Why would a Nigerian not want to use Bitcoin?

[CTO114]

Old, young, middle- aged, what's stopping a typical Nigerian from using Bitcoin? Nigerians are resilient people, surely we'll jump at the chance if getting services at the least possible cost. Like the aformentioned question, could it be that they are not well educated about Bitcoins accessibility and flexibility? Like the common statement; na scam. Having been victims to schemes like; MMM and FOREX just to mention a few, dear surely would set in. Furthermore, could the strict regulations could be a discouraging factor. What could be more underlining factors?

[Merit.s]

I don't think that I have come across anywhere that accepts bitcoin payments where I live, though, it's not a big city. Nigeria government hasn't full supported cryptocurrency and the last time I checked, I received a message from these Fintech banks that my account will be freeze if I use it for crypto transaction. That alone will discourage me from using bitcoin for daily transactions.

I believe that Nigerians have bitcoin that they're holding as their investment for the future because of the way our Naira depreciated rapidly overtime. Your extra money will be put into bitcoin in order not to make the sweat of your labor useless in future. I wouldn't use bitcoin for payment method because I prefer to make profits from my bitcoin in future. If not for bitcoin, I wouldn't have any asset. It's better to spend fiat and hodli your bitcoin.

[Rockson1]

Old, young, middle- aged, what's stopping a typical Nigerian from using Bitcoin? Nigerians are resilient people, surely we'll jump at the chance if getting services at the least possible cost. Like the aformentioned question, could it be that they are not well educated about Bitcoins accessibility and flexibility? Like the common statement; na scam. Having been victims to schemes like; MMM and FOREX just to mention a few, dear surely would set in. Furthermore, could the strict regulations could be a discouraging factor. What could be more underlining factors?

Dude the investment aspect is here, you can agree with that we are pretty good in bitcoin investment which I just said, it is a gradual process will get to accepting bitcoin payments soon, there are many things that comes as a limitation, the fees might be one the major cause but the government themselves are also one of the problem, people are very careful since the government are acting cunning, citizens are becoming very wise, scam can also be the Reason because if you experienced what happened during MMM you won't want to let go of such espacially when you're someone that can not differentiate between bitcoin investment and Ponzi scheme although you have said this already, people have there reason but if as that, men dey.

[Charles-Tim]

Age is the main reason. The more the age is increasing, you will noticed that the lesser they use bitcoin. Old people do not like new things like bitcoin as they prefer the old ways they are making and holding money.

Bitcoin is now more than what people can think is a scam.

[Finebone]

Old, young, middle- aged, what's stopping a typical Nigerian from using Bitcoin? Nigerians are resilient people, surely we'll jump at the chance if getting services at the least possible cost. Like the aformentioned question, could it be that they are not well educated about Bitcoins accessibility and flexibility? Like the common statement; na scam. Having been victims to schemes like; MMM and FOREX just to mention a few, dear surely would set in. Furthermore, could the strict regulations could be a discouraging factor. What could be more underlining factors?

There are so many factors responsible for the unwillingness of many Nigerians from using bitcoin, but I would like to duel on a few of them, the first I would like to emphasize on is governments policies which do not really encourage the use of Bitcoin due to some irregularities that may have happened in the past where many people got scammed by some imposters who claim to be Bitcoin dealers, another factor could be the ignorance of some Nigerians regarding the value or importance and perhaps the lack of requisite knowledge of the financial market where Bitcoin is merchandised.

[Donk1]

    Like they said technology is not bad it's only used by bad people. When it comes to crypto being used for illegal activities like scams it doesn't signify that the entire crypto is bad It is certain that a lack of awareness of the true potential of Bitcoin in our country Nigeria, is what is stopping people from using it.They still lack the proper knowledge of this stuff but still the idea of a Bitcoin enthusiast going out there and introducing Bitcoin to his fellow Nigerians is good. But first it will be a risk to him Second people will think you are trying to scam them So it's certain that the only way for a more massive adoption of Bitcoin in Nigeria is for more people to start looking for alternatives. That's when they will turn to Bitcoin We have to let the Bitcoin technology prove its worth so they won't think it is bad......

[Mr_Brilliant$]

It’s not really that Nigerians don’t want to use Bitcoin, it’s just many people don’t trust it. Some still like money they can hold, they don’t understand how something online can be money. Then the price going up and down makes it scary, because imagine you keep money for rent and the next week it drops, you’ll feel like you lost everything. That fear alone makes some people avoid it.

Another thing is government wahala and scams. Many people have seen Ponzi and fake crypto stuff, so once they hear Bitcoin they think it’s the same thing. And since the government also put rules against banks and exchanges, it makes it harder for the normal person to even try. So most people just stick to naira or dollar, even though it’s not really helping, because it feels more safe to them.

