Bitcoin no be for everybody inside Nigeria

[Kelward]

Many people de hear about bitcoin everyday for inside Nigeria and some of dem de try know wetin im de all about.  Especially di youth dem de de inquisitive to know about am, because na money matter im be. In dis regard, many theories de fly up and down, like if you wan hammer fast na bitcoin you go adopt, in di nearest future cryptocurrency go take over fiat, and  some na just di swag of say decentralized digital currency be di reigning thing. All dis reasons and many odas de attract people to bitcoin, but di question be say na everybody go fit to use am? For me di answer na no, because some factors de wey go make everybody to no fit use am for Nigeria. I go outline some of di reasons wey I feel say bitcoin no be for everybody, in di paragraph bellow.

1: Mass adoption, as e be say many public and private companies, even very small businesses never de accept am, e no go easy for people to get di interest of bitcoin.

2: High transaction fees, if you buy small item for shop wey de collect bitcoin, di high transaction fees, na big discouragement.

3: Low adoption of lightening network, as LN wey fit reduce bitcoin transaction fees no de popular and e de somehow complex to understand.

4: Poverty, we get plenty poor people for Nigeria, because of unemployment, mismanagements of our resources and corruption. Dis one go make many people to no fit do bitcoin investment, wey go require person to put money inside and de wait wen e go appreciate. Even if dem get di interest dem no get enof money to invest.

5; Risk, because of di volatility of bitcoin, many people go de discouraged to do bitcoin trading, because probability say dem fit loose dem money de there. Instead dem go prefer to go into real estate where dem de sure say dem asset go de appreciate de go. I believe say dat na why real estate de boom for our people.


6: Complexity, bitcoin terminologies and technicalities plenty, and as we get plenty illiterates for Nigeria, a lot of these category of people no go send bitcoin trading. Na mainly enlightened people go fit to trade bitcoin.

So di koko be say many things wey concern bitcoin, no be for poor people. Di high transaction fees, di investment and trading. Dat na why I reason say di matter no be for everybody inside Nigeria. Person go de enlightened and get or create oda source of income, to be able to stand gidigba, say im de do bitcoin business. So how una see am?

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[Charles-Tim]

People that know the importance of bitcoin and know how secure it can be if protected, such people will not hesitate to buy and hold bitcoin at the appropriate time like this because most people are holding bitcoin mostly for investment. Bitcoin can not be for everyone becuase some people are ignorant and do not know about bitcoin. Some people will always be critics. Some people will not have money to buy bitcoin. There are some other reasons some people will not buy or may not be able to buy bitcoin at all.

1: Mass adoption, as e be say many public and private companies, even very small businesses never de accept am, e no go easy for people to get di interest of bitcoin.

All of them do not have to accept bitcoin before you can hold it. Nigerians, other Africans and other people that hold bitcoin is mostly because of their inflationary local currency which depreciates often over time. Some other people see it as an investment and they hold it.

2: High transaction fees, if you buy small item for shop wey de collect bitcoin, di high transaction fees, na big discouragement.

Bitcoin transaction is not that high most of the time. If you understand how transaction inputs and outputs work, you will not see bitcoin transaction fee to be costly if you transaction is not having many inputs. The cost depends on how congested the mempool is.

If you think the transaction fee is too high, you can go for bitcoin lightning network.

3: Low adoption of lightening network, as LN wey fit reduce bitcoin transaction fees no de popular and e de somehow complex to understand.

If you can not run your own lightning node, go for easy to understand ones like wallet of Satoshi, Muun wallet...

Many exchanges have integrated lightning network already as well.

5; Risk, because of di volatility of bitcoin, many people go de discouraged to do bitcoin trading, because probability say dem fit loose dem money de there. Instead dem go prefer to go into real estate where dem de sure say dem asset go de appreciate de go. I believe say dat na why real estate de boom for our people.

In anything that anyone wants to invest on, the person should make research about it, else he may invest at the wrong time and lose. The person may even invest on an unprofitable asset or business if no research about it.

