Why Bitcoin Adoption In Nigeria Can not Be Stopped

[abaeze]

Bitcoin itself is also highly volatile and its price fluctuations still make many people think differently. So it is not always safe short-term protection but more reasonable as a long-term hedge. Despite all this, we have embraced Bitcoin because of Bitcoin’s decentralization so that no government or CBN can directly control our assets. In Nigeria, Bitcoin is now as popular as the Naira and its technological security has made it more attractive to people of all classes. Decentralization is the safest option for people, especially when trust in central banks or government policies is waning and Bitcoin has been providing this security to users around the world, including Nigeria, for over a decade.

[Dulen007]

​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...

This is one of the most accurate observations I have seen so far on this thread.
You said governments have surrendered. I'll agree to that but I think the surrender happened quietly and strategically. They did not lose and walk away, rather they lost and then repositioned.
When the US, El Salvador and other governments started building Bitcoin reserves, that was not a coincidence. That was the moment they realized that if you cannot beat the network, you just have to join and try to profit from its growth while pretending you are regulating it.
I think the most powerful thing about Bitcoin is that it forced the most powerful institutions in the world to adapt to it.

[Mate2237]

Bitcoin has grown to become part of the Nigerian society so the probability of Bitcoin been stopped will be very low. Nigerians has come to see the benefits that Bitcoin offers because Bitcoin directly help Nigerians escape the inflation rate that has been rising without any plan from the government to stopping it. Nigeria today is one of the leading countries when it comes to the use of Bitcoin globally this only goes to show the coincidence that Nigerians has come to develop in Bitcoin.


Government has in the past tried everything possible to make sure that they fight and stop Bitcoin but has failed because they have come to realize that it's impossible to stop the use of Bitcoin in the country.

[Byebyebtc]

You know if our leaders are industrious and have good knowledge they would have gotten to know about Bitcoin before the citizens just like other countries, but it's the other way round, even the fact that they are attempting to eliminate it will how you how it ignorant they are.

Probably if they got to know about Bitcoin and thought of investing in it will show that they have good knowledge and the country would have been better than this knowing that our leaders are that intelligent.

[Webutxo]

Bitcoin itself is also highly volatile and its price fluctuations still make many people think differently. So it is not always safe short-term protection but more reasonable as a long-term hedge. Despite all this, we have embraced Bitcoin because of Bitcoin’s decentralization so that no government or CBN can directly control our assets. In Nigeria, Bitcoin is now as popular as the Naira and its technological security has made it more attractive to people of all classes. Decentralization is the safest option for people, especially when trust in central banks or government policies is waning and Bitcoin has been providing this security to users around the world, including Nigeria, for over a decade.

Bitcoin volatility is what makes Bitcoin interesting in my opinion. If there is volatility you will likely make quick profit from the market and exit once that's the good side but the bad side of this is that you will make loss from the market when things are not going well and when there is a sharp dump, you are going to have a serious damage. There is good benefit from volatility and there is bad side of it, the choice you make is going to determine how much you make with it.

I don't think the Nigerian government can ever stop Bitcoin, we are one of the biggest people that dominate the crypto space, we have the largest users by country. This is why the exchanges are trying to collaborate with Nigeria to make it work for everyone but our government knows nothing but tax. Any company that will not give them an insane tax, they don't want to work with them that's why we don't get the development that we deserve.

[Sammye3]

The knowledge of bitcoin is wild spread and adoption is inherent no matter how you look at it. Bitcoin solves the problem of anonymity and control over assets and the government know that. The government would have completely shut down any approach to the use of bitcoin in Nigeria but they did not, despite the government's unapproved standards bitcoin is supported in Nigeria.

This should be a green flag that the Nigerian government is not totally against the use of bitcoin,  but fear that it could hurt the relevance of naira when approved with full operation as a legal tender.

[Bigthraex]

​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...

This is one of the most accurate observations I have seen so far on this thread.
You said governments have surrendered. I'll agree to that but I think the surrender happened quietly and strategically. They did not lose and walk away, rather they lost and then repositioned.
When the US, El Salvador and other governments started building Bitcoin reserves, that was not a coincidence. That was the moment they realized that if you cannot beat the network, you just have to join and try to profit from its growth while pretending you are regulating it.
I think the most powerful thing about Bitcoin is that it forced the most powerful institutions in the world to adapt to it.

Stopping Bitcoin in Nigeria is not possible especially now that Nigerians see it as not just an investment but knowledge. Many People understand how it works and the value it provides so I think Bitcoin is here to stay. The good part is that Bitcoin did not need big institutions to grow but it grew and expanded by friends teaching friends, social media and communities like this which educate newbies. The adoption is fueled by people and that is why it will be hard to control it.

[Judith87403]

You know if our leaders are industrious and have good knowledge they would have gotten to know about Bitcoin before the citizens just like other countries, but it's the other way round, even the fact that they are attempting to eliminate it will how you how it ignorant they are.

Probably if they got to know about Bitcoin and thought of investing in it will show that they have good knowledge and the country would have been better than this knowing that our leaders are that intelligent.

Well I get what you’re saying but it’s not really as simply as it sounds. A lot of governments approach Bitcoin with caution due to regulations, risk of fraud and financial stability, not just because they lack the knowledge or are ignorant about the importance and value of Bitcoin. The fact that some leaders are slow to adopt Bitcoin doesn’t necessarily mean ignorance, plus we need to understand that the fact that a country adopts Bitcoin very early alone doesn’t in anyway guarantee the country’s development, what’s more important is making sure that the policies and systems aligns with the economy and not just the timing.

