If Bitcoin becomes daily payment in Naija, which wallet type dies first

[Son $f Grace]

Let get things started, welcoming myself onboard. Really learnt all here in this forum.

Make una reason this small thing with me.I came to find out that we uses BTC for just cash-out and to hold. And come to think of it say we just wake up tomorrow FG say we go fit use BTC pay for our daily expenses being it our foods, clothing and so on.

My Question wea I con get now be say wetin go do our daily wallet wea we Dey use currently ?

This my own opinion or would say my point of veiw:

1.Exchange/Custodial wallets
This one will be massive, allot of users will love ur because it fast and instant and it easy to use/cashout. But in a situation wea exchange block you 🤧na ur money be that oh. As he con be say na food money Not your key go turn somthing else 😂

2.Non-custodial Onchain wallets
Ah ah this one na regular customer, them go too use am for daily use. Like  ₦5k for garri and chops, make network con busy self fee con take ₦2k. No time to wait for confirmation. This for big funds and savings it will stay.

3.Lightning wallets
For paper this one suppose win. It cheap abd fast. But few knows how to use it, how many Naija sabi operate am ?…. Me myself still trying figure it out/learning.

So let hear from the boss in the house
1. In a situation we’re payment go on mainstream. Which wallet is going to be lossing relevance ?
2. What are our challenges to make Lighting work in our Naija
3. And again do we think that an average Nigeria is going to choose convenience over self custody ? Standing on not ur key not ur coin ?

I don’t know it all, let drop our opinions let learn from it. If the thread worth am make we make am reference

[Comeacross]

Lightning wallet no kuku popular for this side so I go comot am from the option.

Exchange account go dey serve as fintech apps just like Opay and Palmpay for fast payment. You don't keep large amount of your assets in them but just a few amounts for spending.

Non custodian wallet go dey serve as main wallet for holding. If you dey worry about fees, exchange too dey get mad fees unless you select chain associated with altcoins.

These two can survive together just like our banking system but of course the online banking system is gradually taking over the payment system from established banks. For just small payments, exchange will be the most prefer.

[Davidloki]

3.Lightning wallets
For paper this one suppose win. It cheap abd fast. But few knows how to use it, how many Naija sabi operate am ?…. Me myself still trying figure it out/learning.

The Lightning Network doesn't have a specific wallet for it alone. Lightning Network is easy to use. To make a transaction using the Lightning Network, you need an exchange that supports Lightning withdrawals or deposits, or a Lightning wallet that provides the addresses.

For an exchange, visit Deposit, select Bitcoin, and then choose Lightning address. Exchanges that supports lighting adresses are Coinbase, Binance, OKX, Bitfinex. For a wallet, I recommend Muun, Bluewallet, or Breez.

[Grace333]

Lightning wallet no kuku popular for this side so I go comot am from the option.

Exchange account go dey serve as fintech apps just like Opay and Palmpay for fast payment. You don't keep large amount of your assets in them but just a few amounts for spending.

Non custodian wallet go dey serve as main wallet for holding. If you dey worry about fees, exchange too dey get mad fees unless you select chain associated with altcoins.

These two can survive together just like our banking system but of course the online banking system is gradually taking over the payment system from established banks. For just small payments, exchange will be the most prefer.

Lighting network is not popular because the government has in recent years fight cryptocurrency if they had not put fear in the minds of her citizens maybe it would have been implemented. Besides, if bitcoin is accepted as a legal tender, there would be a need for Lighting network for fast payment so you don't have to wait for 5-10 minutes before you are free to leave the shop after making payment.
Lighting Network is the best payment medium for businesses especially on a day to day business transaction.

While non custodian wallet as you have said would be for long-term holding and probably the use of hardware wallets as well.

[Lenubari]

Lighting network is not popular because the government has in recent years fight cryptocurrency if they had not put fear in the minds of her citizens maybe it would have been implemented. Besides, if bitcoin is accepted as a legal tender, there would be a need for Lighting network for fast payment so you don't have to wait for 5-10 minutes before you are free to leave the shop after making payment.
Lighting Network is the best payment medium for businesses especially on a day to day business transaction.

While non custodian wallet as you have said would be for long-term holding and probably the use of hardware wallets as well.

Bitcoin can become anything and bringing in major profits. The major advantage of the Lightning Network is speed and low transaction cost, which makes it perfect for everyday business transactions. Most merchants cannot wait for multiple Bitcoin confirmations before completing a sale, especially in busy environments where customers expect instant service. Lightning solves that problem by allowing near-instant payments.

