Future of bitcoin in Nigeria

[Dexion]

I think Bitcoin and crypto will grow well in the African market, especially in Nigeria. more than 1000 traders there receive bitcoin transactions.

geographically, Africa will be a market for bitcoin and crypto, because Africa needs an alternative when their national currency weak. and cryptocurrency is the solution for them.

so, I think that bitcoin in nigeria will also has good development like other south African countries in Ghana, kenya, and zimbabwe.

[1714894658]

1714894658

[1714894658]

1714894658

[1714894658]

1714894658

[1714894658]

1714894658

[polladparker]

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.

[sakahayang]

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.

Your words are very bad, because no country is poor. perhaps the nigeria's consideration of bitcoin has not yet reached a bright spot, meaning Nigeria has not been able to give a solution of the existing deficiencies dibitcoin so it can make people unsafe to use Bitcoin and other crypto.
I'm sure that when someday nigeria has got a solution to control Bitcoin, then a  people of nigeria can smile in using Bitcoin.

[nikki4]

I am glad that as the years goes by, the involvement of crypto currencies to the different countries are keep on spreading, especially the use of Bitcoin. I am really glad, when I read this topic that there has been a good future awaiting on Bitcoin in this country. Nigeria will become one of those countries that make a good bonds to the Bitcoin.

[Dswaggers]

Bitcoin is the last of their concerns.  The problems in Nigeria and Africa are deeply rooted in their governent and exploitation.  Using cryptocurrency will not solve their problems.

Future of bitcoin in Nigeria will be more interesting, hopefully government in Nigeria wiill adopt bitcoin in thier country and apply some technology of bitcoin in terms of different transaction.

[Chacon994]

Bitcoin is only really popular in Asia and Europe and America. Currently, in Africa, most people are unaware of the appearance of Bitcoin and cryptocurrency. Maybe Africa is a backward continent when they do not regularly use the internet

[perova93]

Do not worry! now a lot of countries, politicians, people put a stick in the wheels of the development of the crypto market! I think that in the next 5 years there will be legalization of bitcoins in the whole world! with each passing day more and more people begin to use and study bitcoin and the entire crypto market system! In my opinion all African countries need faster development of the crypto market in their region! This allows you to save and increase your money, from very fast inflation!

[gabbie2010]

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.

[Fredomago]

I am glad that as the years goes by, the involvement of crypto currencies to the different countries are keep on spreading, especially the use of Bitcoin. I am really glad, when I read this topic that there has been a good future awaiting on Bitcoin in this country. Nigeria will become one of those countries that make a good bonds to the Bitcoin.

With how they adopt bitcoin and crypto might have a great chance to lift their economy if they will fully understand the concept of this chain, it can help them developed and become competitive inside global market using this system, though it's still too early to assess that they will embrace this new innovations but I'm also looking forward that they will make a good decisions and study deeper the adoptions of this new alternative currency.

[josephyer]

Nigeria is very supportive of BTC. If possible, I think BTC can change the economic crisis in their country, and BTC can solve the problem of inflation.

[johnabrar]

Actually btc is growing very fast also btc have good value in the world many investors are investing here based on this In Africa btc is doing their operations which is really good for them also Nigeria have taken good decisions for accepting this because they can develop their economy also many people will be benefited.

[Transformbitz]

I don't know what's going around on that country but i'll make sure that in south African countries they are into blockchain and accepting payments via Bitcoin. It's pretty clear that there are some Crypto Enthausiasts. Looking
forward on their government to adopt the blockchain.

[Pemburu dollar]

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.

I think maybe with time, many of them will jump to the odds. Maybe you can be an ambassador there.
I do not think most African countries are crypto so you should not be surprised to realize only a handful of people from Nigeria are crypto.

[rockyfeller]

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.

I think maybe with time, many of them will jump to the odds. Maybe you can be an ambassador there.
I do not think most African countries are crypto so you should not be surprised to realize only a handful of people from Nigeria are crypto.

What i don't like about Nigeria and some African country they are harrasing the ICO, They will get money from the invetors and dump the market and that's very bad situation. I hope the government will have an issue for this

[Leezee]

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.

Certainly Nigeria will definately recognise cryptocurrency, last year the CBN recognised cryptocurrency as a viable alternative to money.but no policy on it yet.

[samuelsmith]

The problems of Nigeria and Africa , they all revolve around the government. Under such circumstances, it's hard for a decentralized system like bitcoin to grow there.All we can do is hope for the best.

[kwabeedat]

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.

[darkangel11]

Too bad

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

With all due respect to you sir, I think your assertion about bitcoin awareness and usage in Nigeria is not very correct. A lot of Nigerians are actually very excited about the various opportunities that comes with bitcoin usage, I even have friends that encourage customers to pay them in Bitcoin, I have even lost count of the numbers of people that have been bugging me to teach them about bitcoin. So sir, believe me when I say Nigeria is one of the fastest growing countries in Africa (if not the World) in Bitcoin acceptance and usage.

The Prince would be proud

Jokes aside, I'm very happy that you guys are interested in the technology. The only thing that I'd be worry is the crime rate. If the financial crisis develops i'm pretty sure the society will divide into smart people who managed to secure their money in electronic currencies, gold, foreign currencies, and the rest that will think only about the ways of stealing that for themselves, to make a living. If the country falls into chaos, how do you think the police (who doesn't even know much about cryptos) will pursue those who manage to steal it at gunpoint?

[MiningSensei]

I dont think that there is much people worried about the situation of bitcoin in nigeria, because it is worthless for bitcoin and it's community, i do not even think that they modify something

[IamKnowledge]

Do not worry too much colleague. Nigeria will catch up soon- it is just a matter of time,you know? However, you can help your country grow up in bitcoin operations faster if you take the trouble upon yourself, to educate the general public about bitcoin and its benefits. Just make cryptos publicised and get several of your countrymen on board, your country will grow in love with bitcoin.