Nigeria led global crypto adoption in 2020

[Charles-Tim]

Nigeria led in crypto adoption in 2020 according to the information revealed by Statista,

Reliance on remittances and the prevalence of peer-to-peer phone payments have led to a steep rise of cryptocurrency use in Africa's largest economy. Out of 74 countries in the Statista Global Consumer Survey, Nigerians were the most likely to say they used or owned cryptocurrency.

Almost a third of Nigerians said this applied to them. The high cost of sending money across borders the conventional way has caused many to turn to local cryptocurrency exchanges catering to overseas workers and their families, according to Bitcoin.com. Nigerians also often use their phones to send money to each other or to pay in shops. Recently, businesses in the country have been adding crypto plugins to their phone payment options, adding another way in which Nigerians can use cryptocurrency in their everyday lives.

[1715168240]

1715168240

[1715168240]

1715168240

[1715168240]

1715168240

[1715168240]

1715168240

[1715168240]

1715168240

[1715168240]

1715168240

[Sterbens]

and I want to see how 2021 becomes a big dilemma for Nigeria. will it be the advantage that continues to lead the adoption or will it diminish. reduced not because of the interest of its users, but because of the policy that has caused some users to be forced to stop cryptocurrency transactions. so how long this polemic will continue not to be realized. Nigeria has potential for the future, and is facing serious obstacles.

[Gozie51]

and I want to see how 2021 becomes a big dilemma for Nigeria. will it be the advantage that continues to lead the adoption or will it diminish. reduced not because of the interest of its users, but because of the policy that has caused some users to be forced to stop cryptocurrency transactions. so how long this polemic will continue not to be realized. Nigeria has potential for the future, and is facing serious obstacles.

I guessing that the statistic will drop against Nigerian. Of course you don't expect to put heavy something on what has no good foundation and expect it to stand. As far the Nigerian government started frozen cryptocurrency related accounts, investors will run off to diverse means to survive in same crypto business or its kind. Therefore, if the channels are no longer traceable, no accurate records will show up because the government also can not account for the finance previously generated from such means.

The records may now change into the area of Nigeria as highest P2P user.

[Haunebu]

This isn't surprising at all. Nigerians have openly expressed their appreciation for BTC and other popular cryptocurrencies on many occasions.

I observed that countries which have severe economic issues usually tend to depend more on cryptocurrencies. Examples include Nigeria, Venezuela etc. This does make sense considering the anonymous and digital nature of cryptocurrencies.

[Poker Player]

LOL. So the Government got so worried that they decided to ban it. I think they shot themselves in the foot here. See the result:

https://twitter.com/i/web/status/1362396299929284610

"Recently the Nigerian government banned banks from dealing with Crypto

Now Bitcoin is selling at a 52% Premium in Nigeria. This is a perfect example of why you cannot ban Bitcoin!

"

[Dragonfund]

Nigerians are hard working citizens outside and inside the country. They work so hard to make sure they be among those involved in what's helping outside people within in and outside her nation.
Her leadership is the only major problems we have face fro the past decades and the youuth are becoming wiser and smarter in doing anything to displace them from high positions of the government despite their efforts to make the youth feel intimidated and harassment.
The last time central bank tried to strengthen it Naira by eliminating financial institutions from aiding withdrawals and deposit to cryptocurrency exchange but today Naira has deprecated back to where it started as if the never did anything.

[pugman]

I wouldn't say that Nigeria led global adoption for crypto, definitely not. There are more significant factors at play here. The reason why Nigeria even used crypto is because their own currency is dwindling to its own death. They are forced to use crypto in order to survive, at this point. Almost the same goes to Vietnam.

You wanna talk about crypto adaption? Tesla soon potentially accepting crypto would count as crypto adaption. All the 7213 companies who are "impressed" by the current bull run accepting crypto out of nowhere would maybe count as crypto adaption. Nigeria sure is helping towards the overall global widespread but lets be honest; the current state of Nigerian economy with or without crypto is an absolute joke.

Crypto adaption is all based on the impact caused. And tell me how many people talk about Vietnam and Nigerian locals using crypto in contrast to Elon musk's dumb Dogecoin memes on twitter?

I am taking the pessimist route because that is sadly the situation we are all living in.

[tippytoes]

I wouldn't say that Nigeria led global adoption for crypto, definitely not. There are more significant factors at play here. The reason why Nigeria even used crypto is because their own currency is dwindling to its own death. They are forced to use crypto in order to survive, at this point. Almost the same goes to Vietnam.

You wanna talk about crypto adaption? Tesla soon potentially accepting crypto would count as crypto adaption. All the 7213 companies who are "impressed" by the current bull run accepting crypto out of nowhere would maybe count as crypto adaption. Nigeria sure is helping towards the overall global widespread but lets be honest; the current state of Nigerian economy with or without crypto is an absolute joke.

