The Optimum Usefulness of Bitcoin in Nigeria

[Slimzeee]

When it comes to Bitcoin transactions in Nigeria, judging from the Bitcointalk forum and my personal discussions with some Bitcoin savvy individuals, I’ve always noticed that if it's not about holding, then it’s either trading or staking. Most of the P2P posts here including those warning us about scams seem to be related to trading, from what I can tell at the moment.
Given the nature of Nigerian society, many people might not be tech-savvy enough to become traders or get into staking, which narrows down the option to f simply want to hold.
I believe we can all agree that the ultimate goal has always been to make Bitcoin a legal tender.

Now, I don’t want to limit the usefulness of Bitcoin, so I’d like to ask; have you had more real-life problem-solving situations where you had to make transactions with Bitcoin? For instance, have you ever used it to purchase land, pay a bride price, or buy a new car?

This question aims to open more people’s eyes to the endless opportunities that can come from investing in Bitcoin and crypto at large.

[Ambatman]

pay a bride price

Lol I don't know if this part is meant as a joke.
Why u nor just tell the girl papa say u b yahoo boy.

Compare to some developed countries I think Nigeria is quite lenient and into cryptocurrency
There are youths that accepts especially those that deals with gadgets

And yeah I know of someone that bought their car via Bitcoin. Like I said there are a number of young dealers that accept Bitcoin.

[Odogwu-Blockchain]

Which girl papa sabi say him go accept bride price in Bitcoin, when elders sef need cash for hand with cola nut to make appeasement to the gods for giving out their daughter, even bank transfers are not even accepted in such case.

The youth can only accept Bitcoin transactions between themselves when making transactions maybe exchanging gadgets and Bitcoin and vice versa.

As for using Bitcoin to purchase something in Nigeria, I never see am, I know it's happening somewhere in Lagos or Abuja but I haven't come across it.

[casey15]

Now, I don’t want to limit the usefulness of Bitcoin, so I’d like to ask; have you had more real-life problem-solving situations where you had to make transactions with Bitcoin? For instance, have you ever used it to purchase land, pay a bride price, or buy a new car?

This question aims to open more people’s eyes to the endless opportunities that can come from investing in Bitcoin and crypto at large.

While I have not personally been in such situations, I know of a lot of dealership.. car dealership and even jewelry dealers in Nigeria that accept bitcoin in payment... Most of them accept only bitcoin and usdt as crypto means if payment..
Not a lot of people are really knowledgeable about bitcoin especially the older generations... Even the newer ones just think about trading whenever bitcoin is mentioned ..

For the pay of bride price, it will be difficult for it to be adopted because it is a cultural thing.. Nigeria is a place that values cultural ethics so bitcoin adaptation in that sector is highly unlikely.

[Slimzeee]

pay a bride price

Lol I don't know if this part is meant as a joke.
Why u nor just tell the girl papa say u b yahoo boy.

Lols, No be joke o bross, E actually dy possible na if the pops na man wy sabi. Just imagine say your own son inlaw say e wn give you like 3 BTC as bride price, shay you no go take am ni??

And yeah I know of someone that bought their car via Bitcoin. Like I said there are a number of young dealers that accept Bitcoin.

Its good to hear that, To open the minds of so many persons to that things like this can actually happen and not just trading or holding.

[Samlucky O]

When it comes to Bitcoin transactions in Nigeria, judging from the Bitcointalk forum and my personal discussions with some Bitcoin savvy individuals, I’ve always noticed that if it's not about holding, then it’s either trading or staking. Most of the P2P posts here including those warning us about scams seem to be related to trading, from what I can tell at the moment.

any warning about scam in regards to p2p is not related to trading but to be careful about buyers on p2p who dont mind sending you an incomplete payment in fiat. it warns us to be careful not to release asset without proper confirmation of the amount sent by the buyer, and not the other way round.

