What are the benefits of bitcoin to my country (Nigeria) economy?.

[dengpei]

Remember that Nigeria is a country with population of about two millions people and among this population 75% of this total population are unemployed. You will agree with me that few numbers of people in Nigeria who invested in bitcoin for some years ago  have offer themselves job opportunity and therefore improve the nation economy by reducing unemployment.

Point of correction, as of 2019, the estimated population of Nigeria is over 200.96 million, ranking 7th in the world

[CryptopreneurBrainboss]

you should be the one to know that because you are living on that country but for us that are not living on nigeria we cant really give accurate answers  . you should first ask yourself if bitcoin is fully allowed and legal on your country  , if yes then does the merchants or stores their already suports this payment method ? if yes then you can answer your question on your own  .  bitcoin is beneficial and can bring alot of benefits to a certain country that accepts it  .

If i knew it all I won't have asked this question and you don't have to be a Nigerian to contribute to the discussion. Economy has the same meaning anypart of the world you come from. Don't think any nation have accepted bitcoin legally as you suggest if it's accepted in my country. The question has to do with the benefits, what are the benefits other countries are recieving that we can tap into. So far only few user have given me something to think about other are just posting generic spam say bitcoin will benefit the country if we accept it bla bla bla. Conclusion bitcoin is just like every other currencies accepting it doesn't automatically mean your economy will improve. So I guess what we should be promoting is the blockchain technology and not bitcoin.

[serjent05]

Please before you contribute to this thread, do understand Bitcoin and blockchain are two different things don't mistake the benefits of one to the other. Bitcoin needs a blockchain to function but the blockchain don't need bitcoin (no disrespect). Try to stay on topic so i can get some key points to strengthen my debate if there'll be a need for one in the near future as the awareness of the technology is increasing rapidly (yearly) in the country. Considering bitcoin is just another currency, what can it offer that my local currency can't to improve the economy of the nation? Already done some research and understood the benefits of blockchain to a country's economy but I'm yet to understand that of bitcoin. Enlighten me please.

I think, there is one thing that Bitcoin can help in the economy of your country.  It can attract investors once your country opened up to cryptocurrency.  I mean, if the  Nigeria become an open city to cryptocurrency especially Bitcoin, it can attract lots of company that take advantage of Bitcoin market.  Several crypto related company will definitely open a business in your country such as exchanges and other establishment.  This way it can help by providing jobs to  your citizen and taxes to the government.

[bitgolden]

If i knew it all I won't have asked this question and you don't have to be a Nigerian to contribute to the discussion. Economy has the same meaning anypart of the world you come from. Don't think any nation have accepted bitcoin legally as you suggest if it's accepted in my country. The question has to do with the benefits, what are the benefits other countries are recieving that we can tap into. So far only few user have given me something to think about other are just posting generic spam say bitcoin will benefit the country if we accept it bla bla bla. Conclusion bitcoin is just like every other currencies accepting it doesn't automatically mean your economy will improve. So I guess what we should be promoting is the blockchain technology and not bitcoin.

Bitcoin is not a magician, Nigeria problem is greater than bitcoin.  I have known Nigeria too well for you to tell me that the problem of Nigeria is their economy, the problem of Nigeria is never their economy, the economy is great but the problem is the level of corruption that is going on in the country and that is what needs to be tackled first.

For you to tackle the corruption, there has to be something done about their leader which should start from their electoral system, which will bring me to the right question that the op would have asked, the right question you would have asked is How blockchain can benefit Nigeria which is what is really needed, first is that it can make their election system very transparent and take away all these rigging and selection of bad leaders into the office.

[carter34]

...what can it offer that my local currency can't to improve the economy of the nation?

Your local currency is fiat and bitcoin is digital. Therefore, there is high tendency for bitcoin to fluctuate and give a positive growth in your wallet that can better your life as a person, your family and community if you want to help. It will further make you not to be dependent on your country for job when you are able to set a business up for yourself from money got from bitcoin either in trading or holding. You can be an employer from there, meaning you are helping the economy.

[finaleshot2016]

what can it offer that my local currency can't to improve the economy of the nation?

The growth of the society, if they adapted the capabilities of bitcoin, it's possible to boost the growth of your society/community and through it will continuously develop its technology.

Maybe in politics? We know that Bitcoin is decentralized so it can't be affected when there's an economic problem or political issues in your country. We also know that the more users of Bitcoin, it will instantly grow and all of us will benefit in this growth. But before that, knowledge is the key to make it all possible. There are so many ignorants and they think that BTC was for wrongdoings.

[CryptopreneurBrainboss]

what can it offer that my local currency can't to improve the economy of the nation?

Maybe in politics? We know that Bitcoin is decentralized so it can't be affected when there's an economic problem or political issues in your country.

