Bitcoin's Relevance In Nigeria Economy

[Sammye3]

In 2022, Bitcoin's price plummeted with stock price volatility and they were discussions against the success of Bitcoin. But with popular research and discoveries, here are some few improvements with the innovation of Bitcoin's resurgence .

1. Bitcoin has being widely used as payment method for business operations and other services and supports international transactions as there is a common currency conversion involved.

2. Cryptocurrency also has the intrinsic value of generating Gross Domestic Product (GDP) as it provides job opportunities online and also a means of investment for both long term and short term.

3. Bitcoin has the function of money with the ability to both depreciate and appreciate in value with relevance to certain external factors.

4. Bitcoin block chain is very secure providing cryptographic public key used for authentication and also supports large transactions creating easy accessibility.

[Callido]

In 2022, Bitcoin's price plummeted with stock price volatility and they were discussions against the success of Bitcoin. But with popular research and discoveries, here are some few improvements with the innovation of Bitcoin's resurgence .

Next time be specific through out, cryptocurrency includes altcoins that are shitcoin, they lack value and useless to hold them because they have no utility in the long run.

Bitcoin has its value as an appreciating asset, store of value and can be used as a payment option. Bitcoin has utility, clearly it would remain for decades, a well secured blockchain that protects users funds. The most interesting thing about Bitcoin is that it can be used without a third interference like the banks, that has to monitor all your transactions and keep records with them, Bitcoin keeps your privacy with funds.

[SatoPrincess]

OP you have made some interesting comments but you have not really explained how these points listed have affected Nigeria’s economy. There is no correlation between Nigeria economy and your post.

[BIT-BENDER]

OP you have made some interesting comments but you have not really explained how these points listed have affected Nigeria’s economy. There is no correlation between Nigeria economy and your post.

Obviously the OP made good notes about Crypto-currency generally but all of the point are mainly enjoyed by individuals, infact Crypto-currency is meant to give to individuals financial freedom.
The Nigerian economy has nothing to do with the post rather I think the post is a call for Nigerians who aren't yet in Crypto-currency to see the opportunities and possibilities they are missing out on.

[Ndabagi01]

1. Bitcoin has being widely used as payment method for business operations and other services and supports international transactions as there is a common currency conversion involved.

Bitcoin for cross border payment cannot be reiterated that much because of the so many benefits we have all had from it even in this forum space while making payment for a service or being paid for a service rendered. Its ability to have so many conversion currencies makes it a suitable option to use for cross border transactions in and out always.

3. Bitcoin has the function of money with the ability to both depreciate and appreciate in value with relevance to certain external factors.

I will treat Bitcoin as an asset here that its value is been measured by money and not the Bitcoin been seen as an alternative to money. The ups and down in value of Bitcoin is being caused by the money value we attach to it in the first place. So it is an asset and all asset will definitely be affected by external factors especially those that have the most used currency in the world market being attached to it.

[Mehmet69]

In 2022, Bitcoin's price plummeted with stock price volatility and they were discussions against the success of Bitcoin. But with popular research and discoveries, here are some few improvements with the innovation of Bitcoin's resurgence .

The use of Bitcoin is increasing day by day. Bitcoin has been in the market since 2009. But it was not popular then because people did not know about Bitcoin. The ups and downs of the market are not a big deal based on the stock market in 2022.

In the beginning of Bitcoin, the common man did not have enough information to understand its technology. Some people invested knowingly or unknowingly and later sold it when the price fell. Since then, many people consider Bitcoin to be a scam. Since the touch of modernity, people have started to know about everything. People knew about Bitcoin for some time. But, they did not know what the nature of Bitcoin is?

If we do not know about something, then how can we say whether it is good or bad? The same thing happened in the case of Bitcoin. People knew about the stock market in advance. When that market crashed, many common people including investors also became aware of the matter. After that, people's misconceptions were broken. Now over time, Bitcoin will become more usable. Because now not only ordinary investors but also various companies and countries have started using Bitcoin as their next reserve.

[Jaksonhard]

The use of Bitcoin is increasing day by day. Bitcoin has been in the market since 2009. But it was not popular then because people did not know about Bitcoin. The ups and downs of the market are not a big deal based on the stock market in 2022.

"I agree with you mate,

Yes, Bitcoin users have increased more than before. In 2009, not many people were familiar with Bitcoin, and people did not have much confidence in holding Bitcoin. However, since 2018, there has been an increase of three days in the number of Bitcoin users. Since it has been promoted on various social media, people are getting an idea about Bitcoin very easily. Currently, most countries have accepted Bitcoin as their popular future asset. So it has fallen a lot compared to before and I think it will spread more soon.

In the beginning of Bitcoin, the common man did not have enough information to understand its technology. Some people invested knowingly or unknowingly and later sold it when the price fell. Since then, many people consider Bitcoin to be a scam. Since the touch of modernity, people have started to know about everything. People knew about Bitcoin for some time. But, they did not know what the nature of Bitcoin is?

It is very unfortunate that earlier there was not much information known about Bitcoin, due to which they could not analyze it much, they always faced losses. There are many who sold it at a price much lower than that, thinking that Bitcoin is a fraud. However, in today's era, it has been made much easier to observe this Bitcoin on various social media, those who are completely new can easily get an idea from YT videos. So it has become much easier to test Bitcoin now than before, but he must have the highest knowledge, and he must have a correct understanding of the technical strategies or fundamental strategies that are there. However, he can test any currency and make a holding for a short time or a long time.