Why Bitcoin Adoption In Nigeria Can not Be Stopped

[Dulen007]

                                                Nigeria Did Not Choose Bitcoin, Bitcoin Chose Nigeria

In most countries, Bitcoin adoption started from the top. Institutions got interested, governments debated it, and ordinary people followed.
But in Nigeria, it was completely different.
No bank promoted Bitcoin here. No government encouraged it. The CBN banned it and fought against it. Yet adoption kept growing like something that could not be stopped.
Because Nigerians did not find Bitcoin through opportunity. We found it through pain.
While others were investing, we were surviving. Inflation was silently destroying everything we worked for.

The naira we trusted kept falling. The banks we depended on kept failing us. And in the middle of all that hardship, somewhere in a WhatsApp group or a quiet street conversation, someone discovered there was another way out.
That is a foundation I don't think other country has. Not built on greed or curiosity but on genuine suffering and the desperate need to protect what little we had.

When people hold something with that kind of pain behind it, it becomes impossible to take away. You cannot remove something that people depend on to survive.
Every CBN restriction and government warning failed because Nigerians holding Bitcoin are not holding it because it is trendy. They are holding it because they have seen what happens when you trust a system that was never built for you.

Nigeria did not go looking for Bitcoin. Bitcoin found us exactly when we needed it most.

[Donk1]

​Well if I may say adoption kept on growing in Nigeria because of two major things the first is Bitcoin being decentralized which means no one can control it, even at that it's not a physical entity but a digital technology.​secondly is that adoption was driven by the fact that we Nigerians were looking for a new way to store our money from inflation like an alternative which makes Bitcoin a perfect technology for that....

​That said I will agree with you because the rate of suffering in the country is too much. That's why most times folks often ask if it's too late to invest in Bitcoin but the answer is no it's never too late as long  as you have the right psychology, emergency funds and strategy for the long term.....so yeah it's easy to say with bitcoin we don't need permission from any third party what so ever you do you are responsible so yeah bitcoin gave us back the power to control our own hard earned money...

[Doan9269]

Not only in Nigeria, but globally, bitcoin cannot be stopped because it has come to stay, and this will remain together with the existence of fiat, serving as an alternative currency anyone can decide to make use of once they want to be under a decentralized financial system.

Additionally, Nigeria is one of the most versatile and fast-growing crypto adoption nations, whose pace of adoption has been increasing over time. Despite government regulations and insurmountable obstacles towards crypto adoption, the citizens are more interested in getting an alternative, because Bitcoin has provided every answer to why they can't avoid its consideration for adoption individually.

[Agbamoni]

Provided that there is a consistent need for Bitcoin adoption cannot be stopped. If Bitcoin were causing damage in the financial system of a nation, the government would have fought really hard to stop adoption, but Bitcoin is gaining more attention because of its usage. Exactly as it was written in the whitepaper, Bitcoin is used for payment, p2p transactions, many business models have adopted Bitcoin while others are preparing to integrate it. Online casino, person store of value, wealth creation and so on and so forth. They are all the usage of Bitcoin so adoption will only keep on increasing.

[Promocodeudo]

Government might be fighting Bitcoin infact cryptocurrency generally but I don't see individual adoption of Bitcoin stopping, we understand that the government of Nigeria and other part of the world likes total control of any system but because Bitcoin is decentralized thereby making it difficult for them to control, they keep fighting to frustrate it but the good thing is that they more they try, they more valued it is, individuals, institutions keep adopting Bitcoin even the government officials that are against the system might be having more Bitcoin than we do, the are just being hypocritical, the new generation are even embracing Bitcoin more in this country because most them now understands that the only asset that can given value to whatever amount they are using to invest in the future is Bitcoin, they understand better, it means Bitcoin is unstoppable.

[Dreadboost]

Government are not planning on stopping adoption, what they are fighting for is full control of Bitcoin. Unfortunately it is impossible for them to control Bitcoin and make certain regulation that will reduce adoption. What the government have been capable of doing is to regulate Bitcoin in such a way that every transaction that comes from the nation they have a share in it.

Some government went as far as owning a Bitcoin reserve. This simple act of owning a reserve is a tactic for influencing the price whenever they want to. Eventually it pushes for more adoption without them recognizing the importance of their action towards global adoption. However, there are battles worth avoiding. The battle to control Bitcoin is not a battle the government can win, they have surrendered.

[7juju]

The Nigerian government has exhausted every avenue known to them to stop people from using bitcoin in this country. People are still able to use bitcoin in this country because of the way bitcoin was designed. Bitcoin was designed to function without any centralized intermediaries, that’s the only thing that’s saving us not because bitcoin choose is. If there were other ways for this wicked government we have in this country to take bitcoin away bitcoin from the people they would have done it.

