Why do alot of Nigerians still doubt bitcoin despite its growth?

[Xackie]

I mean there has been growth, yes, but alot of Nigerians still have doubts about Bitcoin even though it has grown over the years and gained more attention globally, well a lot of this doubt comes from how unstable the price can be and of course also from past stories of people losing money. In a way we can say some people don’t fully understand how Bitcoin works, so they just see it as something risky or even like a gamble, instead of a real asset that they can grow, you know.

Here is the thing, even with all this growth and awareness, the doubt is still there, especially among new or I would say average investors. So I want to ask, in 2026, why is the doubt Bitcoin in Nigeria still at large?

I mean I could be wrong, so if you believe the doubt isn't there, please fell free to share.

‎This stuff made me remember the time where Bitcoin was becoming popular, some of my uncles then and most Nigerians were giving it sort of bad names , calling it coin that was made by the devil. Now Bitcoin has performed beyond their expectations. Omo we still dey backward for this country sha. Well some of the reasons why Nigerians are still have doubts about Bitcoin is because they don't fully understand how it works, so they see it as another type of Ponzi schemes or at times when they hear stories about it like people losing big money in it , so it is a no go area for them. I think proper awareness who help, though it not everyone that will want to invest in bitcoin. But Bitcoin is one of the best assets which has huge Potential is returns

[ruykeri]

Even at this time, many people in our country are skeptical about Bitcoin. I think the main reasons for this are firstly lack of proper knowledge, and secondly poverty. I know some people who know only as much about Bitcoin as they have learned from others. After that, they do not study on their own. If we had researched about bitcoin after learning about Bitcoin ourselves, we could have learned a lot. Then the skepticism about Bitcoin would have decreased a lot.

And Bitcoin is basically an asset to hold for a long time. Its potential to increase with time increases. But since most people in our country are poor, they cannot hold Bitcoin for a long time. That is why they are forced to sell when the price falls. I think if they have the right knowledge and invest correctly, the doubt about Bitcoin will decrease a lot.

[liasbaa]

The government thinks the common people are stupid and imposes some decisions on them from which the government gets more benefits but in return the common citizens get very little benefits. One of these policies is monetary strategy because the government will force you to follow the strategy that will be convenient to implement its policies and in some cases it will be enforced by law.

The Nigerian government is trying to make the nation dependent on fiat only by giving many negative ideas about crypto. Many people follow the instructions given by the government but those who want to protect themselves from the effects of inflation create alternative financial systems and they are the smart investors.

[Yablee0]

People right now are more concerned about survival and feeding of their family members. so investing in bitcoin may not cross their mind even once.

That's is the truth of the whole matter I swear, coming out to lay claims without any concrete evidence is unacceptable, as a matter of fact the point made my Sir Hatchy is just the key reason making many people not to consider that direction in recent time. I know Bitcoin investment has made provision for even a middle class person's to invest using the DCA method but that isn't the case because even as we speak their are thousands and one Nigerians that are still finding it very difficult to survive because of lack of good jobs and other possibly ways of living not to talk of investing.  However, Bitcoin is well recognized globally including in Nigerian no doubt, but what has limited it so far has nothing to do with self doubt or whatever but the present economics challenges is what has caused the present limitations we are seeing now.

[Tungbulu]

People right now are more concerned about survival and feeding of their family members. so investing in bitcoin may not cross their mind even once.

That's is the truth of the whole matter I swear, coming out to lay claims without any concrete evidence is unacceptable, as a matter of fact the point made my Sir Hatchy is just the key reason making many people not to consider that direction in recent time. I know Bitcoin investment has made provision for even a middle class person's to invest using the DCA method but that isn't the case because even as we speak their are thousands and one Nigerians that are still finding it very difficult to survive because of lack of good jobs and other possibly ways of living not to talk of investing.  However, Bitcoin is well recognized globally including in Nigerian no doubt, but what has limited it so far has nothing to do with self doubt or whatever but the present economics challenges is what has caused the present limitations we are seeing now.

Several factors can make or hinder someone from investing in Bitcoin, and this isn’t just about bad economic conditions, lack of jobs or reliable source of income, yes these could actually potentially hinder someone who’s really enthusiastic about investing in Bitcoin, but we need to understand that there are people who irrespective of the current progress of Bitcoin and the historical performance of Bitcoin, they’re still very much in doubt as they have the mindset that nothing lasts forever, and that it could collapse the moment they invest their money, irrespective of having a good job or even several streams of income.

[Bright0515]

Even with the growth of Bitcoin and the impact it has made over the years there are lots of people that still doubt it, some call it a white man's scheme to make money off Africans, that's a wrong mentality. A lot of Nigerians have lost huge amounts of money in the past to ponzi schemes, and if they had invested those funds into Bitcoin they would have benefitted from it. The main problem with a lot of Nigerians is that they want from ways to make money rapidly, they don't want anything that is going to take them a long time to get it.

[LOVER BOY 422]

I mean there has been growth, yes, but alot of Nigerians still have doubts about Bitcoin even though it has grown over the years and gained more attention globally, well a lot of this doubt comes from how unstable the price can be and of course also from past stories of people losing money. In a way we can say some people don’t fully understand how Bitcoin works, so they just see it as something risky or even like a gamble, instead of a real asset that they can grow, you know.

Here is the thing, even with all this growth and awareness, the doubt is still there, especially among new or I would say average investors. So I want to ask, in 2026, why is the doubt Bitcoin in Nigeria still at large?

I mean I could be wrong, so if you believe the doubt isn't there, please fell free to share.

