Do you know that bitcoin can help Nigeria?

[Princess Leah]

 As we all know, Bitcoin can be used as a hedge against inflation, so imagine if the government from buhari era started a strategic reserve and was buying till Bitcoin got to $100k in 2025 they would make lots of profit and cleared some debts with it while the revenue they generate for other sectors is channeled into building industries that would reduce employment.

 It would've helped ease the rate at which the government borrow from world bank but then we have foolish government that behave like illiterate, the prefer borrowing than seeking means of reducing the rate of inflation, I'm just glad we have reasonable citizens that are taking advantage of the opportunities Bitcoin offers, the government can keep fooling themselves.

[ColdLava40]

There are many more opportunities with bitcoin, what are your thoughts on this topic?

Bitcoin can help any country but how many country needs the help?

The problem with our own country Nigeria is not exposure to these technologies but usage and incorporation. The government sets their priorities to other things that do not concern the national economic growth so I doubt they will even have a plan for some Bitcoin reserve in the country.

A country giving out millions of naira to host community wedding, when we have issues of insecurities that needs a lot of funding to buy armories, train our military, equipping them with the best tools to combat terrorism. The leaders don't see things like bitcoin as important so they may not even go there and offers like this they will call it a waste of financial budget since they have to hold for long term.

Bitcoin has helped us Nigerians and that we are grateful. Even if the government failed in that aspect, we continue to thrive with anything available.

[Obulis]

Bitcoin is already helping Nigerians and only those that understand the benefits to why they should adopt bitcoin for their personal use are being relieved through Bitcoin adoption, we don't have to wait until our government show the approval of their adoption over bitcoin before we make a decision to use it, once we are interested to operate under a decentralized economy and also be more profitable with our assets in a secured manner, we are going to realize the fact that bitcoin provides the best solution to every financial challenges we may face in the country in Nigeria and all over the world.

Bitcoin has been of help to Nigeria most especially those that invested in Bitcoin so they have some Bitcoin in store and uses some in daily basis for transactions and purchases, Bitcoin will provide a generally if they can adopt the mining farm system, because private individuals already has Bitcoin in their investment, lots of Nigerian today has good amount of Bitcoin in their possession, and if it should be something that should be adopted generally like setting the mining farm then the government will have to decide if they will actually accept that because even those individuals that has Bitcoin spend it on a lower key, privately to avoid attention from the government because it has not really been generally adopted for every day use.

For sure many Nigerians has benefited or has been helped by Bitcoin but the stand or the point here is not about individual help or benefit but a national help whereby even those who don't hold Bitcoin will benefit from Bitcoin because their nation (Nigeria) have Bitcoin reserve. It's imaginable that more Nigerians will go on to benefit from Bitcoin if the country kick start Bitcoin investment, if you take statistics of the numbers of individuals who have been helped by Bitcoin and will be helped by Bitcoin in those nations that has Bitcoin reserve, it will be likely higher than the numbers of the individual in nations that doesn't have Bitcoin reserve except otherwise as a result of one thing or the other.

[abaeze]

There are many more opportunities with bitcoin, what are your thoughts on this topic?

To work towards this goal, the government should create opportunities for people to spontaneously buy, sell, and use Bitcoin legally and freely. Along with this, there should be more clear laws and policies regarding the legitimacy of the government, so that no one is targeted, and security should be ensured. Then large investment institutions can work to directly adopt Bitcoin and increase its use. Most people here use Bitcoin to protect their assets from currency depreciation and from the idea that its price will increase in the future.

Also, people can develop through mining from excess electricity and by hiring manpower to manage mining. However, this can only be implemented when the government can work according to the right plan and in a corruption-free manner.

[Cyber_warrior]

The Nigerian government is not fully in support of bitcoin and has not integrated it into it's futuristic plans yet, so it's really of no importance discussing the importance and value bitcoin could bring to the  Nigerian economy when our leaders are not cooperative.

Bitcoin has made many individuals millionaires and are still making a lot of people money. It's a digital asset that is not controlled by the Nigerian economy, not controlled by inflation and could be considered an investment for long term, that's something the government fears.

It's true that it's of no use discussing what benefits Bitcoin might bring to the country because the government is not in support and is showing no concern towards it and it's almost likely not to happen any time soon. Maybe in the future with a different leader they will accept bitcoin fully but currently I don't see Nigeria looking the way of Bitcoin, they'd probably see it as waste of investment.
Government support will have a huge impact but still even without people still adopt Bitcoin and make use of it regardless. A lot of countries have started to look the way of Bitcoin and if it's not beneficial they definitely would not.

