My Dreams of a Bitcoin Circular Economy in my Country

[Faisal2202]

So you are from Nigeria, an oil-producing country. Last time I made a post on the Nigerian economy's topic opened by another Nigerian. I then realized the situation in your country. Which is bad but according to stats better than before, I know you are living there so you better know. The point is, I don't think according to the current scenario the main focus of the leader there would be to implement a seamless system to use BTC as a payment method. Because they first have to legalize it, which they won't. Due to a number of factors, if they are good then they will not accept it with their traditional minds, if they are bad actors, then they will not legalize it because with it legalized they won't be able to do corruption.

I think this system will only be implemented if a voice is raised, AFAI remember one of your community members shared a post where he visited a government office for some crypto-related work and they also allowed that too. I don't really remember what was the case, you might have an idea.

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[Pi-network314159]

I am a bitcoin enthusiast and I wish to spend some of my bitcoins instead of fiat. Unfortunately, I am unable to do so because of its slow pace of acceptance in my country. I really want to promote the bitcoin circular economy but I can't. I dream of  day in my country where I can earn in bitcoin and spend in bitcoin.

Spending your money in Bitcoin may be possible in the future. Though the government may be using there influence to subside or subdue Bitcoin existence, but time will come when your wishes will become reality. one important key factor of success is patient, endurance and time. As the new generation is coming up daily, weekly yearly and otherwise, many may decide to adopt the Bitcoin system because by then the men with the negative mindset would have been gone and we will be left out with no choice than we all to accept Bitcoin for transactions and many more things to do.

[Assface16678]

You need to accept it, bitcoin being main stream or being adopted and using in the society or in a country will be a very long hourney, yes we could see that it is possible but do mund that implementing bitcoin will not be as easy as it looks, there are many things need to be considered, especially in financial, not all people are open and known to bitcoin or any crypto currency.

if a country will push the adoptation and accepting of bitcoin payment then I'm sure many businesses that will also accept it may have a hard time dealing with the number one problem in bitcoin transaction, hugh transaction fees, if there will be developed that could make the bitcoin transfer more faster and cheaper maybe it can be implemented with ease but that's not the case as we know fees is the most common problem in crypto currency or in bitcoin rather.

[Darker45]

Here in my country, a popular island was dubbed as the Bitcoin island. The project is to create a circular Bitcoin economy on the island. So far, hundreds of merchants are already onboarded. Bitcoin is already accepted a bit widely across the tourist island. I've been there. I saw stores and shops displaying Bitcoin accepted here stickers. But when I talked to a tattoo shop artist, he said that only a handful have paid in Bitcoin so far.

The point is that in such a setup, Bitcoin cannot compete against fiat. On the ground, when dealing face to face with a merchant, cash is king.

[BALIK]

Here in my country, a popular island was dubbed as the Bitcoin island. The project is to create a circular Bitcoin economy on the island. So far, hundreds of merchants are already onboarded. Bitcoin is already accepted a bit widely across the tourist island. I've been there. I saw stores and shops displaying Bitcoin accepted here stickers. But when I talked to a tattoo shop artist, he said that only a handful have paid in Bitcoin so far.

The point is that in such a setup, Bitcoin cannot compete against fiat. On the ground, when dealing face to face with a merchant, cash is king.

It's the same thing I always doubted about El Salvador, even though they have accepted bitcoin as legal currency, but is bitcoin used as a popular payment method there, or do people still prefer fiat currency? Many people will not accept the truth but if we evaluate it fairly, bitcoin cannot compete with fiat money in terms of being people's preferred payment method.

Let's ask ourselves a question, if we buy bitcoin for $73k and now bitcoin is trading at $69k, would we be generous enough to use bitcoin as a payment method and accept losses and spend more money?

[armanda90]

Your dreaming is right how to make bitcoin become more popular in your country by using as legal tender payment transaction, but your government regulation about bitcoin still not acceptable yet and you have other way how to make bitcoin more popular in the future by advertising of bitcoin advantage and bitcoin become passive income as investment with short term or long term way. Personally I doubt with your ideas right now how to promote bitcoin will be legal payment transaction in your country and indirectly you want to make bitcoin become investment assets for your citizen because current bitcoin too high right now.
For less experienced people with loss in their business very risk talk them about bitcoin raise higher price currently, better waiting with correction moment and promote bitcoin for your citizen easily to earn much profit when bitcoin on lower price than take risk promoting when bitcoin still too high price.