Are you forgetting bitcoin gets it's price value from it been tradable? From past history other political issue had affected the price of bitcoin through FUDs so that of my country won't be different. Sure it won't affect the price of bitcoin globally but it'll affect that of the local exchanges. Bitcoin might be decentralized but that doesn't mean it's immune to political issue since emotions is still playing a major role in the price value.

Bitcoin has different trading value all-round the goble. Zimbabwe crisis is affecting the price over there, Korea value is different for that of the US. Even now the price of bitcoin (locally) gets affected (positively or negatively) by each government decision in regards to the trading value of the US dollars.

[Upgate]

Already the nation economy is in a precarious state no disrespect but it's fact. It's not hard explaining why bitcoin would play a better role in your nation that your currency it already doing.
We all know that corruption is ravaging the Nigerian economy although the nation is enriched with natural resources. Bitcoin can be a hard not to crack for corrupt politicians and any scheme the come up with would be detected all thanks to the blockchain technology bitcoin is performing on with your local currency can't

[emerejames]

There are so many benefit of bitcoin to our dear country nigeria. one is job creation, we all know the situation of job scarcity in this country, but as many youth get to know about crypto especially bitcoin, we all grab it as a full time job and we are doing well in it. Secondly it create inter relationship between nigerian and other country people.

[Muffinmanlet]

Remittance, if u wanna send money to relatives out of the country it would be cheaper with btc due to lower fees.

[shield132]

Can't say that bitcoin can directly improve economy of your country. Why? How? Of course it can't, curious how currency that's so unstable can improve country's economy but there is another important factor too. For example Georgia offered great opportunities to Bitfury to open it's one of the most largest bitcoin mining datacenter in Georgia. What was aim? Aim was to show Georgia on map as a country who tries to develop and currently it's 3rd country as I remember in bitcoin mining network. When others see that there are opportunities in this country to start technological business, especially when country enjoys it and tries to give you all possibilities to run business, it leads to an increased number of investors, increased number of innovative things produced here and etc.

[Mpamaegbu]

But this is where it stops.
Bitcoin won't create jobs, won't create factories, will not make people smart, will not combat corruption, government's stupidity or anything.

You said quite a lot of interesting stuff there but this area picked my interest. Bitcoin has provided  employment for some of our people here in Nigeria outside the government's purview. Many people now indulge in local exchange of Bitcoin as trading via telegram groups. This interest has further taken some to other online trading activities like Forex Trading. Youth now stay at home and earn a living for themselves.

And what is familiar about Nigeria is its scam level, well your country is one of the biggest scam countries in the world. Sorry for that, it's not like I'm vilifying your country, but I'm talking about facts.

You're not actually (totally) correct here. Bangladesh beats Nigeria on that to the first position. Though I must confess that Nigeria made the "Prince with dead rich uncle (dad) Inheritance" kind of Scam popular.

[Harlot]

Just think of it this way. If the crypto market is successful in your country in terms of your citizens earning then new money is coming in from your country. The effect is it will improve both micro and macroeconomics depending on how much are your citizens are earning with Bitcoin or any other cryptocurrencies. Aside from that if there is a huge demand for cryptos in your country it will attract a lot of crypto related businesses and also blockchain related businesses from ICOs being promoted locally and to blockchain companies hiring new employees all of which will try to improve your economy.

[stompix]

If i knew it all I won't have asked this question and you don't have to be a Nigerian to contribute to the discussion.
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So far only few user have given me something to think about other are just posting generic spam say bitcoin will benefit the country if we accept it bla bla bla.

Well, I was expecting this from the moment I saw your questions and posted here.
Everybody is shouting bitcoin is great, bitcoin that, crypto this but when it comes to showing one simple example of a mass effect (not a guy earning satoshi in his basement at 20 cents/h)...silence.

And although bitcoin might be able to affect one country's economy in a perfect scenario, as I previously posted, it's still is insignificant when you compare it with a hundred billion economy.
Taking Venezuela for example, wow, the enormous growth in bitcoin trading, 500 BTC a week...seriously?
3 Walmarts superstores in the US have recorded higher sales than that each!

People have to understand that no matter how enthusiasts you are, we're still at the beginning, no matter how much people talk about it, actual mass adoption and mass usage hasn't started yet. And, for most of us, that's a pretty damn good thing.

And, talking about the bolded part.
Most really don't care about it,  and saying great, such, moon, wow is the sure way to make a two-liner in 10 seconds and avoid getting into trouble into a sea of shitty posts.

Just think of it this way. If the crypto market is successful in your country in terms of your citizens earning then new money is coming in from your country. The effect is it will improve both micro and macroeconomics depending on how much are your citizens are earning with Bitcoin or any other cryptocurrencies.

Doesn't this mean that a country is losing money in this scenario?  

