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Author Topic: What are the benefits of bitcoin to my country (Nigeria) economy?.  (Read 561 times)
Lucius
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August 05, 2019, 09:45:21 AM
 #21

I see some point in your statement, so the focus should be helping individuals have a better life with investing in bitcoin then it will reflect on the economy as a whole right?.

Let's say my opinion goes in that direction, changes always start at the lowest level and it spreads in all directions. For example you know about bitcoin, it help you in life, and you learn others about how to use it - they also see some positive changes in their lives and transfer that knowledge further.

However, it all depends on the attitude of the government to allow or not allow people to become more financially stable, because we have visible examples of China and India where the authorities openly oppose to decentralized financial system.

That is worse than Soviet Propaganda!

30% of Nigerians use bitcoins regularly? What the hell does he mean by regularly?
Nigeria has a population of 200 million, 30% means 60 f millions!

It's probably an exaggeration, but maybe it is about 30% of adult populations (18+) who use Bitcoin daily. I try to find data about population by age, and half of country should be adults, where less then 3 % are older then 65 years, and around 50% is younger or close to 14 years. So this is country with very big percentage of young population.

I know that even 30% of 100 million is big number, maybe it is just half of that number or even less - but I do not doubt that people in Nigeria use and will use Bitcoin in future. Africa is very often mentioned as next big market for everything, they can not always stay behind the rest of the world.

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August 05, 2019, 12:06:16 PM
 #22

CryptopreneurBrainboss, we all post some opinions, and they are of course different, which is quite normal. But what interests me is Bitcoin in any way help you in your life, do you live better or similar as before?

Probably Bitcoin cannot help one country as a whole, but it can help individuals who can then change things around for the better. I look for some info about cryptocurrency in Nigeria and I see you have few crypto exchanges in country, Nairaex seems to be most popular.


I do agree with this, btc is not created to help country to solve poverty problem, but it can help the individual to have a better life, it can be used as investment that not affected by inflation, it can created more job opportunities, less poor people will lead to a stronger country's economic foundation, there are only little things that bitcoin could do for the country but it could help the citizen a lot
Exactly, bitcoin creates more jobs then creates more opportunities to achieve super profits, and only those who can take advantage of this opportunity, they will change their lives, breaking their tough economy. Talking about news that bitcoin can help a country, it's just rumors, dreams, a country's economy cannot rely solely on bitcoin to change, bitcoin is not a safe area, the government is an important platform in the process of improving the economy, their plans will lead to this process, bitcoin is just a small factor

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August 05, 2019, 01:24:56 PM
 #23

For poor countries in Africa, I think cryptocurrency will be the place that makes the GDP of African people increase quite a lot.
Bitcoin is a deflationary mechanism and a long-term investment in it will be a great thing. Your money will rise every year like investment in real estate.
If Nigerians realize this opportunity, their country will soon improve.

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August 05, 2019, 04:00:45 PM
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 #24

That is worse than Soviet Propaganda!
30% of Nigerians use bitcoins regularly? What the hell does he mean by regularly?
Nigeria has a population of 200 million, 30% means 60 f millions!

It's probably an exaggeration, but maybe it is about 30% of adult populations (18+) who use Bitcoin daily. I try to find data about population by age, and half of country should be adults, where less then 3 % are older then 65 years, and around 50% is younger or close to 14 years. So this is country with very big percentage of young population.

I know that even 30% of 100 million is big number, maybe it is just half of that number or even less - but I do not doubt that people in Nigeria use and will use Bitcoin in future. Africa is very often mentioned as next big market for everything, they can not always stay behind the rest of the world.

Nope, that number won't fly either.
400k daily transactions in the chain, each person doing a transaction a day means 12 million people who use bitcoin once a month. In the whole world!
And we know that bitcoin is booming in Iran, Venezuela and South Africa /s, so we would have to cut the number to 3 million. If we say that they use regularly, so once a week not a month, we have to cut the number to 750 000.
And this while still excluding the US, EU and the rest of the world:P.

Neah, it's total bs, from a service who claims to have 100k users but is ranked as the 350k most visited website.  Grin

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August 06, 2019, 03:42:16 AM
 #25

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.

In general, I have to say that Bitcoin is not here, and by design, to help any country to gain progress in their economy. Economy is to be improved by way of increasing domestic and national product. As to how, it would be the country's role and responsibility. Bitcoin is going to contribute to a country's citizens, however. In terms of remittance, of less or even zero tax transactions, of fast dealings, and so on. It would also help your country's people to counter the inflationary design of fiat currency. But if you think that Bitcoin will really uplift your country's situation, I doubt it.