[Anayochukwu]

Old, young, middle- aged, what's stopping a typical Nigerian from using Bitcoin? Nigerians are resilient people, surely we'll jump at the chance if getting services at the least possible cost. Like the aformentioned question, could it be that they are not well educated about Bitcoins accessibility and flexibility? Like the common statement; na scam. Having been victims to schemes like; MMM and FOREX just to mention a few, dear surely would set in. Furthermore, could the strict regulations could be a discouraging factor. What could be more underlining factors?

The younger generation are beginning to accept Bitcoin, I mean look at us in the forum investing in Bitcoin because we know its worth more than the old age. Older people will find it difficult to understand it because they don't like trying out new things at their age anymore, the older people prefer the old things that they are used to while growing up hence the reason why they would never abandon fiat currency for Bitcoin currency and also with the rate of scam activity everywhere now telling them about Bitcoin sounds like you want to scam them.

[Cryptokuus]

Old, young, middle- aged, what's stopping a typical Nigerian from using Bitcoin? Nigerians are resilient people, surely we'll jump at the chance if getting services at the least possible cost. Like the aformentioned question, could it be that they are not well educated about Bitcoins accessibility and flexibility? Like the common statement; na scam. Having been victims to schemes like; MMM and FOREX just to mention a few, dear surely would set in. Furthermore, could the strict regulations could be a discouraging factor. What could be more underlining factors?

Me I see say na fear dey mostly make some person in Nigeria not to get involved in crypto related activities because of the risk wey dey for cryptocurrency. People dey see am say crypto currency no dey secured for them. So na mostly lack of knowledge of waiting crypto currency is and also majority of this person are not tech wise so dey have limited knowledge and this could also be a factor.

[Pi-network314159]

Many Nigerians are using Bitcoin despite whatsoever, just that many people are so afraid of the past Ponzi scheme that has happened to them in one way or the other, so for that reason it is hard for them to see any online investment as genuine. There mindset is set on all online investment is a scam including that many guys have said I'll words about online investment, and another thing is the temporary ban placed on Bitcoin by Nigeria government, this made them to see no much important to use Bitcoin but all that is just a misinformation.

[Futurexxx]

Old, young, middle- aged, what's stopping a typical Nigerian from using Bitcoin? Nigerians are resilient people, surely we'll jump at the chance if getting services at the least possible cost. Like the aformentioned question, could it be that they are not well educated about Bitcoins accessibility and flexibility? Like the common statement; na scam. Having been victims to schemes like; MMM and FOREX just to mention a few, dear surely would set in. Furthermore, could the strict regulations could be a discouraging factor. What could be more underlining factors?

I think that a typical Nigerian will never liked to pass on the opportunities that Bitcoin brings when held for an extended period of time, but the problem most Nigerian are having is that they have not taken care of themselves and their basic needs, which I will pin it on poverty. It is only when someone  has eaten and taken care of his basic needs that he will think of investing.
Though our government are strict about it but as a Nigerian, we can always find a way, because we are intelligent enough to look for a loophole to exploit and still invest in it, but if an individual is still struggling with poverty, their is no way such person can invest in Bitcoin and hold strong.

[DiMarxist]

Old, young, middle- aged, what's stopping a typical Nigerian from using Bitcoin? Nigerians are resilient people, surely we'll jump at the chance if getting services at the least possible cost. Like the aformentioned question, could it be that they are not well educated about Bitcoins accessibility and flexibility? Like the common statement; na scam. Having been victims to schemes like; MMM and FOREX just to mention a few, dear surely would set in. Furthermore, could the strict regulations could be a discouraging factor. What could be more underlining factors?

You said  some major reasons already, and they are true. One major thing stopping so many Nigerians form using Bitcoin is lack of good education and awareness, and possibly some must have been scammed form different platforms while some haven't Heard about it at all. So many Nigerians still don't know how Bitcoin work's, and so. Many are scared of loosing their money. Normally many Nigerians dey avoid all this online stuff with the believe say na scam, most expecially when they fall into fake platform like forex and MMM.

[Oluwa-btc]

Age is the main reason. The more the age is increasing, you will noticed that the lesser they use bitcoin. Old people do not like new things like bitcoin as they prefer the old ways they are making and holding money.

Bitcoin is now more than what people can think is a scam.

Not everyone looks at it that way though. I'd say more of ignorance and misinformation, because if you're properly informed on how it works or if someone they know close enough have benefited from it, they will sure have a quick change with how they look and go about it. Finally, we have incompetent set of political representatives doing nothing to get a bitcoin reserve. So unwise!

[Oshio-man]

Not that Nigerian  people don't want to use bitcoin to buy materials and other items and pay with bitcoin in d country op, but d government authority never make it legal tender in d country meaning, u can't approach sellers in d market to buy items from dem and pay with bitcoin to go with d items, and if u try such a thing by forcing d items from d shop in d country, d person can sue u to court for stealing and u will be jail, D bank officials are d ones telling their customers not to store their money on bitcoin that is a scam coin which is not true, just that dey don't what to loose dem to decentralized asset that is making dem to tell lies, Nigerian are well educated in d area of bitcoin but d government don't see any benefits from bitcoin that will convince d government to make it legal tender.