Ponzi scheme has given many Nigerian doubts about Bitcoin investment they all see it and call it online work because they also concentrate on phone in doing their transactions, but I'm so sorry for them because losing money in the hands of fraudulent people is always so devastating and frustrating but many don't still know how we are still managing the situation so that it will not fade us in future , even as much as many are still testifying about Bitcoin investment they are still nodding heads saying don't worry one day you people will also get scammed lol , this is the mentality of many Nigerians now , how ease are we to convince this sets of people that Bitcoin investment isn't a fraud?
Waw! Many are still calling it fraud can you see how ignorant many people are , just because of Ponzi scheme it has changed their mindset/Narrative about the good will  of Bitcoin investment, but to those who still believe in Bitcoin investment communities thumbs up and never give up in the teachings in other to still expand the awesome experiences and awareness of Bitcoin investment.

[Fivestar4everMVP]

I mean there has been growth, yes, but alot of Nigerians still have doubts about Bitcoin even though it has grown over the years and gained more attention globally, well a lot of this doubt comes from how unstable the price can be and of course also from past stories of people losing money. In a way we can say some people don’t fully understand how Bitcoin works, so they just see it as something risky or even like a gamble, instead of a real asset that they can grow, you know.

Here is the thing, even with all this growth and awareness, the doubt is still there, especially among new or I would say average investors. So I want to ask, in 2026, why is the doubt Bitcoin in Nigeria still at large?

I mean I could be wrong, so if you believe the doubt isn't there, please fell free to share.

You already mentioned the reason why most newbies who are just coming into crypto or supposed to be coming into crypto display and exercise doubt over bitcoin with some calling it a gamble, you said the reason is due to bitcoins's unstable price movements which can have it going up one moment, but the next minute, its going down again..

But seeing this as a good enough reason to doubt bitcoin is simply ignorance at one of its highest heights, people like this simply need to sit down and study the price of Bitcoin from the very start when it started having value in 2010 to this very day, let them tell if there is any other asset that outperformed bitcoin in terms of value growth and market cap capture even with the volatile nature of the cryptocurrency.

[ejikeme24]

Even with the growth of Bitcoin and the impact it has made over the years there are lots of people that still doubt it, some call it a white man's scheme to make money off Africans, that's a wrong mentality. A lot of Nigerians have lost huge amounts of money in the past to ponzi schemes, and if they had invested those funds into Bitcoin they would have benefitted from it. The main problem with a lot of Nigerians is that they want from ways to make money rapidly, they don't want anything that is going to take them a long time to get it.

You know, one thing about Nigerians is that they mistake good to bad,  there was a time when I tried to get my friend to invest in bitcoin not that I forced him rather I just decided to expose bitcoin investment to him but guess what he said.... That they have already informed him about bitcoin investment and then he started telling him how alot of people got scammed I even try to explain to him that it was not through bitcoin investment that people got scammed, he seems to be mistaken those ponzi scheme that has been trending back then as bitcoin investment but  since he refused to give him a listening ear then I decided to let go.

[Chilwell]

Ponzi scheme has given many Nigerian doubts about Bitcoin investment they all see it and call it online work because they also concentrate on phone in doing their transactions, but I'm so sorry for them because losing money in the hands of fraudulent people is always so devastating and frustrating but many don't still know how we are still managing the situation so that it will not fade us in future , even as much as many are still testifying about Bitcoin investment they are still nodding heads saying don't worry one day you people will also get scammed lol , this is the mentality of many Nigerians now , how ease are we to convince this sets of people that Bitcoin investment isn't a fraud?

Some days back I was blaming government of not making proper awareness of Bitcoin but later on I start to realize that it wasn't the fault of the government, just as you said, we the Citizens are the one that are giving doubt to each other because of so many things that have happened in the past, which is why everyone is scared because if eventually it went negatively no one will like to listen again that was why up to this moment many people are still seeing bitcoin as fraud. The Ponzi scheme you mentioned as actually done a lot of bad to Nigeria and that was why they don't believe anything online because they believe that they are all scammers. And the most funny part here is that not even illiterate are denying bitcoin, even people that went to school and have the knowledge of what took them there are still seeing bitcoin as a scam.

[Hardyrobust]

 Yes it is not a fact to be disputed that bitcoin has proven it's worth as a potential coin. However, this doesn't remove doubt or make everyone to believe in it. There are people that will still and continue to doubt the potential of  bitcoin no matter how good bitcoin has proven to be. So it shouldn't be a surprise to anyone that there are still people that doubt or don't believe in bitcoin in Nigeria. Infact it is not just in Nigeria alone even in some advanced countries there are still people that doubt the potential of bitcoin and they are not willing to accept bitcoin.

[yixichloro2xx]

I think some of the reasons why people still doubt Bitcoin is because of their past experiences, or what they heard about it. Some people might have fallen into the hands of scammers who used Bitcoin to scam, so that damage stays with them. Price swings also make people scared, especially when the market is in a bearish momentum and they heard that someone lost their money in it, so they think it's not safe for them. In Nigeria, income pressure is real, so people want stability, not risk. lastly I will say education, alot of people still don't have idea about Bitcoin so they rather invest in physical stuff and digital assets. At least Nigeria is growing little by little in terms of adoption of Bitcoin.

[Su-asa]

it baffles me how a lot of Nigerians are ready to invest in ponzi schemes but when it comes to investing in bitcoin they start doubting just because the market goes through a dip. Nigerians always go for something that would give them quick money that's why they end uo getting deceived. Looking at where bitcoin was years back and the amount it has reached today there is a lot of difference, that alone should be a reason why people aren't supposed to be doubting bitcoin again. Although a lot of Nigerians are ignorant and that's just the fact, they fail to realise that investing in bitcoin is an opportunity that they need to be financially free in the future