Nigeria led global crypto adoption in 2020

[sana54210]

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.

The young people can't be stop, I am not young anymore (already breached 30+) and I can't say that I am with them, but I support this new Z generation a lot, those zoomers are really bringing the world to its knees with their collective understanding of the world, back in the day individualism was the keyword and baby boomers raised many people to save themselves first, and how one person could be great but those generations that was raised to be great individuals realized that no matter how great you are, if your surrounding is not great that means you failed, so they raised Z generation with the ideas of "do not ask if your neighbor have too much, ask if they have enough" and that is why we are seeing crypto not being stopped in Nigeria, nor in anywhere else, these people will make sure that they make the world a lot better place very soon, the older they get, the better the world will be.

[CarnagexD]

The country is riddled with people well versed in the internet knowledge, so it doesnt come as a surprise that they are leading the world towards crypto adoption. What they lack in economic stability, they make up for in terms of brains, that's why contrary to what the media says, they are one of the most progressive countries in this planet, and I hope to see more from them in the future.

[verita1]

Excellent by the Nigerian bitcoiner community for their perseverance and that they have not bowed their heads to the power of their rulers to ban bitcoin.
If the solution to their economic problems is bitcoin and cryptocurrencies, why take away the right to choose their best resource?
Nigerians are using their best tool in these times of crisis. Like any of us, we use bitcoin and crypto to help fix our economy.

[FlightyPouch]

Bro! Bitcoin in Nigeria is at $76K! That is just amazing! As far as I know, banks banned bitcoin in that country but that means that there are some transactions happening. How about third-party exchanges? If that is the price of bitcoin there, how could they sell it? Where are they selling it?

[Sithara007]

Bro! Bitcoin in Nigeria is at $76K! That is just amazing! As far as I know, banks banned bitcoin in that country but that means that there are some transactions happening. How about third-party exchanges? If that is the price of bitcoin there, how could they sell it? Where are they selling it?

That means Bitcoin in Nigeria is trading at a premium of around 35%. I expected either one of the two scenarios, when the government imposed banking ban on Bitcoin trading. Now the mainstream exchanges are no longer functioning in Nigeria and therefore most of the Bitcoin inflow/outflow from the foreign nations have stopped. The trading is mostly being done through the P2P platforms, and this means that it is confined to the users within Nigeria. From the range in prices, it is clear that within Nigeria, there is a severe shortage in supply for Bitcoins. For the international players, selling their coins to Nigerians in return for NGN is not very easy. For that, they need to have a bank account within Nigeria as well.

[Mpamaegbu]

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.

That Nigerian senator is an ignoramus of the real situation at hand. He isn't in the know of the real issue why the CBN took that action from the presidency of banning crypto. The thing is that the last #endsars demonstration left the government seriously wounded and in patches as it couldn't control the sources of funding for the demonstrators. Even after seizing their bank accounts the Buhari led administration couldn't still put a finger on those it accused of leading the demonstration as skeletal financial transactions were found through their bank accounts. So, the government thought they got funding through Bitcoin as monies didn't move in and out as expected through their bank accounts. It's not true that Bitcoin devalued the Naira. The Nigeria fiat (Naira) has been on devalued mode years before now.

[FlightyPouch]

Bro! Bitcoin in Nigeria is at $76K! That is just amazing! As far as I know, banks banned bitcoin in that country but that means that there are some transactions happening. How about third-party exchanges? If that is the price of bitcoin there, how could they sell it? Where are they selling it?

That means Bitcoin in Nigeria is trading at a premium of around 35%. I expected either one of the two scenarios, when the government imposed banking ban on Bitcoin trading. Now the mainstream exchanges are no longer functioning in Nigeria and therefore most of the Bitcoin inflow/outflow from the foreign nations have stopped. The trading is mostly being done through the P2P platforms, and this means that it is confined to the users within Nigeria. From the range in prices, it is clear that within Nigeria, there is a severe shortage in supply for Bitcoins. For the international players, selling their coins to Nigerians in return for NGN is not very easy. For that, they need to have a bank account within Nigeria as well.

That is just bad. I think a lot of players from other countries would get on in this to earn better profits. Selling bitcoin in there would be so profitable and yet the government banned accepting it but I guess it is for the better and I don't think it would be reaching that certain price if the government of Nigeria continues to accept it.

Can they access exchanges outside their country? I mean they could still do some transactions not directly with the bank but with some other e-wallets or online wallets.

[sana54210]

That Nigerian senator is an ignoramus of the real situation at hand. He isn't in the know of the real issue why the CBN took that action from the presidency of banning crypto. The thing is that the last #endsars demonstration left the government seriously wounded and in patches as it couldn't control the sources of funding for the demonstrators. Even after seizing their bank accounts the Buhari led administration couldn't still put a finger on those it accused of leading the demonstration as skeletal financial transactions were found through their bank accounts. So, the government thought they got funding through Bitcoin as monies didn't move in and out as expected through their bank accounts. It's not true that Bitcoin devalued the Naira. The Nigeria fiat (Naira) has been on devalued mode years before now.

In all nations of the world there are people who have zero clues about how tech works. You might think USA is a highly developed and one of the biggest countries in the world right? When they called google to congress they asked the person "is my phone following me" and google dude literally said "not by default but if you give certain apps the rights it might" and that old congress guy kept asking "this is a simple yes or no question, is it following me???", like how the fuck would google ceo would know if it follows you or not, sure if you give geo-location follow rights it will follow you but if you do not, it won't.

And this happened in the most known country in the world, in nations like nigeria and many like ours we have politicians who do not even care about the situation, they just ask their friends what they will vote and vote the same, we have parties all voting for the same thing and there is no need for researching anything.

[Mpamaegbu]

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Honestly, you got the scenario well captured. I was really shocktalized myself when China went ahead and banned Bitcoin in 2017. China of all countries? And at the time it had most miners in the world and exchanges were setting up there. Binance had to move out there because of the ban at a time it was just starting up. It was really a messy time for the crypto community. But look at the situation today and how Bitcoin has faired. A lot of people would think that the rest of the world have learnt its lessons not to go the China way. Sadly, politicians don't learn simple lessons.

[Dragonfund]

At first when I came into cryptocurrency in the year 2018, I didn't find it quite easy to navigate between real projects and shoitcoins. It was hell then as we were experiencing the longest and worst near markwt then and I ask myself if was the only Nigerian dude in this space until I joined some certain crypto Telegram groups.
I was amazed by the numbers of Nigerians I have come across in and out of this forum and they are dominating when it comes to money Yes, we don't carry last when money is involved, that's what keep the spirit of Nigerians since we are so messed up by bad and greedy leaders.
The number of p2p transactions done by Nigerians alone in 2020 is a game changer in this industry.

[Clement Kaliyar]

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.

If you look in a positive frame the countries struggling from weak economic situation people will look to hedge their savings in cryptocurrencies rather than trusting the banks and these governments will not like that and it might be the reason Nigeria started banning bank accounts of users who are trading bitcoin and these are not positive news but what these government does not understand is that you cannot ban bitcoin trading altogether as people will always find a way to overcome restrictions.

[konflikkastil]

I think the govt of Nigeria needs to wake up and join the moving train. It is very obvious that crypto has come to stay and there is nothing any govt càn do about it. Today, in the USA crypto is one of the engine room that is solving the high employment rate over there right now. It has create lot of opportunities for the young ones. When we are talking about the Africa countries not Nigeria alone, but whole of Africa.  We will see that they have done more harm to the young ones who are the major key players in crypto. It has reduced the number of youths on the street looking for jobs. Since the govt can not control it, they want to ban it.