No Fiat, just Digital currency.

[Bebe22]

So, there's been a lot of threads comparing fiat currency and Bitcoin or asking if Bitcoin can replace our currency, our only naira.
Also, I may or may not ( strongly on May though) have been guilty of not just imagining, and dreaming but also commenting and saying that Bitcoin can replace our local currency. This is based on the fact that means of exchange have passed through several stages, which I'm very sure a lot of us know about.
There was a time were we lived on trade by barter, then on to precious metals, then on to receipts which later turned into banknotes. And if bank notes decide to fail ( which were already seeing traits) we may have to look for a new means of exchange.
Now, I was going to talk about how the government would never agree that Bitcoin becomes a generally accepted means of exchange, but let's leave the government, Bitcoin doesn't even meet the standard of all functions of money as it's volatile, making it to not be a good store of value in short term and it is also difficult to denominate goods and services in terms of Bitcoin directly.
So, back to the new means of exchange, I don't know how true but;
"The Nigerian government has shown interest in blockchain technology, the technology underlying Bitcoin, and recognizes its potential benefits in various sectors such as finance, supply chain management, and more. So, while they may not have accepted Bitcoin as a local currency, they are still exploring how to leverage blockchain technology in their country."

In conclusion, Bitcoin continues to remain an alternative, an asset, and our currency may be improved.

So what's your take on this, would you be happy if hypothetically, bitcoin is accepted? Or would you be more happy if our government makes a new digital currency that'll serve as our new money and wouldn't be affected by inflation?

[1714717011]

1714717011

[1714717011]

1714717011

[Charles-Tim]

So, while they may not have accepted Bitcoin as a local currency, they are still exploring how to leverage blockchain technology in their country."

The government will want people to use only naira so that naira value can increase. What they will think is that if people uses bitcoin, the less people will use naira and the value will continue to decrease. What you will expect from CBN and government as defence is that bitcoin is highly volatile. In short time, bitcoin is highly volatile, but a store of value in long term. We should not even bother ourselves about this, even if government do not accept bitcoin as a legal tender, its adoption continues.

[Mate2237]

Even Nigeria Government adopt bitcoin as a legal tender, bitcoin will still be a alternative Currency to di national Currency. Because not all can use bitcoin to do transaction and the national Currency will also be use as a digital currency to support bitcoin and at that e-naira will be very active. And bitcoin will be use more than as it is now. And dat one there will be no dispute.

The problem Nigeria is facing on bitcoin is that, they have not gotten bitcoin knowledgeable advisers in the ministry so their interest is always turn down by ignorant. And if really government wants to improve on cryptocurrency they should makes seminars and employ the bitcoin enthusiast to the system to pilot the affairs. And really if bitcoin is accepted naira will improve.

[Asiska02]

In conclusion, Bitcoin continues to remain an alternative, an asset, and our currency may be improved.

Bitcoin will continue to remain an alternative to every government as long as they can’t have total control over it. So you’re right.

So what's your take on this, would you be happy if hypothetically, bitcoin is accepted?

Yes I’ll be happy about it. But have it in mind that it’s not something possible soon, so I won’t bother myself thinking too much about it.

Or would you be more happy if our government makes a new digital currency that'll serve as our new money and wouldn't be affected by inflation?

Everyone will be happy if that happens but we all know inflation can’t be controlled easily or can’t be stopped. If at least the government can control the inflation rate in the country, we will have more value for our fiat and bitcoin.

[Majestic-milf]

So what's your take on this, would you be happy if hypothetically, bitcoin is accepted? Or would you be more happy if our government makes a new digital currency that'll serve as our new money and wouldn't be affected by inflation?

The truth is Naija has never excelled at anything other than corruption. So making another digital currency is pointless. I remember when the E-naira was made, it took a lot of coaxing from the government to ensure adoption but yet it was a paltry  0.5% that adopted. I'd be glad if Bitcoin gets accepted as a legal tender but we should still get to keep the naira because just like El Salvador did with the dollar, it would help those who aren't conversant with digital technology and operation.

[Best-mary]

The stark reality is that Bitcoin will always remain an alternative. When considering the actions of those in power and their self-interested behavior, if they can't control it, they often dismiss its value. Should I also mention the scarcity of the naira during the election? Money was restricted for the masses, while only a few individuals hoarded it. Just imagine if they had approved Bitcoin well in advance. Such situations might have been avoided as a significant portion of citizens could have used efficient exchanges to transfer funds, thereby promoting awareness and adoption of cryptocurrencies. For now, it appears that they want to retain control over everything.

