Bitcoin fixes this

[Alphakilo]

"Bitcoin fixes this" is a common phrase that is thrown around all over when people are talking about inflation, income inequality, business etc.

However, in Nigeria with our plethora of problems which we already know and I do not want to go into it. Can we brainstorm what and what can bitcoin really fix in Nigeria?

Some of our problems as a country
- Inflation
- Currency Devaluation
- Unemployment
- Poverty
- Dependence on Oil
- Poor Infrastructure
- Corruption
- Debt Burden
- Insecurity
- Foreign Exchange Shortages
- Agricultural Challenges
- Limited Access to Finance
- High Cost of Doing Business
- Brain Drain
- Environmental Degradation


*Nor be get the image

[Churchillvv]

>edited out<

OP, can you please with illustration expand my knowledge on how bitcoin can fix the list above expect for inflation which is a know problem that also in somehow seen as root of Currency devaluation, Please in curious to hear?

[EL MOHA]

OP, can you please with illustration expand my knowledge on how bitcoin can fix the list above expect for inflation which is a know problem that also in somehow seen as root of Currency devaluation, Please in curious to hear?

He is actually asking how bitcoin can fix the above problems, not saying it actually fixes them.

Some of our problems as a country
- Inflation
- Currency Devaluation
- Unemployment
- Poverty
- Dependence on Oil
- Poor Infrastructure
- Corruption
- Debt Burden
- Insecurity
- Foreign Exchange Shortages
- Agricultural Challenges
- Limited Access to Finance
- High Cost of Doing Business
- Brain Drain
- Environmental Degradation

I will say to you that bitcoin doesn’t directly solve any of the above problems directly, rather you can have it as an alternative.

The inflation: the inflation in Nigeria is caused by the devaluation of the Naira currency, even if bitcoin is an hedge against inflation it doesn’t mean it will safe your own currency rather only a economic method Like exportation of products can bring value to the country.

Unemployment: bitcoin doesn’t create jobs even if it opens another stream of income In the tech space it is very minimal, moreover you need a job to earn money either in fiat or bitcoin.

Povert: bitcoin can never same a country from poverty only government poverty alleviation policies like making the environment better for business for its people or creating jobs can fix poverty problems.

The Rest are just bunch of things I think shouldn’t even be mentioned. Bitcoin is an alternative currency to fiat  or rather na asset like gold and doesn’t do any of above

[Moreno233]

The recent activities of government towards Bitcoin is major setback to people and business who were doing business related to Bitcoin and cryptocurrency. This lead to shutting down of several businesses and shutting out many Nigerians from different exchanges and crypto platforms. Therefore it will be difficult to measure what Bitcoin fixes in Nigeria unless we address it on individual basis and in that case we can say financial security, unemployment, limited access to finance, currency devaluation and few others. Like I said before, Bitcoin is only able to impact those who embrace it against the frustrations posed by the government.

[Charles-Tim]

Bitcoin and the government are not the same thing. The government's work is to make a country good as they are leading. It is not bitcoin that is leading us in Nigeria.

Where I know bitcoin may help is in hedging against inflation in long term. Indirectly and slightly help in employment. But in currency devaluation, poverty, dependence on oil, poor infrastructure, corruption and others that you mentioned, bitcoin can not help. We need good leaders.

[Obari]

Above all you’ve mentioned so far, I would say, bitcoin offers freedom both financial freedom(if well done) and societal freedom.
In recent time, I’ve been reading  so much about people wanting so much from bitcoin even wanting to see bitcoin solve non technological problems and that’s already a too much expectation for bitcoin who is already doing so well solving technological issues and as a country, we should be concerned on how bitcoin and other cryptocurrencies will be able to function in their full capabilities without having the government interfere in it.

[CryptopreneurBrainboss]

Unemployment: bitcoin doesn’t create jobs even if it opens another stream of income In the tech space it is very minimal, moreover you need a job to earn money either in fiat or bitcoin.

Nigerians dey take Bitcoin as a job because say work no dey, if to say work dey then we for dey take Bitcoin as a currency and assets wey e be and we fit they fit invest to hodl for a longer period than we dey do now. Bitcoin related service dey create job because there are many things you can do that was made possible because of the success of Bitcoin. But irrespective of all this. Make we know say Bitcoin no be wetin go help Nigeria eradicate poverty or unemployment because our problems pass all this things.

