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.

[liasbaa]

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?

Gaining basic knowledge about Bitcoin and gradually developing an interest in learning about this asset will create interest in you in accumulation Bitcoin. Not only giving importance to the purpose of making profit but also having a vision that is based on the goal of creating wealth. From the perspective of our country, we have to build our own destiny because the government will not take any responsibility for the citizens. The pressure of inflation is constantly crushing our lives. The price of every product is increasing, which means that the value of fiat is gradually decreasing.

Buying Bitcoin and holding it for the long term means that the value of your digital asset will increase in the future. Your wealth is not likely to be affected by the effect of inflation. If you accumulate fiat, it is gradually depreciating.

Consider Bitcoin as an investment and store of value and accumulate regularly through discretionary income. Bitcoin holding can make a valuable contribution to your financial progress. The trading perspective is mainly responsible for creating negative trends, always take a long term Bitcoin accumulation strategy.

[DiMarxist]

I will say that the impact of Bitcoin on the Nigerian economy has been great, ever since Bitcoin came to Nigerian. This will only be appreciated by those who has embraced Bitcoin as an asset, this is because we can't be talking about the impact of a thing on the general economy without first of all talking about the impact it has on individual persons. Bitcoin has today become a source of livelihood to many, because Bitcoin has grown beyond buying and selling today. And when individuals have been positively affected it trickles down to the overall Nigerian economy.

[Gost ms]

There will be both negative and positive aspects. But yes, the best aspect among the positive aspects is that during times of high inflation, everyone can use Bitcoin as an alternative to savings. Because we can see how much the inflation rate of our country is increasing and the best way to control this inflation is Bitcoin.

If the use of Bitcoin increases a lot, it is not that the economy will be greatly strengthened. The biggest means of strengthening the economy is to make the country's economy much stronger through investment, production, export. But yes, if we transact Bitcoin through this medium, then we will be able to easily complete transactions very quickly without the intervention of a third party.

[Solodoski]

Bitcoin has created financial opportunities for Nigerian citizens. We have investors, traders, freelancers and so on, who profit from Bitcoin one way or another. Bitcoin is the best thing that has ever happened for the Nigerian youth. Bitcoin has also saved big business do not know how to store their value in the past before getting to know that Bitcoin is a gem in the investment space.

[Exitoral]

First of all, there's a reason why governments are fighting against Bitcoin. It has no positive impact for the economy to them. There are things that the government use our currency to do that balances both inflation and how money policy works in the economy. With Bitcoin, that becomes impossible. For them, no positive impact to the economy. Why we the citizens that bear the pain of inflation sees benefits in it.

The main reason that allowed us to even venture into Bitcoin was for the sake of profit. Let's tell ourselves the truth.

[Abu-Naim]

Bitcoin has created financial opportunities for Nigerian citizens. We have investors, traders, freelancers and so on, who profit from Bitcoin one way or another. Bitcoin is the best thing that has ever happened for the Nigerian youth. Bitcoin has also saved big business do not know how to store their value in the past before getting to know that Bitcoin is a gem in the investment space.

Bitcoin has contributed significantly in our lives especially as we know the situation of our country where youths finish school and wait for government to provide them with jobs and the government have no job for them; Bitcoin has eradicated a lot of poverty and made people self dependent, they don’t rely on government to earn a leaving because they can invest in Bitcoin, trade crypto, and also work online to get paid in crypto.

So the economic situation of the country is not related to Bitcoin and crypto because the government failed to accept Bitcoin and because of that, they don’t have sources of income through Bitcoin and crypto, but for we the youths who accepted Bitcoin and work to earn Bitcoin are doing well because they are earning a leaving and are self dependent.

[POPOLUV]

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.

Yes of course, I'm totally agree with you that aside tourism Bitcoin can creating room for employment to reduce the number of unemployed rate in a given countries, yet Many investors that has the opportunity in having knowledge on what Bitcoin is all about and how it works, so many investors still choose in making use of the shortcut aspect of Bitcoin, what i really meant by shortcut is when many investors that doesn't have the patient enough with their accumulation journey but always end up gambling around, all in the name of making a quick profit.

[Agathamay]

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?

I can't really say why the impact of bitcoin would be on the economy in the future but as we speak, bitcoin has done so much good than harm on the Nigerian economy and have given the youth so much opportunities than we can even think of, I don't even want you to look far before realizing how blessed the youths have been with bitcoin but rather look at how many youth are actively involved in this community then you'll realized the good bitcoin has brought especially with the current situation of the economy.

[Bit-Mj1014]

For most regular Nigerians, Bitcoin is simply a tool to keep our money from losing its value when prices in the market keep going up. Right now, it is a massive help because it lets people protect their savings and easily send money to family overseas without dealing with expensive bank fees. In the future, as the government starts tracking and taxing it more, I just hope the new rules protect everyday people instead of making things harder for the youth who rely on it to make a living.

