The average Nigerian and Bitcoin: Can we ever go beyond just Speculation?

[Progress101]

For alot Nigerians today, Bitcoin is still seen as a way to make quick money, you know there are stories of people turning small investments into big wins and that usually grab the attention of people, but what about using Bitcoin in our daily life, like for shopping, for bills, or even just sending money to family people? Will it ever be possible for Bitcoin to be more than just a tool for speculation?

I mean when we talk about Bitcoin adoption, well yes, the price matters but building trust and accessibility that is something Nigerians will always demand first before they use any product. So maybe just like mobile money made payments easy for us especially during the naira scarcity, can Bitcoin do the same for us in the coming future?

Now i know alot of people will hesitate because it feels complicated at first and its risky, well yes, but imagine if more Nigerians could use Bitcoin as naturally as we use apps like Carbon or Opay or Palmpay. What would it take to make that a reality?

I am very curious to hear what you guys think.

[Churchillvv]

Bitcoin na alternative currency if you know sabi that one know now so we no need bitcoin to really Dey like fiat before we like am or use am well, so if you Dey want make bitcoin start to Dey enter normal transaction daily like fiat e no possible na why bitcoin na alternative currency, e no Dey in competition with any other currency, e just Dey on its own.

[DiMarxist]

For now Bitcoin in Nigeria is just in the speculative stage because alot of people are more concerned about making money from Bitcoin. Using Bitcoin for daily transactions is still rare as you see only few people who actually uses Bitcoin to doing shopping or doing some transactions, this may also be connected to the fact that you have limited places were Bitcoin can be accepted in as a means of payment in Nigeria, especially in the streets the only place were Bitcoin is used often is in only transactions especially for those into crypto gambling and buying of online stuffs. It will take a while before Bitcoin will become more of a culture in the country.

[Smartvirus]

For alot Nigerians today, Bitcoin is still seen as a way to make quick money, you know there are stories of people turning small investments into big wins and that usually grab the attention of people, but what about using Bitcoin in our daily life, like for shopping, for bills, or even just sending money to family people? Will it ever be possible for Bitcoin to be more than just a tool for speculation?

imagine if more Nigerians could use Bitcoin as naturally as we use apps like Carbon or Opay or Palmpay. What would it take to make that a reality?

I am very curious to hear what you guys think.

The thing be say, this narrative no Dey far from the reality of many people for the world today, it’s being the only advertising Bitcoin needs, its ability to increase in value and the decentralized Bitcoin. However, for the developing world way we from like this, nobody wan loss watin them don suffer get, especially for this economy way Nigeria Dey cry.

The Satoshi Nakamoto idea has always being and still remains the p2p use of Bitcoin. This purpose is already being actualized but, not on the world stream just yet and this would only come to reality with global adoption. There is nothing an individual nation can do to that effect other than, giving the green for it’s citizens to use Bitcoin.

[Gozie51]

I mean when we talk about Bitcoin adoption, well yes, the price matters but building trust and accessibility that is something Nigerians will always demand first before they use any product. So maybe just like mobile money made payments easy for us especially during the naira scarcity, can Bitcoin do the same for us in the coming future?

What I know is that whether more people dey use bitcoin or not in Nigeria, what will create open acceptance that will make businesses begin to openly use it and that of investment in bitcoin like having more bitcoin ATM depends on the government. If government starts to look into bitcoin legality, then there will be more interested investors. So government positivity in bitcoin in Nigeria is what will increase its use, hodling or investment.

[EarnOnVictor]

Will it ever be possible for Bitcoin to be more than just a tool for speculation?
So maybe just like mobile money made payments easy for us especially during the naira scarcity, can Bitcoin do the same for us in the coming future?
Now i know alot of people will hesitate because it feels complicated at first and its risky, well yes, but imagine if more Nigerians could use Bitcoin as naturally as we use apps like Carbon or Opay or Palmpay. What would it take to make that a reality?

I've tried to bring together some excerpt questions from your post to encapsulate your question, and my conclusive answer is No! For some reasons.

