Why most people for naija believe say Bitcoin na scam?

[Mia Chloe]

My country people una Weldon oo I don notice say many Nigerians no wan use ear hear Bitcoin matter especially those way no get people around them way de into Bitcoin.I don de reason the matter since say y many of them dey fear to invest for Bitcoin?
I con realize say during those first period way mobile technology tay cast for naija,some of the people way understand all this Bitcoin matter use am tay scam many people so over time people con de conclude say Bitcoin na scam .
Another thing way still de contribute na wrong idea. Many of them believe say Bitcoin de bring wealth over night.so Dem no de bother to read about am before Dem invest or hodl.the reason why Dem get dis belief na because I dn see many cases of all dis yahoo boys Dem (cyber fraudster)de use Bitcoin name de cover d scam way Dem de into some even de use am as scam scheme say  like make u give Dem 5k say Dem way invest am for Bitcoin say the next mins Dem go credit you 10k based on people way no understand Bitcoin those victim go send d money and the scammers Dem go disappear later na d victim go con de feel say Bitcoin na yeye tin. To de teach people about Bitcoin no easy at all that is why I de respect people way fit de do am for we naija.
I no say people no de too de fall for those kind scam again but that wrong idea about Bitcoin sti de their head say na scam.

[Odohu]

You go agree with me say bad guys don use Bitcoin do plenty illigal for Naija, so make you no surprise if plenty people get this mentality. If I even tell you how much me don loose untop this Bitcoin self you go pity me. You know as our country be, anything wey them start,  them go do am to the extreme.

The good thing be say, that era of Bitcoin scam don dey end for Nigeria as plenty people don already know the various formats them dey use. So I will say that more people now believe Bitcoin to be legit and not scam.

Plenty article Including post for this forum don show say Nigeria dey do very well for Bitcoin. More people are buying Bitcoin now as water don find level.... so I want make you face reality now and not dwell in the past.

[Spaceman1000$]

My country people una Weldon oo I don notice say many Nigerians no wan use ear hear Bitcoin matter especially those way no get people around them way de into Bitcoin.I don de reason the matter since say y many of them dey fear to invest for Bitcoin?
I con realize say during those first period way mobile technology tay cast for naija,some of the people way understand all this Bitcoin matter use am tay scam many people so over time people con de conclude say Bitcoin na scam .
Another thing way still de contribute na wrong idea. Many of them believe say Bitcoin de bring wealth over night.so Dem no de bother to read about am before Dem invest or hodl.the reason why Dem get dis belief na because I dn see many cases of all dis yahoo boys Dem (cyber fraudster)de use Bitcoin name de cover d scam way Dem de into some even de use am as scam scheme say  like make u give Dem 5k say Dem way invest am for Bitcoin say the next mins Dem go credit you 10k based on people way no understand Bitcoin those victim go send d money and the scammers Dem go disappear later na d victim go con de feel say Bitcoin na yeye tin. To de teach people about Bitcoin no easy at all that is why I de respect people way fit de do am for we naija.
I no say people no de too de fall for those kind scam again but that wrong idea about Bitcoin sti de their head say na scam.

The major thing be say, the first guys dem way  been dey into bitcoin, them use am run people scam, the thing come give bad reputation to bitcoin. Then our government too no come help matters, as them announce say make financial institutions no allowed bitcoin transactions again. So the thing come give bad signal to the people say bitcoin na bad thing.

So e go take person way understand bitcoin to start to explain to people say bitcoin no be bad thing as government paint am, I remember say I been dey discuss about bitcoin with my friend some certain time, person way dey near me dey listen come dey ask me, if I don join yahoo.
 So you see the kind orientation way dem get about bitcoin, no be only for Nigeria way restrictions on bitcoin dey, some countries self too don put restrictions, but bitcoin don stand the test of time and e go continue to prove this government leaders wrong, because bitcoin get value and reputation true true and no be scam.

[Jessie2121]

Mia you suppose know say people plenty wey dy put hand for this bitcoin matter and them dy use bad ways. And again you no go expect person wey no know wetin Bitcoin be to just go invest nah, na only for this country you go hear say seeing is believing oh, no matter how you teach 85% of the people you know some go still wait to see how e go be. Bitcoin go always be scam till them make am legal and people begin see results about am, if not forget am, bitcoin go always be scam to people wey no know anything about am, make we no forget say bitcoin also require patience, like them talk wetin you no sabi big pass you.