.
I believe we can all agree that the ultimate goal has always been to make Bitcoin a legal tender.

the ultimate goal of bitcoin  is not to be our legal tender but to be an alternative to fiat. fiat is our legal tender and bitcoin can only be used as alternative or can only work side by side and not function as or legal tender. after all bitcoin is only a digital asset with a monetary value. regardless of the important of bitcoin when it comes to cash/fiat you will still need to convert bitcoin to fiat for easy transaction especially where people dont accept bitcoin.

Now, I don’t want to limit the usefulness of Bitcoin, so I’d like to ask; have you had more real-life problem-solving situations where you had to make transactions with Bitcoin? For instance, have you ever used it to purchase land, pay a bride price, or buy a new car?

surely making real life bitcoin transaction to solve problem may be hard in most cases, but that is a result of bitcoin not fully accepted  in Nigeria for public transaction. but even as that there are cases you can make payment with bitcoin if the person in question accept bitcoin for transaction in his business. using bitcoin to buy car is possible but the aspect of using it to pay for bride price is not possible because the tradition of Nigeria forbids it. but if it permits it then bitcoin will surely be used for payment of bride price.

[Yablee0]

When it comes to Bitcoin transactions in Nigeria, judging from the Bitcointalk forum and my personal discussions with some Bitcoin savvy individuals, I’ve always noticed that if it's not about holding, then it’s either trading or staking. Most of the P2P posts here including those warning us about scams seem to be related to trading, from what I can tell at the moment.
Given the nature of Nigerian society, many people might not be tech-savvy enough to become traders or get into staking, which narrows down the option to f simply want to hold.
I believe we can all agree that the ultimate goal has always been to make Bitcoin a legal tender.

Now, I don’t want to limit the usefulness of Bitcoin, so I’d like to ask; have you had more real-life problem-solving situations where you had to make transactions with Bitcoin? For instance, have you ever used it to purchase land, pay a bride price, or buy a new car?

This question aims to open more people’s eyes to the endless opportunities that can come from investing in Bitcoin and crypto at large.

Since bitcoin has no been legalized and also accepted as a legal tender in Nigeria it will be very rare to see such happen, but regardless , there are also some few dealers that are still accepting btc on the low in there various financial transactions.

[Mehmet69]

When it comes to Bitcoin transactions in Nigeria, judging from the Bitcointalk forum and my personal discussions with some Bitcoin savvy individuals, I’ve always noticed that if it's not about holding, then it’s either trading or staking. Most of the P2P posts here including those warning us about scams seem to be related to trading, from what I can tell at the moment.
Given the nature of Nigerian society, many people might not be tech-savvy enough to become traders or get into staking, which narrows down the option to f simply want to hold.
I believe we can all agree that the ultimate goal has always been to make Bitcoin a legal tender.

Now, I don’t want to limit the usefulness of Bitcoin, so I’d like to ask; have you had more real-life problem-solving situations where you had to make transactions with Bitcoin? For instance, have you ever used it to purchase land, pay a bride price, or buy a new car?

This question aims to open more people’s eyes to the endless opportunities that can come from investing in Bitcoin and crypto at large.

Yes, you are right. We should use Bitcoin or Crypto in real life. And we should attract people around us to it. But today I want to talk about another aspect of society. Which seems very painful to me to say, but this is the main reality.

The society we live in is still dominated by jealousy. In our society, when someone goes to help someone, they are first deceived. We have to change this attitude first. There are many areas where they think that if you win, I will learn, and together we will all succeed. This could have been our main principle.

But I have seen many places where if someone wants to succeed, others pull him down. Being in such a society destroys the mentality of helping others. People learn to be good or bad from their surroundings. If a society can show a teenager his mistakes and show him the right path, then that society will always be happy. But most of the people in our society find some fault in every work as if it seems that the existence of that person is wrong.

This is not tolerable. At such times, when someone is successful, he forgets to present his work to his brothers. The sympathy among people is lost. They are deceived again and again by their own people. That is why there are many who, even after knowing about Bitcoin or Crypto, do not have the courage to tell others about it.

