Development of bitcoin in Nigeria and it's economic effect

[lovesmayfamilis]

It is the fact that young people are interested in bitcoin that gives hope for the future of bitcoin. I salute all the people living in Nigeria who do not give up on their life's difficulties and are interested in new technologies. I know that finding a job for a young person who is just starting to provide for himself is quite difficult. And I see here on the forum people from Nigeria who are studying or helping to educate their peers, and everyone in their country, about investing in bitcoin. If the government cannot provide people with an acceptable lifestyle, then who will fight for a better life? Of course, young people I fully support this. Let bitcoin be a reliable assistant to such people and bring them a normal existence in the future without all sorts of barriers.

[1714526064]

1714526064

[1714526064]

1714526064

[1714526064]

1714526064

[Strongkored]

Nigerian government shouldn't see bitcoin as a thing coming to take over Naira as the legal tender but can be use together (side by side) with legal tender and Nigeria digital currency (eNaira)

The government difficult to do this because if there are two type of currency, people will prefer the currency that makes it easier for them to transact as well as other advantages, so not suprising many governments will ban bitcoin because they consider it their fiat competitor and can damage the banking system where the government also oversees the finances of citizen through banking transactions. Moreover, the government is filled with old people who find it difficult to accept change and always consider what has been going on as the most correct thing.

[beerlover]

Nigerian government shouldn't see bitcoin as a thing coming to take over Naira as the legal tender but can be use together (side by side) with legal tender and Nigeria digital currency (eNaira)

The government difficult to do this because if there are two type of currency, people will prefer the currency that makes it easier for them to transact as well as other advantages, so not suprising many governments will ban bitcoin because they consider it their fiat competitor and can damage the banking system where the government also oversees the finances of citizen through banking transactions. Moreover, the government is filled with old people who find it difficult to accept change and always consider what has been going on as the most correct thing.

It's also allowing people to avoid being controlled as well, governments would prefer if you could be controlled because that would allow them to have citizens they can shape however they want, but if you use crypto then you can't be controlled and could be free to do whatever you want with your money without them stopping you.

In that case government doesn't have a power on you, if you can manage it in Nigeria then you can manage it anywhere and you are free to go and even can hide it from taxes thanks to some coins like monero. All in all governments would like you to keep on using fiat and make sure that you are not outside of their scope of power.

[Betwrong]

Based on the Yahoo Finance report that Nigeria is the largest bitcoin user in Africa, unfortunately the government is not too concerned with communits cryptocurrencies which reaches more than 20 million users, but a good thing is that the government is also not banned bitcoin so bitcoin is still actively used and there is no problem until now.

I think it's much more than 20 million users, actually. According to Statista, around 30% of Nigerians use Bitcoin. It's the highest proportion of any country in the world. Just think of it, not only they use BTC in Nigeria, they are, likely, the most active users in the world.

And yes, the fact that the Nigerian government didn't ban it is a big plus. Sometimes, what we need the most from our governments is to not intervene.

[iamsange]

Nigeria is the largest country in Africa, Cryptocurrencies users in Africa, especially Nigeria, are increasing rapidly and this is what makes many global companies always make Nigeria as a door or marketing target, I hope the Nigerian government will soon legally or open a tender like other countries so that Bitcoin can make prosperity.

Actually Nigeria has long wanted to make clear laws or regulations for cryptocurrencies so that Nigerian citizens can be more flexible when they want to use cryptocurrencies there and Nigeria is also planning to launch its own digital currency called "eNaira" as a form of a more advanced step for Nigeria.

Well since Nigerians are so excited about cryptocurrencies, the Speaker of the Nigerian House of Representatives, Femi Gbajabiamila, has called for a substantive legal framework for cryptocurrencies in Nigeria. According to a report published by the Nigeria Daily Post on July 23, Gbajabiamila wants the Nigerian state to develop clear regulations. The goal is for the country not to be left behind because cryptocurrencies are currently widely adopted.

