The Optimum Usefulness of Bitcoin in Nigeria

[dubeke]

While from my knowledge, the wider acceptance of bitcoin an integrating it into our daily routine, I honesty think that a lot of work still has to be done to bring people to the basic understanding of bitcoin, what it stands for and how use it. Funny enough some words on the street might still be relating it to MMM, Ponzi or scam projects. I havent really had an encounter where i used bitcoin to pay for some of these deliverables tho.
Imagine i just stay at home, shop and  pay directly from my wallet. Since the newer generations are all tech savvy, I see these day to day transactions happening sooner or later.
Although what i feel might be the challenge afterwards it the slight fluctuation of prices over short period.

[IceLincoln]

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.

My brother the major aim or goal for us as Nigerians or bitcoin holders no be to make bitcoin legal tender, we never even Dey get better adoption for the country. I also know say bitcoin no support staking so nobody Dey run am, na cryptocurrencies wey support proof-of-stake dem Dey stake bitcoin na proof-of-works.
Omo some people Dey use bitcoin dey pay for some services but na on a personal basis, if one big company now start to accept crypto payments e go help drive adoption for the country.

[Slimzeee]

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

The emergence for its use in day to day life is not at optimum yet but With the replies so far, It shows some positives. Some things are actually being bought with it and its true it will actually take sometime for it to be 100% accepted by the general public but great steps so far.

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.

While it is a one of the best asset ever if it can be accumulated, I believe with the growing interest in bitcoin most especially from the youth, it will soon turn these rare cases to consistent occurrences.

[CryptoHeadlineNews]

While it is a one of the best asset ever if it can be accumulated, I believe with the growing interest in bitcoin most especially from the youth, it will soon turn these rare cases to consistent occurrences.

The truth of the fact is that our Nigerian youths has always had great interest in Bitcoin investment and accumulation right from time, as we have ranked several times of been the top African country to trade and invest in Bitcoin. Of which I'm pretty much sure that with more favourable policies, Bitcoin go really get better space among the youths of we country, most especially as they strive to have an edge over our Naira inflation wey dey make our money lose value when there is an unfavorable policy against dollar. Hence, the usefulness of Bitcoin for this our country for this 2025 era can never be overemphasized.

[AYOBA]

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.

Yeah, that’s just the truth: acceptance of Bitcoin mostly depends on those who have opened themselves to Bitcoin’s knowledge. Because there are most of the people that, since they heard about Bitcoin in Nigeria, prefer to run their business, which they will get paid with Bitcoin, but unfortunately the lack of education about Bitcoin is what has stopped them, which makes me think it would be a good idea if they could create a school for those that have interest in learning about Bitcoin so that it will make their learning easier and faster and more accessible for those who are interested in learning about cryptocurrency also, and so on.

[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 as easy as you think to purchase all these  with Bitcoin because of security purpose except the seller has to be a Bitcoinner, that is when you can use it to buy lands and cars,but in terms of bride price, traditions does not accept bitcoin in any way, therefore you have to change the our bitcoin to your local currency and no matter how accepted Bitcoin can be in Nigerian can't be used to pay bride price because we are Africans and believe strongly in traditions .

Investing in bitcoin has being an eye opener to all Nigerians involved in bitcoin.

[Lembo69]

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.

Yes, you can buy a car or pay its price with Bitcoin if you want. If that businessman has any idea about Bitcoin in advance, he will also accept it. But those people who do not know about Bitcoin will never accept it. Bitcoin is just play money for them.

Bride price can also be made the main one, if any of them knows about Bitcoin and is willing to accept it. But the OP is right, it is better not to do this in traditional things. Everything should be done according to the rules. Because the rules and regulations did not just come into existence. Our elders were wiser than us or still are. But according to your opinion, if the bride price is taken in the council in Bitcoin, thinking like the present time. Then the amount of money that the bride price is determined, the same amount of Bitcoin should be paid. Because everything should be done according to the rules and regulations.

[HajiBagi]

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.

People dey wey they accept Bitcoin if you buy something from them that is for those people wey truly understand Bitcoin and Dey collect am, them no too plenty like that due to the lack of knowledge about Bitcoin and crypto wey we have for Nigeria most especially the business men, some of them prefer in Nigeria currency than in other currencies because say na business money wey dey are always using.

And about the bride price, my broda any girl papa wey dey ask about Bitcoin as a bride price na better thief because that kind thing never happen before and I don’t think it will happen because marriage is cultural thing and also a religious thing wey be say e get things wey suppose to be done in normal way.

[Yablee0]

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.

Pure truth my brother, bitcoin as a legal tender in Nigeria is not that common actually, because many people are still ignorant about it and it's functions.

Sometimes I just wish bitcoin should be legalize and sign into law as a legal tender in our country and to entire the world at large because this innovation would have been the best experience ever, making life so easier to everyone.

 This idea would have been the easiest means of making our daily transactions in our various businesses without any issues and  there wouldn't be any cases of inflation in the society due to persistent increases in value over time. however, since Nigeria is a country that our leaders are pend on show casing their political powers on their subjects through a centralized finance and bitcoin being a decentralized coin, perhaps stripping this leaders of ours that financial power, I doubt If my desire or dreams of bitcoin being accepted as legal tender will ever come to real life.

[Agbamoni]

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

This is not the ultimate goal, infact many crypto enthusiast dont wat this. The ultimate goal is for more adoption while the fiat system remains fully functional.
Bitcoin being used as a legal tender is an assumption, and by curiosity its for people who really want to see how it will functions. But I can tell you that, its no gonna be right. Fiat and Bitcoin needs each other to maintain a balance in the financial system.