[Sim_card]

From my own point of view, anything wey involve internet, people don tag am as scam and as you see bitcoin, na digital assets. The way wey yahoo boys don use internet commit so many atrocities, this make people come tag bitcoin to the scam because yahoo boys too dey into bitcoin because na the new world order currency. As you see me so, anything wey make people just see me sit down dey press my phone for long, them go say I dey do yahoo, and if I just mention bitcoin, he mean say na true say I be G-boy. Another thing wey come change people mindset say bitcoin na scam, na the way wey Emefiele use ban am that early time wey cryptocurrency been won blow for Naija. This don make many people we no know anything about bitcoin feel say na scam.

[Charles-Tim]

Why most people for naija believe say Bitcoin na scam?

I think I have to quote this title. Most people I know that know about bitcoin in Nigeria do not see it as scam, but they know that if they invest in it, either their money go up or reduce.

It is worth knowing that the days when bitcoin was seen as a scam has gone already, that was when it has not been well adopted as it is this days. What can happen now are people that may wish to invest in bitcoin, but having no money to.

[EluguHcman]

Looking at the state where 9ja is rated(position) in Cyber frauding, u self way dey Inside the country go contact am say u need be careful.
U know say no area of making money way scam no dey again? If dem fit scam u live then possibility to scam online go dey easier.
Honestly, the issues of MMM matters cucuma let every 1 feel say online or digital investment na scam say dem go romance u to enjoy in a while and on of a sudden u feel the marketing disappearance magic.

Like diz now 4 9ja it takes these categories of d masses tink otherwise on Bitcoin investments way be>>>
* Those way no fit the little dem get at had on a digital investment way dem no dey see eye and no assurance of securities (doubt on BTC reality).
*Those way wit strong mind way get mind to gamble with their last card. These na those way get trial mindses and dem don also take eye see prosperous BTC Investors as an attraction (Little trusts on BTC)
* Investors with versatile ability to diversification of wealth creations. These set of persons has probably enough of capital wit a low fear of risk to accept whatever comes out of it bcos they know investment is already a risk so their readiness is a fearless key to invest on Bitcoin (Low trust but eager to trial on BTC investment).

Even u self way don gain ground (trust) on BTC, u stil dey careful not to fall 4 scammers talk more of how to initiate or convince person way get zero idea and zero trust on the digital market BTC.
However, the possibilities of a not BTC invertor to get on the board na truly when you make your researches, place surveillances and also have a referral as a beneficiary on the BTC digital marketing else, e dey very hard.

[sokani]

I kno no who you dey take your bitcoin evangelism to but according to data Nigerians dey response positively to di use of Bitcoin and cryptocurrency. Dis na because work no dey for di country and many persons embrace di new technology and dey use am dey earn one way or di oda as a trader, freelancer, web designer, programmer etc. So it's either you dey meet di wrong people or na just assumptions you dey make.

Di fact say Bitcoin dey make transactions anonymous make am dey suitable for fraudsters to use to scam their victims. Yahoo boys dey use am dey cash out steady, pyramid scheme perpetrators dey use scam their victims and di list plenty. Some of dis victims based on their sad experience dey reason say Bitcoin na scam, so na mata of ignorance and me self I been follow for dat school of thought many years ago before e com clear for my eyes wetin Bitcoin truly be.

[Agbe]

People dey fear to join am because of weti don happened to dem. All those Ponzi schemes e don show dem shege, so when bitcoin come many people no won come involved dem self again. And if you noticed, bitcoin came to Nigeria and became popular immediately after the crash of MMM (Money Making Machine) so people come dey fear to join bitcoin. Many of us wey dey here sef been dey fear am but a persistent influence from a friend or relatives make us to join the technology. I no blame dem yet and I know sae na gradual process dem go join later. Many people still dey monitor the technology. And another thing wey dey make people dey fear bitcoin na di Yahoo boys, wey been dey use bitcoin dey scam people.  Op dat 5k to get 10k na Whatsapp Ponzi scheme wey been dey rampant in 2016 to 2018. As you said, we are wising up so to fall for those things is not easy again. So the scammers too are using another ways and the most popular one for now is investment. You deposit money in the web site and be clicking some bonuses every day to increase your money.