[davis196]

I am a bitcoin enthusiast and I wish to spend some of my bitcoins instead of fiat. Unfortunately, I am unable to do so because of its slow pace of acceptance in my country. I really want to promote the bitcoin circular economy but I can't. I dream of  day in my country where I can earn in bitcoin and spend in bitcoin. I dream of the day where, even though I need to keep my bitcoin secure in a cold storage, I can still have say $100 worth of BTC in a hot wallet that I spend to buy goods and services from people who accept bitcoin. The idea will be to spend from this hot wallet for purchases while promptly replacing it. That is, after spending the $100, I simply buy another $100 worth of Bitcoin to refill the hot wallet. I remain optimistic that my dream will eventually come true in my country. In the meantime, I would be happy to hear the experiences of bitcoiners who are already living my dream bitcoin circular economy in their country. What is it like for you?

Imagine all merchants in your country start accepting BTC payments and no fiat. The BTC blockchain gets stuck with multiple transactions, the transaction fees increase and the confirmation time becomes annoying. Will the merchants keep accepting BTC payments or will they return to fiat payments? Also imagine the BTC price volatility when Bitcoin gets accepted as the one and only currency in your country.
Spending some BTC for groceries, but the BTC price does up 20% tomorrow. Will the buyers be happy with this? I don't think so.
Dreams are for free, but good luck with making your dream come true.

[Davidvictorson]

Imagine all merchants in your country start accepting BTC payments and no fiat. The BTC blockchain gets stuck with multiple transactions, the transaction fees increase and the confirmation time becomes annoying. Will the merchants keep accepting BTC payments or will they return to fiat payments?

Hey Davis, despite my big dreams for a Bitcoin circular economy, I imagine that all the merchants in my country will keep accepting fiat and also have the option to accept Bitcoin. Not Bitcoin only. In addition, while they have the Bitcoin option, I also imagine that your concern of  the Blockchain getting stuck because of multiple transactions will not be experienced as payment will be done using the lightning network on apps such as the bitfinex. Transaction fees and confirmation time will not be a problem.

[Spaceman1000$]

I am a bitcoin enthusiast and I wish to spend some of my bitcoins instead of fiat. Unfortunately, I am unable to do so because of its slow pace of acceptance in my country. I really want to promote the bitcoin circular economy but I can't. I dream of  day in my country where I can earn in bitcoin and spend in bitcoin. I dream of the day where, even though I need to keep my bitcoin secure in a cold storage, I can still have say $100 worth of BTC in a hot wallet that I spend to buy goods and services from people who accept bitcoin. The idea will be to spend from this hot wallet for purchases while promptly replacing it. That is, after spending the $100, I simply buy another $100 worth of Bitcoin to refill the hot wallet. I remain optimistic that my dream will eventually come true in my country. In the meantime, I would be happy to hear the experiences of bitcoiners who are already living my dream bitcoin circular economy in their country. What is it like for you?

I can relate to your dreams and aspirations OP, I believe it's just with time of all this will fall in place, there are few businesses I know in Nigeria as well that do receive payment through bitcoin. Remember even most of the bitcoin activities we do today, we weren't prevy to them before. So The good thing is, bitcoin is legal in our country, so the growth and expansion will definitely come, today we use P2P to trade to get fiat in our local currency, it will certainly get a to point we will earn and spend in bitcoin.

However for we to get to these desired feet, there will be massive adoption of BTC and good knowledge of what it entails, so most business owners will know the intricacies in Bitcoin, which for me I know that it will take time for most of them to understand the concept called bitcoin, however a good number of the youthful population know a thing or two about bitcoin, and i believe they are the driving force that is needed to spread the knowledge.

[Dunamisx]

I am a bitcoin enthusiast and I wish to spend some of my bitcoins instead of fiat. Unfortunately, I am unable to do so because of its slow pace of acceptance in my country. I really want to promote the bitcoin circular economy but I can't. I dream of  day in my country where I can earn in bitcoin and spend in bitcoin. I dream of the day where, even though I need to keep my bitcoin secure in a cold storage, I can still have say $100 worth of BTC in a hot wallet that I spend to buy goods and services from people who accept bitcoin.

Why not give a little more time to see the positive change and impact of bitcoin in your country than you expected, the situation currently for now may not be encouraging, but you have to understand that change is the only constant thing in life, you will need more patience in due time to see that not only the people are interested about learning bitcoin and using it for their daily economy, the government also might change their take and approach to regard bitcoin than they do presently, it takes time to achieve some kind of success, at least, there's always an opportunity for that to come into a reality.

[ancafe]

I am a bitcoin enthusiast and I wish to spend some of my bitcoins instead of fiat. Unfortunately, I am unable to do so because of its slow pace of acceptance in my country. I really want to promote the bitcoin circular economy but I can't. I dream of  day in my country where I can earn in bitcoin and spend in bitcoin. I dream of the day where, even though I need to keep my bitcoin secure in a cold storage, I can still have say $100 worth of BTC in a hot wallet that I spend to buy goods and services from people who accept bitcoin.