 And I’m not yet convinced that they have given up in their attempts to make sure that bitcoin is totally eradicated from the country. This government are willing to take away the last thing that the people are surviving on. So I don’t agree with you were you said that you can’t take away the last thing the people are surviving on. This government are more than ready to take away oxygen from the masses if they have the opportunity.

[hmbdofficial]

It’s obvious that the government are not totally against the bitcoin it self but they are  against it being a system that will function without the intervention or influence of the government thats the main problem government have with bitcoin. Because the government always want to be in charge of everything that’s going on.

Adoption is really growing fast because more people are being informed about the potential benefits of bitcoin and from just it recently past history of the bitcoin achievements let say from just 2020 to now there is really significant appreciation for anyone that must have acquired bitcoin.

However the government can only regulate the bitcoin transactions one the centralised exchanges who are linked to with other fait payments method, but as for the decentralised once they just can’t do anything about it.

[DiMarxist]

You made a very important point and I tend to go with your line of thoughts concerning Bitcoin adoption in Nigeria. Nigeria were one of those countries that the state made sure that the use and adoption of Bitcoin were delebrately frustrated through policies, I can still remember during the government of buhari were accounts that had links with Bitcoin were frozen.Bitcoin is still surviving in Nigeria because the people were resilient because of the solutions that Bitcoin tends to offer Nigeria especially as an escape from the economic situation in the country.

[obuoma]

I think there is nothing peculiar with Nigeria regarding Bitcoin and the success of Bitcoin in Nigeria is the same as that of China, Bangladesh, Russia and many other countries where unfriendly policies were enacted about Bitcoin in the past yet it couldn't stop Bitcoin from flourishing.  In some countries, there were even serious and stricter crackdown on Bitcoin yet they failed in every attempt to stop Bitcoin. This is possible because by nature of Bitcoin, it is absolutely difficult to stop Bitcoin. Government can try to block the IP of anything that relates to Bitcoin but people can bypass this through VPN and other means which makes it extremely hard for the government to stop people from accessing and using Bitcoin.

[Cryptomultiplier]

The government tried so much to stop Bitcoin development in this country but all to no avail, so they had to acknowledge it as an asset that can be used to pay taxes and remittances and this is just as far as they have gone even though they haven't fully accepted it as a legal tender.
I have also seen several businesses include Bitcoin and crypto currencies in their payment plans for customers and that is not to say those who accept their salary in Bitcoin is less because there is growing user base of remote workers that accept Bitcoin upon completion of their jobs online.
What led to us as Nigerians accepting Bitcoin came from the need to be independent of the banking system and nosy government that wants to tax every sector and finance without providing a way out of the hardship and lack of employment in the country.

[Antonixx]

I agree with the part about us finding Bitcoin through pain rather than curiosity.. It’s true, the country didn’t give us a choice… high inflation and government restrictions forced a lot of us to look for alternatives and Bitcoin became that alternative. I’ll say the foundation here makes adoption in Nigeria stronger than places where it’s just about investment trends

[Nwada001]

I no sure say eh get any country way Bitcoin adoption start from up, eh they always be gradual something, even before institutions they get involve people way be the common man they first show interest before dem fit draft bill way go fit favor or approve for institutions to follow and government too.

Our growth for adoption nah say we see bitcoin as opportunity, the profit just they there and eh create more opportunities to carry explore outside the country, adding to our bad governance and the way unemployment been high reach for the country you no fit just stop person from the only means eh they carry see some change to carry manage life, eh come even be like the move for to ban Bitcoin fuel our adoption process.

[Fiatless]

I no sure say eh get any country way Bitcoin adoption start from up, eh they always be gradual something, even before institutions they get involve people way be the common man they first show interest before dem fit draft bill way go fit favor or approve for institutions to follow and government too.

Our growth for adoption nah say we see bitcoin as opportunity, the profit just they there and eh create more opportunities to carry explore outside the country, adding to our bad governance and the way unemployment been high reach for the country you no fit just stop person from the only means eh they carry see some change to carry manage life, eh come even be like the move for to ban Bitcoin fuel our adoption process.

You are right because no government will embrace a currency that cannot be controlled or regulated. The government of most countries, including Nigeria, had to embrace cryptocurrencies because they had no option.

In the case of Nigeria, the free fall of the naira, the central bank's strict policies, and others led to the adoption of Bitcoin. The tenure of former Central Bank Governor Godwin Emefiele was hell for Nigerians. The restrictions on bank withdrawals, the redesign of the Naira and the scarcity of cash, among others, drew people close to cryptos.

