Protesters in Nigeria used Bitcoin as alternative of banks as CBN blocked accts.

[Josefjix]

There has been protest against poor policing in Nigeria for over a week now across different cities, earlier today the CBN sanctioned the bank account used by the protesters to solicit for funds across the country. Immediately they noticed this development, the opted for Bitcoin payments system.
A big plus for the organisation.




https://twitter.com/feminist_co/status/1315998200944263168?s=19

I was about to make a thread about this. Came across the #freeFlutterwave on twitter trend list and decided to check it out.

For those who don't know, Here's a breakdown of what happened:

- Nigerian youths have been protesting for over a week over policing brutality currently happening across the country with several people getting killed on daily basis just because they're been tagged as criminals by law enforcement officers. The funny thing is every Nigerian youth that is living above the average standard of living is tagged as a criminal - web developers, crypto and forex traders, designers, small - medium scale business owners, entrepreneurs etc.

- Since the situation worsened with each passing day, Nigerians have embarked on peaceful protests across the country and was using a payment platform called Flutterwave (Even binance use this platform for crypto payments on their exchange) for funding the protests with food, medical supplies  and also for bailing our protesters that were arrested during the protests.

So.... what happened?

The central bank of Nigeria flagged the the platform saying it was used to fund "criminal" activities. So Nigerians turned to using Bitcoin as the payment solution abandoning all other traditional payment solutions.


This might not seem much for the global crypto community, but it's a huge win for the Nigerian crypto community on and off this forum. The citizens of Nigeria are beginning to realize that the crypto is the future and would help drive its adoption.

[nelson4lov]

I was about to make a thread about this. Came across the #freeFlutterwave on twitter trend list and decided to check it out.

For those who don't know, Here's a breakdown of what happened:

- Nigerian youths have been protesting for over a week over policing brutality currently happening across the country with several people getting killed on daily basis just because they're been tagged as criminals by law enforcement officers. The funny thing is every Nigerian youth that is living above the average standard of living is tagged as a criminal - web developers, crypto and forex traders, designers, small - medium scale business owners, entrepreneurs etc.

- Since the situation worsened with each passing day, Nigerians have embarked on peaceful protests across the country and was using a payment platform called Flutterwave (Even binance use this platform for crypto payments on their exchange) for funding the protests with food, medical supplies  and also for bailing our protesters that were arrested during the protests.

So.... what happened?

The central bank of Nigeria flagged the the platform saying it was used to fund "criminal" activities. So Nigerians turned to using Bitcoin as the payment solution abandoning all other traditional payment solutions.


This might not seem much for the global crypto community, but it's a huge win for the Nigerian crypto community on and off this forum. The citizens of Nigeria are beginning to realize that the crypto is the future and would help drive its adoption.

[theskillzdatklls]

Bitcoin is always great as the default option when things go awry, but there has to be a substantial input into the infrastructure and acceptance of Bitcoin. It isn't often used as an exchange for goods and services as I've seen in the IRL marketplace and that should change.

[Bttzed03]

So how exactly are they going to convert them to fiat and buy necessities or use the funds for bail? Through LBC/Binance? Any idea how many establishments accepts/deals with bitcoin?

~ This might not seem much for the global crypto community, but it's a huge win for the Nigerian crypto community on and off this forum. The citizens of Nigeria are beginning to realize that the crypto is the future and would help drive its adoption.

looking at the other side of the coin, this will put bitcoin in a bad light again. IIRC, it was only a few years ago when Nigerian Central Bank banned transactions in BTC. What are the odds that they'll move for another ban?

[CarnagexD]

Was wondering if this is the case, then how are they going to use the fund they will get? And if the government finds out that his is happening then they will just immediately act on this one preferably banning the use of cryptocurrency especially bitcoin, then they could just arrest every protesters they see on the streets. I don't see anything wrong about this one, but a movement against the government? I'm worried about crypto's state in Nigeria

[Oasisman]

Good explanation of the actual situation @nelson4lov

The central bank of Nigeria flagged the the platform saying it was used to fund "criminal" activities. So Nigerians turned to using Bitcoin as the payment solution abandoning all other traditional payment solutions. 

Now, how about Bitcoin? How are they going to convert it to fiat? We already know Bitcoin was also tagged as an outlet to fund criminals even before. What If the government/central bank will force their local exchange or the use of Bitcoin to be temporary suspend all crypto related transactions?
This seems a ridiculous idea when Flutterwave was blocked by their central bank, I can sense the same thing will happen after switching to Bitcoin as an alternative to continue funding the protesters.
Or I could be wrong.

[nelson4lov]

Was wondering if this is the case, then how are they going to use the fund they will get? (...)

So how exactly are they going to convert them to fiat and buy necessities or use the funds for bail? Through LBC/Binance? Any idea how many establishments accepts/deals with bitcoin?