[Sim_card]

Having a reserve in Bitcoin is still not a bad approach if our Nigerian government could look into that angle, because the amount the Economic and Financial Crime Commission (EFCC) confiscate and recover each month to the federal government is even more than a billion Naira, and shockingly, this same money is been store in Naira which loses its value months after months. Of which if these confiscated funds from fraudulent individuals was stored in Bitcoin, then it would have been of far advantage to the economy. 

I haven't even seen any important thing that the government have used all these confiscated funds for in order to help the country economy growth. I believe that any amount of money that was seized by EFCC wasn't put into the nation account but was shared among the individuals in that office. There's no point buying Bitcoin and create a bitcoin reserve when it will be stolen in future. Maybe, it wouldn't be a snake swallowing the Bitcoin but something else.

[Su-asa]

To be honest, we really need to talk about this thing because other countries don get Bitcoin reserves already dey benefit from am while Nigeria still dey lag behind. Funny enough, even though say over government begin reason to set aside money to accumulate Bitcoin, them fit only do am for short term or embezzle the money at the end.

Already, Nigeria has the money to buy large amounts of Bitcoin, but the government are not looking forward to that. If, in the future Nigeria government considers accumulating Bitcoin like other countries, how would they get it done? And will they consider accumulating it for the long term or the short term? And secondly, the Nigerian government need to understand that even with small amount of them they can buy Bitcoin with and keep accumulating it for long term, what really matters is consistency and not the starting point.

[Agbam]

Literally everyone to whom this question is directed to may have an answer based on their own perspective on bitcoin and economy. Well I'm not here to argue which opinion is valid or not, my aim of creating this thread is for the purpose of us to share insightful ideas on how bitcoin can benefit a nation especially Nigeria.

There are several countries that have bitcoin reserve and trust me when I say some reserves are worth more than a hundred thousand bitcoin. And we all know what happens to those bitcoin if the bull run happens. Most of these bitcoins are gotten from confiscation while some are from purchasing. For instance, El Salvador purchasing bitcoin on a regular bases just to built a good reserve.
Nigeria can actually use the adoption strategy even if it means setting aside a billion naira per month to purchase bitcoin it still wouldn't make any significant changes like a drop down on the economy's wellbeing, but on a long term perspective it will make significant impact and profit to the economy.
Aside this is feel bitcoin mining is another huge opportunity a nation in itself can leverage on. Imagine setting up a mining farm and getting at least one proof of work per day or they could even use pooled mining system with a neighboring country and probably share the rewards.

There are many more opportunities with bitcoin, what are your thoughts on this topic?

Bitcoin is in a way helping Nigerians but the nation is far from it. There are a lot of things that needs to be in place before what you’re suggesting can actually work. The Nation doesn’t have any working system.

Our number one problem is the kind of leaders we have, they’re more greedy than innovative. Before they will think of setting that kind of money aside to buy bitcoin, the person at the head will think of how he’ll loot or allocate that money to his faithfuls or they’re generally more inclined to loot public funds than do something for the greater good of the people.

[AYOBA]

A country that cannot provide 24 hours electricity to its citizens is the country you want to start mining bitcoin? Nigerian government cannot mine bitcoin with this kind of problem because mining bitcoin requires 24hours electricity and even if the government choose to supply the mining farms with 24 hours electricity, the citizens and other lawmakers will not agree with that.

Do you know the problem of this our country? Is not that they cannot mining bitcoin but they only do things that can favor them. Today if Nigeria conclude to mining bitcoin they can provide electricity and supply electricity 24/7, but look at how we’re all suffering with the electricity imagine, that the country that is not up to Nigeria standard are enjoying the power of electricity more than Nigeria.

But why we don’t have to blame anyone is that our government are the middle of everything their the one sold electricity, and we’re now under managing the electricity. And with if the Nigeria wish to do something tangible that can only benefits those big men’s in the Country, they will make sure they supply steady electricity for themselves.

[Localhostspeed]

As we all know, Bitcoin can be used as a hedge against inflation, so imagine if the government from buhari era started a strategic reserve and was buying till Bitcoin got to $100k in 2025 they would make lots of profit and cleared some debts with it while the revenue they generate for other sectors is channeled into building industries that would reduce employment.

 It would've helped ease the rate at which the government borrow from world bank but then we have foolish government that behave like illiterate, the prefer borrowing than seeking means of reducing the rate of inflation, I'm just glad we have reasonable citizens that are taking advantage of the opportunities Bitcoin offers, the government can keep fooling themselves.