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August 06, 2019, 08:25:05 AM
 #26

In general, I have to say that Bitcoin is not here, and by design, to help any country to gain progress in their economy.
<...>
In terms of remittance, of less or even zero tax transactions, of fast dealings, and so on.

Thanks for the input, so in other worlds bitcoin technically, wasn't created to benefit any country's economy instead it was created to benefit (best interest of) the common man i.e citizens of a nation who welcomes the currency. If that's so then why is the community engaging in promoting bitcoin as some economy savior and pushing for the government (which this currency wouldn't benefit) to recognize it as a world currency.


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August 06, 2019, 05:57:40 PM
 #27

In general, I have to say that Bitcoin is not here, and by design, to help any country to gain progress in their economy.
<...>
In terms of remittance, of less or even zero tax transactions, of fast dealings, and so on.

Thanks for the input, so in other worlds bitcoin technically, wasn't created to benefit any country's economy instead it was created to benefit (best interest of) the common man i.e citizens of a nation who welcomes the currency. If that's so then why is the community engaging in promoting bitcoin as some economy savior and pushing for the government (which this currency wouldn't benefit) to recognize it as a world currency.


The reason why some are pushing bitcoin as some sort of economic saviour is because all of the currencies around the world are fiat, or in other words those currencies have value only because the governments say they do, but governments have been abusing their power to print as much currency as they want and this has created economic crises in countries like Venezuela and Zimbabwe and it is likely many other countries will follow on their footsteps, but bitcoin was created with the opposite intent no one can create more bitcoin than the hard limit imposed by satoshi and it is unlikely this will be changed in the future, so this offers protection to those in countries suffering hyperinflation.



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August 07, 2019, 02:41:00 AM
 #28

In general, I have to say that Bitcoin is not here, and by design, to help any country to gain progress in their economy.
<...>
In terms of remittance, of less or even zero tax transactions, of fast dealings, and so on.

Thanks for the input, so in other worlds bitcoin technically, wasn't created to benefit any country's economy instead it was created to benefit (best interest of) the common man i.e citizens of a nation who welcomes the currency. If that's so then why is the community engaging in promoting bitcoin as some economy savior and pushing for the government (which this currency wouldn't benefit) to recognize it as a world currency.



Let us take it with its face value. The Bitcoin community is promoting Bitcoin because we believe in it as the best form of currency in the world. It represents freedom to us. It is not inflationary. It has proven to be fully independent from the movements of the prices of stocks, foreign currencies, GDP and GNP, gold, etc. But I guess we are not promoting it as a country's economic savior. We are promoting it as the best payment method for the people.

However, if the government is open enough to adopt the use of Bitcoin then it will have to regulate its use in order for Bitcoin transactions to be fully legal and therefore appropriately taxed. So in a way they are benefiting from it but certainly not as a savior of their economy.


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August 07, 2019, 07:24:37 AM
 #29

The benefits are safer problems such as corruption of state money. Bitcoin is a virtual currency that is stored virtually with encryption protection. So Bitcoin is not physical in shape and does not require special storage places like wallets, safes, and such. In order to access Bitcoin, a user can simply use the wallet and private key code that needs to be stored properly.

Bitcoin can help Nigeria to become a powerful (economically) country on the African continent. Many famous politicians from Nigeria support BTC and prove that its acceptance will give them nothing but great benefits. Soon, many countries will make crypto deals, and it becomes profitable even for the country to have this cryptocurrency and use it on the global market.

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August 07, 2019, 08:09:11 AM
 #30

I have done some contract work in Nigeria before and I know you have a vibrant micro economy. <Small taverns and markets> So, you need a payment method that are quick and cheap and something that can protect the value of your wealth from the devaluation of your local currency. I know some people use M-Pesa, but there are risks involved by using centralized payment methods that can be shutdown by the local government. <The government can just force these companies to stop operating in their country>  Roll Eyes

Bank charges and access to Bank accounts might also be too expensive for some people, so having your own Bank on your phone with Bitcoin, might be the best alternative. If people can spend money on phone calls and data, then they can use that to transfer money <bitcoin> from one person to the other.

You might have to find some way for them to do this via smaller shops Free Wifi or using the Lightning Network to reduce the tx fees even further, if they cannot afford the data cost.   Huh

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August 07, 2019, 10:24:15 AM
 #31

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.