That is why even today, people in our country are so backward in using technology. We have to change our attitude. We have to remember that if my brother moves forward, then I can move forward with him more easily.

[Moreno233]

Bitcoin can be used for many things in Nigeria but strictly between the parties involved in the deal and often not publicly done due to government unclear body language towards Bitcoin and cryptocurrency in general. I have seen a few barbing salon and laundry shops accepting Bitcoin, although I have not paid with Bitcoin in any of those shops because the amount is small and if you add network fees, it is far more expensive than the fiat payment. The only thing I have paid with Bitcoin in Nigeria is buying things online and that one is not only for Nigerians but other countries as well.

[Tonimez]

Bitcoin can be used for many things in Nigeria but strictly between the parties involved in the deal and often not publicly done due to government unclear body language towards Bitcoin and cryptocurrency in general. I have seen a few barbing salon and laundry shops accepting Bitcoin, although I have not paid with Bitcoin in any of those shops because the amount is small and if you add network fees, it is far more expensive than the fiat payment. The only thing I have paid with Bitcoin in Nigeria is buying things online and that one is not only for Nigerians but other countries as well.

I think the first step in achieving any of such bitcoin transactions is by first increasing the sensitisation among Nigerian people. No one would rightly accept any currency he doesn't know anything about or he doesn't feel safe holding. Bitcoin is still stigmatized within the bounds of Nigeria and not many would have that salient stake to conserve bitcoin from some relevant security agencies. Telling a girls parents in the older generation that you want to pay bride price with bitcoin already gives you a negative tag and you may end up not getting married to their daughter anymore. But the hope of bitcoin is in the present generation and the coming ones in which their aged ones would have handled bitcoin during their youth days. When Gen z finally become old parents, the re will be a total digitalisation of almost everything that even market women may be able to accept bitcoin aside the government policies.

Some tech brothers in automobile dealership now receive bitcoin for car sales. Gradually, everyone will get to accept bitcoin. We should not even panic much because even the foreign nations have not accepted bitcoin completely talk more of our Nigeria.

[Hewlet]

it is the lack of knowledge by most of our institutions that makes it look like it is impossible to make use of bitcoin for most of the things you outlined. if someone that wants to sell his property knows about the functionality of bitcoin, and that it can be used in place of fiat which can even be an advantage to him, they will easily opt to accept their payment in bitcoin especially when it involves the sell of asset that the owner does not want to use the revenue generated from the sales of that asset so soon.

imagine that after you have bought a land for years and then the land appreciate in price. when it is time to sell the land you then sell it in bitcoin and leave the bitcoin for years and then it yields more returns, that is a sure way of making your money work for you. also, the fact that saving in our fiat is a major disadvantage automatically makes bitcoin the most viable means of saving money.

[WhoYouCantKill]

This is a good and on time question. In Nigeria, some real-life Bitcoin users are centered on cross-border payments, funding business deals and hedging against the instability in naira. Though stories of those using Bitcoin to buy cars, lands, or maybe pay bride price still exist, it remains rare and informal and could be based on mutual trust
Without any lie, regulatory uncertainty and not having adoption of widespread Marchant have left Bitcoin from achieving full legal tender or even everyday payment tool for us. Though its worth as a storage of wealth, trading asset, and financial escape route is very strong, mostly in seasons of banking restrictions and/or inflation.

Using Bitcoin to purchase lands or cars may not be true but the potential is there, the only thing lacking is a system that empowers it openly and securely.

[Sonia_123]

When it comes to Bitcoin transactions in Nigeria, judging from the Bitcointalk forum and my personal discussions with some Bitcoin savvy individuals, I’ve always noticed that if it's not about holding, then it’s either trading or staking. Most of the P2P posts here including those warning us about scams seem to be related to trading, from what I can tell at the moment.
Given the nature of Nigerian society, many people might not be tech-savvy enough to become traders or get into staking, which narrows down the option to f simply want to hold.
I believe we can all agree that the ultimate goal has always been to make Bitcoin a legal tender.