That means your country only allows bitcoin as an investment asset and the same way my country treats bitcoin. For me, that is much more sufficient because we are still allowed to use bitcoin as an investment asset, while to spend bitcoin we can do it in online shops that accept bitcoin even though our country doesn't allow it. Everyone dreams of this, but what happens is enough for us to use and maybe it will help us to reach the stage of perfection in terms of achieving better finances.

The idea will be to spend from this hot wallet for purchases while promptly replacing it. That is, after spending the $100, I simply buy another $100 worth of Bitcoin to refill the hot wallet. I remain optimistic that my dream will eventually come true in my country. In the meantime, I would be happy to hear the experiences of bitcoiners who are already living my dream bitcoin circular economy in their country. What is it like for you?

Hopefully that will happen in the future although it is a bit much more difficult to implement as you wish. But nothing is impossible as long as it has a good impact on everyone, even though currently the government as the highest authority does not yet see this opportunity as a good reference. If the problem is filling in and taking out bitcoins to spend then there is a way we can do it and maybe we have done that up to now. I dream that bitcoin will never be completely banned in my country so that we can use bitcoin as an investment step because when the government starts to ban it, it will be much more difficult for us to get involved in this investment.

[Die_empty]

That day is not so far away. There are businesses and services that accept bitcoin as payment in Nigeria although the ratio is not as high as those that accept fiat as payment. The challenges of business accepting bitcoin as payment is the high fees for bitcoin transaction. I doubt many will want to use bitcoins to pay for groceries with the current fees. The lesser the fee, the longer the confirmation time. You would have to wait at the store for your transaction to get at least three confirmations on the blockchain.

The high transaction fees is not only the impediment to the mass adoption of Bitcoin. Most developing nations lack basic infastructure that will make Bitcoin use or transaction smooth. Poor internet connections and unstable power supply will make Bitcoin adoption slow in some of these countries. The Nigerian economy rely so much on physical fiat currency due to the high level of illiteracy. Many people have not even embraced online banking because they lack the basic skills of reading and understanding how it works. I doubt if many business owner will choose to use Bitcoin as a payment option sue to their poor level o education. However, Bitcoin adoption will be gradual and consistent since most young Nigerians  are embracing the currency in a large scale.

[Gladitorcomeback]

I'm far from being able to experience that because our government isn't very friendly with Bitcoin and digital currencies, you can't even use your bank account for transactions involving cryptocurrencies in my country because if they come to know about it, your account will be blocked and your funds will be held and they will ask you for proof and many other things to have it clear and that will only happen if you prove it to them that you aren't dealing in cryptocurrencies. It's ridiculous but it is what it is.

Maybe in the far future, we may see some changes when government officials are changed and new people with new mindsets come in power who might value technology and growth of this sector within the country and allow people to use cryptocurrencies and all other digital currencies without any problems.

Regulations are not a problem, but it should at least be allowed.

[Mpamaegbu]

When the incumbent government took over i was very optimistic about this and also thought it will be a thing of few months before people can openly use bitcoin or accept bitcoin as a means of payment but right now it seems those days are getting further far away due to the restrictions we are seeing on cryptocurrency.

This was contrary to what I expected from this government. If anything, the second part of your comment captures what my thought was of this administration. Already, their body language even before getting into office was obvious what their disposition would be towards anything that would give the masses financial emancipation. A government that believed the youth were unruly and daring because they demanded fair treatment and withdrawal of the menacing SARs in a demonstration to #endsars and some of them were brutally murdered at the Lekki tollgate in Lagos. Yes, it could've happened under the watch of the Buhari led-administration but those alleged to have been behind that command to shoot those innocent and armless demonstrators are chiefly in this present administration. They're key players now. So, what do you expect?

To be honest with you, I fear the worse for cryptocurrencies under this government. Maybe what we're experiencing now is just a tip of the iceberg.

[JoyMarsha]

I dream of  day in my country where I can earn in bitcoin and spend in bitcoin.

A day like that will come, it is just for us to be alive and see it happen when it does. What I do know is that nothing that has been unaccepted will remain unaccepted forever without being accepted someday. As for bitcoin, it will one day become a global means of payment for goods and services.

The government of your country and other countries may keep on being against the growth of bitcoin, but the time will come when they will fully accept it as El Salvador did. It is just a matter of time. By the way, bitcoin is still in its early stage which will make us say it is taking too long for one to earn and spend on bitcoin.

[TravelMug]

I am a bitcoin enthusiast and I wish to spend some of my bitcoins instead of fiat. Unfortunately, I am unable to do so because of its slow pace of acceptance in my country. I really want to promote the bitcoin circular economy but I can't. I dream of  day in my country where I can earn in bitcoin and spend in bitcoin. I dream of the day where, even though I need to keep my bitcoin secure in a cold storage, I can still have say $100 worth of BTC in a hot wallet that I spend to buy goods and services from people who accept bitcoin. The idea will be to spend from this hot wallet for purchases while promptly replacing it. That is, after spending the $100, I simply buy another $100 worth of Bitcoin to refill the hot wallet. I remain optimistic that my dream will eventually come true in my country. In the meantime, I would be happy to hear the experiences of bitcoiners who are already living my dream bitcoin circular economy in their country. What is it like for you?