In my opinion, in other to have a good starting point for argument it is essential to understand how blockchain can benefit any economy before then trying to localise the issue to specifics of the country. In today's economy especially in Africa, the secrecy that surrounds the award of contracts and workings of government is something that have made corruption festers beyond imaginations and has cripple the economy and the country as a whole to an appalling point. So, if the only thing blockchain can bring is about the transparency, then 50% of problem have been solved and that is a great benefit that can happen to any country of the world irrespective of location, ethnic or developmental strides.




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August 07, 2019, 04:51:07 PM
 #32

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.
Naira lost it really value when Nigeria economic went into recession within 2015 and ending of last year and it just recovering and as such Nigeria needs a financial system that do not depend on dollars. As far as naira is page against dollars it is difficult for the economy to recover fully as it has happened to many African countries. Bitcoins is decentralized and Nigeria be the largest and the most popular Africa countries can adopt bitcoin into her financial system and if that is done their can embark on mining the remaining Bitcoin which will bring undepend on oil for sometime.
Before the corrupt politicians know and learned anything about it, good Nigeria that know about this technology and Bitcoin will be able to restore the country on the part of prosperity.

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August 08, 2019, 06:38:14 AM
 #33

Bitcoin is not something you need a high tech for, I mean of course having a great internet connection and having a good stable computer and mobile phone would mean the worlds but even if you are in a place where internet connection sucks and you do not have a high end phone, you can still send and receive money via sms in bitcoin.

Not just bitcoin, there are other coins much faster with lower fee's that you can use as well via sms and that way someone may have bitcoin whenever they want in any country they want as long as they are capable of sending a message or receiving one.

All you have to do after that is find a place that has internet connection and open an account on any exchange you want and suddenly you have money. So, it is not as easy and good to use as in lets say New York for example but it is still quite possible to change your life.


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August 08, 2019, 08:07:32 AM
 #34

Naira lost it really value when Nigeria economic went into recession within 2015 and ending of last year and it just recovering and as such Nigeria needs a financial system that do not depend on dollars. As far as naira is page against dollars it is difficult for the economy to recover fully as it has happened to many African countries. Bitcoins is decentralized and Nigeria be the largest and the most popular Africa countries can adopt bitcoin into her financial system and if that is done their can embark on mining the remaining Bitcoin which will bring undepend on oil for sometime.
Before the corrupt politicians know and learned anything about it, good Nigeria that know about this technology and Bitcoin will be able to restore the country on the part of prosperity.
Honestly, Nigeria needs to liberate themselves from the use of dollars against Naira, it is really destroying their economy without them knowing, to me, dollar is just like a curse to them and because of dollar, many people has successfully been able to steal so much money from their country into the America.

I learnt that there was a time that they needed to actually get that liberation and the current president wanted to partner with china for them to use their Yuan against Naira instead of dollar since majority of their product including services is from china, but their parliament did not approve it and I guess it is because majority of them are sitting on so much dollars that they have used to steal their currency, I think Nigeria really needs to implement bitcoin more than any other country.

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August 08, 2019, 01:12:26 PM
Merited by CryptopreneurBrainboss (1)
 #35

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.

Most Africans have been sceptical about Bitcoin, blockchain and cryptocurrencies for sometime now and this has been perpetuated by the possibilities that virtual currencies can be manipulated towards crime, tax evasion and money laundering. However, as more information is beginning to filter through African communities as well as the availability of testimonial enlightenment being administered by those who dared to try cryptocurrencies to their peers, more people are increasingly embracing cryptocurrencies.
In Nigeria, I know for a fact that the institutional abuse of the volatile Naira assisted the rise of bitcoin as Nigerians are trying to preserve the value of their wealth and earnings.

According to the research carried out in August 2018 by Localbitcoin,  Nigeria came first in Africa in terms of bitcoin trade and $258 million dollars worth of BTC was transacted in 2018 alone by Nigeria. This means that BTC is already working in Nigeria and it is filling a certain role that the Naira is failing to do.

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

 1. Remittances
Bitcoin can also be useful for remittances in African countries like Nigeria that are constantly facing currency and forex challenges. According to the World Bank, remittances to sub-Saharan Africa grew from $37.8 billion in 2017 to around $39.2 billion in 2018 and $39.6 billion in 2019. Again, Nigeria topped African recipients with $22.3 billion in 2017. You can clearly tell that this is one area that BTC is disrupting and will continue to do so.