[Nheer]

My country people una Weldon oo I don notice say many Nigerians no wan use ear hear Bitcoin matter especially those way no get people around them way de into Bitcoin.I don de reason the matter since say y many of them dey fear to invest for Bitcoin?
I con realize say during those first period way mobile technology tay cast for naija,some of the people way understand all this Bitcoin matter use am tay scam many people so over time people con de conclude say Bitcoin na scam

Omo i no fit blame anybody wey de fear to join bitcoin even though i know they are missing out but if you check the rate of online investment wey bin dey those days wey later turn scam you go know say people suppose they fear wetin dem wan enter with their money. Unemployment rate high for this country and to get money you go need work your ass up then after working so hard to make money person go con come say make you invest some amount in small time your money go double. We don see so many ponzi scheme wey scam people na why people de fear to invest in bitcoin but i believe say as time they go gradually dem con understand say bitcoin de different from all those Ponzi schemes wey de scam people.

Just today e get one of my old school mate wey i say make i check on, so as guys wey we be naso we con de whine each other so the guy con de tell me say e get wetin him de do say na one investment say make if i put 100$ say i go de get profit everyday and i fit withdraw anytime but as i don learn alot here i just know say this kind platform na scam and e go cast one day so why i go invest in this kind platform wey i fit use the 100$ invest for bitcoin. I just tell the guy make him no worry say make i go hustle funds but i no fit ever fall for such scam.

[Marykeller]

Days don go when people d take bitcoin as scam. Nowadays, people don d understand wetin Bitcoin be and how to invest on am to make to profits. Although it's so funny that we still get people wey carry that mentality sae bitcoin na scam give them base on their experience with am or wetin d hear others talk about am.

It is a good thing sae that mentality of bitcoin been a scam to people don the commot from peoples mind and they are beginning to know what bitcoin is all about and its purpose of creation(financial freedom). At least we are rank among top country's wey d trade on bitcoin wella

[Igebotz]

It is not news that Bitcoin World adoption has decreased dramatically from the bear market of last year's fourth quarter, with a % growth in the first and second quarters of 2023. Global acceptance is still below 30%, and the rest of the world still does not believe or believes that Bitcoin is a scam.



Nigeria is categorized under the lower middle income countries and the adoption is still in balance since the fourth quarter of last year.

[Stable090]

My country people una Weldon oo I don notice say many Nigerians no wan use ear hear Bitcoin matter especially those way no get people around them way de into Bitcoin.I don de reason the matter since say y many of them dey fear to invest for Bitcoin?

Wetin I notice be say plenty people don invest in Ponzi  scheme think they are investing in bitcoin, some people don buy bitcoin come send am to some website for investment, dem go deceive people say Wetin few days, their money go multiply, which at the end dey will end up being scammed, dey believe na wetin bitcoin investment really dey about be that, so if dey don scam them once, e don store for there head already say anything bitcoin na scam, dey don’t know that dey didn’t invest in bitcoin, they invested in ponzi scheme, even if dey see anybody wey wan truly guide them about bitcoin, they go dey reason say na still scam d person wan scam them, dey have the believe that anything bitcoin na scam.

I no say people no de too de fall for those kind scam again but that wrong idea about Bitcoin sti de their head say na scam.

No reason am ooo people still dey fall ooo, but d problem be say all those scammers to don advance, dey don improve the strategy wey dem dey use, I sabi one person I dey even pity d guy but him no dey listen to advise, that guy just like Ponzi scheme and dem dey scam d guy, if him just see new Ponzi scheme wey change strategy from d former one wey scam am, d guy will end up participating in it which dey go still scam d guy. If dey don scam d guy, him body go calm but immediately him see another one, him go still join again.

