What is the Impact of Bitcoin on the Nigerian Economy?

[Derryk]

Ever since Bitcoin came into limelight in Nigeria, many Nigerians have been actively engaging in it (buying, selling and also holding bitcoin) and it has played a very  relivant role in shaping the financial status of many Nigerians  both young and old.

But am curious to know what is it's impact on Nigeria economy on long run or short run?
Will it be a positive or negative impact on the Nigeria economy?



 

[Charles-Tim]

Bitcoin was the first cryptocurrency. It is what also led to the existence of blockchain. So while talking about cryptocurrencies, blockchain technology, exchanges, other crypto companies, they are all the products of bitcoin because they are existing today because bitcoin existed.

If there are crypto companies in Nigeria, they will pay taxes and they will create employment and which means a good thing on the economy. Also if you invest in bitcoin and get money from it, you will take part of the profit and use it to buy something. That is also a good effect on the economy. The owners of the companies will also buy things from the money earned from the crypto services they are offering which is a good thing on the economy.

[ZeroVinsonN]

Bitcoin was the first cryptocurrency. It is what also led to the existence of blockchain. So while talking about cryptocurrencies, blockchain technology, exchanges, other crypto companies, they are all the products of bitcoin because they are existing today because bitcoin existed.

If there are crypto companies in Nigeria, they will pay taxes and they will create employment and which means a good thing on the economy. Also if you invest in bitcoin and get money from it, you will take part of the profit and use it to buy something. That is also a good effect on the economy. The owners of the companies will also buy things from the money earned from the crypto services they are offering which is a good thing on the economy.

With even better regulation the benefits of cryptocurrency to the Nigerian economy will only continue to grow, alot of people are currently earning from online jobs and most of these jobs pay in crypto (this forum included) from which people can pay their bills, we have physical exchanges where people with crypto can go to sell their assets and get paid in fiat if they don't prefer online P2P, this already means that aside from the people earning online they are also people who are earning offline but still because of cryptocurrency.
Bitcoin's creation was the reason why all of these are possible today and certains lives are better off because of it, even here in Nigeria.

[Marvelockg]

But am curious to know what is it's impact on Nigeria economy on long run or short run?
Will it be a positive or negative impact on the Nigeria economy?

If a Nigerian financial life is better affected positively because of bitcoin, then it only means that bitcoin has done far much of a good to the nation that most of us imagine. Every week, we see people joining this forum, we see people trading, we see crypto related content by Nigerian, and in one way or the other it affects them positively and indirectly affects the economy.

The issue of regulation has been there but is not so much of a concern that we can not do without it and still benefit from the several opportunities that comes with bitcoin investment. Any sector that takes the youth from the street and cause an increase in their overall productivity has affected the economy very positively.

[Grace333]

Each time we are discussing about bitcoin's impact on an economy we can take El Salvador as a case study. Their acceptance in making bitcoin a legal tender has gifted them an opportunity of having quite a good number of tourists visiting their country and that would mean this visitors spending their money in the country. Aside tourism bitcoin can create room for employment thus reducing the amount of unemployed persons out there when people build mining farms. I've always imagined what it would be like if the president of a country builds a mining farm to generate revenue for its country.