George Residence becomes first hotel to accept Bitcoin in Nigeria

[Mpamaegbu]

This is great a development, especially at this time in Nigeria. At least it will douse tension of the uncertainty around Bitcoin and cryptocurrencies in the country. However, the nag there will be the unreliability of Bitcoin at this time to process th transactions at fast rate on relatively moderate fees. I think it will be better to have other cryptos payment methods like the USDT options because of low transaction fees. USDT delivers like the speed of light. The USDT TRC coin, especially.

[Ararbermas]

Yes for sure, because once someone started it, soon more will adopt the same thing.. Its like what's is trending or popular wherein ppl always going crazy to have what thing its.. Indeed bitcoin is very useful nowadays because of its features and etc.. So definitely more ppl in Nigeria will adopt it also no doubts.

[newwest]

Yes for sure, because once someone started it, soon more will adopt the same thing.. Its like what's is trending or popular wherein ppl always going crazy to have what thing its.. Indeed bitcoin is very useful nowadays because of its features and etc.. So definitely more ppl in Nigeria will adopt it also no doubts.

Its always good to see that anyone that start accepting the bitcoin just gives a more comfortable option for the users to pay. Also, this creates a news in a the market and if any big local brand adopts it then others also start o look into it and might even follow at the end.

[so98nn]

Surprising! From banning the bitcoin completely to accepting it for the commercial use, Nigeria has pulled out some strings lately. Thats good news for the nigerian people if commercialisation is taking place in the form of bitcoin. This will eventually help the government understand that bitcoin is not going anywhere whether they accept its existence or not.

With the time, this was but obvious that Nigeria will also come to an arrangement where they will have to accept the bitcoin itself. Moreover, we have example of India too, where they literally changed the bill two to three times and now its almost certain that they will have legal status for the same.

[hector3115]

But Nigeria wants to ban Bitcoin, doesn't it?

[dificanovi]

This news motivates everyone to own bitcoin so that they can use it to buy something or use bitcoin as a means of payment such as hotel rentals. I am sure that in the future there will definitely be other companies that will use bitcoin as a payment method, this will help the price of bitcoin to be more expensive in the future, investors will make a big party for their success in investing in bitcoin.

[masterrex]

IMHO, I think that was a positive development in Nigeria crypto space lately Because in the previous information Nigeria's Central Bank is very vocal and against the proliferation of Bitcoin and other cryptocurrencies so I'm wondering how the George Residences will manage those Bitcoin payments when they cant exchange them to the Nigerian local currency through banks, anyway the P2P or other private means of exchange are still possible in Nigeria but I don't think it can handle a large transaction without any banks involved. It is a complicated problem that needs to be resolved.

[blackened515]

The Central Bank of Nigeria placed a ban on Bitcoin and other Crytocurrency in the country. But despite that, the citizen still buys and sells Bitcoin through P2P.
Is good that George Residence now accept Bitcoin as a means of payment. With this new development, other companies will also adopt the procedure of accepting Bitcoin as a means of paying. And that will leave the government with no other option than to legalize Bitcoin in the country.

[Sim_card]

This will be a good move for the quick adoption of bitcoin in Nigeria because, Nigeria is a country that loves copying from themselves when it comes to startegy that will help promote their business. The hotel will have more customers and this will make other hotels emulate them, when the news is all over the city, because the location of the hotel is in the most developed place in Lagos state and it is in a lucrative area.

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.

I don't think that accepting bitcoin as an alternative payment method will be going against the law in Nigeria, because bitcoin is not illegal in Nigeria but CBN restricted banks from cryptocurrency transactions. This means that it is only banks but individual and businesses can use bitcoin.

when the time comes they will need an exchange and will have to use a bank account as well

This something simple, there are p2p traders in Nigeria on exchanges and, the merchant will send the funds through is own bank account to the hotel account, and there will be no cause for alarm.

[Dunamisx]

This will be a good move for the quick adoption of bitcoin in Nigeria because

Nigerians already have adopted the use of bitcoin, it's legal to use bitcoin but the government aren't ready to allow the banks to use it or leaders accept it adoption as a legal tender, but they are quite aware a number of citizens are using it, this was part of the reasons why they introduced enaira, which turns a failure because it wasn't cryptocurrency, but just a digital fiat version, more than half of the Nigerian youths have heard about bitcoin and are interested in learning how to make use of this digital currency.

[tjtonmoy]

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.

I think that too. Once it starts it is only a matter of time before it takes up the pace and more companies will be joining them. It only takes one person to start the trend and people will follow for sure. But my question is, how much longer will this trend stay, and how people will react to this? I know that not everyone can become successful by investing in Bitcoin. What if those who made the first move end up being unsuccessful?

People who were against it will be laughing. I know it is a positive thing right now but what if, just what if? Makes me curious. Everything has two sides so it will be fun to see the final outcome.

[Iroh]

Nigerians already have adopted the use of bitcoin, it's legal to use bitcoin but the government aren't ready to allow the banks to use it or leaders accept it adoption as a legal tender, but they are quite aware a number of citizens are using it, this was part of the reasons why they introduced enaira, which turns a failure because it wasn't cryptocurrency, but just a digital fiat version, more than half of the Nigerian youths have heard about bitcoin and are interested in learning how to make use of this digital currency.

