Growing use of stablecoins in payments and settlements

[Exitoral]

The main thing here is trust, Nigerians are not just adopting cryptocurrency because they love it. No, the trust for the financial monetary system in Nigeria is losing it's grip on Nigerians. By the way, if these banks don't stress you they have not yet attended to you. Cryptocurrency eliminates that stress. With this, what if the naira was just as seamless as cryptocurrency will crypto still have a high adoption increase in Nigeria? Let's be honest with ourselves.

The high usage of cryptocurrency is not just about the success stories of cryptocurrency but an underlying failure of the banking institution. What other reason do you think this is happening?

Cryptocurrency didn't really come to replace the naira. There was a failure gap cryptocurrency filled in seamless transaction across borders. No middle man headaches and delay. Payment is instant. What role will the banks now play in the future if they refuse to tackle this head on?

At the end of the day, what role will cryptocurrency now play in Nigeria if all these headaches are solved?

At the end of the day, the increase use of cryptocurrency is to bypass weaknesses the financial system has.

[Ambatman]

Cryptocurrency or stable coin gave access to Nigerians to owning the dollar
And even if our currency gets stronger relatively
Many would still prefer owning some cryptocurrency because of their volatility.
And about cross border transactions,
Centralization requires lots of paper work and even if CBDC is implemented
It still isn't Cryptocurrency.

[Cassius55]

With the bad situation of the Najra and the great inflation that kick the country, it is normal that the people find a new type of money. The stablecoin, expecially Tether and Circle promise a peg with United State Dollar that stopped the lose of value of the value. If you earn some najra today, you can lose your purchasing power to 30% in one years. In turkey or Argentina or other country in africa much more. The stablecoin it is a wonderwall that we save our money and in the next time this type of instruments give us an annual percentage in money deposit.

[coinlary]

The main reason is not trust.
You think you can fully  trust stablecoins  ? Or the excahnges holding your cryptocurrencies including sthose stable coins ? Wait  until you have one or two issues, then you will know that you shouldn't  even trust them with a #1.  You don’t  need to be so paranoid  about it though .

It is not also about the seamless transaction, people have cryptocurrencies and Stable coins because they don't  want to hold their local fiat  and Centralize exchanges  makes it more easier to do than banks.

[Chinesebaby]

The main thing here is trust, Nigerians are not just adopting cryptocurrency because they love it. No, the trust for the financial monetary system in Nigeria is losing it's grip on Nigerians. By the way, if these banks don't stress you they have not yet attended to you. Cryptocurrency eliminates that stress. With this, what if the naira was just as seamless as cryptocurrency will crypto still have a high adoption increase in Nigeria? Let's be honest with ourselves.

It's no doubt that the financial institution in Nigeria in messed up, and not until Fintech companies like Opay which is own by Chinese man and Moniepoint came into existence in Nigeria, none of our banks were able to offer good and perfect service to its people without complaints until these two companies came into existence. While secondly, it's no doubt that due to the high rate of inflation which we experience since the last 3years that this Tinubu administration came into power, is what might have triggered many int moving their funds into stable coins, so as to not lose the value of your money. However, when it comes to Bitcoin, I disagree the fact that our banking system has anything to do with people investing in Bitcoin. Because Bitcoin actually came unique as a coin which came with privacy and a higher potential for the future. Which is why many people in Nigeria too interest in it.

[Felicity_Tide]

You're trying to make a good point, but at the same, we have to be more realistic as well.
Of course, I agree to the fact that the Banking system is still a mess, though not sure of its current state because I stopped visiting them some years back, but at the same time, it's not like we all can just adopt/switch to the use of stablecoins or any other form do digital currencies. Just like you pointed out the huge gap in the banking sector, you have to also understand that there is a huge gap between certain individuals and devices with Internet. Adoption of digital currencies means one thing, and that's the need to understand how to make use of it which I believe most people might not even understand.