[Antotena]

Many people de hear about bitcoin everyday for inside Nigeria and some of dem de try know wetin im de all about.  Especially di youth dem de de inquisitive to know about am, because na money matter im be. In dis regard, many theories de fly up and down, like if you wan hammer fast na bitcoin you go adopt, in di nearest future cryptocurrency go take over fiat, and  some na just di swag of say decentralized digital currency be di reigning thing. All dis reasons and many odas de attract people to bitcoin, but di question be say na everybody go fit to use am? For me di answer na no, because some factors de wey go make everybody to no fit use am for Nigeria. I go outline some of di reasons wey I feel say bitcoin no be for everybody, in di paragraph bellow.

My brother man! You don see gold, silver or bronze in physical form before? See bitcoin in that form too. How many people for Nigeria today you don see wey accept gold as a means of exchange despite say them legalized am and to be used as a legal tender, companies don't accept it, businesses don't accept it as well but it's making news everyday like never before. This is to tell you that no matter how something is cherish, it wouldn't be acceptable everywhere, na the koko be that.

Bitcoin adoption will not increase more than the way it is because Central Bank of Nigeria discourage individuals, companies, public and private organization from using it, it is not ban but it is not legalize as well and this is the reason why people are avoiding it, banks are discourage from having anything that has to do with bitcoin. If CBN say no, nobody can say yes, we all love bitcoin but we can't do more than the current situation.

However, despite the draw back of bitcoin adoption, p2p is one the biggest adoption in Nigeria, even if today bitcoin is been legalized, no other adoption will beat the p2p that people are doing, even some companies are doing it despite the no status of the central bank. People are doing gigs accept bitcoin and sell through p2p, even the tech guys that do remote work now accept bitcoin and sell through p2p and they are free from the big tax they have to pay the governments in the state and outside the state. P2P remain the mainstream of bitcoin adoption in Nigeria.

1: Mass adoption, as e be say many public and private companies, even very small businesses never de accept am, e no go easy for people to get di interest of bitcoin.

Make I tell you something, some companies accept bitcoin as an alternative for payment, but don't make it public until you ask them, some of them even have Binance Pay to recieve any form crypto you want to send them, it is pretty fast and they sell through P2P without any delay.

2: High transaction fees, if you buy small item for shop wey de collect bitcoin, di high transaction fees, na big discouragement.

3: Low adoption of lightening network, as LN wey fit reduce bitcoin transaction fees no de popular and e de somehow complex to understand.

If you are sending Bitcoin from an exchange wallet to external address, the fee are usually large but wallet to wallet are just fractions but I understand dollar is very nutritional to us, a cent shouldn't be the reason why people are discourage using bitcoin.

No be only naija get low patronage when it comes to Lightening Network, the network self just dy mature dy come, plenty people never begin they use am worldwide.

4: Poverty, we get plenty poor people for Nigeria, because of unemployment, mismanagements of our resources and corruption. Dis one go make many people to no fit do bitcoin investment, wey go require person to put money inside and de wait wen e go appreciate. Even if dem get di interest dem no get enof money to invest.

5; Risk, because of di volatility of bitcoin, many people go de discouraged to do bitcoin trading, because probability say dem fit loose dem money de there. Instead dem go prefer to go into real estate where dem de sure say dem asset go de appreciate de go. I believe say dat na why real estate de boom for our people.

6: Complexity, bitcoin terminologies and technicalities plenty, and as we get plenty illiterates for Nigeria, a lot of these category of people no go send bitcoin trading. Na mainly enlightened people go fit to trade bitcoin.

Bro, make I tell you something today, forget say Nigerians poor. Money dy where money, no dy talk say Nigerians poor and make I add am for you, for this Nigeria, people dy plenty wey get Bitcoin but the fear of insecurity no go let them say them get bitcoin which is better, people get money for bitcoin but wouldn't tell you. Most of our celebrity do bitcoin and crypto and them like am, even the poor self wan do am, just say him never get the means.

Risk na normal thing, anything for this life wey no get risk, na scam you dy enter so.

