George Residence becomes first hotel to accept Bitcoin in Nigeria

[Charles-Tim]

I can not say companies in Nigeria are dawning to know about Bitcoin, but that this initiation can be the beginning of hotels and many other companies in Nigeria starting to get involved in bitcoins usage as reserves and as a form of payment methods. This hotel located in Lekki, in Lagos State will be the first of its kind to make a decision of moving towards accepting bitcoin as a form of payment and as the hotel's major reserve.

George Residence, a frontline player in the hospitality sector, has announced its decision to adopt Bitcoin as its primary reserve as well as a form of payment.

George Residence is a luxury shortlet which came to the forefront of the Nigerian hospitality industry in 2020. Chief Executive Officer CEO, ‘Yanju George,  made the announcement in a statement released to the media. Further, he disclosed that the decision to make Bitcoin their primary reserve asset is to hedge against fiat inflation.

‘‘We have allocated around 50% of our cash reserves to Bitcoin…We hope to increase that as time goes on,’’ he revealed. “Bitcoin is the currency of the future and it is only right that we are strongly positioned so we do not get left behind.

“Bitcoin permits our guests a faster and more secure way to enjoy the comfort we offer. Our residents desire simplicity, and we are excited to be able to offer that to them,” the CEO had stated.

I am thinking this is just the beginning of hotels in Nigeria to beggining to accept Bitcoin as a form of payment, and as a reserved asset.

[1715531964]

1715531964

[CryptocurencyKing]

This is a welcomed development in the history of Nigeria and for the Nigerian people and bitcoin community. It might as well be the center of a new world for the Nigerian crypto enthusiast. This tells how backward the government of Nigeria in its CBN ban had decided to place the nation a while ago. Bitcoin is the future and in order for Nigeria and Nigerians not to be left out in this development, they ought to encourage and promote developments such as these through fair and just policies.

Products and services in that hotel are going to be sort out for and paid for in full using the most convenient means and in that means, the citizen has bought Nigeria and in turn, adds to the Nigerian economy as these goods are readily taxable and so is the hotel. This is a good one.

[Vaskiy]

This is a good step forward, and if this is a chain of hotels then the acceptance will easily reach the common people. Already Nigeria is a country where people are much into cryptocurrency, but many get into the hands of scams. First of all good awareness is a must for the people to differentiate the legit ones and the scam.

However with the increased transaction fee initially the hotel won't receive more payments settled with bitcoin. However the initial step laid will make a change.

[Hamphser]

This is a good step forward, and if this is a chain of hotels then the acceptance will easily reach the common people. Already Nigeria is a country where people are much into cryptocurrency, but many get into the hands of scams. First of all good awareness is a must for the people to differentiate the legit ones and the scam.

However with the increased transaction fee initially the hotel won't receive more payments settled with bitcoin. However the initial step laid will make a change.

Any news of adoption and integration is always good even though the fees at the moment is very high but at least they have considered on adding or accepting bitcoin into their business

which is a good thing and as mentioned that any acceptance news or events is always been considered to be a good stuff. Adoption is on the move and it wouldnt be a surprising thing

if things like these on other countries would happen as well but that would always vary if crypto is really on the positive side on that particular country but if not then expect
on what would be next.

[uneng]

How is the hotel going to adopt bitcoin if banks there aren't allowed to deal with crypto currency? Even the hotel holding 50% of their reserves in btc, they will need to convert bitcoin somehow sooner or later, and when the time comes they will need an exchange and will have to use a bank account as well. Or Nigeria government's position towards bitcoin is changing very fast or this hotel is going to have issues with the law.

[Upgrade00]

This is a big news, as I haven't yet known about anyajor business in Nigeria accepting cryptocurrency payments or keeping it on their balance sheets as a reserve currency. This would also bring publicity to the hotel as the teeming youthful population of Nigeria have gotten very interested in cryptos in the recent years; Could be the start of the shift of institutional investors within Nigeria.

they will need to convert bitcoin somehow sooner or later, and when the time comes they will need an exchange and will have to use a bank account as well.

They wouldn't need a centralized exchange, the government and Banks blocked themselves from the Bitcoin network, but it can still go on without them. Peer to peer networks facilitate Bitcoin transactions and it cannot be restricted by financial agencies.

