Naija is surely poised to become a Bitcoin giant!

[Lembo69]

I wish we can spend bitcoin directly without having to even convert it to our local currency, it would have made more sense. But are there possibilities of that happening in the near future where you can just spend your bitcoin in cash or through online transactions without having to convert it to your local currency?

In the future, it may be possible to convert Bitcoin into local currency and make transactions. However, in my personal opinion, this will not be entirely logical. Because the price of Bitcoin fluctuates very quickly. As a result, there is a large difference in the price of Bitcoin with the local currency.
Many of us invest in Bitcoin in the hope of making a profit in the future, while many use it to protect ourselves from inflation. But the fiat currency that we use, even if there is inflation, its value does not fluctuate as much every day as Bitcoin.
You may want to simply make transactions in Bitcoin instead of fiat currency in the future. The idea is good, but in practice it will take a long time to be effective. Because many people in Nigeria still do not understand online transactions properly.

Even if your plan is implemented, it will be gradual. There are still many people who do not really know what Bitcoin is and how it works. Although it is possible to make international transactions with Bitcoin, it will take time for it to be widely adopted in Nigeria.
If it becomes popular quickly in the future, such a system may be introduced first in large shopping malls, restaurants or online businesses. This will make transactions much easier, but if people do not have the right knowledge about Bitcoin, they may also suffer from various kinds of suffering.

[Cryptomultiplier]

A failed system will inevitably push her citizens in search of an alternative that still meets her need and because of the decentralised nature of bitcoin, it stands to become a better alternative that most Nigerians have to run to and that has largely led to the increasing level of bitcoin adoption in Nigeria.

Nigerians getting interested in bitcoin because they are interested in tech and them getting involved in bitcoin because they are living in a failed system is entirely a different thing and unfortunately, the latter is the root cause behind the fact that we're getting overly involved in bitcoin as an alternative to the decaying system we have at hand.

I also believe that one day Nigeria will become a bitcoin hub where most of the young Nigerians will run to bitcoin for help due to the economy of the country which will become unbearable by the time. Bitcoin is a good alternative to the fiat and government domination and over controlled economy against the citizens and a case study of such capitalist economic practices are evident in Nigeria as of today, bitcoin proffers a more self control and ownership to your finances. You decide whenever you wish to withdraw and use, you are not faced with all these stamp duty charges here and there and other hidden fees taxed from your account. I wish we can spend bitcoin directly without having to even convert it to our local currency, it would have made more sense. But are there possibilities of that happening in the near future where you can just spend your bitcoin in cash or through online transactions without having to convert it to your local currency?

Bitcoin right now in this country is mostly used by the young people who are more into online jobs and freelance jobs that don't have the option of receiving straight Naira payments but the use of alternative payment systems for ease and across border transactions.
The only old ones who are into Bitcoin investment or holdings mainly use it under advice from brokers for tax payments and remitance as the law allows.

However, I agree that Bitcoin is growing in adoption and we may someday see it being used as a legal tender with a younger or more tech savvy presidency in power as the GCFR of this great country.

[Nathrixxx]

Nigeria is of no doubt one of the most recognized countries when it comes to digital currency opportunity with cryptocurrency, it is growing on me fast pace and the citizen are more interested on taking advantage of every opportunity this may bring for them despite the government insurbordination when it comes to opportunity like this, the people have to take what they want for their own personal freedom which the government may not give until the realized they needed it for themselves, this is by Nigeria is leading when it comes to Africa and cryptocurrency adoption and Bitcoin.

[Yorubek]

What we're seeing is the inevitable; Bitcoin's usage and adoption continues to increase in Nigeria, but why us this the case?

The naija failed system is surely pushing more and more persons towards Bitcoin.
The Nigerian system is currently experiencing hyper inflation, Bitcoin is being exploited as a store of value, obviously there's a limited access as per restrictions of the dollar, so Bitcoin plays that role nicely, and of course trying to bypass high remittance costs.

The reality is that the Nigerian economy has created the demand for Bitcoin usage, for both the old and young.

My dear brother, not only in Nigeria but also all over the world, the use of Bitcoin is increasing day by day. The general people are starting to know about Bitcoin. They are buying Bitcoin and holding it for the long term. There are many logical reasons behind this, such as Bitcoin works against inflation, complete freedom, it attracts more investors, strong security measures and Bitcoin has created a new place for the general people to invest, and the exchange of Bitcoin is very easy and fast and limited free, etc. All these things attract more people. When an investor buy Bitcoin consistently with the right knowledge and holds Bitcoin patiently for the future with a long-term plan, an investor can expect long-term profits from Bitcoin.

[GIF-JOBS]

What we're seeing is the inevitable; Bitcoin's usage and adoption continues to increase in Nigeria, but why us this the case?

The naija failed system is surely pushing more and more persons towards Bitcoin.
The Nigerian system is currently experiencing hyper inflation, Bitcoin is being exploited as a store of value, obviously there's a limited access as per restrictions of the dollar, so Bitcoin plays that role nicely, and of course trying to bypass high remittance costs.

The reality is that the Nigerian economy has created the demand for Bitcoin usage, for both the old and young.

My dear brother, not only in Nigeria but also all over the world, the use of Bitcoin is increasing day by day. The general people are starting to know about Bitcoin. They are buying Bitcoin and holding it for the long term. There are many logical reasons behind this, such as Bitcoin works against inflation, complete freedom, it attracts more investors, strong security measures and Bitcoin has created a new place for the general people to invest, and the exchange of Bitcoin is very easy and fast and limited free, etc. All these things attract more people. When an investor buy Bitcoin consistently with the right knowledge and holds Bitcoin patiently for the future with a long-term plan, an investor can expect long-term profits from Bitcoin.