Government restrictions and negative narratives around cryptocurrency in many countries have also slowed down adoption. A lot of people and businesses are still hesitant because of uncertainty and fear, not necessarily because the technology is bad. If Bitcoin becomes more accepted as legal tender or widely recognized for payments, the Lightning Network will naturally become more useful and more popular. Ofcourse yes, non-custodial wallets and hardware wallets still remain the better option for long-term holding because they give users full control over their funds, while Lightning wallets are more practical for daily spending and fast transactions.

[Sally9256]

One thing be say no be everyone go still use am because na different things dey dey convenient for each person and definitely sometimes we will still have use for our normal wallet since no be all business go accept BTC payment and government no fit ever scrap out Fiat usage completely.

But assuming they did, this your assumption na wa oo but true true na still exchange suppose get customer pass because of the easy understanding and convenience but if people con figure out how to use the lightning wallet then definitely exchanges go lose customers because lightning wallet go do all their work and eliminate the risk wey dey exchanges so people no go get use for exchange again.

One thing you need understand be say people no dey use low fees play and Dem dey avoid wetin go put their money at risk. Why you think people start dey rush Opay and Palmpay, na because of the almost free transactions and some commercial banks still dey charge per transactions till now. Lightning network wey cheap and fast go make Dem learn about am because na wetin even Opay use take over (fast and cheap transactions).

[Sammye3]

Lightning wallet no kuku popular for this side so I go comot am from the option.

One man's food is another man's poison. Popularity most times does not mean the best performance.

Non custodian wallet go dey serve as main wallet for holding. If you dey worry about fees, exchange too dey get mad fees unless you select chain associated with altcoins.

This is not debatable, non custodial wallet are the best for large sum holding without any form of restrictions or monitoring from exchanges. Even with gas fees, it is far more better than exchanges with just the blockchain (network) gas fee.

These two can survive together just like our banking system but of course the online banking system is gradually taking over the payment system from established banks. For just small payments, exchange will be the most prefer.

Online banking is more established and government approved compared to bitcoin payments, so it's normal that it is widely used over payment with bitcoin.

[Agbamoni]

The hype around the Lightning Network has cooled down. When it first came out, many saw it as a solution for daily transactions, but as time goes on, they all realized that it wont be practical for transactions in real time. For day-to-day transactions using Bitcoin, most Nigerians wont want that to happen. Because when transactions fail, they want someone to be held responsible for it. For example, the traditional bank, or the microfinance institution. But with Bitcoin, it's just you and the sender or receiver.

[Cryptomultiplier]

So let hear from the boss in the house
1. In a situation we’re payment go on mainstream. Which wallet is going to be lossing relevance ?
2. What are our challenges to make Lighting work in our Naija
3. And again do we think that an average Nigeria is going to choose convenience over self custody ? Standing on not ur key not ur coin ?

I don’t know it all, let drop our opinions let learn from it. If the thread worth am make we make am reference

I think if we understand the Blockchain technology very well, we would see and understand why standard on-chain non custodial wallet would be the biggest loser here, because they would have to innovate to become more like a savings bank account but when it comes for usage for daily expenses, am afraid the functionality is limited such that it is too slow and expensive for this purpose.

However Nigerians would have to be really educated and tech savvy to be able to understand how to operate the LN and there would have to be improvement on power supply and Internet service to be better able to use the LN which bears much promise for retail Bitcoin adoption for daily expenses.

If there's one thing I know about us Nigerians, it is that we are more survivalist in nature and would do the best we can to know the best method to adopt to facilitate easy use of Bitcoin for expenses and that also means we may have to choose the easier path of convenience over self custody any time and any day, because wahala too much to think about o for this we country and no need for long mind boggling process with too much technical talk.

[Merit.s]

LN network no popular because we never begin use bitcoin for Niaja you use pay for goods and services because LN na fir very small transaction since na off chain transaction.

For me, I go only transfer small bitcoin from my noncustodial wallet to my exchange account wey I go use dey buy all this small small things but if I won pay huge amount of money, I go prefer pay directly from my noncustodial wallet.

[Jegileman]

Exchange wallets will be the most preferred by many Nigerians because even today, they’re the wallets that mosh Nigerians use to save their coins and also receive crypto payments on. If not for the disadvantage of it not being a self custodian wallet, many people will use them to store their large funds and not want to use self custody wallets.