[CaVO32]

This is a big news, as I haven't yet known about anyajor business in Nigeria accepting cryptocurrency payments or keeping it on their balance sheets as a reserve currency. This would also bring publicity to the hotel as the teeming youthful population of Nigeria have gotten very interested in cryptos in the recent years; Could be the start of the shift of institutional investors within Nigeria.

they will need to convert bitcoin somehow sooner or later, and when the time comes they will need an exchange and will have to use a bank account as well.

They wouldn't need a centralized exchange, the government and Banks blocked themselves from the Bitcoin network, but it can still go on without them. Peer to peer networks facilitate Bitcoin transactions and it cannot be restricted by financial agencies.

I am certain, others will follow if they will see the interest of their clients to crypto. Sometimes, it needs one entity to change the usual path of business. They will be remembered to be the one who paved the way for crypto to enter in the payment system in this industry. And later on, we will see other businesses to follow thru and so with the neighboring countries that are not yet open to crypto payment.

[uneng]

they will need to convert bitcoin somehow sooner or later, and when the time comes they will need an exchange and will have to use a bank account as well.

They wouldn't need a centralized exchange, the government and Banks blocked themselves from the Bitcoin network, but it can still go on without them. Peer to peer networks facilitate Bitcoin transactions and it cannot be restricted by financial agencies.

But isn't the p2p transaction the same than using an exchange from the bank perspective? The bank will be accepting money coming from a bitcoin transaction, like the exchanges do.
For an example: you sell me bitcoin and I pay you with fiat (through a bank account). As long as the bank doesn't ask for the money's source it's probably fine, but then if they want to know the origin they will know it's from a btc trade, and unless both parts involved on the trade lie, it will be considered forbidden by the country's rules anyway, no?

[SFR10]

“Bitcoin permits our guests a faster and more secure way to enjoy the comfort we offer. Our residents desire simplicity, and we are excited to be able to offer that to them,” the CEO had stated.

I'm not sure about the current situation when it comes to traditional means of payment in Nigeria but is it really that bad ^{[slow, insecure, and complex]}?
^{- Having said that, I did enjoy reading the above line.}

However with the increased transaction fee initially the hotel won't receive more payments settled with bitcoin.

The downward slope has already begun
^{- link}

How is the hotel going to adopt bitcoin if banks there aren't allowed to deal with crypto currency?

In addition to Upgrade00's post, in that article, it also mentioned that they've partner with a "brokerage firm ^{[Coinvest Africa]}".

[Obito]

How is the hotel going to adopt bitcoin if banks there aren't allowed to deal with crypto currency? Even the hotel holding 50% of their reserves in btc, they will need to convert bitcoin somehow sooner or later, and when the time comes they will need an exchange and will have to use a bank account as well. Or Nigeria government's position towards bitcoin is changing very fast or this hotel is going to have issues with the law.

Maybe they are going for a different route in terms of cashing out their bitcoin, it's still free to trade bitcoin in Nigeria so I think that they will still be able to use their bitcoins there. I say that we shouldn't worry about it because they wouldn't do this thing if they know that they are going to not get something good out of it.

[bitterguy28]

Congratulations for Nigerian People because at last there are already an Open arm acceptance from this Residence and might be the start of adoption from Hotel businesses in your place.

Though Nigeria is really facing too much from the Bad government yet this offering from George is a Best relief for the crypto users in that country.

[KaliLinux]

This is another good news along with some other mostly online shops that have been said to Accept Bitcoin as a means of payment.
With the engagement in Bitcoin trading by the Nigeria people I believe sooner or later, the government might have to have a rethink of that policy. From this Post All this 10 online stores claims they accept Bitcoin as payment in Nigeria too and if this is the case, the adoption is on its way regardless

1 SHOPNOW.ng
2 KONGA.com
3 JUMIA
4 SLIPMART
5 SIMPLEPAY
6 MINKU DESIGN
7 REGALFLOWERS.com.ng
8 NERVE
9 KAVWIN NIGERIA LIMITED
10 CLOUDSMS

[kryptqnick]

I've noticed that hotels which accept Bitcoin around the world tend to be luxurious, and I can see that this one is also like that. I don't understand why this is the case and I don't really like it because it's not like Bitcoin is largely used by rich people who can afford those hotels. Why don't places that offer affordable accommodation accept Bitcoin? Or is it because they're not ready to risk with hodling some money in BTC, whereas luxurious ones can? And also, if a place accepts BTC, it doesn't mean people will definitely use this opportunity.