[Sonia_123]

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?



 

Even if not recognized and wanting to be adopted by the government, Bitcoin has done a very huge impact on our economy in terms of bridging the gap of unemployment and crimes, reducing crimes by removing the the unemployed youths from the streets of Nigeria making them meaningful and valuable to their life and existence since the politicians thinks they are he only source of better life, Bitcoin has disprove that fact by engaging the youths and make 5hem useful to themselves and their society at large .

It has always been a positive impact in Nigeria because it has contributed to growth  of the economy in one way or the other

[BluebloodCXVI]

Hear me out now !! The impact of bitcoin is majorly on an individual level so in other words this means that it only primarily benefits the people that own it and not directly to the Nigerian economy. So if at all it even has any impact on the broader economy, it is mostly as a result of the ripple effect of individuals who put the wealth that they may have derived from bitcoin into productive activities within Nigeria rather than them just holding it or spending it on consumption.

[The Founding Titan]

Hear me out now !! The impact of bitcoin is majorly on an individual level so in other words this means that it only primarily benefits the people that own it and not directly to the Nigerian economy. So if at all it even has any impact on the broader economy, it is mostly as a result of the ripple effect of individuals who put the wealth that they may have derived from bitcoin into productive activities within Nigeria rather than them just holding it or spending it on consumption.

This is an impact in it's own way, if a person is somehow earning bitcoin and then using that money to live here in Nigeria, paying for their bills and all that then multiply that one person by 1000 and then by 1 million then the impact you might think is none existent becomes undeniable obvious so we shouldn't be too fast to rule away the possibility that bitcoin really is affecting our economy, it might not be in an obvious way but the possibility is always there.

[BluebloodCXVI]

Hear me out now !! The impact of bitcoin is majorly on an individual level so in other words this means that it only primarily benefits the people that own it and not directly to the Nigerian economy. So if at all it even has any impact on the broader economy, it is mostly as a result of the ripple effect of individuals who put the wealth that they may have derived from bitcoin into productive activities within Nigeria rather than them just holding it or spending it on consumption.

This is an impact in it's own way, if a person is somehow earning bitcoin and then using that money to live here in Nigeria, paying for their bills and all that then multiply that one person by 1000 and then by 1 million then the impact you might think is none existent becomes undeniable obvious so we shouldn't be too fast to rule away the possibility that bitcoin really is affecting our economy, it might not be in an obvious way but the possibility is always there.

I actually don’t disagree with you buddy our points kinda align with each other but let me still clarify myself to clear any doubts that you may have about what i said earlier.

Of course if a lot of people earn or save bitcoin and they now use that bitcoin money to pay bills, start a business, invest with it or probably just spend it within Nigeria, it will definitely have an effect on the economy.

Now my point is that the effect or impact that bitcoin may have on the economy isn’t coming directly from bitcoin itself but it is coming from what the people that own it choose to use it for. And that’s why i said that any impact on the Nigerian economy from bitcoin is as a result of the ripple effect of the individuals and not because bitcoin directly boosts the economy on its own.

[ruykeri]

Bitcoin has created financial opportunities for Nigerian citizens. We have investors, traders, freelancers and so on, who profit from Bitcoin one way or another. Bitcoin is the best thing that has ever happened for the Nigerian youth. Bitcoin has also saved big business do not know how to store their value in the past before getting to know that Bitcoin is a gem in the investment space.

I agree with you. I myself am currently seeing a lot of interest in Bitcoin among the youth. It wasn't like that a few years ago. In addition, many people are freelancing who feel more comfortable accepting payments in Bitcoin. This may be because they are taking security and decentralized as an opportunity. Which is a very good thing. Because if the next generation gets the right idea about Bitcoin, then in the future they will be able to go beyond the conventional financial system and conduct their economic activities based on Bitcoin inside and outside the country. Maybe in a few years, big institutions in our country will also launch Bitcoin based transactions. And if we get the right idea about Bitcoin from the beginning, it will play a very big role in economic security in the future.

[Iamgoat]

Bitcoin has created financial opportunities for Nigerian citizens. We have investors, traders, freelancers and so on, who profit from Bitcoin one way or another. Bitcoin is the best thing that has ever happened for the Nigerian youth. Bitcoin has also saved big business do not know how to store their value in the past before getting to know that Bitcoin is a gem in the investment space.

I believe we have not even maximized the opportunities which come with bitcoin yet. Bitcoin have provided a platform where you can have the financial independence devoid from what the government is providing. It has become a success story for alternatives to fiat. Anyone who uses bitcoin hardly regrets it hence the reason why it has become a solid alternative to the fiat currency. Nigerian youths are beautiful set of individuals who have high curiosity and aspirations, making the Nigerian users of the 3rd in population all over the world after India with over 100 million users followed by United States with large volume of users then Nigeria coming at the third level.