But so far, I think fintech companies have done enough in reducing those gaps. All thanks to them, I don't have to rely on traditional banks anymore. And mind you, it's even far more easy to use both.

[Plutomanian]

The main thing here is trust, Nigerians are not just adopting cryptocurrency because they love it. No, the trust for the financial monetary system in Nigeria is losing it's grip on Nigerians. By the way, if these banks don't stress you they have not yet attended to you. Cryptocurrency eliminates that stress. With this, what if the naira was just as seamless as cryptocurrency will crypto still have a high adoption increase in Nigeria? Let's be honest with ourselves.

The high usage of cryptocurrency is not just about the success stories of cryptocurrency but an underlying failure of the banking institution. What other reason do you think this is happening?

Cryptocurrency didn't really come to replace the naira. There was a failure gap cryptocurrency filled in seamless transaction across borders. No middle man headaches and delay. Payment is instant. What role will the banks now play in the future if they refuse to tackle this head on?

At the end of the day, what role will cryptocurrency now play in Nigeria if all these headaches are solved?

At the end of the day, the increase use of cryptocurrency is to bypass weaknesses the financial system has.

Cryptocurrency is the way and the earlier Nigerians start accepting it, the better for them. Although the vast numbers of Nigerians have already got a clue about cryptocurrency and wouldn't be ready to risk anything because they know what it's involved and cryptocurrency is definitely one of the alibi to get to Because that's how to stay at the very top. Besides the Nigeria economy is falling and nothing the government can do other than sit back and wait for some kind of miracle which is absolutely not what rhey planned, they got to do what's right and instruct something to keep the economy structure of the country balance and stable.

[EluguHcman]

The main thing here is trust, Nigerians are not just adopting cryptocurrency because they love it. No, the trust for the financial monetary system in Nigeria is losing it's grip on Nigerians. By the way, if these banks don't stress you they have not yet attended to you. Cryptocurrency eliminates that stress. With this, what if the naira was just as seamless as cryptocurrency will crypto still have a high adoption increase in Nigeria? Let's be honest with ourselves.

The naira or any of the traditional finances or monetary systems can never be as equivalent as Bitcoin or Crypto currency because, the traditional is regulated and Crypto is unregulated while the Decentralized system of the Blockchain makes the Bitcoin and Crypto currency unique from naira or the traditional system which is also why many has adopted it.

Bitcoin is digitalize with the limited supplies given it the edge for a store of values over inflations while the narrative is physical cash potentially devaluing over inflations.

Bitcoin is a financial inclusion that transactions can processed across borders while naira is within the nationality.
So therefore, if Bitcoin or Crypto currency was seem as naira or vice, then there will not be existed of one because their differences has its essences.

[Chibit01]

Some run to crypto because of some of the challenges you listed out, while some come to crypto because of its volatile nature, which creates the possibility of making profit.

Even if banks solve their banking issues which have to do with transaction delays and unsolved disputes, people will still use crypto for unlimited access, as the bank does set limits on how one can make use of his own money fee and transfer quick settlement for international transfers is also another thing.

[Tonimez]

I think the issue of the massive influx into the cryptocurrency is not just about the banking system failures and things like that, the current generation is a curious one, a generation that seeks to go beyond the traditional way of doing things, a generation that goes on to seek for opportunities to make more money at all time. The government has failed Nigerians so they go all out seeking for a headway and cryptocurrency has provided most of the desires of an average Nigerian youth.

Traditional banking systems and their charges down to various network issues and government policies limiting one from having free access to his hard earned money is all part of the bottle necks that cryptocurrency tend to bypass in addition to the fact that volatility has made it possible that you can also make more money while also bypassing the traditional banking challenges and charges too. Yeah, when you check the rate of inflation in the local Naira, you will understand why it is better to leave your funds in the cryptocurrency especially bitcoin because it can also serve as a store of value for your money. Naira is prone to inflation so everyone would love to protect his money.