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.
The first roadblock or bottleneck to the this kind of technological advancement like Bitcoin is seemingly because most Nigerians are not exposed to the world technological advancements across the world. Nigeria being a developing country that have faced a long time Socio-economic growth inhibitions, that has reduced the awareness and intuitive level of the people which has beclouded the acceptability and behavior of average Nigerians over the Bitcoin technology,completely.
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.
This still boils down to the assertions I made above regarding the behavior of people against the adoption of Bitcoin technology. Since many people do not understand how the system works and have not exposed to the intricacies of the decentralized system, the community have therefore, not accepted the crypto technology and by extension, given it a bad notion and interpretation of mediocrity.
2: High transaction fees, if you buy small item for shop wey de collect bitcoin, di high transaction fees, na big discouragement.
Ordinarily, the increasing cost of transaction fees have generally discouraged many people who would adopt the use of the bitcoin technology. For a nation like Nigeria, where the larger part of business ventures are Micro, Small and Medium Enterprises, the transaction fee is a huge hindrance and discouragement to such businesses that my like to test the advantage of the bitcoin technology including the Peer-to-peer community.
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.
Well, Nigeria has a growing economy as IMF has forecasted 3.3% growth rate for Nigeria economy in 2024 which has positioned Nigeria as one of the top 10 countries with growing economies over the world. Aside from the issues with accessibility to basic amenities, including access to a fast internet connection etc, I won't agree with the opinion that we are too poor to invest in Bitcoin, as a matter of fact one can try to invest in Bitcoin through the DCA approach, where you invest with the little funds you have and watch the system grow it over time. In fact, in a country like Nigeria where average citizens find it difficult to trust even the banking system, cryptocurrencies are another alternative to the citizens.
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.
I can attest to the fact that many young people around us have feared bitcoin for one and many other things but the most prominent of them is the volatility of the cryptocurrencies. Earlier today, A friend of mine wrote in his status, never to trade in Crypto again, since he met his misfortune, most of which are caused by poor decision making and lack of solid knowledge. The Reciept of the screenshot is below:
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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?
Many young people make not so good decisions because of their Lack of in depth knowledge of the cryptocurrencies and the decentralized system and will end up investing or trading a whole lots of money with much expectations but little strategies to a successful financial life.