[Ruttoshi]

Bitcoin isn't made for everyone, talk more of all Nigerians. In everything that exists, there must be people that will criticize it and that is why we are humans. OP, you shoulod better talk for yourself and forget about how many people will invest in bitcoin, because a time will come that bitcoin investors will be seen as the richest in the country. The adoption of bitcoin in Nigeria wouldn't change bitcoin from having its potential or have any effect on the price. All what you stated are true but we still have Nigerians that offer p2p services in exchanges. Na e make, if you won help the adoption of bitcoin to grow, you need to change that orientation from people wey you know head, say bitcoin na the future gold.

3: Low adoption of lightening network, as LN wey fit reduce bitcoin transaction fees no de popular and e de somehow complex to understand.

If you can not run your own lightning node, go for easy to understand ones like wallet of Satoshi, Muun wallet...

Many exchanges have integrated lightning network already as well.

@Charles-Tim, please can you enlightening me more on the Lightening Network, how to use it or refer me to a thread that we teach me on how to use LN and the most easy noncustodial wallet for PC

[Nheer]

5; Risk, because of di volatility of bitcoin, many people go de discouraged to do bitcoin trading, because probability say dem fit loose dem money de there. Instead dem go prefer to go into real estate where dem de sure say dem asset go de appreciate de go. I believe say dat na why real estate de boom for our people.


6: Complexity, bitcoin terminologies and technicalities plenty, and as we get plenty illiterates for Nigeria, a lot of these category of people no go send bitcoin trading. Na mainly enlightened people go fit to trade bitcoin.

Na this two reasons be the major reason i think some people no wan adopt bitcoin. The risk wey dey fit too much for them to handle and also the complexity no be here ooo, some things de wey dem go tell you e go con be like film to you and just like you say illiterate plenty for the country so no blame dem as dem no wan involve for bitcoin matter because even to secure their assets fit be problem and privacy and security na im be the major thing wey bitcoiners suppose understand pass so dem no go loose their money.

Also no be everybody get the mind to keep bitcoin became of the volatile nature of it, dem go prefer to keep their money for commercial banks make dem no wake up see say their money de reduce. All this needs proper understanding of bitcoin and if anyone decides not to adopt it then it’s fine, no be by force na dem de miss out.

[Charles-Tim]

@Charles-Tim, please can you enlightening me more on the Lightening Network, how to use it or refer me to a thread that we teach me on how to use LN and the most easy noncustodial wallet for PC

If you do not want much knowledge about it and you want to use it, download Wallet of Satoshi or Muun wallet. If you want to use a noncustodial for it, you can use Electrum.

https://www.techopedia.com/definition/33248/bitcoin-lightning-network
A Beginner's guideline to Bitcoin Lightning Network
Electrum Lightning Network walkthrough
The Lightning Network FAQ

https://raspiblitz.org/
https://medium.com/@jadmubaslat/bitcoin-lightning-network-node-easy-setup-tutorial-for-windows-desktop-users-a-how-to-guide-9937b5a8a669

Two of the link does not have images again, but they are the best articles on lightning network. Likely you will understand it if you read it very well. Or you can get the link to fix the broken images:

Fixing broken images on other's post?

[Coyster]

E no get any country wey everybody dey use Bitcoin, this matter no dey peculiar to Nigeria at all, some people go use am, other people will not. Nigerians no dey too spend Bitcoin because merchants wey dey accept am no too plenty, so if you wan spend you go convert am to Naira, another reason why Nigerians no dey too spend Bitcoin na because dem see am as only investment, no be only Nigerians dey guilty of this anyway, them dey reason say why them go spend coin wey the price fit appreciate.

Bitcoin adoption choke for Naija oh, i think we are number one in Africa, plenty youths for Nigeria don adopt Bitcoin and the adoption go dey increase dey go, even if we dey use am mainly to dey invest and wait make the price appreciate. I believe say when our government set clear regulatory framework for crypto, we go see as plenty businesses go begin adopt crypto and e go even dey easy for Nigerians to spend Bitcoin in stores and other areas.

