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Author Topic: [2018-07-11] Nigerian Entrepreneurs are Choosing Bitcoin Over the National Curre  (Read 34 times)
BitcoinArsenal
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July 11, 2018, 06:13:52 PM
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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.
Full article on CCN

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July 11, 2018, 08:21:46 PM
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this is the first time I hear that someone uses bitcoin because their country currency is more volatile than bitcoin, I'd say this guy is using bitcoin in a very good way because he's using bitcoin as a means of payments, something that few people do, but I also do not blame people for not using bitcoin as a means of payments because since the visa and mastercard started to create barriers, it became very complicated, for example I was doing purchases on aliexpress and ebay using the virtual card, but after mastercard and visa began to create barriers, I no longer have a virtual card to make purchases.

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July 11, 2018, 11:46:02 PM
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Eventually, this could be the argument that kills alot of anti-Bitcoin sentiment; there are more volatile fiat currencies in the world than there are stable ones. In years gone by, USD was the desired money when your national currency got too hot to handle. It's almost self-fulfilling that this demand will slowly change to Bitcoin over time, as people only want USD because it's falling the least. Why choose something that falls when you've suddenly got the option to use a currency that's rising in value?

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July 12, 2018, 09:56:53 AM
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Why choose something that falls when you've suddenly got the option to use a currency that's rising in value?

That. I used Bitcoin as hedge to get rid of a large part of my Euros when the rate was hovering around EUR1=USD1.36'ish. The Euro dropped well below $1.10 three times after that, now who's stupid here? If I can do that easily, and today Bitcoin is way more accessible than it was back in 2014, everyone can.

People just need to let go of their retarded mentality that Bitcoin isn't issued by whatever central bank and for that reason isn't trustworthy or 'backed' by anything. It's exactly the other way around. The sooner smart people start to understand that, the lower their exposure to this toxic system is. The rest will keep wandering around asking themselves why they only get poorer. Open your fucking eyes.

No one has to go full nuts on Bitcoin. Just a tiny (1-3%) allocation of your wealth to Bitcoin is already enough to counter the negative aspects of fiat.

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July 12, 2018, 12:28:21 PM
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Not surprising at all, but it's definitely positive news for bitcoin as its practicality as a global currency is demonstrated.

The fact that bitcoin exists without borders and isn't even physical means that it's a lot more convenient for citizens in remote, economically suffering countries can have access to the same currency as everyone else easily. That's a huge advantage. Also, with an independent currency like bitcoin, you don't need to deal with a depreciating or collapsing local currency.

Eventually, this could be the argument that kills alot of anti-Bitcoin sentiment; there are more volatile fiat currencies in the world than there are stable ones. In years gone by, USD was the desired money when your national currency got too hot to handle. It's almost self-fulfilling that this demand will slowly change to Bitcoin over time, as people only want USD because it's falling the least. Why choose something that falls when you've suddenly got the option to use a currency that's rising in value?

Exactly. People criticize bitcoin for being "too volatile", while fiat currencies are essentially consistently losing value. Bitcoin, even though it may be a little volatile in the short term (which has actually gotten a lot better as markets matured over the years) holds its value over the long term as it has a hard coded limit on the supply and a scheduled emission rate.

Thus, the argument that bitcoin can't be successful because it's volatile doesn't make sense - show them the purchasing power of any fiat, Bolivars, Zimbabwe dollars, USD even over time.

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