Nigeria leading Africa in the adoption of bitcoin

[George Edward]

      Greetings to all my fellow Nigerians I brought this topic for all of us to add our perspective on why you think Nigeria is leading the adoption of bitcoin in Africa .

 in the year 2020, the term( Bitcoin) became more  popular in Nigeria after our Naira currency devalued, which made  many Nigerians to explore Bitcoin as a potentially  store of value and it iscertain that every since many Nigeria Bitcoiner has evolved over time in suggesting a cautious embrace of the technology.

With the Central Bank of Nigeria (CBN) stop financial institutions from dealing in crypto then not too soon a shift occurred in May 2023 when a 10% tax on cryptocurrency sales signalled recognition of the sector. That same month, a national blockchain policy was introduced and was aiming to foster a blockchain-powered economy.but it didn't end there, more progress came in January 2024 when the CBN released guidelines that allowed  banks to service crypto firms (though not directly hold or trade crypto themselves) even in the  earlier restrictions crypto transactions in Nigeria still  demonstrated a thriving peer-to-peer market.

 As years past there is no doubt that Nigeria will definitely continue to adopt bitcoin , (cryptocurrency) due to our economy, youths are all looking for was to be self employed because it is certain that to find a good job in our country is very hard .

The factor that is bringing adoption in Niger Nigeria .
 High Inflation and Currency Devaluation:
Our country currency for years now has experienced significant devaluation  that is making it less reliable for storing and transferring value,  This have made many of our Nigerian people to explore ,bitcoin  as a store of value and a means of preserving their wealth.

Youth Population and Tech Savvy:
It is certain that we  Nigerias has a large youth population with a high rate and asses to mobile phone and we also have an incredible  interest in technology, Which makes it easier for more adopt in new technologies, including cryptocurrencies (bitcoin).


Peer-to-Peer (P2P) Trading:
P2P have become popular in Nigeria over the years  for cryptocurrency trading, and also for smaller transactions.
 it is certain that the economic climate in our country  Nigeria and also with all the challenges we are going through has definitely  encouraged many nigerians to seek financial alternatives, boosting the appeal of bitcoin and other cryptocurrency .

There is no doubt that with time many more and more Nigerians will start having interest in investing in bitcoin and other cryptocurrency leading to more adoption of bitcoin .  because right now many of our nigeria bitcoin investor are definitely viewing bitcoin as the future of money in our country  .
so I will like to hear your comment on this topic

[Charles-Tim]

but it didn't end there, more progress came in January 2024 when the CBN released guidelines that allowed  banks to service crypto firms (though not directly hold or trade crypto themselves) even in the  earlier restrictions crypto transactions in Nigeria still  demonstrated a thriving peer-to-peer market.

CBN lifted the ban in December 2023 and instructed banks not to get involved in crypto directly.

[Omahabit]

     Greetings to all my fellow Nigerians I brought this topic for all of us to add our perspective on why you think Nigeria is leading the adoption of bitcoin in Africa .

 in the year 2020, the term( Bitcoin) became more  popular in Nigeria after our Naira currency devalued, which made  many Nigerians to explore Bitcoin as a potentially  store of value and it iscertain that every since many Nigeria Bitcoiner has evolved over time in suggesting a cautious embrace of the technology.

With the Central Bank of Nigeria (CBN) stop financial institutions from dealing in crypto then not too soon a shift occurred in May 2023 when a 10% tax on cryptocurrency sales signalled recognition of the sector. That same month, a national blockchain policy was introduced and was aiming to foster a blockchain-powered economy.but it didn't end there, more progress came in January 2024 when the CBN released guidelines that allowed  banks to service crypto firms (though not directly hold or trade crypto themselves) even in the  earlier restrictions crypto transactions in Nigeria still  demonstrated a thriving peer-to-peer market.

 As years past there is no doubt that Nigeria will definitely continue to adopt bitcoin , (cryptocurrency) due to our economy, youths are all looking for was to be self employed because it is certain that to find a good job in our country is very hard .

The factor that is bringing adoption in Niger Nigeria .
 High Inflation and Currency Devaluation:
Our country currency for years now has experienced significant devaluation  that is making it less reliable for storing and transferring value,  This have made many of our Nigerian people to explore ,bitcoin  as a store of value and a means of preserving their wealth.