Now, how about Bitcoin? How are they going to convert it to fiat? We already know Bitcoin was also tagged as an outlet to fund criminals even before. What If the government/central bank will force their local exchange or the use of Bitcoin to be temporary suspend all crypto related transactions?
(...)

Had to group the posts together so I can reply at once since the questions were kinda similar.

Aside from the fact that binance offers NGN (Nigeria's currency) withdrawals using Flutterwave's API, Its only one of many ways crypto users in Nigeria can convert the funds to their bank accounts. Binance only introduced that feature earlier this year. Before then, we used (and still use) P2P platforms like localbitcoins, paxful or even remitano to process crypto payments back to local currency.  There are also blockchain startups emerging from Africa that processes crypto payments like Buycoins.Africa


People also trade with their friends and dealers too. My point is, converting from crypto and back isn't much of a hassle. Also, It'll be hard for government to track these payments made from p2p platforms and dealers and they are look like "normal" back deposits / withdrawals.

looking at the other side of the coin, this will put bitcoin in a bad light again. IIRC, it was only a few years ago when Nigerian Central Bank banned transactions in BTC. What are the odds that they'll move for another ban?

Nope. As a matter of fact, Nigerian SEC recently declared bitcoin as a "legal security" : https://bitcointalk.org/index.php?topic=5275844.msg55196809#msg55196809



Thanks for your concern everyone. The issue has now been cleared. Apparently, Flutterwave wasn't shutdown by the CBN as earlier reported (they didn't say what happened too). However, it gives me joy to know that a lot of Nigerians are already aware of the bitcoin and its mission. It wouldn't be long now before it becomes the de-facto currency for the youths in the country.

The good thing is people now know that crypto has a lot more to offer than just regular price swings.

By the way, thanks for all your concerns.

[CaVO32]

And to check how much they have right now in that btc address -

https://www.blockchain.com/btc/address/1CWdxSTKang1toEv2an1AY3z8cuwiapyno



Not bad huh! They collected about $6k, just by tweeting. They haven't touched it yet. As others have pointed out, this will make their fellowmen aware about the benefits of transacting with bitcoin. And that will create the awareness of crypto among other things.

[erikoy]

Good move by nigerian people on degrading bank service and instead using btc for options to bank. However, I do think they still need bank service for whenever you will going to buy bitcoins the easiest way to obtain it is through money transfer from bank to cryptocurrency exchange or to directly to you wallet where there is a wallet for fiat currency.

So, whether we like it or not bank for bow bank service is needed unless nigerian people had taken already steps to get bitcoin without using banks service.

[Rengga Jati]

Actually, I do not know exactly the basic problem that happens in this country related to this situation. But, I read interesting news about the corruption that happened in that country, moreover in the bank sector, supported by the poor government systems. Well, but this was in2019, so it is still continuing to happen in that country?
Let's see the quote:

Like many things in Nigeria, corruption has found a home in the banking sector, with poor corporate governance systems and unethical leadership at the center. Financial mismanagement or misconduct by the executive management of Nigerian banks has hampered their performance and sustainability.

If it still happens today, it may be one of the reasons why many people are mad about it and don't believe anymore in their governance and also the banking system.

Turning into Bitcoin or other cryptocurrencies may be good ideas. It can be used for global transactions.
But, I am still not sure about these:
1. Are there many companies or commerces that accept BTC or crypto as payment? If not, how can they use it for their daily needs? Still, using cash?
2. Are there any trusted and legal exchanges that allow them to make transactions without any problem and punishment from the governance?

Their governance may not be able to shut down or ban  BTC, but, they may make difficulties in using it.

Whatever the situation, hopefully, they can get their best s=result of any effort that the people do and struggle for fairness.

Source of quote:
https://www.stearsng.com/article/what-are-the-biggest-problems-with-nigerias-banking-system

[TalkStar]

Aside from the fact that binance offers NGN (Nigeria's currency) withdrawals using Flutterwave's API, Its only one of many ways crypto users in Nigeria can convert the funds to their bank accounts. Binance only introduced that feature earlier this year. Before then, we used (and still use) P2P platforms like localbitcoins, paxful or even remitano to process crypto payments back to local currency.  There are also blockchain startups emerging from Africa that processes crypto payments like Buycoins.Africa

Feeling good to hear that Nigerian people have deep thrust about bitcoin and its use. Rather than Europian countries it seems to me that African continental countries are trying to make the best use of bitcoin. Specifically a large number of people from this continent are engaged with crypto currency trading and using bitcoin on their everyday life for completing transactions.

All i am seeing here Nigerian people are making a good move and gradually it will cover the entire African continent like the wave of mobile banking system is connecting most countries there.

However, it gives me joy to know that a lot of Nigerians are already aware of the bitcoin and its mission. It wouldn't be long now before it becomes the de-facto currency for the youths in the country.

Yeah,,,,thats the best part. Nigerians people's knowledge about bitcoin is increasing superbly and their recent protest is the clear sign of that. Now it is governments turn to provide supportive service for their citizens which can easily boost up their national economy.

