How do you see your Bitcoin in Naija?

[CTO114]

We know that the popularity of Bitcoin in our Naija today is gaining serious pace, and a lot of persons see it differently, from a shallow perspective one can see it as merely crypto currency, believe me, it's deeper than that.

So the question is; "My people how una de see Bitcoin?"

Personally, am being to see Bitcoin more as a response to what we can see as a failing monetary system, today a lot of persons who have the knowledge of Bitcoin now even prefer to hold Bitcoin rather than the Nigerian Naira.

To some people, it's a form of financial freedom, as we don't get to rely on commercial banks and their various restrictions, especially for international transactions, to some persons it's a response to Naira uncertainty, like me ruined earlier a lot of persons would prefer to hold their wealth in Bitcoin, it is also an asset that does not have border restrictions.

This question was raised because we can see that the Nigerian economy is becoming more of an experimenting ground.

However with Bitcoin we should also draw a line of caution as the emergency could also have diverse effects on The Nigerian Naira and even the Nigerian economy.

In conclusion we're seeing the emergence of an asset that does more fire the economy than just being a digital dollar or merely a crypto
Currency.

So my people how una de view Bitcoin?

[Nathrixxx]

Bitcoin is an avenue to embrace decentralization in the financial economy; it is all about freedom, self-custody, safer and cheaper transactions, secure assets, profitable investments, and total freedom.

We can call Bitcoin any important benefits it provides, as long as we find it applies to us in diverse ways for our benefit; someone who does not have the knowledge of Bitcoin will not see all these as benefits or advantage which we are all enjoying. This is why we must have the determination to first learn about Bitcoin and then improve to know more about its relevance.

[Exitoral]

There is a similar post like yours.
https://bitcointalk.org/index.php?topic=5576808.msg66488004#msg66488004

But if were to reply you.

How people in the US see Bitcoin is different from Nigeria. Here, it might be a medium to hedge against inflation. But in US, it will be seen as an investment. So how we see it is definitely different from there's.

[Jubilee58]

Before now, investment in Bitcoin was not encouraging in Nigeria, not because Nigerians were not interested in Bitcoin or maybe don't fully understand the worth of Bitcoin, but it was because the government of Nigeria never encouraged it, but today the reverse is the case, and Nigerians are now fully into Bitcoin investing as Nigeria government has now giving citizens the opportunity to invest in it.
Nigerians are very glad about Bitcoin, the reason is because inflation has really eaten into the Nigeria's economy, and Bitcoin investing is one of the ways Nigerians are preserving the value of our own naira currency, and increase value on the long run. Without Bitcoin inflation would have totally destroyed our financial strength now, and even in future, but with Bitcoin we are still hopeful that the future, and value of our money is secured more especially in terms of value sustenance, and financial growth.

[The Founding Titan]

Except for maybe long term investors and holders I don't think there are many Nigerians who are holding bitcoin just as a store of value because they don't trust the naira, bitcoin is volatile, so if you are for you to be able to shield against inflation you will be surprised to find that you money might have lost more value because of bitcoin's volatility then it would have if you'd just kept it in our local currency. The only way storing value works is if you are doing it long term, if you plan is short term then you might as well just leave it in naira.

[Samuel47]

To see your Bitcoin value in Nigerian Naira (NGN), open your crypto app, check your wallet balance in Bitcoin (BTC)and multiply it by the current live market exchange rate (roughly ₦87.3 million per 1 BTC like example open your crypto app like busha Quidax or trust wallet go to your dashboard or Wallet tab look at your total bitcoin amount (e.g..0.001 BTC). change your display currency settings to NGN if the app allows or multiply your BTC amount by the current naira price

[Donk1]

Bitcoin is more than just a currency or an alternative it's the ideal asset that countless individuals all over the world have imagined but had yet to bring to reality until 2009 when it came into existence. gradually, gradually Bitcoin is changing the way individuals like ourselves see money. Most folks even go to the extent of not touching their Bitcoin investment because they believe it will be worth more in the future and at times, these sets of investors get mixed up with folks who lost their seed phrase. If you ask me the greatest achievement of Bitcoin is its long term potential even in times of crisis and criticism, Bitcoin pulled through building its trust from countless doubts. Well perhaps I believe we are yet to witness Bitcoin's true potential. As a matter of fact it has only been 17 years, and already it has come this far, becoming a technology of global innovation......

[DiMarxist]

Bitcoin has always been discribed and viewed by many as an asset that gives people privacy, because of it decentralized nature. No government or agency in the world has control over how Bitcoin operates. This is one thing that has kept Bitcoin going ever since it launch some years ago and those who has come to believe in the idea behind Bitcoin they see it fascinating, hence the massive adoption that we are seeing today.

Coming down to Nigeria, if you ask me about how people see and view Bitcoin, I will saw that it's a mixed reaction because, Bitcoin in Nigeria could be divided into two broad groups. First is the group of people who truly believe and understand how Bitcoin works, and the role that it plays and so is holding on to Bitcoin. The second group of people are those who are are just into Bitcoin simply because, of what they perceive will be there benefits.

This is broadly seen based on how different people hold their Bitcoin in the country. There are people who are only concerned about making money quickly in the Bitcoin market, while there are also people who holds onto their Bitcoin. This all lies in how they see Bitcoin.

[igebotz]

Duplicate/ similar topic https://bitcointalk.org/index.php?topic=5576808.msg66488004#msg66488004
You can continue this conversation there.