Youth Population and Tech Savvy:
It is certain that we  Nigerias has a large youth population with a high rate and asses to mobile phone and we also have an incredible  interest in technology, Which makes it easier for more adopt in new technologies, including cryptocurrencies (bitcoin).


Peer-to-Peer (P2P) Trading:
P2P have become popular in Nigeria over the years  for cryptocurrency trading, and also for smaller transactions.
 it is certain that the economic climate in our country  Nigeria and also with all the challenges we are going through has definitely  encouraged many nigerians to seek financial alternatives, boosting the appeal of bitcoin and other cryptocurrency .

There is no doubt that with time many more and more Nigerians will start having interest in investing in bitcoin and other cryptocurrency leading to more adoption of bitcoin .  because right now many of our nigeria bitcoin investor are definitely viewing bitcoin as the future of money in our country  .
so I will like to hear your comment on this topic

For me, i think the only way this country would out-perform other African countries in relation to bitcoin and general cryptocurrencies adoption and use, would be to create a bitcoin/cryptocurrencies reserve. Then, its position as a powerful nation among other countries within Africa and beyond and a business/investment savvy nation will be stamped fully and of course there would be no need for comparison to other African countries as if the adoption of cryptocurrency is a contest.

[Jaycoinz]

There is no doubt that with time many more and more Nigerians will start having interest in investing in bitcoin and other cryptocurrency leading to more adoption of bitcoin .  because right now many of our nigeria bitcoin investor are definitely viewing bitcoin as the future of money in our country

Nigeria is can be categorized as a crypto hub and that's because of the vast majority of individuals that are into it and even when the CBN banned Bitcoin there was still lots of Nigerians actively using Bitcoin since the ban was placed on commercial banks not to interact with anything crypto concerned, and at that time a lot of users who traded direct to commercial banks got their account all blocked too but yet the movement was still strong.

[Evergreenpost]

You are very right, and globally, Nigeria is second after India.
The major reason behind it all is the economic challenges, higher technology advancement and zeal to seek alternative means to accumulate wealth.

[IjawMan]

The pace at which we Naija youths di use involve their body for crypto it is only necessary say with time do government no go get any options but to allow use of and adoption by financial institutions as we di see happen for the advanced nations. And doing this, go help make di government to raise m more money through tax if them feat join bodi with di exchanges way we Nigerians di use and make security of doing crypto related businesses safe for traders and investors for the country.

[BIT-BENDER]

You are very right, and globally, Nigeria is second after India.
The major reason behind it all is the economic challenges, higher technology advancement and zeal to seek alternative means to accumulate wealth.

Do you mean that Nigeria is second after India in global crypto-currency adoption? Well I will like to know which source gave you this information because it is not true. India isn't the first in global crypto-currency adoption and Nigeria is not the second.
It is best we try to ensure informations we give out here are concrete and correct.

[Evergreenpost]

You are very right, and globally, Nigeria is second after India.
The major reason behind it all is the economic challenges, higher technology advancement and zeal to seek alternative means to accumulate wealth.

Do you mean that Nigeria is second after India in global crypto-currency adoption? Well I will like to know which source gave you this information because it is not true. India isn't the first in global crypto-currency adoption and Nigeria is not the second.
It is best we try to ensure informations we give out here are concrete and correct.

Thank you for the message.
Ever since I realised that this forum is for people of intellect, I used to take time to do my research before writing anything here.
Here are the links below; I am not sure, but I believe it is authentic.

https://www.altcoinbuzz.io/cryptocurrency-news/chainalysis-report-india-and-nigeria-dominate-crypto-adoption/


https://news.bit2me.com/en/nigeria-en-2do-lugar-adopcion-global-de-criptomonedas


https://cointelegraph.com/news/nigeria-open-crypto-business-despite-rocky-past


https://www.google.com/search?q=why+is+Nigerialeading+in+btcoin+adoption&oq=why+is+Nigerialeading+in+btcoin+adoption&gs_lcrp=EgZjaHJvbWUyBggAEEUYOTIJCAEQIRgKGKABMgkIAhAhGAoYoAHSAQk0MDI5N2owajeoAhSwAgHxBevaZvNkujrD8QXr2mbzZLo6ww&client=ms-android-samsung-gj-rev1&sourceid=chrome-mobile&ie=UTF-8

[Josefjix]

Are you sure you wrote all these from your head OP, I think you should drop the source of your post to avoid any penalty that comes with it.
By the way, in Africa, Nigeria is the leading country participating in cryptocurrency and the whole ecosystem, if you watch closely, almost 70% of Nigerian are into crypto jobs, web3 jobs, technical jobs and many others, we are just smart enough to understand new technology quickly and plug in from wherever we are.

