virtual Currencies as an Emerging Medium of Exchange’ conference earlier this year with various stakeholders in attendance.  For the company, regulation will only enhance better customer relations as it will protect consumers and keep fraudulent operators out of system.

[Betty10]

Nigeria as a country is governed by some set of selfish leaders, exploiting her citizens, I once read a write up wherein the Central bank of Nigeria CBN issued a warning to the public that people buying Cryptocurrencies are gamblers. These people will secretly be buying and trading bitcoin through third party, but will never take out time to educating its people the positive side of bitcoin. Am glad for the social media, it is there for the people of Nigeria to getting information and discern the true enemy of financial freedom.  

[anisoptera]

Nigeria does not have a high weight on here, so i do not understand why there are so many people worried about this. We all know that it is a great country with a lot of population, but it is not going to change the way that bitcoin works or how it is being regulated

[cizatext]

Nigeria as the giant of Africa as always acclaimed should stand up to her responsibility and become the first African country to legalized bitcoin and the use of the blockchain technology as their alternative financial institutions and adopt bitcoin as her national secondary currency. But before that they need to deal with the issue of corruption which bitcoin can become a major tool in doing that.

[Mpamaegbu]

I don't think so. Nigeria uses bitcoin as the mode of payment and they created their own regulations. 

Btcnaivie, your moniker says it all. Why proudly display a high level of naivety on a subject you know nothing about? How can you say that Nigeria makes use of bitcoin as a mode of payment? Payment at what shops or for what services? Can you name any? Please, I am a Nigerian and would like to know of any shop in Nigeria that accepts bitcoin for payment. Of course, there are none.

Also, I would like to know a place where I can buy or sell my Bitcoin from any of you here saying bitcoin exists in Nigeria (not on the localbitcoin site). I mean a group on telegram or WhatsApp. I will be waiting. .

[gabbie2010]

I don't think so. Nigeria uses bitcoin as the mode of payment and they created their own regulations. 

Btcnaivie, your moniker says it all. Why proudly display a high level of naivety on a subject you know nothing about? How can you say that Nigeria makes use of bitcoin as a mode of payment? Payment at what shops or for what services? Can you name any? Please, I am a Nigerian and would like to know of any shop in Nigeria that accepts bitcoin for payment. Of course, there are none.

Also, I would like to know a place where I can buy or sell my Bitcoin from any of you here saying bitcoin exists in Nigeria (not on the localbitcoin site). I mean a group on telegram or WhatsApp. I will be waiting. .

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.

[Msworld83]

Nigeria will grow in Bitcoin adoption soon, just that the level of education, ict and financial aspect needed is not there, and mostly the scam level in which people use to scam people with little info of making them rich with some money to be contribute has gone out of hands , most especially when mmm raked most people back then in 2016,2017 which had contribute to the level of turn out to support or adopt crypto because many think they are all scam.

I even heard about someone who collected money from people in local areas to invest in Bitcoin last year 2017, and he ran away with huge some of money even when Bitcoin did wonder by moving from 4000+ to 19000+ , which suppose be an avenue to create awareness and more adoption with what he has gained but decide to scam them,
So would those set of people ever believe Bitcoin or cryptocurrency is legit and don't forget that bad news spread faster than good once, these are some of reasons I think Nigerian are still lacking behind .

[Intensity13.6]

There is a right time for them to enter in crypto world and patronize bitcoin to help them increase their way of living. Nigeria is a developing country and has also a big community. I believe someday they will engage in cryptocurrency and it will help them to increase the level of their living in terms of financial aspect.

[thesmallgod]

I do not think Nigeria is lagging behind. I have seen many project startup being launched in Nigeria. Kurecoin, sleekpay etc and the presence of Nigerian on the internet using cryptocurrency is greatly increasing but I am sure you understand Nigeria is a kind of country where many people do the same business. people are scared of exploring new opportunity because they do not want to lose money even though very high unemployment rate have make some people to start exploiting cryptocurrency. Nigerian government through the central bank also have warned so many time that Nigerian should stay away for any cryptocurrency related activities. these scare people away from bitcoin because many Nigeria still think bitcoin is a scheme just like MMM that wreck some people life a year ago.

[cryptohunter]

I don't think so. Nigeria uses bitcoin as the mode of payment and they created their own regulations.

Btcnaivie, your moniker says it all. Why proudly display a high level of naivety on a subject you know nothing about? How can you say that Nigeria makes use of bitcoin as a mode of payment? Payment at what shops or for what services? Can you name any? Please, I am a Nigerian and would like to know of any shop in Nigeria that accepts bitcoin for payment. Of course, there are none.

Also, I would like to know a place where I can buy or sell my Bitcoin from any of you here saying bitcoin exists in Nigeria (not on the localbitcoin site). I mean a group on telegram or WhatsApp. I will be waiting. .

Nigerian prince is buying in bulk. You send first I heard.

[Sergio444]

Nigeria can also grow faster with bitcoin. Anything is possible man, no need to fear or panic. In the united state people are banned from using bitcoin or trading of any crypto as such. But in Nigeria there is no such thing. Its just a matter of time for the good new about bitcoin to grow.

[Akenosi]

Bitcoin has been popular in Nigeria but the government is not putting an eye to it at all which is making some in investing on it, i saw a time when the government warned its citizens from investing in cryptocurrency because they dont know more about it themselves. 

[yazher]

I don't think that they have time to develop crypto currencies on your country because a lot of the government there is not doing their work, i know cause lot of issues are passing on my Facebook wall every time i see news in Nigeria i'ts only says on specially the corrupts governments and so on so forth.

[Leezee]

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.

the problem of africa maybe deeply rooted in their government but one thing that is certain is that the world is moving towards a monoeconomy, so africa will have no choice than to catch up.

[Kayuslawal]

Nigerian is already advanced in the use of this technology called blockchain, we have the highest participants of crypto currency in African because of population, what we need now is the support of the government..

[doreraj]

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.

As for me, I see more good things out of it then the bad ones...
Suppose that is really a good decision with their economy.

[earnetheasy]

The popularity of crypto currency is rapidly increasing. It has reached the continent of Africa but most of the country due their political problems and problems in their economy cannot fully benefit from the market of crypto currency. Although if used properly the crypto currency can actually solve a lot of problems.

[Mpamaegbu]

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.