[nelson4lov]

So, whether we like it or not bank for bow bank service is needed unless nigerian people had taken already steps to get bitcoin without using banks service.

That's right. That's one of the major issue we have at the moment - the ability to swap crypto to fiat which we can use in our local stores without using banks.  But that would change sooner rather than later as  bitcoin ATMs (https://bitcointalk.org/index.php?topic=5265432.msg54895208#msg54895208 ) are continously being installed at different locations in the country. Also, more bitcoin and blockchain startups are now offering crypto cards just not to Nigerians yet.  I know it's just a matter of time now and everything would fall into place.

1. Are there many companies or commerces that accept BTC or crypto as payment? If not, how can they use it for their daily needs? Still, using cash?

For now, there's only a few. But I expect those numbers to get pumped up from next year moving forward.

2. Are there any trusted and legal exchanges that allow them to make transactions without any problem and punishment from the governance?

Yes, one of such exchanges is Binance. However, I'm not sure how they would react when the government places a restriction or banned them from offering such services.

[jossiel]

They might have been aware of the existing of bitcoin and they have this plan if ever the CBN has to freeze their bank accounts as a counter-attack for the protesters.

So how exactly are they going to convert them to fiat and buy necessities or use the funds for bail? Through LBC/Binance? Any idea how many establishments accepts/deals with bitcoin?

I'd like to know too how exactly they will do it. One strategy that I'm thinking is they're using silent supporters to help them get the cash that has accounts free and has not been part of the sanction.

[Wexnident]

Glad that they knew how to capitalize on how Bitcoin is to actually escape the as usual, controlling disease of the government. Well, hope that the SEC of Nigeria doesn't turn back on their decision to actually support/implement Bitcoin properly due to this. To the public eye and especially to the government, helping a bunch of "criminals" may provide a negative view, but if they were to have even a bit of their brain cells alive, they'd probably stop blaming Bitcoin for being a currency everyone can use and that they can't control.

Hoping for the best for your fight against the government here

[dothebeats]

The recent events in Nigeria seem to be inhumane and mostly power-tripping from corrupt officials. Why would they lead to the arrests of innocent, and kinda well-off youth who are just trying to make everything better in their lives? Good thing people there recognize that bitcoin is free from such controls and closure of accounts from the government, though the main question next is how would they convert these coins into their currency for the bailouts? I'm sure they got it covered but it would be nice to know even just from a vague description on how they do it.

The whole world is getting to a point wherein people will learn to deviate from traditional things and ways as the government forces them to do so.

[n0ne]

With this we can understand the freedom of using our own funds. This is possible as the government or any other authority having control over the network. Nigeria, a country which has got abundant natural resources. If the government dedicatedly work on developing the life of people surely it is possible. Here, the rulers always want to accumulate and this corruption is the reason why Nigerian people are suffering even to fulfill their basic needs.

[Darker45]

The central bank of Nigeria flagged the the platform saying it was used to fund "criminal" activities. So Nigerians turned to using Bitcoin as the payment solution abandoning all other traditional payment solutions.


This might not seem much for the global crypto community, but it's a huge win for the Nigerian crypto community on and off this forum. The citizens of Nigeria are beginning to realize that the crypto is the future and would help drive its adoption.

On the positive side, Bitcoin is indeed becoming a tool for freedom to a lot of Nigerians in their struggles right now. It is also a good thing that Bitcoin is considered legal, albeit as a security, in the country. That helps Nigerians to easily access and use it.

However, on the negative side, is it not possible that your unreasonable country will also start clamping on Bitcoin for noticing that what they falsely label as criminals or criminal activities are now associated with Bitcoin?

[seoincorporation]

It would be nice to know what will be the founds used for... The main problem there is corruption, and more money will not fix their problems. They need to fix their government first to stop having all those problems then they need some ethic firs, it can't be fixed with money,

[Josefjix]

It would be nice to know what will be the founds used for... The main problem there is corruption, and more money will not fix their problems. They need to fix their government first to stop having all those problems then they need some ethic firs, it can't be fixed with money,

The protest going on for days now isn't just against police brutality, the youths are fed up of bad governance, corrupt politicians and unemployment. They came out in numbers to protest. You can feel the bravery in their unionism against the cancerous system of government. It is as result of this peaceful protest we have realised the government can actually listen to what we need and demand for.

[ice18]

It would be nice to know what will be the founds used for... The main problem there is corruption, and more money will not fix their problems. They need to fix their government first to stop having all those problems then they need some ethic firs, it can't be fixed with money,

Of course they need money every movements need money to support their expenses like what is happened in HK last year with is backed by huge amount of money to organize a massive protest this will fuel more effective movement btw I thought I only saw this kind of happenings in movie in the country of Nigeria but looks like this is real happenings protest, corruption people must vote for a true leader with sympathy to its people not for itself, I can only see one problem if the government will declare btc or digital coins as illegal, then what will happen next?