[Kelward]

E no get any country wey everybody dey use Bitcoin, this matter no dey peculiar to Nigeria at all, some people go use am, other people will not. Nigerians no dey too spend Bitcoin because merchants wey dey accept am no too plenty, so if you wan spend you go convert am to Naira, another reason why Nigerians no dey too spend Bitcoin na because dem see am as only investment, no be only Nigerians dey guilty of this anyway, them dey reason say why them go spend coin wey the price fit appreciate.

Bitcoin adoption choke for Naija oh, i think we are number one in Africa, plenty youths for Nigeria don adopt Bitcoin and the adoption go dey increase dey go, even if we dey use am mainly to dey invest and wait make the price appreciate. I believe say when our government set clear regulatory framework for crypto, we go see as plenty businesses go begin adopt crypto and e go even dey easy for Nigerians to spend Bitcoin in stores and other areas.

I reason with everything wey you talk, na true say di matter no de peculiar to Nigeria only, but if you check am well you go gree say for some places like developed countries na matter of choice mainly, weda person wan adopt bitcoin or not. But inside developing or underdeveloped countries, no be mainly matter of choice, but na di lack of di means to run bitcoin things be di main reason why dem no too embrace am.

I Also agree totally say many people de see bitcoin, mainly as an investment cryptocurrency, and dis mindset no let dem understand say di primary purpose for di coin na as a means of payment, wey guarantee privacy where two people fit do P2P transaction with decentralized digital currency. Normally if people hear about bitcoin, dem go immediately liken am to forex trading, undermining di original purpose of di cryptocurrency. Di adoption of bitcoin de increase everyday, despite di reasons wey I don mention, although if no be for those reasons, di adoption for don go far, because dis new generation know di benefits of bitcoin and dem no want to de limited by local fiat.

[Lida93]

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So di koko be say many things wey concern bitcoin, no be for poor people. Di high transaction fees, di investment and trading. Dat na why I reason say di matter no be for everybody inside Nigeria. Person go de enlightened and get or create oda source of income, to be able to stand gidigba, say im de do bitcoin business. So how una see am?

Am not objecting the truth that bitcoin is not for everyone, although is meant for all  shaa.

The one I wan address nah wer  you talk say bitcoin no be for the poor, bro I disagree . Bitcoin is for both the poor and rich as long as you have gained interest to adopt am. You must not start buying in big amount, you fit the buy small small as your money reach you go just de buy de go, e go dey accumulate for you before you know it, you don get plenty amount of bitcoin for wallet. Oyibo man call am DCA.

And too, nothing like high transaction fee rate anything. The fees banks for Naija dey cut cut from our account u fit use am compare bitcoin transaction fees?  Bitcoin nobody dey cut any fee except you wan do transfer from wallet to another wallet or
different  exchange, but bank weda u do transfer or not dem d cut cut fees from ur account. Make I just gbaa break here for dis matta.

[Promocodeudo]

Bitcoin is not for everyone in Nigeria, thats true, but the major reason for its creation was to capture more than half of the world's population, so many factor has made it impossible for many Nigerians to adopt Bitcoin, people see lack of fund as the major discouraging factor, but I will say that lack of orientation and misinformation is a major setback on bitcoin adoption in Nigeria, in Nigeria many people see bitcoin as a scam because, they lack proper information and fail to investigate legitimately, some people need this information but because of unavailability of internet service, absence of smartphone and lack of bitcoiners face to face orientation to the novice, has made it impossible for the interested Nigerian populace to get the right information about this digital asset, so to me, Nigeria has different challenging factors, unlike the west.

[CryptopreneurBrainboss]

4: Poverty, we get plenty poor people for Nigeria, because of unemployment, mismanagements of our resources and corruption. Dis one go make many people to no fit do bitcoin investment, wey go require person to put money inside and de wait wen e go appreciate. Even if dem get di interest dem no get enof money to invest.

