Is Bitcoin adoption in Nigeria growing, or are we just seeing more speculation?

[Antonixx]

sometimes I ask myself if Bitcoin adoption in Nigeria is actually real… or if most people are just chasing quick profit

Real adoption should mean people understand self custody, use Bitcoin for savings, payments, remittance… not just buying because they think price go pump

A lot of people rush in during bull runs, follow hype, then disappear once the market crash a little...

So are we truly growing Bitcoin adoption here, or is it mostly speculation wearing a fine suit?

What do you think?

[Janette014]

sometimes I ask myself if Bitcoin adoption in Nigeria is actually real…

So are we truly growing Bitcoin adoption here, or is it mostly speculation wearing a fine suit?

What do you think?

‎Bitcoin adoption in Nigeria is really growing and it's real.
In a country where there's billions of people, the individual decisions is different, so in Nigeria there are people who uses Bitcoin for savings and trust it not to fail. Like wise people who also get Bitcoin just for the price to pump. Different individual and we can't change that. Not forgetting those who do not even trust or believe in Bitcoin.

One of the reasons I feel Bitcoin in Nigeria is really growing is the fact that Nigeria's are recognizing technology more now, like we are all going digital, and there are increase in people working online receiving payment through crypto. Bitcoin is also faster and transparent to use, in Nigeria we love transparent, which is another good reason Bitcoin is growing so fast.

Some of the reason is also inflation in our currency. Trust me, we all know how our currency is going. Growing doesn't mean every Bitcoin holder is automatically rich, it means the numbers of people trusting Bitcoin is increasing.

[HyperCodexV]

In my personal assessment, I think it is both real adoption and speculation happening together in Nigeria. Because clearly many people are still entering crypto because they want quick profit, especially with all these influencers online acting like crypto expert analysts every day. That hype alone has pushed many young people into Bitcoin.

But at the same time, real adoption is also growing gradually. I have heard about car dealers in Lagos accepting Bitcoin as part payment for cars and I won’t even be surprised if there are similar businesses already doing it in Abuja and Port Harcourt too.

Another clear example is how crypto wallet adverts now show up during Big Brother Naija shows. Companies will not spend huge money on adverts like that if they don’t see growing interest from Nigerians. So obviously, there is still plenty hype and speculation, but real Bitcoin awareness and usage is definitely increasing little by little in Nigeria.

[Loyang]

sometimes I ask myself if Bitcoin adoption in Nigeria is actually real… or if most people are just chasing quick profit

Real adoption should mean people understand self custody, use Bitcoin for savings, payments, remittance… not just buying because they think price go pump

A lot of people rush in during bull runs, follow hype, then disappear once the market crash a little...

So are we truly growing Bitcoin adoption here, or is it mostly speculation wearing a fine suit?

What do you think?

Bitcoin's usability is definitely increasing and Bitcoin is not just being used for short-term gains but is being used as a great tool to fight inflation. A few days ago, I saw in a solution that Naija is currently the fastest-growing crypto or Bitcoin among many analysts. If I find this news, I will add it to this post. Many people are holding Bitcoin in the long term to fight inflation and many are using Bitcoin for international transactions.

The main goal of creating Bitcoin was to fight inflation. The inflation rate in our country is increasing day by day, so the best asset to fight this inflation is Bitcoin

[ruykeri]

I think adoption means the overall acceptance of Bitcoin. May be it for holding, profiting or making a transaction. Our country is far ahead in that regard. You can understand that even a few years ago, there were not so many people who had so much knowledge about Bitcoin or had Bitcoin in their holdings. But now, at this time, you will find many people who hold some Bitcoin, or have done so in the past, or are thinking will buy in  the future. Especially most of the young generation now knows about Bitcoin. I think Bitcoin adoption will increase further in the future. If our country's economy were like a developed country, then the people of our country would also have a lot more Bitcoin holdings.

[Creeper0]

Long-term investors, traders, short-term investors, miners and users all have an equal role to play in keeping Bitcoin alive. No matter how we use it, we have a role to play in keeping Bitcoin alive. I think the number of Bitcoin users in Nigeria is increasing day by day, we cannot give statistics on what percentage of people are involved in long-term investments and what percentage are involved in trading.

I think they are all playing an equal role in keeping Bitcoin alive and popular, no one should be underestimated. It is difficult to keep Bitcoin alive with only long-term holders, it is difficult to keep Bitcoin balanced with only traders. So Bitcoin needs all kinds of people. We are playing a role in keeping Bitcoin alive, this should be our identity, no class of people should be disrespected.

[Agbamoni]

Real adoption should mean people understand self custody, use Bitcoin for savings, payments, remittance… not just buying because they think price go pump

If this is your own definition of adoption, I wont taunt you for that. But if you think it is the global definition of real adoption, then you are wrong. Real adoption means having the person's conviction to use Bitcoin, buy Bitcoin, and make transactions in Bitcoin. It does not matter if the intention is to buy for profit in the future.

TBH, I love to see newbies contributing to the forum, but what you have said today might be very misleading, so I dont agree with what you've said so far.

[Joy- maker]

sometimes I ask myself if Bitcoin adoption in Nigeria is actually real… or if most people are just chasing quick profit

Real adoption should mean people understand self custody, use Bitcoin for savings, payments, remittance… not just buying because they think price go pump

A lot of people rush in during bull runs, follow hype, then disappear once the market crash a little...

So are we truly growing Bitcoin adoption here, or is it mostly speculation wearing a fine suit?

What do you think?

According to what I read online a few days ago, Nigeria is one of biggest crypto and Bitcoin adoption market in the world. As of last year, during the chainanalysis global crypto adoption index Nigeria was ranked sixth globally.

I know in Nigeria people often follow hypes, they buy Bitcoin because of FOMO not necessarily because they want to invest. you would hardly see Nigerians using Bitcoin for their daily spending, although this particular one is quite common in many places. People prefer to hold Bitcoin rather than use it for their daily transactions

To answer your OP,  Bitcoin is truly growing in Nigeria. It doesn't matter what Nigerians are using Bitcoin, whatever they chose to do with their Bitcoin is nobody's business.

[DiMarxist]

What do you expect from the generality of the masses , the truth is that most people who are into Bitcoin Bitcoin are just there to cash out that is why when ever the market is not in their favour you won't see most people enter the market. But whether the people who are into Bitcoin are just after making quick cash or even holds for a long term basis one thing is sure the use of Bitcoin is on the increase, as far as the Nigerian society is concerned. So Bitcoin use in Nigeria is growing and has grown past mare speculation.