[Hatchy]

For Nigeria, 50% know about Bitcoin like Dem don hear about am before. While d remaining 50% na e understand Wella watin Bitcoin truly be. And this people na mainly youths Dem. The idea say Bitcoin na scam wey many people dey put for mind to me na lack of knowledge of watin Bitcoin really be. Bitcoin no be scam, but many people don put am for mind because of bad thing wey Dem hear say others don use Bitcoin take do.

[rachael9385]

Some of the reason way make some people dey reason Bitcoin like scam nah bases on say them hear am from the wrong source way no know anything positive about Bitcoin and again, the way some of this scammers for some of our areas they use this Bitcoin format take they scam people and many victims fall for am nai still make some people they think say Bitcoin nah scam.
Nowadays the way Bitcoin dey now people done dey know say Bitcoin nah legit platform way people go invest and say e dey very profitable when them hold for long.

[Wiwo]

One of the event that really gave bitcoin some bad image in the rise of crypto Ponzi schemes,  the biggest was MMM bitcoin which took almost billions of naira in Bitcoin,  then many did not understand the concept of Bitcoin so the level at which mmm spread then and when it crashed many of those who bought Bitcoin to invest in mmm no carry the thing for head say they are. Scammed through bitcoin,  not knowing that bitcoin is also a victim like them being used to carry out the crime.

And since Bitcoin transactions are untraceable that make them conclude that holding Bitcoin independently is not worth it since they first encounter with Bitcoin was in a wrong motive and goals but they don't want to accept the truth and face it to learn what they need to to keep themselves secured in the market.

[Versatile_choice]

That's what we expect from the people that's resistance to technology and the opportunities brought by internet, but actually it was not only Bitcoin that was tagged as a scam by most people in the country but every other online business, although I believe is because of the awareness created by those people that call themselves a Yahoo boys, so people decided to generalize online weather Bitcoin or any other means so far is online they see it as scam.

[royalfestus]

One of the event that really gave bitcoin some bad image in the rise of crypto Ponzi schemes,  the biggest was MMM bitcoin which took almost billions of naira in Bitcoin,  then many did not understand the concept of Bitcoin so the level at which mmm spread then and when it crashed many of those who bought Bitcoin to invest in mmm no carry the thing for head say they are. Scammed through bitcoin,  not knowing that bitcoin is also a victim like them being used to carry out the crime.

And since Bitcoin transactions are untraceable that make them conclude that holding Bitcoin independently is not worth it since they first encounter with Bitcoin was in a wrong motive and goals but they don't want to accept the truth and face it to learn what they need to to keep themselves secured in the market.

The bias against Bitcoin stemmed from the fact that Nigerian internet fraudsters used it to falsely boast about their income. However, it's important to recognize that Bitcoin doesn't consistently generate profits for traders throughout the year. While some victims of MMM did use Bitcoin, it gained a negative reputation even before the MMM Ponzi scheme, perhaps because it isn't as visible and is often associated with the same internet spaces where many fraudsters operate

[Versatile_choice]

That's true during MMM era so many people lost a great huge amount of money which has built there mentality to see every other online including Bitcoin to be a scam, and one of the things that affected people's views on Bitcoin is that most platform uses fake Bitcoin minine platform and other platform using Bitcoin as a method of investment and scamming people of there money, I believe that's one the reason why most people who doesn't really no about Bitcoin to think is a scam.

[Miles2006]

No be everybody go like something for this life. Everybody with he own problem and wahala, na so life dey wetin you like I fit hate the thing.
   For my full life I never hear anybody talk say bitcoin na scam  but to be honest na people dey abuse bitcoin. Scammers dey for this bitcoin oh them go ready to finish all your money and sometimes I no blame anybody wey say bitcoin na scam because na wetin them don experience, due to some platform wey them put their money and the money loss.
So make we no blame anybody na their believe and we no fit force them

[Mate2237]

Exactly mostly in telegram, all those scammers e don scam people weti no good on telegram. There was a time I most fall for one guy but I was smart enough to detect the guy and immediately I noted that im na fraudulent person na so im blocked me and run away. And one thing bi sae, when something become new to the world, no be everybodi go dey like Sharp Sharp, few people go like am and plenty people go dislike am but at time goes, the people wey go like go dey increase gradually.

