Rising taxes, will bitcoin become a way for Nigerians to protect their savings?

[Rubuchi]

If you look closely at what is happening in Nigeria today it feels like taxes and levies on things just keep increasing at the federal state and local government levels and even some unofficial charges on our transactions and savings while the incomes of both skilled and unskilled workers remain the same or even shrinking bringing it down to a situation where people are working very hard for a living but saving less because of the inflation and deductions that keep eating into their money.

This is why I am so curious about this situation and I’m thinking if this pressure could be a reason that can push many Nigerian workers and business people into turning to bitcoin as a way of protecting their savings from these constant deductions and loss in value particularly when saying in the traditional system feels discouraging today, don’t you guys think people will start to look for alternatives like saving their money in bitcoin?

Do you think there is a possibility where bitcoin can slowly but massively become a financial safety alternative to people in overtaxed economies like Nigeria?

[Barikui1]

This is why I am so curious about this situation and I’m thinking if this pressure could be a reason that can push many Nigerian workers and business people into turning to bitcoin as a way of protecting their savings from these constant deductions and loss in value particularly when saying in the traditional system feels discouraging today, don’t you guys think people will start to look for alternatives like saving their money in bitcoin?

This tax law has been talked about on so many occasions on this board and possible measures to avoid it or avoid being double tax, but the big problem is that Bitcoin has not been generally accepted by all, and you might decide to keep your money in Bitcoin so as not to be tax, and you wouldn't be tax for that, but once it's converted to naira and it goes through out traditional or micro finance banks, just know that you will be tax, wether you like it or not.

Do you think there is a possibility where bitcoin can slowly but massively become a financial safety alternative to people in overtaxed economies like Nigeria?

It is already a safe alternative in order not to be tax, but how many people do you know that buys and sell with Bitcoin?
If Bitcoin can be accepted by market women or by most businesses, I don't think their will be much complaints because most of us that are well informed on how to navigate our way in the space will mostly use it to our advantage.

[Tungbulu]

There’s been cases where people turned to bitcoin as an actual safe haven when taxes, fees, levies and even inflation is swallowing up an economy while the salary level and minimum wages stays the same (just as it is in Nigeria now). Inasmuch as Bitcoin may not completely replace Naira, because at some point, we’d still have need and use for the naira, but it can really help to secure our money and keep it far away from the hands of the government since you’re in complete control of your money. But the issue be say na still naira you go still take buy the Bitcoin and for we naija now, na mostly p2p we fit take buy bitcoin, meaning say na still the normal transfers we go still Dey do, and them fit still tax you like this.

[Asiska02]

Do you think there is a possibility where bitcoin can slowly but massively become a financial safety alternative to people in overtaxed economies like Nigeria?

Bitcoin has been used as an edge against inflation already, so if it is still going to be used as an edge over the overtaxed economies like in Nigeria here, then it is something doable. The government has not yet legalized the use of cryptocurrencies as a legal entity, so it means in essence it has been sidelined from being taxed from citizens. It is not a crime to avoid tax but a crime to evade tax, so using cryptocurrency as a way to avoid tax is not against the law. I hope people find an alternative solution to this and make them want to embrace crypto the more to avoid overtaxation, especially the big companies that the tax will affect the most.

[Charles-Tim]

Do you think there is a possibility where bitcoin can slowly but massively become a financial safety alternative to people in overtaxed economies like Nigeria?

The idled fiat that you have in bank will not be taxed. The problem is that the fiat will always depreciate in value but bitcoin price will rise in long term which is a very good reason the money should be in bitcoin.

The profit from your bitcoin investment is expected by the government to be taxed but that would be only when you sell the bitcoin. It gets to the point that rich men will borrow money which will not be taxed than to pay huge tax on their investments.

[Doan9269]

Do you think there is a possibility where bitcoin can slowly but massively become a financial safety alternative to people in overtaxed economies like Nigeria?

Very possible, even as we speak now, the only alternative we are having is to embrace on the use of bitcoin, because we are going to be free form paying tax in its, when everyone is busy with the use of bitcoin in making buying and selling, then it is going to be very difficult to trace or know what we are up to, especially when we are more careful in the use of a centralized exchange, while preferrable, we should engage a decentralized exchange p2p for our maximum privacy.

[Agbamoni]

Do you think there is a possibility where bitcoin can slowly but massively become a financial safety alternative to people in overtaxed economies like Nigeria?

I do not think it is already happening. People are now scared of transacting in fiat, especially the youth. Yesterday, I joined a meeting where we normally do 50k per week, but recently the idea changed due to the tax levies, and they decided to use $50 in Bitcoin. Bitcoin is not just a hedge against inflation, it is a safety net to save every little penny that the government is trying to extort from the citizens. If it were possible to use Bitcoin for every little transaction, I am very sure that traditional banks would be begging for customers.

[Marvelockg]

Do you think there is a possibility where bitcoin can slowly but massively become a financial safety alternative to people in overtaxed economies like Nigeria?

From the time the news of the taxing system came up, tye first thing that came to my mind is that bitcoin is going to be the greatest edge that will help one overcome those charge that comes in the form of taxation.

Untill it's extremely neccesary for me to convert my bitcoin to fiat, there's no way in going to do that because with the whole taxing issues, the only guarrantee that your money is safe is when you keep it in bitcoin or a digital form. If I'm engaging in a trade that involves a huge sum of money upto at least 500k, the best option as it stands is to do it in bitcoin to avoid unnecessary taxation. It's at this point that the numerous usefulness of bitcoin actually comes out openly.