[Stable090]

Old, young, middle- aged, what's stopping a typical Nigerian from using Bitcoin? Nigerians are resilient people, surely we'll jump at the chance if getting services at the least possible cost. Like the aformentioned question, could it be that they are not well educated about Bitcoins accessibility and flexibility? Like the common statement; na scam. Having been victims to schemes like; MMM and FOREX just to mention a few, dear surely would set in. Furthermore, could the strict regulations could be a discouraging factor. What could be more underlining factors?

Most people no really understand bitcoin, mostly older people just have the mindset that anything online is scam base on things that they have heard about all this Ponzi scheme in the past, they no longer believe in anything online. Also if you see all this young guys wey Dey do yahoo now, if you ask them Wetin dem Dey do, Dey go tell you say bitcoin dem Dey do, dem Dey spoil bitcoin reputation for people eye be that.

If you see any youth wey no really get interest in bitcoin, then you should know that the person isn’t educated, because have not seen any youth thats educated and won’t really be interested in bitcoin. The only thing wey Dey stop our youths from investing in bitcoin na money. Most of them Dey really struggle to see even food eat, so na why most of them no just invest in bitcoin be that.

[AmaGold70]

Old, young, middle- aged, what's stopping a typical Nigerian from using Bitcoin? Nigerians are resilient people, surely we'll jump at the chance if getting services at the least possible cost. Like the aformentioned question, could it be that they are not well educated about Bitcoins accessibility and flexibility? Like the common statement; na scam. Having been victims to schemes like; MMM and FOREX just to mention a few, dear surely would set in. Furthermore, could the strict regulations could be a discouraging factor. What could be more underlining factors?

Don't be surprised if you are told that almost 50% of Nigerian are using Bitcoin or holding Bitcoin on the long run but they/we are using it on the low key since it hasn't been made a legal tender yet in the country. The older people are the ones now using it because they are not used to it and all they know is the usual Fiat currency and they are comfortable with it and I don't blame them but the younger ones are investing massively in Bitcoin, just imagine the amount of Nigerians here in the forum and I'm sure there are Nigerians investing in Bitcoin outside the forum and even on social media Nigerians are talking about Bitcoin and they are aware of its worth and many of us are talking the adventure.

[Roseline492]

Old, young, middle- aged, what's stopping a typical Nigerian from using Bitcoin? Nigerians are resilient people, surely we'll jump at the chance if getting services at the least possible cost. Like the aformentioned question, could it be that they are not well educated about Bitcoins accessibility and flexibility? Like the common statement; na scam. Having been victims to schemes like; MMM and FOREX just to mention a few,

Could we call Nigeria a country with regulations in Bitcoin?, I thought there would be regulations if only they have power on it? So since they do not have there isn't going to be a regulations from them apart from that little ones they did. Actually some percentage of people are definitely discouraged based on the government attitude on it because some believe that there might come a time when this control the government does not have on crypto will be given to them and they will start imposing unfavourable laws while some others naturally hate digital investment because of previous scammed against them.

[Somto9Light]

If you ask me I would say that I'm okay with holding it at as part of saving my money at the same time investing into bitcoin, I don't have business with using bitcoin as a means of exchange in nigeria just like fiat currency. But that does not mean that I'm not going to buy the idea of using bitcoin inform of fiat currency in nigeria of course I will be happy if the government choose to make bitcoin a legal tender in nigeria  I would say that is going to be the greatest achievement ever, but this is almost impossible as I don't see the government making a move regarding this aspect of making bitcoin a legal tender in nigeria.

[Juicyhome]

Many Nigerians are using Bitcoin despite whatsoever, just that many people are so afraid of the past Ponzi scheme that has happened to them in one way or the other, so for that reason it is hard for them to see any online investment as genuine. There mindset is set on all online investment is a scam including that many guys have said I'll words about online investment, and another thing is the temporary ban placed on Bitcoin by Nigeria government, this made them to see no much important to use Bitcoin but all that is just a misinformation.

In Africa Nigeria is in number one when it comes to Bitcoin, Nigerians are fully into Bitcoin investment, both old and young, the Internet has promoted Bitcoin in the world and Nigerians are seen the benefit of holding Bitcoin and how it has helped many people out of poverty. Bitcoin investment is taking over in spite of government ban, people see trust Bitcoin.

As of today, Nigerians are aware that Bitcoin is not a Ponzi scheme project as many painted it to be then, I know Because of high poverty rate and how Ponzi scheme has dealt with many Nigerians some people do not want to invest into online investments anymore, that doesn't stop others that are enlighten from investing. An average Nigerians wants quick money which is not possible in Bitcoin investment, that's what has delay others from investing too. It's a free will investment, if you want to be rich , buy and hold for long, or you keep watching people making money from it, year to years.