Well I do not know about the figures if inflation in Nigeria

5 seconds
http://letmegooglethat.com/?q=Inflation+in+Nigeria

Nigeria's consumer price inflation fell to 11.22 percent year-on-year

[jostorres]

Remittance, if u wanna send money to relatives out of the country it would be cheaper with btc due to lower fees.

I have actually been invited to Nigeria to lecture their on entrepreneurship and I thought them on a topic on importation also being the fact that I know much about import, then when it was time to discuss things that are actually limiting them from importation, especially mini import, and some of them mentioned the challenges of not being able to make payment to some of these United State companies because of the ban PayPal placed on them.

I wonder why PayPal will ban them, now you can see one of the economic value of bitcoin payment now, these has automatically broken that bondage that PayPal put them, now people can make payment without all these barriers of PayPal or even their government on their transactions.

[fiulpro]

Hey
Not just Nigeria I feel Bitcoins can actually work to strengthen every country's economy .
These are some points I feel might actually benefit them :-

1. It is very essential to have a currency which is globally controlled by individual investors and not just by the people of your country , this way if your country is in a time of crisis you could really use it's help.

2. Bitcoins could prove to be a powerful tool for people individually, they actually give us freedom , freedom to do anything with our money therefore I feel people can come forward and decrease the oppression if God forbids they are in any.

There are x number of cases .. list goes on ..

[TheCoinGrabber]

As someone also living in a developing country, I think the main benefit would be gaining capital. Bitcoin is just a currency like a dollar but I think it's still easier to send compared to traditional money transfer. For example many Youtubers I watch now have btc and eth as an option for donation in addition to Paypal and Patreon. It's possible to make a small business selling digital goods and just have them paid for in btc or other crypto. Money goes straight to your wallet, less hassle with the bank and remittance centers.

I think another one is it provides an alternative for the unbanked. I don't know about the banks there in Nigeria but banks often have a minimum maintaining balance that can still be too high for those living near the poverty line. With bitcoins and a trusted local exchange, anyone with a decent android phone would be able to save money.

[breathlessz]

There are so many benefit of bitcoin to our dear country nigeria. one is job creation, we all know the situation of job scarcity in this country, but as many youth get to know about crypto especially bitcoin, we all grab it as a full time job and we are doing well in it. Secondly it create inter relationship between nigerian and other country people.

Well I do not know about the figures if inflation in Nigeria but I think if there is inflation in the country, then storing your money in Bitcoin will be a good deal because it is disinflationary and will not lose value if there is any economic crisis. In addition, there is an opportunity for you to make money by speculating in Bitcoin because it gains value with the passage of time.

  Job creation is one possible benefit to Nigeria by Bitcoin. If you have gotten entrepreneurs in Nigeria who have the ability of making businesses around the currency like an exchange or a company like BitAccess, they can really generate jobs and the people around will benefit. It could be a great way of value saving as well. Resistant to inflation.

right, that is a direct benefit, which with program bounty, will make the Nigerian community have activities that can make money. with the money they can use, so that the wheels of the country's economy rotate

[1Referee]

For example many Youtubers I watch now have btc and eth as an option for donation in addition to Paypal and Patreon. It's possible to make a small business selling digital goods and just have them paid for in btc or other crypto. Money goes straight to your wallet, less hassle with the bank and remittance centers.

If you work with Lightning then it's viable, but if you just stick to the main-chain then it might become a bit too expensive, mainly when you sell low value (few dollar range) items. I have seen it myself where someone accumulated plenty of smaller payments, then sent everything in one transaction to an exchange without understanding why the transaction hasn't got a confirmation after nearly a whole day of waiting.

It's about time for people to stop complaining and start shifting over to Lightning so that they can have instant and near free transactions. Admittedly, it would be more of a useful option if exchanges started to accept Lightning deposits, but that's only a matter of time in the end.

[SirLancelot]

Cryptocurrency do have some benefits, and the main thing is the easy transaction – it makes transaction cheap, fast and easy by eliminating the middleman which can be banks etc. As long as the two parties involved in the transactions knows each other then there is nothing for them to worry about. So, mainly what it’s about is transaction – making transfer fees to be cheap, compared to what you will be paying for bank transfers, writing checks and the rest of them, Bitcoin is very cheap cheap compared to all that.

It also creates easier international trade and another thing is that it gives you individual ownership, you don’t need the bank to be doing everything for you, you now do everything without the help of banks or any financial institutions. Lastly, Security is another good side of cryptocurrency, they are very secured, though some people will argue about this that banks are more safe, but cryptos are the best in security.

When a Nigerian needs all these benefits then he needs to adopt bitcoins and this way bitcoin can help any country. Because, only the individuals build a nation and its economy. When bitcoin is useful at the most least element then why not at a whole level?