2. Sub- Sahara Africa has a large number of unbanked people.
The World Bank estimates that Sub-Saharan Africa has around 350 million unbanked adults, and cryptocurrencies like BTC can fill this gap to move in to fill in the gap as they can move money across communities and borders with ease. In Nigeria, you will find that in some areas Muslim communities shy away from banking institutions where existing financial products on offer might not compatible with the principles of Islamic finance. These gaps can be Plugged by BTC.

3. Most economies in Africa are highly informal and that includes Nigeria.
The International Labour Organization (ILO) estimates that more than 85.8% of all employment in Sub-Saharan Africa is in the informal sector. It is therefore easy to see that this is one of the factors that have influenced the adoption and embracing BTC as young startups that are tech-savvy move to align themselves with the world's pace.

4. Stability
Nigeria has had a long history of military coups and corruption and this has largely affected the Naira. If one was to do a study in Africa you would see that Nigeria is not the only victim of doggy politics affecting the economy as the financial stability of economies in Africa is an oasis enjoyed by a few countries. Currencies have been known to lose value in a whiff and people’s savings wiped in the wink of an eye. Bitcoin offers a stable option as it is international and is not tied to any company, government or geographical location.
 
5. High literacy rates
Nigeria is one of the most learned countries in Africa, in fact, there is a running joke for years in Africa that says if you throw a stone in random in Lagos there is a 50% chance that you will hit a graduate. So it's easy for Nigerians to adopt BTC and they can use that literacy to earn for themselves trading and innovating new services and products around BTC.

However, there are several hurdles and roadblocks that BTC faces in Nigeria and Africa as a whole. Such roadblocks include; power issues (Nigeria suffers from incessant power cuts), Internet Connectivity issues, Internal conflicts (Boko Haram etc.), Low-income levels etc


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August 08, 2019, 03:12:40 PM
 #36


If i can recall correctly I have replied on numerous thread relating to how bitcoin have affected my life positively, I don't think there's any individual who have invested in bitcoin that hasn't been affected positively especially if that individual is the patient type. I do live better now and been on the forum has also been supportive.
So a lot of pros here have answered some of your questions.
Congratulations to this too.

The reason for this thread was to get an idea of how bitcoin would affect the economy of the country if it's been recognized by the government or atleast been used by more individual just as other nations are experiencing a rapid increase in bitcoin adoption. Currently in the country bitcoin is been used mainly as an investment vehicle to financial freedom. I see some point in your statement, so the focus should be helping individuals have a better life with investing in bitcoin then it will reflect on the economy as a whole right?.

Now this happens when you get sick of just doing it by yourself and cannot share with anyone. I feel you there.
It is like, you needed someone to share it with and what will be the best option. Yes! Your country.
This will be our part now.
I remember one guy having a statement in this forum that Hodlers are for lazy people.
No. There is a lot we can do and one of the best is trying to make sense to people on how bitcoin work and also the blockchain.
Let us all admit it. One country might have 10 percent only of its population that is really using bitcoin. Or it might be lower than that.

Well, you might be the key for helping your own countrymen.

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August 09, 2019, 07:00:13 AM
 #37

All these people that will tell you that Bitcoin will help the economy of a developing country, they all just don't know what they are saying. If Bitcoin can help the economy of a developing country, then why not the economy. Of a well developed country as well? Jokes. Bitcoin doesn't help you, it is not a free money and you have to work for it. If you can't buy and invest in Bitcoin then there is no way its going to help you and that's it. The only way bitcoin helps is that it makes your transactions fast and easy.

Maybe when your friends ask you, you can tell them that. At least with Bitcoin they will be able to send money to their friends and family abroad without the help of banks.

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August 09, 2019, 11:45:22 AM
 #38

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.

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August 09, 2019, 11:57:37 AM
 #39

I’m not sure about the situation in the Nigerian economy, but I know for sure that it would only give a significant effect when a lot of people are using it. Preventing the crisis with developing so much fiat for use, and the government acknowledging the use of Bitcoin.

Assuming that people start using in Nigeria, there would be a benefit in the integrity of Bitcoin Blockchain, and mostly the cryptocurrency space would increase in users. I'm just worried about how people are going to worry about the confirmation time of it, but it certainly will help people who don't have banks to receive money, and they can start their own business.




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August 09, 2019, 12:26:00 PM
 #40


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  .

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