[Smartvirus]

      Greetings to all my fellow Nigerians I brought this topic for all of us to add our perspective on why you think Nigeria is leading the adoption of bitcoin in Africa .

 in the year 2020, the term( Bitcoin) became more  popular in Nigeria after our Naira currency devalued, which made  many Nigerians to explore Bitcoin as a potentially  store of value and it iscertain that every since many Nigeria Bitcoiner has evolved over time in suggesting a cautious embrace of the technology.

It wasn’t really the devaluation of Naira that saw many Nigerians looking out for alternatives. If that was the case, dollar would have served just fine since inflation on it is only slightly and it’s always a stronger when valued against Naira.

2020 was the year when the pandemic rocked every part of our world where people had assets and couldn’t access them, there were limits to what you can buy and even going to cash in your money was impossible let alone, having to work and earn for daily survival.

This saw people searching for alternatives for investment and finance and that’s how Bitcoin became really popular. It also happened to have been a year for the halving and so, there were a lot of credible activities in just that one year.

[Gooner0]

      Greetings to all my fellow Nigerians I brought this topic for all of us to add our perspective on why you think Nigeria is leading the adoption of bitcoin in Africa .

 in the year 2020, the term( Bitcoin) became more  popular in Nigeria after our Naira currency devalued, which made  many Nigerians to explore Bitcoin as a potentially  store of value and it iscertain that every since many Nigeria Bitcoiner has evolved over time in suggesting a cautious embrace of the technology.

It wasn’t really the devaluation of Naira that saw many Nigerians looking out for alternatives. If that was the case, dollar would have served just fine since inflation on it is only slightly and it’s always a stronger when valued against Naira.

2020 was the year when the pandemic rocked every part of our world where people had assets and couldn’t access them, there were limits to what you can buy and even going to cash in your money was impossible let alone, having to work and earn for daily survival.

This saw people searching for alternatives for investment and finance and that’s how Bitcoin became really popular. It also happened to have been a year for the halving and so, there were a lot of credible activities in just that one year.

true!, Bitcoin had been popular long before 2020, I think Bitcoin became popular after it's first upsurge that shook the world.
So it's definitely wrong for the op to say Bitcoin became popular in Nigeria in 2020.

[Marvelockg]

There is no doubt that with time many more and more Nigerians will start having interest in investing in bitcoin and other cryptocurrency leading to more adoption of bitcoin .  because right now many of our nigeria bitcoin investor are definitely viewing bitcoin as the future of money in our country

Nigeria is can be categorized as a crypto hub and that's because of the vast majority of individuals that are into it and even when the CBN banned Bitcoin there was still lots of Nigerians actively using Bitcoin since the ban was placed on commercial banks not to interact with anything crypto concerned, and at that time a lot of users who traded direct to commercial banks got their account all blocked too but yet the movement was still strong.

A lot of people still miss it when the issue of the government of Nigeria placing a ban on bitcoin and take it as though that it is a complete ban of bitcoin in Nigeria. it is part of the advantage that bitcoin being decentralized has because even with the hindering of banks from accepting bitcoin as a payment option, it didn't stop the sage of bitcoin off the centralized banking system. the population of Nigerians most especially the ones that are into tech are much and the forum even gives a clear indication of how many we are in the crypto space. it gives a clear indication that in the road to African adoption of bitcoin, we are the ones that takes the lead on how everything happens.

even when it comes to taking risk, Nigeria is the first country you should mention in the whole of African as one that are capable of taking the highest risk and since bitcoin is an in vestment that is considered relatively risky, if we do not take the lead, most other African nation might not have what it takes to tag along or even stand up tall