It’s a great move that could further strengthen the slow but steady adoption of bitcoin all over but I don’t know about bitcoin being legal in Nigeria just yet. Saw this memo that was posted in another thread stating how bitcoin is still very much prohibited by the government. Unless there’s a recent memo that contradicts this, bitcoin usage doesn’t seem to be totally legal.
The government is clearly not ready to allow and actively discourages financial institutions from facilitating the use of bitcoin and like you noted, are likely aware of loads of people who still use bitcoin. 

[Pokapoka124]

Snipped

It’s a great move that could further strengthen the slow but steady adoption of bitcoin all over but I don’t know about bitcoin being legal in Nigeria just yet. Saw this memo that was posted in another thread stating how bitcoin is still very much prohibited by the government. Unless there’s a recent memo that contradicts this, bitcoin usage doesn’t seem to be totally legal.
The government is clearly not ready to allow and actively discourages financial institutions from facilitating the use of bitcoin and like you noted, are likely aware of loads of people who still use bitcoin.  

This image you provided was from two years ago, you have to understand the dynamics surrounding their decision at the time. It was an after effect of the EndSars protest, which was a nation wide movement to stop police brutality and other societal ills, bitcoin was used as a means of funding when other traditional channels were blocked. I believe this made the government weary of bitcoin back then. Now, the attitude of the Nigerian government towards bitcoin has since changed, the laws regarding bitcoin transactions here are flexible and since the government has not found a way to regulate bitcoin transactions, they just choose to ignore it.

[Kakmakr]

It is always nice to see innovation like this, but if there are not people supporting this, then it is all for nothing. I saw many businesses starting to accept Bitcoin as a payment option and then after a few months, the same business only accept Fiat currencies again.

The reason for this is that people are seeing Bitcoin as a commodity and they rather want to use it an investment option and they do not want to spend it. 

[GbitG]

This will be a good move for the quick adoption of Bitcoin in Nigeria because

This is great positive feedback for the residents of Nigeria. The Georgian residents accepted Bitcoin as payment. In Nigeria, bitcoin has already been declared legal; yes, there are some restrictions by banks, but similar restrictions do not matter in every country. Anyway, this is another step to take in Nigeria towards bitcoin adoption. Nigeria has made an excellent move toward Bitcoin adoption. Nigeria is the most Bitcoin-loving country in the world, and millions of people are connected to Bitcoin in some way. And I think that's the point of view that is unique in bringing about Bitcoin adoption.

[romero121]

It is always nice to see innovation like this, but if there are not people supporting this, then it is all for nothing. I saw many businesses starting to accept Bitcoin as a payment option and then after a few months, the same business only accept Fiat currencies again.

The reason for this is that people are seeing Bitcoin as a commodity and they rather want to use it an investment option and they do not want to spend it. 

Agreed, many firms have begun to accept bitcoin into their business. Soon this used to get stopped as they don't find much people using the service. Most people find this to be an investment rather than a currency/transaction source. The reason for which Satoshi innovated bitcoin is different, but here something good had happened in the form of investment.

People of Nigeria are much used to cryptocurrency. It is possible to see bitcoin usage on different parts of the country. Already several firms from Nigeria accepting bitcoin into business were posted on our forum, and I remember one particular fuel station accepting bitcoin. The same is being done by the employees interest through his employer.

[SatoPrincess]

It’s nice to see business owner take initiative to add bitcoin as a payment method in their business. I’m excited about this development in Lagos, there has been a lot of criticism on members claiming to adopt bitcoin payment in their business, most of which are Nigerians. This move by this Nigerian hotel shows the level bitcoin holds in the country and how open minded Nigerians are. This is just one among many others we are yet to discover.

[dansus021]

No Wonder according to data from the Chainalysis The 2023 Global Crypto Adoption Index: Central & Southern Asia Are Leading the Way in Grassroots Crypto Adoption - https://www.chainalysis.com/blog/2023-global-crypto-adoption-index/

Nigeria is among The 2023 Global Crypto Adoption Index Top 20


Number 2 in Index meaning crypto must be popular out there and one or two merchant might started accept Crypto especially the bitcoin

[Blitzboy]

Nigeria is making waves again, right? You know what this is? This is a strategic counterattack on global financial elites and their "stable" systems. George Residence is a pioneering Nigerian hotel. By adopting Bitcoin, its attacking banking cartels and suggesting that our fiat-based economic system is broken. More Nigerian firms following suit will be a serious rebellion against the established order. You're right: this is just the beginning, and the old world conspirators may not like it. Nigeria may inspire the globe to ask, "Why not Bitcoin?"

[Latviand]

It’s nice to see business owner take initiative to add bitcoin as a payment method in their business. I’m excited about this development in Lagos, there has been a lot of criticism on members claiming to adopt bitcoin payment in their business, most of which are Nigerians. This move by this Nigerian hotel shows the level bitcoin holds in the country and how open minded Nigerians are. This is just one among many others we are yet to discover.

The owner probably knows about bitcoin and thinks that it's probably a good idea to add bitcoin as a payment option, pretty significant move but in a country like Nigeria, I think that it's much better if they can influence other businesses to do this to really make a difference. I am all for bitcoin being used for commerce and stuff but I don't really see it as the best solution because if you've been in bitcoin or crypto space for a while now, you really don't like spending bitcoin instead you want to accumulate more, it's like you are paying stocks to buy snacks or stay in a hotel.