Now, I don’t want to limit the usefulness of Bitcoin, so I’d like to ask; have you had more real-life problem-solving situations where you had to make transactions with Bitcoin? For instance, have you ever used it to purchase land, pay a bride price, or buy a new car?

This question aims to open more people’s eyes to the endless opportunities that can come from investing in Bitcoin and crypto at large.

In Nigeria it is not has easy as you think, in as much as it is not fully legalize, therefore a lot of Bitcoin users are not free to make such transactions and communication because of the fear of the unknown like the security personnel to come after them, this present government is looking for every means to bring down most crypto users, therefore alot of caution needs to be put into consideration before purchasing you cars, land or anything you want to do, except you know and sure of the  person before doing such transactions.

[Gentle_Soul]

When it comes to Bitcoin transactions in Nigeria, judging from the Bitcointalk forum and my personal discussions with some Bitcoin savvy individuals, I’ve always noticed that if it's not about holding, then it’s either trading or staking. Most of the P2P posts here including those warning us about scams seem to be related to trading, from what I can tell at the moment.
Given the nature of Nigerian society, many people might not be tech-savvy enough to become traders or get into staking, which narrows down the option to f simply want to hold.
I believe we can all agree that the ultimate goal has always been to make Bitcoin a legal tender.

Now, I don’t want to limit the usefulness of Bitcoin, so I’d like to ask; have you had more real-life problem-solving situations where you had to make transactions with Bitcoin? For instance, have you ever used it to purchase land, pay a bride price, or buy a new car?

This question aims to open more people’s eyes to the endless opportunities that can come from investing in Bitcoin and crypto at large.

It is very challenging letting the common man in Nigeria see Bitcoin in  the dimension it really is because a lot of people think Bitcoin is not realistic currency that can be used for transactional exchanges but however there is the need to educate people in Nigeria communities more about Bitcoin
You can not in a real sense ask to pay for a service rendered using your Bitcoin especially when the person does not actually know how to use Bitcoin or probably does not have any idea of Bitcoin so I think there should be a Bitcoin sensitization and publicity just so it does not sound strange to people at the mention of Bitcoin for transactional purposes.

Also talking about trading and holding Bitcoin the easier thing to do for a simple bitcoiner is to hold , trading Bitcoin requires more skill and knowledge to avoid running loss and losing your Bitcoin but holding it especially for a long time is a way of appreciating your Bitcoin values without any stress.

Though I am yet to purchase any thing in the public using my Bitcoin, like I would also prefer a situation  where I can walk into  a mall pick the stuffs I would like to buy and pay with my Bitcoin here in Nigeria. People should begin to embrace the use of Bitcoin as it could safe a whole lot of stress.

[Obulis]

For sure it's clear that Nigerians do more of holding, trading, and staking. I haven't really used Bitcoin to make local purchases because what comes across the mind of many people is that it could be a scam..  But it's not news how property sales has been settled in Bitcoin to bypass bank for any reason (s). However this usually happens by chance, transacting with others learned in BTC and crypto generally. Even though bride price will still be uncommon (how many parents knows of crypto? As  marital rites are mostly, basically
or usually  cultural), these  demonstrates Bitcoin's current utility, mostly when there could be as a result of delay or distrust in local systems and by chance meeting investors. But then it just happens as a tool, not an asset, in transactions.

Let's see how it will spread wide to the extent of becoming a legal tender.


But then unelevated level of Bitcoin in Nigeria is somehow unbelievable.

[CryptoHeadlineNews]

I believe we can all agree that the ultimate goal has always been to make Bitcoin a legal tender.