And another thing na by choice and also the orientation given to the public about the project also means a lot to him. Bitcoin at the beginning was not bearing good name and di boys wey been dey use am e no come tell the public the truth, dem self dey hide dey use so make people come dey say the thing as bad something.

[Cryptomultiplier]

One major thing I see inside this matter be say, until government of we country accept am as legal tender or make announcement or broadcast say we fit dey accept for payments from trusted parties or use am connect with the CBDC wallet somehow, e go just hard for people mostly those wey always dey glued to network news or over patriotic to believe say no be scam.
The truth be say one suppose don get some level of tech knowledge before e go fit even begin comprehend the discussion of Bitcoin let alone understand wating Crypto currency mean.

[DaNNy001]

Well I think it's because of the way people are always scamming in the country and most of the time it's related to use of bitcoin as a means and that's why many people are deceive into the mentality that bitcoin is actually scam and most time this is because of the short view that these people actually have. Well I don't blame anyone who actually has the thought but one thing is certain that if they only have the opportunity to see it from a different angle their view will be changed.

[CryptopreneurBrainboss]

I con realize say during those first period way mobile technology tay cast for naija,some of the people way understand all this Bitcoin matter use am tay scam many people so over time people con de conclude say Bitcoin na scam

Bitcoin got introduced to Nigerians form MMM and na ponzi scheme be dat, Bitcoin wasn't much of a buzz word in Nigeria until 2015 wey MMM promise anybody wey invest with Bitcoin 40% instead of the regular 30% wey Naira investment dey give and as you trust Nigerians na, people begin invest inside with Bitcoin and from their other ponzi scheme begin come out wey their currency na Bitcoin so the average Nigeria will always see Bitcoin as a get rich quick scheme because na wetin dey take know Bitcoin be dat. Only few people do research like myself because I was also introduced to Bitcoin from MMM but I no stop there as I begin attend seminars and reading more about the whole thing back in 2015. After all the crashes of those investment platforms (ponzi scheme) some people begin fear anything Bitcoin and online in general and na why people think say na scam.

Another thing way still de contribute na wrong idea. Many of them believe say Bitcoin de bring wealth over night.so Dem no de bother to read about am before Dem invest or hodl.the reason why Dem get dis belief na because I dn see many cases of all dis yahoo boys Dem (cyber fraudster)de use Bitcoin name de cover d scam way Dem de into

Every yahoo boy wey EFCC catch first go say him na Bitcoin investor, forex or crypto trader and when they finally confess the truth of wetin dem dey actually do wey be internet fraud, e go dun late because people wey no know go think say, dey got convicted because of what they said they were doing earlier and also this their scams na Bitcoin dem dey use cashout so all this one dey follow spoil people mind concerning the whole industry. I remember when I first dey do Bitcoin trading, my papa think say I dun join dem (yahoo yahoo) so without educating Nigerians the general public thought be say anything wey get to do with Bitcoin na scammers and no forget people no too trust anything wey no get physical shop again because of the experience from ponzi scheme crashing and there's nobody to hold.

[EarnOnVictor]

Bitcoin is not a scam, and never will it be. You also have to know that it's only a few sectional people with their old mentality and bitter experiences that see Bitcoin as a scam.

If you are patient enough in reading what I iterated above, you will discover that I mentioned "Old Mentality and Bitter Experience". They are simply the reasons why some people will always fear Bitcoin and this might persist for a long time, even forever with some people if they do not seek knowledge.

The Old Mentality infests people due to their environment, level of education and exposure, they believe that things online like Bitcoin are generally scams without knowing anything about it or giving it a chance to prove itself. This set of people believes that it's only what they can see, feel, buy and sell are the only real things.

Is Bitcoin faulty in this regard? Definitely not. It's those people who are ignorant and will continue to miss out on the goodies brought by Bitcoin. Perhaps, they would be convinced with time when they are hearing positive stories practically with people over time.

