The role of Bitcoin in bringing foreign exchange (Remittances) into Nigeria.

[Liocen]

Nigeria is one of the largest remittance recipients in Africa. Millions of Nigerians living abroad send billions of dollars to their families every year. But the process of sending remittances often faces many problems in sending and receiving money due to government restrictions. Bitcoin can play an effective role in solving this problem.
Below are the advantages of using Bitcoin to receive remittances_

▫️Low-cost transactions: Many Nigerian expatriates use Bitcoin to send remittances to the country at the lowest cost.
▫️Fast transactions: The transfer time is much shorter than that of regulated banks, meaning that money can be sent from another
    country to Nigeria or from Nigeria to another country using Bitcoin if necessary within a few minutes to a few hours.
▫️Avoidance of controls: It is possible to send money easily even outside of government restrictions or banking problems.
▫️Digital Savings: Families can be somewhat protected from the effects of inflation by keeping the money they receive in Bitcoin
    rather than just Naira.

I would like to know, have any of you already used Bitcoin for remittance? How was the experience?

[Churchillvv]

This is just one of the problems which bitcoin solves for us, it has bridge the gap of going from bank to bank and all the stresss that is involved in receiving international payments/funds.

Most of our people in other countries now feel more relaxed sending any amounts since it’s mostly the culture of Nigerians to send across for investments and constructions, millions could be sent without questioning or withholding from banks.

It’s no news how beneficial cryptocurrency at large has become to the world and not just Nigeria alone.

[Youngrebel]

Merit should be giving to those threads and comments wey use pidgin English. This one na local board and English Board. At least make we dey mix am with some broken words. Well weti you talk na true. And time dey come say banks go lack customers wen businesses go start using of bitcoin for their payment option in di country. But even mow too many of the international companies never accept bitcoin or other cryptocurrencies as their payment option and I noticed dis one last year when someone asked me pay for a Journal for international publication.
And I was looking for cryptocurrency option to pay but e no dey so I have to used Mastercard.

[Cryptohygenic]

Nigeria is one of the largest remittance recipients in Africa. Millions of Nigerians living abroad send billions of dollars to their families every year. But the process of sending remittances often faces many problems in sending and receiving money due to government restrictions.

No be lie but the benefits of the bitcoin dey privilege across all borders globally not be only Nigeria. Na most convenient system to send money to send or receive money from abroads way the normal extra service charge like when u send big or bigger amount of value. And the transaction process dey faster than the banking system and the process dey more facilitating than the banking complexity.

[Evergreenpost]

The advantage I love about Bitcoin is that, unlike the CBN policy which limits the amount an individual or company can transfer abroad daily or monthly, Bitcoin has no such restrictions. In Nigeria, there are strict limits on the amount of money one can transfer both within and outside the country, and these policies are strictly enforced.

For example, someone wanted to make a payment to an institution in Malaysia. We tried using Mastercard and Verve, but it didn’t work until a friend in Malaysia helped make the payment on his behalf. That was when we realized the Nigerian government restricts the amount one can transact with Malaysia in a single day. Bitcoin, however, makes it possible to bypass such barriers.

In addition, A friend of mine has used btcoin to recieved money from abroad several times and it was very simple and fast.

[Liocen]

No be lie but the benefits of the bitcoin dey privilege across all borders globally not be only Nigeria. Na most convenient system to send money to send or receive money from abroads way the normal extra service charge like when u send big or bigger amount of value. And the transaction process dey faster than the banking system and the process dey more facilitating than the banking complexity.

Yes, the use of Bitcoin is not limited to Nigeria, I just wanted to explain the benefits of using Bitcoin in various fields in my country. Here I want to explain how Bitcoin can be used to bring in foreign currency (remittance) and its benefits.
Yes, it must be admitted that there are many more countries than our country that can use Bitcoin freely and the use of Bitcoin is widespread in their countries.
When the inflation of fiat currency is widespread worldwide, the government of our country should preserve Bitcoin and allow Bitcoin to be used freely.