[Sim_card]

Bitcoin and fiat goes hand in hand that is why fiat which is our Naira cannot be gotten rid off. There is no other currency that the government will create again because Naira has been recognized by the world for a long time and getting a new currency will be like a start all over again. Bitcoin remains an alternative to fiat even if the government accepts it. Base on corrupt government, the only thing I know that they can do is to print 5000 naira note to enable them steal more funds without notice when they are moving with it

[Wiwo]

First, you have to settle this fact,  which is,  bitcoin can't replace our local currency and contrary to speculation that Bitcoin will eliminate or reduce the potentials of fiat currency which may be true in some ways and can be seen in the various Bitcoin price movements and increasing value,  but aside from that,  Bitcoin can't take fiat overboard and both will continue to co-exist and act as an intermediary for value exchange at every point.

But then also,  we have to also look at the percentage of the world population who know or use Bitcoin and how many countries around the world already made Bitcoin their legal tender,  this is what we can use to measure the level of public usage and acceptance of Bitcoin.

[Samlucky O]

Thank you for your concern. But what I want you to know is that Bitcoin can not replace our fiat currency (NGN). Our politician has already made our currency to be worthless by inflation. Bitcoin has become an alternative of defrauding the economy. The policians knows the important of Bitcoin and dey are fully aware of it and have seen the bright future it has, dey took advantage of it.

They use it as a means of money laundering. Many of our policians buy Bitcoin in balk and store in different wallet. You can never trace it even central bank. That is why dey refuse to implement it. Because if they do, cbn will now have access to every monetary aspect of every individual including wallet transactions thereby affecting them. so that is why it has been so.

And moreover, have you ask your self why it's difficult this days for efcc to apprehend politician? Because there money has been converted to USDT/BTC so therefore instead of there money to reduce, it add value when inflation arise.

[Kelward]

First, you have to settle this fact,  which is,  bitcoin can't replace our local currency and contrary to speculation that Bitcoin will eliminate or reduce the potentials of fiat currency which may be true in some ways and can be seen in the various Bitcoin price movements and increasing value,  but aside from that,  Bitcoin can't take fiat overboard and both will continue to co-exist and act as an intermediary for value exchange at every point.

But then also,  we have to also look at the percentage of the world population who know or use Bitcoin and how many countries around the world already made Bitcoin their legal tender,  this is what we can use to measure the level of public usage and acceptance of Bitcoin.

True true, bitcoin no go fit to eliminate naira, because di fiat na our national identity. So no matter di inflation or how worthless wey naira fit de, di government go still make sure say na im we go de use. With all respect to our country, na follow follow we still be, because wey other developed countries still never adopt bitcoin finish or make am dem legal tender, na we wey be third world go first overtake them? So na for both fiat and bitcoin to de coexist, wey di latter go de act as an alternative currency.

Aldo I de hope say in di future bitcoin adoption go  de total for Nigeria, wey everybody go get dem bitcoin Wallet, just like fiat bank account and you go enter anywhere do transaction and make payment via P2P, without using any centralized exchanges. But di point be say as I see am, dis revolution no go start from underdeveloped countries like Nigeria, na from developed countries e go start, den slowly countries like our own no go get choice but to follow di trend.

[sokani]

<snip>

Abeg wake up from dis your fantasy or dream. I expected you to give us strong reasons why you think say Bitcoin fit become legal tender for Nigeria no be all dis cap wey u dey cap. Yes Nigerian government don dey show interest in cryptocurrency lately but dat one no mean say dem go make Bitcoin legal tender. Our govt only want see how dem fit benefit from blockchain technology and nothing more. If you dey observe lately, many countries sef don dey come up with dier own regulations of cryptocurrency as well as their own digital currencies (CBDCs). So dis na how far Nigerian govt fit go, our weight neva carry dat of legal tender and I no even imagine it happening.

[Gozie51]

"The Nigerian government has shown interest in blockchain technology, the technology underlying Bitcoin, and recognizes its potential benefits in various sectors such as finance, supply chain management, and more. So, while they may not have accepted Bitcoin as a local currency, they are still exploring how to leverage blockchain technology in their country."

To start with, this part of your post wey you put for quote, if e no be your own original sentence or phrase then make you try add the link from where you from lift am but na your own, no wahala.

So regarding your post about adoption of bitcoin, we know say naija no fit stand on their own, so dem no fit join El Salvador for now. Naija government go want make at least countries wey matter begin adopt am and like we dey see say some don begin talk about blockchain and to use am for election like US, that na im make dem even dey consider blockchain. But make we forget about adoption of bitcoin from countries oo because the government go want to have control over currency and that one follow for one factor wey make them be government and again bitcoin dey volatile. So dem go just support their CBDC and take blockchain support the system.