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

[TheCoinGrabber]

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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.

Well that is a concern. I haven't tried it myself nor donated to those Youtubers.

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There are many benefits that Bitcoin could offer to developing countries if regulated. If Bitcoin is regulated in these developing countries, it will help build new businesses and as a result increase employment. This in addition will cut down costs of transactions that are normally faced by the poor people. Moreover, people would be able to tackle inflation.

Increase employment? I think the only time it will affect employment is if these new companies are receiving their funding from abroad via bitcoin. Same for freelancers.

I definitely agree with the "inflation busting". Put some savings in crypto and leave them there, definitely beats the interest rate of banks over time.

[Nellayar]

Considering bitcoin is just another currency, what can it offer that my local currency can't to improve the economy of the nation?

Very little, unfortunately.
Bitcoin is a currency, it can only do what currency can, and you can use it the same you use your own currency.

There is one advantage over traditional cash or digital, you don't need to be next to the guy in case of cash and you don't need a third party (as with digital).
From this, we have a better speed at sending money, not waiting for payments for days and so on, reaching people who don't have a bank account, dealing with fewer intermediaries, basically making the transfer of value fasters and with increased coverage.

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.

And I won't agree with Lucius on this part

Yes, bitcoin is a currency. The essence of bitcoin creation is to make a digital P2P currency that will cross border lines all over the world. And because of its usage, there are many opportunities open for every people. Many jobs were created because of bitcoin industry. Fortunately, many people become interested in investing bitcoin because of its development. That is why it is a helpful tool to become a successful not just by individual but by country.

[iMark]

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.

There are many benefits that Bitcoin could offer to developing countries if regulated. If Bitcoin is regulated in these developing countries, it will help build new businesses and as a result increase employment. This in addition will cut down costs of transactions that are normally faced by the poor people. Moreover, people would be able to tackle inflation.

Yes thats right, especially since the problem of the world economy at the moment is that the unemployment rate is very high in many developing country. if bitcoin is free to use, the business will grow rapidly, many jobs will begin to open, of course it will make more and more job choices and grow the microeconomic community.

[akeda]

The benefits of Bitcoin are huge and supposed to be in countries like the nation. Bitcoin can be utilized to make a profit by trading. In many countries such as the Asian part, Bitcoin is very popular.

And the benefits of Bitcoin that I've experienced are the advantages of trading crypto coins. So I now also do not become idle anymore because it already has a job like crypto coin trading.

[jostorres]

1 Bitcoin now is worth about $10,000 and that's worth around 3.6 million in the Nigerian currency. An average person in Nigeria earns around $82 a month and most times this is not enough for them to take care of themselves and family and there are even people there that earns below that; low salary earners in the country are being paid 10,000 Naira which is around $28. So, how do you expect people that are earning that less to be investing in Bitcoin? And worst of it all, some dumb people here are saying that Bitcoin will make them rich.

Tell me, how is that going to happen? So Bitcoin is now a magical currency that makes people turn rich overnight? Even rich people invest money in Bitcoin and ends up losing it, not to talk of people that has nothing. The only people that will have interest in bitcoin in Nigeria is only the rich people. The average person and less wouldn't have interest there because they are still struggling to survive. So to the OP, the only benefit Bitcoin can offer to your country Nigeria is the same benefit that it offers to other people using it elsewhere and that is fast and cheap transactions and nothing more. Unless you're lucky to invest when there is a bull run and then you can make a profit from it and become rich. But it's not always like that for everyone, it is all about luck.

[Stakeey]

Oh...... and wealth creation

[henmark]

Oh...... and wealth creation

Hmm, I am still trying to think of how it can create wealth in Nigeria generally, but still can't link it. I know that bitcoin will reward those that are keeping it as store of value in their country but that will be limited to their citizens and how many of their citizens are even in cryptocurrency, and the ones there, how much money do they really invest in cryptocurrency for it to make them wealth.

Wealth is not the problem of that country to the best of my knowledge, because they are wealthy, they have much of mineral resources and they have lost of gift of nature that God has given them, but they are not creating wealth out of it, they have little or no factories that could help them developed these things and market them internationally to create employment, and the oil and gas they rely on is the main source of their corruption.

[Danslip]

The benefits of Bitcoin are huge and supposed to be in countries like the nation. Bitcoin can be utilized to make a profit by trading. In many countries such as the Asian part, Bitcoin is very popular.

And the benefits of Bitcoin that I've experienced are the advantages of trading crypto coins. So I now also do not become idle anymore because it already has a job like crypto coin trading.

Full-time traders should register on the respective tax organization, otherwise, their benefits are limited to their circle-family, friends, etc. Day trading is not a job, it is like a daily volatile business and they stare at the screen for making the same profit with the long term traders. Advantages of the trading crypto markets can make things easier for the trader himself, third world countries usually follow the path of the other countries and Nigeria is not a limitation. All nations deserve to benefit from the crypto ecosystem, the purpose of the decentralization matter in this point. The different viewpoints are changing the outcome of the authorized officials.

[STT]

awareness of the technology is increasing rapidly (yearly) in the country

Technology in general is a force multiplier, thats your advantage to do what is done by other means but with less steps, less cost and greater efficiency and speed and with greater ease.   I will still argue Bitcoin needs to keep developing in order to justify growth and interest ahead of any other competition from across the finance spectrum but Nigeria can certainly register a gain from greater involvement with Bitcoin.  

I spotted this chart the other day and I see many countries on there but I think all countries and every nation and their people can benefit from cryptocurrency but certainly a person without any access to banking should see a benefit from being involved in the world economy through crypto so long as its easy and convenient with low costs to them.    
  The point is to add a tool into the pockets of the common people, which helps to mobilise the citizens productivity better.    They can advertise more widely and produce in a digital economy not just locally but across the world via a simple point of access.    Banking can be far slower to achieve such a thing and require far more cost because it its load is not distributed but firmly planted in costs to setup centrally in that area, requiring staff and special attention.  Bitcoin is a product available to every person on the planet and for no initial cost, only the desire to be involved.  
   
 Why would any country deny themselves a good working product and the abilities it can give their population to be better productive in a faster moving world economy, I hope no country would want to deny the advantages people might gain and produce from their own initiative.   It will certainly benefit their local economy to have a higher percentage of work and commerce available across the country.

[BabyBoss]

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.

The benefits of bitcoin in our country is to have an income and give us hope in the future to have a big profit like million because only in bitcoin have a chance to be a millionaire someday. Inly bitcoin can give profit to those  have no work because in here theres no discrimination as  long as you know how to follow instructions about here.