As for the Bitter Experience, it's in categories, some were practically scammed in the name of Bitcoin and cryptocurrency. I don't need to be expatiating on how people could be scammed through this and you can't expect those who are not deeply rooted in it to take it lightly, especially if they are not so literate. For others, it might be bad trading and failed investment, while the long-term bearish season of Bitcoin since the last major bull run contributes to this. People were so excited about Bitcoin investment shortly after the last bull run but they were not rightly informed. They were receiving advice from people to hurridly go and buy Bitcoin when they did not know how to speculate or have any serious knowledge/experience about it. This caused many to lose and I have a lot that have vowed not to be involved in anything cryptocurrency anymore due to this. I only try my best to educate them.

Still, I believe the next bull run would naturally convince them, and I advise anyone to first know what they are committing their money to so as to avoid losses and shifting blame.

[Kara3]

As the country be so, e get wetin yahoo boys don do some people for we country, those sets of people, nothing you wan tell dem to invest in anything online wey dem go do again.

I know two to three people dem don do dem strong thing in the past, if you as their friend come dey tell dem about Bitcoin, dem no go even allow you finish before dem go start to dy vex for you, to dem, anything internet na scam.

But as we country be so, we as people wey don see the light wey Bitcoin bring come, we just have to defend and clear that bad name wey yahoo boy don tag Bitcoin and any other online business with, because the more people wey involve for Bitcoin matter, the more things go dy easy for dem small small, dem no go too drink garri again due to hardship.

[Youngkhngdiddy]

As the country be so, e get wetin yahoo boys don do some people for we country, those sets of people, nothing you wan tell dem to invest in anything online wey dem go do again.

I know two to three people dem don do dem strong thing in the past, if you as their friend come dey tell dem about Bitcoin, dem no go even allow you finish before dem go start to dy vex for you, to dem, anything internet na scam.

But as we country be so, we as people wey don see the light wey Bitcoin bring come, we just have to defend and clear that bad name wey yahoo boy don tag Bitcoin and any other online business with, because the more people wey involve for Bitcoin matter, the more things go dy easy for dem small small, dem no go too drink garri again due to hardship.

  We Nigerian we love to do business we can physically see with our own eyes and not this audio money that is going around. So people get scared of bitcoin cause they feel it’s one of a Ponzi scheme like the popular MMM we had few years ago. This is due to ignorance and lack of awareness. It’s hard to convince anyone who has fall victim of the bitcoin scam to invest in it again.That is main reason why seminars and lectures should be held about bitcoin, so that people can have more understanding about the concept of bitcoin.
 People need to start getting proper knowledge about bitcoin cause it already on the mainstream and it’s a huge step to financial freedom. This is a life changing opportunity and they say opportunities comes but once. The last bull  run says it all. We all saw the the massive cash out that came with it. Now we are currently waiting for the next  bull run to happen. A business orient person will dive into this opportunity, cause they say “ a word is enough for the wise”

[Richbased]

Exactly mostly in telegram, all those scammers e don scam people weti no good on telegram. There was a time I most fall for one guy but I was smart enough to detect the guy and immediately I noted that im na fraudulent person na so im blocked me and run away. And one thing bi sae, when something become new to the world, no be everybodi go dey like Sharp Sharp, few people go like am and plenty people go dislike am but at time goes, the people wey go like go dey increase gradually.

And another thing na by choice and also the orientation given to the public about the project also means a lot to him. Bitcoin at the beginning was not bearing good name and di boys wey been dey use am e no come tell the public the truth, dem self dey hide dey use so make people come dey say the thing as bad something.

Well, you know say them don too scam us for this country so tey even when them show us evidence we go still dey doubt because omo scammers don do us wetin no dey nice o unless say you never fall victim before person go persuade you for wetin you no no even if you know sef u go still dey get that negative energy so no blame people wey dey feel say bit coin na scam.

It's just for us to be must focused and work together to achieve this next generation currency (bitcoin). Make we wey don experience the change continue in that spirit so that we go fit convince people to join to actualize this dream of many years.

[Roseline492]

Omo waiting scammers done do plenty people for this our 9ja no be small thing ooh, one of the things way spoil people mind na waiting MMM do people so after mmm scamm people of there money so people come put all frustration for any online work including crypto, to even make the matter worst scammers done scam people by creating a platform using Bitcoin as method of investing and receiving payments method, so asking somebody way them done scam that way to talk about Bitcoin go paint am to be scam ooh.