[Dareo]

The government tried so much to stop Bitcoin development in this country but all to no avail, so they had to acknowledge it as an asset that can be used to pay taxes and remittances and this is just as far as they have gone even though they haven't fully accepted it as a legal tender.
I have also seen several businesses include Bitcoin and crypto currencies in their payment plans for customers and that is not to say those who accept their salary in Bitcoin is less because there is growing user base of remote workers that accept Bitcoin upon completion of their jobs online.
What led to us as Nigerians accepting Bitcoin came from the need to be independent of the banking system and nosy government that wants to tax every sector and finance without providing a way out of the hardship and lack of employment in the country.

No matter how much the government tries to stop it, if people want to use it, it is difficult to stop it that is true. But it is not right to see it as a complete fight against the government, In my opinion Bitcoin has become popular in Nigeria because it is actually useful in remittances, freelance income etc. People go where it is convenient. However this does not mean that everyone is abandoning the banking system. Rather many are using both together, depending on the situation.

[EluguHcman]

                                               Nigeria Did Not Choose Bitcoin, Bitcoin Chose Nigeria

In most countries, Bitcoin adoption started from the top. Institutions got interested, governments debated it, and ordinary people followed.
But in Nigeria, it was completely different.
No bank promoted Bitcoin here. No government encouraged it. The CBN banned it and fought against it. Yet adoption kept growing like something that could not be stopped.
Because Nigerians did not find Bitcoin through opportunity. We found it through pain.
While others were investing, we were surviving. Inflation was silently destroying everything we worked for.

To correct an impression, Bitcoin did not choose Nigerians instead, Nigerians chooses it because it is not forced in to be adopted.
It is also interesting to know that Bitcoin can always be accessed at any location or borders as long you have access to the internet. So don't think Nigeria is a privilege to have Bitcoin in use.
Bitcoin is Decentralized and Nigerians either don't need to expect the governments adopt it before they can use or adopt it.

Moreover, it is not banned in the country rather, the CBN are only restricted from facilitating the Bitcoin and crypto transactions which does not stop individuals or private firms from using it.
Bitcoin is neither not an asset or project to control inflation but a store of values which gives your funds an hedge against inflation in the long term.

[Cryptoprincess101]

There are some countries that their government and institutions created the awareness about bitcoin but i don't think that there are many countries that did that, it was only few of them. As a matter of fact, when bitcoin was introduced during its early stages, government and many institutions were against it, it was only individuals that developed interest and invested secretly. It was after the government and institutions saw the growth of bitcoin that they became interested in it, so this is something that is global and not only in Nigeria. Of course, Nigerians are smart people, they don't wait for the government before they take decisions that will better their future even if the government tries to hunt them. Initially, the government of Nigeria were against those into bitcoin but now they have made it legal and even gave it security.

[Lembo69]

Nigeria may become like El Salvador one day. So you can invest with confidence. Yes, that's right, most people in Nigeria are now investing in Bitcoin, because the only reason is our own inflation, which cannot be controlled without investing in Bitcoin. And is Bitcoin legal in Nigeria now? You can invest as much as you want. Because now there is no reason to be left behind. So it will not be bad to invest in Bitcoin.

There are many people in Nigeria who have invested in Bitcoin and have become the owners of many Naira, because they have seen the results of their investment with patience, we don't know what to expect, we just invest

[Inior]

It definitely cannot be stopped because the government keeps giving us reasons to remain with the knowledge we have about our fiat currency, if they had strategically planned on how to reduce inflation most people wouldn't be bordered about saving in another currency. So our government are responsible for this one. And on the other hand just as many people started getting involved there where several airdrop which made people believe they could make money off tin air with crypto and aside that bitcoin too went through so many phases of breaking a new ATH last year so the conviction is quite strong.

[gracreavix]

I no sure say eh get any country way Bitcoin adoption start from up, eh they always be gradual something, even before institutions they get involve people way be the common man they first show interest before dem fit draft bill way go fit favor or approve for institutions to follow and government too.

Our growth for adoption nah say we see bitcoin as opportunity, the profit just they there and eh create more opportunities to carry explore outside the country, adding to our bad governance and the way unemployment been high reach for the country you no fit just stop person from the only means eh they carry see some change to carry manage life, eh come even be like the move for to ban Bitcoin fuel our adoption process.

Na wetin I been wan talk too. no country wey Bitcoin start from government or institutions first before the normal people. From the beginning sef, na random people just start am small small for different places, before e later grow reach where big players come notice am.

And you talk true, for Nigeria the way people see am as opportunity na wetin dey even push the adoption fast. Once people see say something fit help them survive or make better money, especially with how things be, e go spread naturally. nobody fit really stop that kind movement.