The advantage I love about Bitcoin is that, unlike the CBN policy which limits the amount an individual or company can transfer abroad daily or monthly, Bitcoin has no such restrictions. In Nigeria, there are strict limits on the amount of money one can transfer both within and outside the country, and these policies are strictly enforced.

For example, someone wanted to make a payment to an institution in Malaysia. We tried using Mastercard and Verve, but it didn’t work until a friend in Malaysia helped make the payment on his behalf. That was when we realized the Nigerian government restricts the amount one can transact with Malaysia in a single day. Bitcoin, however, makes it possible to bypass such barriers.

In addition, A friend of mine has used btcoin to recieved money from abroad several times and it was very simple and fast.

One of the reasons why Bitcoin is so popular is that it has no third party control over it. If you need to transact $10, you can do it, and if you need to transact $10 million, you can do it. And it will be much faster than the banking system.

[Doan9269]

I would like to know, have any of you already used Bitcoin for remittance? How was the experience?

With the current condition of the country concerning their regulations on crypto and not bitcoin alone, we may not be fully confident in coming out declaring for this for security reasons, since the government is not in support of of the use of bitcoin despite the involvement of its people in it, also, many companies that might be interested in accepting this wouldn't like to come in public for now due to the regulations as well on crypto, except if we make use of bitcoin in other related international payments system for remittance that are not in Nigeria.

[Ishicryptic]

Bitcoin is an alternative to fiat and it is the best option for people who want privacy and freedom for their transactions, if they want to bypass government knowledge of their financial transactions and naira inflation Bitcoin is the currency to use. If you want to enjoy the privacy and freedom of transaction that Bitcoin decentralization brings you need to do p2p transactions with a second party where both of you uses none custodial wallets, that is only where you can have privacy in your transaction.

But if you go through a centralized exchange for your p2p transactions you wouldn't have that privacy anymore because you have submitted your KYC to them. But if you don't have a problem about submitting KYC to a centralized exchange then you can send your coins through them but you should know that if it is not your keys it is not your coins. Better to withdraw your BTC that you intend to hodl in a none custodial wallet that only you have authority over.

[Liocen]

With the current condition of the country concerning their regulations on crypto and not bitcoin alone, we may not be fully confident in coming out declaring for this for security reasons, since the government is not in support of of the use of bitcoin despite the involvement of its people in it, also, many companies that might be interested in accepting this wouldn't like to come in public for now due to the regulations as well on crypto, except if we make use of bitcoin in other related international payments system for remittance that are not in Nigeria.

It seems to me that there are enough Bitcoin/Cryptocurrency holders in our country who are not able to come out in public due to various government restrictions. And they are not able to use their money in the country in that way. It is a bit like black money. There are rumors from time to time that the government in our country is associated with Cryptocurrency but the government never admits it. However, I think the government should legalize Bitcoin as soon as possible.

[Glowy]

Nigeria is one of the largest remittance recipients in Africa. Millions of Nigerians living abroad send billions of dollars to their families every year. But the process of sending remittances often faces many problems in sending and receiving money due to government restrictions. Bitcoin can play an effective role in solving this problem.
Below are the advantages of using Bitcoin to receive remittances_

▫️Low-cost transactions: Many Nigerian expatriates use Bitcoin to send remittances to the country at the lowest cost.
▫️Fast transactions: The transfer time is much shorter than that of regulated banks, meaning that money can be sent from another
    country to Nigeria or from Nigeria to another country using Bitcoin if necessary within a few minutes to a few hours.
▫️Avoidance of controls: It is possible to send money easily even outside of government restrictions or banking problems.
▫️Digital Savings: Families can be somewhat protected from the effects of inflation by keeping the money they receive in Bitcoin
    rather than just Naira.

I would like to know, have any of you already used Bitcoin for remittance? How was the experience?

It's just that there's a wide gap in terms of technology and Nigerian especially authorities. Otherwise, platforms like the exchange you suggested would be awesome. But the question I was asking is who would be at the helm of affairs? It is a consideration for the government or a private organization?  Either ways, Nigerian system is wired to make things difficult for her citizens. Otherwise it is a good idea.