Nigeria is not the country that lead in creation and leading, but it relaxes for other countries to lead so that it can follow. Otherwise, it will lead to regrets. Besides, have you considered Bitcoin's volatility? It's not going to be easy like the fiat currency. Don't be surprised that if you send money to some at times, it might have seriously devalued in a few minutes. Another angle is the fee, Bitcoin fee will be too high for Nigerians, not to mention the slow speed of Bitcoin transactions that averages 10 minutes to 1 hour, while the current fiat NGN through Opay and others takes less than a second. How would the government even monitor people's transactions, let alone tax it? The reasons it will not work are endless.

[Samlucky O]

Now i know alot of people will hesitate because it feels complicated at first and its risky, well yes, but imagine if more Nigerians could use Bitcoin as naturally as we use apps like Carbon or Opay or Palmpay. What would it take to make that a reality?

I am very curious to hear what you guys think.

Bitcoin is not just a speculative asset but Also a tool for payment just like fiat, that's why it is called an alternative to fiat. It can be used to pay for service or for buying and selling, but you should know that Bitcoin is is not just like all those microfinance banks like moniepoint and opay and all that. Bitcoin requires carefulness when making transaction since it doesn't display account name like bank, in such cases you may pay to a wrong address which is inreversable. And secondly it has limit to the transaction you will like to make. Like buying something less than #5k will be hard to make payments in Bitcoin, and even the fee per transaction will be way higher than some goods you will like to buy wit it. So Bitcoin is used for payment but the payment are very high payment that even the fee you pay will not affect you. Bitcoin is too expensive to be used for petty buying, that's why some people sell to fiat to buy what they can afford in local currency.

[ColdLava40]

I am very curious to hear what you guys think.

I thought these were already some basic use of bitcoin? Though not yet widely acceptable at convenience stores or payments of bills like electricity but it's already in play on many online stores.

We shouldn't basically expect adoption to happen all of a sudden as it's a gradual process and bitcoin is still on the path to growth.

What matter now is how we choose to use it, either as an investment or a means of payment. But majority of people today use bitcoin as an investment purpose.

[Emjay24]

I mean when we talk about Bitcoin adoption, well yes, the price matters but building trust and accessibility that is something Nigerians will always demand first before they use any product. So maybe just like mobile money made payments easy for us especially during the naira scarcity, can Bitcoin do the same for us in the coming future?

Nigerians already trust bitcoin, the problem is our government not giving it favorable grounds to thrive. Little payments in bitcoin can easily and instantly be made through lightening network which is a layer 2 solution of transacting in bitcoin.

Now i know alot of people will hesitate because it feels complicated at first and its risky, well yes, but imagine if more Nigerians could use Bitcoin as naturally as we use apps like Carbon or Opay or Palmpay. What would it take to make that a reality?

Bitcoin is money, Opay or Palmpay are apps, they are not the same thing, a nearer comparison may be self-custody wallets like electrum which offers full supports for LN payments and onchain payments as well. This would really take time to be integrated into the Nigerian society, the average business person in Nigeria isn't yet ready for that.

[IceLincoln]

For alot Nigerians today, Bitcoin is still seen as a way to make quick money, you know there are stories of people turning small investments into big wins and that usually grab the attention of people, but what about using Bitcoin in our daily life, like for shopping, for bills, or even just sending money to family people? Will it ever be possible for Bitcoin to be more than just a tool for speculation?

I mean when we talk about Bitcoin adoption, well yes, the price matters but building trust and accessibility that is something Nigerians will always demand first before they use any product. So maybe just like mobile money made payments easy for us especially during the naira scarcity, can Bitcoin do the same for us in the coming future?

Now i know alot of people will hesitate because it feels complicated at first and its risky, well yes, but imagine if more Nigerians could use Bitcoin as naturally as we use apps like Carbon or Opay or Palmpay. What would it take to make that a reality?

I am very curious to hear what you guys think.

Bitcoin is an evolution but unfortunately Nigeria is not a country that is receptive to innovations especially when it concerns her citizens. What you’re saying can be possible if there are conditions and environments to enable it, at the moment we are not ready, we are not even preparing to get started, I mean for starters our internet system is too slow and for all the complexities of bitcoin it can’t be compared to OPay and the likes.
Some of the European and American countries use bitcoin and other cryptocurrencies for daily life cause there are good conditions and systems to enable it. If you ask me we're even below a developing country.