Will Nigeria Come Late to the Bitcoin Party?

[Wenbing]

Have you ever seen a developing country lead a technological revolution? I have not seen it happen; they always take the back seat of every revolution.

But, there is something special about Nigeria; it is a country that has what it takes to lead the cryptocurrency revolution.
You may be asking how I know this. The answer is very simple. The youth population are very active when it comes to entrepreneurship and digital activities.

Here are three examples;

1.   They used Twitter, Reditt and other social media to mobilise resourses and people during the #EndSars protest.
2.   The is country leading the Crypto transaction in Africa is Nigeria by Google trends ranking.
3.   We have some digital entrepreneurs in the crypto space with interesting innovations.
Well, as Elon Musk said that “he was late to the bitcoin party”, but we have seen that he was not late to the party, if Tesla invested $1.5bn at $38K/btc into btc and it current price is above $50k/btc, do we call that lateness or first mover benefit?

With the way the Nigeria government is regulating crypto transaction, will the country be late to the btc exciting and rewarding party?

[GeorgeJohn]

What is happening to Nigeria kind of leadership is lack of understanding of cryptocurrency network, because the country called Nigeria is not first country that indulged in cryptocurrency and is not second or neither third country into crypto,many countries has been practicing cryptocurrency transactions couple with their fiat currency and no issues, it's Nigeria central bank that's emphasising on crypto while others countries who are using bitcoin like USA and ASIA, cryptocurrency has is not be affecting their Fiat currency, in summary everything in Nigerian is all about seriousness, the way I seen their reaction towards crypto.

[TedMosby]

-snip-
But, there is something special about Nigeria; it is a country that has what it takes to lead the cryptocurrency revolution.
You may be asking how I know this. The answer is very simple. The youth population are very active when it comes to entrepreneurship and digital activities.
-snip-

Nigeria, Kenya, and South Africa become the leader of the cryptocurrency adoption in Africa.
according to chainalysis’ 2020 global crypto adoption index,
Nigeria was on the list of top countries with a high index of cryptocurrency adoption.
https://news.bitcoin.com/ukraine-russia-south-africa-nigeria-cryptocurrency-adoption/

I used to be a promoter for several online businesses. I saw many Nigerians and Indians became the leader in almost all those online businesses.
So yeah, your statement is valid for me.

[Oshosondy]

With the way the Nigeria government is regulating crypto transaction, will the country be late to the btc exciting and rewarding party?

When the central bank of Nigeria banned bitcoin, did you see any drop of bitcoin price? It is not possible because Nigerians still make use of bitcoin. There are many active p2p market that Nigerians have moved to now which is better than bank transactions. Better thank bank trasacrions because no charges by bank but p2p directly. If you think Nigerians are not buying bitcoin, you are not thinking about it rightly or someone is deceiving.

[Mistafreeze]

Have you ever seen a developing country lead a technological revolution? I have not seen it happen; they always take the back seat of every revolution.

But, there is something special about Nigeria; it is a country that has what it takes to lead the cryptocurrency revolution.
You may be asking how I know this. The answer is very simple. The youth population are very active when it comes to entrepreneurship and digital activities.

Here are three examples;

1.   They used Twitter, Reditt and other social media to mobilise resourses and people during the #EndSars protest.
2.   The is country leading the Crypto transaction in Africa is Nigeria by Google trends ranking.
3.   We have some digital entrepreneurs in the crypto space with interesting innovations.
Well, as Elon Musk said that “he was late to the bitcoin party”, but we have seen that he was not late to the party, if Tesla invested $1.5bn at $38K/btc into btc and it current price is above $50k/btc, do we call that lateness or first mover benefit?

With the way the Nigeria government is regulating crypto transaction, will the country be late to the btc exciting and rewarding party?

Just buying and selling or holding Bitcoin will not lead Nigeria to Bitcoin party. It should be pioneer to accept btc as digital currency. More and more local businesses must start accepting btc.

[Vaskiy]

In terms of technology associated growth, Nigeria has a big part when it comes to African countries. Most of the African countries wealth were evaded, and people are kept under control. Another thing is the corruption. Based on several of these issues the young population is growing much adoptive to the technology, believing that they can overcome all the difficulties. Nigeria and Nigerians aren't late the bitcoin party. These are the people who use bitcoin on business transactions on large scale purchase than other people.

[target]

With the way the Nigeria government is regulating crypto transaction, will the country be late to the btc exciting and rewarding party?

When the central bank of Nigeria banned bitcoin, did you see any drop of bitcoin price? It is not possible because Nigerians still make use of bitcoin. There are many active p2p market that Nigerians have moved to now which is better than bank transactions. Better thank bank trasacrions because no charges by bank but p2p directly. If you think Nigerians are not buying bitcoin, you are not thinking about it rightly or someone is deceiving.

The price of BTC wasn't affected when their government announced the crypto transaction regulation, looks unstoppable. They will find a way to still keep going when they are used to it for a long time, I guess they can always circumvent the system. Binance p2p is also helping as it still allows the Nigerians to make transactions. It won;t stop them from crashing a party.