The timing is very important please, this calculation you are doing can vary. There are some people that has hedge their investment with Bitcoin last year and now they are having unrealized loss but it does not mean they are not going to make profit in the future, they can make profit depending on how long they are willing to keep holding their Bitcoin until the bull run return. You can hedge Bitcoin as investment on a short term and expect profit.

Many Nigerians do have little problems they do face, I believe you understand what I'm saying, some do have emergency financial challenges, they don't have any choice but to sell their investment to take care of their problem, they need to understand how Bitcoin investment work before they put all their savings in it. I know people that don't like Bitcoin because they think it was a place they can make quick money, they need to be very aware.

[osasshem]

The adoption of Bitcoin by our governmental system is a good one and certainly will improve the economic growth of the country. For instance it is being accepted and the government is running the listed process, during this bear market, there will be no rash decisions, but when the bull run starts and the price skyrockets, you'll see a different perspective of the leaders, where greed can easily develop within themselves.

Bitcoin and the crypto industry is already at its best adoption to Nigerians and it is only those who are aware and has taken the step to act that are seeing the benefits it can make for its users.

[Cryptomultiplier]

A country that cannot provide 24 hours electricity to its citizens is the country you want to start mining bitcoin? Nigerian government cannot mine bitcoin with this kind of problem because mining bitcoin requires 24hours electricity and even if the government choose to supply the mining farms with 24 hours electricity, the citizens and other lawmakers will not agree with that.

Do you know the problem of this our country? Is not that they cannot mining bitcoin but they only do things that can favor them. Today if Nigeria conclude to mining bitcoin they can provide electricity and supply electricity 24/7, but look at how we’re all suffering with the electricity imagine, that the country that is not up to Nigeria standard are enjoying the power of electricity more than Nigeria.

But why we don’t have to blame anyone is that our government are the middle of everything their the one sold electricity, and we’re now under managing the electricity. And with if the Nigeria wish to do something tangible that can only benefits those big men’s in the Country, they will make sure they supply steady electricity for themselves.

While some of the impressions we have about our country Naija maybe justified, it is to note that the SEC in this country made it okay for us to be able to pay our taxes or make remitance on realized gains made from Bitcoin or crypto currency investment but it must be converted to Naira as the case may be. So you can decide to run a mining farm and connect your TIN to pay taxes for the profit you made and the government won't bother you as long as you pay your taxes.

Other businesses too lately have been given the go ahead by the government and to do crypto currency business as we are aware of about 10 of them and crypto currencies isn't really illegal in Naija, but it's just not an agreed upon legal tender that can be handled by CBN or the banking system.

[Fiasem20]

Bitcoin reserve no go bad but it’s not the necessity that the country need right now, they should invests money on things that can create job, not as if their is no money for them to invest but the politicians are more focused on how to embezzle money than how to create wealth, El Salvador way you also they reference are not doing so well in their economy, their can be profit made from bitcoin but it can’t be enough to change the economic conditions of a country.

Exactly,mate wetin you talk na the honest truth and na the reality.The country dey spoil dey go and bitcoin reserve no be the most important thing to look out for,even the leaders wey you dey refer go rather use their money wey dem dey thief use invest in physical asset like gold instead of bitcoin.If the government wan adopt bitcoin and accumulate plenty bitcoins into their portfolio that one sef na absolutely good idea,because as bitcoin enthusiast I no fit go against the growth of bitcoin but currently that one no be the problem of Nigeria.Plenty things dey wey the government go address just like the trending wahala wey be insecurity,person no fit travel far distance by road transportation because of the fear of bandit even the inflation matter,all these ones na things wey the government suppose address.

[Mia Chloe]

~snip

If you think we need bitcoin to fix or help Nigeria in quotes, then you are gravely mistaken. Countries that adopt most of these other forms of revenue generation are usually behind in the grand scheme of natural resources especially in a highly competitive market like the current foreign exchange market today.

What we need is peak accountability and near total elimination of all kinds of corruption especially things that relate to public affairs and funds. This alone will strike out over 70% of our inflation problems and then we can now talk about proper price regulation.

[CryptoHeadlineNews]

Having a reserve in Bitcoin is still not a bad approach if our Nigerian government could look into that angle, because the amount the Economic and Financial Crime Commission (EFCC) confiscate and recover each month to the federal government is even more than a billion Naira, and shockingly, this same money is been store in Naira which loses its value months after months. Of which if these confiscated funds from fraudulent individuals was stored in Bitcoin, then it would have been of far advantage to the economy. 

