Future of bitcoin in Nigeria

[batang_bitcoin]

As long as the Nigerian government will not implement ban and declare bitcoin prohibited in their jurisdiction, just like any other country bitcoin will grow there.
I'm lack of knowledge about the current economic stand of their country regarding bitcoin but that's it, if they will let bitcoin come to their country it will be a life changer for some crypto folks there.

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[peacefulpeace]

it is going to be very difficult to predict the future of bitcoin in nigeria.Though government policies are not against bitcoin, but it acceptability is very low, and the reasons been that there is no bitcoin publicity. The awareness about bitcoin and how it works are shallow hence potential investors are prone to scam. And if this is not remedy on time it may affect the future of bitcoin in a negetive way.

[letstalkbitcoin2]

Too bad

From statistics, just 11% of the nation knows about bitcoin or cryptocurrency at large

yes you are very correct and it is going to be very difficult to predict the future of bitcoin in nigeria.Though government policies are not against bitcoin, but it acceptability is very low, and the reasons been that there is no bitcoin publicity. The awareness about bitcoin and how it works are shallow hence potential investors are prone to scam.

[thesmallgod]

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/

I do not know where CCN get that information from. before people will choose bitcoin over local currency, bitcoin must have been dominant in making payment in such country. what we do here in Nigeria is to convert the bitcoin back to fiat using some local exchangers. no offline online store will accept bitcoin as a mode of payment here in Nigeria. reason why there has been growing interest in crypto is as a result of very high unemployment rate which forces so many Nigerian into alternative way of earning a living and ever since the incident of MMM scam, so many nigerian have since see crypto as an alternative way of earning a living

[ClaytonLWils]

Though Nigeria is lacking behind from the touch of bitcoin right now, but it can be hoped that very soon the country will make progress with bitcoin.

[thesmallgod]

yes you are very correct and it is going to be very difficult to predict the future of bitcoin in nigeria.Though government policies are not against bitcoin, but it acceptability is very low, and the reasons been that there is no bitcoin publicity.

Nigeria government through the CBN have policy for digital currencies. if you have been following the CBN during the time of MMM ponzi scheme you will know this. in fact they warned several time that people should stay away specifically from cryptocurrency and ponzi scheme but I am very sure if they ban cryptocurrency it cant be effective because Nigeria lack measure to regulated an internet related activities. beside the government is facing alot of problem right now (security, economy crisis etc) but by the time they discover Nigerian are making large furtune from crypto they may be looking for way to stop them .  

[circlesseeker]

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.

I can't agree with that. Most of their problems are about their financial status and Bitcoin is directly relevant to that issue...

[Bigbay]

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.

Well talking about Nigeria utilizing bitcoin, Nigerians are always afraid to invest in online deals or commodities. And the only few that invest are the one making it big. Also Nigeria government not helping matter because most of the them in power sees bitcoin as scam and also warn the public not to participate.

Like i read last year online, last year bull market pulled many of them into cryptocurrency. So i think with time when they see improvements and high rise of d crypto market, they will start using it.

[spadaccino]

The third world so called can take a big advantages by adopting BTC as official currency don't you think?

Because it's like having a global exposure instead a local country situation.
And beside that, you can make a good call for the people that cannot afford a bank account in my point of view

[Dimon8]

I think that the future of bitcoin in Nigeria is the same as in Europe, America, and Asia. In fact, the whole of Africa remains a colony of the "old world", and what happens in Africa is regulated by Europe.

[Olalomi]

Bitcoin is just gradually penetrating into the Nigerian market of course the CBN had warned the citizens of the dangers associated using cryptocurrencies however the youths had started adopted trading of crypos  as an alternative source of earning income without any interference from any government agencies I hope with time more people will be involved in cryptos as it awareness  increases with the aid of social media.

[longwintershere]

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 can imagine people have different worries in Nigeria than crypto, but I know there are some people people dealing with cryptocurrencies and I'm sure their number will grow in time

[agentdavid007]

I hope bitcoin can grow in every country. But in Nigeria, it will be more difficult because of the education...

[aqrulesms]

I think most of the people in Nigeria don't know anything about the Bitcoin in real time, how it works and what does it mean for them. They need to involve Bitcoin in their society.

[hoseg]

Nigeria’s impact on the cryptocurrency market is not as big as we think.
So we don't have to worry too much about it.

[mr.nby]

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.

I can't agree with that. Most of their problems are about their financial status and Bitcoin is directly relevant to that issue...

Bitcoin will not solve all the financial problems of the state. It is not a wonderful remedy for everything. The country needs the involvement of state and local authorities in solving these problems. Unfortunately, in most African countries it's a huge problem with this.

[ekeh]

Bitcoin is working with the level of understanding which leads to open people eyes they are some thing's we called digital money, which most Nigeria and other western Africa don't know about. Because we are now in new era of technology, which requires more information to be informed good people of Nigeria.

[audaciousbeing]

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.

Moreover, the infrastructure for digital token takeoff was solid. Telecommunications liberalization across the continent has enabled internet access very well.

Figures from the GSMA show that half of the population in Africa subscribes to mobile phones. In addition, statistics state that over the past two years smartphone use in the continent has doubled to 226 million.

Knowing is different from using and exploring  and until that happens, there is really no benefit to get from that on a large scale only individuals who have the zeal to go beyond the status quo would push themselves to know how to make the economic aspect of their lives better. Currently, I don't see Nigeria focused on that area as the only thing that could force some actions would be if something drastic happen that challenge the source of revenue to finance activities and the source is narrowed down to the use of bitcoin, nothing is happening. I have read about several statements, groups, meet-ups and conferences happenings but all of these are just fore the creation of awareness as nothing solid has been announced in that part of the world.

For countries like South-Africa, I believe they are the leader of technology in Africa and closest to the West which makes it a little bit easier for them to adapt to changes and be on also be on the forefront. They wont have any problem in adopting and researching.

[brightology]

The future of bitcoin in Nigeria, is only take effect on serious and minded person that commit his/her self towards the industry, base on time and financial level operation required. Hence, bitcoin has no particular country base, is a universal currency that helps the world economy.

[ubercool]

Countries like Nigeria should adapt Bitcoin and crypto because of their economic crisis. Its hard to even live a normal life in Nigeria so they should think of implementation of crypto widely.