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

[SatoPrincess]

And it's also a lie about saying that sending Bitcoin through the Lighting network is the most cheapest, because sending it through the Binance Smart Chain is the most cheapest and fastest. But however, users will have to be using an exchange wallet to be able to send and receive through this method.

However, in the image below you could see the transfer fees from an exchange wallet (i.e Bitget Exchange), and you can see that even the fees here are even higher than using a non-custodial Bitcoin wallet which has a fee of 0.0000015 BTC.

The thing here be say these centralized exchanges dey add their own fees so the fees you dey see there na Bitget fees no be lightning fee. When person dey use lightning network to send bitcoins, na from wallet - wallet no be from cexs.

[Nathrixxx]

Of course, we all know that the answer to this will be a custodial wallet because many who are using exchanges see it as a threat to them because of the KYC challenges they may pass through when using it before making their transaction, furthermore, we should also remember that this is going to be a day-to-day digital currency we are going to be using to perform our transactions

[Salahmu]

Of course, we all know that the answer to this will be a custodial wallet because many who are using exchanges see it as a threat to them because of the KYC challenges they may pass through when using it before making their transaction, furthermore, we should also remember that this is going to be a day-to-day digital currency we are going to be using to perform our transactions

Exchange will even become more inevitable than before and even if people could have left it because of the kyc but they wouldn't still have an option but to still come back and sort out the kyc so that the transactions will be very easy for them because in non custodian wallet I don't think you can be buying any coin of your choice so actually it will still take you back to an exchange for it and besides do you think if government should give the permission people will not trade again?, actually so long as there would be trading, custodian and non custodian wallet will be very useful and even if is not important for some persons in payment but for other purposes.

[BluebloodCXVI]

I feel like this topic is pointless. Bitcoin can never replace our legal tender as a means of daily payment so there’s no need debating about it. Transaction fees and volatility would put you in a chokehold. Not to mention the government and CBN policies that will be out in place just like the same way they did with exchange wallets. Or do you think that the Nigerian government will allow what they cannot control to flourish?. That’s why most people don’t like to keep their money in exchanges because of the risks and the government policies that encompass them. Bitcoin can only be used as an alternative form of payment but it can never replace the naira so there is little wisdom in lingering over possibilities that were never destined to become a reality.

[Antotena]

I feel like this topic is pointless. Bitcoin can never replace our legal tender as a means of daily payment so there’s no need debating about it. Transaction fees and volatility would put you in a chokehold. Not to mention the government and CBN policies that will be out in place just like the same way they did with exchange wallets. Or do you think that the Nigerian government will allow what they cannot control to flourish?. That’s why most people don’t like to keep their money in exchanges because of the risks and the government policies that encompass them. Bitcoin can only be used as an alternative form of payment but it can never replace the naira so there is little wisdom in lingering over possibilities that were never destined to become a reality.

I don't like to add sweet to talks that are not worth it, eve if this place is a Bitcoin forum, we need to say the truth when we see it. First of all, our monetary policy and the fiscal policy has never like Bitcoin from day one, they have always seen Bitcoin as threats that's why they have banned it multiple times and saying that Bitcoin will replace our local currency is just lying to ourselves. There is no way Bitcoin is going to replace Naira, the central bank will die before they let such exist.

Even if Bitcoin might not be a general thing, we still have to accept that Bitcoin is one of the greatest thing, it has given opportunity to people including us, one way or the other it's because of Bitcoin we are in this forum, knows about our existence and interact with each other. I don't think Fiat has never United people like Bitcoin but if it's the one they will steal money, you will see fiat over there and they don't have track to look for who have stolen

[Antotena]

Exchange will even become more inevitable than before and even if people could have left it because of the kyc but they wouldn't still have an option but to still come back and sort out the kyc so that the transactions will be very easy for them because in non custodian wallet I don't think you can be buying any coin of your choice so actually it will still take you back to an exchange for it and besides do you think if government should give the permission people will not trade again?, actually so long as there would be trading, custodian and non custodian wallet will be very useful and even if is not important for some persons in payment but for other purposes.

Back then, when kyc was introduced, people were having hard time to get accounts on ecch because the kyc requirement was very though. If I remember correctly, you need either your driver license and passport. Many people then don't have this but the exchanges knows they are losing out and they started proving alternate to people to use so they can have the fan base that will use their exchange and indeed today, kyc is now the least problem people don't view in gambling.

It's hard to see a crypto vendor that doesn't not accept crypto. There are many of them that will even prefer you give them pay in Bitcoin and usdt, they keep those kinds and offer their services for you. That's what many of them do here but the downside of exchange is that they can lock your funds for nothing. There are many people that has lose all their entire money on exchange and they have appeal many times and never responded to them.

[Itz-prisigold]

I feel like this topic is pointless. Bitcoin can never replace our legal tender as a means of daily payment so there’s no need debating about it. Transaction fees and volatility would put you in a chokehold. Not to mention the government and CBN policies that will be out in place just like the same way they did with exchange wallets. Or do you think that the Nigerian government will allow what they cannot control to flourish?. That’s why most people don’t like to keep their money in exchanges because of the risks and the government policies that encompass them. Bitcoin can only be used as an alternative form of payment but it can never replace the naira so there is little wisdom in lingering over possibilities that were never destined to become a reality.

I understand your point, and I'm not seeing Bitcoin taking the place of the naira anytime soon either. But I believe this discussion is still relevant and worth contemplating as Bitcoin adoption continues to expand,  especially with regard to how people will use it.

Some years back many people would have said that online banking, mobile transfers and even POS payments wouldn't be so common as they are today, but here we are.  Most of the times we talk about somethings not because we are expecting it to happen tomorrow, but it is to get an understanding of the strength and weaknesses of the options that are out there.

The interesting thing about the subject to me is not that Bitcoin will replace the naira,  but which wallet would be most convenient if more people used Bitcoin to make daily transactions?  Whether Bitcoin is to become a primary payment method or just one of the alternatives, the question is relevant.

[Cryptoprincess101]

Of course, we all know that the answer to this will be a custodial wallet because many who are using exchanges see it as a threat to them because of the KYC challenges they may pass through when using it before making their transaction, furthermore, we should also remember that this is going to be a day-to-day digital currency we are going to be using to perform our transactions

Exchange will even become more inevitable than before and even if people could have left it because of the kyc but they wouldn't still have an option but to still come back and sort out the kyc so that the transactions will be very easy for them because in non custodian wallet I don't think you can be buying any coin of your choice so actually it will still take you back to an exchange for it and besides do you think if government should give the permission people will not trade again?, actually so long as there would be trading, custodian and non custodian wallet will be very useful and even if is not important for some persons in payment but for other purposes.

NO, if bitcoin becomes a legal tender in Nigeria, you don't necessarily need to use a centralize exchange to perform transactions, you can do it directly from your self-custody wallets instead of sending bitcoin to a CEX. The only time people will need to use CEX is when they want to convert their bitcoin to Naira or USDT. If bitcoin is to be used just as everyday money, most exchanges might even become useless except for people that want to buy cheap things, those are the people that will convert their bitcoins to fiat or stablecoins but for people who will make huge transactions, they can just send the bitcoin peer-to-peer.