Nigerians are the type of people that love convenience more than having self control of even their own funds, so they will use more of exchange wallet even if they can spot the red flag. For best practices, exchange should only be used for small amount of money transactions and not for saving, while self custody wallets be used for saving larger funds and for also large transfer. As for lightening network, I know they won’t even be a choice of use for most Nigerians, so it is even out of options to go for.

[Zigabel]

2.Non-custodial Onchain wallets
Ah ah this one na regular customer, them go too use am for daily use. Like  ₦5k for garri and chops, make network con busy self fee con take ₦2k. No time to wait for confirmation. This for big funds and savings it will stay.

The cost of fee or better still transfer charges go make pipo dem go quick run leave this method of payment.  Of to say this method dey cheap like lightening network, naim wey people for like use pass. Me sha I like non custodial l wallet vey well because e give you dat full control over your money dem and naim sure pass if you dey hold.  But as for daily expenses, the charges naim go be d challenge just like POS dem.

So for purpose of savings, pipo go keep diswan as e go too sire fem say na dem dey control dia money and na dia own hand e dey but if na for daily transactions, e go be one of the first wey dem go throw way comot.

[AVE5]

Let get things started, welcoming myself onboard. Really learnt all here in this forum.

Make una reason this small thing with me.I came to find out that we uses BTC for just cash-out and to hold. And come to think of it say we just wake up tomorrow FG say we go fit use BTC pay for our daily expenses being it our foods, clothing and so on.

My Question wea I con get now be say wetin go do our daily wallet wea we Dey use currently ?

Bitcoin has never been an illegal finance neither is the crypto prohibited for private uses rather, it's only banned from being facilitated in the government sectors such as the banks and government regulation firms.
Since then, there has been lot of individuals that's being accepting the bitcoins and crypto currency for payment of goods in their various services here in Nigeria. This is just an information Op.
As for what happens to the crypto wallets, nothing changes instead when federal government finally lifts the ban in those government sectors, it'll encourage exchanges to include the Naira (#) in their p2p trading services and I believe there'll be strict regulations in the exchange platforms to strengthen securities.

[Coyster]

Why would any wallet lose relevance. So in this hypothetical situation that bitcoin becomes a legal tender in Nigeria, nothing's going to change. We already use hot wallets to keep small amount of funds, just that then, instead of using an exchange for off-ramp to Naira, you simply make a bitcoin transaction to the merchant. I don't see why any wallet has to "die" if a policy like this is implemented.

It is the merchants that would have to make adjustments and decide how they want to accept bitcoin payment. Do they want to use a payment processor and convert their bitcoin to Naira upon receiving it or do they want to accept bitcoin directly into their wallet.

[IjawMan]

Make una reason this small thing with me.I came to find out that we uses BTC for just cash-out and to hold. And come to think of it say we just wake up tomorrow FG say we go fit use BTC pay for our daily expenses being it our foods, clothing and so on.

Make your imaginations no wound you for head one day cause this things you deh imagine no go feat materialise for this country financial payments system as what government go want approve.

You done look into the volatility aspect way better part of waytin make even big business owners never agree to include bitcoin in their settlement channels of payment. Not to imagine the petty food stuff traders to accept to use am the sell their market.  This your imagination go hard oh to see am materialise eh.

But if it be say it happens, I no go feat leave my asset inside exchange na to deh use am as sharp sharp gateway to run transactions and na my self custody wallet go be my saving box for my asset.

[Chibit01]

We no really need government to wake up tell us say we fit use bitcoin pay for anything as long as eh no they penalize us say we use bitcoin buy something if you see who they accept am you fit carry am pay.

And that kind move I no sure say wallet go lose relevance instead we go get some kind new wallet way dem go introduce for the country to make things go faster something way go serve like processor, u fit pay with bitcoin make eh convert am to naira for the seller things like that, while we go still use our normal bitcoin wallet they save.

[Rgram]

When El-Salvador being legalize Bitcoin for their country people, including some of the Altcoins them, one of the things way them being do be say, them come up with an exchange way the government get hand inside, them do better promotion for the exchange and hope say plenty people go use am so, the government fit by some means Dey regulate the citizens and get incentives from transactions.

E no go surprise me say if our naija anyday reach that stage way them go wan legalize Bitcoin, them go wan do the same thing. Either through banks or them go come up with one exchange, just was we get with all these Fintech way go take precedence to others via say, fees Dey very reduced for international transfers.

A lot of watin we sabi today go Dey neglected for people way no too care about privacy while, people way care about privacy go stick with watin protect their privacy.