Yes, the popularity and acceptance of Bitcoin is constantly increasing worldwide, people are more aware than ever and are starting to trust Bitcoin. Just as people did not believe in Bitcoin before, but those who believed in it at that time have achieved huge success at the moment, similarly, we should trust Bitcoin at the present time too, because those who do not believe in Bitcoin right now, they will regret it in the future. Bitcoin can act as the biggest hedge against inflation, and also if I invest in Bitcoin, the entire ownership of my Bitcoin will be in my hands only, it is very safe and for all these reasons, Bitcoin is constantly increasing in acceptance, where from big companies to governments are also starting to accept Bitcoin in large numbers. So be aware, if you still do not believe in Bitcoin or those who still do not believe in Bitcoin they are very stupid, in the end only conscious investors will be able to survive.

[Coyster]

There are a lot of people living in poverty in Nigeria, and such people cannot buy bitcoin. Do you know why? They cannot afford to buy it, every Naira is spent on what they are going to eat, and they don't even get to eat that often or that well. So, if you believe poverty, inflation and the terrible economic situation is pushing people to buy bitcoin, then you couldn't be more wrong.

That said, the people who invest in bitcoin in Nigeria is mostly the middle and rich class. Just look around your local community, how many people do you believe have enough to invest, the number is so small and it is a worrying situation.

[Antotena]

What we're seeing is the inevitable; Bitcoin's usage and adoption continues to increase in Nigeria, but why us this the case?

The naija failed system is surely pushing more and more persons towards Bitcoin.
The Nigerian system is currently experiencing hyper inflation, Bitcoin is being exploited as a store of value, obviously there's a limited access as per restrictions of the dollar, so Bitcoin plays that role nicely, and of course trying to bypass high remittance costs.

The reality is that the Nigerian economy has created the demand for Bitcoin usage, for both the old and young.

I was on TikTok and I came across a creator crying that PayPal has permanently suspended his account, I don't know if this was the Lesotho one or Nigeria account I'm not sure but he was crying that his funds are lock and can't access the platform so as to removed his money even if they don't want him to use the platform again and Bitcoin was the first thing that ring on my mind. If only he used Bitcoin, this might not happen to him but I blame our Nigerian government that has refused to find a good platform for Nigerians.

These things happening has made everyone turn to Bitcoin, you can send and receive Bitcoin to any part of the world without having to worry if another person is going to double cross your investment. One day then government will wake up to see that every house hold now use Bitcoin because they failed to find a better system for the citizens and since Bitcoin is decentralized, it's going to be everyone first choice for payment and investment.

[Coyster]

you can send and receive Bitcoin to any part of the world without having to worry if another person is going to double cross your investment.

This part is correct. Bitcoin dey permissionless, you fit send am to anybody or anywhere in the world and you no need the permission from any third party. Just make sure say you use non-custodial wallets, so you go control your keys.

One day then government will wake up to see that every house hold now use Bitcoin because they failed to find a better system for the citizens and since Bitcoin is decentralized, it's going to be everyone first choice for payment and investment.

This part no dey correct. Bitcoin no fit become the first choice of payment for Nigeria, or even anywhere else for that matter. Do you really believe it can. Bitcoin na alternative currency, it cannot replace the Naira or any other fiat currency for that matter. Right now, how many merchants to you know that accept bitcoin in Nigeria?

[The Founding Titan]

In any case this doesn't really make Nigeria a special case, these are not isolated happenings, even here in Africa alone the number of countries that seem to be more and more bitcoin friendly keeps rising maybe the economic peculiarity of the country might be pushing more and more people towards bitcoin but why is it that what we seem to be praising for increasing the adoption of bitcoin is always something negative, right now it's a failure in the country's system tomorrow it will be something else while other nations out there are adopting bitcoin not because there is something wrong with their nation but because they simply see the value bitcoin has to offer.
What is happening in the country might be good but I wished its happening for a different, more positive reason.

[Mate2237]

Whether you call it the Nigerian failed system or not Nigerians has come to embrace and love Bitcoin, and is already a giant when it comes to Bitcoin. This is because Bitcoin has become a very important tool which has metamorphosed beyond just a payment tool in the hands of Nigeria. Bitcoin today as it's in the Nigerian society has become a way out, that is why Nigeria ranks as one of the countries which the highest level of Bitcoin adoption rate in the world.



Bitcoin has become part of the Nigerian society, that is due to the trust which Nigerians has been able to put in Bitcoin and it use. So my advice to newbies and those who are yet to make up their minds when it comes to Bitcoin they, should embrace it because Bitcoin is one sure that that they can rely on.

[Franklyn-wood]

In any case this doesn't really make Nigeria a special case, these are not isolated happenings, even here in Africa alone the number of countries that seem to be more and more bitcoin friendly keeps rising maybe the economic peculiarity of the country might be pushing more and more people towards bitcoin but why is it that what we seem to be praising for increasing the adoption of bitcoin is always something negative, right now it's a failure in the country's system tomorrow it will be something else while other nations out there are adopting bitcoin not because there is something wrong with their nation but because they simply see the value bitcoin has to offer.
What is happening in the country might be good but I wished its happening for a different, more positive reason.

Yes most of the countries in Africa are embracing becoin base on the fact that there economy is bad, and this is not because they don't have resources that could burst there economy but it because of poor management of the country resources and greed to have it all to themselves. So while the leaders are looking for ways of looting more money and resources while it last, while the citizens are left to face the reality of all the negative things they have done.
Many Africans are grabbing Bitcoin as the last options they have and not mainly for the benefits they are to gain from Bitcoin.
I would not blame some of this people, because they are left with no other options than to seek other ways of things out of life.