“On the issue of cryptocurrencies, I think Blockchain technology is new and powerful. We don't want to be left behind. I think the world will take this seriously when it comes to cryptocurrencies,” said Gbajabiamila.
Source:

• fortuneidn.com
• coinvestasi.com
• cointelegraph.com

[Zlantann]

WHAT IS BEHIND THE INCREASE ADOPTION OF BITCOIN.
1. While Nigeria economy depends on remittance and with large population not having access to Banks. Nigerians access to financial service has been limited and causing transfer of money to be costly and slow, as prompted people to look else where.
2. With the inflation happening and the constant fluctuations of exchange rates, Nigerians bitcoin as alternative solution to the storage of the fund.
3. Another reason might be since Nigeria has a relatively young population it makes adopting digital economy much easier.

I think government policies have also led to the adoption and investment in Bitcoin. The Central Bank of Nigeria is doing all it can to raise revenue for the government through diverse fees and charges. The government has placed on withdrawals and transfers of both the naira and other currencies. Citizens that want to exceed the stated amount of withdrawal limit would have to pay high fees or charges. In order to invade or outsmart these policies, Nigerian are using Bitcoin.

Economic impact is a subjective matter. If the price of bitcoin goes down, there will be negative impact on the economy as a lot of people will loose their investments and vice versa. So it is very difficult to conclude whether it's going to be good or bad.

It is true that the volatility of Bitcoin would definitely affect the investments of investors but the Nigerian currency has been performing badly. The currency has lost most of its value recently and it is there is no hope that it would recover because it has never recovered based on antecedents. Hence, the citizens of Nigeria prefer to invest in Bitcoin because they have hope that it would soon bounce back and they can make some profit from the bearish market in the future. 
   

[Zilon]

The government difficult to do this because if there are two type of currency, people will prefer the currency that makes it easier for them to transact as well as other advantages, so not suprising many governments will ban bitcoin because they consider it their fiat competitor and can damage the banking system where the government also oversees the finances of citizen through banking transactions. Moreover, the government is filled with old people who find it difficult to accept change and always consider what has been going on as the most correct thing.

No matter how difficult the government choses to be on policies related to  regulations, adoption and ban of Bitcoin Nigerian citizens will always make their choice and find a way to navigate between fiat and crypto not because they want to be rebellious but because the Naira keeps depreciating. One of the biggest issue the leadership of Nigeria is having is that its governed mainly by the old who are bibliophobic and as such the get stuck in a cycle of knowledge. With the devaluation of Naira against dollar many youths prefer keeping their money in either Bitcoin or USDT just to save their hard earned money against inflation and if this persist in future times the local banks might run out of liquidity

[justdimin]

The government difficult to do this because if there are two type of currency, people will prefer the currency that makes it easier for them to transact as well as other advantages, so not suprising many governments will ban bitcoin because they consider it their fiat competitor and can damage the banking system where the government also oversees the finances of citizen through banking transactions. Moreover, the government is filled with old people who find it difficult to accept change and always consider what has been going on as the most correct thing.

No matter how difficult the government choses to be on policies related to  regulations, adoption and ban of Bitcoin Nigerian citizens will always make their choice and find a way to navigate between fiat and crypto not because they want to be rebellious but because the Naira keeps depreciating. One of the biggest issue the leadership of Nigeria is having is that its governed mainly by the old who are bibliophobic and as such the get stuck in a cycle of knowledge. With the devaluation of Naira against dollar many youths prefer keeping their money in either Bitcoin or USDT just to save their hard earned money against inflation and if this persist in future times the local banks might run out of liquidity

That’s something many nations with weak currencies will end up doing, that’s a common thing and we need to realize that people are looking at other nations and using crypto as payment. Let’s be honest, 100 bucks may not be a big deal for an American, even a high school kid could earn as much as 20 bucks per hour at some pizza joint or whatever, and that means something that people in Nigeria would work days, maybe a whole week for, could be earned in a single day by an American.

That’s why it’s such an important task, and I would definitely look for it to be great and that way we would be able to consider it something that is profitable for all of us at the same time.

[Betwrong]

Economic impact is a subjective matter. If the price of bitcoin goes down, there will be negative impact on the economy as a lot of people will loose their investments and vice versa. So it is very difficult to conclude whether it's going to be good or bad.