[IceLincoln]

If you look closely at what is happening in Nigeria today it feels like taxes and levies on things just keep increasing at the federal state and local government levels and even some unofficial charges on our transactions and savings while the incomes of both skilled and unskilled workers remain the same or even shrinking bringing it down to a situation where people are working very hard for a living but saving less because of the inflation and deductions that keep eating into their money.

This is why I am so curious about this situation and I’m thinking if this pressure could be a reason that can push many Nigerian workers and business people into turning to bitcoin as a way of protecting their savings from these constant deductions and loss in value particularly when saying in the traditional system feels discouraging today, don’t you guys think people will start to look for alternatives like saving their money in bitcoin?

Do you think there is a possibility where bitcoin can slowly but massively become a financial safety alternative to people in overtaxed economies like Nigeria?

First of all know this, the money already saved in your account will not be taxed, money that is being sent to you as gifts, loaned money being paid back etc, will not be taxed. But transactions that looks like income will be taxed at the end of the year and there’s also a discount for rent expenses.
Bitcoin can become a safe haven but you will eventually sell that bitcoin to use the fiat since we have not developed into a crypto friendly economy where you can buy things and pay for services using bitcoin, so when you sell that bitcoin, it’s possible that you might still be taxed if your annual income is higher than 800k in Naira.

If the Nigerian government was doing well we wouldn’t be thinking much about this tax issue, we would gladly pay but it’s sad that there’s no System working at all and they want to take from the poor struggling masses.

[Alvin_talk]

Do you think there is a possibility where bitcoin can slowly but massively become a financial safety alternative to people in overtaxed economies like Nigeria?

Well, in terms of savings, I'll always consider bitcoin volatility before giving any reply. If you're saving for a short period of time, let's say, 6 months to 1 year, I don't think we should consider saving in bitcoin, there might be probably a bearish market and we end up losing funds but if you intend to save for a long term, let's say, 5 years plus, then bitcoin can be a safe haven against this taxation, because it must have yielded profit for you, so even if you get taxed when the funds is converted to fiat (Naira), I believe you will still have more than the principal amount you saved over the years.

[Franctoshi]

If you look closely at what is happening in Nigeria today it feels like taxes and levies on things just keep increasing at the federal state and local government levels and even some unofficial charges on our transactions and savings while the incomes of both skilled and unskilled workers remain the same or even shrinking bringing it down to a situation where people are working very hard for a living but saving less because of the inflation and deductions that keep eating into their money.

This is why I am so curious about this situation and I’m thinking if this pressure could be a reason that can push many Nigerian workers and business people into turning to bitcoin as a way of protecting their savings from these constant deductions and loss in value particularly when saying in the traditional system feels discouraging today, don’t you guys think people will start to look for alternatives like saving their money in bitcoin?

Do you think there is a possibility where bitcoin can slowly but massively become a financial safety alternative to people in overtaxed economies like Nigeria?

Already, Bitcoin is safe heaven for Nigeria, even when the new tax laws were not implemented, if you already got knowledge about inflation, by now you shouldn't be saving in fiat, there are so many ways that any investor or citizen of Nigeria based on current tax situation can do now,
1. Buy Bitcoin
2. Buy gold
3. Go into real estate, and buy landed properties, this way you don't have problem because of tax, even though you get taxed when you liquidate those assets, you must have earned some dividends from your investment portfolio.

[Progress101]

This is why I am so curious about this situation and I’m thinking if this pressure could be a reason that can push many Nigerian workers and business people into turning to bitcoin as a way of protecting their savings from these constant deductions and loss in value particularly when saying in the traditional system feels discouraging today, don’t you guys think people will start to look for alternatives like saving their money in bitcoin?

Even before the tax law was announced people in Nigeria have looking for alternative to save money, because inside this country you work hard, but between taxes, the levies, the charges, and lets not even talk about inflation, it just feels like your money is being chipped away from every angle.

I would still argue though that it may still be diffult for the masses in Nigeria to fully adopt Bitcoin. I mean some market women in my area still reject transfers, they will tell you to redraw fiirst, this whole internet scam has left a big gap in how we see financial technologies today and can you really blame them?

A proper Bitcoin education, maybe that can see the mass adoption but that on its own will take some time and serious effort.

[Plutomanian]

There’s been cases where people turned to bitcoin as an actual safe haven when taxes, fees, levies and even inflation is swallowing up an economy while the salary level and minimum wages stays the same (just as it is in Nigeria now). Inasmuch as Bitcoin may not completely replace Naira, because at some point, we’d still have need and use for the naira, but it can really help to secure our money and keep it far away from the hands of the government since you’re in complete control of your money. But the issue be say na still naira you go still take buy the Bitcoin and for we naija now, na mostly p2p we fit take buy bitcoin, meaning say na still the normal transfers we go still Dey do, and them fit still tax you like this.

The common Nigerians are suffering and there's no hope for the average citizens who worked hard enough to earn. Instead of the Nigeria government to look for solutions to resolved what they have at hand, they're busy implementing patterns that will make life unbearable for the common man. This is completely injustice and unfair treatment. The government thinks since they're earning massively as government officials, they expect the same amount to be coming out of the pockets of Nigerians who's working 9—5 job to be able pay taxes.

We start with how much salaries they received and how much going for tasks and the ones going to attend their needs and wants. Definitely not a common thing to see Nigerians been struggling to feed him or herself and also the family.