Poverty: bitcoin can never save a country from poverty only government poverty alleviation policies like making the environment better for business for its people or creating jobs can fix poverty problems.

Bitcoin can only improve the standard of living for those that believe in it to buy and hodl. Government too fit invest in Bitcoin to get profits wey dem fit dey use to fund the affairs of the country but e go dey somehow shall because there are other things that can be invested into and we get the same outcome without having to subject the money of the country to a volatile market. What if Bitcoin crash and we need funds to fund projects immediately ehh.

[Zigabel]

Dear OP, no be everything wey  you write dia wey bitcoin fit fix oh, but i believe say e get most of the things wey be say bitcoin fit contribute well well to change them but no be like say na bitcoin na go come fix dem, like d corruption mata, bitcoin no go fit just fix am like dat but e fit help when dem wan fix am. imagine say u carry bitcoin give pipo because u wan stop whuru whuru, e no fit work completly na, dem go even use am dey run d matas but if e be say you get a way wey be say you wan use control dem fes, na from dia wey be say you go com bring in d bitcoin mata. other wey you talk wey b say i no fit talk about now, but no be evertin wey yoyu talk wey dem fit use bitcoin solve except you get patter wey be say you want make dem for fit use run am den u fit explain am small make we    for understand am beta unto how dem fit use am solve d wahala wey we get for we country especially all d ones wey be say you don talk about.

[Lida93]

Some of our problems as a country
- Inflation
- Currency Devaluation
- Unemployment
- Poverty
- Dependence on Oil
- Poor Infrastructure
- Corruption
- Debt Burden
- Insecurity
- Foreign Exchange Shortages
- Agricultural Challenges
- Limited Access to Finance
- High Cost of Doing Business
- Brain Drain
- Environmental Degradation

Make we just dey frank with our sef, the Naija matter the load e big pass bitcoin to carry for shoulder not to talk of say to fix am sef.

For inflation and devaluation of currency: Naija na country wey it suppose hard for this two economic problem to the hit us on regular basis because we get aerial land for agriculture to thrive, we get rivers/seas wey surround us wey we no supposed the lack seas foods like landlocked countries, our population sef na another economic strength in terms of workforce.

How wish say we government dey straightforward and with transparent working policies to invest massively in wetin I made mentioned for up, I tell you say poverty level go fall, unemployment go reduce drastically because investors go come into the country to invest.

Dependence on oil & agricultural challenge: Na the phenomenon of oil for Nigeria na the kill agricultural development for the country. Almost every graduate wan work for oil company but them the fail to know say agriculture get money just like oil. And our government on their part fail to diversify the economy focusing only on oil extraction while agriculture keep dieing.

 Where are the groundnut pyramids we use to have in the North, the coco farms in the West or the palm oil and fish farms in the south-East before the discovery of oil? Is a begging question that is not bitcoin role to fix but a leadership roleplay. Bitcoin na just alternative to use the run transaction just like any other currency na make exchange platforms dey for am. So make we no misconceptualize the role of bitcoin.

[Barikui1]

My brother, I understand say you be die hard fan of Bitcoin no doubt, but base on wetin you list down here, so many, if not all of them wey Bitcoin no go fit fix or address, no forget say Bitcoin na just currency, no mistake Bitcoin as our government, because na Dem get the legitimate power to fit all the things wey you don list out here.

Secondly, talking about insecurity, I want to ask you bro, na how Bitcoin fit address the security issues going on in the country?
I no know if na my eye dy pain me or I no dy see well again, but most of the things you write down here, Bitcoin no go fit in any way fix them.

- Inflation
- Currency Devaluation
- Unemployment
- Poverty
- Dependence on Oil
- Poor Infrastructure
- Corruption
- Debt Burden
- Insecurity
- Foreign Exchange Shortages
- Agricultural Challenges
- Limited Access to Finance
- High Cost of Doing Business
- Brain Drain
- Environmental Degradation

Na only inflation we fit use Bitcoin fight since Bitcoin na that asset wey dy appreciate in value overtime, so my brother, try reason wetin you wan talk before you dy talk, because Bitcoin no resemble our government, na just good governance we need, once that is settled we no go even dy get this kind conversation in the first place.