[(o)(o)ilikeboobs(o)(o)]

This is a luxury hotel in my opinion. You can refer to the link below to check.
https://georgeresidence.com/

As far as I know, the cryptocurrencies used in Nigeria are not legal so this hotel may be banned from accepting Bitcoin as a payment unit.
https://cryptowatchdaily.com/blog/2021/02/24/cryptocurrency-is-not-legitimate-money-says-nigerias-central-bank-governor/

[Upgrade00]

For an example: you sell me bitcoin and I pay you with fiat (through a bank account). As long as the bank doesn't ask for the money's source it's probably fine, but then if they want to know the origin they will know it's from a btc trade, and unless both parts involved on the trade lie, it will be considered forbidden by the country's rules anyway, no?

They do not have to lie, as I said in my previous reply, the government and other agencies banned themselves from the Bitcoin network, but did not ban Bitcoin, this means it is not illegal to use peer to peer platforms and one would not have to lie about the source of their wealth (although it's only requested in high profile case).

The banks no longer directly mediate transactions involving cryptocurrencies, so platforms like LUNO, cannot initiate Bank deposits to their platforms or confirm payment to user's accounts.

[ReiMomo]

Is banning bitcoin was lifted in Nigeria? Feel to correct me if I'm wrong but this is was I thought when there is a rumor of banning bitcoin there.

If that is true, that is a good step. Bitcoin will more useful now and there are many business companies that start using it for payment methods. It's obvious that bitcoin now is for those big transactions like the payment on this luxurious hotel, and for micropayments will I guess not good like you are selling a piece of hamburger which is the fee is almost equal to your payment.

Thank you for share, that's good news though.

[maxreish]

A start of bitcoin adoption. When people started to know that one particular hotel are now accepting crypto payments, this will make other businesses in Nigeria to follow this type of payments.

However,

 

Is banning bitcoin was lifted in Nigeria? Feel to correct me if I'm wrong but this is was I thought when there is a rumor of banning bitcoin there.

According here, Bitcoin was still banned in Nigeria  I wonder how hoteks manage to accept such btc payments where in fact, the buying and selling of bitcoin is still prohibited on their country.

[Lorence.xD]

I've noticed that hotels which accept Bitcoin around the world tend to be luxurious, and I can see that this one is also like that. I don't understand why this is the case and I don't really like it because it's not like Bitcoin is largely used by rich people who can afford those hotels. Why don't places that offer affordable accommodation accept Bitcoin? Or is it because they're not ready to risk with hodling some money in BTC, whereas luxurious ones can? And also, if a place accepts BTC, it doesn't mean people will definitely use this opportunity.

You answered your question in my opinion, they have more money compared to small businesses. Not to mention that luxury hotels will look more luxurious if they are going to accept bitcoin and other cryptocurrency as a mode of payment. People are going to use it definitely which means that adoption is going to get bigger.

[Wexnident]

I've noticed that hotels which accept Bitcoin around the world tend to be luxurious, and I can see that this one is also like that. I don't understand why this is the case and I don't really like it because it's not like Bitcoin is largely used by rich people who can afford those hotels. Why don't places that offer affordable accommodation accept Bitcoin? Or is it because they're not ready to risk with hodling some money in BTC, whereas luxurious ones can? And also, if a place accepts BTC, it doesn't mean people will definitely use this opportunity.

It isn't that odd, most people who actually have Bitcoin are those that are pretty rich, and those that would even willingly spend Bitcoin towards hotels and the like would also be the rich. There's only the minority out there that would actually spend Bitcoin on paying or buying for some stuff, I myself rarely do it. Plus, I don't think small businesses could handle the volatility of the coin, and probably even see implementing such a system towards their hotel a waste of money (no matter how small or big it is).

[hd49728]

You will not know the hotel owners will keep their Bitcoin as reserved asset or will exchange it to fiat. You will never know. They can move their Bitcoin from first wallets to other wallets. They can hold, sell their Bitcoin.

The news is good and a positive adoption for Bitcoin. It will help your Nigerians know more about Bitcoin. More people will try to search and learn about Bitcoin. They might become new Bitcoiners.

As a payment method, even this case is for hotel, I think the Lightning network should be considered as the better payment method. Faster, cheaper and I think it will be for the future too. Bitcoin will have higher price and any satoshi losses for transaction fee will be stupid. It can be hundred or thousand of dollars someday.