It is true that the volatility of Bitcoin would definitely affect the investments of investors but the Nigerian currency has been performing badly. The currency has lost most of its value recently and it is there is no hope that it would recover because it has never recovered based on antecedents. Hence, the citizens of Nigeria prefer to invest in Bitcoin because they have hope that it would soon bounce back and they can make some profit from the bearish market in the future. 

Looking at the Bitcoin performance during its whole history we can rationally expect another bounce back and even a new ATH in the future because it has always been like that. The negative effect @avikz mentioned can only be a short-term one, but, of course, one have to be ready for that because it can still last for a year or even more.

[Desscount]

Economic impact is a subjective matter. If the price of bitcoin goes down, there will be negative impact on the economy as a lot of people will loose their investments and vice versa. So it is very difficult to conclude whether it's going to be good or bad.

It is true that the volatility of Bitcoin would definitely affect the investments of investors but the Nigerian currency has been performing badly. The currency has lost most of its value recently and it is there is no hope that it would recover because it has never recovered based on antecedents. Hence, the citizens of Nigeria prefer to invest in Bitcoin because they have hope that it would soon bounce back and they can make some profit from the bearish market in the future. 

Looking at the Bitcoin performance during its whole history we can rationally expect another bounce back and even a new ATH in the future because it has always been like that. The negative effect @avikz mentioned can only be a short-term one, but, of course, one have to be ready for that because it can still last for a year or even more.

We just need to be patient even though it's not something easy to do,
the cycle is like that and it might just be a matter of time to see Bitcoin hit a new ATH,
The most important thing is to keep following the journey from time to time

[bocyaj]

Nigeria is the developing country with huge freelancers.Bitcoin giving employment to the freelancer in many ways,mainly they working in the bounty.Some bounty paying him good money,some bounty scam the people.They launch the fake project and promotes using the bounty.Finally they will close the project,after selling some tokens at high price.They sell tokens by the fake proganda of huge profit by buying those tokens.

[DrBeer]

Doubtful way to solve the problem. Probably the most correct way would be to use a multi-currency basket, at least for risk diversification.
For example:
- Dollar
- Bitcoin
- Swiss frank

And bitcoin alone is risky, all the more it is not entirely clear what will be its fate, and in general the entire cryptocurrency market. And also remember those who in July 2021 invested in bitcoin for 60k dollars - how are they now with 1/3 of their assets in 2021?

[Betwrong]

~

We just need to be patient even though it's not something easy to do,
the cycle is like that and it might just be a matter of time to see Bitcoin hit a new ATH,
The most important thing is to keep following the journey from time to time

Not everyone can afford being patient. Only those who have enough money to keep living without cashing out their precious BTC even at an obviously low price like it is today. And I think that most of the Nigerian people are in this situation when even though they believe BTC will hit a new ATH in a year, they can't invest in BTC like $1,000, and wait until it becomes $5,000 in the end of 2023. Let alone using a multi-currency basket, as @DrBeer suggested above. They just can't afford that.

[Bitcoin2009]

~

We just need to be patient even though it's not something easy to do,
the cycle is like that and it might just be a matter of time to see Bitcoin hit a new ATH,
The most important thing is to keep following the journey from time to time

Not everyone can afford being patient. Only those who have enough money to keep living without cashing out their precious BTC even at an obviously low price like it is today. And I think that most of the Nigerian people are in this situation when even though they believe BTC will hit a new ATH in a year, they can't invest in BTC like $1,000, and wait until it becomes $5,000 in the end of 2023. Let alone using a multi-currency basket, as @DrBeer suggested above. They just can't afford that.

It is surprising how Philippines and Nigeria national grew in crypto and came the ten top countries -  due to COVID when people were laid off
They didn't apply for  jobs they started diving into the world of crypto and they did a great benefit to themselves and to their national revenue. So that is the real example of struggle.

In my opinion, because the government supports the growth of cryptocurrencies, without government support, investors will be afraid to invest in cryptocurrencies, and what Nigeria and the Philippines are doing is certainly worthy of being followed by other countries that are still banned cryptocurrencies.