Na you dey overthink the whole thing, bitcoin is actually for everybody that has interest in utilizing it. Person fit use Bitcoin for many things, dem no make Bitcoin for only investment, if you reason am wey bitcoin was invented as a currency and na dat one be the main thing wey Bitcoin be. Everybody can use a currency, e no mata if you get plenty money or not, you small money fit dey for Bitcoin and you dey use am dey buy wetin you wan buy. For the investments side too, investing in Bitcoin no mean say you go go carry all the money wey you get for life put inside Bitcoin. The least $1 investment you fit put am for Bitcoin. Bitcoin na decentralized money and no get discrimination for anybody irrespective of your social class. People just need enlightenment and education and dem go sabi the benefits if using bitcoin.

So di koko be say many things wey concern bitcoin, no be for poor people. Di high transaction fees, di investment and trading. Dat na why I reason say di matter no be for everybody inside Nigeria. Person go de enlightened and get or create oda source of income, to be able to stand gidigba, say im de do bitcoin business. So how una see am?

If you no know, bitcoin was actually made for the poor masses, Satoshi dun see how the government dey control everything with their centralization and him cum reasons say him need to help people by liberating them from under the control of the government na why him create bitcoin make e be the currency of the people controlled by the people. All those many things wey you dey talk about go sort demselfs out when the time is right. Make we no dey worry ourselves much because immediately adoption kicks in for Nigeria make we leave the rest as we go run the package like say na we get Bitcoin. See as we dey hot with all the hostile environment for bitcoiners for the country, now reason am say we get very friendly governments, how the mata for be.

[SmartGold01]

Some wetin you talk no too go well like that sha but some part correct, wetin I go like make you understand be say bitcoin no be for only rich people why because today we fit buy 5,000 naira or to any amount wey we wan buy without any restrictions, you fit buy from Binance and withdraw am with just only $1 plus for the fee matta so at this point any person fit do with bitcoin. Even though you still transfer am go another wallet during withdrawal you fit transfer go another place with just $0.8 ( 30 sat/bit) which I know say e still dey affordable for any Nigerian to involved themselves without any restriction.

Although I no fit talk of other exchange wey you fit trade and withdraw am out but I only dey sure with binance exchange, believe me or not every Nigerians fit afford to buy bitcoin but what I can't guaranteed is about the security aspect because them need to know more about security to secure their wallet very well, so I go only say person wey no go school go find am hard to cope with the whole concept as it requires person to be academically sound to be able to operate in the industries (Cryptospace) otherwise anyone can own a bitcoin.

[Adams0001]

Am not objecting the truth that bitcoin is not for everyone, although is meant for all  shaa.

The one I wan address nah wer  you talk say bitcoin no be for the poor, bro I disagree . Bitcoin is for both the poor and rich as long as you have gained interest to adopt am. You must not start buying in big amount, you fit the buy small small as your money reach you go just de buy de go, e go dey accumulate for you before you know it, you don get plenty amount of bitcoin for wallet. Oyibo man call am DCA.

And too, nothing like high transaction fee rate anything. The fees banks for Naija dey cut cut from our account u fit use am compare bitcoin transaction fees?  Bitcoin nobody dey cut any fee except you wan do transfer from wallet to another wallet or
different  exchange, but bank weda u do transfer or not dem d cut cut fees from ur account. Make I just gbaa break here for dis matta.

I agree with you, Bitcoin na for everybody, if you just get interest on it you can invest and start getting money on it,you know go differentiate poor and the rich person, say na only person were rich na him fit run Bitcoin, i no agree with am, because poor person fit dey get little money dey use am buy Bitcoin dey keep, later on you go just see the money done plenty for him Bitcoin investment, and if him get luck Bitcoin go just rise and him get a lot of profit because is volatile, anything were person dey do for this life risk involved.  No be because you no get enough income you no risk, this live now na money we dey use dey get money. So no say because poor people don't have money then the rich people no go fit invest money in Bitcoin.