[Hewlet]

Unemployment: bitcoin doesn’t create jobs even if it opens another stream of income In the tech space it is very minimal, moreover you need a job to earn money either in fiat or bitcoin.

Nigerians dey take Bitcoin as a job because say work no dey, if to say work dey then we for dey take Bitcoin as a currency and assets wey e be and we fit they fit invest to hodl for a longer period than we dey do now. Bitcoin related service dey create job because there are many things you can do that was made possible because of the success of Bitcoin. But irrespective of all this. Make we know say Bitcoin no be wetin go help Nigeria eradicate poverty or unemployment because our problems pass all this things.

the economic situation of the country don change people mentality sotey anything and everything don turn to stream of income for us. E no even de reasonable to think say Bitcoin fit do most of the things when OP list out Thier.  We de easily forget say before Bitcoin even came into being, fiat been already de available and na through fiat when banks and so many centralized financial institutions came into being because of the existence. Because of banks, we don see say new jobs don come into being like the service of an accountant, a cashier, security working in banks, marketers and a lot of other jobs that's associated with the banking sector that's purely in existence because of Fiat. even with all those jobs, e no still take out the responsibility of the government in providing most of the things OP mentioned. Even now when Bitcoin don come into being as an aid to the centralized institutions and has solved most of the limitations that's associated with them and have likewise opened opportunity for jobs in web 3, created opportunity for traders, investors and even miners, it doesn't still take up the responsibility that the government have in providing jobs, reducing unemployment and setting out policies that will help reduce inflation.

If like say our government de take thier jobs seriously, with the way the digital sector don de engage some youths like this if we come get physical jobs when the government create when go de engage other youths when no de knowledgeable enough to do well for this sector, the rate of unemployment for don reduce greatly.

[Bravut]

Bitcoin can't fix any of the problems listed out.

We shouldn't forget that the main function of Bitcoin is to be used as alternative means for payments. Yeah we hold Bitcoin to sell when we make returns, which doesn't give any criteria or importance that Bitcoin could solve financial crisis in a country. The Government and Financial institution are liable and responsible, of which on them can fix these issues not Bitcoin .

Bitcoin is a volatile asset which her structure doesn't guarantee any return or lose, invariably we invest in Probabilities... Bitcoin can't provide jobs, help in insecurity, Bitcoin can only be used as alternative means for diversification of resources for those that have funds readily available.

Yeah Bitcoin has potential, Fine..... Bitcoin is an Asset, alternative means for payments, which means we can only Invest in it or use it to pay for Goods and services.
Not putting it to comparison, when we have Government and Financial institution.

       

[Richbased]

Na only inflation we fit use Bitcoin fight since Bitcoin na that asset wey dy appreciate in value overtime, so my brother, try reason wetin you wan talk before you dy talk, because Bitcoin no resemble our government, na just good governance we need, once that is settled we no go even dy get this kind conversation in the first place.

I totally agree with you because make we know take say Bitcoin get good future come dey carry every problem put say na Bitcoin go solve am na very big lie o and the inflation part naim be the most important part because if Bitcoin go reduce inflation e go help every other thing to dey settle small small because na inflation be the major problem the world dey face now so if our system of governance dey very transparent I believe say all this other things wey OP mention go dey settled so make we just face reality and stop giving the impression that Bitcoin will solve everything for us because even if Bitcoin is to be adopted now some challenges go still appear wey go come be like say Bitcoin no dey enough again.

[Odusko]

I have tried to ramp my head around all of this point and to be sincere with you, there is no way that bitcoin can fixesd any of the mentioned problems and from the look of things, you ops have over exaxerated thing right now, because even government or the central Bank of Nigeria have not been able to fixed all of this thing's that you mentioned, how muchore bitcoin that is an assets that has alot to do with individual rather that government, how can bitcoin interfere with the economic crises of the country and to the point of solving inflation and raising unemployment that you all mentioni.