If I may asked, whose ultimate goal is that? Because to be frankly speaking, the last time I checked, I'm pretty sure that Nigerian Bitcoin enthusiast are very okay with Bitcoin now than ever, most especially if a legal tender proposal is been initiated. Because you and me know how rugged our country is, and most especially our politicians and law enforcement agencies, wey if eventually Bitcoin happens to dey legal today, I swear the taxation go really dey massive on all crypto transactions been made. Hence, I love as eh dey right now on our respective p2p platforms, wey we fit trade without government having a trace to it.

So I’d like to ask; have you had more real-life problem-solving situations where you had to make transactions with Bitcoin, for instance, have you ever used it to purchase land, pay a bride price, or buy a new car?

Yes, I have actually had real life experience with buying an item with Bitcoin, because my recent laptop I bought was fully paid with Bitcoin, and the beautiful thing about it was that the seller was also a Bitcoin enthusiast, and the amount paid was exactly 0.003 BTC  for the HP Core i5 laptop

[Smartvirus]

I believe we can all agree that the ultimate goal has always been to make Bitcoin a legal tender.

I think we are far from that for an ultimate goal now. Bitcoin would have a had time being a currency, not in a decade to come or even 2 decades. There would always be a part of scalability and its scares supply to play. Bitcoin is a scare commodity that serves more as an asset than money, investors would always tend to hodl and the supply would always be limited so it gets affected by demand and supply only, meaning, price would never be stable and that’s not how currencies do function.

Which girl papa sabi say him go accept bride price in Bitcoin, when elders sef need cash for hand with cola nut to make appeasement to the gods for giving out their daughter, even bank transfers are not even accepted in such case.

No be lie you talk o my brother. Omo, those men no get time for that kind matter way go long for them to understand. Them never even accept fiat finish cef to talk of Bitcoin. This one na over the window, e no go sup, in the end, na tradition o, e no Dey change like that.

[Agbe]

Truth be told Bitcoin is still an emerging thing in Nigeria so in terms of usefulness especially as it comes to using it to purchasing things it's not that popular because in terms of acceptance level many people have not gotten the knowledge about Bitcoin so you can't use Bitcoin in purchasing things like lands or even paying bride price for now it's more about online payments but I believe that going forward the use of Bitcoin in the Nigerian ordinary day Market will be more common

[SatoPrincess]

pay a bride price

Lol I don't know if this part is meant as a joke.
Why u nor just tell the girl papa say u b yahoo boy.

Lols, No be joke o bross, E actually dy possible na if the pops na man wy sabi. Just imagine say your own son inlaw say e wn give you like 3 BTC as bride price, shay you no go take am ni??

How much is bride price way person go come dey pay for bitcoin…3 btc ke. I know say every culture get their own tradition but I never hear say dowry reach 500k before. For my side, the Urhobo people dey accept as small as 200 naira for bride bride them go still give you back 100 naira say them no dey sell their daughter. So this idea of using bitcoin to pay dowry dey funny to me because the act of using cash to pay is a part of the culture. If e go happen e go first start from people paying dowry with bank transfer before e go advance to crypto.

[Merit.s]

Truth be told Bitcoin is still an emerging thing in Nigeria so in terms of usefulness especially as it comes to using it to purchasing things it's not that popular because in terms of acceptance level many people have not gotten the knowledge about Bitcoin so you can't use Bitcoin in purchasing things like lands or even paying bride price for now it's more about online payments but I believe that going forward the use of Bitcoin in the Nigerian ordinary day Market will be more common

I agree with everything that you said. Personally, I believe that acceptance of bitcoin by anybody depends on the individual if he is open to bitcoin knowledge and understands how it work before it will be possible. I have a small business that I am running and if a customer comes and want to pay in bitcoin, I will definitely accept.

Back to the bride price payment, I don't like the idea because it's a traditional thing and everything about tradition should be done in a traditional way. Some community pride is very little. My friend wife pride price was ₦10 and the other one ₦5000. Those amounts cannot be paid with bitcoin but fiat, because tradition does not accept transfer but cash.