[Twentyonepaylots]

What the country lacks in technological hardware, is compensated with the knowledge of the people in that country regarding technology. Seriously, Nigerians are very good with technology and coding, and oftentimes the skills are put to bad use courtesy of scamming and online theft, but imagine if the countrymen will be given the chance to prove themselves, they may even become pioneers of technology

[Ryker1]

What the country lacks in technological hardware, is compensated with the knowledge of the people in that country regarding technology. Seriously, Nigerians are very good with technology and coding, and oftentimes the skills are put to bad use courtesy of scamming and online theft, but imagine if the countrymen will be given the chance to prove themselves, they may even become pioneers of technology

Well, perhaps this is one of the reasons why they ban bitcoin recently.
Their government's leadership has no knowledge of what is bitcoin or cryptocurrencies in general, --lack knowledge about this technology because they always think that it becomes a threat to their economy towards illegal activities or perhaps support terrorist activities without knowing them. However, later on, they lifted the ban because they realized this an asset but the problem is people cant do trading using bitcoin. But there is an alternative solution for that, P2P and decentralized exchange.

[pakhitheboss]

Every third world country is facing the same issue. Government are not helpful at all and do not have any knowledge about cryptocurrency. They think it is being used for only illegal activities. If government are helpfull then only you will find entrepreneurs coming up with new projects. Untill then the situation will remain like this.

[Lorence.xD]

Every third world country is facing the same issue. Government are not helpful at all and do not have any knowledge about cryptocurrency. They think it is being used for only illegal activities. If government are helpfull then only you will find entrepreneurs coming up with new projects. Untill then the situation will remain like this.

The problem with third world country is they are like that because the elected leaders at those countries are corrupt or incompetent. Nigeria will never be late to the party despite the ban, I think that the people of Nigeria will still be using bitcoin and other cryptocurrency. Only way that the situation will change is if the people were to act on it and choose who will lead them and that chosen leader is a competent.

[Latviand]

Regulation will also be the problem in their country just like what is happening in India, the only difference is that Nigeria is late. They are having a hard time prioritizing or allocating some time to make cryptocurrency enter or work in their economy and the market and that's what most of the countries are experiencing. Bitcoin is being adopted in most part of the world especially in Asia and America, and I know that Nigeria will just go with the flow if the government or the authority supports it with their full power.

[Red Pie]

Along with Nigeria, I think that Generation Z will be a lot and countries with a high young population density are not late for the bitcoin party. Bitcoin will always continue to give opportunities.  2021 is going better than in previous years.  I want it to continue like this.  The Nigerian government should also be positive about Bitcoin.

[davis196]

Nigeria is the one of the crypto leaders in Africa because:
1.It has the biggest population in Africa.
2.It is a little bit more developed than other African countries(excluding South Africa).
Having lots of young people means that a big part of those young people will be interested in IT and technology.That doesn't mean that the country is a leader in some kind of revolution.
Nigerian online scams have become notorious during the last decades.Does that mean that Nigeria is a leader in the "online scam" revolution?
The government/central bank of Nigeria aren't crypto friendly,so I don't think that Nigeria is capable of leading any "crypto revolution" or tech revolution at all.

[maxreish]

Millineals actually are very active in new technologies. And they also has a better understanding about cryptocurrency than the other middle age people. While Nigeria is one of the countries that has a good response about cryptocurrency, lately their Senate is having a talk about cryptocurrency ban;

Nigeria — the world's second-largest Bitcoin market after the United States — has banned the trading of cryptocurrencies. It's triggered anger among Nigerians who see cryptos as a safe haven in a battered economy

A great percentage on Nigeria using cryptocurrency is reasonable enough to catch the eyes of their government. It's being popular on their country, now I doubt how those crypto enthusiast will gonna do after their government ban cryptocurrency trading.

[OscarDavidson]

I think it's only a matter of time when every country will accept digital currencies and develops a proper regulation system. Nigeria is not an exception as well. I believe that the current generation will launch a process of different countries joining this Bitcoin party .
A cryptocurrency is a useful tool that can make easier our everyday life so its popularization is unavoidable. All we need to do is just wait for the moment when we'll wake in the morning and going to pay our taxes with cryptocurrency. This day is near.

[DapanasFruit]

Nigeria could indeed be the leading African country that can make it in the blockchain and cryptocurrency revolution...and it is very unfortunate that this potential is not being recognized by those in the government, and they instead focus on things they fear that might happen because of cryptocurrency. I am suggesting that people in Nigeria into cryptocurrency should open a dialogue with the government so that things can be threshed out and a win-win solution can be found and approved. Perhaps they should have someone who has a good reputation and influence to be their bridge in explaining their sides to the government.

[Becky666]

<snip>

With the way the Nigeria government is regulating crypto transaction, will the country be late to the btc exciting and rewarding party?

The country maybe late to this cryptocurrency party becasue of the ways things do happened in the country. Our leaders don't always want to be left behind in terms of sharing formulas: what happened to the BANNED was the lack of sharing formula that wasn't beneficial to the head rather to those Crypto-Holders, therefore was the BANNED activation. Don't worry about the current happenings bro, things will be normal soon when their selfish interest is be serve. Believe me that Nigeria will lead again the crypto-community.

[dansus021]

My country is still development but well Bitcoin Hype already happen from 2017 even before that
but simple answer for nigeria "Better late than Never" 

[Yogee]

.....
When the central bank of Nigeria banned bitcoin, did you see any drop of bitcoin price? It is not possible because Nigerians still make use of bitcoin. There are many active p2p market that Nigerians have moved to now which is better than bank transactions. Better thank bank trasacrions because no charges by bank but p2p directly. If you think Nigerians are not buying bitcoin, you are not thinking about it rightly or someone is deceiving.

This is what I was hoping Nigerians would do to keep the pressure to their Government to step in and slap the CBN. It's hypocritical of them to allow exchanges like Binance to operate but takes a back seat if banks would ban crypto users' account.

Perhaps Nigerians can follow what the Indians did by taking this case to the court.