Bitcoin is not around to serve as a replacement of the traditional system in any ways and means, but just to provide alternative to the already existing background foundations, so we shouldn't push thing too fast to the point that we miss out on the most important things that we need to know and take care of at some point in time.

[Kelward]

Above all you’ve mentioned so far, I would say, bitcoin offers freedom both financial freedom(if well done) and societal freedom.
In recent time, I’ve been so ranking so much about people wanting so much from bitcoin even wanting to see bitcoin solve non technological problems and that’s already a too much expectation for bitcoin who is already doing so well solving technological issues and as a country, we should be concerned on how bitcoin and other cryptocurrencies will be able to function in their full capabilities without having the government interfere in it.

I de reason with you say people de put too much expectations on Bitcoin like say na im be di savior of di masses, wey go take care of many things wey no de right inside a country economy. Bitcoin na store of value for people and institutions wey hodl am, I doubt say Bitcoin de benefitial to anybody wey no hodl am, except if a country hold am as a national asset and di politicians no de corrupt. Bitcoin as a hedge against inflation na still on individual basis, people wey no hold am no go fit to enjoy di privacy and freedom of di decentralized digital cash. As for poverty and security matters for inside any country na di responsibilities of di government, Bitcoin as an alternative currency no get any influences over those matters.

[Bitco55]

I think Bitcoin can, whether directly or indirectly help solve, if not all, then most of these problems.

Bitcoin, is an alternative money and serves as an asset for investments.

Inflation: this might as well be the number 1 problem Bitcoin can actually solve. Savings and investments even in the bank would reduce the amount of money in circulation, which causes inflation. Investing in Bitcoin would also do the same.

Currency devaluation: this is an effect of inflation, so if there's no inflation, the currency's value would not decrease.

Unemployment: this is very literal, as many of our youth sef don't have jobs but still survive on crypto trading, investments and forex too.

Dependence on oil: be it by the government or by the private individuals, money invested over time can be liquidated in order to start businesses. The fact that our country only depends on oil means that were not just far behind in agriculture but in manufacturing too. We import and import to the extent that we can't produce any thing. If we don't want to depend on oil, we should be ready to place our dependence on something else, and that something else isn't just Agriculture, but production and manufacturing too.

Poor infrastructure: Bitcoin doesn't directly solve this problem, but when there are more companies, there would be need for development. This development happens through infrastructure.

Bitcoin doesn't directly solve most of this problems, but money gotten from it can.

[Obari]

Above all you’ve mentioned so far, I would say, bitcoin offers freedom both financial freedom(if well done) and societal freedom.
In recent time, I’ve been so ranking so much about people wanting so much from bitcoin even wanting to see bitcoin solve non technological problems and that’s already a too much expectation for bitcoin who is already doing so well solving technological issues and as a country, we should be concerned on how bitcoin and other cryptocurrencies will be able to function in their full capabilities without having the government interfere in it.

I de reason with you say people de put too much expectations on Bitcoin like say na im be di savior of di masses, wey go take care of many things wey no de right inside a country economy. Bitcoin na store of value for people and institutions wey hodl am, I doubt say Bitcoin de benefitial to anybody wey no hodl am, except if a country hold am as a national asset and di politicians no de corrupt. Bitcoin as a hedge against inflation na still on individual basis, people wey no hold am no go fit to enjoy di privacy and freedom of di decentralized digital cash. As for poverty and security matters for inside any country na di responsibilities of di government, Bitcoin as an alternative currency no get any influences over those matters.

Exactly chief because anybody wey no hold bitcoin no go benefit anything directly from all this plenty stories we Dey talk about for bitcoin and as such, make we no Dey expect bitcoin even heal the sick and raise the dead because with the way slot of people Dey talk, especially the newbies wey wan maybe talk to another newbie about bitcoin go come make an seem like say, bitcoin fit heal the sick directly and raise the  dead 😵

Bitcoin is not around to serve as a replacement of the traditional system in any ways and means, but just to provide alternative to the already existing background foundations, so we shouldn't push thing too fast to the point that we miss out on the most important things that we need to know and take care of at some point in time.