Crypto adaption is all based on the impact caused. And tell me how many people talk about Vietnam and Nigerian locals using crypto in contrast to Elon musk's dumb Dogecoin memes on twitter?

I am taking the pessimist route because that is sadly the situation we are all living in.

I think sometimes graphs are not giving all the factors of their consideration here. As they only based on specific number of respondents, you can't tell if they got the overall sentiments of the citizens of each country. So we don't know how many people they got the info from vs the total population of that country. But maybe, just treat this as just one reference but not the absolute sentiments around the globe, because that is highly unlikely.

And another stat company can do the same profiling but different number of persons involved or different factors in play, and they can come up with totally different bar graphs here.

[Darker45]

I don't know how wide the margin of error in this survey. However, speaking from among the top countries on the list, I'd say I cannot feel it on the ground. My friends and acquaintances are a mixture of ordinary people on the streets and those who are somehow well-updated on what's new and trending in the world, in fintech in particular. The former have almost zero knowledge of Bitcoin. Many of the latter may be familiar with Bitcoin or crypto. However, those who are familiar comprise only the small minority of the country's population.

I got immersed into crypto when I was an expat. From my personal experience, crypto is more widespread among office-based expats but probably not among those blue-collared workers. Crypto was the most preferable choice for remittance. However, back in my own country, you can very seldom see a business establishment accepting crypto payments. Even banks are somewhat apprehensive even of the word Bitcoin. The mere mention of it might actually get your account frozen.

[AliMan]

and I want to see how 2021 becomes a big dilemma for Nigeria. will it be the advantage that continues to lead the adoption or will it diminish. reduced not because of the interest of its users, but because of the policy that has caused some users to be forced to stop cryptocurrency transactions. so how long this polemic will continue not to be realized. Nigeria has potential for the future, and is facing serious obstacles.

Those obstacles must be settled down in order for Nigeria to come up their potential. If someone or somebody will stop them, there's a big question that came to my mind right now! That's  huge conflict of power and money, because if their country leaders would be able to allow citizens to continue crypto adoption their country will be able to beat poverty. Unfortunately, this country their population also suffered from huge financial problems.

[Swordsoffreedom]

~

Code:

"Recently the Nigerian government banned banks from dealing with Crypto 
Now Bitcoin is selling at a 52% Premium in Nigeria. This is a perfect example of why you cannot ban Bitcoin!

Does that mean that after Nigerian banks banned cryptocurrency, the price of Bitcoin on Nigerian-based exchanges has risen abnormally?
This is an expression of the huge enthusiasm of Nigerians towards Bitcoin, does their government want to suppress this huge enthusiasm of the people! May the government benefit the people of China by doing Bitcoin-based business!


I've seen this tweet a few days ago:


That means they thought Bitcoin has made their fiat currency valueless! 
How funny is this statement, they can't keep their faith in their won currency then how civil people do! 
This is hilarious, They started banning cryptocurrencies instead of improving their fiat, because Bitcoin devalues their fiat.

[wxxyrqa]

~

Code:

"Recently the Nigerian government banned banks from dealing with Crypto 
Now Bitcoin is selling at a 52% Premium in Nigeria. This is a perfect example of why you cannot ban Bitcoin!

Does that mean that after Nigerian banks banned cryptocurrency, the price of Bitcoin on Nigerian-based exchanges has risen abnormally?
This is an expression of the huge enthusiasm of Nigerians towards Bitcoin, does their government want to suppress this huge enthusiasm of the people! May the government benefit the people of China by doing Bitcoin-based business!


I've seen this tweet a few days ago:


That means they thought Bitcoin has made their fiat currency valueless! 
How funny is this statement, they can't keep their faith in their won currency then how civil people do! 
This is hilarious, They started banning cryptocurrencies instead of improving their fiat, because Bitcoin devalues their fiat.

I think that the current situation in Nigeria looks very funny and naive for the Government, they thought that they could stop using cryptocurrency by such decisions. It seems to me that it is better for them to take care of the development of the economy in order to raise the value of the national currency, and not engage in a war with the cryptocurrency. In response to their actions, the opposite effect occurs.

[Wenbing]

I created a thread on the bitcoin discussion forum about how the impact of Nigerian governement regulation of crypto trading would affect the youth.
The digital alertness of the youth is a thing that its government should be proud of. Instead of exploring ways to harness in building her economy, it is busy looking for ways to hinder it.

Here is the link to the thread with the title; "Will Nigeria go late to the crypt party?"
https://bitcointalk.org/index.php?topic=5317994.msg56373699#msg56373699

Nigeria as government or Nigerian society.Nigerian government says bitcoin has rendered the national currency worthless.
The Central Bank imposed sanctions on individuals who trade and froze their accounts.
Countries that have high inflation rates will resort to protecting their assets, and before young people in those countries buy bitcoin.