[iBaba]

Bitcoin is not for everyone in Nigeria, thats true, but the major reason for its creation was to capture more than half of the world's population, so many factor has made it impossible for many Nigerians to adopt Bitcoin, people see lack of fund as the major discouraging factor, but I will say that lack of orientation and misinformation is a major setback on bitcoin adoption in Nigeria, in Nigeria many people see bitcoin as a scam because, they lack proper information and fail to investigate legitimately, some people need this information but because of unavailability of internet service, absence of smartphone and lack of bitcoiners face to face orientation to the novice, has made it impossible for the interested Nigerian populace to get the right information about this digital asset, so to me, Nigeria has different challenging factors, unlike the west.

Let me add to what you said. The past governments have also contributed to the factor. Because of the lack of knowledge and interest to understand how the technology operates, due to government's disinterest to adopt alternatives, even the government has unfortunately gone against it's adoption. Since the government system has been infected already, they find it difficult to adopt new ideas. Hence their decision to ban cryptocurrencies in the country.

But the truth be say, the enlightenment level of Nigerians on the Bitcoin is very high and it keeps increasing day by day amongst the young demographics in Nigeria.

On whether Bitcoin is for everyone or not. Bitcoin is for everyone. It's a decentralized market that is controlled by everybody and nobody. It is a market that's open to anyone who's interested to join. Just make a decision this minute, and the next minute, you're a Bitcoiner. But you must learn the ropes and understand how it works as you continue to up your game, gradually.

[Mayor of ogba]

5; Risk, because of the volatility of bitcoin, many people get discouraged from doing bitcoin trading, because probability says they will lose their money there. Instead, dem go prefer to go into real estate where dem de sure say dem asset go de appreciate de go. I believe say dat na why real estate de boom for our people.

You can not invest in something if you do not have a clear understanding of what you are going into. Do not buy the dip because someone asked you to do that. Before you adopt Bitcoin and invest in it you must understand how it works deeply so that when there is a drop in Bitcoin price you will see it as part of its nature. Also, when buying Bitcoin don't go all in so that it will not affect your living. You can use the DCA strategy to buy Bitcoin because DCA's strategy helps reduce volatility.

So di Koko be said many things wey concern bitcoin, no be for poor people. Di high transaction fees, di investment, and trading. That's why I say di matter no be for everybody inside Nigeria. Person go de enlightened and get or create oda source of income, to be able to stand gidigba, say im de do bitcoin business. So how una see am?

Bitcoin was not created for the rich but for everyone in the world, and if you do not believe in Bitcoin you will not be forced to adopt it. Poor people are the ones who study Bitcoin and know its fundamentals deeply because they lack enough money to invest in Bitcoin, and they will not want to waste their little money on investing at the wrong time. Poor people study Bitcoin to the extent of understanding its volatility part so when there is a little drop in Bitcoin price they will not be dismayed to sell at a low price. Most rich people don't even know anything about Bitcoin because they have enough money to invest in anything that will bring money, they will look for a poor guy who is sound on Bitcoin to give them advice on the time to invest in Bitcoin. You see rich people making a huge profit from Bitcoin investments because they hold their Bitcoin for a longer time, even when it drops in the price they are not too border because they have other means of making money.

[Mate2237]

Me I go disagree with you on this matter oh. bitcoin na for all. If dem no fit use am for one side dem fit use am foe another side. Like there are two major ways bitcoin can be used. Investment and Trading. Are you telling me dat the illiterate can not buy bitcoin and keep it in their wallet by the help of the educated ones? Yes they can. Unless the person is not ready to invest in. And di only thing they can not do is the trading. I understand what you dey try to say but all can participate in the bitcoin technology because it is simple to understand.

The only problem they will dace is the issue of internet wahala. We all know and see what happened in the cashless policy period. Fiat Bank accounts are easy to operate compare to bitcoin wallet. So the mass adoption of Bitcoin will affect the Small Medium Enterprises (SME). For the Lighting Network matter, me sef I never know how to use and I never try am sef. And for the Transaction fee wey be sae na one of the major wahala wey go burst out. Dat one go cause gbege and im go cause inflation for di food price well because di seller go like to cover their fees by increasing price again.