At some point, I think the over hype of bitcoin and other cryptocurrencies where one of the reasons the government got scared and that the financial system was about to get rigged and hijacked by cryptocurrency and in conclusion, we should reduce the over hype and let bitcoin thrive so we wouldn’t have to miss out from the essential benefits it moves with.

[CryptoHeadlineNews]

Among the list you mentioned above, I can vividly and convincingly day that Bitcoin as a decentralized digital currency could safe an individual who invest in Bitcoin from "Inflation & Currency devaluation" due to the fact that when a country start suffering from Inflation, which could lead to devaluation of currency, those who had their money invested in Bitcoin will be safe, as Bitcoin is a global currency not affected by a country's poor policy. While secondly, Bitcoin can also solve the problem of "unemployment" that is, if people start to venture into trading, buying and selling using p2p, where they will be able to generate reasonable profit, enough to cater for basic needs. And thirdly,  "Poor Infrastructure, Corruption, and Insecurity" are what can only be solve by the government of a nation, and not what can be solved by a mere digital currency.

[Nwada001]

Among the list you mentioned above, I can vividly and convincingly day that Bitcoin as a decentralized digital currency could safe an individual who invest in Bitcoin from "Inflation & Currency devaluation" due to the fact that when a country start suffering from Inflation, which could lead to devaluation of currency, those who had their money invested in Bitcoin will be safe, as Bitcoin is a global currency not affected by a country's poor policy. While secondly, Bitcoin can also solve the problem of "unemployment" that is, if people start to venture into trading, buying and selling using p2p, where they will be able to generate reasonable profit, enough to cater for basic needs. And thirdly,  "Poor Infrastructure, Corruption, and Insecurity" are what can only be solve by the government of a nation, and not what can be solved by a mere digital currency.

No doubt eh fit help save you from devaluation of our currency but another thing way we suppose take into account be say when you need the person need the money to spend am since nah just bcuz of devaluation eh convert am go bitcoin for price fit they against am, we also need to put that part into account.

Another thing too for the trading part were profit and serious traffic they for Nigeria P2P they nah for the USDT side due to the difference for market price most people they prefer convert to USDT before them sell for P2P to they sure of the rate way dem wan use sell it buy.

[Asiska02]

Unemployment: bitcoin doesn’t create jobs even if it opens another stream of income In the tech space it is very minimal, moreover you need a job to earn money either in fiat or bitcoin.

Nigerians dey take Bitcoin as a job because say work no dey, if to say work dey then we for dey take Bitcoin as a currency and assets wey e be and we fit they fit invest to hodl for a longer period than we dey do now. Bitcoin related service dey create job because there are many things you can do that was made possible because of the success of Bitcoin. But irrespective of all this. Make we know say Bitcoin no be wetin go help Nigeria eradicate poverty or unemployment because our problems pass all this things.

Problems wey the youths get and the many things wey dey do them to achieve no go even give them the opportunity to wan invest in bitcoin now. Anyone wey get the opportunity to earn in bitcoin or even get means to fit wan invest for bitcoin, them no go fit run am until most or their needs are satisfied. Anyone wey you come see say get invest in the thing, dem dey quickly leave the market because of the volatility nature of the market and fear of them losing all of their money again. E no easy sha, bitcoin fit help but e no fit eradicate poverty but fir reduce am.

Poverty: bitcoin can never save a country from poverty only government poverty alleviation policies like making the environment better for business for its people or creating jobs can fix poverty problems.

Bitcoin can only improve the standard of living for those that believe in it to buy and hodl. Government too fit invest in Bitcoin to get profits wey dem fit dey use to fund the affairs of the country but e go dey somehow shall because there are other things that can be invested into and we get the same outcome without having to subject the money of the country to a volatile market. What if Bitcoin crash and we need funds to fund projects immediately ehh.

With the way the affairs of the country be, bitcoin no be even something wey our government go even think to invest in. The problems for naija no be something wey bitcoin go fit solve because even if our government wan invest in something, e go be something wey returns fit they come within the space of a year or less. If we wan follow bitcoin cycle, e mean say if dis government invest in bitcoin, na the next one wey go take over go enjoy the benefits if him no go get do second time or him tenure don finish all.