[Jubilee58]

Bitcoin adoption in Nigeria has really increased, and is increasing more, and more. There was was a time when even the federal government of Nigeria turned against bitcoin investing, and many channels that was used to fund the cryptocurrency (bitcoin) was blocked, and it came to a time where Nigerians were blocked from using one of the biggest cryptocurrency exchange Binance, stopping them from using P2P, but all these effort could not stop Nigerians from investing in bitcoin.
Today, the government that has rejected bitcoin investing, has seen the need to embrace bitcoin investment.

As Nigerians, bitcoin has helped us to secure value for our fiat currency, and helped us to manage inflation properly. Keeping our money in the bank has failed us , the money we keep in the bank depreciates in value, and become vulnerable to inflation, but Bitcoin has helped us come out of the problems that fiat currency has brought to us.

[Out of mind]

It is very difficult to reduce Bitcoin investment in Nigeria, because people do not just see it as an investment vehicle, but rather as their future asset. What we are seeing at the moment is the devaluation of the Naira and high inflation which is hurting every individual financially which is why they are looking for alternatives. The younger generation of today always wants to be in the digital world which is why they are planning to invest in Bitcoin with a lot of awareness to keep their financial position strong. They use Bitcoin for sending remittances internationally because keeping money in the banking system does not yield much profit but rather incurs more losses. Most banking services in Nigeria are not very good which is why people do not want to deposit their money there but rather want to invest that money in Bitcoin and get financial freedom in the future.

[riscohen4]

However, there are battles worth avoiding. The battle to control Bitcoin is not a battle the government can win, they have surrendered.

I don't think they have surrended at all. Big companies like Black rock created Bitcoin ETFs and people are buying into that. If you purchase it, you are not directly owning bitcoin but the idea was sold to people as a way out for ease of buying. But what they indirectly did was to put themselves under control of the US government over there assest. I don't frankly know whether they know what they are doing or they do know. So i don't entirely believe government are backing down. They are still looking for a way to control it. And i think with what i have stated, they have found a way to actually control the masses. A lot of people are actually actively buying into it. I just gave an example of the US. Nigeria might later in the future adopt this method.

[emmybd]

Better late than never. Governments all over the world realized the actual potential of Bitcoin. It is not to destroy the fiat currency, but a supportive alternative option. Initially, many governments had tried to curb Bitcoin by various means, but all their designs have failed. As they couldn't stop it, they are now considering using it for their own benefit. As in other countries, Nigerians see it as a better option for investment, considering the fiat currency. As the government controls fiat currency, there are many barriers. On the other hand, Bitcoin is a decentralized currency, and nobody controls it. Nowadays, it has been considered as digital gold. Therefore, people's confidence in Bitcoin is increasing day by day.

[Bryan jessy]

Bitcoin adoption will keep growing everyday, most especially now that naira value has so much decreased, adding to the fact that the Bank system is acting up and depriving people access to their money due to poor operations and services. With the unique nature of Bitcoin nobody will want to be left out from partaking in the use of an effortless service that Bitcoin provides, the remaining people who have not adopted this method yet are those who are not financially grounded yet to take a step forward into crypto, those who does not have a discretionary income or who's income is low, and those who are still scared. Do not be shocked their some persons who still doubt cryptocurrencies, but those who understand it are already enjoying the benefits.

[Plutomanian]

Better late than never. Governments all over the world realized the actual potential of Bitcoin. It is not to destroy the fiat currency, but a supportive alternative option. Initially, many governments had tried to curb Bitcoin by various means, but all their designs have failed. As they couldn't stop it, they are now considering using it for their own benefit. As in other countries, Nigerians see it as a better option for investment, considering the fiat currency. As the government controls fiat currency, there are many barriers. On the other hand, Bitcoin is a decentralized currency, and nobody controls it. Nowadays, it has been considered as digital gold. Therefore, people's confidence in Bitcoin is increasing day by day.

The Nigeria government can be a barrier to Bitcoin but not for long because because the citizens are wise enough to come up with set piece of strategy they exert as the government prohibit and extend their ban on crypto, alot of things changed but people still trade lowkey despite the restrictions order. Bitcoin will always be available for everyone who are confident enough to embrace it and this is not just Nigeria but also in Europe.

I feel the government perceived Bitcoin to become a threat to the general fiat currency and they look for means to restrict it but you know how Bitcoin operates, it keeps getting and gaining more recognition even more valuable than the fiat currency in question. The government is starting to understand how the market works and they will embrace it soon.

[PremiumcryptoHub]

The knowledge of bitcoin is wild spread and adoption is inherent no matter how you look at it. Bitcoin solves the problem of anonymity and control over assets and the government know that. The government would have completely shut down any approach to the use of bitcoin in Nigeria but they did not, despite the government's unapproved standards bitcoin is supported in Nigeria.

This should be a green flag that the Nigerian government is not totally against the use of bitcoin,  but fear that it could hurt the relevance of naira when approved with full operation as a legal tender.

Actually I agree with you that the government could have completely stopped any initiative to use Bitcoin in Nigeria but they did not so it should be a positive signal for us that the Nigerian government is not completely against Bitcoin. Another thing I have noticed is that there are many countries where the governments of the countries are completely against Bitcoin but still people there are able to transact this currency because Bitcoin can give users the freedom to transact this decentralized currency without government approval if they have an internet connection and a wallet. Note that if Bitcoin is a legal currency it may damage the relevance of the Naira but we can see that it will be able to prevent the depreciation of this fiat currency and this currency is also considered as a store of value here.