In a sense, that's what everyone wanted though, to used Bitcoin as it was designed by Satoshi a P2P. But it has evolved to be some form of investment now and with it's volatility, very hard to see it as what we imagine. Although here in our country we have our local wallet that we can used bitcoin, it's not not a direct P2P as we will have to convert it first to local currency and used to pay our bills. So it might take some time, although we have El Salvador that might have been doing it in years as they make bitcoin a legal tender. But the majority is still in the gray area as far as the acceptance of bitcoin so this dreams of ours might take some time to become a reality.

[sunsilk]

I am a bitcoin enthusiast and I wish to spend some of my bitcoins instead of fiat. Unfortunately, I am unable to do so because of its slow pace of acceptance in my country. I really want to promote the bitcoin circular economy but I can't. I dream of  day in my country where I can earn in bitcoin and spend in bitcoin. I dream of the day where, even though I need to keep my bitcoin secure in a cold storage, I can still have say $100 worth of BTC in a hot wallet that I spend to buy goods and services from people who accept bitcoin. The idea will be to spend from this hot wallet for purchases while promptly replacing it. That is, after spending the $100, I simply buy another $100 worth of Bitcoin to refill the hot wallet. I remain optimistic that my dream will eventually come true in my country. In the meantime, I would be happy to hear the experiences of bitcoiners who are already living my dream bitcoin circular economy in their country. What is it like for you?

That time will come. While you're very optimistic with that idea that your country will be Bitcoin friendly soon and more shops are going to accept Bitcoin as a payment, only time will tell when that shall happen.

As for your likes of spending it instead of fiat. You can start purchasing online by paying Bitcoin for the goods that you like or want to have which the merchant accepts it.

But definitely, it will include you shipping fee if the merchant is from overseas. At least, that's a good start of what you're advocating about and soon you just have to manifest that it will happen there.

[Zaguru12]

To be honest with you, I fear the worse for cryptocurrencies under this government. Maybe what we're experiencing now is just a tip of the iceberg.

I hope they end up disappointing me and actually turning out to be the government that embraces cryptocurrency in this country if not I have already gotten same fears you have now long since they arrived. But they actually put up some encouraging signs or let me say words to make one think they could be friendlier.

My advice to o any crypto investors in the country as a this moment is if they have be taking their privacy for granted this is the time to go more anonymous

[Smack That Ace]

I dream of  day in my country where I can earn in bitcoin and spend in bitcoin.

A day like that will come, it is just for us to be alive and see it happen when it does. What I do know is that nothing that has been unaccepted will remain unaccepted forever without being accepted someday. As for bitcoin, it will one day become a global means of payment for goods and services.

The government of your country and other countries may keep on being against the growth of bitcoin, but the time will come when they will fully accept it as El Salvador did. It is just a matter of time. By the way, bitcoin is still in its early stage which will make us say it is taking too long for one to earn and spend on bitcoin.

We often call bitcoin digital gold, which means people also treat bitcoin like gold. And do you see gold being used for payments globally?

Personally, I'm the opposite of you, I don't think bitcoin can become a global means of payment in the future. Looking at what's going on, I see people talking about bitcoin as an investment, a commodity that can bring them profits. Not to mention, do you think governments will accept a currency that they will not be able to control and cannot tax? I like reality and don't want to live in illusion and this is my view of what bitcoin has been and will become. Bitcoin is an asset to invest in and in the future it will also be an investment, an asset.

[Jawhead999]

We often call bitcoin digital gold, which means people also treat bitcoin like gold. And do you see gold being used for payments globally?

Personally, I'm the opposite of you, I don't think bitcoin can become a global means of payment in the future. Looking at what's going on, I see people talking about bitcoin as an investment, a commodity that can bring them profits. Not to mention, do you think governments will accept a currency that they will not be able to control and cannot tax? I like reality and don't want to live in illusion and this is my view of what bitcoin has been and will become. Bitcoin is an asset to invest in and in the future it will also be an investment, an asset.

Why you need to use other people opinions to define something? what most people say about Bitcoin is scam or ponzi, will you think Bitcoin is like that?

Government already accept Bitcoin as legal tender, check El Salvador, that means they don't have to control Bitcoin in order to accept Bitcoin.

How you can think they can't tax Bitcoin? it doesn't have to be as a commodity i.e. capital gains in order to tax Bitcoin, everything you earn get taxed i.e. income tax.