If not that Nigeria don dey corrupt well well even though those money that EFCC are recovering each month are not been invested in bitcoin they can at least use it for something more better which can be able to create a more job opportunities for her citizens but instead of them doing this they will share and embezzled the money among themselves and still go on and be borrowing money, the truth of everything is that the government don't have any good plan for the people and country if not the billions if naira that are recover daily could have been use to change many things in the country.

Yes, I totally agree with what you just said above regarding if only our government could have used the money recovered from the EFCC very well in creating industries that could employ lots of youths, our country would have been great. But I'm sorry to tell you that lack of accountability is actually one of our greatest problems In this country. Because an average politicians believes that their allocation is their right and they do not owe anybody accountable for how they spend it, and over the years,  it amh actually proven to be that way, simply because our politicians keep embezzling public funds and yet no strong penalties have been given to those found guilty of such. So until people are punished for misusing public funds, even if our government tries to have a Bitcoin reserve, that's the same way these embezzle it.

[Agathamay]

Bitcoin has been very good and it would truly help he nation if it is rightly adopted the right way but just as we know, our government and politicians don't have these type of time because having bitcoin for our reserve is like securing the country try for the younger generations which is just like been against the given and it's politicians agenda because these people are bent of frustrating the average youth and just trying to retain these political power within their linage.

Bitcoin will truly be of great importance to the economy if they can start accumulating now and be ready to give proper account because accounting for the money given to buy bitcoin would be were the first problem the country will even face if they try to adopt bitcoin.

[GiftedMAN]

The adoption of Bitcoin by our governmental system is a good one and certainly will improve the economic growth of the country. For instance it is being accepted and the government is running the listed process, during this bear market, there will be no rash decisions, but when the bull run starts and the price skyrockets, you'll see a different perspective of the leaders, where greed can easily develop within themselves.

I think this is just another method whereby the i Nigerian government is planning to extort her citizens through tax payment. So they have to make legal for usage so it would make more sense to implement the crypto taxation they're planning on doing soon or haven't you heard about it? The government haven't even established a Bitcoin reserve for the future whereby they can use to tackle inflation, brother this present government have no good plans for Nigeria, but buy Bitcoin and hold for yourself than expecting the government to change our situation with Bitcoin.

[Nathrixxx]

Nigerians needed bitcoin more than any other thing in order for them to have their freedom financially, bitcoin is not worth demand for everyone to adopt it, but people decided to go for bitcoin because they have they understanding of the relevance to its adoption and how it is being made applicable on diverse areas of their financial economy, a much more better alternative than using the centralized traditional currency, this is why regardless of government take on Bitcoin, people will always accept to use this decentralized network.

[Out of mind]

When a country stores Bitcoin in its reserves, it can improve financially a lot. To improve financially a country, the first thing to do is to improve the country's economic position. Since Nigeria has a lot of inflation, if you can invest in Bitcoin, it will be very profitable. Moreover, if the Nigerian government wants to change the country's economic position, it can do so through Bitcoin investment.
However, to completely change a country, it will not be possible to invest only in Bitcoin, but to invest with big companies in the world, and then there will be a possibility. However, we can ensure that if the government continues to invest in Bitcoin, they will benefit but the economic position will not improve completely. To completely improve the infrastructure of a country, a lot of money is needed, which will not be possible by investing only in Bitcoin and its profits. In that case, the government must use alternative methods in addition to investment, only then can the economic position change and the country move towards development.

[Grace333]

Do you honestly think that this is a good idea? Not to look down on Bitcoin, but because of diminishing return, Bitcoin will never do as good as it did in the past, so stop this way of thinking.

We have abundance of natural, and human resources to exploit and become better economically. But even though we have a shitty economy, we're in the top 50 countries with the highest Gross Domestic Profit(GDP), adn 3rd in Africa. So we don't need to invest in Bitcoin to have a successful/large economy.

This your mentality is exactly the reason why Nigeria is where it is today(stagnant) this is what our government think that we have enough natural resources. Can you please explain to me why a country that has enough natural resources stll go about borrowing almost every year? Or do we have audio natural resources? You seem to not even know how bitcoin operate or function as regard to it capabilities even after your stay in a bitcoin forum all these while.
I seriously believe bitcoin will do well in the future you don't need to be a magician to tell that, it simply economics limited supply with high demand equals scarcity which then results to price increment. Bitcoin has great potential to do well and it can help strengthen our economy if we adopt it.