Do you know that bitcoin can help Nigeria?

[Makus]

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-Forever]

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.

[Orpichukwu]

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.

[Churchillvv]

I love the fact that this post is not political but economical and bitcoin oriented, now you have given good examples on how we can go about it but let me digress with pidgin.

You see Nigeria no Dey lack idea or opportunity to leverage bitcoin oriented crypto at large but Nigeria Dey lack consecutive independence, our leaders some no Dey act on their own, international organizations like IMF Dey press them make them no do better thing so that them go borrow money and continue to Dey in debt so that them fit control use as them like. The last money wey them borrow Tinubu come as a result say him go agree to tax Nigerians and him agree, IMF don Dey push the agenda since but now e Dey come to pass.

Again, if the people we Dey put hand for our leadership fit allow them make decision them for don invest plenty for crypto but them go make use see opportunity as bad thing and the fact say na old generation continue to Dey rule. We get all the solar materials and people sabi convert am for here but why china dey help us to convert solar energy then sell am back to us? All na some settings na why them no fit leverage bitcoin since if not them for done buy or keep am as national asset but no them no fit invest for that kind thing because who give them the money and world bank no go gree make we do better.

[Bryan jessy]

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.

[CryptopreneurBrainboss]

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.

The problem of this coury hasn't been money because we have that or have thing's that can bring that in abundance but we lack proper management ability and that's because the wrong people always find themselves in that position and the smart ones with the skills can't get there because of corruption. With Bitcoin reserve, it still won't work as the money will still be shared with in themselves and not been used to improve the situation of the country. What I believe the government should do is to give Bitcoin adoption a support and watch how it changes the life of Nigerians without them doing anything. Let people know that they are free to run business in the country accepting Bitcoin, investing in it and they won't be targeted, laws should be put in place to support the growth of tBitcoin in the country and just see the outcome of things, them self go fear.

[CryptoHeadlineNews]

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?

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. 

[OsaiEmma]

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?

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.

Again, if the people we Dey put hand for our leadership fit allow them make decision them for don invest plenty for crypto but them go make use see opportunity as bad thing and the fact say na old generation continue to Dey rule. We get all the solar materials and people sabi convert am for here but why china dey help us to convert solar energy then sell am back to us? All na some settings na why them no fit leverage bitcoin since if not them for done buy or keep am as national asset but no them no fit invest for that kind thing because who give them the money and world bank no go gree make we do better.

If our oppressors left us alone, we will surpass the world. We have abundance of everything needed to make money and build technology. Intelligent minds, natural resources, population, you name it—we have it all. We need someone like Captain Ibrahim Troaré of  Burkina Faso to change this country.

[Female King]

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?

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.

[Egii Nna]

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.

I don’t think the Nigerian government can build a bitcoin reserve because with the current economy and leaders, setting aside a billion naira monthly for the purchase of bitcoin is very unlikely and the Nigerian government doesn’t seems to be a government that invest in assets for long term because the country is still developing, we lack adequate infrastructure so the money is directed to providing infrastructure and other amenities rather than investments.

Nigeria can still benefit from bitcoin without having a bitcoin reserve, that is by regulating the market with favorable conditions for the citizens who are in the market and collecting taxes from them.

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.

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.

[Mayor of ogba]

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.

Nigeria as a country is rich enough to build a bitcoin reserve like the way El Salvador did and still invest money on the things that can create more job opportunities in the country but Nigerian leaders won't do any of these because just like you said, they are more focused on how to embezzle money than creating wealth, even though bitcoin can't totally fix the economy of El Salvador but at least the profits El Salvador got from bitcoin has helped the president of El Salvador carry out one or two projects which strengthen El Salvador economy.

[ZeroVinsonN]

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

Omor, 2% might not seem like much but when you actually look at what this country budget is passed to service you will find that alot of the country's important sector barely get any good allocations from the budget, bitcoin adoption will be for the good of the country in the near future but 2% of the country's national budget to bitcoin while it will be a good thing would definitely make make a significant change of the country's economy and last last na still Nigerians go dey complain say the government leave important things go dey put our money for bitcoin. When we want ro certain things we should also check out how they can realistically be achieved, the country needs to set alot of things about itself right first before they can move into bitcoin like that.

[Crypto_Timothy]

I adopted Bitcoin a while ago and its been helping me out especially as a Nigerian in this economy that we are all inside. I more or less had a problem and when i got introduced to Bitcoin, i could see and understand the opportunities and i knew how i would want to use these opportunities to better my life. Where i am going is, as we continuously promote the adoption of Bitcoin in the country, without a doubt when it gets the ears of those who are waiting for such opportunities, you will see them jump on it immediately.