What i will advise CBN to do is to invest their reserve (which is mainly from oil) in bitcoin just as Elon Musk did to Tesla. When you say, you don't want the value of your national currency and reserve to depreciate, you look for ways to preserve and grow the one you have.

what would happen if countries invest in btc like the way they are investing in gold?

[moderator's note: consecutive posts merged]

[DarkIT]

When their is a need, their will be a research. Nigerian had huge number of people who is youngest in age.So most of them are educated and may be a unemployed guys. For that reason the youth population get into crypto works for sure.Because every one need money to survive.

[redsun114]

This isn't surprising at all. Nigerians have openly expressed their appreciation for BTC and other popular cryptocurrencies on many occasions.

I observed that countries which have severe economic issues usually tend to depend more on cryptocurrencies. Examples include Nigeria, Venezuela etc. This does make sense considering the anonymous and digital nature of cryptocurrencies.

I am not sure if they appreciate Bitcoins or not and I am honestly not much knowledgeable about Nigerian financial status but from what I could find in my research, Bitcoins are banned in Nigeria.

Source: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

If Bitcoins are banned there how are they on top of the chart baffles me. Maybe the increasing interest towards crypto forced the government to ban crypto there? I could not think of any other reason why they would ban Bitcoins when it being the most popular in their country.

I also found a very interesting article regarding bitcoins in Nigeria: https://cointelegraph.com/news/bitcoin-selling-at-36-premium-in-nigeria

If any Nigerian users are here they can easily buy Bitcoin from some decentralized exchange or maybe some seller online and sell them to locals at 36% premium. Wow!

[bits4books]

I am not sure that the adoption of cryptocurrency in Nigeria is going so well because of the fact that they are doing well. It seems to me that if we compare countries with an increasing level of use of cryptocurrencies and their economic and social conditions, we can come to very interesting conclusions - the worse the country, the better it adopts in cryptocurrencies. I think this is a bad reputation for this tool and this is not a reason for pride but a reason for excitement.

[Oshosondy]

I am not sure if they appreciate Bitcoins or not and I am honestly not much knowledgeable about Nigerian financial status but from what I could find in my research, Bitcoins are banned in Nigeria.

Are the CBN in charge of bitcoin related regulation? No. Security Exchange Commission are in charge of that. After Nigeria CBN banned crypto companies from using banks for crypto related transactions, SEC of Nigeria put to media that the ongoing regulation which they were planning before is suspended. CBN only ban the use of bank to deal with cryptocurrencies, they do not have the power to ban cryptocurrencies generally.

If Bitcoins are banned there how are they on top of the chart baffles me. Maybe the increasing interest towards crypto forced the government to ban crypto there? I could not think of any other reason why they would ban Bitcoins when it being the most popular in their country.

The statistics is according to 2020, not 2021. CBN banned bitcoin on February 5, 2021, not 2020. Also know that bitcoin still skyrocketed when CNB banned the use through banks transactions, but the use of cryptocurrencies in Nigeria never decrease, which is a sign that the Nigeria youths are not backing off but just started with p2p. That is why the local bitcoin price increase above 30% in Nigeria.

[nicecrypto]

and I want to see how 2021 becomes a big dilemma for Nigeria. will it be the advantage that continues to lead the adoption or will it diminish. reduced not because of the interest of its users, but because of the policy that has caused some users to be forced to stop cryptocurrency transactions. so how long this polemic will continue not to be realized. Nigeria has potential for the future, and is facing serious obstacles.

I dont suppose that will be the case, as in reduction in the interests of users. The Nigeria government policy as long as it has not pronounce a total ban but just a restriction to financial institutions, I believe the crypto adoption in Nigeria will continue to grow as many people where already use to P2P trading and that aspect or sector in crypto trading will just see a surge in trader traffic since this seems to be like the major form of transacting between traders now.

[Mulann2]

With the current situation in Nigeria, the youths have fund a way around the hard economic problems that the days governments have not been able to resolve to a long while now, Unemployment and the youths and come to understand that cryptocurrency trading is a way out of that and they have been able to do that very well to a large extent including being the leading crypto trading economy last year and tom me, I believe no government policy will deter them from what they have found as a means to financial freedom.

[Janation]

I want to see how positive that effect will be in that country in the near future.

I am also surprised that our country is 3rd considering that there are a lot of people that still don't know what Bitcoin is and cryptocurrency as a whole. I guess that is because of the application that we use that even though they are not directly using Bitcoin, they can see it as a mode of payment. That is the case that I see from my friends and some people that I talk to when they hear me talk about Bitcoin.