Are We Building a Bitcoin Economy or Just Using Bitcoin to Escape the Naira?

[BitBakerr1]

Bitcoin adoption by Nigerias is actually interesting however I believe it’s time we start asking ourselves this question, are we genuinely building a Bitcoin economy, or are we mainly using Bitcoin as a way to protect ourselves from the weaknesses of Naira?

I know that a lot of us are into bitcoin because of inflation, Naira depreciation, for international transactions and for investment.

From my observation we are not building a bitcoin economy, we are just using bitcoin to escape the problems and weaknesses of Naira.

I think it will be more better we start building a bitcoin economy in Nigeria, just imagine a Nigeria were businesses accept bitcoin, and developers are building bitcoin solutions were we don’t have to depend on our traditional financial institutions like our Nigeria banks.

We still have a long way to go in fully achieving a bitcoin economy in Nigeria.

[Curious T]

People look for solutions to problems. That is why there is a large number of people who use Bitcoin and crypto in Nigeria. If our currency was good and stable, if there were enough jobs and a stable financial system, many people wouldn't be using Bitcoin. Businesses don't have that problem. They don't see receiving money in naira as a problem, because, quite frankly, it isn't, so they don't bother to change. "if it's not broken" and all.

Secondly, we exaggerate how much adoption of crypto we have in the country. 10% in a population of over 200 million is quite insignificant. And a lot of people from this 10% want to make a profit. They are looking for a second source of income. The reason they went into Bitcoin or crypto was not to have an alternative payment system, but to get profit. This means you will find even fewer people who want to pay with bitcoin and even fewer people who are ready to receive bitcoin because it's not as popular as we people online make it seem.

[Supreme Donvic]

I agree with you that people in Nigeria are into Bitcoin because they want a escape inflation, naira depreciation, these two reasons are the reasons why I started accumulating and holding Bitcoin.
I don't save my money in bank anymore, I save my money in Bitcoin and ever since I have been doing that it has been very good and it has helped me escape inflation and naira depreciation that usually happen.

I believe only 40% of people are holding Bitcoin in Nigeria and the only way we can build a bitcoin economy is when 80% of people in Nigeria are holding Bitcoin, when this happen young developers will start developing things that will make Bitcoin users to stop depending on our traditional financial institution for bitcoin transaction.

We will get there soon, it's just a matter of time.

[Decimetre]

I find it difficult to separate this two terms, "Bitcoin economy and "Using bitcoin to escape Naira. One major importance of accumulating bitcoin is to use it as a store of value. For me building bitcoin economy is actually same way of building bitcoin as a store of value which is synonymous to using bitcoin to escape Naira.

Inflation is a big challenge in the entire world today and everyone is looking for how to beat inflation, a core reason for moving resources into bitcoin to stand a chance above inflation. If this is what you mean by Nigerians using bitcoin to escape Naira, then it's not just Nigeria, it's global now even the developed Nations where their inflation rate is not as high as Nigerian's.

About using bitcoin for daily transactions, even in the developed countries, bitcoin is not spent as fiats so why will it be seen as a Nigerian thing? It's true the crypto adoption is still very low in Nigeria but you can also compare at same rate with the developed Nations.
I will say that the adoption of Bitcoin in Nigeria is not extremely slow as Nigerians know how to adapt into systems, but poverty is making it difficult for people to figure out their discretionary income for investment into bitcoin.

[Alvin_talk]

Even in countries where the economic pressure is relatively low on their citizens, bitcoin is not widely accepted by most businesses, the reason is because it is more volatile compared to our traditional fiat system and no business man will be willing to lose his profit simply because he wants a bitcoin economy. Also, looking at bitcoin's limited transaction throughput, you can agree with me that it can not serve all the population in the country if every business were to use it for their daily transaction. Bitcoin is majorly for the few who believe and value privacy, if you understand this you won't be pushing this agenda.

I personally believe bitcoin will never replace fiat in this regard, maybe it can serve as an alternative when volatility becomes more stabilised, but for the mean time this won't work efficiently.

[NewRevelation]

I personally believe bitcoin will never replace fiat in this regard, maybe it can serve as an alternative when volatility becomes more stabilised, but for the mean time this won't work efficiently.

Bitcoin is a store of Value, and for that singular reason, it would have been very easy for countries, business firms, bith individuals and corporate bodies to adopt Bitcoin as a means of daily transactions, after all, it will store and increase in value. But we all know the problem here, the volatility. You can't have a business transaction with someone today, and it's value when the transaction took place was $150k, and in the next minutes or hours, the value has dropped to $120-100k, who would take that.

It will just be cool it remains the way it is, serving as a store of value and a hedge over inflation. If you understand the value of Bitcoin and you are willing to take the risk, you buy Bitcoin and store in your non-custodial wallets and HODL as long as you wish. Even in so many developed countries, Bitcoin is not used as daily transaction means.  The level Bitcoin is operating I'm Nigeria and the number of citizens that are involved is just okay. I think it's a personal decision to make.