[Marvelockg]

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.

The challenge with us as a nation is that there is no long term plan or something that is more like a continuity plan that protect a decision to make bitcoin our reserve. you can make bitcoin the nations reserve and then the next administration comes just to sell it at a loss or to just change her reserve from bitcoin. we can all see how the issue of fuel subsidy is going with the next administration already threatening to remove it. without a clear continuity plan, there is little to nothing we can do in terms of using bitcoin as our reserve.

The help we are currently enjoying in the form either investing in bitcoin, trading it, earning directly or indirectly from it, using it as a means of transacting or using it to accept international payment is fair enough from an individual stand point. if the government don't want to look at what other nations are doing and plan on how to key into it, then that is their business as long as they are not coming up with a regulation that stands to affect local users like us.

[Kelward]

Nigeria, no ban Bitcoin but at di same time many of us know say dem no de Bitcoin friendly so make we no de worry ourselves about Nigeria, holding Bitcoin as a strategic reserve because dem never talk anything go near Bitcoin as an investment. How you go expect dem to invest inside an asset wey de very transparent, remember say anybody fit to access Blockchain to know weda di asset ( Bitcoin) still de intact, if dem move any Bitcoin di whole Nigerians go ask questions.

Bitcoin don help a lot of Nigerians in different capacities so instead of waiting for Nigeria, to begin to invest in Bitcoin or enter into mining e de better to focus on yourself and reason how Bitcoin go take de profitable for you. If you hold Bitcoin for many years na hedge against inflation for naira wey de always depreciate. Ultimately Bitcoin na one of di best assets wey you fit to hold for many years and expect say im go de reach ATH. If you no sabi to trade e de better to stick to investment.

[Callido]

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.

[Cossyblack]

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?

the fact that we don't have leaders who knows the benefits of bitcoin means this will not work.. They will not agree to this even though bitcoin has the ability to generate enormous amounts of profits to the economy. The leaders that we have in government aren't bitcoin friendly, this is because in the past they have demonstrated their hatred for bitcoin and other cryptocurrencies citing that they are being used to commit various crimes in the country, obviously although these can't be counted as a fair reason why they should be against bitcoin.
We have several prominent and powerful bitcoin users who remain anonymous because they are probably avoiding government attention that are strongly supporting bitcoin,even if these powerful figures used their means to advocate for a bitcoin reserve in the senate,senators might vote overwhelming against it because they will be afraid that a bitcoin reserve might increase the rate of bitcoin users in the country. Secondly,I think they might reject this bill on the ground that the government doesn't have money to finance a bitcoin reserve.

[Obulis]

If I properly understand your point of view, you are saying that Nigeria as a nation can or should start DCAing by fixing at least a billion naira monthly to accumulate Bitcoin in order to have Bitcoin reserve as part of her measure of helping the nation knowing too well that this one billion naira monthly (12 billion naira yearly) can't affect anything that the nation want to carryout for the year. That's a good idea if you ask me! You know the fascinating thing that will happen? It will help broaden many citizens mind towards Bitcoin investment who ordinarily won't have think of investing in Bitcoin. It is a great move!

[Jubilee58]

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?

Nigeria to purchase Bitcoin as a reserve, and for economic development is a very worthwhile idea, and investment. Nigeria as a country has been facing economic, and financial instability for quite a long time, our naira currency has depreciated a lot, and giving the room for currency devaluation, but however there is still a solution to this challenge if only the Nigerian leaders would realize themselves, and do things right.
The naira currency is loosing value on regular basis, and it seems their is no hope of securing a better financial future because the leadership of Nigeria has failed to do the necessary investment to sustain economic, and financial value of Nigeria, however it will be very wise if Nigerian leaders will see the need to invest in Bitcoin. Bitcoin is sustainable in it's growth especially on the long run, so if only the government of Nigeria will invest in Bitcoin, the financial, and financial future of this country Nigeria will be surely secured.

There are many other countries which are actually investing in Bitcoin as a reserve for economic, and financial sustainability, so it will be wise if we should also tow in the direction of investing in Bitcoin as a reserve in other to avert or avoid facing financial crises or devaluation in the future.

[Perfectbaby]

One thing you must know is that, we can be talking and deliberating on things our country could venture in other to benefit our country but the most painful thing is that, we can could end up sharing ideals but the people in power may not even see all these contributions because we know that the person ruling is not a young person who could get easily attracted to digitalisation. That is why is not good for an old man to rule the country because they wouldn’t be that easily attracted to things like this, of course you made a good contribution and to what would benefit us but I don’t think they are actually thinking what we are think for the country.