Bitcoin Investment no need plenty money, one can buy small small to acquire more so everyone can involved in it. Though the uneducated people feel intimidated but as for me, if they are really ready to do that they can because I did not see any big deal there. And for the risk, we have to check those countries wey don adopt bitcoin and know how dem dey do am. For di terms, as time goes they will understand them in due time.
Bitcoin na for every one if money is for everyone likewise bitcoin and just for them to understand and use it.

[Ever-young]

Normally na true say Bitcoin no be for everybody, although to get idea of Bitcoin dey good o because e go help person in many ways, like for example if u dey wer dem dey talk about Bitcoin, e no go look strange to you, e no be like say wetin be Bitcoin etc, e go even make u self to contribute ur own ideas but to say Bitcoin na for everybody na lie, because no be everybody head dey sabi carry something, e get some people wey we get wey be say if u like teach them from now till tomorrow, nothing go enter their brain, dos kind of people no dey waste their time go school, na skill dos kind of people dey do so if u say because say advantage dey for Bitcoin say mk u force the person to join or invest, u are just wasting ur time because u no go see any improvement but e no mean say as Bitcoin no be for everybody say e no good make person get the idea, na lie o, even if u no fit join but at least e good mk person dey inform.

[Zigabel]

So di koko be say many things wey concern bitcoin, no be for poor people. Di high transaction fees, di investment and trading. Dat na why I reason say di matter no be for everybody inside Nigeria. Person go de enlightened and get or create oda source of income, to be able to stand gidigba, say im de do bitcoin business. So how una see am?

Actually talking about class and Bitcoin ni no really think say an actually say Bitcoin no be for poor people because e get people wey been dey poor and Bitcoin don help their life now dem no dey like before again but if we com dey reason say Bitcoin no be for poor people dat means dose pipo for never fit make am Tru Bitcoin because dem go dey wait to get rich before them go fit run Bitcoin matter. So personally i think Bitcoin na for everybody but the matter go be say we go approach am differently, if you know say you no too hold your side and you wan dey run Bitcoin matter you go just make sure say you run am strictly on investment and no be to dey use an as a way of payment wey go come make you go dey pay transaction fee everytime for every of your transactions but then if you dey do am bade on investment na only once dem u go dey need to withdraw am den pay all those fees dem.

If you just dey do Bitcoin ad u dey use am dey pay for goods and services you gats know wetin dey involved based on the transaction fees except say you want make you dey spend plenty of your money ontop fees because e no go funny but if you get another way of payment e dey more advice able Dan to use Bitcoin maybe except say na d only means.

[Cryptomultiplier]

...
So di koko be say many things wey concern bitcoin, no be for poor people. Di high transaction fees, di investment and trading. Dat na why I reason say di matter no be for everybody inside Nigeria. Person go de enlightened and get or create oda source of income, to be able to stand gidigba, say im de do bitcoin business. So how una see am?

Besides the point say Bitcoin no be for poor people, the statement no dey entirely fair because poor people get class self. You no go fit compare rural area poor versus urban area poor person.

The reason why I think say e go hard for majority of Nigerians to adopt BTC na firstly, because government never accept am and those wey be fear fear , dey try protect themselves from getting involved in cryptocurrency because even government fit vex for you if them see your wallet with crypto currency.
Also, the internet adaptation never reach some sides like that wey be say, if person even get interest to invest in BTC or cryptocurrency, them go need to dey stay area wey get better network and get like three sim cards or buy mifi and light must try dey the area to charge phone and other devices.

[Zanab247]

There are some reasons why BTC cannot be for everybody in Nigeria: first, You must know how to read and write before you can use BTC to do anything you want to use it for in the country, and you need to write your seed phrase out which is not something you can ask someone to help you write them out for you.

Secondly, BTC is a decentralized currency, which is not control by the government, and the government doesn't have the power to control the pumping and dumping of BTC, and it will make many people not to have interest on BTC in the country.

Thirdly, if you are scam in your BTC, government cannot help you to recover your BTC back like the way they use to help people to recover their money from scammers in the country which will be another reason some people will not have interest on BTC.